Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document Information | ||
Entity Registrant Name | Alon USA Energy, Inc. | |
Entity Central Index Key | 1,325,955 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 71,877,464 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 186,129 | $ 136,302 |
Accounts and other receivables, net | 129,369 | 134,744 |
Income tax receivable | 0 | 32,984 |
Inventories | 141,428 | 130,502 |
Prepaid expenses and other current assets | 50,400 | 36,761 |
Total current assets | 507,326 | 471,293 |
Equity method investments | 33,022 | 33,431 |
Property, plant and equipment, net | 1,351,536 | 1,366,895 |
Goodwill | 62,885 | 62,885 |
Other assets, net | 157,435 | 160,797 |
Total assets | 2,112,204 | 2,095,301 |
Current liabilities: | ||
Accounts payable | 386,905 | 328,561 |
Accrued liabilities | 101,031 | 100,529 |
Current portion of long-term debt | 16,414 | 16,414 |
Total current liabilities | 504,350 | 445,504 |
Other non-current liabilities | 160,788 | 188,833 |
Long-term debt | 499,905 | 511,552 |
Deferred income tax liability | 365,816 | 366,999 |
Total liabilities | 1,530,859 | 1,512,888 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.01, 15,000,000 shares authorized; and no shares issued and outstanding at March 31, 2017 and December 31, 2016 | 0 | 0 |
Common stock, par value $0.01, 150,000,000 shares authorized; 71,761,117 and 71,578,093 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 718 | 716 |
Additional paid-in capital | 531,142 | 530,625 |
Accumulated other comprehensive loss, net of tax | (25,928) | (26,111) |
Retained earnings | 12,478 | 15,878 |
Total stockholders’ equity | 518,410 | 521,108 |
Non-controlling interest in subsidiaries | 62,935 | 61,305 |
Total equity | 581,345 | 582,413 |
Total liabilities and equity | $ 2,112,204 | $ 2,095,301 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 71,761,117 | 71,578,093 |
Common stock, shares outstanding | 71,761,117 | 71,578,093 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net sales | [1] | $ 1,150,593 | $ 849,973 |
Operating costs and expenses: | |||
Cost of sales | 972,874 | 735,144 | |
Direct operating expenses | 64,242 | 68,617 | |
Selling, general and administrative expenses | 49,225 | 48,701 | |
Depreciation and amortization | 36,547 | 34,862 | |
Total operating costs and expenses | 1,122,888 | 887,324 | |
Gain (loss) on disposition of assets | 476 | (2,088) | |
Operating income (loss) | 28,181 | (39,439) | |
Interest expense | (15,117) | (18,307) | |
Equity earnings (losses) of investees | (133) | 378 | |
Other income (loss), net | (89) | 72 | |
Income (loss) before income tax expense (benefit) | 12,842 | (57,296) | |
Income tax expense (benefit) | 2,568 | (21,236) | |
Net income (loss) | 10,274 | (36,060) | |
Net income (loss) attributable to non-controlling interest | 2,947 | (523) | |
Net income (loss) available to stockholders | $ 7,327 | $ (35,537) | |
Earnings (loss) per share, basic | $ 0.10 | $ (0.51) | |
Weighted average shares outstanding, basic (in thousands) | 71,490 | 70,143 | |
Earnings (loss) per share, diluted | $ 0.10 | $ (0.51) | |
Weighted average shares outstanding, diluted (in thousands) | 71,577 | 70,143 | |
Cash dividends per share | $ 0.15 | $ 0.15 | |
[1] | Includes excise taxes on sales by the retail segment of $20,725 and $19,525 for the three months ended March 31, 2017 and 2016, respectively. |
Consolidated Statements of Ope5
Consolidated Statements of Operations Parentheticals - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Excise taxes | $ 20,725 | $ 19,525 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (loss) | $ 10,274 | $ (36,060) |
Interest rate derivatives designated as cash flow hedges: | ||
Unrealized holding gain (loss) arising during period | 121 | (1,121) |
Loss reclassified to earnings - interest expense | 172 | 70 |
Net gain (loss), before tax | 293 | (1,051) |
Income tax expense (benefit) | 107 | (383) |
Total other comprehensive income (loss), net of tax | 186 | (668) |
Comprehensive income (loss) | 10,460 | (36,728) |
Comprehensive income (loss) attributable to non-controlling interest | 2,950 | (527) |
Comprehensive income (loss) attributable to stockholders | $ 7,510 | $ (36,201) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 10,274 | $ (36,060) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 36,547 | 34,862 |
Stock compensation | 901 | 2,120 |
Deferred income taxes | (1,290) | (18,511) |
Equity (earnings) losses of investees, net of dividends | 409 | (378) |
Amortization of debt issuance costs | 787 | 880 |
Amortization of original issuance discount | 1,783 | 1,634 |
(Gain) loss on disposition of assets | (476) | 2,088 |
Unrealized loss on commodity swaps | 0 | 3,333 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables, net | 5,375 | (30,748) |
Income tax receivable | 32,984 | 3,500 |
Inventories | (10,926) | 4,127 |
Prepaid expenses and other current assets | (13,639) | (2,980) |
Other assets, net | (3,318) | (3,940) |
Accounts payable | 11,751 | 2,997 |
Accrued liabilities | (405) | 7,652 |
Other non-current liabilities | 11,726 | 73 |
Net cash provided by (used in) operating activities | 82,483 | (29,351) |
Cash flows from investing activities: | ||
Capital expenditures | (13,067) | (23,446) |
Capital expenditures for turnarounds and catalysts | (1,349) | (16,610) |
Proceeds from disposition of assets | 1,177 | 975 |
Acquisition of California renewable fuels facility | 0 | (7,936) |
Net cash used in investing activities | (13,239) | (47,017) |
Cash flows from financing activities: | ||
Dividends paid to stockholders | (10,727) | (10,527) |
Dividends paid to non-controlling interest | (67) | (133) |
Distributions paid to non-controlling interest in the Partnership | (1,267) | (921) |
Taxes paid due to the net settlement of stock compensation | (368) | 0 |
RINs financing transactions | 7,115 | 51,313 |
Payments on long-term debt | (14,103) | (4,108) |
Net cash provided by (used in) financing activities | (19,417) | 35,624 |
Net increase (decrease) in cash and cash equivalents | 49,827 | (40,744) |
Cash and cash equivalents, beginning of period | 136,302 | 234,127 |
Cash and cash equivalents, end of period | 186,129 | 193,383 |
Supplemental cash flow information: | ||
Cash paid for interest, net of capitalized interest | 13,355 | 16,514 |
Refunds received for income tax | (35,469) | (3,478) |
Supplemental disclosure of non-cash activity: | ||
Capital expenditures included in accounts payable and accrued liabilities | $ 907 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation As used in this report, unless otherwise specified, the terms “Alon,” “we,” “our” and “us” or like terms refer to Alon USA Energy, Inc. and its consolidated subsidiaries or to Alon USA Energy, Inc. or an individual subsidiary. Generally, the words “we,” “our” and “us” include Alon USA Partners, LP and its consolidated subsidiaries (the “Partnership”) as consolidated subsidiaries of Alon USA Energy, Inc. unless when used in disclosures of transactions or obligations between the Partnership and Alon USA Energy, Inc., or its other subsidiaries. These consolidated financial statements and notes are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of our management, the information included in these consolidated financial statements reflects all adjustments, consisting of normal and recurring adjustments, which are necessary for a fair presentation of our consolidated financial position and results of operations for the interim periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances may have been aggregated or disaggregated in order to conform to the current year presentation. Our results of operations for the three months ended March 31, 2017 are not necessarily indicative of the operating results that may be realized for the year ending December 31, 2017 . Our consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements as of that date. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 . New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that provides accounting guidance for all revenue arising from contracts to provide goods or services to customers. This standard is intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The standard allows for either full retrospective adoption or modified retrospective adoption. In August 2015, the FASB updated the guidance to include a one-year deferral of the effective date for the new revenue standard, making the requirements of the standard effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. We are evaluating the guidance to determine the method of adoption and the impact this standard will have on our consolidated financial statements and related disclosures. Based on our initial evaluation, though not currently quantified, the adoption of the standard is not expected to have a material impact on the timing of revenue recognized, results of operations or cash flows. In November 2015, the FASB issued an accounting standards update simplifying the presentation of income taxes. This updated standard eliminates the current requirement to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as non-current. The requirements from the updated standard are effective for interim and annual periods beginning after December 31, 2016, and early adoption is permitted. We have adopted this updated guidance as of January 1, 2017 and applied the changes retrospectively to the prior period. The adoption of this updated standard resulted in the reclassification of $14,858 of current deferred income tax asset to non-current deferred income tax liability on the consolidated balance sheets at December 31, 2016. In February 2016, the FASB issued new guidance on the accounting for leases, which requires lessees to recognize assets and liabilities on the balance sheet for the present value of the rights and obligations created by all leases with terms of more than 12 months. The standard will also require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. The requirements from this guidance are effective for interim and annual periods beginning after December 31, 2018. We are evaluating the guidance to determine the impact this standard will have on our consolidated financial statements. In March 2016, the FASB issued an accounting standards update to simplify some provisions in stock compensation accounting. The areas for simplification of this update involve the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification of the statement of cash flows. This update will be effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. We have adopted the updated guidance, effective January 1, 2017, with no material impact to our consolidated financial statements. In June 2016, the FASB issued an accounting standards update requiring the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. The requirements from the updated standard are effective for interim and annual periods beginning after December 15, 2019. We are evaluating the guidance to determine the impact this standard will have on our consolidated financial statements. In August 2016, the FASB issued an accounting standards update addressing eight specific cash flow issues with the objective of eliminating the existing diversity in practice. The amendments from this update are effective for interim and annual periods beginning after December 15, 2017. We do not expect application of this standard to have a material effect on our consolidated financial statements. In January 2017, the FASB issued new guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The amendments from this update are effective for interim and annual periods beginning after December 15, 2017. We do not expect application of this standard to have a material effect on our consolidated financial statements. In March 2017, the FASB issued new guidance to improve the presentation of net periodic benefit cost and net periodic postretirement benefit cost by providing additional guidance on the presentation and classification of net benefit costs in the consolidated statements of operations and on the components eligible for capitalization in assets. The amendments from this update are effective for interim and annual periods beginning after December 15, 2017. We are evaluating the guidance to determine the impact this standard will have on our consolidated financial statements. |
Alon USA Partners, LP
Alon USA Partners, LP | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Alon USA Partners, LP | Alon USA Partners, LP The Partnership (NYSE: ALDW) is a publicly-traded limited partnership that owns the assets and conducts the operations of the Big Spring refinery and the associated integrated wholesale marketing operations. The limited partner interests of the Partnership are represented as common units outstanding. As of March 31, 2017 , the 11,520,220 common units held by the public represent 18.4% of the Partnership’s common units outstanding. We own the remaining 81.6% of the Partnership’s common units and Alon USA Partners GP, LLC (the “General Partner”), our wholly-owned subsidiary, owns 100% of the general partner interest in the Partnership, which is a non-economic interest. The limited partner interests in the Partnership not owned by us are reflected in the consolidated statements of operations in net income (loss) attributable to non-controlling interest and in our consolidated balance sheets in non-controlling interest in subsidiaries. The Partnership is consolidated within the refining and marketing segment. We have agreements with the Partnership, under which the Partnership has agreed to reimburse us for certain administrative and operational services provided by us and our subsidiaries to the Partnership, provide certain indemnification obligations and other matters and establish terms for the supply of products by the Partnership to us. Partnership Distributions The Partnership has adopted a policy pursuant to which it will distribute all of the available cash generated each quarter, as defined in the partnership agreement, subject to the approval of the board of directors of the General Partner. The per unit amount of available cash to be distributed each quarter, if any, will be distributed within 60 days following the end of such quarter. The following table summarizes the Partnership’s cash distribution activity during the period: Cash Available for Distribution per Unit (1) Distribution Paid Per Unit Total Distribution Paid Distributions Paid to Non-Controlling Interest First Quarter 2017 0.38 0.11 6,877 1,267 _______________________ (1) Represents the aggregate cash available for distribution per unit attributable to the period indicated. This represents the difference between cash available for distribution and distributions paid in the table above. |
Segment Data
Segment Data | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Our revenues are derived from three operating segments: (i) refining and marketing, (ii) asphalt and (iii) retail. The reportable operating segments are strategic business units that offer different products and services. The segments are managed separately as each segment requires unique technology, marketing strategies and distinct operational emphasis. Each operating segment’s performance is evaluated primarily based on operating income. (a) Refining and Marketing Segment Our refining and marketing segment includes a sour crude oil refinery located in Big Spring, Texas, a light sweet crude oil refinery located in Krotz Springs, Louisiana, and heavy crude oil refineries located in Paramount, Bakersfield and Long Beach, California (the “California refineries”). We primarily refine crude oil into petroleum products, including various grades of gasoline, diesel, jet fuel, petrochemicals, petrochemical feedstocks, asphalt and other petroleum-based products, which are marketed primarily in the South Central, Southwestern and Western regions of the United States. We are also shipping and selling gasoline into wholesale markets in the Southern and Eastern United States. Our California refineries have not processed crude oil since 2012 due to the high cost of crude oil relative to product yield and low asphalt demand. The Partnership sells motor fuels under the Alon brand through various terminals to supply 636 Alon branded retail sites, including our retail segment convenience stores. In addition, the Partnership sells motor fuels through our wholesale distribution network on an unbranded basis. We are the majority owner of a renewable fuels facility in California that began commercial production in February 2016 and converts tallow and vegetable oils into renewable fuels. The produced renewable fuels are drop-in replacements for petroleum-based fuels. The renewable fuels facility generates both state and federal environmental credits as well as the federal blender’s tax credit, when effective. (b) Asphalt Segment We own or operate 11 asphalt terminals located in Texas (Big Spring), California (Paramount, Long Beach, Elk Grove, Bakersfield and Mojave), Washington (Richmond Beach), Arizona (Phoenix and Flagstaff) as well as asphalt terminals in which we own a 50% interest located in Fernley, Nevada, and Brownwood, Texas. The operations in which we have a 50% interest are recorded under the equity method of accounting and the investments are included as part of total assets in the asphalt segment data. Asphalt produced by our Big Spring refinery is transferred to the asphalt segment at prices substantially determined by reference to the cost of crude oil and Rocky Mountain asphalt, which is intended to approximate wholesale market prices. (c) Retail Segment Our retail segment operates 304 convenience stores located in Central and West Texas and New Mexico. These convenience stores typically offer various grades of gasoline and diesel under the Alon brand name and food products, food service, tobacco products, non-alcoholic and alcoholic beverages, general merchandise as well as money orders to the public, primarily under the 7-Eleven brand name. Substantially all of the motor fuel sold through our retail segment are supplied by our Big Spring refinery, which are transferred to the retail segment at prices substantially determined by reference to published commodity pricing information. (d) Corporate Operations that are not included in any of the three segments are included in the corporate category. These operations consist primarily of corporate headquarters operating and depreciation expenses. Segment data for the three month periods ended March 31, 2017 and 2016 is presented below: Refining and Marketing Asphalt Retail Corporate Consolidated Total Three Months Ended March 31, 2017 Net sales to external customers $ 915,629 $ 44,821 $ 190,143 $ — $ 1,150,593 Intersegment sales (purchases) 91,000 (6,883 ) (84,117 ) — — Depreciation and amortization 31,353 1,219 3,291 684 36,547 Operating income (loss) 24,525 (1,481 ) 6,014 (877 ) 28,181 Turnarounds, catalysts and capital expenditures 7,903 1,482 4,945 86 14,416 Refining and Marketing Asphalt Retail Corporate Consolidated Total Three Months Ended March 31, 2016 Net sales to external customers $ 633,503 $ 53,499 $ 162,971 $ — $ 849,973 Intersegment sales (purchases) 63,110 (5,448 ) (57,662 ) — — Depreciation and amortization 29,784 1,260 3,399 419 34,862 Operating income (loss) (42,363 ) (648 ) 4,182 (610 ) (39,439 ) Turnarounds, catalysts and capital expenditures 35,169 740 2,711 1,436 40,056 Total assets by reportable segment consisted of the following: March 31, December 31, Refining and marketing $ 1,742,211 $ 1,724,982 Asphalt 115,635 111,941 Retail 238,524 241,272 Corporate 15,834 17,106 Total assets $ 2,112,204 $ 2,095,301 Operating income (loss) for each segment consists of net sales less cost of sales, direct operating expenses, selling, general and administrative expenses, depreciation and amortization, and gain (loss) on disposition of assets. Intersegment sales are intended to approximate wholesale market prices. Consolidated totals presented are after intersegment eliminations. Total assets of each segment consist of net property, plant and equipment, inventories, cash and cash equivalents, accounts and other receivables and other assets directly associated with the segment’s operations. Corporate assets consist primarily of corporate headquarters information technology and administrative equipment. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value We determine fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We classify financial assets and financial liabilities into the following fair value hierarchy: • Level 1 - valued based on quoted prices in active markets for identical assets and liabilities; • Level 2 - valued based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability; and • Level 3 - valued based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As required, we utilize valuation techniques that maximize the use of observable inputs (levels 1 and 2) and minimize the use of unobservable inputs (level 3) within the fair value hierarchy. We generally apply the “market approach” to determine fair value. This method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. The carrying amounts of our cash and cash equivalents, receivables, payables and accrued liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The reported amounts of long-term debt approximate fair value. Derivative instruments are carried at fair value, which are based on quoted market prices. Derivative instruments and Renewable Identification Numbers (“RINs”) obligation are our only assets and liabilities measured at fair value on a recurring basis. Our RINs obligation surplus is based on the amount of RINs we purchased and internally generated in excess of our obligation at RINs prices as of the balance sheet date. The RINs obligation surplus is categorized as Level 2 and is measured at fair value based on quoted prices from an independent pricing service. The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the consolidated balance sheets at March 31, 2017 and December 31, 2016 : Level 1 Level 2 Level 3 Total As of March 31, 2017 Assets: Fair value hedges of consigned inventory $ — $ 17,340 $ — $ 17,340 RINs obligation surplus (1) — 6,077 — 6,077 Liabilities: Commodity contracts (futures and forwards) 803 — — 803 Interest rate swaps — 1,663 — 1,663 As of December 31, 2016 Assets: Fair value hedges of consigned inventory $ — $ 14,777 $ — $ 14,777 Liabilities: Commodity contracts (futures and forwards) 1,561 — — 1,561 Interest rate swaps — 1,956 — 1,956 ________________ (1) The RINs obligation surplus represents excess RINs received due to the Environmental Protection Agency’s approval of a small refinery exemption for the Krotz Springs refinery from the requirements of the renewable fuel standard for the 2016 calendar year that were held for sale at the balance sheet date. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Financial Instruments We selectively utilize crude oil and refined product commodity derivative contracts to reduce the risk associated with potential price changes on committed obligations as well as to reduce earnings volatility. We also utilize interest rate swaps to manage our exposure to interest rate risk. We do not speculate using derivative instruments. Credit risk on our derivative instruments is mitigated by transacting with counterparties meeting established collateral and credit criteria. Mark to Market We have certain contracts that serve as economic hedges, which are derivatives used for risk management but not designated as hedges for financial accounting purposes. All economic hedge transactions are recorded at fair value and any changes in fair value between periods are recognized in earnings. We have contracts that are used to fix prices on forecasted purchases of inventory, which we refer to as futures and forwards. Futures represent trades executed on the New York Mercantile Exchange which have not been closed or settled at the end of the reporting period. Forwards represent physical trades for which pricing and quantities have been set, but the physical product delivery has not occurred by the end of the reporting period. During the year ended December 31, 2016, we had economic hedges in the form of swap contracts that fixed price differentials between different types of crude oil and refined products that we use or produce at our refineries. As of March 31, 2017 and December 31, 2016 , we did not have any outstanding commodity swap contracts accounted for as economic hedges. Fair Value Hedges Fair value hedges are used to hedge price volatility of certain refining inventories and firm commitments to purchase inventories. The gain or loss on a derivative instrument designated and qualifying as a fair value hedge, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, is recognized in earnings in the same period. We have certain commodity contracts associated with the Supply and Offtake Agreements discussed in Note 7 that have been accounted for as fair value hedges, which had purchase volumes of 444 thousand barrels of crude oil as of March 31, 2017 . Cash Flow Hedges To designate a derivative as a cash flow hedge, we document at the inception of the hedge the assessment that the derivative will be highly effective in offsetting expected changes in cash flows from the hedged item. This assessment, which is updated at least quarterly, is generally based on the most recent relevant historical correlation between the derivative and the hedged item. If, during the term of the derivative, the hedge is determined to be no longer highly effective, hedge accounting is prospectively discontinued and any remaining unrealized gains or losses, based on the effective portion of the derivative at that date, are reclassified to earnings when the underlying transactions occur. Interest Rate Derivatives. We have interest rate swap agreements, maturing March 2019, that effectively fixed the variable LIBOR interest component of the term loans within the retail credit agreement. These interest rate swaps have been accounted for as cash flow hedges. The aggregate notional amount under these agreements covers approximately 75% of the outstanding principal of these term loans throughout the duration of the interest rate swaps. As of March 31, 2017 , the outstanding principal of these term loans was $95,884 . The interest rate swaps lock in an average fixed interest rate of 2.40% through the remainder of 2017; 2.89% in 2018 and 3.06% in 2019. Related to interest rate swap cash flow hedges in OCI, we recognized unrealized gains (losses) of $293 and $(1,051) for the three months ended March 31, 2017 and 2016 , respectively. For the three months ended March 31, 2017 and 2016 , there was no cash flow hedge ineffectiveness recognized in income and no component of our cash flow hedges’ gains or losses was excluded from the assessment of hedge effectiveness. As of March 31, 2017 , we have unrealized losses of $1,663 classified in OCI related to cash flow hedges. Assuming interest rates remain unchanged, unrealized losses of $827 will be reclassified from OCI into earnings over the next twelve-month period as the underlying transactions occur. The following tables present the effect of derivative instruments on the consolidated balance sheets: As of March 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Commodity contracts (futures and forwards) Accounts receivable $ 2,692 Accrued liabilities $ 3,495 Total derivatives not designated as hedging instruments 2,692 3,495 Derivatives designated as hedging instruments: Interest rate swaps $ — Other non-current liabilities $ 1,663 Fair value hedges of consigned inventory Other assets 17,340 — Total derivatives designated as hedging instruments 17,340 1,663 Total derivatives $ 20,032 $ 5,158 As of December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Commodity contracts (futures and forwards) Accounts receivable $ 3,602 Accrued liabilities $ 5,163 Total derivatives not designated as hedging instruments 3,602 5,163 Derivatives designated as hedging instruments: Interest rate swaps $ — Other non-current liabilities $ 1,956 Fair value hedges of consigned inventory Other assets 14,777 — Total derivatives designated as hedging instruments 14,777 1,956 Total derivatives $ 18,379 $ 7,119 The following tables present the effect of derivative instruments on the consolidated statements of operations and accumulated other comprehensive income: Derivatives designated as hedging instruments: Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Location Amount Location Amount For the Three Months Ended March 31, 2017 Interest rate swaps $ 293 Interest expense $ (172 ) $ — Total derivatives $ 293 $ (172 ) $ — For the Three Months Ended March 31, 2016 Interest rate swaps $ (1,051 ) Interest expense $ (70 ) $ — Total derivatives $ (1,051 ) $ (70 ) $ — Derivatives in fair value hedging relationships: Gain (Loss) Recognized in Income For the Three Months Ended March 31, Location 2017 2016 Fair value hedges of consigned inventory (1) Interest expense $ 2,563 $ (1,215 ) Total derivatives $ 2,563 $ (1,215 ) ________________ (1) Changes in the fair value hedges are substantially offset in earnings by changes in the hedged items. Derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income For the Three Months Ended March 31, Location 2017 2016 Commodity contracts (futures and forwards) Cost of sales $ (871 ) $ 5,213 Commodity contracts (swaps) Cost of sales — 366 Total derivatives $ (871 ) $ 5,579 Offsetting Assets and Liabilities Our derivative instruments are subject to master netting arrangements to manage counterparty credit risk associated with derivatives, and we offset the fair value amounts recorded for derivative instruments to the extent possible under these agreements on our consolidated balance sheets. The following table presents offsetting information regarding our derivatives by type of transaction as of March 31, 2017 and December 31, 2016 : Gross Amounts of Recognized Assets/Liabilities Gross Amounts offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral Pledged As of March 31, 2017 Derivative Assets: Commodity contracts (futures and forwards) $ 3,525 $ (833 ) $ 2,692 $ (2,692 ) $ — $ — Interest rate swaps 46 (46 ) — — — — Fair value hedges of consigned inventory 17,340 — 17,340 — — 17,340 Derivative Liabilities: Commodity contracts (futures and forwards) $ 4,328 $ (833 ) $ 3,495 $ (2,692 ) $ — $ 803 Interest rate swaps 1,709 (46 ) 1,663 — — 1,663 As of December 31, 2016 Derivative Assets: Commodity contracts (futures and forwards) $ 5,169 $ (1,567 ) $ 3,602 $ (3,602 ) $ — $ — Interest rate swaps 29 (29 ) — — — — Fair value hedges of consigned inventory 14,777 — 14,777 — — 14,777 Derivative Liabilities: Commodity contracts (futures and forwards) $ 6,730 $ (1,567 ) $ 5,163 $ (3,602 ) $ — $ 1,561 Interest rate swaps 1,985 (29 ) 1,956 — — 1,956 Compliance Program Market Risk We are obligated by government regulations to blend a certain percentage of biofuels into the products that we produce and are consumed in the U.S. We purchase biofuels from third parties and blend those biofuels into our products, and each gallon of biofuel purchased includes a RIN. To the degree we are unable to blend biofuels at the required percentage, a RINs deficit is generated and we must acquire that number of RINs by the annual reporting deadline in order to remain in compliance with applicable regulations. Alternatively, if we have a RINs surplus, some of those RINs could be sold. Any such sales would be subject to our normal credit evaluation process. We are exposed to market risk related to the volatility in the price of credits needed to comply with these governmental and regulatory programs. We manage this risk by purchasing RINs when prices are deemed favorable utilizing fixed price purchase contracts. We may also sell the RINs with an agreement to repurchase in the future at a fixed price. Some of these contracts are derivative instruments; however, we elect the normal purchase and sale exception and do not record these contracts at their fair values. In February 2017, the Environmental Protection Agency approved a small refinery exemption for the Krotz Springs refinery from the requirements of the renewable fuel standard for the 2016 calendar year (the “Krotz Springs Exemption”). As a result, we recorded a reduction to RINs expense of $27,746 in the first quarter of 2017. The total net cost (benefit) related to meeting our obligations under these compliance programs was $(13,246) and $11,211 for the three months ended March 31, 2017 and 2016 , respectively, inclusive of the Krotz Springs Exemption. These amounts are reflected in cost of sales in the consolidated statements of operations and are exclusive of the benefit generated from operations at our California renewable fuels facility. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | Inventories Carrying value of inventories consisted of the following: March 31, December 31, Crude oil, refined products, asphalt and blendstocks $ 69,088 $ 57,021 Crude oil consignment inventory (Note 7) 10,589 11,708 Materials and supplies 29,150 27,826 Store merchandise 27,032 26,752 Store fuel 5,569 7,195 Total inventories $ 141,428 $ 130,502 The market value of our refined products, asphalt and blendstock inventories exceeded LIFO costs by $6,402 and $4,390 at March 31, 2017 and December 31, 2016 , respectively. The market value of our crude oil inventories exceeded LIFO costs, net of the fair value hedged items, by $13,100 and $13,154 at March 31, 2017 and December 31, 2016 , respectively. |
Inventory Financing Agreements
Inventory Financing Agreements | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Financing Agreements [Abstract] | |
Inventory Financing Agreements | Inventory Financing Agreements We have entered into Supply and Offtake Agreements and other associated agreements (together the “Supply and Offtake Agreements”) with J. Aron & Company (“J. Aron”), to support the operations of our Big Spring, Krotz Springs and California refineries and certain of our asphalt terminals. Pursuant to the Supply and Offtake Agreements, (i) J. Aron agreed to sell to us, and we agreed to buy from J. Aron, at market prices, crude oil for processing at the refineries and (ii) we agreed to sell, and J. Aron agreed to buy, at market prices, certain refined products produced at the refineries. The Supply and Offtake Agreements also provided for the sale, at market prices, of our crude oil and certain refined product inventories to J. Aron, the lease to J. Aron of crude oil and refined product storage facilities, and the identification of prospective purchasers of refined products on J. Aron’s behalf. The Supply and Offtake Agreements for the Big Spring and Krotz Springs refineries have initial terms that expire in May 2021, and the Supply and Offtake Agreement for the California refineries has initial terms that expire in May 2019. J. Aron may elect to terminate the Supply and Offtake Agreements for the Big Spring and Krotz Springs refineries prior to the expiration of the initial term beginning in May 2018 and upon each anniversary thereof, on six months prior notice. We may elect to terminate at the Big Spring and Krotz refineries in May 2020 on six months prior notice. J. Aron may elect to terminate the Supply and Offtake Agreement for the California refineries prior to the expiration of the initial term in May 2017 and upon each anniversary thereof, on six months prior notice. We may elect to terminate at the California refineries in May 2018 on six months prior notice. Following expiration or termination of the Supply and Offtake Agreements, we are obligated to purchase the crude oil and refined product inventories then owned by J. Aron and located at the leased storage facilities at then current market prices. Associated with the Supply and Offtake Agreements, we have designated fair value hedges of our inventory purchase commitments with J. Aron and crude oil inventory consigned to J. Aron (“crude oil consignment inventory”). Additionally, financing charges related to the Supply and Offtake Agreements are recorded as interest expense in the consolidated statements of operations. In connection with the Supply and Offtake Agreement for our Krotz Springs refinery, we have granted a security interest to J. Aron in all of its accounts and inventory to secure its obligations to J. Aron. In addition, we have granted a security interest in all of its real property and equipment to J. Aron to secure its obligations under a commodity hedge and sale agreement in lieu of posting cash collateral and being subject to cash margin calls. At March 31, 2017 and December 31, 2016 , we had net current payables of $27,865 and net current receivables of $6,112 , respectively, with J. Aron for purchases and sales, and a consignment inventory receivable representing a deposit paid to J. Aron of $26,179 and $26,179 , respectively. At March 31, 2017 and December 31, 2016 , we had non-current liabilities for the original financing of $21,173 and $22,042 , respectively, net of the related fair value hedges. Additionally, we had net current payables of $3,296 and $5,613 at March 31, 2017 and December 31, 2016 , respectively, for forward commitments related to month-end consignment inventory target levels differing from projected levels and the associated pricing with these inventory level differences. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following: March 31, December 31, Refining facilities $ 2,013,659 $ 2,005,015 Pipelines and terminals 43,538 43,538 Retail 218,454 214,596 Other 26,744 26,657 Property, plant and equipment, gross 2,302,395 2,289,806 Accumulated depreciation (950,859 ) (922,911 ) Property, plant and equipment, net $ 1,351,536 $ 1,366,895 |
Additional Financial Informatio
Additional Financial Information | 3 Months Ended |
Mar. 31, 2017 | |
Additional Financial Information [Abstract] | |
Additional Financial Information | Additional Financial Information The following tables provide additional financial information related to the consolidated financial statements. (a) Other Assets, Net March 31, December 31, Deferred turnaround and catalyst cost $ 73,527 $ 79,391 Environmental receivables (Note 16) 2,631 2,762 Intangible assets, net 18,832 18,962 Receivable from supply and offtake agreements (Note 7) 26,179 26,179 Fair value hedges of consigned inventory (Note 5) 17,340 14,777 Other, net 18,926 18,726 Total other assets $ 157,435 $ 160,797 (b) Accounts Payable Included in accounts payable was $125,778 and $78,565 related to RINs financing transactions as of March 31, 2017 and December 31, 2016 , respectively. (c) Accrued Liabilities and Other Non-Current Liabilities March 31, December 31, Accrued Liabilities: Taxes other than income taxes, primarily excise taxes $ 35,865 $ 41,420 Employee costs 29,870 23,014 Commodity contracts 3,495 5,163 Accrued finance charges 667 1,866 Environmental accrual (Note 16) 4,237 4,237 Other 26,897 24,829 Total accrued liabilities $ 101,031 $ 100,529 Other Non-Current Liabilities: Pension and other postemployment benefit liabilities, net $ 50,657 $ 48,983 Environmental accrual (Note 16) 41,393 41,399 Asset retirement obligations 12,644 12,463 Consignment inventory obligations (Note 7) 38,513 36,819 Interest rate swaps 1,663 1,956 RINs financing transactions — 39,478 Other 15,918 7,735 Total other non-current liabilities $ 160,788 $ 188,833 |
Postretirement Benefits
Postretirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Postretirement Benefits | Postretirement Benefits The components of net periodic benefit cost related to our benefit plans for the three months ended March 31, 2017 and 2016 consisted of the following: For the Three Months Ended March 31, 2017 2016 Components of net periodic benefit cost: Service cost $ 976 $ 952 Interest cost 1,395 1,409 Expected return on plan assets (1,549 ) (1,749 ) Amortization of net loss 775 806 Net periodic benefit cost $ 1,597 $ 1,418 Our estimated contributions to our pension plans during 2017 have not changed significantly from amounts previously disclosed in the notes to the consolidated financial statements for the year ended December 31, 2016 . For the three months ended March 31, 2017 , we made no contributions to our qualified pension plans. For the three months ended March 31, 2016, we contributed $1,181 to our qualified pension plans. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Indebtedness Debt consisted of the following: March 31, December 31, Term loan credit facilities $ 282,686 $ 284,233 Alon USA, LP Credit Facility — — Convertible senior notes 138,422 136,602 Retail credit facilities 95,211 107,131 Total debt 516,319 527,966 Less: Current portion 16,414 16,414 Total long-term debt $ 499,905 $ 511,552 (a) Letter of Credit Facility and Alon USA, LP Revolving Credit Facility We had letters of credit outstanding under our $60,000 letter of credit facility of $56,227 and $57,727 at March 31, 2017 and December 31, 2016 , respectively. At March 31, 2017 and December 31, 2016 , there were no outstanding borrowings under the Alon USA, LP $240,000 revolving credit facility. At March 31, 2017 and December 31, 2016 , we had letters of credit outstanding of $68,159 and $100,613 , respectively. (b) Convertible Senior Notes The conversion rate for our 3.00% unsecured convertible senior notes (“Convertible Notes”) is subject to adjustment upon the occurrence of certain events, including cash dividend adjustments, but will not be adjusted for any accrued and unpaid interest. As of March 31, 2017 , the adjusted conversion rate was 73.702 shares of our common stock per each $1 (in thousands) principal amount of Convertible Notes, equivalent to a per share conversion price of approximately $13.57 , to reflect cash dividend adjustments. The options had an adjusted strike price of $13.57 per share and the warrants had an adjusted strike price of $18.43 per share. Upon a potential change of control, we may have to settle the value of the warrants. Any future quarterly cash dividend payments in excess of $0.06 per share will cause further adjustment based on the formula contained in the indenture governing the Convertible Notes. As of March 31, 2017 , there have been no conversions of the Convertible Notes. (c) Financial Covenants We have certain credit agreements that contain maintenance financial covenants. At March 31, 2017 , we were in compliance with these covenants . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation (share values in dollars) Our overall executive incentive compensation program permits the granting of awards to our directors, officers and key employees in the form of options to purchase common stock, stock appreciation rights, restricted shares of common stock, restricted common stock units, performance shares, performance units and senior executive plan bonuses. Restricted Stock . In January 2017, we granted awards of 105,448 restricted shares to certain executive officers at a grant date price of $12.07 per share. These January 2017 restricted shares will fully vest in January 2018, assuming continued service at vesting. The following table summarizes the restricted share activity from January 1, 2017 : Weighted Average Grant Date Fair Values Non-vested Shares Shares (per share) Non-vested at December 31, 2016 159,634 $ 12.26 Granted 105,448 12.07 Vested — — Forfeited — — Non-vested at March 31, 2017 265,082 $ 12.19 Compensation expense for restricted stock awards amounted to $504 and $1,713 for the three months ended March 31, 2017 and 2016 , respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations. Partnership Restricted Units. Compensation expense for the Partnership’s restricted common unit grants amounted to $23 and $10 for the three months ended March 31, 2017 and 2016 , respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations. Unrecognized Compensation Cost . As of March 31, 2017 , there was $1,969 of total unrecognized compensation cost related to non-vested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 1.3 years. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity (share values in dollars) Changes to equity during the three months ended March 31, 2017 are presented below: Total Stockholders’ Equity Non-controlling Interest Total Equity Balance at December 31, 2016 $ 521,108 $ 61,305 $ 582,413 Other comprehensive income 183 3 186 Stock compensation 519 14 533 Distributions to non-controlling interest in the Partnership — (1,267 ) (1,267 ) Dividends (10,727 ) (67 ) (10,794 ) Net income 7,327 2,947 10,274 Balance at March 31, 2017 $ 518,410 $ 62,935 $ 581,345 (a) Common Stock Merger Agreement between Alon and Delek. In January 2017, Alon and Delek US Holdings, Inc. (“Delek”) entered into a definitive agreement under which Delek will acquire all of the outstanding shares of Alon common stock which Delek does not already own in an all-stock transaction. Delek currently owns approximately 33.7 million shares of our common stock. Under terms of the agreement, the owners of our remaining outstanding shares that Delek does not currently own will receive a fixed exchange ratio of 0.5040 of Delek shares for each share of Alon. The transaction is expected to close within the next few months, subject to customary closing conditions, including regulatory approval and approval by Delek shareholders and Alon shareholders. Amended Shareholde r Agreement. In 2012, we signed agreements with the remaining non-controlling interest shareholders of Alon Assets, Inc. (“Alon Assets”) whereby the participants would exchange shares of Alon Assets for shares of our common stock. During the three months ended March 31, 2017 , 116,347 shares of our common stock were issued in exchange for 621.98 shares of Alon Assets. At March 31, 2017 , 116,352 shares of our common stock are available to be exchanged for all of the outstanding shares held by the non-controlling interest shareholder of Alon Assets. In April 2017, the remaining outstanding shares of Alon Assets held by the non-controlling shareholder were exchanged for 116,352 shares of our common stock. We recognized compensation expense associated with the difference in value between the participants' ownership of Alon Assets compared to our common stock of $374 and $397 for the three months ended March 31, 2017 and 2016 , respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations. (b) Dividends Common Stock Dividends. On March 17, 2017 , we paid a regular quarterly cash dividend of $0.15 per share on common stock to stockholders of record at the close of business on March 9, 2017 . (c) Accumulated Other Comprehensive Loss The following table displays the change in accumulated other comprehensive loss, net of tax: Unrealized Gain (Loss) on Cash Flow Hedges Postretirement Benefit Plans Total Balance at December 31, 2016 $ (1,229 ) $ (24,882 ) $ (26,111 ) Other comprehensive income before reclassifications 74 — 74 Amounts reclassified from accumulated other comprehensive loss 109 — 109 Net current-period other comprehensive income 183 — 183 Balance at March 31, 2017 $ (1,046 ) $ (24,882 ) $ (25,928 ) |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is calculated as net income (loss) available to common stockholders divided by the average number of participating shares of common stock outstanding. Diluted earnings (loss) per share includes the dilutive effect of granted restricted common stock awards, convertible debt and warrants using the treasury stock method. The calculation of earnings (loss) per share, basic and diluted, for the three months ended March 31, 2017 and 2016 , is as follows (shares in thousands, per share value in dollars): For the Three Months Ended March 31, 2017 2016 Net income (loss) available to common stockholders $ 7,327 $ (35,537 ) Weighted average shares outstanding, basic 71,490 70,143 Dilutive common stock equivalents 87 — Weighted average shares outstanding, diluted 71,577 70,143 Earnings (loss) per share, basic $ 0.10 $ (0.51 ) Earnings (loss) per share, diluted $ 0.10 $ (0.51 ) For the three months ended March 31, 2017 , the weighted average diluted shares includes all potentially dilutive common stock equivalents. For the three months ended March 31, 2016 , we excluded 595 common stock equivalents from the weighted average diluted shares outstanding as the effect of including such shares would be anti-dilutive. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions Delek US Holdings, Inc. At March 31, 2017, Delek owns approximately 47% of our outstanding common stock and has entered into a merger agreement with Alon to acquire all of the remaining outstanding shares of our common stock, which is expected to close during the next few months. We have transactions with Delek that occur in the ordinary course of business. During the three months ended March 31, 2017 and 2016 , we had purchases, net of sales, of crude oil, products and RINs from Delek of $1,661 and $1,166 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies (a) Commitments In the normal course of business, we have long-term commitments to purchase, at market prices, utilities such as natural gas, electricity and water for use by our refineries, terminals, pipelines and retail locations. We are also party to various refined product and crude oil supply and exchange agreements, which are typically short-term in nature or provide terms for cancellation. (b) Contingencies We are involved in various legal actions arising in the ordinary course of business. We believe the ultimate disposition of these matters will not have a material effect on our financial position, results of operations or liquidity. One of our subsidiaries is a party to a lawsuit alleging breach of contract pertaining to an asphalt supply agreement. We believe that we have valid counterclaims as well as affirmative defenses that will preclude recovery. Attempts to reach a commercial arrangement to resolve the dispute have been unsuccessful to this point. This matter is not currently scheduled for trial. Due to the uncertainties of litigation, we cannot predict with certainty the ultimate resolution of this lawsuit. (c) Environmental We are subject to loss contingencies pursuant to federal, state, and local environmental laws and regulations. These laws and regulations govern the discharge of materials into the environment and may require us to incur future obligations to investigate the effects of the release or disposal of certain petroleum, chemical, and mineral substances at various sites; to remediate or restore these sites and to compensate others for damage to property and natural resources. These contingent obligations relate to sites that we own and are associated with past or present operations. We are currently participating in environmental investigations, assessments and cleanups pertaining to our refineries, service stations, pipelines and terminals. We may be involved in additional future environmental investigations, assessments and cleanups. The magnitude of future costs are unknown and will depend on factors such as the nature and contamination at many sites, the timing, extent and method of the remedial actions which may be required, and the determination of our liability in proportion to other responsible parties. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefit are expensed. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable, and the costs can be reasonably estimated. Substantially all amounts accrued are expected to be paid out over the next 15 years . The level of future expenditures for environmental remediation obligations cannot be determined with any degree of reliability. We have accrued environmental remediation obligations of $45,630 ( $4,237 current liability and $41,393 non-current liability) at March 31, 2017 , and $45,636 ( $4,237 current liability and $41,399 non-current liability) at December 31, 2016 . We have an indemnification agreement with a prior owner for part of the remediation expenses at certain West Coast assets. We have recorded current receivables of $644 and $644 and non-current receivables of $2,631 and $2,762 at March 31, 2017 and December 31, 2016 , respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declared On May 5, 2017 , our board of directors declared the regular quarterly cash dividend of $0.15 per share on our common stock, payable on June 8, 2017 , to holders of record at the close of business on May 22, 2017 . Partnership Distribution On May 4, 2017 , the board of directors of the General Partner declared a cash distribution to the Partnership’s common unitholders of approximately $23,758 , or $0.38 per common unit. The cash distribution will be paid on May 30, 2017 to unitholders of record at the close of business on May 22, 2017 . The total cash distribution payable to non-affiliated common unitholders will be approximately $4,378 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that provides accounting guidance for all revenue arising from contracts to provide goods or services to customers. This standard is intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The standard allows for either full retrospective adoption or modified retrospective adoption. In August 2015, the FASB updated the guidance to include a one-year deferral of the effective date for the new revenue standard, making the requirements of the standard effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. We are evaluating the guidance to determine the method of adoption and the impact this standard will have on our consolidated financial statements and related disclosures. Based on our initial evaluation, though not currently quantified, the adoption of the standard is not expected to have a material impact on the timing of revenue recognized, results of operations or cash flows. In November 2015, the FASB issued an accounting standards update simplifying the presentation of income taxes. This updated standard eliminates the current requirement to present deferred tax liabilities and assets as current and non-current in a classified balance sheet. Instead, all deferred tax assets and liabilities will be required to be classified as non-current. The requirements from the updated standard are effective for interim and annual periods beginning after December 31, 2016, and early adoption is permitted. We have adopted this updated guidance as of January 1, 2017 and applied the changes retrospectively to the prior period. The adoption of this updated standard resulted in the reclassification of $14,858 of current deferred income tax asset to non-current deferred income tax liability on the consolidated balance sheets at December 31, 2016. In February 2016, the FASB issued new guidance on the accounting for leases, which requires lessees to recognize assets and liabilities on the balance sheet for the present value of the rights and obligations created by all leases with terms of more than 12 months. The standard will also require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. The requirements from this guidance are effective for interim and annual periods beginning after December 31, 2018. We are evaluating the guidance to determine the impact this standard will have on our consolidated financial statements. In March 2016, the FASB issued an accounting standards update to simplify some provisions in stock compensation accounting. The areas for simplification of this update involve the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification of the statement of cash flows. This update will be effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. We have adopted the updated guidance, effective January 1, 2017, with no material impact to our consolidated financial statements. In June 2016, the FASB issued an accounting standards update requiring the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. The requirements from the updated standard are effective for interim and annual periods beginning after December 15, 2019. We are evaluating the guidance to determine the impact this standard will have on our consolidated financial statements. In August 2016, the FASB issued an accounting standards update addressing eight specific cash flow issues with the objective of eliminating the existing diversity in practice. The amendments from this update are effective for interim and annual periods beginning after December 15, 2017. We do not expect application of this standard to have a material effect on our consolidated financial statements. In January 2017, the FASB issued new guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The amendments from this update are effective for interim and annual periods beginning after December 15, 2017. We do not expect application of this standard to have a material effect on our consolidated financial statements. In March 2017, the FASB issued new guidance to improve the presentation of net periodic benefit cost and net periodic postretirement benefit cost by providing additional guidance on the presentation and classification of net benefit costs in the consolidated statements of operations and on the components eligible for capitalization in assets. The amendments from this update are effective for interim and annual periods beginning after December 15, 2017. We are evaluating the guidance to determine the impact this standard will have on our consolidated financial statements. |
Alon USA Partners, LP (Tables)`
Alon USA Partners, LP (Tables)` | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Distributions Made to Limited Partner, by Distribution | The following table summarizes the Partnership’s cash distribution activity during the period: Cash Available for Distribution per Unit (1) Distribution Paid Per Unit Total Distribution Paid Distributions Paid to Non-Controlling Interest First Quarter 2017 0.38 0.11 6,877 1,267 _______________________ (1) Represents the aggregate cash available for distribution per unit attributable to the period indicated. This represents the difference between cash available for distribution and distributions paid in the table above. |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment data for the three month periods ended March 31, 2017 and 2016 is presented below: Refining and Marketing Asphalt Retail Corporate Consolidated Total Three Months Ended March 31, 2017 Net sales to external customers $ 915,629 $ 44,821 $ 190,143 $ — $ 1,150,593 Intersegment sales (purchases) 91,000 (6,883 ) (84,117 ) — — Depreciation and amortization 31,353 1,219 3,291 684 36,547 Operating income (loss) 24,525 (1,481 ) 6,014 (877 ) 28,181 Turnarounds, catalysts and capital expenditures 7,903 1,482 4,945 86 14,416 Refining and Marketing Asphalt Retail Corporate Consolidated Total Three Months Ended March 31, 2016 Net sales to external customers $ 633,503 $ 53,499 $ 162,971 $ — $ 849,973 Intersegment sales (purchases) 63,110 (5,448 ) (57,662 ) — — Depreciation and amortization 29,784 1,260 3,399 419 34,862 Operating income (loss) (42,363 ) (648 ) 4,182 (610 ) (39,439 ) Turnarounds, catalysts and capital expenditures 35,169 740 2,711 1,436 40,056 Total assets by reportable segment consisted of the following: March 31, December 31, Refining and marketing $ 1,742,211 $ 1,724,982 Asphalt 115,635 111,941 Retail 238,524 241,272 Corporate 15,834 17,106 Total assets $ 2,112,204 $ 2,095,301 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the consolidated balance sheets at March 31, 2017 and December 31, 2016 : Level 1 Level 2 Level 3 Total As of March 31, 2017 Assets: Fair value hedges of consigned inventory $ — $ 17,340 $ — $ 17,340 RINs obligation surplus (1) — 6,077 — 6,077 Liabilities: Commodity contracts (futures and forwards) 803 — — 803 Interest rate swaps — 1,663 — 1,663 As of December 31, 2016 Assets: Fair value hedges of consigned inventory $ — $ 14,777 $ — $ 14,777 Liabilities: Commodity contracts (futures and forwards) 1,561 — — 1,561 Interest rate swaps — 1,956 — 1,956 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the effect of derivative instruments on the consolidated balance sheets: As of March 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Commodity contracts (futures and forwards) Accounts receivable $ 2,692 Accrued liabilities $ 3,495 Total derivatives not designated as hedging instruments 2,692 3,495 Derivatives designated as hedging instruments: Interest rate swaps $ — Other non-current liabilities $ 1,663 Fair value hedges of consigned inventory Other assets 17,340 — Total derivatives designated as hedging instruments 17,340 1,663 Total derivatives $ 20,032 $ 5,158 As of December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives not designated as hedging instruments: Commodity contracts (futures and forwards) Accounts receivable $ 3,602 Accrued liabilities $ 5,163 Total derivatives not designated as hedging instruments 3,602 5,163 Derivatives designated as hedging instruments: Interest rate swaps $ — Other non-current liabilities $ 1,956 Fair value hedges of consigned inventory Other assets 14,777 — Total derivatives designated as hedging instruments 14,777 1,956 Total derivatives $ 18,379 $ 7,119 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following tables present the effect of derivative instruments on the consolidated statements of operations and accumulated other comprehensive income: Derivatives designated as hedging instruments: Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Location Amount Location Amount For the Three Months Ended March 31, 2017 Interest rate swaps $ 293 Interest expense $ (172 ) $ — Total derivatives $ 293 $ (172 ) $ — For the Three Months Ended March 31, 2016 Interest rate swaps $ (1,051 ) Interest expense $ (70 ) $ — Total derivatives $ (1,051 ) $ (70 ) $ — |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Derivatives in fair value hedging relationships: Gain (Loss) Recognized in Income For the Three Months Ended March 31, Location 2017 2016 Fair value hedges of consigned inventory (1) Interest expense $ 2,563 $ (1,215 ) Total derivatives $ 2,563 $ (1,215 ) ________________ (1) Changes in the fair value hedges are substantially offset in earnings by changes in the hedged items. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income For the Three Months Ended March 31, Location 2017 2016 Commodity contracts (futures and forwards) Cost of sales $ (871 ) $ 5,213 Commodity contracts (swaps) Cost of sales — 366 Total derivatives $ (871 ) $ 5,579 |
Offsetting Assets | The following table presents offsetting information regarding our derivatives by type of transaction as of March 31, 2017 and December 31, 2016 : Gross Amounts of Recognized Assets/Liabilities Gross Amounts offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral Pledged As of March 31, 2017 Derivative Assets: Commodity contracts (futures and forwards) $ 3,525 $ (833 ) $ 2,692 $ (2,692 ) $ — $ — Interest rate swaps 46 (46 ) — — — — Fair value hedges of consigned inventory 17,340 — 17,340 — — 17,340 Derivative Liabilities: Commodity contracts (futures and forwards) $ 4,328 $ (833 ) $ 3,495 $ (2,692 ) $ — $ 803 Interest rate swaps 1,709 (46 ) 1,663 — — 1,663 As of December 31, 2016 Derivative Assets: Commodity contracts (futures and forwards) $ 5,169 $ (1,567 ) $ 3,602 $ (3,602 ) $ — $ — Interest rate swaps 29 (29 ) — — — — Fair value hedges of consigned inventory 14,777 — 14,777 — — 14,777 Derivative Liabilities: Commodity contracts (futures and forwards) $ 6,730 $ (1,567 ) $ 5,163 $ (3,602 ) $ — $ 1,561 Interest rate swaps 1,985 (29 ) 1,956 — — 1,956 |
Offsetting Liabilities | The following table presents offsetting information regarding our derivatives by type of transaction as of March 31, 2017 and December 31, 2016 : Gross Amounts of Recognized Assets/Liabilities Gross Amounts offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral Pledged As of March 31, 2017 Derivative Assets: Commodity contracts (futures and forwards) $ 3,525 $ (833 ) $ 2,692 $ (2,692 ) $ — $ — Interest rate swaps 46 (46 ) — — — — Fair value hedges of consigned inventory 17,340 — 17,340 — — 17,340 Derivative Liabilities: Commodity contracts (futures and forwards) $ 4,328 $ (833 ) $ 3,495 $ (2,692 ) $ — $ 803 Interest rate swaps 1,709 (46 ) 1,663 — — 1,663 As of December 31, 2016 Derivative Assets: Commodity contracts (futures and forwards) $ 5,169 $ (1,567 ) $ 3,602 $ (3,602 ) $ — $ — Interest rate swaps 29 (29 ) — — — — Fair value hedges of consigned inventory 14,777 — 14,777 — — 14,777 Derivative Liabilities: Commodity contracts (futures and forwards) $ 6,730 $ (1,567 ) $ 5,163 $ (3,602 ) $ — $ 1,561 Interest rate swaps 1,985 (29 ) 1,956 — — 1,956 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Carrying value of inventories consisted of the following: March 31, December 31, Crude oil, refined products, asphalt and blendstocks $ 69,088 $ 57,021 Crude oil consignment inventory (Note 7) 10,589 11,708 Materials and supplies 29,150 27,826 Store merchandise 27,032 26,752 Store fuel 5,569 7,195 Total inventories $ 141,428 $ 130,502 |
Property, Plant and Equipment31
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following: March 31, December 31, Refining facilities $ 2,013,659 $ 2,005,015 Pipelines and terminals 43,538 43,538 Retail 218,454 214,596 Other 26,744 26,657 Property, plant and equipment, gross 2,302,395 2,289,806 Accumulated depreciation (950,859 ) (922,911 ) Property, plant and equipment, net $ 1,351,536 $ 1,366,895 |
Additional Financial Informat32
Additional Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Additional Financial Information [Abstract] | |
Schedule of Other Assets | Other Assets, Net March 31, December 31, Deferred turnaround and catalyst cost $ 73,527 $ 79,391 Environmental receivables (Note 16) 2,631 2,762 Intangible assets, net 18,832 18,962 Receivable from supply and offtake agreements (Note 7) 26,179 26,179 Fair value hedges of consigned inventory (Note 5) 17,340 14,777 Other, net 18,926 18,726 Total other assets $ 157,435 $ 160,797 |
Schedule of Accrued Liabilities and Other Non-Current Liabilities | Accrued Liabilities and Other Non-Current Liabilities March 31, December 31, Accrued Liabilities: Taxes other than income taxes, primarily excise taxes $ 35,865 $ 41,420 Employee costs 29,870 23,014 Commodity contracts 3,495 5,163 Accrued finance charges 667 1,866 Environmental accrual (Note 16) 4,237 4,237 Other 26,897 24,829 Total accrued liabilities $ 101,031 $ 100,529 Other Non-Current Liabilities: Pension and other postemployment benefit liabilities, net $ 50,657 $ 48,983 Environmental accrual (Note 16) 41,393 41,399 Asset retirement obligations 12,644 12,463 Consignment inventory obligations (Note 7) 38,513 36,819 Interest rate swaps 1,663 1,956 RINs financing transactions — 39,478 Other 15,918 7,735 Total other non-current liabilities $ 160,788 $ 188,833 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit cost related to our benefit plans for the three months ended March 31, 2017 and 2016 consisted of the following: For the Three Months Ended March 31, 2017 2016 Components of net periodic benefit cost: Service cost $ 976 $ 952 Interest cost 1,395 1,409 Expected return on plan assets (1,549 ) (1,749 ) Amortization of net loss 775 806 Net periodic benefit cost $ 1,597 $ 1,418 |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following: March 31, December 31, Term loan credit facilities $ 282,686 $ 284,233 Alon USA, LP Credit Facility — — Convertible senior notes 138,422 136,602 Retail credit facilities 95,211 107,131 Total debt 516,319 527,966 Less: Current portion 16,414 16,414 Total long-term debt $ 499,905 $ 511,552 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the restricted share activity from January 1, 2017 : Weighted Average Grant Date Fair Values Non-vested Shares Shares (per share) Non-vested at December 31, 2016 159,634 $ 12.26 Granted 105,448 12.07 Vested — — Forfeited — — Non-vested at March 31, 2017 265,082 $ 12.19 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | Changes to equity during the three months ended March 31, 2017 are presented below: Total Stockholders’ Equity Non-controlling Interest Total Equity Balance at December 31, 2016 $ 521,108 $ 61,305 $ 582,413 Other comprehensive income 183 3 186 Stock compensation 519 14 533 Distributions to non-controlling interest in the Partnership — (1,267 ) (1,267 ) Dividends (10,727 ) (67 ) (10,794 ) Net income 7,327 2,947 10,274 Balance at March 31, 2017 $ 518,410 $ 62,935 $ 581,345 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table displays the change in accumulated other comprehensive loss, net of tax: Unrealized Gain (Loss) on Cash Flow Hedges Postretirement Benefit Plans Total Balance at December 31, 2016 $ (1,229 ) $ (24,882 ) $ (26,111 ) Other comprehensive income before reclassifications 74 — 74 Amounts reclassified from accumulated other comprehensive loss 109 — 109 Net current-period other comprehensive income 183 — 183 Balance at March 31, 2017 $ (1,046 ) $ (24,882 ) $ (25,928 ) |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | The calculation of earnings (loss) per share, basic and diluted, for the three months ended March 31, 2017 and 2016 , is as follows (shares in thousands, per share value in dollars): For the Three Months Ended March 31, 2017 2016 Net income (loss) available to common stockholders $ 7,327 $ (35,537 ) Weighted average shares outstanding, basic 71,490 70,143 Dilutive common stock equivalents 87 — Weighted average shares outstanding, diluted 71,577 70,143 Earnings (loss) per share, basic $ 0.10 $ (0.51 ) Earnings (loss) per share, diluted $ 0.10 $ (0.51 ) |
Alon USA Partners, LP Textuals
Alon USA Partners, LP Textuals (Details) | 3 Months Ended |
Mar. 31, 2017shares | |
Noncontrolling Interest | |
Limited Partnership, General Partner, Ownership Interest | 100.00% |
Noncontrolling Interest | |
Noncontrolling Interest | |
Noncontrolling Interest in Partnership, Units Outstanding | 11,520,220 |
Limited Partnership, Limited Partners, Ownership Interest | 18.40% |
Parent | |
Noncontrolling Interest | |
Limited Partnership, Limited Partners, Ownership Interest | 81.60% |
Alon USA Partners, LP (Details)
Alon USA Partners, LP (Details) - Cash Distribution $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)$ / shares | ||
Distribution Made to Limited Partner | ||
Cash Available for Distributions, Per Unit | $ / shares | $ 0.38 | [1] |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ / shares | $ 0.11 | |
Distribution Made to Limited Partner, Cash Distributions Paid | $ | $ 6,877 | |
Noncontrolling Interest | ||
Distribution Made to Limited Partner | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ | $ 1,267 | |
[1] | Represents the aggregate cash available for distribution per unit attributable to the period indicated. This represents the difference between cash available for distribution and distributions paid in the table above. |
Segment Data Textuals (Details)
Segment Data Textuals (Details) | 3 Months Ended |
Mar. 31, 2017segmentsStoresterminals | |
Number of Operating Segments | segments | 3 |
Refining and Marketing | Branded License Location, Fuel | |
Number of Stores | 636 |
Asphalt | |
Asphalt Terminal Locations | terminals | 11 |
Equity Method Investment, Ownership Percentage | 50.00% |
Retail | |
Number of Stores | 304 |
Segment Data (Details)
Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Segment Information For Our Reportable Segments | ||||
Net sales to external customers | [1] | $ 1,150,593 | $ 849,973 | |
Intersegment sales (purchases) | 0 | 0 | ||
Depreciation and amortization | 36,547 | 34,862 | ||
Operating income (loss) | 28,181 | (39,439) | ||
Turnarounds, catalysts and capital expenditures | 14,416 | 40,056 | ||
Total Assets By Reportable Segment | ||||
Total assets | 2,112,204 | $ 2,095,301 | ||
Refining and Marketing | ||||
Segment Information For Our Reportable Segments | ||||
Net sales to external customers | 915,629 | 633,503 | ||
Intersegment sales (purchases) | 91,000 | 63,110 | ||
Depreciation and amortization | 31,353 | 29,784 | ||
Operating income (loss) | 24,525 | (42,363) | ||
Turnarounds, catalysts and capital expenditures | 7,903 | 35,169 | ||
Total Assets By Reportable Segment | ||||
Total assets | 1,742,211 | 1,724,982 | ||
Asphalt | ||||
Segment Information For Our Reportable Segments | ||||
Net sales to external customers | 44,821 | 53,499 | ||
Intersegment sales (purchases) | (6,883) | (5,448) | ||
Depreciation and amortization | 1,219 | 1,260 | ||
Operating income (loss) | (1,481) | (648) | ||
Turnarounds, catalysts and capital expenditures | 1,482 | 740 | ||
Total Assets By Reportable Segment | ||||
Total assets | 115,635 | 111,941 | ||
Retail | ||||
Segment Information For Our Reportable Segments | ||||
Net sales to external customers | 190,143 | 162,971 | ||
Intersegment sales (purchases) | (84,117) | (57,662) | ||
Depreciation and amortization | 3,291 | 3,399 | ||
Operating income (loss) | 6,014 | 4,182 | ||
Turnarounds, catalysts and capital expenditures | 4,945 | 2,711 | ||
Total Assets By Reportable Segment | ||||
Total assets | 238,524 | 241,272 | ||
Corporate | ||||
Segment Information For Our Reportable Segments | ||||
Net sales to external customers | 0 | 0 | ||
Intersegment sales (purchases) | 0 | 0 | ||
Depreciation and amortization | 684 | 419 | ||
Operating income (loss) | (877) | (610) | ||
Turnarounds, catalysts and capital expenditures | 86 | $ 1,436 | ||
Total Assets By Reportable Segment | ||||
Total assets | $ 15,834 | $ 17,106 | ||
[1] | Includes excise taxes on sales by the retail segment of $20,725 and $19,525 for the three months ended March 31, 2017 and 2016, respectively. |
Fair Value Recurring Measuremen
Fair Value Recurring Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
RINs obligation surplus | $ 6,077 | |
Swaps | Interest Rate Swaps | ||
Liabilities: | ||
Derivative Liabilities | 1,663 | $ 1,956 |
Forward Contracts | Commodity Contracts | ||
Liabilities: | ||
Derivative Liabilities | 803 | 1,561 |
Forward Contracts | Fair Value Hedges | ||
Assets: | ||
Derivative Assets | 17,340 | 14,777 |
Level 1 | ||
Assets: | ||
RINs obligation surplus | 0 | |
Level 1 | Swaps | Interest Rate Swaps | ||
Liabilities: | ||
Derivative Liabilities | 0 | 0 |
Level 1 | Forward Contracts | Commodity Contracts | ||
Liabilities: | ||
Derivative Liabilities | 803 | 1,561 |
Level 1 | Forward Contracts | Fair Value Hedges | ||
Assets: | ||
Derivative Assets | 0 | 0 |
Level 2 | ||
Assets: | ||
RINs obligation surplus | 6,077 | |
Level 2 | Swaps | Interest Rate Swaps | ||
Liabilities: | ||
Derivative Liabilities | 1,663 | 1,956 |
Level 2 | Forward Contracts | Commodity Contracts | ||
Liabilities: | ||
Derivative Liabilities | 0 | 0 |
Level 2 | Forward Contracts | Fair Value Hedges | ||
Assets: | ||
Derivative Assets | 17,340 | 14,777 |
Level 3 | ||
Assets: | ||
RINs obligation surplus | 0 | |
Level 3 | Swaps | Interest Rate Swaps | ||
Liabilities: | ||
Derivative Liabilities | 0 | 0 |
Level 3 | Forward Contracts | Commodity Contracts | ||
Liabilities: | ||
Derivative Liabilities | 0 | 0 |
Level 3 | Forward Contracts | Fair Value Hedges | ||
Assets: | ||
Derivative Assets | $ 0 | $ 0 |
Schedule of Derivative Instrume
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value | ||
Derivative Assets | $ 20,032 | $ 18,379 |
Derivative Liabilities | 5,158 | 7,119 |
Forward Contracts | Commodity Contracts | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 2,692 | 3,602 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3,495 | 5,163 |
Forward Contracts | Fair Value Hedges | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 17,340 | 14,777 |
Swaps | Interest Rate Swaps | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,663 | 1,956 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 2,692 | 3,602 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3,495 | 5,163 |
Not Designated as Hedging Instrument | Accounts Receivable | Forward Contracts | Commodity Contracts | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 2,692 | 3,602 |
Not Designated as Hedging Instrument | Accrued Liabilities | Forward Contracts | Commodity Contracts | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3,495 | 5,163 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 17,340 | 14,777 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,663 | 1,956 |
Designated as Hedging Instrument | Other Noncurrent Assets | Forward Contracts | Fair Value Hedges | ||
Derivatives, Fair Value | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 17,340 | 14,777 |
Designated as Hedging Instrument | Other Noncurrent Liabilities | Swaps | Interest Rate Swaps | ||
Derivatives, Fair Value | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 1,663 | $ 1,956 |
Cash Flow Hedges Included in Ac
Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 293 | $ (1,051) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (172) | (70) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Swaps | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 293 | (1,051) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Interest Expense | Swaps | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (172) | $ (70) |
Fair Value Hedging Instruments
Fair Value Hedging Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | $ 2,563 | $ (1,215) | |
Interest Expense | Forward Contracts | Fair Value Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) on Fair Value Hedges Recognized in Earnings | [1] | $ 2,563 | $ (1,215) |
[1] | Changes in the fair value hedges are substantially offset in earnings by changes in the hedged items. |
Schedule of Derivative Instru46
Schedule of Derivative Instruments, Gain (Loss) in Statements of Financial Performance (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (871) | $ 5,579 |
Cost of Sales | Forward Contracts | Commodity Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (871) | 5,213 |
Cost of Sales | Swaps | Commodity Contracts | ||
Derivative Instruments, Gain (Loss) | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 366 |
Schedule of Offsetting Derivati
Schedule of Offsetting Derivative Instruments by Type (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Forward Contracts | Commodity Contracts | ||
Derivative Asset, Fair Value, Net | ||
Derivative Asset, Fair Value, Gross Asset | $ 3,525 | $ 5,169 |
Gross Amounts offset in the Statement of Financial Position | (833) | (1,567) |
Net Amounts Presented in the Statement of Financial Position | 2,692 | 3,602 |
Derivative, Collateral, Obligation to Return Securities | (2,692) | (3,602) |
Cash Collateral Received | 0 | 0 |
Derivative Asset, Net Amount | 0 | 0 |
Derivative Liability, Fair Value, Net | ||
Gross Amounts of Recognized Liabilities | 4,328 | 6,730 |
Gross Amounts offset in the Statement of Financial Position | (833) | (1,567) |
Net Amounts Presented in the Statement of Financial Position | 3,495 | 5,163 |
Derivative, Collateral, Right to Reclaim Securities | (2,692) | (3,602) |
Cash Collateral Pledged | 0 | 0 |
Derivative Liability, Net Amount | 803 | 1,561 |
Forward Contracts | Fair Value Hedges | ||
Derivative Asset, Fair Value, Net | ||
Derivative Asset, Fair Value, Gross Asset | 17,340 | 14,777 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts Presented in the Statement of Financial Position | 17,340 | 14,777 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Derivative Asset, Net Amount | 17,340 | 14,777 |
Swaps | Interest Rate Swaps | ||
Derivative Asset, Fair Value, Net | ||
Derivative Asset, Fair Value, Gross Asset | 46 | 29 |
Gross Amounts offset in the Statement of Financial Position | (46) | (29) |
Net Amounts Presented in the Statement of Financial Position | 0 | 0 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Derivative Asset, Net Amount | 0 | 0 |
Derivative Liability, Fair Value, Net | ||
Gross Amounts of Recognized Liabilities | 1,709 | 1,985 |
Gross Amounts offset in the Statement of Financial Position | (46) | (29) |
Net Amounts Presented in the Statement of Financial Position | 1,663 | 1,956 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Cash Collateral Pledged | 0 | 0 |
Derivative Liability, Net Amount | $ 1,663 | $ 1,956 |
Derivative Financial Instrume48
Derivative Financial Instruments Textuals (Details) bbl in Thousands, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017USD ($)bbl | Mar. 31, 2016USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow Hedges: | |||||
Net gain (loss) | $ 293 | $ (1,051) | |||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 | |||
Component of Cash Flow Hedge Gain (Loss) Excluded From Hedge Effectiveness Assessment | 0 | 0 | |||
Compliance Program Market Risk: | |||||
RINs cost (benefit) | (13,246) | $ 11,211 | |||
Swaps | Term Loan | Alon Retail Credit Agreement | |||||
Cash Flow Hedges: | |||||
Retail credit facilities | $ 95,884 | ||||
Swaps | Interest Rate Swaps | Scenario, Forecast | |||||
Cash Flow Hedges: | |||||
Derivative, Average Fixed Interest Rate | 3.06% | 2.89% | 2.40% | ||
Swaps | Interest Rate Swaps | Term Loan | Alon Retail Credit Agreement | |||||
Cash Flow Hedges: | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Cash Flow Hedging | |||||
Cash Flow Hedges: | |||||
Accumulated Other Comprehensive Income (Loss), before tax | $ (1,663) | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (827) | ||||
Designated as Hedging Instrument | Forward Contracts | Fair Value Hedges | |||||
Notional Disclosures (in barrels): | |||||
Nonmonetary Notional Amount | bbl | 444 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Crude oil, refined products, asphalt and blendstocks | $ 69,088 | $ 57,021 |
Crude oil consignment inventory (Note 7) | 10,589 | 11,708 |
Materials and supplies | 29,150 | 27,826 |
Store merchandise | 27,032 | 26,752 |
Store fuel | 5,569 | 7,195 |
Total inventories | $ 141,428 | $ 130,502 |
Inventories Textuals (Details)
Inventories Textuals (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Excess of Replacement or Current Costs over Stated LIFO Value | $ 6,402 | $ 4,390 |
Excess of Replacement or Current Costs over Stated LIFO Value, Net of the Fair Value Hedged Items | $ 13,100 | $ 13,154 |
Inventory Financing Agreements
Inventory Financing Agreements Textuals (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts payable, net, current | $ 386,905 | $ 328,561 |
Receivable from supply and offtake agreements (Note 7) | 26,179 | 26,179 |
Derivative Liabilities | 3,495 | 5,163 |
Consigned inventory | Forward Contracts | ||
Derivative Liabilities | 3,296 | 5,613 |
J.Aron | ||
Accounts payable, net, current | 27,865 | |
Accounts receivable, net, current | 6,112 | |
Receivable from supply and offtake agreements (Note 7) | 26,179 | 26,179 |
Non-current liability for consignment inventory | $ 21,173 | $ 22,042 |
Property, Plant and Equipment52
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | $ 2,302,395 | $ 2,289,806 |
Accumulated depreciation | (950,859) | (922,911) |
Property, plant and equipment, net | 1,351,536 | 1,366,895 |
Refining facilities | ||
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | 2,013,659 | 2,005,015 |
Pipelines and terminals | ||
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | 43,538 | 43,538 |
Retail | ||
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | 218,454 | 214,596 |
Other | ||
Property, Plant and Equipment, Net | ||
Property, plant and equipment, gross | $ 26,744 | $ 26,657 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Deferred turnaround and catalyst cost | $ 73,527 | $ 79,391 |
Environmental receivables (Note 16) | 2,631 | 2,762 |
Intangible assets, net | 18,832 | 18,962 |
Receivable from supply and offtake agreements (Note 7) | 26,179 | 26,179 |
Fair value hedges of consigned inventory (Note 5) | 17,340 | 14,777 |
Other, net | 18,926 | 18,726 |
Total other assets | $ 157,435 | $ 160,797 |
Accounts Payable Textuals (Deta
Accounts Payable Textuals (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Payable [Abstract] | ||
Accounts Payable, RINs financing transactions | $ 125,778 | $ 78,565 |
Accrued Liabilities and Other N
Accrued Liabilities and Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities: | ||
Taxes other than income taxes, primarily excise taxes | $ 35,865 | $ 41,420 |
Employee costs | 29,870 | 23,014 |
Commodity contracts | 3,495 | 5,163 |
Accrued finance charges | 667 | 1,866 |
Environmental accrual (Note 16) | 4,237 | 4,237 |
Other | 26,897 | 24,829 |
Total accrued liabilities | 101,031 | 100,529 |
Other Non-Current Liabilities: | ||
Pension and other postemployment benefit liabilities, net | 50,657 | 48,983 |
Environmental accrual (Note 16) | 41,393 | 41,399 |
Asset retirement obligations | 12,644 | 12,463 |
Consignment inventory obligations (Note 7) | 38,513 | 36,819 |
Interest rate swaps | 1,663 | 1,956 |
RINs financing transactions | 0 | 39,478 |
Other | 15,918 | 7,735 |
Total other non-current liabilities | $ 160,788 | $ 188,833 |
Postretirement Benefits (Detail
Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Components of net periodic benefit cost: | ||
Service cost | $ 976 | $ 952 |
Interest cost | 1,395 | 1,409 |
Expected return on plan assets | (1,549) | (1,749) |
Amortization of net loss | 775 | 806 |
Net periodic benefit cost | $ 1,597 | $ 1,418 |
Postretirement Benefits Textual
Postretirement Benefits Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Benefit Plan, Contributions by Employer | $ 0 | $ 1,181 |
Schedule of Long-Term Debt Summ
Schedule of Long-Term Debt Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instruments | ||
Total debt | $ 516,319 | $ 527,966 |
Less: Current portion | 16,414 | 16,414 |
Total long-term debt | 499,905 | 511,552 |
Term loan credit facilities | ||
Debt Instruments | ||
Total debt | 282,686 | 284,233 |
Alon USA, LP Credit Facility | ||
Debt Instruments | ||
Total debt | 0 | 0 |
Convertible senior notes | ||
Debt Instruments | ||
Total debt | 138,422 | 136,602 |
Retail credit facilities | ||
Debt Instruments | ||
Total debt | $ 95,211 | $ 107,131 |
Alon USA, LP Revolving Credit F
Alon USA, LP Revolving Credit Facility and Letters of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Alon USA Energy Credit Facility | ||
Debt Instruments | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | |
Letters of Credit Outstanding, Amount | 56,227 | $ 57,727 |
Alon USA LP Credit Facility | ||
Debt Instruments | ||
Letters of Credit Outstanding, Amount | 68,159 | 100,613 |
Revolving Credit Facility | 0 | $ 0 |
Debt Instrument, Face Amount | $ 240,000 |
Convertible Senior Notes (Detai
Convertible Senior Notes (Details) | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Debt Instruments | |
Hypothetical Future Dividend Declared | $ 0.06 |
Convertible Senior Notes | |
Debt Instruments | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Debt Instrument, Convertible, Conversion Ratio | 73.702 |
Debt Instrument, Convertible, Conversion Price | $ 13.57 |
Option Indexed to Issuer's Equity, Strike Price | 13.57 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 18.43 |
Financial Covenants (Details)
Financial Covenants (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Instrument, Covenant Compliance | we were in compliance with these covenants |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Non-vested at December 31, 2016 | shares | 159,634 |
Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 12.26 |
Granted | shares | 105,448 |
Weighted Average Grant Date Fair Value | $ / shares | $ 12.07 |
Vested | shares | 0 |
Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0 |
Forfeited | shares | 0 |
Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 0 |
Non-vested at March 31, 2017 | shares | 265,082 |
Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 12.19 |
Stock-Based Compensation Textua
Stock-Based Compensation Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,969 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 4 months | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 105,448 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.07 | ||
Allocated Share-based Compensation Expense | $ 504 | $ 1,713 | |
Partnership Restricted Units | |||
Allocated Share-based Compensation Expense | $ 23 | $ 10 | |
Executive Officer | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 105,448 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.07 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance at December 31, 2016 | $ 582,413 | |
Other comprehensive income | 186 | $ (668) |
Stock compensation | 533 | |
Distributions to non-controlling interest in the Partnership | (1,267) | |
Dividends | (10,794) | |
Net income | 10,274 | $ (36,060) |
Balance at March 31, 2017 | 581,345 | |
Parent | ||
Balance at December 31, 2016 | 521,108 | |
Other comprehensive income | 183 | |
Stock compensation | 519 | |
Distributions to non-controlling interest in the Partnership | 0 | |
Dividends | (10,727) | |
Net income | 7,327 | |
Balance at March 31, 2017 | 518,410 | |
Noncontrolling Interest | ||
Balance at December 31, 2016 | 61,305 | |
Other comprehensive income | 3 | |
Stock compensation | 14 | |
Distributions to non-controlling interest in the Partnership | (1,267) | |
Dividends | (67) | |
Net income | 2,947 | |
Balance at March 31, 2017 | $ 62,935 |
Common Stock Textuals (Details)
Common Stock Textuals (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2017shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($) | Jan. 31, 2017shares | |
Delek | ||||
Conversion of Stock | ||||
Investment Owned, Balance, Shares | 33,700,000 | |||
Common Stock Conversion Rate | 0.5040 | |||
Amended Shareholder Agreement | ||||
Conversion of Stock | ||||
Conversion of Stock, Shares Issued | 116,347 | |||
Conversion of Stock, Shares Available for Exchange | 116,352 | |||
Allocated Share-based Compensation Expense | $ | $ 374 | $ 397 | ||
Amended Shareholder Agreement | Alon Assets | ||||
Conversion of Stock | ||||
Conversion of Stock, Shares Converted | 621.98 | |||
Scenario, Forecast | Amended Shareholder Agreement | ||||
Conversion of Stock | ||||
Conversion of Stock, Shares Issued | 116,352 |
Dividends (Details)
Dividends (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Dividends, Common Stock | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 | $ 0.15 |
Common Stock | ||
Dividends, Common Stock | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance at December 31, 2016 | $ (26,111) |
Other comprehensive income before reclassifications | 74 |
Amounts reclassified from accumulated other comprehensive loss | 109 |
Net current-period other comprehensive income | 183 |
Balance at March 31, 2017 | (25,928) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance at December 31, 2016 | (1,229) |
Other comprehensive income before reclassifications | 74 |
Amounts reclassified from accumulated other comprehensive loss | 109 |
Net current-period other comprehensive income | 183 |
Balance at March 31, 2017 | (1,046) |
Accumulated Defined Benefit Plans Adjustment | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance at December 31, 2016 | (24,882) |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Net current-period other comprehensive income | 0 |
Balance at March 31, 2017 | $ (24,882) |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income (loss) available to common stockholders | $ 7,327 | $ (35,537) |
Weighted average shares outstanding, basic | 71,490 | 70,143 |
Dilutive common stock equivalents | 87 | 0 |
Weighted average shares outstanding, diluted | 71,577 | 70,143 |
Earnings (loss) per share, basic | $ 0.10 | $ (0.51) |
Earnings (loss) per share, diluted | $ 0.10 | $ (0.51) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 595 |
Related Party Transactions (Det
Related Party Transactions (Details) - Delek - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction | ||
Sale of Stock, Percentage of Ownership before Transaction | 47.00% | |
Related Party Transaction, Purchases from Related Party | $ 1,661 | $ 1,166 |
Remediation Obligations (Detail
Remediation Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Environmental Loss Contingencies, Time Frame of Disbursements | 15 years | |
Accrual for Environmental Loss Contingencies | $ 45,630 | $ 45,636 |
Accrued Environmental Loss Contingencies, Current | 4,237 | 4,237 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 41,393 | $ 41,399 |
Remediation Receivables (Detail
Remediation Receivables (Details) - Paramount - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Recorded Third-Party Environmental Recoveries, Current | $ 644 | $ 644 |
Recorded Third-Party Environmental Recoveries, Noncurrent | $ 2,631 | $ 2,762 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands | May 05, 2017 | May 04, 2017 |
Subsequent Event | ||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 23,758 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.38 | |
Noncontrolling Interest | ||
Subsequent Event | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 4,378 |