Calumet Specialty Products Partners, L.P. / "Environmental" | Tables in SEC filings

CLMT Calumet Specialty Products Partners, L.P.

Annual report

The following tables present a reconciliation of Net income (loss), our most directly comparable GAAP financial performance measure to EBITDA, Adjusted EBITDA and Distributable Cash Flow, for each of the periods indicated.


	Year Ended December 31,
	2023		2022		2021
							(In millions)
Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA and Distributable Cash Flow:
Net income (loss)	$	48.1	$	(173.3)	$	(260.1)
Add:
Interest expense		221.7		175.9		149.5
Depreciation and amortization		146.9		98.3		107.7
Income tax expense		1.6		3.4		1.5
EBITDA	$	418.3	$	104.3	$	(1.4)
Add:
LCM / LIFO (gain) loss	$	35.6	$	6.6	$	(50.3)
Unrealized (gain) loss on derivative instruments		(33.0)		45.9	$	24.4
Debt extinguishment costs		5.9		41.4		0.5
Amortization of turnaround costs		36.1		23.1		17.0
Loss on impairment and disposal of assets		3.5		0.7		4.1
RINs mark-to-market (gain) loss		(290.2)		115.7		57.7
Equity-based compensation and other items		20.2		34.4		50.7
Other non-recurring expenses (1)		60.9		15.6		7.6
Noncontrolling interest adjustments		3.2		2.3		—
Adjusted EBITDA	$	260.5	$	390.0	$	110.3
Less:
Replacement and environmental capital expenditures (2)	$	81.2	$	77.9	$	29.0
Cash interest expense (3)		216.0		158.3		138.9
Turnaround costs		47.9		62.6		61.0
Income tax expense		1.6		3.4		1.5
Distributable Cash Flow	$	(86.2)	$	87.8	$	(120.1)


	Three Months Ended March 31,
	2024		2023
					(In millions)
Capital improvement expenditures	$	3.3	$	113.2
Replacement capital expenditures		15.8		13.7
Environmental capital expenditures		0.9		3.5
Turnaround capital expenditures		5.5		7.1
Total	$	25.5	$	137.5


	Year Ended December 31,
	2023		2022		2021
							(In millions)
Capital improvement expenditures	$	190.6	$	458.3	$	53.9
Replacement capital expenditures		69.9		69.2		24.0
Environmental capital expenditures		11.3		8.7		5.0
Turnaround capital expenditures		47.9		62.6		61.0
Total	$	319.7	$	598.8	$	143.9

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