Table search / Calumet, Inc. / "Long-term"

10-K

2024 FY

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Calumet, Inc.

28 Feb 25

Annual report

5:42pm

Supplemental balance sheet information related to the Company’s leases for the periods presented were as follows (in millions):

​	​	​	​	​	​	​	​	​
​		​		December 31,			December 31,
Assets:	​	Classification:	​	2024		​	2023
Operating lease assets		Other noncurrent assets, net (1)	​	$	240.2	​	$	114.4
Finance lease assets		Property, plant and equipment, net (2)	​		2.5	​		2.4
Total leased assets	​	​	​	$	242.7	​	$	116.8
Liabilities:	​	​	​		​	​		​
Current	​	​	​		​	​		​
Operating	​	Other current liabilities	​	$	58.8	​	$	75.6
Finance	​	Current portion of long-term debt	​		1.0	​		1.1
Non-current	​	​	​		​	​		​
Operating	​	Other long-term liabilities	​		182.2	​		39.0
Finance	​	Long-term debt, less current portion	​		1.9	​		1.9
Total lease liabilities	​	​	​	$	243.9	​	$	117.6

10-K

2024 FY

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Calumet, Inc.

28 Feb 25

Annual report

5:42pm

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Parent			​	​		​	​		​	​
​	​	Company and		​	​	​	​	​	​	​	​	​
​	​	Restricted			Unrestricted			​	​		Consolidated
December 31, 2023	​	Subsidiaries		​	Subsidiaries		​	Eliminations		​	Total
Cash and cash equivalents	​	$	7.3	​	$	0.6	​	$	—	​	$	7.9
Accounts receivable - trade	​	$	230.7	​	$	21.7	​	$	—	​	$	252.4
Accounts receivable - other	​	$	24.8	​	$	9.0	​	$	—	​	$	33.8
Inventory	​	$	353.1	​	$	86.3	​	$	—	​	$	439.4
Prepaid expenses and other current assets	​	$	14.6	​	$	37.0	​	$	—	​	$	51.6
Property, plant and equipment, net	​	$	731.7	​	$	774.6	​	$	—	​	$	1,506.3
Operating lease right-of-use assets	​	$	108.1	​	$	6.3	​	$	—	​	$	114.4
Other noncurrent assets, net	​	$	127.3	​	$	7.1	​	$	—	​	$	134.4
Accounts payable	​	$	282.4	​	$	333.3	​	$	(293.7)	​	$	322.0
Accrued interest payable	​	$	47.8	​	$	0.9	​	$	—	​	$	48.7
Other taxes payable	​	$	11.9	​	$	1.6	​	$	—	​	$	13.5
Obligations under inventory financing agreements	​	$	126.0	​	$	64.4	​	$	—	​	$	190.4
Other current liabilities	​	$	20.4	​	$	22.0	​	$	—	​	$	42.4
Current portion of operating lease liabilities	​	$	72.2	​	$	3.4	​	$	—	​	$	75.6
Current portion of long-term debt	​	$	38.8	​	$	16.9	​	$	—	​	$	55.7
Long-term operating lease liabilities	​	$	36.0	​	$	3.0	​	$	—	​	$	39.0
Long-term debt	​	$	1,381.0	​	$	548.7	​	$	(100.0)	​	$	1,829.7
Redeemable noncontrolling interest	​	$	—	​	$	245.6	​	$	—	​	$	245.6
Partners' capital (deficit)	​	$	(174.3)	​	$	(297.2)	​	$	(18.8)	​	$	(490.3)

10-K

2024 FY

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Calumet, Inc.

28 Feb 25

Annual report

5:42pm

Our exposure to interest rate changes on fixed and variable rate debt is limited to the fair value of the debt issued, which would not have a material impact on our earnings or cash flows. The following table provides information about the fair value of our fixed and variable rate debt obligations as of December 31, 2024 and December 31, 2023, which we disclose in Note 8 — “Long-Term Debt” and Note 10 — “Fair Value Measurements” under Part II, Item 8 “Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements.”

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024					​	December 31, 2023
​		Fair Value			Carrying Value			Fair Value			Carrying Value
​													​	(In millions)
Financial Instrument:	​	​	​	​	​	​	​	​	​	​	​	​
2024 Secured Notes	​	$	—	​	$	—	​	$	179.7	​	$	178.8
2025 Notes	​	$	—	​	$	—	​	$	421.1	​	$	411.5
2026 Notes	​	$	358.0	​	$	354.0	​	$	—	​	$	—
2027 Notes	​	$	322.4	​	$	323.1	​	$	320.7	​	$	322.3
2028 Notes	​	$	331.8	​	$	320.6	​	$	325.7	​	$	319.7
2029 Secured Notes	​	$	206.1	​	$	199.0	​	$	—	​	​	—
Revolving credit facility	​	$	286.6	​	$	283.6	​	$	136.7	​	$	134.4
MRL revolving credit facility	​	$	—	​	$	(0.3)	​	$	13.0	​	$	12.4
MRL Term Loan Credit Agreement	​	$	73.7	​	$	71.4	​	$	74.4	​	$	71.6
Shreveport terminal asset financing arrangement	​	$	42.1	​	$	41.6	​	$	50.8	​	$	50.1
Montana terminal asset financing arrangement	​	$	30.4	​	$	30.2	​	$	—	​	$	—
Montana refinery asset financing arrangement	​	$	108.7	​	$	108.7	​	$	—	​	$	—
MRL asset financing arrangements	​	$	368.1	​	$	365.4	​	$	384.6	​	$	381.6

10-K

2024 FY

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Calumet, Inc.

28 Feb 25

Annual report

5:42pm

​	​	​	​	​	​	​
​		Year Ended December 31,
​		2024			2023
​							​	(In millions, except share/unit data)
ASSETS	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	38.1	​	$	7.9
Accounts receivable, net:	​	​	​	​	​	​
Trade, less allowance for credit losses of $1.1 million and $1.2 million, respectively	​	​	241.7	​	​	252.4
Other	​	​	36.4	​	​	33.8
​	​	​	278.1	​	​	286.2
Inventories	​	​	416.3	​	​	439.4
Derivative assets	​	​	—	​	​	9.6
Prepaid expenses and other current assets	​	​	33.5	​	​	51.6
Total current assets	​	​	766.0	​	​	794.7
Property, plant and equipment, net	​	​	1,438.8	​	​	1,506.3
Goodwill	​	​	173.0	​	​	173.0
Other intangible assets, net	​	​	22.0	​	​	28.5
Operating lease right-of-use assets	​	​	240.2	​	​	114.4
Other noncurrent assets, net	​	​	118.2	​	​	134.4
Total assets	​	$	2,758.2	​	$	2,751.3
LIABILITIES AND STOCKHOLDERS' EQUITY / PARTNERS' CAPITAL (DEFICIT)
Current liabilities:	​	​	​	​	​	​
Accounts payable	​	$	320.8	​	$	322.0
Accrued interest payable	​	​	45.4	​	​	48.7
Accrued salaries, wages and benefits	​	​	94.7	​	​	87.1
Other taxes payable	​	​	11.9	​	​	13.5
Obligations under inventory financing agreements	​	​	32.0	​	​	190.4
Current portion of RINs obligation	​	​	245.4	​	​	277.3
Current portion of operating lease liabilities	​	​	58.8	​	​	75.6
Other current liabilities	​	​	19.1	​	​	42.4
Current portion of long-term debt	​	​	35.5	​	​	55.7
Total current liabilities	​	​	863.6	​	​	1,112.7
Pension and postretirement benefit obligations	​	​	4.0	​	​	4.2
Other long-term liabilities	​	​	110.0	​	​	10.4
Long-term operating lease liabilities	​	​	182.2	​	​	39.0
Long-term debt, less current portion	​	​	2,064.7	​	​	1,829.7
Total liabilities	​	$	3,224.5	​	$	2,996.0
Commitments and contingencies	​	​	​	​	​
Redeemable noncontrolling interest	​	$	245.6	​	$	245.6
Stockholders' equity / partners' capital (deficit):	​	​	​	​	​	​
Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 85,950,493 shares issued and outstanding as of December 31, 2024.	​	$	0.9	​	$	—
Additional paid-in capital	​	​	825.4	​	​	—
Warrants: 2,000,000 warrants issued and outstanding as of December 31, 2024.	​	​	7.8	​	​	—
Accumulated deficit	​	​	(1,539.0)	​	​	—
Limited partners' interest (79,967,363 units issued and outstanding at December 31, 2023.)	​	​	—	​	​	(484.4)
General partners' interest	​	​	—	​	​	1.3
Accumulated other comprehensive loss	​	​	(7.0)	​	​	(7.2)
Total stockholders' equity / partners' capital (deficit)	​	​	(711.9)	​	​	(490.3)
Total liabilities and stockholders' equity / partners' capital (deficit)	​	$	2,758.2	​	$	2,751.3

10-K

2024 FY

Similar Export

Calumet, Inc.

28 Feb 25

Annual report

5:42pm

As of December 31, 2024, the Company had estimated minimum commitments for the payment of rentals under leases which, at inception, had a noncancelable term of more than one year, as follows (in millions):

​	​	​	​	​	​	​	​	​	​
​		Operating			Finance			​	​
Maturity of Lease Liabilities	​	Leases (1)		​	Leases (2)		​	Total
2025	​	$	75.1	​	$	1.1	​	$	76.2
2026	​		66.8	​		1.1	​		67.9
2027	​		62.5	​		0.5	​		63.0
2028	​		59.5	​		0.3	​		59.8
2029	​		5.8	​		0.1	​		5.9
Thereafter	​		16.8	​		0.1	​		16.9
Total	​	$	286.5	​	$	3.2	​	$	289.7
Less: Interest	​		45.5	​		0.3	​		45.8
Present value of lease liabilities	​	$	241.0	​	$	2.9	​	$	243.9
Less obligations due within one year	​		58.8	​		1.0	​		59.8
Long-term lease obligation	​	$	182.2	​	$	1.9	​	$	184.1

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