Calumet, Inc. / "Tax" | Tables in SEC filings

Calumet, Inc.

28 Feb 25

Annual report

5:42pm


	Specialty
	Products and		Performance		Montana/						Consolidated
Year Ended December 31, 2023	Solutions (1)		Brands (2)		Renewables (4)		Corporate		Eliminations		Total
Sales:
External customers	$	2,876.9	$	310.3	$	993.8	$	—	$	—	$	4,181.0
Inter-segment sales		17.2		0.3		—		—		(17.5)		—
Total sales	$	2,894.1	$	310.6	$	993.8	$	—	$	(17.5)	$	4,181.0

Cost of sales	$	2,474.7	$	228.2	$	1,026.4	$	—	$	—	$	3,729.3
Gross profit (loss)	$	402.2	$	82.1	$	(32.6)	$	-	$	—	$	451.7

Adjusted EBITDA	$	251.2	$	47.9	$	30.2	$	(68.8)	$	—	$	260.5
Reconciling items to net income:
Depreciation and amortization		76.8		9.9		95.2		1.1		—		183.0
LCM / LIFO (gain) loss		(2.1)		2.0		35.7		—		—		35.6
Loss on impairment and disposal of assets		—		—		3.5		—		—		3.5
Interest expense		27.9		0.1		65.4		128.3		—		221.7
Debt extinguishment costs		—		—		0.4		5.5		—		5.9
Unrealized (gain) loss on derivatives		(28.4)		—		(4.6)		—		—		(33.0)
RINs mark-to-market gain		(201.1)		—		(89.1)		—		—		(290.2)
Other non-recurring expenses												60.9
Equity-based compensation and other items												20.2
Income tax expense												1.6
Noncontrolling interest adjustments												3.2
Net income											$	48.1

Capital expenditures	$	82.2	$	2.3	$	234.6	$	0.6	$	—	$	319.7
PP&E, net	$	373.0	$	33.4	$	1,097.9	$	2.0	$	—	$	1,506.3


	Year Ended December 31,
	2024		2023		2022
							(In millions)
Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA
Net income (loss)	$	(222.0)	$	48.1	$	(173.3)
Add:
Interest expense		236.7		221.7		175.9
Depreciation and amortization		149.0		146.9		98.3
Income tax expense		0.8		1.6		3.4
EBITDA	$	164.5	$	418.3	$	104.3
Add:
LCM / LIFO loss	$	12.3	$	35.6	$	6.6
Unrealized (gain) loss on derivative instruments		(47.1)		(33.0)	$	45.9
Debt extinguishment costs		0.4		5.9		41.4
Amortization of turnaround costs		38.0		36.1		23.1
Loss on impairment and disposal of assets		2.0		3.5		0.7
RINs mark-to-market (gain) loss		(66.4)		(290.2)		115.7
Equity-based compensation and other items		19.7		20.2		34.4
Other non-recurring expenses (1)		75.5		60.9		15.6
Noncontrolling interest adjustments		(4.1)		3.2		2.3
Adjusted EBITDA	$	194.8	$	260.5	$	390.0


	December 31,
	2024		2023
Deferred tax assets:
Investment in partnership	$	190.4	$	—
Net operating loss carryforwards		39.0		0.8
Interest expense limitation carryforwards		20.0		—
Other		3.2		0.8
Total deferred tax assets	$	252.6	$	1.6
Less: valuation allowance		(252.6)		(1.6)
Total deferred tax assets, net of valuation allowance	$	—	$	—

Deferred tax liabilities
Other	$	—	$	(0.4)
Total deferred tax liabilities	$	—	$	(0.4)

Net deferred tax asset (liability)	$	—	$	(0.4)


	December 31,
	2024			2023			2022
Federal income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax effect		3.6			0.2			(0.5)
Partnership earnings not subject to tax		(8.3)			(20.0)			(21.4)
Foreign taxes effect		0.5			2.8			(1.4)
Other nontaxable income		4.9			—			—
Other		0.5			—			—
Change in valuation allowance		(22.6)			(0.8)			0.4
Effective tax rate		(0.4)	%		3.2	%		(1.9)	%

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