XML 80 R14.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | (6) Leases Lease Overview We lease certain pipelines, storage tanks, railcars, office space, land, and equipment across our refining, fertilizer, and corporate operations. Most of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Certain leases also include options to purchase the leased asset. Certain of our lease agreements include rental payments, which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. On December 23, 2024, in connection with the sale of our Membership Interests, a subsidiary of the Company entered into a pipeline transportation agreement, which we classify as an operating lease agreement, with Plains whereby the Company is required to transport all of the crude oil for the Coffeyville Refinery through the Midway Pipeline, except for certain gathered barrels. The consideration for this lease is 100% variable based on performance and there is no minimum volume commitment. Balance Sheet Summary as of December 31, 2024 and 2023 The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
(in millions) | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
ROU assets, net |  |  |  |  |  |  |
Equipment, real estate and other | $ | 33 |  |  | $ | 36 |  |  | $ | 29 |  |  | $ | 14 |
Pipeline and storage | 25 |  |  | 14 |  |  | 12 |  |  | 17 |
Railcars | 17 |  |  | — |  |  | 12 |  |  | — |
Lease liability |  |  |  |  |  |  |
Equipment, real estate and other | $ | 30 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 16 |
Pipelines and storage | 25 |  |  | 25 |  |  | 12 |  |  | 28 |
Railcars | 16 |  |  | — |  |  | 12 |  |  | — |
Lease Expense Summary for the Year Ended December 31, 2024, 2023 and 2022 For the years ended December 31, 2024, 2023, and 2022, we recognized lease expense comprised of the following components:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Operating lease expense | $ | 19 |  |  | $ | 18 |  |  | $ | 16 |
Finance lease expense: |  |  |  |  |
Amortization of ROU asset | 5 |  |  | 6 |  |  | 6 |
Interest expense on lease liability | 4 |  |  | 4 |  |  | 5 |
Short-term lease expense | 12 |  |  | 11 |  |  | 11 |
Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities at December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term | 5.4 years |  | 8.3 years |  | 5.4 years |  | 5.3 years
Weighted-average discount rate | 7.9 | % |  | 10.2 | % |  | 6.7 | % |  | 9.0 | %
Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2024:
(in millions) | Operating Leases |  | Finance Leases
Year Ended December 31, |  |  |
2025 | $ | 21 |  |  | $ | 14 |
2026 | 19 |  |  | 14 |
2027 | 15 |  |  | 13 |
2028 | 10 |  |  | 11 |
2029 | 8 |  |  | 8 |
Thereafter | 15 |  |  | 29 |
Total lease payments | 88 |  |  | 89 |
Less: imputed interest | (17) |  |  | (31) |
Total lease liability | $ | 71 |  |  | $ | 58 |
Leases | (6) Leases Lease Overview We lease certain pipelines, storage tanks, railcars, office space, land, and equipment across our refining, fertilizer, and corporate operations. Most of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Certain leases also include options to purchase the leased asset. Certain of our lease agreements include rental payments, which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. On December 23, 2024, in connection with the sale of our Membership Interests, a subsidiary of the Company entered into a pipeline transportation agreement, which we classify as an operating lease agreement, with Plains whereby the Company is required to transport all of the crude oil for the Coffeyville Refinery through the Midway Pipeline, except for certain gathered barrels. The consideration for this lease is 100% variable based on performance and there is no minimum volume commitment. Balance Sheet Summary as of December 31, 2024 and 2023 The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
(in millions) | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
ROU assets, net |  |  |  |  |  |  |
Equipment, real estate and other | $ | 33 |  |  | $ | 36 |  |  | $ | 29 |  |  | $ | 14 |
Pipeline and storage | 25 |  |  | 14 |  |  | 12 |  |  | 17 |
Railcars | 17 |  |  | — |  |  | 12 |  |  | — |
Lease liability |  |  |  |  |  |  |
Equipment, real estate and other | $ | 30 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 16 |
Pipelines and storage | 25 |  |  | 25 |  |  | 12 |  |  | 28 |
Railcars | 16 |  |  | — |  |  | 12 |  |  | — |
Lease Expense Summary for the Year Ended December 31, 2024, 2023 and 2022 For the years ended December 31, 2024, 2023, and 2022, we recognized lease expense comprised of the following components:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Operating lease expense | $ | 19 |  |  | $ | 18 |  |  | $ | 16 |
Finance lease expense: |  |  |  |  |
Amortization of ROU asset | 5 |  |  | 6 |  |  | 6 |
Interest expense on lease liability | 4 |  |  | 4 |  |  | 5 |
Short-term lease expense | 12 |  |  | 11 |  |  | 11 |
Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities at December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term | 5.4 years |  | 8.3 years |  | 5.4 years |  | 5.3 years
Weighted-average discount rate | 7.9 | % |  | 10.2 | % |  | 6.7 | % |  | 9.0 | %
Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2024:
(in millions) | Operating Leases |  | Finance Leases
Year Ended December 31, |  |  |
2025 | $ | 21 |  |  | $ | 14 |
2026 | 19 |  |  | 14 |
2027 | 15 |  |  | 13 |
2028 | 10 |  |  | 11 |
2029 | 8 |  |  | 8 |
Thereafter | 15 |  |  | 29 |
Total lease payments | 88 |  |  | 89 |
Less: imputed interest | (17) |  |  | (31) |
Total lease liability | $ | 71 |  |  | $ | 58 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration