Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ (79,833) $ 82,387 $ 69,868
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization 145,577 126,494 124,063
Stock compensation 7,352 9,953 7,496
Deferred income taxes (2,650) 5,906 5,961
Equity earnings of investees, net of dividends (4,021) (2,274) 0
Amortization of debt issuance costs 3,052 3,595 3,759
Amortization of original issuance discount 6,831 6,273 6,306
Write-off of unamortized debt issuance costs 0 0 558
Write-off of unamortized original issuance discount 0 0 391
(Gain) loss on disposition of assets 1,650 (1,914) (274)
Loss on impairment of goodwill 0 39,028 0
Unrealized (gain) loss on commodity swaps 14,799 (7,937) (3,778)
Changes in operating assets and liabilities:      
Accounts and other receivables, net (13,553) 18,369 77,658
Income tax receivable (29,243) 5,455 6,857
Inventories (24,925) 17,288 4,983
Prepaid expenses and other current assets (8,176) (1,960) (7,686)
Other assets, net 18,261 (11,782) (27,506)
Accounts payable 35,130 (37,179) (68,482)
Accrued liabilities 1,548 (14,170) 3,733
Other non-current liabilities (12,283) (11,467) (10,249)
Net cash provided by operating activities 59,516 226,065 193,658
Cash flows from investing activities:      
Capital expenditures (58,644) (101,195) (88,429)
Capital expenditures for turnarounds and catalysts (29,806) (35,348) (62,473)
Dividends from investees, net of equity earnings 0 0 1,472
Contribution to equity method investment 0 (15,161) (597)
Proceeds from disposition of assets 1,917 2,889 41,032
Acquisition of California renewable fuels facility (7,596) 0 0
Acquisition of retail stores 0 (11,196) 0
Net cash used in investing activities (94,129) (160,011) (108,995)
Cash flows from financing activities:      
Dividends paid to stockholders (42,518) (38,387) (36,483)
Dividends paid to non-controlling interest (401) (415) (1,134)
Distributions paid to non-controlling interest in the Partnership (4,262) (39,475) (23,242)
RINs financing transactions 21,199 40,138 24,200
Deferred debt issuance costs (810) (2,139) (2,284)
Revolving credit facilities, net (55,000) (5,000) (40,000)
Additions to long-term debt 35,000 14,049 145,000
Payments on long-term debt (16,420) (15,659) (160,258)
Net cash used in financing activities (63,212) (46,888) (94,201)
Net increase (decrease) in cash and cash equivalents (97,825) 19,166 (9,538)
Cash and cash equivalents, beginning of period 234,127 214,961 224,499
Cash and cash equivalents, end of period 136,302 234,127 214,961
Supplemental cash flow information:      
Cash paid for interest, net of capitalized interest 61,584 70,556 106,065
Cash paid (refunds received) for income tax (14,298) 35,976 10,957
Supplemental disclosure of non-cash activity:      
Capital expenditures included in accounts payable and accrued liabilities $ 0 $ 21,011 $ 0