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• | Sunoco LLC, a Delaware limited liability company, primarily distributes motor fuel in 30 states throughout the East Coast, Midwest, South Central and Southeast regions of the United States. Sunoco LLC also processes transmix and distributes refined product through its terminals in Alabama and the Greater Dallas, Texas metroplex. |
• | Aloha Petroleum LLC, a Delaware limited liability company, distributes motor fuel and operates terminal facilities on the Hawaiian Islands. |
• | Susser Petroleum Property Company LLC (“PropCo”), a Delaware limited liability company, primarily owns and leases convenience store properties. |
• | Susser, a Delaware corporation, sells motor fuel and merchandise in Texas, New Mexico, and Oklahoma through Stripes-branded convenience stores. |
• | Sunoco Retail, a Pennsylvania limited liability company, owns and operates convenience stores that sell motor fuel and merchandise primarily in Pennsylvania, New York, and Florida. |
• | MACS Retail LLC, a Virginia limited liability company, owns and operates convenience stores, in Virginia, Maryland, and Tennessee. |
• | Aloha Petroleum, Ltd. (“Aloha”), a Hawaii corporation, owns and operates convenience stores on the Hawaiian Islands. |
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|
August 31, 2014 | |||
Current assets | $ | 217 | |
Property and equipment | 984 | ||
Goodwill | 977 | ||
Intangible assets | 541 | ||
Other noncurrent assets | 38 | ||
Current liabilities | (246 | ) | |
Other noncurrent liabilities | (842 | ) | |
Net assets | 1,669 | ||
Net deemed contribution | (702 | ) | |
Cash acquired | (64 | ) | |
Total cash consideration, net of cash acquired | $ | 903 |
• | synergies created through increased fuel purchasing advantages and integration with our existing wholesale business; |
• | strategic advantages of owning transmix processing plants and increasing our terminal capacity; and |
• | competitors processing transmix in the geographic region. |
August 31, 2016 | ||||
Current assets | $ | 27 | ||
Property and equipment | 51 | |||
Goodwill | 53 | |||
Intangible assets | 56 | |||
Current liabilities | (16 | ) | ||
Net assets | 171 | |||
Cash acquired | — | |||
Total cash consideration, net of cash acquired | $ | 171 |
|
December 31, 2017 | December 31, 2016 | |||||||
(in millions) | ||||||||
Carrying amount of assets held for sale: | ||||||||
Cash | $ | 21 | $ | 16 | ||||
Inventories | 149 | 150 | ||||||
Other current assets | 16 | 11 | ||||||
Property and equipment, net | 1,851 | 1,860 | ||||||
Goodwill | 796 | 1,068 | ||||||
Intangible assets, net | 477 | 480 | ||||||
Other noncurrent assets | 3 | 3 | ||||||
Total assets held for sale | $ | 3,313 | $ | 3,588 | ||||
Carrying amount of liabilities associated with assets held for sale: | ||||||||
Long term debt | $ | 21 | $ | — | ||||
Other current and noncurrent liabilities | 54 | 48 | ||||||
Total liabilities associated with assets held for sale | $ | 75 | $ | 48 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Revenues: | |||||||||||
Motor fuel sales | $ | 5,137 | $ | 3,923 | $ | 4,351 | |||||
Merchandise | 1,762 | 1,731 | 1,634 | ||||||||
Rental income | 3 | 2 | — | ||||||||
Other | 62 | 56 | 45 | ||||||||
Total revenues | 6,964 | 5,712 | 6,030 | ||||||||
Cost of sales: | |||||||||||
Motor fuel cost of sales | 4,590 | 3,458 | 3,893 | ||||||||
Merchandise cost of sales | 1,210 | 1,193 | 1,133 | ||||||||
Other | 6 | (2 | ) | — | |||||||
Total cost of sales | 5,806 | 4,649 | 5,026 | ||||||||
Gross profit | 1,158 | 1,063 | 1,004 | ||||||||
Operating expenses: | |||||||||||
General and administrative | 168 | 114 | 91 | ||||||||
Other operating | 707 | 685 | 644 | ||||||||
Rent | 56 | 59 | 61 | ||||||||
Loss on disposal of assets and impairment charge | 286 | 455 | (2 | ) | |||||||
Depreciation, amortization and accretion expense | 34 | 143 | 128 | ||||||||
Total operating expenses | 1,251 | 1,456 | 922 | ||||||||
Operating income (loss) | (93 | ) | (393 | ) | 82 | ||||||
Interest expense, net | 36 | 28 | 21 | ||||||||
Income (loss) from discontinued operations before income taxes | (129 | ) | (421 | ) | 61 | ||||||
Income tax expense | 48 | 41 | 23 | ||||||||
Net income (loss) from discontinued operations | $ | (177 | ) | $ | (462 | ) | $ | 38 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Accounts receivable, trade | $ | 285 | $ | 361 | |||
Credit card receivables | 160 | 133 | |||||
Vendor receivables for rebates, branding, and other | 29 | 21 | |||||
Other receivables | 69 | 27 | |||||
Allowance for doubtful accounts | (2 | ) | (3 | ) | |||
Accounts receivable, net | $ | 541 | $ | 539 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Fuel | $ | 387 | $ | 383 | |||
Merchandise | 30 | 29 | |||||
Other | 9 | 11 | |||||
Inventories, net | $ | 426 | $ | 423 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Land | $ | 516 | $ | 547 | |||
Buildings and leasehold improvements | 714 | 666 | |||||
Equipment | 623 | 544 | |||||
Construction in progress | 159 | 185 | |||||
Total property and equipment | 2,012 | 1,942 | |||||
Less: accumulated depreciation | 455 | 358 | |||||
Property and equipment, net | $ | 1,557 | $ | 1,584 |
|
Segment | |||||||||||
Wholesale | Retail | Consolidated | |||||||||
(in millions) | |||||||||||
Balance at December 31, 2015 | $ | 687 | $ | 1,007 | $ | 1,694 | |||||
Goodwill adjustment related to Alta East acquisition | 2 | — | 2 | ||||||||
Goodwill related to Kolkhorst acquisition | 3 | — | 3 | ||||||||
Goodwill related to Emerge acquisition | 78 | — | 78 | ||||||||
Goodwill impairment charge | — | (227 | ) | (227 | ) | ||||||
Balance at December 31, 2016 | 770 | 780 | 1,550 | ||||||||
Goodwill adjustment related to Emerge acquisition | (25 | ) | — | (25 | ) | ||||||
Goodwill adjustment related to Denny acquisition | 7 | — | 7 | ||||||||
Goodwill impairment charge | — | (102 | ) | (102 | ) | ||||||
Balance at December 31, 2017 | $ | 752 | $ | 678 | $ | 1,430 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Indefinite-lived | |||||||||||||||||||||||
Tradenames | $ | 295 | $ | — | $ | 295 | $ | 288 | $ | — | $ | 288 | |||||||||||
Contractual rights | 30 | — | 30 | 43 | — | 43 | |||||||||||||||||
Liquor licenses | 12 | — | 12 | 16 | — | 16 | |||||||||||||||||
Finite-lived | |||||||||||||||||||||||
Customer relations including supply agreements | 674 | 256 | 418 | 611 | 198 | 413 | |||||||||||||||||
Favorable leasehold arrangements, net | 12 | 5 | 7 | 10 | 3 | 7 | |||||||||||||||||
Loan origination costs (1) | 10 | 6 | 4 | 10 | 4 | 6 | |||||||||||||||||
Other intangibles | 5 | 3 | 2 | 3 | 1 | 2 | |||||||||||||||||
Intangible assets, net | $ | 1,038 | $ | 270 | $ | 768 | $ | 981 | $ | 206 | $ | 775 |
(1) | Loan origination costs are associated with the 2014 Revolver, see Note 10 for further information of the debt. |
Amortization | Interest | ||||||
2018 | $ | 58 | $ | 2 | |||
2019 | 57 | 2 | |||||
2020 | 55 | — | |||||
2021 | 48 | — | |||||
2022 | 28 | — | |||||
Thereafter | 181 | — | |||||
Total | $ | 427 | $ | 4 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Wage and other employee-related accrued expenses | $ | 72 | $ | 42 | |||
Accrued tax expense | 180 | 154 | |||||
Accrued insurance | 26 | 23 | |||||
Accrued interest expense | 43 | 39 | |||||
Dealer deposits | 16 | 16 | |||||
Accrued capital expenditures | — | 14 | |||||
Others | 31 | 84 | |||||
Total | $ | 368 | $ | 372 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Term Loan (1) | $ | 1,243 | $ | 1,243 | |||
Sale leaseback financing obligation | 113 | 117 | |||||
2014 Revolver | 765 | 1,000 | |||||
6.375% Senior Notes Due 2023 (2) | 800 | 800 | |||||
5.500% Senior Notes Due 2020 (2) | 600 | 600 | |||||
6.250% Senior Notes Due 2021 (2) | 800 | 800 | |||||
Other | 3 | 1 | |||||
Total debt | 4,324 | 4,561 | |||||
Less: current maturities | 6 | 5 | |||||
Less: debt issuance costs | 34 | 47 | |||||
Long-term debt, net of current maturities | $ | 4,284 | $ | 4,509 |
(1) | The Term Loan was repaid in full and terminated on January 23, 2018. |
(2) | The Senior Notes were redeemed on January 23, 2018. |
2018 | $ | 6 | |
2019 | 2,013 | ||
2020 | 606 | ||
2021 | 806 | ||
2022 | 6 | ||
Thereafter | 887 | ||
Total | $ | 4,324 |
Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities; |
Level 2 | Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; |
Level 3 | Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Accrued straight-line rent | $ | 13 | $ | 10 | |||
Reserve for underground storage tank removal | 41 | 34 | |||||
Reserve for environmental remediation, long-term | 23 | 35 | |||||
Unfavorable lease liability | 10 | 12 | |||||
Aloha acquisition contingent consideration | 15 | 15 | |||||
Others | 23 | 10 | |||||
Total | $ | 125 | $ | 116 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Balance at beginning of year | $ | 34 | $ | 34 | |||
Liabilities incurred | 3 | 3 | |||||
Liabilities settled | (2 | ) | (1 | ) | |||
Accretion expense | 6 | 4 | |||||
Revision of estimated cash flows | — | (6 | ) | ||||
Balance at end of year | $ | 41 | $ | 34 |
|
• | Philadelphia Energy Solutions Products Purchase Agreements – two related products purchase agreements, one with Philadelphia Energy Solutions Refining & Marketing (“PES”) and one with PES's product financier Merrill Lynch Commodities; both purchase agreements contain 12-month terms that automatically renew for consecutive 12-month terms until either party cancels with notice. ETP Retail owns a noncontrolling interest in the parent of PES. PES Holdings, LLC (“PES Holdings”) and eight affiliates filed for Chapter 11 bankruptcy protection on January 21, 2018 in the United States Bankruptcy Court for the District of Delaware to implement a prepackaged reorganization plan that will allow its shareholders to retain a minority stake. PES Holdings’ Chapter 11 Plan (“Plan”) proposes to inject $260 million in new capital into PES Holdings, cut debt service obligations by about $35 million per year and remove debt maturities before 2022. Under that Plan, PES Holdings’ non-debtor parent, Philadelphia Energy Solutions, in which ETP holds an indirect 33% equity interest, will provide a $65 million cash contribution in in exchange for a 25% stake in the reorganized debtor. After the restructuring, the proportionate ownership of Carlyle Group, L.P. and ETP in PES Holdings will be 16.26% and 8.13%, respectively. Finally, Sunoco Logistics Partners Operations L.P. (“SXL Operating Partnership”), a subsidiary of ETP, is providing an additional $75 million exit loan ranked pari passu with the other debt. SXL Operating Partnership’s, PES Holdings’ and ETP’s current contracts will be assumed, without any impairments, in the Chapter 11, and business operations will continue uninterrupted. The financial reorganization is expected to complete in the first quarter of 2018. |
• | ETP Transportation and Terminalling Contracts – various agreements with subsidiaries of ETP for pipeline, terminalling and storage services. We also have agreements with subsidiaries of ETP for the purchase and sale of fuel. |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
Motor fuel sales to affiliates | $ | 55 | $ | 62 | $ | 20 | |||||
Bulk fuel purchases from affiliates | $ | 2,416 | $ | 1,867 | $ | 2,449 |
• | Net advances from affiliates were $85 million and $87 million at December 31, 2017 and 2016, respectively. Advances to and from affiliates are primarily related to the treasury services agreements between Sunoco LLC and Sunoco (R&M), LLC and Sunoco Retail and Sunoco (R&M), LLC, which are in place for purposes of cash management. |
• | Net accounts receivable from affiliates were $155 million and $3 million at December 31, 2017 and 2016, respectively, which are primarily related to motor fuel purchases from us. |
• | Net accounts payable to affiliates was $206 million and $109 million as of December 31, 2017 and 2016, respectively, attributable to operational expenses. |
|
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Cash rent: | |||||||||||
Store base rent (1)(2) | $ | 66 | $ | 66 | $ | 67 | |||||
Equipment and other rent (3) | 14 | 14 | 12 | ||||||||
Total cash rent | 80 | 80 | 79 | ||||||||
Non-cash rent: | |||||||||||
Straight-line rent | 1 | 1 | — | ||||||||
Net rent expense | $ | 81 | $ | 81 | $ | 79 |
(1) | Store base rent includes the Partnership's rent expense for leased convenience store properties which are subleased to third-party operators. The sublease income from these sites is recorded in rental income on the statement of operations and totaled $25 million, $25 million and $26 million for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, respectively. |
(2) | Store base rent includes contingent rent expense totaling $16 million, $18 million, and $20 million for the years ending December 31, 2017, December 31, 2016, and December 31, 2015, respectively. |
(3) | Equipment and other rent consists primarily of vehicles and marine transportation vessels. |
2018 | $ | 74 | |
2019 | 64 | ||
2020 | 59 | ||
2021 | 53 | ||
2022 | 48 | ||
Thereafter | 514 | ||
Total | $ | 812 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Land | $ | 354 | $ | 303 | |||
Buildings and improvements | 254 | 224 | |||||
Equipment | 53 | 137 | |||||
Total property and equipment | 661 | 664 | |||||
Less: accumulated depreciation | (90 | ) | (121 | ) | |||
Property and equipment, net | $ | 571 | $ | 543 |
2018 | $ | 56 | |
2019 | 41 | ||
2020 | 23 | ||
2021 | 11 | ||
2022 | 7 | ||
Thereafter | 6 | ||
Total minimum future rentals | $ | 144 |
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Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Interest expense | $ | 195 | $ | 153 | $ | 65 | |||||
Amortization of deferred financing fees | 15 | 11 | 4 | ||||||||
Interest income | (1 | ) | (3 | ) | (2 | ) | |||||
Interest expense, net | $ | 209 | $ | 161 | $ | 67 |
|
Income Tax Expense |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Current: | |||||||||||
Federal | $ | — | $ | (65 | ) | $ | (3 | ) | |||
State | 2 | 1 | 1 | ||||||||
Total current income tax expense | 2 | (64 | ) | (2 | ) | ||||||
Deferred: | |||||||||||
Federal | (302 | ) | (12 | ) | 12 | ||||||
State | (6 | ) | 4 | 19 | |||||||
Total deferred tax expense (benefit) | (308 | ) | (8 | ) | 31 | ||||||
Net income tax expense (benefit) | $ | (306 | ) | $ | (72 | ) | $ | 29 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Tax at statutory federal rate of 35 percent | $ | 7 | $ | (6 | ) | $ | 65 | ||||
Partnership earnings not subject to tax | (126 | ) | (127 | ) | (55 | ) | |||||
Goodwill impairment | 36 | 55 | — | ||||||||
Revaluation of investments in affiliates | — | — | 9 | ||||||||
State and local tax, net of federal benefit | (6 | ) | 4 | 1 | |||||||
Statutory rate change | (225 | ) | — | 8 | |||||||
Other | 8 | 2 | 1 | ||||||||
Net income tax expense (benefit) | $ | (306 | ) | $ | (72 | ) | $ | 29 |
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Deferred tax assets: | |||||||
Environmental, asset retirement obligations, and other reserves | $ | 20 | $ | 28 | |||
Inventories | (1 | ) | 12 | ||||
Net operating loss carry forwards | 79 | 92 | |||||
Other | 78 | 61 | |||||
Total deferred tax assets | 176 | 193 | |||||
Deferred tax liabilities: | |||||||
Fixed assets | 324 | 506 | |||||
Trademarks and other intangibles | 169 | 272 | |||||
Investments in affiliates | 72 | 58 | |||||
Total deferred tax liabilities | 565 | 836 | |||||
Net deferred income tax liabilities | $ | 389 | $ | 643 |
|
Number of Units | ||
Number of common units at December 31, 2015 | 87,365,706 | |
Common units issued in connection with ETP Dropdown | 5,710,922 | |
Common units issued in connection with the PIPE Transaction | 2,263,158 | |
Common units issued in connection with the ATM | 2,840,399 | |
Phantom unit vesting | 861 | |
Number of common units at December 31, 2016 | 98,181,046 | |
Common units issued in connection with the ATM | 1,268,750 | |
Phantom unit vesting | 195,813 | |
Other | 22,390 | |
Number of common units at December 31, 2017 | 99,667,999 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
Attributable to Common Units | |||||||||||
Distributions (a) | $ | 328 | $ | 317 | $ | 156 | |||||
Distributions in excess of net income | (293 | ) | (809 | ) | (112 | ) | |||||
Limited partners' interest in net income (loss) | $ | 35 | $ | (492 | ) | $ | 44 | ||||
Attributable to Subordinated Units | |||||||||||
Distributions (a) | $ | — | $ | — | $ | 23 | |||||
Distributions in excess of net income | — | — | (12 | ) | |||||||
Limited partners' interest in net income | $ | — | $ | — | $ | 11 | |||||
(a) Distributions declared per unit to unitholders as of record date | $ | 3.3020 | $ | 3.2938 | $ | 2.8851 |
Marginal percentage interest in distributions | |||||||
Total quarterly distribution per Common unit target amount | Common Unitholders | Holder of IDRs | |||||
Minimum Quarterly Distribution | $0.4375 | 100 | % | — | |||
First Target Distribution | Above $0.4375 up to $0.503125 | 100 | % | — | |||
Second Target Distribution | Above $0.503125 up to $0.546875 | 85 | % | 15 | % | ||
Third Target Distribution | Above $0.546875 up to $0.656250 | 75 | % | 25 | % | ||
Thereafter | Above $0.656250 | 50 | % | 50 | % |
Limited Partners | ||||||||||||
Payment Date | Per Unit Distribution | Total Cash Distribution | Distribution to IDR Holders | |||||||||
(in millions, except per unit amounts) | ||||||||||||
February 14, 2018 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
November 14, 2017 | $ | 0.8255 | $ | 82 | $ | 22 | ||||||
August 15, 2017 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
May 16, 2017 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
February 16, 2017 | $ | 0.8255 | $ | 81 | $ | 21 | ||||||
November 15, 2016 | $ | 0.8255 | $ | 79 | $ | 20 | ||||||
August 15, 2016 | $ | 0.8255 | $ | 79 | $ | 20 | ||||||
May 16, 2016 | $ | 0.8173 | $ | 78 | $ | 20 | ||||||
February 16, 2016 | $ | 0.8013 | $ | 70 | $ | 17 | ||||||
November 27, 2015 | $ | 0.7454 | $ | 47 | $ | 8 | ||||||
August 28, 2015 | $ | 0.6934 | $ | 29 | $ | 3 | ||||||
May 29, 2015 | $ | 0.6450 | $ | 23 | $ | 1 | ||||||
February 27, 2015 | $ | 0.6000 | $ | 21 | $ | 1 |
Series A Preferred Unit Holder | ||||
Payment Date | Total Cash Distribution | |||
(in millions) | ||||
February 14, 2018 | $ | 8 | ||
November 14, 2017 | $ | 7 | ||
August 15, 2017 | $ | 8 |
|
Number of Phantom Common Units | Weighted-Average Grant Date Fair Value | |||||
Outstanding at December 31, 2015 | 1,147,048 | $ | 41.19 | |||
Granted | 966,337 | 26.95 | ||||
Vested | (1,240 | ) | 36.98 | |||
Forfeited | (98,511 | ) | 39.77 | |||
Outstanding at December 31, 2016 | 2,013,634 | 34.43 | ||||
Granted | 203,867 | 28.31 | ||||
Vested | (289,377 | ) | 45.48 | |||
Forfeited | (150,823 | ) | 34.71 | |||
Outstanding at December 31, 2017 | 1,777,301 | $ | 31.89 |
|
Wholesale Segment | Retail Segment | Intercompany Eliminations | Totals | |||||||||||
(in millions) | ||||||||||||||
Revenue | ||||||||||||||
Retail motor fuel | $ | — | $ | 1,577 | $ | 1,577 | ||||||||
Wholesale motor fuel sales to third parties | 9,278 | — | 9,278 | |||||||||||
Wholesale motor fuel sales to affiliates | 55 | — | 55 | |||||||||||
Merchandise | — | 571 | 571 | |||||||||||
Rental income | 77 | 12 | 89 | |||||||||||
Other | 50 | 103 | 153 | |||||||||||
Intersegment sales | 1,472 | 125 | (1,597 | ) | — | |||||||||
Total revenue | 10,932 | 2,388 | (1,597 | ) | 11,723 | |||||||||
Gross profit | ||||||||||||||
Retail motor fuel | — | 157 | 157 | |||||||||||
Wholesale motor fuel | 535 | — | 535 | |||||||||||
Merchandise | — | 185 | 185 | |||||||||||
Rental and other | 116 | 115 | 231 | |||||||||||
Total gross profit | 651 | 457 | 1,108 | |||||||||||
Total operating expenses | 406 | 473 | 879 | |||||||||||
Operating income | 245 | (16 | ) | 229 | ||||||||||
Interest expense, net | 88 | 121 | 209 | |||||||||||
Income (loss) from continuing operations before income taxes | 157 | (137 | ) | 20 | ||||||||||
Income tax benefit | (10 | ) | (296 | ) | (306 | ) | ||||||||
Income from continuing operations | 167 | 159 | 326 | |||||||||||
Loss from discontinued operations, net of income taxes | — | (177 | ) | (177 | ) | |||||||||
Net income and comprehensive income | $ | 167 | $ | (18 | ) | $ | 149 | |||||||
Depreciation, amortization and accretion (1) | 118 | 85 | 203 | |||||||||||
Interest expense, net (1) | 88 | 157 | 245 | |||||||||||
Income tax benefit (1) | (10 | ) | (248 | ) | (258 | ) | ||||||||
EBITDA | 363 | (24 | ) | 339 | ||||||||||
Non-cash compensation expense (1) | 2 | 22 | 24 | |||||||||||
Loss on disposal of assets and impairment charges (1) | 8 | 392 | 400 | |||||||||||
Unrealized gain on commodity derivatives (1) | (3 | ) | — | (3 | ) | |||||||||
Inventory fair value adjustments (1) | (24 | ) | (4 | ) | (28 | ) | ||||||||
Adjusted EBITDA | $ | 346 | $ | 386 | $ | 732 | ||||||||
Capital expenditures (1) | $ | 71 | $ | 106 | $ | 177 | ||||||||
Total assets (1) | $ | 3,130 | $ | 5,214 | $ | 8,344 |
(1) | Includes amounts from discontinued operations. |
Wholesale Segment | Retail Segment | Intercompany Eliminations | Totals | |||||||||||
(in millions) | ||||||||||||||
Revenue | ||||||||||||||
Retail motor fuel | $ | — | $ | 1,338 | $ | 1,338 | ||||||||
Wholesale motor fuel sales to third parties | 7,812 | — | 7,812 | |||||||||||
Wholesale motor fuel sales to affiliates | 62 | — | 62 | |||||||||||
Merchandise | — | 541 | 541 | |||||||||||
Rental income | 76 | 12 | 88 | |||||||||||
Other | 45 | 100 | 145 | |||||||||||
Intersegment sales | 1,195 | 133 | (1,328 | ) | — | |||||||||
Total revenue | 9,190 | 2,124 | (1,328 | ) | 9,986 | |||||||||
Gross profit | ||||||||||||||
Retail motor fuel | — | 163 | 163 | |||||||||||
Wholesale motor fuel | 596 | — | 596 | |||||||||||
Merchandise | — | 178 | 178 | |||||||||||
Rental and other | 110 | 109 | 219 | |||||||||||
Total gross profit | 706 | 450 | 1,156 | |||||||||||
Total operating expenses | 390 | 621 | 1,011 | |||||||||||
Operating income (loss) | 316 | (171 | ) | 145 | ||||||||||
Interest expense, net | 59 | 102 | 161 | |||||||||||
Income (loss) from continuing operations before income taxes | 257 | (273 | ) | (16 | ) | |||||||||
Income tax expense (benefit) | 5 | (77 | ) | (72 | ) | |||||||||
Income (loss) from continuing operations | 252 | (196 | ) | 56 | ||||||||||
Loss from discontinued operations, net of income taxes | — | (462 | ) | (462 | ) | |||||||||
Net income (loss) and comprehensive income (loss) | $ | 252 | $ | (658 | ) | $ | (406 | ) | ||||||
Depreciation, amortization and accretion (1) | 94 | 225 | 319 | |||||||||||
Interest expense, net (1) | 59 | 130 | 189 | |||||||||||
Income tax expense (benefit) (1) | 5 | (36 | ) | (31 | ) | |||||||||
EBITDA | 410 | (339 | ) | 71 | ||||||||||
Non-cash compensation expense (1) | 6 | 7 | 13 | |||||||||||
Loss (gain) on disposal of assets (1) | (3 | ) | 683 | 680 | ||||||||||
Unrealized gain on commodity derivatives (1) | 5 | — | 5 | |||||||||||
Inventory fair value adjustments (1) | (98 | ) | (6 | ) | (104 | ) | ||||||||
Adjusted EBITDA | $ | 320 | $ | 345 | $ | 665 | ||||||||
Capital expenditures (1) | $ | 112 | $ | 327 | $ | 439 | ||||||||
Total assets (1) | $ | 3,201 | $ | 5,500 | $ | 8,701 |
(1) | Includes amounts from discontinued operations. |
Wholesale Segment | Retail Segment | Intercompany Eliminations | Totals | |||||||||||
(in millions) | ||||||||||||||
Revenue | ||||||||||||||
Retail motor fuel | $ | — | $ | 1,540 | $ | 1,540 | ||||||||
Wholesale motor fuel sales to third parties | 10,104 | — | 10,104 | |||||||||||
Wholesale motor fuel sales to affiliates | 20 | — | 20 | |||||||||||
Merchandise | — | 544 | 544 | |||||||||||
Rental income | 52 | 29 | 81 | |||||||||||
Other | 28 | 113 | 141 | |||||||||||
Intersegment sales | 1,407 | 124 | (1,531 | ) | — | |||||||||
Total revenue | 11,611 | 2,350 | (1,531 | ) | 12,430 | |||||||||
Gross profit | ||||||||||||||
Retail motor fuel | — | 200 | 200 | |||||||||||
Wholesale motor fuel | 384 | — | 384 | |||||||||||
Merchandise | — | 179 | 179 | |||||||||||
Rental and other | 74 | 143 | 217 | |||||||||||
Total gross profit | 458 | 522 | 980 | |||||||||||
Total operating expenses | 332 | 396 | 728 | |||||||||||
Operating income | 126 | 126 | 252 | |||||||||||
Interest expense, net | 54 | 13 | 67 | |||||||||||
Income from continuing operations before income taxes | 72 | 113 | 185 | |||||||||||
Income tax expense | 4 | 25 | 29 | |||||||||||
Income from continuing operations | 68 | 88 | 156 | |||||||||||
Income from discontinued operations, net of income taxes | — | 38 | 38 | |||||||||||
Net income and comprehensive income | $ | 68 | $ | 126 | $ | 194 | ||||||||
Depreciation, amortization and accretion (1) | 68 | 210 | 278 | |||||||||||
Interest expense, net (1) | 55 | 33 | 88 | |||||||||||
Income tax expense (1) | 4 | 48 | 52 | |||||||||||
EBITDA | 195 | 417 | 612 | |||||||||||
Non-cash compensation expense (1) | 4 | 4 | 8 | |||||||||||
Loss (gain) on disposal of assets (1) | 1 | (2 | ) | (1 | ) | |||||||||
Unrealized gain on commodity derivatives (1) | 2 | — | 2 | |||||||||||
Inventory fair value adjustments (1) | 78 | 20 | 98 | |||||||||||
Adjusted EBITDA | $ | 280 | $ | 439 | $ | 719 | ||||||||
Capital expenditures (1) | $ | 65 | $ | 426 | $ | 491 | ||||||||
Total assets (1) | $ | 2,926 | $ | 5,916 | $ | 8,842 |
(1) | Includes amounts from discontinued operations. |
|
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions, except units and per unit amounts) | |||||||||||
Income from continuing operations | $ | 326 | $ | 56 | $ | 156 | |||||
Less: Net income and comprehensive income attributable to noncontrolling interest | — | — | 4 | ||||||||
Less: Preacquisition income allocated to general partner | — | — | 75 | ||||||||
Income from continuing operations attributable to partners | 326 | 56 | 77 | ||||||||
Less: | |||||||||||
Series A Preferred units | 23 | — | — | ||||||||
Incentive distribution rights | 85 | 81 | 30 | ||||||||
Distributions on nonvested phantom unit awards | 6 | 5 | 2 | ||||||||
Limited partners' interest in net income (loss) from continuing operations | $ | 212 | $ | (30 | ) | $ | 45 | ||||
Income (loss) from discontinued operations | $ | (177 | ) | $ | (462 | ) | $ | 38 | |||
Less: Preacquisition income allocated to general partner | — | — | 28 | ||||||||
Limited partners' interest in net income (loss) from discontinued operations | $ | (177 | ) | $ | (462 | ) | $ | 10 | |||
Weighted average limited partner units outstanding: | |||||||||||
Common - basic | 99,270,120 | 93,575,530 | 40,253,913 | ||||||||
Common - equivalents | 458,234 | 28,305 | 21,738 | ||||||||
Common - diluted | 99,728,354 | 93,603,835 | 40,275,651 | ||||||||
Subordinated - (basic and diluted) | — | — | 10,010,333 | ||||||||
Income (loss) from continuing operations per limited partner unit: | |||||||||||
Common - basic | $ | 2.13 | $ | (0.32 | ) | $ | 0.91 | ||||
Common - diluted | $ | 2.12 | $ | (0.32 | ) | $ | 0.91 | ||||
Subordinated - basic and diluted (1) | $ | — | $ | — | $ | 1.17 | |||||
Income (loss) from discontinued operations per limited partner unit: | |||||||||||
Common - basic | $ | (1.78 | ) | $ | (4.94 | ) | $ | 0.20 | |||
Common - diluted | $ | (1.78 | ) | $ | (4.94 | ) | $ | 0.20 | |||
Subordinated - basic and diluted (1) | $ | — | $ | — | $ | 0.23 |
(1) | The subordination period ended on November 30, 2015, at which time outstanding subordinated units were converted to common units. Distributions and the partners' interest in net income were allocated to the subordinated units through November 30, 2015. |
|
2017 | 2016 | ||||||||||||||||||||||||||||||
4th QTR | 3rd QTR | 2nd QTR | 1st QTR | 4th QTR | 3rd QTR | 2nd QTR | 1st QTR | ||||||||||||||||||||||||
Motor fuel sales | $ | 2,758 | $ | 2,849 | $ | 2,685 | $ | 2,618 | $ | 2,634 | $ | 2,415 | $ | 2,367 | $ | 1,796 | |||||||||||||||
Merchandise sales | 142 | 151 | 147 | 131 | 133 | 142 | 138 | 128 | |||||||||||||||||||||||
Rental and other income | 59 | 64 | 60 | 59 | 57 | 62 | 58 | 56 | |||||||||||||||||||||||
Total revenues | $ | 2,959 | $ | 3,064 | $ | 2,892 | $ | 2,808 | $ | 2,824 | $ | 2,619 | $ | 2,563 | $ | 1,980 | |||||||||||||||
Motor fuel gross profit | $ | 176 | $ | 203 | $ | 155 | $ | 158 | $ | 197 | $ | 182 | $ | 206 | $ | 174 | |||||||||||||||
Merchandise gross profit | 45 | 49 | 48 | 43 | 44 | 46 | 46 | 42 | |||||||||||||||||||||||
Other gross profit | 56 | 64 | 56 | 55 | 55 | 54 | 56 | 54 | |||||||||||||||||||||||
Total gross profit | $ | 277 | $ | 316 | $ | 259 | $ | 256 | $ | 296 | $ | 282 | $ | 308 | $ | 270 | |||||||||||||||
Income (loss) from operations | $ | 65 | $ | 128 | $ | (20 | ) | $ | 56 | $ | (140 | ) | $ | 76 | $ | 120 | $ | 89 | |||||||||||||
Net Income (loss) | $ | 232 | $ | 138 | $ | (222 | ) | $ | 1 | $ | (585 | ) | $ | 45 | $ | 72 | $ | 62 | |||||||||||||
Income (loss) from continuing operations per limited partner unit: | |||||||||||||||||||||||||||||||
Common (basic) | $ | 1.91 | $ | 0.92 | $ | (0.58 | ) | $ | (0.11 | ) | $ | (1.51 | ) | $ | 0.09 | $ | 0.60 | $ | 0.56 | ||||||||||||
Common (diluted) | $ | 1.90 | $ | 0.91 | $ | (0.59 | ) | $ | (0.11 | ) | $ | (1.51 | ) | $ | 0.09 | $ | 0.60 | $ | 0.56 | ||||||||||||
Income (loss) from discontinued operations per limited partner unit: | |||||||||||||||||||||||||||||||
Common (basic) | $ | 0.11 | $ | 0.17 | $ | (1.94 | ) | $ | (0.11 | ) | $ | (4.81 | ) | $ | 0.15 | $ | (0.07 | ) | $ | (0.09 | ) | ||||||||||
Common (diluted) | $ | 0.11 | $ | 0.17 | $ | (1.94 | ) | $ | (0.11 | ) | $ | (4.81 | ) | $ | 0.15 | $ | (0.07 | ) | $ | (0.09 | ) |
|
|
|
August 31, 2014 | |||
Current assets | $ | 217 | |
Property and equipment | 984 | ||
Goodwill | 977 | ||
Intangible assets | 541 | ||
Other noncurrent assets | 38 | ||
Current liabilities | (246 | ) | |
Other noncurrent liabilities | (842 | ) | |
Net assets | 1,669 | ||
Net deemed contribution | (702 | ) | |
Cash acquired | (64 | ) | |
Total cash consideration, net of cash acquired | $ | 903 |
August 31, 2016 | ||||
Current assets | $ | 27 | ||
Property and equipment | 51 | |||
Goodwill | 53 | |||
Intangible assets | 56 | |||
Current liabilities | (16 | ) | ||
Net assets | 171 | |||
Cash acquired | — | |||
Total cash consideration, net of cash acquired | $ | 171 |
|
December 31, 2017 | December 31, 2016 | |||||||
(in millions) | ||||||||
Carrying amount of assets held for sale: | ||||||||
Cash | $ | 21 | $ | 16 | ||||
Inventories | 149 | 150 | ||||||
Other current assets | 16 | 11 | ||||||
Property and equipment, net | 1,851 | 1,860 | ||||||
Goodwill | 796 | 1,068 | ||||||
Intangible assets, net | 477 | 480 | ||||||
Other noncurrent assets | 3 | 3 | ||||||
Total assets held for sale | $ | 3,313 | $ | 3,588 | ||||
Carrying amount of liabilities associated with assets held for sale: | ||||||||
Long term debt | $ | 21 | $ | — | ||||
Other current and noncurrent liabilities | 54 | 48 | ||||||
Total liabilities associated with assets held for sale | $ | 75 | $ | 48 |
|
December 31, 2017 | December 31, 2016 | |||||||
(in millions) | ||||||||
Carrying amount of assets held for sale: | ||||||||
Cash | $ | 21 | $ | 16 | ||||
Inventories | 149 | 150 | ||||||
Other current assets | 16 | 11 | ||||||
Property and equipment, net | 1,851 | 1,860 | ||||||
Goodwill | 796 | 1,068 | ||||||
Intangible assets, net | 477 | 480 | ||||||
Other noncurrent assets | 3 | 3 | ||||||
Total assets held for sale | $ | 3,313 | $ | 3,588 | ||||
Carrying amount of liabilities associated with assets held for sale: | ||||||||
Long term debt | $ | 21 | $ | — | ||||
Other current and noncurrent liabilities | 54 | 48 | ||||||
Total liabilities associated with assets held for sale | $ | 75 | $ | 48 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Revenues: | |||||||||||
Motor fuel sales | $ | 5,137 | $ | 3,923 | $ | 4,351 | |||||
Merchandise | 1,762 | 1,731 | 1,634 | ||||||||
Rental income | 3 | 2 | — | ||||||||
Other | 62 | 56 | 45 | ||||||||
Total revenues | 6,964 | 5,712 | 6,030 | ||||||||
Cost of sales: | |||||||||||
Motor fuel cost of sales | 4,590 | 3,458 | 3,893 | ||||||||
Merchandise cost of sales | 1,210 | 1,193 | 1,133 | ||||||||
Other | 6 | (2 | ) | — | |||||||
Total cost of sales | 5,806 | 4,649 | 5,026 | ||||||||
Gross profit | 1,158 | 1,063 | 1,004 | ||||||||
Operating expenses: | |||||||||||
General and administrative | 168 | 114 | 91 | ||||||||
Other operating | 707 | 685 | 644 | ||||||||
Rent | 56 | 59 | 61 | ||||||||
Loss on disposal of assets and impairment charge | 286 | 455 | (2 | ) | |||||||
Depreciation, amortization and accretion expense | 34 | 143 | 128 | ||||||||
Total operating expenses | 1,251 | 1,456 | 922 | ||||||||
Operating income (loss) | (93 | ) | (393 | ) | 82 | ||||||
Interest expense, net | 36 | 28 | 21 | ||||||||
Income (loss) from discontinued operations before income taxes | (129 | ) | (421 | ) | 61 | ||||||
Income tax expense | 48 | 41 | 23 | ||||||||
Net income (loss) from discontinued operations | $ | (177 | ) | $ | (462 | ) | $ | 38 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Revenues: | |||||||||||
Motor fuel sales | $ | 5,137 | $ | 3,923 | $ | 4,351 | |||||
Merchandise | 1,762 | 1,731 | 1,634 | ||||||||
Rental income | 3 | 2 | — | ||||||||
Other | 62 | 56 | 45 | ||||||||
Total revenues | 6,964 | 5,712 | 6,030 | ||||||||
Cost of sales: | |||||||||||
Motor fuel cost of sales | 4,590 | 3,458 | 3,893 | ||||||||
Merchandise cost of sales | 1,210 | 1,193 | 1,133 | ||||||||
Other | 6 | (2 | ) | — | |||||||
Total cost of sales | 5,806 | 4,649 | 5,026 | ||||||||
Gross profit | 1,158 | 1,063 | 1,004 | ||||||||
Operating expenses: | |||||||||||
General and administrative | 168 | 114 | 91 | ||||||||
Other operating | 707 | 685 | 644 | ||||||||
Rent | 56 | 59 | 61 | ||||||||
Loss on disposal of assets and impairment charge | 286 | 455 | (2 | ) | |||||||
Depreciation, amortization and accretion expense | 34 | 143 | 128 | ||||||||
Total operating expenses | 1,251 | 1,456 | 922 | ||||||||
Operating income (loss) | (93 | ) | (393 | ) | 82 | ||||||
Interest expense, net | 36 | 28 | 21 | ||||||||
Income (loss) from discontinued operations before income taxes | (129 | ) | (421 | ) | 61 | ||||||
Income tax expense | 48 | 41 | 23 | ||||||||
Net income (loss) from discontinued operations | $ | (177 | ) | $ | (462 | ) | $ | 38 |
|
December 31, 2017 | December 31, 2016 | |||||||
(in millions) | ||||||||
Carrying amount of assets held for sale: | ||||||||
Cash | $ | 21 | $ | 16 | ||||
Inventories | 149 | 150 | ||||||
Other current assets | 16 | 11 | ||||||
Property and equipment, net | 1,851 | 1,860 | ||||||
Goodwill | 796 | 1,068 | ||||||
Intangible assets, net | 477 | 480 | ||||||
Other noncurrent assets | 3 | 3 | ||||||
Total assets held for sale | $ | 3,313 | $ | 3,588 | ||||
Carrying amount of liabilities associated with assets held for sale: | ||||||||
Long term debt | $ | 21 | $ | — | ||||
Other current and noncurrent liabilities | 54 | 48 | ||||||
Total liabilities associated with assets held for sale | $ | 75 | $ | 48 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Accounts receivable, trade | $ | 285 | $ | 361 | |||
Credit card receivables | 160 | 133 | |||||
Vendor receivables for rebates, branding, and other | 29 | 21 | |||||
Other receivables | 69 | 27 | |||||
Allowance for doubtful accounts | (2 | ) | (3 | ) | |||
Accounts receivable, net | $ | 541 | $ | 539 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Fuel | $ | 387 | $ | 383 | |||
Merchandise | 30 | 29 | |||||
Other | 9 | 11 | |||||
Inventories, net | $ | 426 | $ | 423 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Land | $ | 516 | $ | 547 | |||
Buildings and leasehold improvements | 714 | 666 | |||||
Equipment | 623 | 544 | |||||
Construction in progress | 159 | 185 | |||||
Total property and equipment | 2,012 | 1,942 | |||||
Less: accumulated depreciation | 455 | 358 | |||||
Property and equipment, net | $ | 1,557 | $ | 1,584 |
|
Segment | |||||||||||
Wholesale | Retail | Consolidated | |||||||||
(in millions) | |||||||||||
Balance at December 31, 2015 | $ | 687 | $ | 1,007 | $ | 1,694 | |||||
Goodwill adjustment related to Alta East acquisition | 2 | — | 2 | ||||||||
Goodwill related to Kolkhorst acquisition | 3 | — | 3 | ||||||||
Goodwill related to Emerge acquisition | 78 | — | 78 | ||||||||
Goodwill impairment charge | — | (227 | ) | (227 | ) | ||||||
Balance at December 31, 2016 | 770 | 780 | 1,550 | ||||||||
Goodwill adjustment related to Emerge acquisition | (25 | ) | — | (25 | ) | ||||||
Goodwill adjustment related to Denny acquisition | 7 | — | 7 | ||||||||
Goodwill impairment charge | — | (102 | ) | (102 | ) | ||||||
Balance at December 31, 2017 | $ | 752 | $ | 678 | $ | 1,430 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Indefinite-lived | |||||||||||||||||||||||
Tradenames | $ | 295 | $ | — | $ | 295 | $ | 288 | $ | — | $ | 288 | |||||||||||
Contractual rights | 30 | — | 30 | 43 | — | 43 | |||||||||||||||||
Liquor licenses | 12 | — | 12 | 16 | — | 16 | |||||||||||||||||
Finite-lived | |||||||||||||||||||||||
Customer relations including supply agreements | 674 | 256 | 418 | 611 | 198 | 413 | |||||||||||||||||
Favorable leasehold arrangements, net | 12 | 5 | 7 | 10 | 3 | 7 | |||||||||||||||||
Loan origination costs (1) | 10 | 6 | 4 | 10 | 4 | 6 | |||||||||||||||||
Other intangibles | 5 | 3 | 2 | 3 | 1 | 2 | |||||||||||||||||
Intangible assets, net | $ | 1,038 | $ | 270 | $ | 768 | $ | 981 | $ | 206 | $ | 775 |
Amortization | Interest | ||||||
2018 | $ | 58 | $ | 2 | |||
2019 | 57 | 2 | |||||
2020 | 55 | — | |||||
2021 | 48 | — | |||||
2022 | 28 | — | |||||
Thereafter | 181 | — | |||||
Total | $ | 427 | $ | 4 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Wage and other employee-related accrued expenses | $ | 72 | $ | 42 | |||
Accrued tax expense | 180 | 154 | |||||
Accrued insurance | 26 | 23 | |||||
Accrued interest expense | 43 | 39 | |||||
Dealer deposits | 16 | 16 | |||||
Accrued capital expenditures | — | 14 | |||||
Others | 31 | 84 | |||||
Total | $ | 368 | $ | 372 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Term Loan (1) | $ | 1,243 | $ | 1,243 | |||
Sale leaseback financing obligation | 113 | 117 | |||||
2014 Revolver | 765 | 1,000 | |||||
6.375% Senior Notes Due 2023 (2) | 800 | 800 | |||||
5.500% Senior Notes Due 2020 (2) | 600 | 600 | |||||
6.250% Senior Notes Due 2021 (2) | 800 | 800 | |||||
Other | 3 | 1 | |||||
Total debt | 4,324 | 4,561 | |||||
Less: current maturities | 6 | 5 | |||||
Less: debt issuance costs | 34 | 47 | |||||
Long-term debt, net of current maturities | $ | 4,284 | $ | 4,509 |
2018 | $ | 6 | |
2019 | 2,013 | ||
2020 | 606 | ||
2021 | 806 | ||
2022 | 6 | ||
Thereafter | 887 | ||
Total | $ | 4,324 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Accrued straight-line rent | $ | 13 | $ | 10 | |||
Reserve for underground storage tank removal | 41 | 34 | |||||
Reserve for environmental remediation, long-term | 23 | 35 | |||||
Unfavorable lease liability | 10 | 12 | |||||
Aloha acquisition contingent consideration | 15 | 15 | |||||
Others | 23 | 10 | |||||
Total | $ | 125 | $ | 116 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Balance at beginning of year | $ | 34 | $ | 34 | |||
Liabilities incurred | 3 | 3 | |||||
Liabilities settled | (2 | ) | (1 | ) | |||
Accretion expense | 6 | 4 | |||||
Revision of estimated cash flows | — | (6 | ) | ||||
Balance at end of year | $ | 41 | $ | 34 |
|
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
Motor fuel sales to affiliates | $ | 55 | $ | 62 | $ | 20 | |||||
Bulk fuel purchases from affiliates | $ | 2,416 | $ | 1,867 | $ | 2,449 |
|
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Cash rent: | |||||||||||
Store base rent (1)(2) | $ | 66 | $ | 66 | $ | 67 | |||||
Equipment and other rent (3) | 14 | 14 | 12 | ||||||||
Total cash rent | 80 | 80 | 79 | ||||||||
Non-cash rent: | |||||||||||
Straight-line rent | 1 | 1 | — | ||||||||
Net rent expense | $ | 81 | $ | 81 | $ | 79 |
(1) | Store base rent includes the Partnership's rent expense for leased convenience store properties which are subleased to third-party operators. The sublease income from these sites is recorded in rental income on the statement of operations and totaled $25 million, $25 million and $26 million for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, respectively. |
(2) | Store base rent includes contingent rent expense totaling $16 million, $18 million, and $20 million for the years ending December 31, 2017, December 31, 2016, and December 31, 2015, respectively. |
(3) | Equipment and other rent consists primarily of vehicles and marine transportation vessels. |
2018 | $ | 74 | |
2019 | 64 | ||
2020 | 59 | ||
2021 | 53 | ||
2022 | 48 | ||
Thereafter | 514 | ||
Total | $ | 812 |
|
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Land | $ | 354 | $ | 303 | |||
Buildings and improvements | 254 | 224 | |||||
Equipment | 53 | 137 | |||||
Total property and equipment | 661 | 664 | |||||
Less: accumulated depreciation | (90 | ) | (121 | ) | |||
Property and equipment, net | $ | 571 | $ | 543 |
2018 | $ | 56 | |
2019 | 41 | ||
2020 | 23 | ||
2021 | 11 | ||
2022 | 7 | ||
Thereafter | 6 | ||
Total minimum future rentals | $ | 144 |
|
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Interest expense | $ | 195 | $ | 153 | $ | 65 | |||||
Amortization of deferred financing fees | 15 | 11 | 4 | ||||||||
Interest income | (1 | ) | (3 | ) | (2 | ) | |||||
Interest expense, net | $ | 209 | $ | 161 | $ | 67 |
|
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Current: | |||||||||||
Federal | $ | — | $ | (65 | ) | $ | (3 | ) | |||
State | 2 | 1 | 1 | ||||||||
Total current income tax expense | 2 | (64 | ) | (2 | ) | ||||||
Deferred: | |||||||||||
Federal | (302 | ) | (12 | ) | 12 | ||||||
State | (6 | ) | 4 | 19 | |||||||
Total deferred tax expense (benefit) | (308 | ) | (8 | ) | 31 | ||||||
Net income tax expense (benefit) | $ | (306 | ) | $ | (72 | ) | $ | 29 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions) | |||||||||||
Tax at statutory federal rate of 35 percent | $ | 7 | $ | (6 | ) | $ | 65 | ||||
Partnership earnings not subject to tax | (126 | ) | (127 | ) | (55 | ) | |||||
Goodwill impairment | 36 | 55 | — | ||||||||
Revaluation of investments in affiliates | — | — | 9 | ||||||||
State and local tax, net of federal benefit | (6 | ) | 4 | 1 | |||||||
Statutory rate change | (225 | ) | — | 8 | |||||||
Other | 8 | 2 | 1 | ||||||||
Net income tax expense (benefit) | $ | (306 | ) | $ | (72 | ) | $ | 29 |
December 31, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Deferred tax assets: | |||||||
Environmental, asset retirement obligations, and other reserves | $ | 20 | $ | 28 | |||
Inventories | (1 | ) | 12 | ||||
Net operating loss carry forwards | 79 | 92 | |||||
Other | 78 | 61 | |||||
Total deferred tax assets | 176 | 193 | |||||
Deferred tax liabilities: | |||||||
Fixed assets | 324 | 506 | |||||
Trademarks and other intangibles | 169 | 272 | |||||
Investments in affiliates | 72 | 58 | |||||
Total deferred tax liabilities | 565 | 836 | |||||
Net deferred income tax liabilities | $ | 389 | $ | 643 |
|
Number of Units | ||
Number of common units at December 31, 2015 | 87,365,706 | |
Common units issued in connection with ETP Dropdown | 5,710,922 | |
Common units issued in connection with the PIPE Transaction | 2,263,158 | |
Common units issued in connection with the ATM | 2,840,399 | |
Phantom unit vesting | 861 | |
Number of common units at December 31, 2016 | 98,181,046 | |
Common units issued in connection with the ATM | 1,268,750 | |
Phantom unit vesting | 195,813 | |
Other | 22,390 | |
Number of common units at December 31, 2017 | 99,667,999 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
Attributable to Common Units | |||||||||||
Distributions (a) | $ | 328 | $ | 317 | $ | 156 | |||||
Distributions in excess of net income | (293 | ) | (809 | ) | (112 | ) | |||||
Limited partners' interest in net income (loss) | $ | 35 | $ | (492 | ) | $ | 44 | ||||
Attributable to Subordinated Units | |||||||||||
Distributions (a) | $ | — | $ | — | $ | 23 | |||||
Distributions in excess of net income | — | — | (12 | ) | |||||||
Limited partners' interest in net income | $ | — | $ | — | $ | 11 | |||||
(a) Distributions declared per unit to unitholders as of record date | $ | 3.3020 | $ | 3.2938 | $ | 2.8851 |
Marginal percentage interest in distributions | |||||||
Total quarterly distribution per Common unit target amount | Common Unitholders | Holder of IDRs | |||||
Minimum Quarterly Distribution | $0.4375 | 100 | % | — | |||
First Target Distribution | Above $0.4375 up to $0.503125 | 100 | % | — | |||
Second Target Distribution | Above $0.503125 up to $0.546875 | 85 | % | 15 | % | ||
Third Target Distribution | Above $0.546875 up to $0.656250 | 75 | % | 25 | % | ||
Thereafter | Above $0.656250 | 50 | % | 50 | % |
Limited Partners | ||||||||||||
Payment Date | Per Unit Distribution | Total Cash Distribution | Distribution to IDR Holders | |||||||||
(in millions, except per unit amounts) | ||||||||||||
February 14, 2018 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
November 14, 2017 | $ | 0.8255 | $ | 82 | $ | 22 | ||||||
August 15, 2017 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
May 16, 2017 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
February 16, 2017 | $ | 0.8255 | $ | 81 | $ | 21 | ||||||
November 15, 2016 | $ | 0.8255 | $ | 79 | $ | 20 | ||||||
August 15, 2016 | $ | 0.8255 | $ | 79 | $ | 20 | ||||||
May 16, 2016 | $ | 0.8173 | $ | 78 | $ | 20 | ||||||
February 16, 2016 | $ | 0.8013 | $ | 70 | $ | 17 | ||||||
November 27, 2015 | $ | 0.7454 | $ | 47 | $ | 8 | ||||||
August 28, 2015 | $ | 0.6934 | $ | 29 | $ | 3 | ||||||
May 29, 2015 | $ | 0.6450 | $ | 23 | $ | 1 | ||||||
February 27, 2015 | $ | 0.6000 | $ | 21 | $ | 1 |
|
Limited Partners | ||||||||||||
Payment Date | Per Unit Distribution | Total Cash Distribution | Distribution to IDR Holders | |||||||||
(in millions, except per unit amounts) | ||||||||||||
February 14, 2018 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
November 14, 2017 | $ | 0.8255 | $ | 82 | $ | 22 | ||||||
August 15, 2017 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
May 16, 2017 | $ | 0.8255 | $ | 82 | $ | 21 | ||||||
February 16, 2017 | $ | 0.8255 | $ | 81 | $ | 21 | ||||||
November 15, 2016 | $ | 0.8255 | $ | 79 | $ | 20 | ||||||
August 15, 2016 | $ | 0.8255 | $ | 79 | $ | 20 | ||||||
May 16, 2016 | $ | 0.8173 | $ | 78 | $ | 20 | ||||||
February 16, 2016 | $ | 0.8013 | $ | 70 | $ | 17 | ||||||
November 27, 2015 | $ | 0.7454 | $ | 47 | $ | 8 | ||||||
August 28, 2015 | $ | 0.6934 | $ | 29 | $ | 3 | ||||||
May 29, 2015 | $ | 0.6450 | $ | 23 | $ | 1 | ||||||
February 27, 2015 | $ | 0.6000 | $ | 21 | $ | 1 |
Series A Preferred Unit Holder | ||||
Payment Date | Total Cash Distribution | |||
(in millions) | ||||
February 14, 2018 | $ | 8 | ||
November 14, 2017 | $ | 7 | ||
August 15, 2017 | $ | 8 |
|
Number of Phantom Common Units | Weighted-Average Grant Date Fair Value | |||||
Outstanding at December 31, 2015 | 1,147,048 | $ | 41.19 | |||
Granted | 966,337 | 26.95 | ||||
Vested | (1,240 | ) | 36.98 | |||
Forfeited | (98,511 | ) | 39.77 | |||
Outstanding at December 31, 2016 | 2,013,634 | 34.43 | ||||
Granted | 203,867 | 28.31 | ||||
Vested | (289,377 | ) | 45.48 | |||
Forfeited | (150,823 | ) | 34.71 | |||
Outstanding at December 31, 2017 | 1,777,301 | $ | 31.89 |
|
Wholesale Segment | Retail Segment | Intercompany Eliminations | Totals | |||||||||||
(in millions) | ||||||||||||||
Revenue | ||||||||||||||
Retail motor fuel | $ | — | $ | 1,577 | $ | 1,577 | ||||||||
Wholesale motor fuel sales to third parties | 9,278 | — | 9,278 | |||||||||||
Wholesale motor fuel sales to affiliates | 55 | — | 55 | |||||||||||
Merchandise | — | 571 | 571 | |||||||||||
Rental income | 77 | 12 | 89 | |||||||||||
Other | 50 | 103 | 153 | |||||||||||
Intersegment sales | 1,472 | 125 | (1,597 | ) | — | |||||||||
Total revenue | 10,932 | 2,388 | (1,597 | ) | 11,723 | |||||||||
Gross profit | ||||||||||||||
Retail motor fuel | — | 157 | 157 | |||||||||||
Wholesale motor fuel | 535 | — | 535 | |||||||||||
Merchandise | — | 185 | 185 | |||||||||||
Rental and other | 116 | 115 | 231 | |||||||||||
Total gross profit | 651 | 457 | 1,108 | |||||||||||
Total operating expenses | 406 | 473 | 879 | |||||||||||
Operating income | 245 | (16 | ) | 229 | ||||||||||
Interest expense, net | 88 | 121 | 209 | |||||||||||
Income (loss) from continuing operations before income taxes | 157 | (137 | ) | 20 | ||||||||||
Income tax benefit | (10 | ) | (296 | ) | (306 | ) | ||||||||
Income from continuing operations | 167 | 159 | 326 | |||||||||||
Loss from discontinued operations, net of income taxes | — | (177 | ) | (177 | ) | |||||||||
Net income and comprehensive income | $ | 167 | $ | (18 | ) | $ | 149 | |||||||
Depreciation, amortization and accretion (1) | 118 | 85 | 203 | |||||||||||
Interest expense, net (1) | 88 | 157 | 245 | |||||||||||
Income tax benefit (1) | (10 | ) | (248 | ) | (258 | ) | ||||||||
EBITDA | 363 | (24 | ) | 339 | ||||||||||
Non-cash compensation expense (1) | 2 | 22 | 24 | |||||||||||
Loss on disposal of assets and impairment charges (1) | 8 | 392 | 400 | |||||||||||
Unrealized gain on commodity derivatives (1) | (3 | ) | — | (3 | ) | |||||||||
Inventory fair value adjustments (1) | (24 | ) | (4 | ) | (28 | ) | ||||||||
Adjusted EBITDA | $ | 346 | $ | 386 | $ | 732 | ||||||||
Capital expenditures (1) | $ | 71 | $ | 106 | $ | 177 | ||||||||
Total assets (1) | $ | 3,130 | $ | 5,214 | $ | 8,344 |
(1) | Includes amounts from discontinued operations. |
Wholesale Segment | Retail Segment | Intercompany Eliminations | Totals | |||||||||||
(in millions) | ||||||||||||||
Revenue | ||||||||||||||
Retail motor fuel | $ | — | $ | 1,338 | $ | 1,338 | ||||||||
Wholesale motor fuel sales to third parties | 7,812 | — | 7,812 | |||||||||||
Wholesale motor fuel sales to affiliates | 62 | — | 62 | |||||||||||
Merchandise | — | 541 | 541 | |||||||||||
Rental income | 76 | 12 | 88 | |||||||||||
Other | 45 | 100 | 145 | |||||||||||
Intersegment sales | 1,195 | 133 | (1,328 | ) | — | |||||||||
Total revenue | 9,190 | 2,124 | (1,328 | ) | 9,986 | |||||||||
Gross profit | ||||||||||||||
Retail motor fuel | — | 163 | 163 | |||||||||||
Wholesale motor fuel | 596 | — | 596 | |||||||||||
Merchandise | — | 178 | 178 | |||||||||||
Rental and other | 110 | 109 | 219 | |||||||||||
Total gross profit | 706 | 450 | 1,156 | |||||||||||
Total operating expenses | 390 | 621 | 1,011 | |||||||||||
Operating income (loss) | 316 | (171 | ) | 145 | ||||||||||
Interest expense, net | 59 | 102 | 161 | |||||||||||
Income (loss) from continuing operations before income taxes | 257 | (273 | ) | (16 | ) | |||||||||
Income tax expense (benefit) | 5 | (77 | ) | (72 | ) | |||||||||
Income (loss) from continuing operations | 252 | (196 | ) | 56 | ||||||||||
Loss from discontinued operations, net of income taxes | — | (462 | ) | (462 | ) | |||||||||
Net income (loss) and comprehensive income (loss) | $ | 252 | $ | (658 | ) | $ | (406 | ) | ||||||
Depreciation, amortization and accretion (1) | 94 | 225 | 319 | |||||||||||
Interest expense, net (1) | 59 | 130 | 189 | |||||||||||
Income tax expense (benefit) (1) | 5 | (36 | ) | (31 | ) | |||||||||
EBITDA | 410 | (339 | ) | 71 | ||||||||||
Non-cash compensation expense (1) | 6 | 7 | 13 | |||||||||||
Loss (gain) on disposal of assets (1) | (3 | ) | 683 | 680 | ||||||||||
Unrealized gain on commodity derivatives (1) | 5 | — | 5 | |||||||||||
Inventory fair value adjustments (1) | (98 | ) | (6 | ) | (104 | ) | ||||||||
Adjusted EBITDA | $ | 320 | $ | 345 | $ | 665 | ||||||||
Capital expenditures (1) | $ | 112 | $ | 327 | $ | 439 | ||||||||
Total assets (1) | $ | 3,201 | $ | 5,500 | $ | 8,701 |
(1) | Includes amounts from discontinued operations. |
Wholesale Segment | Retail Segment | Intercompany Eliminations | Totals | |||||||||||
(in millions) | ||||||||||||||
Revenue | ||||||||||||||
Retail motor fuel | $ | — | $ | 1,540 | $ | 1,540 | ||||||||
Wholesale motor fuel sales to third parties | 10,104 | — | 10,104 | |||||||||||
Wholesale motor fuel sales to affiliates | 20 | — | 20 | |||||||||||
Merchandise | — | 544 | 544 | |||||||||||
Rental income | 52 | 29 | 81 | |||||||||||
Other | 28 | 113 | 141 | |||||||||||
Intersegment sales | 1,407 | 124 | (1,531 | ) | — | |||||||||
Total revenue | 11,611 | 2,350 | (1,531 | ) | 12,430 | |||||||||
Gross profit | ||||||||||||||
Retail motor fuel | — | 200 | 200 | |||||||||||
Wholesale motor fuel | 384 | — | 384 | |||||||||||
Merchandise | — | 179 | 179 | |||||||||||
Rental and other | 74 | 143 | 217 | |||||||||||
Total gross profit | 458 | 522 | 980 | |||||||||||
Total operating expenses | 332 | 396 | 728 | |||||||||||
Operating income | 126 | 126 | 252 | |||||||||||
Interest expense, net | 54 | 13 | 67 | |||||||||||
Income from continuing operations before income taxes | 72 | 113 | 185 | |||||||||||
Income tax expense | 4 | 25 | 29 | |||||||||||
Income from continuing operations | 68 | 88 | 156 | |||||||||||
Income from discontinued operations, net of income taxes | — | 38 | 38 | |||||||||||
Net income and comprehensive income | $ | 68 | $ | 126 | $ | 194 | ||||||||
Depreciation, amortization and accretion (1) | 68 | 210 | 278 | |||||||||||
Interest expense, net (1) | 55 | 33 | 88 | |||||||||||
Income tax expense (1) | 4 | 48 | 52 | |||||||||||
EBITDA | 195 | 417 | 612 | |||||||||||
Non-cash compensation expense (1) | 4 | 4 | 8 | |||||||||||
Loss (gain) on disposal of assets (1) | 1 | (2 | ) | (1 | ) | |||||||||
Unrealized gain on commodity derivatives (1) | 2 | — | 2 | |||||||||||
Inventory fair value adjustments (1) | 78 | 20 | 98 | |||||||||||
Adjusted EBITDA | $ | 280 | $ | 439 | $ | 719 | ||||||||
Capital expenditures (1) | $ | 65 | $ | 426 | $ | 491 | ||||||||
Total assets (1) | $ | 2,926 | $ | 5,916 | $ | 8,842 |
|
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(in millions, except units and per unit amounts) | |||||||||||
Income from continuing operations | $ | 326 | $ | 56 | $ | 156 | |||||
Less: Net income and comprehensive income attributable to noncontrolling interest | — | — | 4 | ||||||||
Less: Preacquisition income allocated to general partner | — | — | 75 | ||||||||
Income from continuing operations attributable to partners | 326 | 56 | 77 | ||||||||
Less: | |||||||||||
Series A Preferred units | 23 | — | — | ||||||||
Incentive distribution rights | 85 | 81 | 30 | ||||||||
Distributions on nonvested phantom unit awards | 6 | 5 | 2 | ||||||||
Limited partners' interest in net income (loss) from continuing operations | $ | 212 | $ | (30 | ) | $ | 45 | ||||
Income (loss) from discontinued operations | $ | (177 | ) | $ | (462 | ) | $ | 38 | |||
Less: Preacquisition income allocated to general partner | — | — | 28 | ||||||||
Limited partners' interest in net income (loss) from discontinued operations | $ | (177 | ) | $ | (462 | ) | $ | 10 | |||
Weighted average limited partner units outstanding: | |||||||||||
Common - basic | 99,270,120 | 93,575,530 | 40,253,913 | ||||||||
Common - equivalents | 458,234 | 28,305 | 21,738 | ||||||||
Common - diluted | 99,728,354 | 93,603,835 | 40,275,651 | ||||||||
Subordinated - (basic and diluted) | — | — | 10,010,333 | ||||||||
Income (loss) from continuing operations per limited partner unit: | |||||||||||
Common - basic | $ | 2.13 | $ | (0.32 | ) | $ | 0.91 | ||||
Common - diluted | $ | 2.12 | $ | (0.32 | ) | $ | 0.91 | ||||
Subordinated - basic and diluted (1) | $ | — | $ | — | $ | 1.17 | |||||
Income (loss) from discontinued operations per limited partner unit: | |||||||||||
Common - basic | $ | (1.78 | ) | $ | (4.94 | ) | $ | 0.20 | |||
Common - diluted | $ | (1.78 | ) | $ | (4.94 | ) | $ | 0.20 | |||
Subordinated - basic and diluted (1) | $ | — | $ | — | $ | 0.23 |
(1) | The subordination period ended on November 30, 2015, at which time outstanding subordinated units were converted to common units. Distributions and the partners' interest in net income were allocated to the subordinated units through November 30, 2015. |
|
2017 | 2016 | ||||||||||||||||||||||||||||||
4th QTR | 3rd QTR | 2nd QTR | 1st QTR | 4th QTR | 3rd QTR | 2nd QTR | 1st QTR | ||||||||||||||||||||||||
Motor fuel sales | $ | 2,758 | $ | 2,849 | $ | 2,685 | $ | 2,618 | $ | 2,634 | $ | 2,415 | $ | 2,367 | $ | 1,796 | |||||||||||||||
Merchandise sales | 142 | 151 | 147 | 131 | 133 | 142 | 138 | 128 | |||||||||||||||||||||||
Rental and other income | 59 | 64 | 60 | 59 | 57 | 62 | 58 | 56 | |||||||||||||||||||||||
Total revenues | $ | 2,959 | $ | 3,064 | $ | 2,892 | $ | 2,808 | $ | 2,824 | $ | 2,619 | $ | 2,563 | $ | 1,980 | |||||||||||||||
Motor fuel gross profit | $ | 176 | $ | 203 | $ | 155 | $ | 158 | $ | 197 | $ | 182 | $ | 206 | $ | 174 | |||||||||||||||
Merchandise gross profit | 45 | 49 | 48 | 43 | 44 | 46 | 46 | 42 | |||||||||||||||||||||||
Other gross profit | 56 | 64 | 56 | 55 | 55 | 54 | 56 | 54 | |||||||||||||||||||||||
Total gross profit | $ | 277 | $ | 316 | $ | 259 | $ | 256 | $ | 296 | $ | 282 | $ | 308 | $ | 270 | |||||||||||||||
Income (loss) from operations | $ | 65 | $ | 128 | $ | (20 | ) | $ | 56 | $ | (140 | ) | $ | 76 | $ | 120 | $ | 89 | |||||||||||||
Net Income (loss) | $ | 232 | $ | 138 | $ | (222 | ) | $ | 1 | $ | (585 | ) | $ | 45 | $ | 72 | $ | 62 | |||||||||||||
Income (loss) from continuing operations per limited partner unit: | |||||||||||||||||||||||||||||||
Common (basic) | $ | 1.91 | $ | 0.92 | $ | (0.58 | ) | $ | (0.11 | ) | $ | (1.51 | ) | $ | 0.09 | $ | 0.60 | $ | 0.56 | ||||||||||||
Common (diluted) | $ | 1.90 | $ | 0.91 | $ | (0.59 | ) | $ | (0.11 | ) | $ | (1.51 | ) | $ | 0.09 | $ | 0.60 | $ | 0.56 | ||||||||||||
Income (loss) from discontinued operations per limited partner unit: | |||||||||||||||||||||||||||||||
Common (basic) | $ | 0.11 | $ | 0.17 | $ | (1.94 | ) | $ | (0.11 | ) | $ | (4.81 | ) | $ | 0.15 | $ | (0.07 | ) | $ | (0.09 | ) | ||||||||||
Common (diluted) | $ | 0.11 | $ | 0.17 | $ | (1.94 | ) | $ | (0.11 | ) | $ | (4.81 | ) | $ | 0.15 | $ | (0.07 | ) | $ | (0.09 | ) |
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