Document and Entity Information |
3 Months Ended |
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Mar. 31, 2019
shares
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Document And Entity Information [Abstract] | |
Entity Registrant Name | Murphy USA Inc. |
Trading Symbol | MUSA |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Entity Central Index Key | 0001573516 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Entity Common Stock, Shares Outstanding | 32,170,405 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2013 |
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Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ 1.1 | $ 1.1 | |
Property, plant and equipment, accumulated depreciation and amortization | $ 1,013.3 | $ 974.2 | |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Preferred stock shares outstanding (in shares) | 0 | 0 | |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock shares issued (in shares) | 46,767,164 | 46,767,164 | |
Treasury stock, shares held (in shares) | 14,596,759 | 14,505,681 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
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Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
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Operating Activities | |||||||
Net income (loss) | $ 5.3 | $ 39.3 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||||||
Depreciation and amortization | 39.7 | 31.8 | |||||
Deferred and noncurrent income tax charges (credits) | (2.4) | 1.1 | |||||
Accretion of asset retirement obligations | 0.5 | 0.5 | $ 2.0 | ||||
Pretax (gains) losses from sale of assets | 0.1 | (0.3) | |||||
Net (increase) decrease in noncash operating working capital | 1.7 | 36.0 | |||||
Other operating activities - net | 3.2 | (1.0) | |||||
Net cash provided by (required by) operating activities | 48.1 | 107.4 | |||||
Investing Activities | |||||||
Property additions | (30.5) | (48.7) | |||||
Proceeds from sale of assets | 1.1 | 1.1 | |||||
Other investing activities - net | (0.1) | (4.7) | |||||
Net cash provided by (required by) investing activities | (29.5) | (52.3) | |||||
Financing Activities | |||||||
Purchase of treasury stock | (13.3) | (71.7) | |||||
Repayments of debt | (5.4) | (5.3) | |||||
Amounts related to share-based compensation | (4.0) | (2.9) | |||||
Net cash provided by (required by) financing activities | (22.7) | (79.9) | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (4.1) | (24.8) | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 184.5 | 170.0 | 170.0 | ||||
Cash, cash equivalents, and restricted cash at end of period | 180.4 | 145.2 | 184.5 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract] | |||||||
Cash and cash equivalents | $ 180.4 | $ 184.5 | $ 144.1 | $ 170.0 | |||
Restricted cash | 0.0 | 0.0 | 1.1 | 0.0 | |||
Cash, cash equivalents, and restricted cash | $ 184.5 | $ 170.0 | $ 170.0 | $ 180.4 | $ 184.5 | $ 145.2 | $ 170.0 |
Consolidated Statements of Changes in Equity - USD ($) $ in Millions |
Total |
Common Stock |
Treasury Stock |
APIC |
Retained Earnings |
---|---|---|---|---|---|
Beginning balance at Dec. 31, 2017 | $ 738.4 | $ 0.5 | $ (806.5) | $ 549.9 | $ 994.5 |
Balance (in shares) at Dec. 31, 2017 | 46,767,164 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 39.3 | 39.3 | |||
Purchase of treasury stock | (71.7) | (71.7) | |||
Issuance of treasury stock | 0.0 | 4.4 | (4.4) | ||
Amounts related to share-based compensation | (2.9) | (2.9) | |||
Share-based compensation expense | 2.2 | 2.2 | |||
Ending balance at Mar. 31, 2018 | 705.3 | $ 0.5 | (873.8) | 544.8 | 1,033.8 |
Balance (in shares) at Mar. 31, 2018 | 46,767,164 | ||||
Beginning balance at Dec. 31, 2018 | 807.3 | $ 0.5 | (940.3) | 539.0 | 1,208.1 |
Balance (in shares) at Dec. 31, 2018 | 46,767,164 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 5.3 | 5.3 | |||
Purchase of treasury stock | (13.3) | (13.3) | |||
Issuance of treasury stock | 0.0 | 5.6 | (5.6) | ||
Amounts related to share-based compensation | (4.1) | (4.1) | |||
Share-based compensation expense | 2.6 | 2.6 | |||
Ending balance at Mar. 31, 2019 | $ 797.8 | $ 0.5 | $ (948.0) | $ 531.9 | $ 1,213.4 |
Balance (in shares) at Mar. 31, 2019 | 46,767,164 |
Description of Business and Basis of Presentation |
3 Months Ended |
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Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of business — Murphy USA Inc. and its consolidated subsidiaries (“Murphy USA” or the “Company”) markets refined products through a network of retail gasoline stations and to unbranded wholesale customers. Murphy USA’s owned retail stations are almost all located in close proximity to Walmart stores in 26 states and use the brand name Murphy USA®. Murphy USA also markets gasoline and other products at standalone stations under the Murphy Express brand. At March 31, 2019, Murphy USA had a total of 1,473 Company stations of which 1,160 were Murphy USA and 313 were Murphy Express. Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued 100 shares of common stock, par value $0.01 per share, to Murphy Oil Corporation (“Murphy Oil”) for $1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of 100% of the common stock of Murphy USA to holders of Murphy Oil stock. In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. Interim Financial Information — The interim period financial information presented in these consolidated financial statements is unaudited and includes all known accruals and adjustments, in the opinion of management, necessary for a fair presentation of the consolidated financial position of Murphy USA and its results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature. These interim consolidated financial statements should be read together with our audited financial statements for the years ended December 31, 2018, 2017 and 2016, included in our Annual Report on Form 10-K (File No. 001-35914), as filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934 on February 19, 2019. Recently Issued Accounting Standards— In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. We adopted ASU 2016-02 as of January 1, 2019, using the modified retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Our election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that renewal options would not be reasonably certain in determining the expected lease term. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $110.4 million and $110.7 million, respectively. The standard did not materially impact our consolidated net earnings and had no impact on cash flows. See Note 13 "Lease Accounting" for further details. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract". This ASU aligns the accounting treatment for capitalizing implementation costs incurred by customers in cloud computing arrangements in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the effect that this ASU will have on our financial position, results of operations, and disclosures but does not expect this update to have a material impact on the Company's consolidated financial statements. |
Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues Revenue Recognition Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis. The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company continues to account for these transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income. The following tables disaggregates our revenue by major source for the three months ended March 31, 2019 and 2018, respectively:
1 Includes excise and sales taxes that remain eligible for inclusion under Topic 606 2 Primarily includes collection allowance on excise and sales taxes and other miscellaneous items Marketing segment Petroleum product sales (at retail). For our retail store locations, the revenue related to petroleum product sales is recognized as the fuel is pumped to our customers. The transaction price at the pump typically includes some portion of sales or excise taxes as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. Our customers typically use a mixture of cash, checks, credit cards and debit cards to pay for our products as they are received. We have accounts receivable from the various credit/debit card providers at any point in time related to product sales made on credit cards and debit cards. These receivables are typically collected in two to seven days, depending on the terms with the particular credit/debit card providers. Payment fees retained by the credit/debit card providers are recorded as station and other operating expenses. Petroleum product sales (at wholesale). Our sales of petroleum products at wholesale are generally recorded as revenue when the deliveries have occurred and legal ownership of the product has transferred to the customer. Title transfer for bulk refined product sales typically occurs at pipeline custody points and upon trucks loading at product terminals. For bulk pipeline sales, we record receivables from customers that are generally collected within a week from custody transfer date. For our rack product sales, the majority of our customers' accounts are drafted by us within 10 days from product transfer. Merchandise sales. For our retail store locations, the revenue related to merchandise sales is recognized as the customer completes their purchase at our locations. The transaction price typically includes some portion of sales tax as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. As noted above, a mixture of payment types are used for these revenues and the same terms for credit/debit card receivables are realized. The most significant judgment with respect to merchandise sales revenue is determining whether we are the principal or agent for some categories of merchandise such as lottery tickets, lotto tickets, newspapers and other small categories of merchandise. For scratch-off lottery tickets, we have determined we are the principal in the majority of the jurisdictions and therefore we record those sales on a gross basis. We have some categories of merchandise (such as lotto tickets) where we are the agent and the revenues recorded for those transactions are our net commission only. In June 2018, the Company initiated a loyalty pilot program through a limited number of its retail locations. The customers earn rewards based on their spending or other promotional activities. This program creates a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their rewards. The rewards may be redeemed for merchandise or cash discounts on fuel purchases. The program was rolled out chain-wide in March 2019. Due to the limited nature of the pilot program and the short amount of time the program has been in effect at scale, the deferred revenues recorded in the three months ended March 31, 2019 were immaterial. RINs sales. For the sale of RINs, we recognize revenue when the RIN is transferred to the counter-party and the sale is completed. Receivables from our counter-parties related to the RIN sales are typically collected within five days of the sale. Other revenues. Items reported as other operating revenues include collection allowances for excise and sales tax and other miscellaneous items and are recognized as revenue when the transaction is completed. Accounts receivable Trade accounts receivable on the balance sheet represents both receivables related to contracts with customers and other trade receivables. At March 31, 2019 and December 31, 2018, we had $169.9 million and $79.4 million of receivables, respectively, related to contracts with customers recorded. All of the trade accounts receivable related to contracts with customers outstanding at the end of each period were collected during the succeeding quarter. These receivables were generally related to credit and debit card transactions along with short term bulk and wholesale sales from our customers, which have a very short settlement window. |
Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
At March 31, 2019 and December 31, 2018, the replacement cost (market value) of LIFO inventories exceeded the LIFO carrying value by $181.3 million and $115.5 million, respectively. |
Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
Senior Notes On August 14, 2013, Murphy Oil USA, Inc., our primary operating subsidiary, issued 6.00% Senior Notes due 2023 (the “2023 Senior Notes”) in an aggregate principal amount of $500 million. The 2023 Senior Notes are fully and unconditionally guaranteed by Murphy USA, and are guaranteed by certain 100% owned subsidiaries that guarantee our credit facilities. The indenture governing the 2023 Senior Notes contains restrictive covenants that limit, among other things, the ability of Murphy USA, Murphy Oil USA, Inc. and the restricted subsidiaries to incur additional indebtedness or liens, dispose of assets, make certain restricted payments or investments, enter into transactions with affiliates or merge with or into other entities. On April 25, 2017, Murphy Oil USA, Inc., issued $300 million of 5.625% Senior Notes due 2027 (the "2027 Senior Notes") under its existing shelf registration statement. The 2027 Senior Notes are fully and unconditionally guaranteed by Murphy USA, and are guaranteed by certain 100% owned subsidiaries that guarantee our credit facilities. The indenture governing the 2027 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2023 Senior Notes. The 2023 and 2027 Senior Notes and the guarantees rank equally with all of our and the guarantors’ existing and future senior unsecured indebtedness and effectively junior to our and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the credit facilities) to the extent of the value of the assets securing such indebtedness. The 2023 and 2027 Senior Notes are structurally subordinated to all of the existing and future third-party liabilities, including trade payables, of our existing and future subsidiaries that do not guarantee the notes. Credit Facilities and Term Loan In March 2016, we amended and extended our existing credit agreement. The credit agreement provides for a committed $450 million asset-based loan (ABL) facility (with availability subject to the borrowing base described below) and a $200 million term loan facility. It also provides for a $150 million uncommitted incremental facility. On March 10, 2016, Murphy Oil USA, Inc. borrowed $200 million under the term loan facility that has a four-year term with a current outstanding principal of $67 million. As of March 31, 2019, we have zero outstanding under our ABL facility. The borrowing base is, at any time of determination, the amount (net of reserves) equal to the sum of: • 100% of eligible cash at such time, plus • 90% of eligible credit card receivables at such time, plus • 90% of eligible investment grade accounts, plus • 85% of eligible other accounts, plus • 80% of eligible product supply/wholesale refined products inventory at such time, plus • 75% of eligible retail refined products inventory at such time, plus the lesser of (i) 70% of the average cost of eligible retail merchandise inventory at such time and (ii) 85% of the net orderly liquidation value of eligible retail merchandise inventory at such time. The ABL facility includes a $200 million sublimit for the issuance of letters of credit. Letters of credit issued under the ABL facility reduce availability under the ABL facility. Interest payable on the credit facilities is based on either:
or
plus, (A) in the case of Adjusted LIBO Rate borrowings, (i) with respect to the ABL facility, spreads ranging from 1.50% to 2.00% per annum depending on a total debt to EBITDA ratio under the ABL facility or (ii) with respect to the term loan facility, spreads ranging from 2.50% to 2.75% per annum depending on a total debt to EBITDA ratio and (B) in the case of Alternate Base Rate borrowings, (i) with respect to the ABL facility, spreads ranging from 0.50% to 1.00% per annum depending on a total debt to EBITDA ratio or (ii) with respect to the term loan facility, spreads ranging from 1.50% to 1.75% per annum depending on a total debt to EBITDA ratio. The interest rate period with respect to the Adjusted LIBO Rate interest rate option can be set at one, two, three, or six months as selected by us in accordance with the terms of the credit agreement. The credit agreement contains certain covenants that limit, among other things, the ability of us and our subsidiaries to incur additional indebtedness or liens, to make certain investments, to enter into sale-leaseback transactions, to make certain restricted payments, to enter into consolidations, mergers or sales of material assets and other fundamental changes, to transact with affiliates, to enter into agreements restricting the ability of subsidiaries to incur liens or pay dividends, or to make certain accounting changes. In addition, the credit agreement requires us to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0 when availability for at least three consecutive business days is less than the greater of (a) 17.5% of the lesser of the aggregate ABL facility commitments and the borrowing base and (b) $70 million (including as of the most recent fiscal quarter end on the first date when availability is less than such amount), as well as a maximum secured total debt to EBITDA ratio of 4.5 to 1.0 at any time when term facility commitments or term loans are outstanding. As of March 31, 2019, our fixed charge coverage ratio was 1.25. Our secured debt to EBITDA ratio as of March 31, 2019 was 0.16 to 1.0. The credit agreement contains restrictions on certain payments, including dividends, when availability under the credit agreement is less than or equal to the greater of $100 million and 25% of the lesser of the revolving commitments and the borrowing base and our fixed charge coverage ratio is less than 1.0 to 1.0 (unless availability under the credit agreement is greater than $100 million and 40% of the lesser of the revolving commitments and the borrowing base). As of March 31, 2019 and December 31, 2018, our ability to make restricted payments was not limited as our fixed charge coverage ratio was greater than 1.0 to 1.0. All obligations under the credit agreement are guaranteed by Murphy USA and the subsidiary guarantors party thereto, and all obligations under the credit agreement, including the guarantees of those obligations, are secured by certain assets of Murphy USA, Murphy Oil USA, Inc. and the guarantors party thereto. |
Asset Retirement Obligations (ARO) |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations (ARO) | Asset Retirement Obligations (ARO) The majority of the ARO recognized by the Company at March 31, 2019 and December 31, 2018 is related to the estimated costs to dismantle and abandon certain of its retail gasoline stations. The Company has not recorded an ARO for certain of its marketing assets because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are consistently being upgraded and are expected to be operational into the foreseeable future. In these cases, the obligation will be initially recognized in the period in which sufficient information exists to estimate the obligation. A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.
The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the lack of availability of additional information. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three month periods ended March 31, 2019 and 2018, the Company’s approximate effective tax rates were as follows:
The effective tax rate for the three months ended March 31, 2019 was lower than the prior year primarily due to the effects of stock compensation excess tax benefits on a lower pretax income. In the three months ended March 31, 2019, the Company recognized approximately $0.8 million of excess tax benefits related to stock compensation for employees. For the three months ended March 31, 2018, the Company recorded benefits from two discrete tax items, which were approximately $0.7 million of excess tax benefits related to stock compensation and a tax benefit of approximately $3.1 million related to the settlement of prior year state uncertain tax positions. The Company was included in Murphy Oil’s tax returns for the periods prior to the separation. The statute of several jurisdictions remains subject to audit by taxing authorities. As of March 31, 2019, the earliest year remaining open for Federal examination is 2015 and for the states it ranges from 2013-2017. In addition to the pre-separation state returns being open under statute, certain federal and state tax returns post separation are also open under statute for examination. Although the Company believes that recorded liabilities for uncertain tax positions are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters. |
Incentive Plans |
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Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Plans | Incentive Plans 2013 Long-Term Incentive Plan Effective August 30, 2013, certain of our employees participate in the Murphy USA 2013 Long-Term Incentive Plan which was subsequently amended and restated effective as of February 8, 2017 (the “MUSA 2013 Plan”). The MUSA 2013 Plan authorizes the Executive Compensation Committee of our Board of Directors (“the Committee”) to grant non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted stock and restricted stock unit awards), cash awards, and performance awards to our employees. No more than 5.5 million shares of MUSA common stock may be delivered under the MUSA 2013 Plan and no more than 1 million shares of common stock may be awarded to any one employee, subject to adjustment for changes in capitalization. The maximum cash amount payable pursuant to any “performance-based” award to any participant in any calendar year is $5.0 million. On February 6, 2019, the Committee granted nonqualified stock options for 99,400 shares at an exercise price of $76.15 per share under the terms of the MUSA 2013 Plan. The Black-Scholes valuation for these awards is $20.48 per option. The Committee also awarded time-based restricted stock units and performance-based restricted stock units (performance units) to certain employees on the same date. There were 26,550 time-based restricted units granted at a grant date fair value of $76.15 along with 53,100 performance units. Half of the performance units vest based on a 3-year return on average capital employed (ROACE) calculation and the other half vest based on a 3-year total shareholder return (TSR) calculation that compares MUSA to a group of 16 peer companies. The portion of the awards that vest based on TSR qualify as a market condition and must be valued using a Monte Carlo valuation model. For the TSR portion of the awards, the fair value was determined to be $100.65 per unit. For the ROACE portion of the awards, the valuation will be based on the grant date fair value of $76.15 per unit and the number of awards will be periodically assessed to determine the probability of vesting. On March 26, 2019, the Committee also granted 46,725 time-based restricted stock units granted to certain employees with a grant date fair value of $82.84 per unit. 2013 Stock Plan for Non-employee Directors Effective August 8, 2013, Murphy USA adopted the 2013 Murphy USA Stock Plan for Non-employee Directors (the “Directors Plan”). The directors for Murphy USA are compensated with a mixture of cash payments and equity-based awards. Awards under the Directors Plan may be in the form of restricted stock, restricted stock units, stock options, or a combination thereof. An aggregate of 500,000 shares of common stock shall be available for issuance of grants under the Directors Plan. During the first quarter of 2019, the Company issued 13,086 restricted stock units to its non-employee directors at a grant date fair value of $76.63 per share. These shares vest in three years from the grant date. For the three months ended March 31, 2019 and 2018, share-based compensation was $2.6 million and $2.2 million, respectively. The income tax benefit realized for the tax deductions from options exercised for the three months ended March 31, 2019 and 2018 was none and $0.1 million, respectively. |
Financial Instruments and Risk Management |
3 Months Ended |
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Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). As of March 31, 2019, all current derivative activity is immaterial. At March 31, 2019 and December 31, 2018, cash deposits of $1.5 million and $1.0 million related to commodity derivative contracts were reported in Prepaid expenses and other current assets in the Consolidated Balance Sheets, respectively. These cash deposits have not been used to increase the reported net assets or reduce the reported net liabilities on the derivative contracts at March 31, 2019 or December 31, 2018, respectively. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive. Upon the completion of the most recent repurchase plan authorized by the Murphy USA Inc. Board of Directors in December 2017, the Company remains committed to share repurchases under quarterly allocations in line with its past practice, subject to market conditions and cash availability. For the three months ended March 31, 2019, the Company acquired 177,074 shares of common stock for an average price of $74.86 per share including brokerage fees and for the three months ended March 31, 2018, 928,934 shares were repurchased for an average price of $77.18 per share. The following table provides a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2019 and 2018:
We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method. For the reported periods, the number of time-based restricted stock units, performance based units and non-qualified stock options that are excluded due to their anti-dilutive nature is immaterial. |
Other Financial Information |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information | Other Financial Information CASH FLOW DISCLOSURES — Cash income taxes paid (collected), net of refunds, were $0.7 million and $2.6 million for the three month periods ended March 31, 2019 and 2018, respectively. Interest paid, net of amounts capitalized, was $16.2 million and $15.7 million for the three month periods ended March 31, 2019 and 2018, respectively. CHANGES IN WORKING CAPITAL:
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Assets and Liabilities Measured at Fair Value |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measure at Fair Value | Assets and Liabilities Measured at Fair Value The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. At the balance sheet date, the fair value of derivative contracts was determined using NYMEX quoted values but was immaterial. The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2019 and December 31, 2018. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes Cash and cash equivalents, Accounts receivable-trade, Restricted cash, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.
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Contingencies |
3 Months Ended |
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Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company’s operations and earnings have been and may be affected by various forms of governmental action. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; import and export controls; price controls; allocation of supplies of crude oil and petroleum products and other goods; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations, may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company. ENVIRONMENTAL MATTERS AND LEGAL MATTERS — Murphy USA is subject to numerous federal, state and local laws and regulations dealing with the environment. Violation of such environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and other sanctions. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury, property damage and other losses that might result. The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Although the Company believes it has used operating and disposal practices that were standard in the industry at the time, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where they have been taken for disposal. In addition, many of these properties have been operated by third parties whose management of hazardous substances was not under the Company’s control. Under existing laws the Company could be required to remediate contaminated property (including contaminated groundwater) or to perform remedial actions to prevent future contamination. Certain of these contaminated properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any related liability and the availability of applicable defenses. With the sale of the U.S. refineries in 2011, Murphy Oil retained certain liabilities related to environmental matters. Murphy Oil also obtained insurance covering certain levels of environmental exposures. The Company believes costs related to these sites will not have a material adverse effect on Murphy USA’s net income, financial condition or liquidity in a future period. Certain environmental expenditures are likely to be recovered by the Company from other sources, primarily environmental funds maintained by certain states. Since no assurance can be given that future recoveries from other sources will occur, the Company has not recorded a benefit for likely recoveries at March 31, 2019, however certain jurisdictions provide reimbursement for these expenses which have been considered in recording the net exposure. The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at one Superfund site. The potential total cost to all parties to perform necessary remedial work at this site may be substantial. However, based on current negotiations and available information, the Company believes that it is a de minimis party as to ultimate responsibility at the Superfund site. Accordingly, the Company has not recorded a liability for remedial costs at the Superfund site at March 31, 2019. The Company could be required to bear a pro rata share of costs attributable to nonparticipating PRPs or could be assigned additional responsibility for remediation at this site or other Superfund sites. The Company believes that its share of the ultimate costs to clean-up this site will be immaterial and will not have a material adverse effect on its net income, financial condition or liquidity in a future period. Based on information currently available to the Company, the amount of future remediation costs to be incurred to address known contamination sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. However, there is the possibility that additional environmental expenditures could be required to address contamination, including as a result of discovering additional contamination or the imposition of new or revised requirements applicable to known contamination. Other than as noted above, Murphy USA is engaged in a number of other legal proceedings, all of which the Company considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of those other legal matters is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period. INSURANCE — The Company maintains insurance coverage at levels that are customary and consistent with industry standards for companies of similar size. Murphy USA maintains statutory workers compensation insurance with a deductible of $1.0 million per occurrence, general liability insurance with a self-insured retention of $3.0 million per occurrence, and auto liability insurance with a deductible of $0.3 million per occurrence. As of March 31, 2019, there were a number of outstanding claims that are of a routine nature. The estimated incurred but unpaid liabilities relating to these claims are included in Trade account payables and accrued liabilities on the Consolidated Balance Sheets. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $19.9 million will be sufficient to cover the related liability for all insurance claims and that the ultimate disposition of these claims will have no material effect on the Company’s financial position and results of operations. The Company has obtained insurance coverage as appropriate for the business in which it is engaged, but may incur losses that are not covered by insurance or reserves, in whole or in part, and such losses could adversely affect our results of operations and financial position. TAX MATTERS — Murphy USA is subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, indirect taxes (excise/duty, sales/use and gross receipts taxes), payroll taxes, franchise taxes, withholding taxes and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Subsequent changes to our tax liabilities because of these audits may subject us to interest and penalties. OTHER MATTERS — In the normal course of its business, the Company is required under certain contracts with various governmental authorities and others to provide financial guarantees or letters of credit that may be drawn upon if the Company fails to perform under those contracts. At March 31, 2019, the Company had contingent liabilities of $16.1 million on outstanding letters of credit. The Company has not accrued a liability in its balance sheet related to these financial guarantees and letters of credit because it is believed that the likelihood of having these drawn is remote. |
Lease Accounting |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Accounting | Lease Accounting The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 year to 20 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from five to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to station location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities. As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We lease land for 209 stations, one terminal, a hangar and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 102 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact. Lessor — We have various arrangements for certain spaces for food service and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial. Lessee Leases are reflected in the following balance sheet accounts:
Lease Cost:
Cash flow information:
Maturity of Lease Liabilities:
The Company adopted ASU 2016-02 on January 1, 2019, and as required, the following disclosure is provided for periods prior to adoption. Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows:
Lease Term and Discount Rate:
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Lease Accounting | Lease Accounting The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 year to 20 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from five to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to station location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities. As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We lease land for 209 stations, one terminal, a hangar and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 102 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact. Lessor — We have various arrangements for certain spaces for food service and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial. Lessee Leases are reflected in the following balance sheet accounts:
Lease Cost:
Cash flow information:
Maturity of Lease Liabilities:
The Company adopted ASU 2016-02 on January 1, 2019, and as required, the following disclosure is provided for periods prior to adoption. Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows:
Lease Term and Discount Rate:
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Business Segment |
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Business Segment | Business Segment The Company's operations have one operating segment which is Marketing. The operations include the sale of retail motor fuel products and convenience merchandise along with the wholesale and bulk sale capabilities of our Product Supply and Wholesale ("PS&W") group. As the primary purpose of the PS&W group is to support our retail operations and provide fuel for their daily operation, the bulk and wholesale fuel sales are secondary to the support functions performed by these groups. As such, they are all treated as one segment for reporting purposes as they sell the same products. This Marketing segment contains essentially all of the revenue generating functions of the Company. Results not included in the reportable segment include Corporate and Other Assets. Net settlement proceeds from litigation are included in Corporate and other assets operating income. The reportable segment was determined based on information reviewed by the Chief Operating Decision Maker (CODM).
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Guarantor Subsidiaries |
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Guarantor Subsidiaries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Subsidiaries | Guarantor Subsidiaries Murphy USA Inc. ("Parent Company") and certain of the Company’s 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee, on a joint and several basis, certain of the outstanding indebtedness of the Company, including the 6.00% senior notes due 2023 and the 5.625% senior notes due 2027. The following consolidating schedules present financial information on a consolidated basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): CONSOLIDATING BALANCE SHEET
CONSOLIDATING BALANCE SHEET
CONSOLIDATING INCOME STATEMENT
CONSOLIDATING INCOME STATEMENT
CONSOLIDATING STATEMENT OF CASH FLOW
CONSOLIDATING STATEMENT OF CASH FLOW
CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
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Description of Business and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued 100 shares of common stock, par value $0.01 per share, to Murphy Oil Corporation (“Murphy Oil”) for $1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of 100% of the common stock of Murphy USA to holders of Murphy Oil stock. In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards— In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. We adopted ASU 2016-02 as of January 1, 2019, using the modified retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Our election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that renewal options would not be reasonably certain in determining the expected lease term. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $110.4 million and $110.7 million, respectively. The standard did not materially impact our consolidated net earnings and had no impact on cash flows. See Note 13 "Lease Accounting" for further details. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract". This ASU aligns the accounting treatment for capitalizing implementation costs incurred by customers in cloud computing arrangements in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the effect that this ASU will have on our financial position, results of operations, and disclosures but does not expect this update to have a material impact on the Company's consolidated financial statements. |
Revenue Recognition | Marketing segment Petroleum product sales (at retail). For our retail store locations, the revenue related to petroleum product sales is recognized as the fuel is pumped to our customers. The transaction price at the pump typically includes some portion of sales or excise taxes as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. Our customers typically use a mixture of cash, checks, credit cards and debit cards to pay for our products as they are received. We have accounts receivable from the various credit/debit card providers at any point in time related to product sales made on credit cards and debit cards. These receivables are typically collected in two to seven days, depending on the terms with the particular credit/debit card providers. Payment fees retained by the credit/debit card providers are recorded as station and other operating expenses. Petroleum product sales (at wholesale). Our sales of petroleum products at wholesale are generally recorded as revenue when the deliveries have occurred and legal ownership of the product has transferred to the customer. Title transfer for bulk refined product sales typically occurs at pipeline custody points and upon trucks loading at product terminals. For bulk pipeline sales, we record receivables from customers that are generally collected within a week from custody transfer date. For our rack product sales, the majority of our customers' accounts are drafted by us within 10 days from product transfer. Merchandise sales. For our retail store locations, the revenue related to merchandise sales is recognized as the customer completes their purchase at our locations. The transaction price typically includes some portion of sales tax as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. As noted above, a mixture of payment types are used for these revenues and the same terms for credit/debit card receivables are realized. The most significant judgment with respect to merchandise sales revenue is determining whether we are the principal or agent for some categories of merchandise such as lottery tickets, lotto tickets, newspapers and other small categories of merchandise. For scratch-off lottery tickets, we have determined we are the principal in the majority of the jurisdictions and therefore we record those sales on a gross basis. We have some categories of merchandise (such as lotto tickets) where we are the agent and the revenues recorded for those transactions are our net commission only. In June 2018, the Company initiated a loyalty pilot program through a limited number of its retail locations. The customers earn rewards based on their spending or other promotional activities. This program creates a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their rewards. The rewards may be redeemed for merchandise or cash discounts on fuel purchases. The program was rolled out chain-wide in March 2019. Due to the limited nature of the pilot program and the short amount of time the program has been in effect at scale, the deferred revenues recorded in the three months ended March 31, 2019 were immaterial. RINs sales. For the sale of RINs, we recognize revenue when the RIN is transferred to the counter-party and the sale is completed. Receivables from our counter-parties related to the RIN sales are typically collected within five days of the sale. Other revenues. Items reported as other operating revenues include collection allowances for excise and sales tax and other miscellaneous items and are recognized as revenue when the transaction is completed. Revenue Recognition Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis. The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company continues to account for these transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income. |
Lease Accounting | Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. |
Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables disaggregates our revenue by major source for the three months ended March 31, 2019 and 2018, respectively:
1 Includes excise and sales taxes that remain eligible for inclusion under Topic 606 2 Primarily includes collection allowance on excise and sales taxes and other miscellaneous items |
Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventory | Inventories consisted of the following:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | Long-term debt consisted of the following:
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Asset Retirement Obligations (ARO) (Tables) |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation | A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Summary of Effective Income Tax Rates | For the three month periods ended March 31, 2019 and 2018, the Company’s approximate effective tax rates were as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share Computations | The following table provides a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2019 and 2018:
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Other Financial Information (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Operating Working Capital |
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Assets and Liabilities Measured at Fair Value (Tables) |
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Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2019 and December 31, 2018. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes Cash and cash equivalents, Accounts receivable-trade, Restricted cash, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.
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Lease Accounting (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Lease | Leases are reflected in the following balance sheet accounts:
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Lease, Cost | Lease Cost:
Cash flow information:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease, Liability, Maturity | Maturity of Lease Liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows:
|
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Lessee, Lease Terms |
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Lessee, Operating Lease, Liability, Maturity | Maturity of Lease Liabilities:
|
Business Segment (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Information by Business Segment |
|
Guarantor Subsidiaries (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet | CONSOLIDATING BALANCE SHEET
CONSOLIDATING BALANCE SHEET
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Consolidating Income Statement | CONSOLIDATING INCOME STATEMENT
CONSOLIDATING INCOME STATEMENT
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Consolidating Statement of Cash Flow | CONSOLIDATING STATEMENT OF CASH FLOW
CONSOLIDATING STATEMENT OF CASH FLOW
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Consolidating Statement of Changes in Equity | CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
|
Description of Business and Basis of Presentation (Details) |
1 Months Ended | ||||
---|---|---|---|---|---|
Aug. 30, 2013 |
Mar. 31, 2013
USD ($)
$ / shares
shares
|
Mar. 31, 2019
USD ($)
state
station
$ / shares
|
Jan. 01, 2019
USD ($)
|
Dec. 31, 2018
$ / shares
|
|
Product Information [Line Items] | |||||
Number of states in which entity operates | state | 26 | ||||
Number of stations | station | 1,473 | ||||
Common stock shares issued (in shares) | shares | 100 | ||||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Proceeds from issuance of common stock | $ 1.00 | ||||
Percentage of shares of stock distributed | 100.00% | ||||
Lease asset | $ 110,400,000 | ||||
Lease liability | $ 110,700,000 | ||||
Murphy USA | |||||
Product Information [Line Items] | |||||
Number of stations | station | 1,160 | ||||
Murphy Express | |||||
Product Information [Line Items] | |||||
Number of stations | station | 313 | ||||
Accounting Standards Update 2016-02 | |||||
Product Information [Line Items] | |||||
Lease asset | $ 110,400,000 | ||||
Lease liability | $ 110,700,000 |
Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 3,116.4 | $ 3,244.2 |
Petroleum product sales (at retail) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,238.7 | 2,339.7 |
Petroleum product sales (at wholesale) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 261.1 | 297.9 |
Total petroleum product sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,499.8 | 2,637.6 |
Merchandise sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 606.2 | 567.7 |
RINs | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 9.1 | 37.4 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1.3 | 1.5 |
Operating Segments | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,116.3 | 3,243.8 |
Operating Segments | Marketing | Petroleum product sales (at retail) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,238.7 | 2,339.7 |
Operating Segments | Marketing | Petroleum product sales (at wholesale) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 261.1 | 297.9 |
Operating Segments | Marketing | Total petroleum product sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,499.8 | 2,637.6 |
Operating Segments | Marketing | Merchandise sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 606.2 | 567.7 |
Operating Segments | Marketing | RINs | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 9.1 | 37.4 |
Operating Segments | Marketing | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1.2 | 1.1 |
Corporate and other assets | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.1 | 0.4 |
Corporate and other assets | Petroleum product sales (at retail) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.0 | 0.0 |
Corporate and other assets | Petroleum product sales (at wholesale) | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.0 | 0.0 |
Corporate and other assets | Total petroleum product sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.0 | 0.0 |
Corporate and other assets | Merchandise sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.0 | 0.0 |
Corporate and other assets | RINs | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0.0 | 0.0 |
Corporate and other assets | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 0.1 | $ 0.4 |
Revenues (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Trade accounts receivable | $ 227.3 | $ 138.8 |
Receivables related to contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Trade accounts receivable | $ 169.9 | $ 79.4 |
Bulk pipelines sales | ||
Disaggregation of Revenue [Line Items] | ||
Collection period | 7 days | |
Petroleum product sales, rack sales | ||
Disaggregation of Revenue [Line Items] | ||
Collection period | 10 days | |
RINs | ||
Disaggregation of Revenue [Line Items] | ||
Collection period | 5 days | |
Minimum | Petroleum product sales (at retail) | ||
Disaggregation of Revenue [Line Items] | ||
Collection period | 2 days | |
Maximum | Petroleum product sales (at retail) | ||
Disaggregation of Revenue [Line Items] | ||
Collection period | 7 days |
Inventories (Summary Of Inventory) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished products - First-In, First-Out (FIFO) basis | $ 247.2 | $ 219.4 |
Less: Last-In, First-Out (LIFO) reserve - finished products | (181.3) | (115.5) |
Finished products - LIFO basis | 65.9 | 103.9 |
Store merchandise for resale | 101.3 | 107.2 |
Materials and supplies | 11.5 | 10.4 |
Total inventories | $ 178.7 | $ 221.5 |
Inventories - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventory, LIFO reserve | $ 181.3 | $ 115.5 |
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Apr. 25, 2017 |
Aug. 14, 2013 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Capitalized lease obligations, vehicles, due through 2022 | $ 2.6 | $ 2.3 | ||
Less unamortized debt issuance costs | (3.4) | (3.8) | ||
Total long-term debt | 859.3 | 863.3 | ||
Less current maturities | 21.3 | 21.2 | ||
Total long-term debt, net of current | 838.0 | 842.1 | ||
Senior Notes | 6.00% senior notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 496.1 | 495.9 | ||
Stated interest rate | 6.00% | 6.00% | ||
Unamortized discount | $ 3.9 | 4.1 | ||
Senior Notes | 5.625% senior notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 297.0 | 296.9 | ||
Stated interest rate | 5.625% | 5.625% | ||
Unamortized discount | $ 3.0 | 3.1 | ||
Secured Debt | Term loan due 2020 | Term facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 67.0 | $ 72.0 | ||
Effective interest rate | 5.052% |
Long-Term Debt (Narrative) (Details) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 10, 2016
USD ($)
|
Mar. 31, 2019
USD ($)
|
Apr. 25, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Aug. 14, 2013
USD ($)
|
|
Debt Instrument [Line Items] | |||||
Fixed charge coverage ratio | 1.25 | ||||
Fixed charge coverage ratio threshold, percentage of aggregate facility commitments and borrowing base | 17.50% | ||||
Fixed charge coverage ratio threshold, amount of aggregate facility commitments and borrowing base | $ 70,000,000 | ||||
Secured debt to EBITDA ratio | 0.16 | ||||
Dividend restrictions | The Senior Credit Agreement contains restrictions on certain payments, including dividends, when availability under the credit agreement is less than or equal to the greater of $100 million and 25% of the lesser of the revolving commitments and the borrowing base and our fixed charge coverage ratio is less than 1.0 to 1.0 (unless availability under the credit agreement is greater than $100 million and 40% of the lesser of the revolving commitments and the borrowing base). As of September 30, 2018, our ability to make restricted payments was not limited as our availability under the borrowing base was more than $100 million, while our fixed charge coverage ratio under our Senior Credit Agreement was less than 1.0 to 1.0. As of December 31, 2017, we had a shortfall of approximately $206.9 million of our net income and retained earnings subject to such restrictions before the fixed charge coverage ratio under our Senior Credit Agreement would exceed 1.0 to 1.0. | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Fixed charge coverage ratio | 1.0 | ||||
Period for fixed charge coverage ratio threshold (in days) | 3 days | ||||
Dividend restriction threshold as amount of availability | $ 100,000,000 | ||||
Dividend restriction threshold as a percentage of revolving commitments and borrowing base | 25.00% | ||||
Dividend restrictions, fixed charge coverage ratio | 1.0 | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Secured debt to EBITDA ratio | 4.5 | ||||
Dividend restriction threshold as amount of availability with consideration of fixed charge coverage ratio | $ 100,000,000 | ||||
Dividend restriction threshold as a percentage of revolving commitments and borrowing base with consideration of fixed charge coverage ratio | 40.00% | ||||
Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 0.50% | ||||
LIBOR | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 1.00% | ||||
Interest period one (in months) | 1 month | ||||
Interest period two (in months) | 2 months | ||||
Interest period three (in months) | 3 months | ||||
Interest period four (in months) | 6 months | ||||
Cash | |||||
Debt Instrument [Line Items] | |||||
Percentage of asset available to borrow against | 100.00% | ||||
Credit Card Receivables | |||||
Debt Instrument [Line Items] | |||||
Percentage of asset available to borrow against | 90.00% | ||||
Investment Grade Accounts | |||||
Debt Instrument [Line Items] | |||||
Percentage of asset available to borrow against | 90.00% | ||||
Other Accounts | |||||
Debt Instrument [Line Items] | |||||
Percentage of asset available to borrow against | 85.00% | ||||
Midstream Refined Products Inventory | |||||
Debt Instrument [Line Items] | |||||
Percentage of asset available to borrow against | 80.00% | ||||
Refined Retail Products Inventory | |||||
Debt Instrument [Line Items] | |||||
Percentage of asset available to borrow against | 75.00% | ||||
Retail Merchandise Inventory | |||||
Debt Instrument [Line Items] | |||||
Percentage of asset available to borrow against | 70.00% | ||||
Percentage of net orderly liquidation value available to borrow against | 85.00% | ||||
ABL facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 450,000,000 | ||||
ABL facility | LIBOR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 1.50% | ||||
ABL facility | LIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 2.00% | ||||
ABL facility | Alternate Base Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 0.50% | ||||
ABL facility | Alternate Base Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 1.00% | ||||
Term facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 200,000,000 | ||||
Proceeds borrowed from credit facility | $ 200,000,000 | ||||
Term of facility | 4 years | ||||
Asset-based loan facility, portion included in current maturities | $ 67,000,000 | ||||
Term facility | LIBOR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 2.50% | ||||
Term facility | LIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 2.75% | ||||
Term facility | Alternate Base Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 1.50% | ||||
Term facility | Alternate Base Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (percent) | 1.75% | ||||
Uncommitted incremental facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | ||||
Letters of credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, sublimit | $ 200,000,000 | ||||
6% Senior Notes Due 2023 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.00% | 6.00% | |||
Senior notes, principal amount | $ 500,000,000 | ||||
5.625% Senior Notes Due 2027 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.625% | 5.625% | |||
Senior notes, principal amount | $ 300,000,000 | ||||
Asset Based Loan Facility | ABL facility | ABL facility | |||||
Debt Instrument [Line Items] | |||||
Asset-based loan facility, portion included in current maturities | $ 0 |
Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Asset Retirement Obligation Roll Forward | |||
Balance at beginning of period | $ 30.7 | $ 28.2 | $ 28.2 |
Accretion expense | 0.5 | $ 0.5 | 2.0 |
Settlements of liabilities | 0.0 | (0.3) | |
Liabilities incurred | 0.0 | 0.8 | |
Balance at end of period | $ 31.2 | $ 30.7 |
Income Taxes (Summary of Effective Income Tax Rates) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 10.90% | 16.80% |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Tax benefit, settlement of uncertain tax positions | $ 3.1 | |
Total excess tax benefits | $ 0.8 | $ 0.7 |
Incentive Plans (Details) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 26, 2019
$ / shares
shares
|
Feb. 06, 2019
$ / shares
company
shares
|
Aug. 30, 2013
USD ($)
shares
|
Mar. 31, 2019
USD ($)
$ / shares
shares
|
Mar. 31, 2018
USD ($)
|
Aug. 08, 2013
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | $ | $ 2,600,000 | $ 2,200,000 | ||||
Total income tax benefits realized from tax deductions related to stock option exercises under share-based payment arrangements | $ | $ 0 | $ 100,000 | ||||
2013 Long-Term Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for incentive plan (no more than) (in shares) | 5,500,000 | |||||
Number of shares per employee (no more than) (in shares) | 1,000,000 | |||||
2013 Long-Term Incentive Plan | Performance Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum amount payable | $ | $ 5,000,000 | |||||
Restricted stock units issued (in shares) | 53,100 | |||||
2013 Long-Term Incentive Plan | Nonqualified Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (in shares) | 99,400 | |||||
Shares granted, exercise price (in dollars per share) | $ / shares | $ 76.15 | |||||
Shares granted, fair value (in dollars per share) | $ / shares | 20.48 | |||||
2013 Long-Term Incentive Plan | Return On Average Capital Employed Performance Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 76.15 | |||||
Award vesting period (in years) | 3 years | |||||
2013 Long-Term Incentive Plan | Total Shareholder Return Performance Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 100.65 | |||||
Award vesting period (in years) | 3 years | |||||
Number of companies in total shareholder return peer comparison group | company | 16 | |||||
2013 Long-Term Incentive Plan, RSU Grant One | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units issued (in shares) | 26,550 | |||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 76.15 | |||||
2013 Long-Term Incentive Plan, RSU Grant Two | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units issued (in shares) | 46,725 | |||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 82.84 | |||||
2013 Stock Plan For Non-Employee Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for incentive plan (no more than) (in shares) | 500,000 | |||||
2013 Stock Plan For Non-Employee Directors | Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units issued (in shares) | 13,086 | |||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 76.63 | |||||
Award vesting period (in years) | 3 years |
Financial Instruments and Risk Management (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Prepaid expenses and other current assets | ||
Derivative [Line Items] | ||
Cash deposits related to commodity derivative contracts | $ 1.5 | $ 1.0 |
Earnings Per Share (Narrative) (Details) - January 2016 Share Repurchase Program - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program, shares acquired (in shares) | 177,074 | 928,934 |
Stock repurchase program, average price per share (in dollars per share) | $ 74.86 | $ 77.18 |
Earnings Per Share (Reconciliation of Basic and Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Net income per share - basic | ||
Net income attributable to common stockholders | $ 5.3 | $ 39.3 |
Weighted average common shares outstanding (in shares) | 32,206 | 33,698 |
Earnings per common share (in dollars per share) | $ 0.16 | $ 1.17 |
Net income per share - diluted | ||
Net income attributable to common stockholders | $ 5.3 | $ 39.3 |
Weighted average common shares outstanding (in shares) | 32,206 | 33,698 |
Common equivalent shares: | ||
Dilutive share-based awards (in shares) | 214 | 364 |
Weighted average common shares outstanding - assuming dilution (in shares) | 32,420 | 34,062 |
Earnings per common share assuming dilution (in dollars per share) | $ 0.16 | $ 1.16 |
Other Financial Information (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash income taxes paid (collected), net of refunds | $ 0.7 | $ 2.6 |
Interest paid, net of amounts capitalized | $ 16.2 | $ 15.7 |
Other Financial Information (Summary of Changes in Operating Working Capital) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ (88.5) | $ 27.2 |
Inventories | 42.7 | 33.9 |
Prepaid expenses and other current assets | (1.1) | 8.9 |
Accounts payable and accrued liabilities | 48.6 | (35.2) |
Income taxes payable | 0.0 | 1.2 |
Net (increase) decrease in noncash operating working capital | $ 1.7 | $ 36.0 |
Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current and long-term debt | $ (859.3) | $ (863.3) |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current and long-term debt | $ (874.5) | $ (866.7) |
Contingencies (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
site
| |
Loss Contingencies [Line Items] | |
Number of Superfund sites for which company may be liable | site | 1 |
Outstanding letters of credit | $ 16,100,000 |
Estimate of possible loss | 0 |
Workers Compensation Insurance Claims | |
Loss Contingencies [Line Items] | |
Insurance deductible amount | 1,000,000 |
General Liability Insurance Claims | |
Loss Contingencies [Line Items] | |
Insurance deductible amount | 3,000,000 |
Auto Liability Insurance Claims | |
Loss Contingencies [Line Items] | |
Insurance deductible amount | 300,000 |
Insurance Claims | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 19,900,000 |
Lease Accounting (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
site
contract
| |
Lessee, Lease, Description [Line Items] | |
Number of leases with restrictive covenants | site | 102 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Lease renewal term | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 20 years |
Lease renewal term | 20 years |
Land | |
Lessee, Lease, Description [Line Items] | |
Number of leases | 209 |
Terminal | |
Lessee, Lease, Description [Line Items] | |
Number of leases | 1 |
Hangar | |
Lessee, Lease, Description [Line Items] | |
Number of leases | 1 |
Lease Accounting (Leases Reflected on Balance Sheet) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Assets | |
Operating | $ 110.4 |
Finance | 3.2 |
Total leased assets | 113.6 |
Current | |
Operating | 6.3 |
Finance | 1.3 |
Noncurrent | |
Operating | 104.4 |
Finance | 1.4 |
Total lease liabilities | 113.4 |
Accumulated depreciation | $ 1.9 |
Lease Accounting (Lease Cost) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Leases [Abstract] | |
Operating lease cost | $ 3.5 |
Finance lease cost | |
Amortization of leased assets | 0.3 |
Interest on lease liabilities | 0.0 |
Net lease costs | $ 3.8 |
Lease Accounting (Maturity of Lease Liability) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Operating leases | |
2019 | $ 10.3 |
2020 | 13.5 |
2021 | 12.7 |
2022 | 11.8 |
2023 | 11.2 |
After 2023 | 130.1 |
Total lease payments | 189.6 |
less: interest | 78.9 |
Present value of lease liabilities | 110.7 |
Finance leases | |
2019 | 1.1 |
2020 | 1.1 |
2021 | 0.6 |
2022 | 0.1 |
2023 | 0.0 |
After 2023 | 0.0 |
Total lease payments | 2.9 |
less: interest | 0.2 |
Present value of lease liabilities | $ 2.7 |
Lease Accounting (Cash Flow Information) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Cash paid for amounts included in the measurement of liabilities | |
Operating cash flows from operating leases | $ 3.3 |
Operating cash flows from finance leases | 0.0 |
Financing cash flows from finance leases | $ 0.4 |
Lease Accounting (Leases Under Topic 840) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Operating leases | |
2019 | $ 13.7 |
2020 | 13.3 |
2021 | 12.5 |
2022 | 11.7 |
2023 | 11.1 |
After 2023 | 122.6 |
Total lease payments | 184.9 |
Capital leases | |
2019 | 1.5 |
2020 | 1.1 |
2021 | 0.6 |
2022 | 0.1 |
2023 | 0.0 |
After 2023 | 0.0 |
Total lease payments | 3.3 |
less: interest | 0.2 |
Present value of minimum payments | $ 3.1 |
Lease Accounting (Lease Term and Discount Rate) (Details) |
Mar. 31, 2019 |
---|---|
Weighted average remaining lease term (years) | |
Finance leases | 2 years 2 months 26 days |
Operating leases | 15 years 4 months 13 days |
Weighted average discount rate | |
Finance leases | 4.80% |
Operating leases | 6.10% |
Business Segment (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Business Segment (Summary of Information by Business Segment) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Segment Reporting Information [Line Items] | |||
Total Assets | $ 2,504.4 | $ 2,360.8 | |
Total revenues | 3,116.4 | $ 3,244.2 | |
Income (Loss) | 5.3 | 39.3 | |
Operating Segments | Marketing | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 2,155.4 | ||
Total revenues | 3,116.3 | 3,243.8 | |
Income (Loss) | 16.2 | 10.7 | |
Corporate and other assets | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 349.0 | ||
Total revenues | 0.1 | 0.4 | |
Income (Loss) | $ (10.9) | $ 28.6 |
Guarantor Subsidiaries (Additional Information) (Details) - Senior Notes |
Mar. 31, 2019 |
Apr. 25, 2017 |
Aug. 14, 2013 |
---|---|---|---|
6% Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.00% | 6.00% | |
5.625% Senior Notes Due 2027 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.625% | 5.625% |
Guarantor Subsidiaries (Consolidating Balance Sheet) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Current assets | ||||
Cash and cash equivalents | $ 180.4 | $ 184.5 | $ 144.1 | $ 170.0 |
Accounts receivable—trade, less allowance for doubtful accounts | 227.3 | 138.8 | ||
Inventories, at lower of cost or market | 178.7 | 221.5 | ||
Prepaid expenses and other current assets | 26.5 | 25.3 | ||
Total current assets | 612.9 | 570.1 | ||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 1,738.1 | 1,748.2 | ||
Investments in subsidiaries | 0.0 | 0.0 | ||
Other assets | 153.4 | 42.5 | ||
Total assets | 2,504.4 | 2,360.8 | ||
Current liabilities | ||||
Current maturities of long-term debt | 21.3 | 21.2 | ||
Inter-company accounts payable | 0.0 | 0.0 | ||
Trade accounts payable and accrued liabilities | 512.0 | 456.9 | ||
Total current liabilities | 533.3 | 478.1 | ||
Long-term debt, including capitalized lease obligations | 838.0 | 842.1 | ||
Deferred income taxes | 189.8 | 192.2 | ||
Asset retirement obligations | 31.2 | 30.7 | ||
Deferred credits and other liabilities | 114.3 | 10.4 | ||
Total liabilities | 1,706.6 | 1,553.5 | ||
Stockholders' Equity | ||||
Preferred Stock | 0.0 | 0.0 | ||
Common Stock | 0.5 | 0.5 | ||
Treasury Stock | (948.0) | (940.3) | ||
Additional paid in capital (APIC) | 531.9 | 539.0 | ||
Retained earnings | 1,213.4 | 1,208.1 | ||
Total stockholders' equity | 797.8 | 807.3 | 705.3 | 738.4 |
Total liabilities and stockholders' equity | 2,504.4 | 2,360.8 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts receivable—trade, less allowance for doubtful accounts | 0.0 | 0.0 | ||
Inventories, at lower of cost or market | 0.0 | 0.0 | ||
Prepaid expenses and other current assets | 0.0 | 0.0 | ||
Total current assets | 0.0 | 0.0 | ||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 0.0 | 0.0 | ||
Investments in subsidiaries | (2,586.5) | (2,581.4) | ||
Other assets | 0.0 | 0.0 | ||
Total assets | (2,586.5) | (2,581.4) | ||
Current liabilities | ||||
Current maturities of long-term debt | 0.0 | 0.0 | ||
Inter-company accounts payable | 0.0 | 0.0 | ||
Trade accounts payable and accrued liabilities | 0.0 | 0.0 | ||
Total current liabilities | 0.0 | 0.0 | ||
Long-term debt, including capitalized lease obligations | 0.0 | 0.0 | ||
Deferred income taxes | 0.0 | 0.0 | ||
Asset retirement obligations | 0.0 | 0.0 | ||
Deferred credits and other liabilities | 0.0 | 0.0 | ||
Total liabilities | 0.0 | 0.0 | ||
Stockholders' Equity | ||||
Preferred Stock | 0.0 | 0.0 | ||
Common Stock | (0.1) | (0.1) | ||
Treasury Stock | 0.0 | 0.0 | ||
Additional paid in capital (APIC) | (1,368.4) | (1,368.4) | ||
Retained earnings | (1,218.0) | (1,212.9) | ||
Total stockholders' equity | (2,586.5) | (2,581.4) | ||
Total liabilities and stockholders' equity | (2,586.5) | (2,581.4) | ||
Parent Company | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts receivable—trade, less allowance for doubtful accounts | 0.0 | 0.0 | ||
Inventories, at lower of cost or market | 0.0 | 0.0 | ||
Prepaid expenses and other current assets | 0.0 | 0.0 | ||
Total current assets | 0.0 | 0.0 | ||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 0.0 | 0.0 | ||
Investments in subsidiaries | 2,442.3 | 2,437.0 | ||
Other assets | 0.0 | 0.0 | ||
Total assets | 2,442.3 | 2,437.0 | ||
Current liabilities | ||||
Current maturities of long-term debt | 0.0 | 0.0 | ||
Inter-company accounts payable | 13.2 | (0.1) | ||
Trade accounts payable and accrued liabilities | 0.0 | 0.0 | ||
Total current liabilities | 13.2 | (0.1) | ||
Long-term debt, including capitalized lease obligations | 0.0 | 0.0 | ||
Deferred income taxes | 0.0 | 0.0 | ||
Asset retirement obligations | 0.0 | 0.0 | ||
Deferred credits and other liabilities | 0.0 | 0.0 | ||
Total liabilities | 13.2 | (0.1) | ||
Stockholders' Equity | ||||
Preferred Stock | 0.0 | 0.0 | ||
Common Stock | 0.5 | 0.5 | ||
Treasury Stock | (948.0) | (940.3) | ||
Additional paid in capital (APIC) | 1,189.5 | 1,195.1 | ||
Retained earnings | 2,187.1 | 2,181.8 | ||
Total stockholders' equity | 2,429.1 | 2,437.1 | ||
Total liabilities and stockholders' equity | 2,442.3 | 2,437.0 | ||
Issuer | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 179.9 | 184.0 | 143.8 | 169.9 |
Accounts receivable—trade, less allowance for doubtful accounts | 227.3 | 138.8 | ||
Inventories, at lower of cost or market | 178.7 | 221.5 | ||
Prepaid expenses and other current assets | 26.3 | 25.1 | ||
Total current assets | 612.2 | 569.4 | ||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 1,734.1 | 1,745.9 | ||
Investments in subsidiaries | 144.2 | 144.4 | ||
Other assets | 153.4 | 42.5 | ||
Total assets | 2,643.9 | 2,502.2 | ||
Current liabilities | ||||
Current maturities of long-term debt | 21.3 | 21.2 | ||
Inter-company accounts payable | 187.8 | 203.0 | ||
Trade accounts payable and accrued liabilities | 512.0 | 456.9 | ||
Total current liabilities | 721.1 | 681.1 | ||
Long-term debt, including capitalized lease obligations | 838.0 | 842.1 | ||
Deferred income taxes | 189.8 | 192.2 | ||
Asset retirement obligations | 31.2 | 30.7 | ||
Deferred credits and other liabilities | 114.3 | 10.4 | ||
Total liabilities | 1,894.4 | 1,756.5 | ||
Stockholders' Equity | ||||
Preferred Stock | 0.0 | 0.0 | ||
Common Stock | 0.0 | 0.0 | ||
Treasury Stock | 0.0 | 0.0 | ||
Additional paid in capital (APIC) | 571.3 | 572.8 | ||
Retained earnings | 178.2 | 172.9 | ||
Total stockholders' equity | 749.5 | 745.7 | ||
Total liabilities and stockholders' equity | 2,643.9 | 2,502.2 | ||
Guarantor Subsidiaries | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 0.5 | 0.5 | 0.3 | 0.1 |
Accounts receivable—trade, less allowance for doubtful accounts | 0.0 | 0.0 | ||
Inventories, at lower of cost or market | 0.0 | 0.0 | ||
Prepaid expenses and other current assets | 0.2 | 0.2 | ||
Total current assets | 0.7 | 0.7 | ||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 4.0 | 2.3 | ||
Investments in subsidiaries | 0.0 | 0.0 | ||
Other assets | 0.0 | 0.0 | ||
Total assets | 4.7 | 3.0 | ||
Current liabilities | ||||
Current maturities of long-term debt | 0.0 | 0.0 | ||
Inter-company accounts payable | (46.7) | (48.6) | ||
Trade accounts payable and accrued liabilities | 0.0 | 0.0 | ||
Total current liabilities | (46.7) | (48.6) | ||
Long-term debt, including capitalized lease obligations | 0.0 | 0.0 | ||
Deferred income taxes | 0.0 | 0.0 | ||
Asset retirement obligations | 0.0 | 0.0 | ||
Deferred credits and other liabilities | 0.0 | 0.0 | ||
Total liabilities | (46.7) | (48.6) | ||
Stockholders' Equity | ||||
Preferred Stock | 0.0 | 0.0 | ||
Common Stock | 0.1 | 0.1 | ||
Treasury Stock | 0.0 | 0.0 | ||
Additional paid in capital (APIC) | 52.0 | 52.0 | ||
Retained earnings | (0.7) | (0.5) | ||
Total stockholders' equity | 51.4 | 51.6 | ||
Total liabilities and stockholders' equity | 4.7 | 3.0 | ||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 0.0 | 0.0 | $ 0.0 | $ 0.0 |
Accounts receivable—trade, less allowance for doubtful accounts | 0.0 | 0.0 | ||
Inventories, at lower of cost or market | 0.0 | 0.0 | ||
Prepaid expenses and other current assets | 0.0 | 0.0 | ||
Total current assets | 0.0 | 0.0 | ||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 0.0 | 0.0 | ||
Investments in subsidiaries | 0.0 | 0.0 | ||
Other assets | 0.0 | 0.0 | ||
Total assets | 0.0 | 0.0 | ||
Current liabilities | ||||
Current maturities of long-term debt | 0.0 | 0.0 | ||
Inter-company accounts payable | (154.3) | (154.3) | ||
Trade accounts payable and accrued liabilities | 0.0 | 0.0 | ||
Total current liabilities | (154.3) | (154.3) | ||
Long-term debt, including capitalized lease obligations | 0.0 | 0.0 | ||
Deferred income taxes | 0.0 | 0.0 | ||
Asset retirement obligations | 0.0 | 0.0 | ||
Deferred credits and other liabilities | 0.0 | 0.0 | ||
Total liabilities | (154.3) | (154.3) | ||
Stockholders' Equity | ||||
Preferred Stock | 0.0 | 0.0 | ||
Common Stock | 0.0 | 0.0 | ||
Treasury Stock | 0.0 | 0.0 | ||
Additional paid in capital (APIC) | 87.5 | 87.5 | ||
Retained earnings | 66.8 | 66.8 | ||
Total stockholders' equity | 154.3 | 154.3 | ||
Total liabilities and stockholders' equity | $ 0.0 | $ 0.0 |
Guarantor Subsidiaries (Consolidating Balance Sheet 2) (Details) - USD ($) $ / shares in Units, $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2013 |
---|---|---|---|
Guarantor Subsidiaries [Abstract] | |||
Allowance for doubtful accounts | $ 1.1 | $ 1.1 | |
Property, plant and equipment, accumulated depreciation and amortization | $ 1,013.3 | $ 974.2 | |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized (in shares) | 20,000,000 | 20,000,000 | |
Preferred stock shares outstanding (in shares) | 0 | 0 | |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock shares issued (in shares) | 46,767,164 | 46,767,164 | |
Treasury stock, shares held (in shares) | 14,596,759 | 14,505,681 |
Guarantor Subsidiaries (Consolidating Income Statement) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
||||
Operating Revenues | ||||||
Total operating revenues | $ 3,116.4 | $ 3,244.2 | ||||
Operating Expenses | ||||||
Depreciation and amortization | 39.7 | 31.8 | ||||
Selling, general and administrative | 34.6 | 34.5 | ||||
Accretion of asset retirement obligations | 0.5 | 0.5 | $ 2.0 | |||
Total operating expenses | 3,097.8 | 3,231.5 | ||||
Net settlement proceeds | 0.1 | 47.0 | ||||
Gain (loss) on sale of assets | (0.1) | 0.3 | ||||
Income (loss) from operations | 18.6 | 60.0 | ||||
Other income (expense) | ||||||
Interest income | 0.7 | 0.3 | ||||
Interest expense | (13.6) | (13.0) | ||||
Other nonoperating income (expense) | 0.2 | 0.0 | ||||
Total other income (expense) | (12.7) | (12.7) | ||||
Income (loss) before income taxes | 5.9 | 47.3 | ||||
Income tax expense (benefit) | 0.6 | 8.0 | ||||
Income (loss) | 5.3 | 39.3 | ||||
Equity earnings in affiliates, net of tax | 0.0 | 0.0 | ||||
Net Income (Loss) | 5.3 | 39.3 | ||||
Eliminations | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Depreciation and amortization | 0.0 | 0.0 | ||||
Selling, general and administrative | 0.0 | 0.0 | ||||
Accretion of asset retirement obligations | 0.0 | 0.0 | ||||
Total operating expenses | 0.0 | 0.0 | ||||
Net settlement proceeds | 0.0 | 0.0 | ||||
Gain (loss) on sale of assets | 0.0 | 0.0 | ||||
Income (loss) from operations | 0.0 | 0.0 | ||||
Other income (expense) | ||||||
Interest income | 0.0 | 0.0 | ||||
Interest expense | 0.0 | 0.0 | ||||
Other nonoperating income (expense) | 0.0 | 0.0 | ||||
Total other income (expense) | 0.0 | 0.0 | ||||
Income (loss) before income taxes | 0.0 | 0.0 | ||||
Income tax expense (benefit) | 0.0 | 0.0 | ||||
Income (loss) | 0.0 | 0.0 | ||||
Equity earnings in affiliates, net of tax | (5.1) | (39.3) | ||||
Net Income (Loss) | (5.1) | (39.3) | ||||
Parent Company | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Depreciation and amortization | 0.0 | 0.0 | ||||
Selling, general and administrative | 0.0 | 0.0 | ||||
Accretion of asset retirement obligations | 0.0 | 0.0 | ||||
Total operating expenses | 0.0 | 0.0 | ||||
Net settlement proceeds | 0.0 | 0.0 | ||||
Gain (loss) on sale of assets | 0.0 | 0.0 | ||||
Income (loss) from operations | 0.0 | 0.0 | ||||
Other income (expense) | ||||||
Interest income | 0.0 | 0.0 | ||||
Interest expense | 0.0 | 0.0 | ||||
Other nonoperating income (expense) | 0.0 | 0.0 | ||||
Total other income (expense) | 0.0 | 0.0 | ||||
Income (loss) before income taxes | 0.0 | 0.0 | ||||
Income tax expense (benefit) | 0.0 | 0.0 | ||||
Income (loss) | 0.0 | 0.0 | ||||
Equity earnings in affiliates, net of tax | 5.3 | 39.3 | ||||
Net Income (Loss) | 5.3 | 39.3 | ||||
Issuer | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 3,116.4 | 3,244.2 | ||||
Operating Expenses | ||||||
Depreciation and amortization | 39.7 | 31.8 | ||||
Selling, general and administrative | 34.6 | 34.5 | ||||
Accretion of asset retirement obligations | 0.5 | 0.5 | ||||
Total operating expenses | 3,097.8 | 3,231.5 | ||||
Net settlement proceeds | 0.1 | 47.0 | ||||
Gain (loss) on sale of assets | (0.1) | 0.3 | ||||
Income (loss) from operations | 18.6 | 60.0 | ||||
Other income (expense) | ||||||
Interest income | 0.7 | 0.3 | ||||
Interest expense | (13.6) | (13.0) | ||||
Other nonoperating income (expense) | 0.4 | 0.0 | ||||
Total other income (expense) | (12.5) | (12.7) | ||||
Income (loss) before income taxes | 6.1 | 47.3 | ||||
Income tax expense (benefit) | 0.6 | 8.0 | ||||
Income (loss) | 5.5 | 39.3 | ||||
Equity earnings in affiliates, net of tax | (0.2) | 0.0 | ||||
Net Income (Loss) | 5.3 | 39.3 | ||||
Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Depreciation and amortization | 0.0 | 0.0 | ||||
Selling, general and administrative | 0.0 | 0.0 | ||||
Accretion of asset retirement obligations | 0.0 | 0.0 | ||||
Total operating expenses | 0.0 | 0.0 | ||||
Net settlement proceeds | 0.0 | 0.0 | ||||
Gain (loss) on sale of assets | 0.0 | 0.0 | ||||
Income (loss) from operations | 0.0 | 0.0 | ||||
Other income (expense) | ||||||
Interest income | 0.0 | 0.0 | ||||
Interest expense | 0.0 | 0.0 | ||||
Other nonoperating income (expense) | (0.2) | 0.0 | ||||
Total other income (expense) | (0.2) | 0.0 | ||||
Income (loss) before income taxes | (0.2) | 0.0 | ||||
Income tax expense (benefit) | 0.0 | 0.0 | ||||
Income (loss) | (0.2) | 0.0 | ||||
Equity earnings in affiliates, net of tax | 0.0 | 0.0 | ||||
Net Income (Loss) | (0.2) | 0.0 | ||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Depreciation and amortization | 0.0 | 0.0 | ||||
Selling, general and administrative | 0.0 | 0.0 | ||||
Accretion of asset retirement obligations | 0.0 | 0.0 | ||||
Total operating expenses | 0.0 | 0.0 | ||||
Net settlement proceeds | 0.0 | 0.0 | ||||
Gain (loss) on sale of assets | 0.0 | 0.0 | ||||
Income (loss) from operations | 0.0 | 0.0 | ||||
Other income (expense) | ||||||
Interest income | 0.0 | 0.0 | ||||
Interest expense | 0.0 | 0.0 | ||||
Other nonoperating income (expense) | 0.0 | 0.0 | ||||
Total other income (expense) | 0.0 | 0.0 | ||||
Income (loss) before income taxes | 0.0 | 0.0 | ||||
Income tax expense (benefit) | 0.0 | 0.0 | ||||
Income (loss) | 0.0 | 0.0 | ||||
Equity earnings in affiliates, net of tax | 0.0 | 0.0 | ||||
Net Income (Loss) | 0.0 | 0.0 | ||||
Product | ||||||
Operating Revenues | ||||||
Total operating revenues | [1] | 2,499.8 | 2,637.6 | |||
Operating Expenses | ||||||
Operating expenses | [1] | 2,381.5 | 2,561.1 | |||
Product | Eliminations | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Product | Parent Company | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Product | Issuer | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 2,499.8 | 2,637.6 | ||||
Operating Expenses | ||||||
Operating expenses | 2,381.5 | 2,561.1 | ||||
Product | Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Product | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Merchandise | ||||||
Operating Revenues | ||||||
Total operating revenues | 606.2 | 567.7 | ||||
Operating Expenses | ||||||
Operating expenses | 508.7 | 476.2 | ||||
Merchandise | Eliminations | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Merchandise | Parent Company | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Merchandise | Issuer | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 606.2 | 567.7 | ||||
Operating Expenses | ||||||
Operating expenses | 508.7 | 476.2 | ||||
Merchandise | Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Merchandise | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Other | ||||||
Operating Revenues | ||||||
Total operating revenues | 10.4 | 38.9 | ||||
Operating Expenses | ||||||
Operating expenses | 132.8 | 127.4 | ||||
Other | Eliminations | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Other | Parent Company | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Other | Issuer | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 10.4 | 38.9 | ||||
Operating Expenses | ||||||
Operating expenses | 132.8 | 127.4 | ||||
Other | Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | 0.0 | 0.0 | ||||
Other | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Operating Revenues | ||||||
Total operating revenues | 0.0 | 0.0 | ||||
Operating Expenses | ||||||
Operating expenses | $ 0.0 | $ 0.0 | ||||
|
Guarantor Subsidiaries (Consolidating Statement Of Cash Flow) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Operating Activities | |||
Net income (loss) | $ 5.3 | $ 39.3 | |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||
Depreciation and amortization | 39.7 | 31.8 | |
Deferred and noncurrent income tax charges (credits) | (2.4) | 1.1 | |
Accretion of asset retirement obligations | 0.5 | 0.5 | $ 2.0 |
(Gain) loss on sale of assets | 0.1 | (0.3) | |
Net (increase) decrease in noncash operating working capital | 1.7 | 36.0 | |
Equity in earnings of affiliates | 0.0 | 0.0 | |
Other operating activities - net | 3.2 | (1.0) | |
Net cash provided by (required by) operating activities | 48.1 | 107.4 | |
Investing Activities | |||
Property additions | (30.5) | (48.7) | |
Proceeds from sale of assets | 1.1 | 1.1 | |
Other investing activities - net | (0.1) | (4.7) | |
Net cash provided by (required by) investing activities | (29.5) | (52.3) | |
Financing Activities | |||
Purchase of treasury stock | (13.3) | (71.7) | |
Borrowings of debt | 0.0 | 0.0 | |
Repayments of debt | (5.4) | (5.3) | |
Debt issuance costs | 0.0 | 0.0 | |
Amounts related to share-based compensation | (4.0) | (2.9) | |
Net distributions to parent | 0.0 | 0.0 | |
Net cash provided by (required by) financing activities | (22.7) | (79.9) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (4.1) | (24.8) | |
Cash and cash equivalents at beginning of period | 184.5 | 170.0 | 170.0 |
Restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at beginning of period | 184.5 | 170.0 | 170.0 |
Cash and cash equivalents at end of period | 180.4 | 144.1 | 184.5 |
Restricted cash at end of period | 0.0 | 1.1 | 0.0 |
Cash, cash equivalents, and restricted cash at end of period | 180.4 | 145.2 | 184.5 |
Eliminations | |||
Operating Activities | |||
Net income (loss) | (5.1) | (39.3) | |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||
Depreciation and amortization | 0.0 | 0.0 | |
Deferred and noncurrent income tax charges (credits) | 0.0 | 0.0 | |
Accretion of asset retirement obligations | 0.0 | 0.0 | |
(Gain) loss on sale of assets | 0.0 | 0.0 | |
Net (increase) decrease in noncash operating working capital | 0.0 | 0.0 | |
Equity in earnings of affiliates | 5.1 | 39.3 | |
Other operating activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) operating activities | 0.0 | 0.0 | |
Investing Activities | |||
Property additions | 0.0 | 0.0 | |
Proceeds from sale of assets | 0.0 | 0.0 | |
Other investing activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) investing activities | 0.0 | 0.0 | |
Financing Activities | |||
Purchase of treasury stock | 0.0 | 0.0 | |
Borrowings of debt | 0.0 | 0.0 | |
Repayments of debt | 0.0 | 0.0 | |
Debt issuance costs | 0.0 | 0.0 | |
Amounts related to share-based compensation | 0.0 | 0.0 | |
Net distributions to parent | 0.0 | 0.0 | |
Net cash provided by (required by) financing activities | 0.0 | 0.0 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 0.0 | 0.0 | |
Cash and cash equivalents at beginning of period | 0.0 | 0.0 | 0.0 |
Restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at end of period | 0.0 | 0.0 | 0.0 |
Restricted cash at end of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at end of period | 0.0 | 0.0 | 0.0 |
Parent Company | Reportable Legal Entities | |||
Operating Activities | |||
Net income (loss) | 5.3 | 39.3 | |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||
Depreciation and amortization | 0.0 | 0.0 | |
Deferred and noncurrent income tax charges (credits) | 0.0 | 0.0 | |
Accretion of asset retirement obligations | 0.0 | 0.0 | |
(Gain) loss on sale of assets | 0.0 | 0.0 | |
Net (increase) decrease in noncash operating working capital | 0.0 | 0.0 | |
Equity in earnings of affiliates | (5.3) | (39.3) | |
Other operating activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) operating activities | 0.0 | 0.0 | |
Investing Activities | |||
Property additions | 0.0 | 0.0 | |
Proceeds from sale of assets | 0.0 | 0.0 | |
Other investing activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) investing activities | 0.0 | 0.0 | |
Financing Activities | |||
Purchase of treasury stock | (13.3) | (71.7) | |
Borrowings of debt | 0.0 | 0.0 | |
Repayments of debt | 0.0 | 0.0 | |
Debt issuance costs | 0.0 | 0.0 | |
Amounts related to share-based compensation | 0.0 | 0.0 | |
Net distributions to parent | 13.3 | 71.7 | |
Net cash provided by (required by) financing activities | 0.0 | 0.0 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 0.0 | 0.0 | |
Cash and cash equivalents at beginning of period | 0.0 | 0.0 | 0.0 |
Restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at end of period | 0.0 | 0.0 | 0.0 |
Restricted cash at end of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at end of period | 0.0 | 0.0 | 0.0 |
Issuer | Reportable Legal Entities | |||
Operating Activities | |||
Net income (loss) | 5.3 | 39.3 | |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||
Depreciation and amortization | 39.7 | 31.8 | |
Deferred and noncurrent income tax charges (credits) | (2.4) | 1.1 | |
Accretion of asset retirement obligations | 0.5 | 0.5 | |
(Gain) loss on sale of assets | 0.1 | (0.3) | |
Net (increase) decrease in noncash operating working capital | 1.7 | 36.0 | |
Equity in earnings of affiliates | 0.2 | 0.0 | |
Other operating activities - net | 3.2 | (1.0) | |
Net cash provided by (required by) operating activities | 48.3 | 107.4 | |
Investing Activities | |||
Property additions | (28.8) | (48.3) | |
Proceeds from sale of assets | 1.1 | 1.1 | |
Other investing activities - net | (0.1) | (4.7) | |
Net cash provided by (required by) investing activities | (27.8) | (51.9) | |
Financing Activities | |||
Purchase of treasury stock | 0.0 | 0.0 | |
Borrowings of debt | 0.0 | 0.0 | |
Repayments of debt | (5.4) | (5.3) | |
Debt issuance costs | 0.0 | 0.0 | |
Amounts related to share-based compensation | (4.0) | (2.9) | |
Net distributions to parent | (15.2) | (72.3) | |
Net cash provided by (required by) financing activities | (24.6) | (80.5) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (4.1) | (25.0) | |
Cash and cash equivalents at beginning of period | 184.0 | 169.9 | 169.9 |
Restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at beginning of period | 184.0 | 169.9 | 169.9 |
Cash and cash equivalents at end of period | 179.9 | 143.8 | 184.0 |
Restricted cash at end of period | 0.0 | 1.1 | 0.0 |
Cash, cash equivalents, and restricted cash at end of period | 179.9 | 144.9 | 184.0 |
Guarantor Subsidiaries | Reportable Legal Entities | |||
Operating Activities | |||
Net income (loss) | (0.2) | 0.0 | |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||
Depreciation and amortization | 0.0 | 0.0 | |
Deferred and noncurrent income tax charges (credits) | 0.0 | 0.0 | |
Accretion of asset retirement obligations | 0.0 | 0.0 | |
(Gain) loss on sale of assets | 0.0 | 0.0 | |
Net (increase) decrease in noncash operating working capital | 0.0 | 0.0 | |
Equity in earnings of affiliates | 0.0 | 0.0 | |
Other operating activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) operating activities | (0.2) | 0.0 | |
Investing Activities | |||
Property additions | (1.7) | (0.4) | |
Proceeds from sale of assets | 0.0 | 0.0 | |
Other investing activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) investing activities | (1.7) | (0.4) | |
Financing Activities | |||
Purchase of treasury stock | 0.0 | 0.0 | |
Borrowings of debt | 0.0 | 0.0 | |
Repayments of debt | 0.0 | 0.0 | |
Debt issuance costs | 0.0 | 0.0 | |
Amounts related to share-based compensation | 0.0 | 0.0 | |
Net distributions to parent | 1.9 | 0.6 | |
Net cash provided by (required by) financing activities | 1.9 | 0.6 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 0.0 | 0.2 | |
Cash and cash equivalents at beginning of period | 0.5 | 0.1 | 0.1 |
Restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at beginning of period | 0.5 | 0.1 | 0.1 |
Cash and cash equivalents at end of period | 0.5 | 0.3 | 0.5 |
Restricted cash at end of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at end of period | 0.5 | 0.3 | 0.5 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
Operating Activities | |||
Net income (loss) | 0.0 | 0.0 | |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||
Depreciation and amortization | 0.0 | 0.0 | |
Deferred and noncurrent income tax charges (credits) | 0.0 | 0.0 | |
Accretion of asset retirement obligations | 0.0 | 0.0 | |
(Gain) loss on sale of assets | 0.0 | 0.0 | |
Net (increase) decrease in noncash operating working capital | 0.0 | 0.0 | |
Equity in earnings of affiliates | 0.0 | 0.0 | |
Other operating activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) operating activities | 0.0 | 0.0 | |
Investing Activities | |||
Property additions | 0.0 | 0.0 | |
Proceeds from sale of assets | 0.0 | 0.0 | |
Other investing activities - net | 0.0 | 0.0 | |
Net cash provided by (required by) investing activities | 0.0 | 0.0 | |
Financing Activities | |||
Purchase of treasury stock | 0.0 | 0.0 | |
Borrowings of debt | 0.0 | 0.0 | |
Repayments of debt | 0.0 | 0.0 | |
Debt issuance costs | 0.0 | 0.0 | |
Amounts related to share-based compensation | 0.0 | 0.0 | |
Net distributions to parent | 0.0 | 0.0 | |
Net cash provided by (required by) financing activities | 0.0 | 0.0 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 0.0 | 0.0 | |
Cash and cash equivalents at beginning of period | 0.0 | 0.0 | 0.0 |
Restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at beginning of period | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at end of period | 0.0 | 0.0 | 0.0 |
Restricted cash at end of period | 0.0 | 0.0 | 0.0 |
Cash, cash equivalents, and restricted cash at end of period | $ 0.0 | $ 0.0 | $ 0.0 |
Guarantor Subsidiaries (Consolidating Statement Of Changes In Equity) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 807.3 | $ 738.4 |
Issuance of treasury stock | 0.0 | 0.0 |
Purchase of treasury stock | (13.3) | (71.7) |
Amounts related to share-based compensation | (4.1) | (2.9) |
Share-based compensation expense | 2.6 | 2.2 |
Net income (loss) | 5.3 | 39.3 |
Ending balance | 797.8 | 705.3 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.5 | 0.5 |
Issuance of common stock | 0.0 | 0.0 |
Ending balance | 0.5 | 0.5 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (940.3) | (806.5) |
Issuance of treasury stock | 5.6 | 4.4 |
Purchase of treasury stock | (13.3) | (71.7) |
Ending balance | (948.0) | (873.8) |
APIC | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 539.0 | 549.9 |
Issuance of treasury stock | (5.6) | (4.4) |
Amounts related to share-based compensation | (4.1) | (2.9) |
Share-based compensation expense | 2.6 | 2.2 |
Ending balance | 531.9 | 544.8 |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,208.1 | 994.5 |
Net income (loss) | 5.3 | 39.3 |
Ending balance | 1,213.4 | 1,033.8 |
Eliminations | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (2,581.4) | |
Net income (loss) | (5.1) | (39.3) |
Ending balance | (2,586.5) | |
Eliminations | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (0.1) | (0.1) |
Ending balance | (0.1) | (0.1) |
Eliminations | Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Ending balance | 0.0 | 0.0 |
Eliminations | APIC | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (1,368.4) | (1,368.4) |
Ending balance | (1,368.4) | (1,368.4) |
Eliminations | Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (1,212.9) | (999.8) |
Net income (loss) | (5.1) | (39.3) |
Ending balance | (1,218.0) | (1,039.1) |
Issuer | Reportable Legal Entities | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 745.7 | |
Net income (loss) | 5.3 | 39.3 |
Ending balance | 749.5 | |
Issuer | Reportable Legal Entities | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Ending balance | 0.0 | 0.0 |
Issuer | Reportable Legal Entities | Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Ending balance | 0.0 | 0.0 |
Issuer | Reportable Legal Entities | APIC | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 572.8 | 573.1 |
Amounts related to share-based compensation | (4.1) | (2.9) |
Share-based compensation expense | 2.6 | 2.2 |
Ending balance | 571.3 | 572.4 |
Issuer | Reportable Legal Entities | Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 172.9 | 933.0 |
Net income (loss) | 5.3 | 39.3 |
Ending balance | 178.2 | 972.3 |
Parent Company | Reportable Legal Entities | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 2,437.1 | |
Net income (loss) | 5.3 | 39.3 |
Ending balance | 2,429.1 | |
Parent Company | Reportable Legal Entities | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.5 | 0.5 |
Ending balance | 0.5 | 0.5 |
Parent Company | Reportable Legal Entities | Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (940.3) | (806.5) |
Issuance of treasury stock | 5.6 | 4.4 |
Purchase of treasury stock | (13.3) | (71.7) |
Ending balance | (948.0) | (873.8) |
Parent Company | Reportable Legal Entities | APIC | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,195.1 | 1,205.7 |
Issuance of treasury stock | (5.6) | (4.4) |
Ending balance | 1,189.5 | 1,201.3 |
Parent Company | Reportable Legal Entities | Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 2,181.8 | 994.5 |
Net income (loss) | 5.3 | 39.3 |
Ending balance | 2,187.1 | 1,033.8 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 51.6 | |
Net income (loss) | (0.2) | 0.0 |
Ending balance | 51.4 | |
Guarantor Subsidiaries | Reportable Legal Entities | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.1 | 0.1 |
Ending balance | 0.1 | 0.1 |
Guarantor Subsidiaries | Reportable Legal Entities | Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Ending balance | 0.0 | 0.0 |
Guarantor Subsidiaries | Reportable Legal Entities | APIC | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 52.0 | 52.0 |
Ending balance | 52.0 | 52.0 |
Guarantor Subsidiaries | Reportable Legal Entities | Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (0.5) | 0.0 |
Net income (loss) | (0.2) | 0.0 |
Ending balance | (0.7) | 0.0 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 154.3 | |
Net income (loss) | 0.0 | 0.0 |
Ending balance | 154.3 | |
Non-Guarantor Subsidiaries | Reportable Legal Entities | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Ending balance | 0.0 | 0.0 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Ending balance | 0.0 | 0.0 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | APIC | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 87.5 | 87.5 |
Ending balance | 87.5 | 87.5 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 66.8 | 66.8 |
Net income (loss) | 0.0 | 0.0 |
Ending balance | $ 66.8 | $ 66.8 |