$ 3,184.8

$ 3,116.4

Depreciation and amortization

39.4

39.7

Selling, general and administrative

39.2

34.6

Accretion of asset retirement obligations

0.6

0.5

Total operating expenses

3,054.1

3,097.8

Net settlement proceeds

0.0

0.1

Gain (loss) on sale of assets

0.1

(0.1)

Income (loss) from operations

130.8

18.6

Other income (expense)

Interest income

0.8

0.7

Interest expense

(13.3)

(13.6)

Other nonoperating income (expense)

(1.0)

0.2

Total other income (expense)

(13.5)

(12.7)

Income (loss) before income taxes

117.3

5.9

Income tax expense (benefit)

28.0

0.6

Net Income (Loss) Attributable to Parent, Total

$ 89.3

$ 5.3

Basic and Diluted Earnings Per Common Share

Basic (in dollars per share)

$ 2.95

$ 0.16

Diluted (in dollars per share)

$ 2.92

$ 0.16

Weighted-Average Common Shares Outstanding:

Basic (in shares)

30,235

32,206

Diluted (in shares)

30,541

32,420

Supplemental information:

Excise taxes

^[1]

$ 473.5

$ 455.3

Product

2,480.2

2,499.8

Operating expenses

2,259.8

2,381.5

Merchandise sales

687.5

606.2

Operating expenses

580.0

508.7

Other operating revenues

17.1

10.4

Operating expenses

$ 135.1

$ 132.8

[1]	Includes excise taxes of $473.5 million for the three months ended March 31, 2020, $455.3 million the three months ended March 31, 2019.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 89.3	$ 5.3
Interest rate swap:
Realized gain (loss)	0.1	0.0
Unrealized gain (loss)	(3.6)	0.0
Reclassified to interest expense	(0.1)	0.0
Total	(3.6)	0.0
Deferred income tax (benefit) expense	(0.9)	0.0
Other comprehensive income (loss)	(2.7)	0.0
Comprehensive income (loss)	$ 86.6	$ 5.3

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating Activities
Net income	$ 89.3	$ 5.3
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities
Depreciation and amortization	39.4	39.7
Deferred and noncurrent income tax charges (credits)	5.9	(2.4)
Accretion of asset retirement obligations	0.6	0.5	$ 2.1
Pretax (gains) losses from sale of assets	(0.1)	0.1
Net (increase) decrease in noncash operating working capital	(25.7)	1.7
Other operating activities - net	4.3	3.2
Net cash provided by (required by) operating activities	113.7	48.1
Investing Activities
Property additions	(46.6)	(30.5)
Proceeds from sale of assets	0.2	1.1
Other investing activities - net	(0.8)	(0.1)
Net cash provided by (required by) investing activities	(47.2)	(29.5)
Financing Activities
Purchase of treasury stock	(140.6)	(13.3)
Repayments of debt	(0.3)	(5.4)
Amounts related to share-based compensation	(5.6)	(4.0)
Net cash provided by (required by) financing activities	(146.5)	(22.7)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(80.0)	(4.1)
Cash, cash equivalents, and restricted cash at beginning of period	280.3	184.5	184.5
Cash, cash equivalents, and restricted cash at end of period	$ 200.3	$ 180.4	$ 280.3

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	APIC	Retained Earnings	AOCI
Balance (in shares) at Dec. 31, 2018		46,767,164
Beginning balance at Dec. 31, 2018	$ 807.3	$ 0.5	$ (940.3)	$ 539.0	$ 1,208.1	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	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
Balance (in shares) at Mar. 31, 2019		46,767,164
Ending balance at Mar. 31, 2019	797.8	$ 0.5	(948.0)	531.9	1,213.4	0.0
Balance (in shares) at Dec. 31, 2019		46,767,164
Beginning balance at Dec. 31, 2019	803.0	$ 0.5	(1,099.8)	538.7	1,362.9	0.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	89.3				89.3
Loss on interest rate hedge, net of tax	(2.7)					(2.7)
Purchase of treasury stock	(140.6)		(140.6)
Issuance of treasury stock	(0.5)		5.2	(5.7)
Amounts related to share-based compensation	(5.6)			(5.6)
Share-based compensation expense	2.8			2.8
Balance (in shares) at Mar. 31, 2020		46,767,164
Ending balance at Mar. 31, 2020	$ 746.8	$ 0.5	$ (1,235.2)	$ 530.2	$ 1,453.3	$ (2.0)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Revenue from Contract with Customer [Abstract]

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2020
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, 2020, Murphy USA had a total of 1,491 Company stations of which 1,161 were Murphy USA and 330 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, 2019, 2018 and 2017, 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 18, 2020. Recently Issued Accounting Standards— 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 was effective for the Company on January 1, 2020. The amendments in this update were applied prospectively to all implementation costs incurred after the date of adoption. The Company assessed the effect that this ASU had on our financial position, results of operations, and disclosures and determined that this update did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 was subsequently modified by ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. This ASU changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life, which will result in timelier recognition of losses. ASU 2016-13 and the associated modifications were effective for the Company on January 1, 2020. ASC 326 requires a modified retrospective approach with an adjustment at the beginning of the year for any adjustment due to its adoption. In applying ASC 326 at January 1, 2020, the Company calculated an adjustment to its estimated credit loss allowance and lowered the allowance by $1.1 million, which was credited to retained earnings under the modified retrospective approach. The adjustment reflects the Company's changes in credit practices since its spin-off in 2013 which includes tighter applied credit terms and faster turnover of receivable balances resulting in a decrease to its estimated credit loss allowance as of January 1, 2020. A review was conducted for the quarter ended March 31, 2020, and no change in the estimated credit loss allowance was required.

Revenues

3 Months Ended

Mar. 31, 2020

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, 2020 and 2019, respectively:


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(Millions of dollars)	Marketing		Corporate and Other Assets		Consolidated		Marketing		Corporate and Other Assets		Consolidated
Petroleum product sales (at retail) ¹	$	2,246.2	$	—	$	2,246.2	$	2,238.7	$	—	$	2,238.7
Petroleum product sales (at wholesale)	234.0		—		234.0		261.1		—		261.1
Total petroleum product sales	2,480.2		—		2,480.2		2,499.8		—		2,499.8
Merchandise sales	687.5		—		687.5		606.2		—		606.2
Other operating revenues:
RINs	15.5		—		15.5		9.1		—		9.1
Other revenues ²	1.5		0.1		1.6		1.2		0.1		1.3
Total revenues	$	3,184.7	$	0.1	$	3,184.8	$	3,116.3	$	0.1	$	3,116.4

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 or the rewards expire. The rewards may be redeemed for merchandise or cash discounts on fuel purchases. The program was rolled out chain-wide in March 2019. The deferred revenue balances at March 31, 2020 and December 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, 2020 and December 31, 2019, we had $61.7 million and $96.0 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 to our customers, which have a very short settlement window.

Inventories

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(Millions of dollars)	March 31, 2020		December 31, 2019
Finished products - First-In, First-Out ("FIFO") basis	$	145.8	$	259.2
Less: Last-In, First-Out ("LIFO") reserve - finished products	(42.6)		(160.8)
Finished products - LIFO basis	103.2		98.4
Store merchandise for resale	133.8		123.0

Materials and supplies	6.5		6.2
Total inventories	$	243.5	$	227.6

At March 31, 2020 and December 31, 2019, the replacement cost (market value) of LIFO inventories exceeded the LIFO carrying value by $42.6 million and $160.8 million, respectively.

Long-Term Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following:


(Millions of dollars)	March 31, 2020		December 31, 2019

5.625% senior notes due 2027 (net of unamortized discount of $2.7 at March 31, 2020 and $2.7 at December 2019)	297.3		297.3
4.75% senior notes due 2029 (net of unamortized discount of $5.9 at March 31, 2020 and $6.1 at December 31, 2019)	494.1		493.9
Term loan due 2023 (effective interest rate of 3.91% at March 31, 2020 and 4.31% at December 31, 2019)	250.0		250.0

Capitalized lease obligations, vehicles, due through 2023	2.4		2.4
Less unamortized debt issuance costs	(5.2)		(5.5)
Total long-term debt	1,038.6		1,038.1
Less current maturities	51.2		38.8
Total long-term debt, net of current	$	987.4	$	999.3

Senior Notes

On April 25, 2017, Murphy Oil USA, Inc., our primary operating subsidiary, 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 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 September 13, 2019, Murphy Oil USA, Inc., issued $500 million of 4.75% Senior Notes due 2029 (the “2029 Senior Notes”). The net proceeds from the issuance of the 2029 Senior Notes were used to fund, in part, the tender offer and redemption of the $500 million aggregate principal amount of its senior notes due 2023. The 2029 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 2029 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2027 Senior Notes.

The 2027 and 2029 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 2027 and 2029 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 August 2019, we amended and extended our existing credit agreement. The effective date of the agreement was extended to August, 2024. The credit agreement provides for a committed $325 million asset-based loan (ABL) facility (with availability subject to the borrowing base described below) and a $250 million term loan facility. It also provides for a $150 million uncommitted incremental facility. On August 27, 2019, Murphy Oil USA, Inc. borrowed $200 million under the term loan facility that has a four-year term and prepaid the remaining balance of the prior term loan of $57 million, and on December 31, 2019, we borrowed the additional $50 million term loan. At December 31, 2019 and March 31, 2020, the current outstanding principal balance was $250 million. The term loan

is due August 2023 and requires quarterly principal payments of $12.5 million beginning April 1, 2020. As of March 31, 2020, 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 midstream 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$100 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:

•the London interbank offered rate, adjusted for statutory reserve requirements (the “Adjusted LIBO Rate”);

or

•the Alternate Base Rate, which is defined as the highest of (a) the prime rate, (b) the greater of the federal funds effective rate and the overnight bank funding rate determined by the Federal Reserve Bank of New York from time to time plus 0.50% per annum and (c) the one-month Adjusted LIBO Rate plus 1.00% per annum,

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, 2020, our fixed charge coverage ratio was 0.91, and we had $91.3 million of availability under the ABL facility at that date. Consequently, our ability to make certain restricted payments was limited but we remain in compliance with the covenant. Our secured debt to EBITDA ratio as of March 31, 2020 was 0.46 to 1.0.

The credit agreement contains restrictions on certain payments, including dividends, when availability under the credit agreement is (x) less than or equal to the greater of $100 million and 25% of the lesser of the revolving commitments and the borrowing base and (y) 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, 2020 and December 31, 2019, our availability under the borrowing base was less than $100 million, at $91.3 million, while our fixed charge coverage ratio was less than 1.0 to 1.0, at 0.91. As a result, and subject to an annual available basket of up to $25 million which remains unused for

the current year, our ability to make restricted payments was limited. As of March 31, 2020, the Company had a shortfall of approximately $53.9 million of our net income and retained earnings subject to such restrictions before the fixed charge coverage ratio would exceed 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)

3 Months Ended

Mar. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations (ARO)

The majority of the ARO recognized by the Company at March 31, 2020 and December 31, 2019 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.


(Millions of dollars)	March 31, 2020		December 31, 2019
Balance at beginning of period	$	32.8	$	30.7
Accretion expense	0.6		2.1
Settlements of liabilities	(0.2)		(0.4)
Liabilities incurred	—		0.4
Balance at end of period	$	33.2	$	32.8

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

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

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, 2020 and 2019, the Company’s approximate effective tax rates were as follows:


	2020	2019

Three months ended March 31,	23.9%	10.9%

In the three months ended March 31, 2020, the Company recognized approximately $0.6 million of excess tax benefits related to stock compensation for employees and $0.4 million for other discrete tax items. For the three months ended March 31, 2019, the Company recognized a tax benefit of approximately $0.8 million of excess tax benefits related to stock compensation.

As of March 31, 2020, the earliest year remaining open for federal examination is 2016 and for certain states it ranges from 2014 to 2018. 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

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

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.

STOCK OPTIONS – The Committee fixes the option price of each option granted at no less than fair market value (FMV) on the date of the grant and fixes the option term at no more than 7 years from such date. In February 2020, the Committee granted nonqualified stock options to certain employees of the Company. The Black-Scholes valuation for these awards was $28.28 per option.


Assumptions used to value awards:
Dividend yield	—		%
Expected volatility	28.1		%
Risk-free interest rate	1.5		%
Expected life (years)	4.7
Stock price at valuation date	$	106.72

Changes in options outstanding for Company employees during the period from December 31, 2019 to March 31, 2020 are presented in the following table:


Options	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at 12/31/2019	392,300	$	68.52
Granted	79,200	105.57


Outstanding at 3/31/2020	471,500	$	74.75	4.5	$	6.2

Exercisable at 3/31/2020	257,500	$	65.30	3.3	$	4.9

RESTRICTED STOCK UNITS (MUSA 2013 Plan) – The Committee has granted time based restricted stock units (RSUs) as part of the compensation plan for its executives and certain other employees since its inception. The awards granted in the current year were under the MUSA 2013 Plan, are valued at the grant date fair value, and vest over 3 years.

Changes in restricted stock units outstanding for Company employees during the period from December 31, 2019 to March 31, 2020 are presented in the following table:


Employee RSUs	Number of units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at 12/31/2019	198,915	$	70.58
Granted	55,395	$	90.64
Vested and issued	(55,875)	$	65.86	$	5.9
Forfeited	(4,390)	$	78.33
Outstanding at 3/31/2020	194,045	$	77.49	$	16.4

PERFORMANCE-BASED RESTRICTED STOCK UNITS (MUSA 2013 Plan) – In February 2020, the Committee awarded performance-based restricted stock units (performance units) to certain employees. 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 18 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 $142.07 per unit. For the ROACE portion of the awards, the valuation will be based on the grant date fair value of $106.72 per unit and the number of awards will be periodically assessed to determine the probability of vesting.

Changes in performance-based restricted stock units outstanding for Company employees during the period from December 31, 2019 to March 31, 2020 are presented in the following table:



Employee PSU's	Number of Units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at 12/31/2019	131,200	$	82.98
Granted	64,050	$	122.56
Vested and issued	(65,745)	$	85.04	$	7.0
Forfeited	(405)	$	65.75
Outstanding at 3/31/2020	129,100	$	96.83	$	10.9

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.

RESTRICTED STOCK UNITS (Directors Plan) – The Committee has also granted time based RSUs to the non-employee directors of the Company as part of their overall compensation package for being a member of the Board of Directors. These awards typically vest at the end of three years.

Changes in restricted stock units outstanding for Company non-employee directors during the period from December 31, 2019 to March 31, 2020 are presented in the following table:


Director RSU's	Number of Units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at 12/31/2019	33,607	$	70.68
Granted	9,744	$	110.86
Vested and issued	(12,404)	$	66.01	$	1.3

Outstanding at 3/31/2020	30,947	$	85.20	$	2.6

For the three months ended March 31, 2020 and 2019, share-based compensation was $2.8 million and $2.6 million, respectively. The was no income tax benefit realized for the tax deductions from options exercised for the three months ended March 31, 2020 and 2019.

Financial Instruments and Risk Management	3 Months Ended
Financial Instruments and Risk Management	Mar. 31, 2020
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 and interest rates. 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 credit worthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). For accounting purposes, the Company has not designated commodity derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statement of Income. Certain interest rate derivative contracts were accounted for as hedges and gain or loss associated with recording the fair value of these contracts was deferred in AOCI until the anticipated transactions occur. As of March 31, 2020, all current commodity derivative activity is immaterial. At March 31, 2020 and December 31, 2019, cash deposits of $2.3 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, 2020 or December 31, 2019Interest Rate RisksUnder hedge accounting rules, the Company deferred the net charge or benefit associated with the interest rate swap entered into to manage the variability in interest payments for the variable-rate debt in association with $150 million of our outstanding term loan dated August 27, 2019. The effective date of the hedge was September 27, 2019, and under the swap the Company pays fixed rate interest and receives one month LIBOR to hedge the floating interest rate of the outstanding debt. During the three months ended March 31, 2020, $0.1 million of realized gain on the interest rate swaps was credited to interest expense in the Consolidated Statements of Income. The pre-tax losses deferred on these contracts in the three months ended March 31, 2020 was $3.6 million, which is recorded, net of income taxes of $0.9 million, in the Consolidated Statements of Comprehensive Income.

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

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.

On July 24, 2019, the Board of Directors approved an up to $400 million share repurchase program to be executed over the two-year period ending July 2021. Prior to the July authorization, the Company had continued to conduct

share repurchases in 2019 under quarterly allocations in line with its past practice, subject to market conditions and cash availability. For the three months ended March 31, 2020, the Company acquired 1,362,400 shares of common stock for an average price of $103.17 per share including brokerage fees and for the three months ended March 31, 2019, 177,074 shares were repurchased for an average price of $74.86 per share.

The following table provides a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)	2020		2019
Earnings per common share:
Net income per share - basic


Net income attributable to common stockholders	$	89.3	$	5.3

Weighted average common shares outstanding (in thousands)	30,235		32,206

Earnings per common share	$	2.95	$	0.16




Earnings per common share - assuming dilution:
Net income per share - diluted


Net income attributable to common stockholders	$	89.3	$	5.3

Weighted average common shares outstanding (in thousands)	30,235		32,206
Common equivalent shares:
Dilutive share-based awards	306		214
Weighted average common shares outstanding - assuming dilution (in thousands)	30,541		32,420


Earnings per common share assuming dilution	$	2.92	$	0.16

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

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

CASH FLOW DISCLOSURES — Cash income taxes paid (collected), net of refunds, were $(0.5) million and $0.7 million for the three month periods ended March 31, 2020 and 2019, respectively. Interest paid, net of amounts capitalized, was $14.7 million and $16.2 million for the three month periods ended March 31, 2020 and 2019, respectively.

CHANGES IN WORKING CAPITAL:


	Three Months Ended March 31,
(Millions of dollars)	2020		2019
Accounts receivable	$	37.3	$	(88.5)
Inventories	(16.7)		42.7
Prepaid expenses and other current assets	13.7		(1.1)
Accounts payable and accrued liabilities	(66.1)		48.6
Income taxes payable	6.1		—

Net (increase) decrease in noncash operating working capital	$	(25.7)	$	1.7

Assets and Liabilities Measured at Fair Value

3 Months Ended

Mar. 31, 2020

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, 2020 and December 31, 2019. 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.


	At March 31, 2020						At December 31, 2019
	Carrying				Carrying
(Millions of dollars)	Amount		Fair Value		Amount		Fair Value
Financial liabilities
Current and long-term debt	$	(1,038.6)	$	(1,031.2)	$	(1,038.1)	$	(1,069.4)

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Revenue from Contract with Customer [Abstract]

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2020
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, 2020, 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, 2020. 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, 2020, 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 $23.2 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, 2020, the Company had contingent liabilities of $17.0 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

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

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.

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 —We lease land for 217 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.

Leases are reflected in the following balance sheet accounts:


(Millions of dollars)	Classification	March 31, 2020		December 31, 2019
Assets
Operating (Right-of-use)	Other Assets	$	128.9	$	124.2
Finance	Property, plant, and equipment, at cost, less accumulated depreciation of $2.4 at March 31, 2020 and $2.2 at December 31, 2019	2.9		3.0
Total leased assets		$	131.8	$	127.2

Liabilities
Current
Operating	Trade accounts payable and accrued liabilities	$	6.9	$	6.8
Finance	Current maturities of long-term debt	1.2		1.2
Noncurrent
Operating	Deferred credits and other liabilities	123.4		118.5
Finance	Long-term debt, including capitalized lease obligations	1.1		1.2
Total lease liabilities		$	132.6	$	127.7

Lease Cost:


		Three Months Ended March 31,		Three Months Ended March 31,
(Millions of dollars)	Classification	2020		2019
Operating lease cost	Station and other operating expenses	$	3.9	$	3.5
Finance lease cost
Amortization of leased assets	Depreciation & amortization expense	0.3		0.3
Interest on lease liabilities	Interest expense	—		—
Net lease costs		$	4.2	$	3.8

Cash flow information:


	Three Months Ended March 31,
(Millions of dollars)	2020		2019
Cash paid for amounts included in the measurement of liabilities
Operating cash flows from operating leases	$	3.7	$	3.3
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	0.4	$	0.4

Maturity of Lease Liabilities at March 31, 2020:


(Millions of dollars)	Operating leases		Finance leases
2020	$	11.3	$	1.1
2021	14.6		1.0
2022	13.8		0.4
2023	13.2		—
2024	12.8		—
After 2024	152.2		—
Total lease payments	217.9		2.5
less: interest	87.7		0.2
Present value of lease liabilities	$	130.2	$	2.3

Lease Term and Discount Rate:


	Three Months Ended March 31,
	2020
Weighted average remaining lease term (years)
Finance leases	2.0
Operating leases	15.6
Weighted average discount rate
Finance leases	4.8	%
Operating leases	6.0	%

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.

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 —We lease land for 217 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.

Leases are reflected in the following balance sheet accounts:


(Millions of dollars)	Classification	March 31, 2020		December 31, 2019
Assets
Operating (Right-of-use)	Other Assets	$	128.9	$	124.2
Finance	Property, plant, and equipment, at cost, less accumulated depreciation of $2.4 at March 31, 2020 and $2.2 at December 31, 2019	2.9		3.0
Total leased assets		$	131.8	$	127.2

Liabilities
Current
Operating	Trade accounts payable and accrued liabilities	$	6.9	$	6.8
Finance	Current maturities of long-term debt	1.2		1.2
Noncurrent
Operating	Deferred credits and other liabilities	123.4		118.5
Finance	Long-term debt, including capitalized lease obligations	1.1		1.2
Total lease liabilities		$	132.6	$	127.7

Lease Cost:


		Three Months Ended March 31,		Three Months Ended March 31,
(Millions of dollars)	Classification	2020		2019
Operating lease cost	Station and other operating expenses	$	3.9	$	3.5
Finance lease cost
Amortization of leased assets	Depreciation & amortization expense	0.3		0.3
Interest on lease liabilities	Interest expense	—		—
Net lease costs		$	4.2	$	3.8

Cash flow information:


	Three Months Ended March 31,
(Millions of dollars)	2020		2019
Cash paid for amounts included in the measurement of liabilities
Operating cash flows from operating leases	$	3.7	$	3.3
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	0.4	$	0.4

Maturity of Lease Liabilities at March 31, 2020:


(Millions of dollars)	Operating leases		Finance leases
2020	$	11.3	$	1.1
2021	14.6		1.0
2022	13.8		0.4
2023	13.2		—
2024	12.8		—
After 2024	152.2		—
Total lease payments	217.9		2.5
less: interest	87.7		0.2
Present value of lease liabilities	$	130.2	$	2.3

Lease Term and Discount Rate:


	Three Months Ended March 31,
	2020
Weighted average remaining lease term (years)
Finance leases	2.0
Operating leases	15.6
Weighted average discount rate
Finance leases	4.8	%
Operating leases	6.0	%

Business Segment

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Business Segment

The Company's operations have one reportable 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).


			Three Months Ended
			March 31, 2020						March 31, 2019
	Total Assets at		External		Income		External		Income
(Millions of dollars)	March 31, 2020		Revenues		(Loss)		Revenues		(Loss)
Marketing	$	2,282.0	$	3,184.7	$	100.9	$	3,116.3	$	16.2
Corporate and other assets	301.4		0.1		(11.6)		0.1		(10.9)


Total	$	2,583.4	$	3,184.8	$	89.3	$	3,116.4	$	5.3

Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2020

Guarantor Subsidiaries [Abstract]

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 Murphy Oil USA, Inc. (the "Issuer"), including the 5.625% senior notes due 2027 and the 4.75% senior notes due 2029. 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


(Millions of dollars, except share amounts)	March 31, 2020
Assets	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Current assets
Cash and cash equivalents	$	—	$	199.0	$	1.3	$	—	$	—	$	200.3
Accounts receivable—trade, less allowance for doubtful accounts of $0.1 in 2020	—		136.4		(0.1)		—		—		136.3
Inventories, at lower of cost or market	—		243.5		—		—		—		243.5
Prepaid expenses and other current assets	—		22.5		—		—		—		22.5

Total current assets	—		601.4		1.2		—		—		602.6
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,107.3 in 2020	—		1,799.3		9.0		—		—		1,808.3

Investments in subsidiaries	2,681.1		143.8		—		—		(2,824.9)		—
Other assets	—		172.5		—		—		—		172.5


Total assets	$	2,681.1	$	2,717.0	$	10.2	$	—	$	(2,824.9)	$	2,583.4
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	—	$	51.2	$	—	$	—	$	—	$	51.2
Inter-company accounts payable	141.0		53.6		(40.3)		(154.3)		—		—
Trade accounts payable and accrued liabilities	—		400.7		(0.1)		—		—		400.6
Income taxes payable	—		6.5		(0.4)		—		—		6.1


Total current liabilities	141.0		512.0		(40.8)		(154.3)		—		457.9
Long-term debt, including capitalized lease obligations	—		987.4		—		—		—		987.4
Deferred income taxes	—		221.8		—		—		—		221.8
Asset retirement obligations	—		33.2		—		—		—		33.2
Deferred credits and other liabilities	—		136.3		—		—		—		136.3

Total liabilities	141.0		1,890.7		(40.8)		(154.3)		—		1,836.6
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)	—		—		—		—		—		—
Common Stock, par 0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at March 31, 2020)	0.5		—		0.1		—		(0.1)		0.5
Treasury Stock (17,589,526 shares held at March 31, 2020)	(1,235.2)		—		—		—		—		(1,235.2)
Additional paid in capital (APIC)	1,183.1		576.0		52.0		87.5		(1,368.4)		530.2
Retained earnings	2,591.7		252.3		(1.1)		66.8		(1,456.4)		1,453.3
Accumulated other comprehensive income (loss) (AOCI)	—		(2.0)		—		—		—		(2.0)
Total stockholders' equity	2,540.1		826.3		51.0		154.3		(2,824.9)		746.8
Total liabilities and stockholders' equity	$	2,681.1	$	2,717.0	$	10.2	$	—	$	(2,824.9)	$	2,583.4

CONSOLIDATING BALANCE SHEET


(Millions of dollars, except share amounts)	December 31, 2019
Assets	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Current assets
Cash and cash equivalents	$	—	$	279.4	$	0.9	$	—	$	—	$	280.3
Accounts receivable—trade, less allowance for doubtful accounts of $1.2 in 2019	—		173.0		(0.1)		—		—		172.9
Inventories, at lower of cost or market	—		227.6		—		—		—		227.6
Prepaid expenses and other current assets	—		29.6		0.4		—		—		30.0

Total current assets	—		709.6		1.2		—		—		710.8
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,079.2 in 2019	—		1,799.1		8.2		—		—		1,807.3

Investments in subsidiaries	2,591.8		143.9		—		—		(2,735.7)		—
Other assets	—		169.1		—		—		—		169.1


Total assets	$	2,591.8	$	2,821.7	$	9.4	$	—	$	(2,735.7)	$	2,687.2
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	—	$	38.8	$	—	$	—	$	—	$	38.8
Inter-company accounts payable	(0.1)		196.1		(41.7)		(154.3)		—		—
Trade accounts payable and accrued liabilities	—		466.2		—		—		—		466.2



Total current liabilities	(0.1)		701.1		(41.7)		(154.3)		—		505.0
Long-term debt, including capitalized lease obligations	—		999.3		—		—		—		999.3
Deferred income taxes	—		216.7		—		—		—		216.7
Asset retirement obligations	—		32.8		—		—		—		32.8
Deferred credits and other liabilities	—		130.4		—		—		—		130.4

Total liabilities	(0.1)		2,080.3		(41.7)		(154.3)		—		1,884.2
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)	—		—		—		—		—		—
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at December 31, 2019)	0.5		—		0.1		—		(0.1)		0.5
Treasury Stock (16,307,048 shares held at December 31, 2019 )	(1,099.8)		—		—		—		—		(1,099.8)
Additional paid in capital (APIC)	1,188.8		578.8		52.0		87.5		(1,368.4)		538.7
Retained earnings	2,502.4		161.9		(1.0)		66.8		(1,367.2)		1,362.9
Accumulated other comprehensive income (AOCI)	—		0.7		—		—		—		0.7
Total stockholders' equity	2,591.9		741.4		51.1		154.3		(2,735.7)		803.0
Total liabilities and stockholders' equity	$	2,591.8	$	2,821.7	$	9.4	$	—	$	(2,735.7)	$	2,687.2

CONSOLIDATING INCOME STATEMENT AND COMPREHENSIVE INCOME


(Millions of dollars)	Three Months Ended March 31, 2020
Operating Revenues	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Petroleum product sales	$	—	$	2,480.2	$	—	$	—	$	—	$	2,480.2
Merchandise sales	—		687.5		—		—		—		687.5
Other operating revenues	—		17.1		—		—		—		17.1
Total operating revenues	—		3,184.8		—		—		—		3,184.8

Operating Expenses
Petroleum product cost of goods sold	—		2,259.8		—		—		—		2,259.8
Merchandise cost of goods sold	—		580.0		—		—		—		580.0

Station and other operating expenses	—		135.1		—		—		—		135.1
Depreciation and amortization	—		39.4		—		—		—		39.4
Selling, general and administrative	—		39.2		—		—		—		39.2
Accretion of asset retirement obligations	—		0.6		—		—		—		0.6
Total operating expenses	—		3,054.1		—		—		—		3,054.1


Gain (loss) on sale of assets	—		0.1		—		—		—		0.1
Income (loss) from operations	—		130.8		—		—		—		130.8

Other income (expense)
Interest income	—		0.8		—		—		—		0.8
Interest expense	—		(13.3)		—		—		—		(13.3)

Other nonoperating income	—		(0.9)		(0.1)		—		—		(1.0)
Total other income (expense)	—		(13.4)		(0.1)		—		—		(13.5)
Income (loss) before income taxes	—		117.4		(0.1)		—		—		117.3
Income tax expense	—		28.0		—		—		—		28.0
Income (loss)	—		89.4		(0.1)		—		—		89.3

Equity earnings in affiliates, net of tax	89.3		(0.1)		—		—		(89.2)		—
Net Income (Loss)	$	89.3	$	89.3	$	(0.1)	$	—	$	(89.2)	$	89.3
Other comprehensive loss	—		(2.7)		—		—		—		(2.7)
Comprehensive income (loss)	$	89.3	$	86.6	$	(0.1)	$	—	$	(89.2)	$	86.6

CONSOLIDATING INCOME STATEMENT AND COMPREHENSIVE INCOME


(Millions of dollars)	Three Months Ended March 31, 2019
Operating Revenues	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Petroleum product sales	$	—	$	2,499.8	$	—	$	—	$	—	$	2,499.8
Merchandise sales	—		606.2		—		—		—		606.2
Other operating revenues	—		10.4		—		—		—		10.4
Total operating revenues	—		3,116.4		—		—		—		3,116.4

Operating Expenses
Petroleum product cost of goods sold	—		2,381.5		—		—		—		2,381.5
Merchandise cost of goods sold	—		508.7		—		—		—		508.7

Station and other operating expenses	—		132.8		—		—		—		132.8
Depreciation and amortization	—		39.7		—		—		—		39.7
Selling, general and administrative	—		34.6		—		—		—		34.6
Accretion of asset retirement obligations	—		0.5		—		—		—		0.5
Total operating expenses	—		3,097.8		—		—		—		3,097.8

Net settlement proceeds	—		0.1		—		—		—		0.1
Gain (loss) on sale of assets	—		(0.1)		—		—		—		(0.1)
Income (loss) from operations	—		18.6		—		—		—		18.6

Other income (expense)
Interest income	—		0.7		—		—		—		0.7
Interest expense	—		(13.6)		—		—		—		(13.6)
Other nonoperating income	—		0.4		(0.2)		—		—		0.2
Total other income (expense)	—		(12.5)		(0.2)		—		—		(12.7)
Income (loss) before income taxes	—		6.1		(0.2)		—		—		5.9
Income tax expense	—		0.6		—		—		—		0.6
Income (loss)	—		5.5		(0.2)		—		—		5.3

Equity earnings in affiliates, net of tax	5.3		(0.2)		—		—		(5.1)		—
Net Income (Loss)	$	5.3	$	5.3	$	(0.2)	$	—	$	(5.1)	$	5.3
Other comprehensive income (loss)	—		—		—		—		—		—
Comprehensive income (loss)	$	5.3	$	5.3	$	(0.2)	$	—	$	(5.1)	$	5.3

CONSOLIDATING STATEMENT OF CASH FLOW


(Millions of dollars)	Three Months Ended March 31, 2020
Operating Activities	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	89.3	$	89.3	$	(0.1)	$	—	$	(89.2)	$	89.3
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities

Depreciation and amortization	—		39.4		—		—		—		39.4

Deferred and noncurrent income tax charges (credits)	—		5.9		—		—		—		5.9
Accretion of asset retirement obligations	—		0.6		—		—		—		0.6
(Gain) loss on sale of assets	—		(0.1)		—		—		—		(0.1)
Net (increase) decrease in noncash operating working capital	—		(25.7)		—		—		—		(25.7)
Equity in earnings of affiliates	(89.3)		0.1		—		—		89.2		—

Other operating activities - net	—		4.3		—		—		—		4.3


Net cash provided by (required by) operating activities	—		113.8		(0.1)		—		—		113.7
Investing Activities
Property additions	—		(45.8)		(0.8)		—		—		(46.6)
Proceeds from sale of assets	—		0.2		—		—		—		0.2

Other investing activities - net	—		(0.8)		—		—		—		(0.8)



Net cash provided by (required by) investing activities	—		(46.4)		(0.8)		—		—		(47.2)
Financing Activities
Purchase of treasury stock	(140.6)		—		—		—		—		(140.6)
Borrowings of debt	—		—		—		—		—		—
Repayments of debt	—		(0.3)		—		—		—		(0.3)


Amounts related to share-based compensation	—		(5.6)		—		—		—		(5.6)
Net distributions to parent	140.6		(141.9)		1.3		—		—		—
Net cash provided by (required by) financing activities	—		(147.8)		1.3		—		—		(146.5)
Net increase (decrease) in cash and cash equivalents	—		(80.4)		0.4		—		—		(80.0)
Cash, cash equivalents, and restricted cash at January 1	—		279.4		0.9		—		—		280.3
Cash, cash equivalents, and restricted cash at March 31	$	—	$	199.0	$	1.3	$	—	$	—	$	200.3

CONSOLIDATING STATEMENT OF CASH FLOW


(Millions of dollars)	Three Months Ended March 31, 2019
Operating Activities	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	5.3	$	5.3	$	(0.2)	$	—	$	(5.1)	$	5.3
Adjustments to reconcile net income (loss) to net cash provided by (required by)operating activities

Depreciation and amortization	—		39.7		—		—		—		39.7

Deferred and noncurrent income tax charges (credits)	—		(2.4)		—		—		—		(2.4)
Accretion of asset retirement obligations	—		0.5		—		—		—		0.5
Pretax (gains) losses from sale of assets	—		0.1		—		—		—		0.1
Net (increase) decrease in noncash operating working capital	—		1.7		—		—		—		1.7
Equity in earnings of affiliates	(5.3)		0.2		—		—		5.1		—
Other operating activities - net	—		3.2		—		—		—		3.2


Net cash provided by (required by) operating activities	—		48.3		(0.2)		—		—		48.1
Investing Activities
Property additions	—		(28.8)		(1.7)		—		—		(30.5)
Proceeds from sale of assets	—		1.1		—		—		—		1.1


Other investing activities - net	—		(0.1)		—		—		—		(0.1)



Net cash provided by (required by) investing activities	—		(27.8)		(1.7)		—		—		(29.5)
Financing Activities
Purchase of treasury stock	(13.3)		—		—		—		—		(13.3)

Repayments of debt	—		(5.4)		—		—		—		(5.4)

Amounts related to share-based compensation	—		(4.0)		—		—		—		(4.0)
Net distributions to parent	13.3		(15.2)		1.9		—		—		—
Net cash provided by (required) by financing activities	—		(24.6)		1.9		—		—		(22.7)
Net increase (decrease) in cash and cash equivalents	—		(4.1)		—		—		—		(4.1)
Cash, cash equivalents, and restricted cash at January 1	—		184.0		0.5		—		—		184.5
Cash, cash equivalents, and restricted cash at March 31	$	—	$	179.9	$	0.5	$	—	$	—	$	180.4

CONSOLIDATING STATEMENT OF CHANGES IN EQUITY


(Millions of dollars)	Three Months Ended March 31, 2020
Statement of Stockholders' Equity	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Common Stock
Balance as of December 31, 2019	$	0.5	$	—	$	0.1	$	—	$	(0.1)	$	0.5
Issuance of common stock	—		—		—		—		—		—
Balance as of March 31, 2020	0.5		—		0.1		—		(0.1)		0.5




Treasury Stock
Balance as of December 31, 2019	$	(1,099.8)	$	—	$	—	$	—	$	—	$	(1,099.8)
Issuance of treasury stock	5.2		—		—		—		—		5.2
Repurchase of treasury stock	(140.6)		—		—		—		—		(140.6)
Balance as of March 31, 2020	$	(1,235.2)	$	—	$	—	$	—	$	—	(1,235.2)






APIC
Balance as of December 31, 2019	$	1,188.8	$	578.8	$	52.0	$	87.5	$	(1,368.4)	$	538.7
Issuance of treasury stock	(5.7)		—		—		—		—		(5.7)
Amounts related to share-based compensation	—		(5.6)		—		—		—		(5.6)
Share-based compensation expense	—		2.8		—		—		—		2.8
Balance as of March 31, 2020	$	1,183.1	$	576.0	$	52.0	$	87.5	$	(1,368.4)	530.2








Retained Earnings
Balance as of December 31, 2019	$	2,502.4	$	161.9	$	(1.0)	$	66.8	$	(1,367.2)	$	1,362.9
Cumulative effect of a change in accounting principle	—		1.1		—		—		—		1.1
Net income (loss)	89.3		89.3		(0.1)		—		(89.2)		89.3
Balance as of March 31, 2020	$	2,591.7	$	252.3	$	(1.1)	$	66.8	$	(1,456.4)	1,453.3




AOCI
Balance as of December 31, 2019	$	—	$	0.7	$	—	$	—	$	—	$	0.7
Other comprehensive income (loss)	—		(2.7)		—		—		—		(2.7)
Balance as of March 31, 2020	$	—	$	(2.0)	$	—	$	—	$	—	$	(2.0)

CONSOLIDATING STATEMENT OF CHANGES IN EQUITY


(Millions of dollars)	Three Months Ended March 31, 2019
Statement of Stockholders' Equity	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Common Stock
Balance as of December 31, 2018	$	0.5	$	—	$	0.1	$	—	$	(0.1)	$	0.5
Issuance of common stock	—		—		—		—		—		—




Balance as of March 31, 2019	$	0.5	$	—	$	0.1	$	—	$	(0.1)	$	0.5
Treasury Stock
Balance as of December 31, 2018	$	(940.3)	$	—	$	—	$	—	$	—	$	(940.3)
Issuance of treasury stock	5.6		—		—		—		—		5.6
Repurchase of treasury stock	(13.3)		—		—		—		—		(13.3)






Balance as of March 31, 2019	$	(948.0)	$	—	$	—	$	—	$	—	$	(948.0)
APIC
Balance as of December 31, 2018	$	1,195.1	$	572.8	$	52.0	$	87.5	$	(1,368.4)	$	539.0
Issuance of treasury stock	(5.6)		—		—		—		—		(5.6)
Amounts related to share-based compensation	—		(4.1)		—		—		—		(4.1)
Share-based compensation expense	—		2.6		—		—		—		2.6








Balance as of March 31, 2019	$	1,189.5	$	571.3	$	52.0	$	87.5	$	(1,368.4)	$	531.9
Retained Earnings
Balance as of December 31, 2018	$	2,181.8	$	172.9	$	(0.5)	$	66.8	$	(1,212.9)	$	1,208.1
Net income (loss)	5.3		5.3		(0.2)		—		(5.1)		5.3




Balance as of March 31, 2019	$	2,187.1	$	178.2	$	(0.7)	$	66.8	$	(1,218.0)	$	1,213.4
AOCI
Balance as of December 31, 2018	$	—	$	—	$	—	$	—	$	—	$	—
Other comprehensive income (loss)	—		—		—		—		—		—
Balance as of March 31, 2019	$	—	$	—	$	—	$	—	$	—	$	—

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
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 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 was effective for the Company on January 1, 2020. The amendments in this update were applied prospectively to all implementation costs incurred after the date of adoption. The Company assessed the effect that this ASU had on our financial position, results of operations, and disclosures and determined that this update did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 was subsequently modified by ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. This ASU changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life, which will result in timelier recognition of losses. ASU 2016-13 and the associated modifications were effective for the Company on January 1, 2020. ASC 326 requires a modified retrospective approach with an adjustment at the beginning of the year for any adjustment due to its adoption. In applying ASC 326 at January 1, 2020, the Company calculated an adjustment to its estimated credit loss allowance and lowered the allowance by $1.1 million, which was credited to retained earnings under the modified retrospective approach. The adjustment reflects the Company's changes in credit practices since its spin-off in 2013 which includes tighter applied credit terms and faster turnover of receivable balances resulting in a decrease to its estimated credit loss allowance as of January 1, 2020. A review was conducted for the quarter ended March 31, 2020, and no change in the estimated credit loss allowance was required.
Revenue Recognition	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. 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 or the rewards expire. The rewards may be redeemed for merchandise or cash discounts on fuel purchases. The program was rolled out chain-wide in March 2019. The deferred revenue balances at March 31, 2020 and December 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.
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)

3 Months Ended

Mar. 31, 2020

Disaggregation of Revenue

The following tables disaggregates our revenue by major source for the three months ended March 31, 2020 and 2019, respectively:


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(Millions of dollars)	Marketing		Corporate and Other Assets		Consolidated		Marketing		Corporate and Other Assets		Consolidated
Petroleum product sales (at retail) ¹	$	2,246.2	$	—	$	2,246.2	$	2,238.7	$	—	$	2,238.7
Petroleum product sales (at wholesale)	234.0		—		234.0		261.1		—		261.1
Total petroleum product sales	2,480.2		—		2,480.2		2,499.8		—		2,499.8
Merchandise sales	687.5		—		687.5		606.2		—		606.2
Other operating revenues:
RINs	15.5		—		15.5		9.1		—		9.1
Other revenues ²	1.5		0.1		1.6		1.2		0.1		1.3
Total revenues	$	3,184.7	$	0.1	$	3,184.8	$	3,116.3	$	0.1	$	3,116.4

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)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Summary of Inventory

Inventories consisted of the following:


(Millions of dollars)	March 31, 2020		December 31, 2019
Finished products - First-In, First-Out ("FIFO") basis	$	145.8	$	259.2
Less: Last-In, First-Out ("LIFO") reserve - finished products	(42.6)		(160.8)
Finished products - LIFO basis	103.2		98.4
Store merchandise for resale	133.8		123.0

Materials and supplies	6.5		6.2
Total inventories	$	243.5	$	227.6

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consisted of the following:


(Millions of dollars)	March 31, 2020		December 31, 2019

5.625% senior notes due 2027 (net of unamortized discount of $2.7 at March 31, 2020 and $2.7 at December 2019)	297.3		297.3
4.75% senior notes due 2029 (net of unamortized discount of $5.9 at March 31, 2020 and $6.1 at December 31, 2019)	494.1		493.9
Term loan due 2023 (effective interest rate of 3.91% at March 31, 2020 and 4.31% at December 31, 2019)	250.0		250.0

Capitalized lease obligations, vehicles, due through 2023	2.4		2.4
Less unamortized debt issuance costs	(5.2)		(5.5)
Total long-term debt	1,038.6		1,038.1
Less current maturities	51.2		38.8
Total long-term debt, net of current	$	987.4	$	999.3

Asset Retirement Obligations (ARO) (Tables)

3 Months Ended

Mar. 31, 2020

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.


(Millions of dollars)	March 31, 2020		December 31, 2019
Balance at beginning of period	$	32.8	$	30.7
Accretion expense	0.6		2.1
Settlements of liabilities	(0.2)		(0.4)
Liabilities incurred	—		0.4
Balance at end of period	$	33.2	$	32.8

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Effective Income Tax Rates

For the three month periods ended March 31, 2020 and 2019, the Company’s approximate effective tax rates were as follows:


	2020	2019

Three months ended March 31,	23.9%	10.9%

Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


Assumptions used to value awards:
Dividend yield	—		%
Expected volatility	28.1		%
Risk-free interest rate	1.5		%
Expected life (years)	4.7
Stock price at valuation date	$	106.72

Share-based Payment Arrangement, Option, Activity

Changes in options outstanding for Company employees during the period from December 31, 2019 to March 31, 2020 are presented in the following table:


Options	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at 12/31/2019	392,300	$	68.52
Granted	79,200	105.57


Outstanding at 3/31/2020	471,500	$	74.75	4.5	$	6.2

Exercisable at 3/31/2020	257,500	$	65.30	3.3	$	4.9

Share-based Payment Arrangement, Restricted Stock Unit, Activity

Changes in restricted stock units outstanding for Company employees during the period from December 31, 2019 to March 31, 2020 are presented in the following table:


Employee RSUs	Number of units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at 12/31/2019	198,915	$	70.58
Granted	55,395	$	90.64
Vested and issued	(55,875)	$	65.86	$	5.9
Forfeited	(4,390)	$	78.33
Outstanding at 3/31/2020	194,045	$	77.49	$	16.4

Changes in performance-based restricted stock units outstanding for Company employees during the period from December 31, 2019 to March 31, 2020 are presented in the following table:



Employee PSU's	Number of Units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at 12/31/2019	131,200	$	82.98
Granted	64,050	$	122.56
Vested and issued	(65,745)	$	85.04	$	7.0
Forfeited	(405)	$	65.75
Outstanding at 3/31/2020	129,100	$	96.83	$	10.9

Changes in restricted stock units outstanding for Company non-employee directors during the period from December 31, 2019 to March 31, 2020 are presented in the following table:


Director RSU's	Number of Units	Weighted Average Grant Date Fair Value		Total Fair Value (Millions of Dollars)
Outstanding at 12/31/2019	33,607	$	70.68
Granted	9,744	$	110.86
Vested and issued	(12,404)	$	66.01	$	1.3

Outstanding at 3/31/2020	30,947	$	85.20	$	2.6

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and 2019:


	Three Months Ended March 31,
(Millions of dollars, except share and per share amounts)	2020		2019
Earnings per common share:
Net income per share - basic


Net income attributable to common stockholders	$	89.3	$	5.3

Weighted average common shares outstanding (in thousands)	30,235		32,206

Earnings per common share	$	2.95	$	0.16




Earnings per common share - assuming dilution:
Net income per share - diluted


Net income attributable to common stockholders	$	89.3	$	5.3

Weighted average common shares outstanding (in thousands)	30,235		32,206
Common equivalent shares:
Dilutive share-based awards	306		214
Weighted average common shares outstanding - assuming dilution (in thousands)	30,541		32,420


Earnings per common share assuming dilution	$	2.92	$	0.16

Other Financial Information (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Changes in Operating Working Capital


	Three Months Ended March 31,
(Millions of dollars)	2020		2019
Accounts receivable	$	37.3	$	(88.5)
Inventories	(16.7)		42.7
Prepaid expenses and other current assets	13.7		(1.1)
Accounts payable and accrued liabilities	(66.1)		48.6
Income taxes payable	6.1		—

Net (increase) decrease in noncash operating working capital	$	(25.7)	$	1.7

Assets and Liabilities Measured at Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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, 2020 and December 31, 2019. 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.


	At March 31, 2020						At December 31, 2019
	Carrying				Carrying
(Millions of dollars)	Amount		Fair Value		Amount		Fair Value
Financial liabilities
Current and long-term debt	$	(1,038.6)	$	(1,031.2)	$	(1,038.1)	$	(1,069.4)

Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lessee, Lease

Leases are reflected in the following balance sheet accounts:


(Millions of dollars)	Classification	March 31, 2020		December 31, 2019
Assets
Operating (Right-of-use)	Other Assets	$	128.9	$	124.2
Finance	Property, plant, and equipment, at cost, less accumulated depreciation of $2.4 at March 31, 2020 and $2.2 at December 31, 2019	2.9		3.0
Total leased assets		$	131.8	$	127.2

Liabilities
Current
Operating	Trade accounts payable and accrued liabilities	$	6.9	$	6.8
Finance	Current maturities of long-term debt	1.2		1.2
Noncurrent
Operating	Deferred credits and other liabilities	123.4		118.5
Finance	Long-term debt, including capitalized lease obligations	1.1		1.2
Total lease liabilities		$	132.6	$	127.7

Lease, Cost

Lease Cost:


		Three Months Ended March 31,		Three Months Ended March 31,
(Millions of dollars)	Classification	2020		2019
Operating lease cost	Station and other operating expenses	$	3.9	$	3.5
Finance lease cost
Amortization of leased assets	Depreciation & amortization expense	0.3		0.3
Interest on lease liabilities	Interest expense	—		—
Net lease costs		$	4.2	$	3.8

Cash flow information:


	Three Months Ended March 31,
(Millions of dollars)	2020		2019
Cash paid for amounts included in the measurement of liabilities
Operating cash flows from operating leases	$	3.7	$	3.3
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	0.4	$	0.4

Maturity of Lease Liabilities at March 31, 2020:


(Millions of dollars)	Operating leases		Finance leases
2020	$	11.3	$	1.1
2021	14.6		1.0
2022	13.8		0.4
2023	13.2		—
2024	12.8		—
After 2024	152.2		—
Total lease payments	217.9		2.5
less: interest	87.7		0.2
Present value of lease liabilities	$	130.2	$	2.3


	Three Months Ended March 31,
	2020
Weighted average remaining lease term (years)
Finance leases	2.0
Operating leases	15.6
Weighted average discount rate
Finance leases	4.8	%
Operating leases	6.0	%

Finance Lease, Liability, Maturity

Maturity of Lease Liabilities at March 31, 2020:


(Millions of dollars)	Operating leases		Finance leases
2020	$	11.3	$	1.1
2021	14.6		1.0
2022	13.8		0.4
2023	13.2		—
2024	12.8		—
After 2024	152.2		—
Total lease payments	217.9		2.5
less: interest	87.7		0.2
Present value of lease liabilities	$	130.2	$	2.3

Lessee, Operating Lease, Liability, Maturity

Maturity of Lease Liabilities at March 31, 2020:


(Millions of dollars)	Operating leases		Finance leases
2020	$	11.3	$	1.1
2021	14.6		1.0
2022	13.8		0.4
2023	13.2		—
2024	12.8		—
After 2024	152.2		—
Total lease payments	217.9		2.5
less: interest	87.7		0.2
Present value of lease liabilities	$	130.2	$	2.3

Business Segment (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Summary of Information by Business Segment


			Three Months Ended
			March 31, 2020						March 31, 2019
	Total Assets at		External		Income		External		Income
(Millions of dollars)	March 31, 2020		Revenues		(Loss)		Revenues		(Loss)
Marketing	$	2,282.0	$	3,184.7	$	100.9	$	3,116.3	$	16.2
Corporate and other assets	301.4		0.1		(11.6)		0.1		(10.9)


Total	$	2,583.4	$	3,184.8	$	89.3	$	3,116.4	$	5.3

Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2020

Guarantor Subsidiaries [Abstract]

Consolidating Balance Sheet

CONSOLIDATING BALANCE SHEET


(Millions of dollars, except share amounts)	March 31, 2020
Assets	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Current assets
Cash and cash equivalents	$	—	$	199.0	$	1.3	$	—	$	—	$	200.3
Accounts receivable—trade, less allowance for doubtful accounts of $0.1 in 2020	—		136.4		(0.1)		—		—		136.3
Inventories, at lower of cost or market	—		243.5		—		—		—		243.5
Prepaid expenses and other current assets	—		22.5		—		—		—		22.5

Total current assets	—		601.4		1.2		—		—		602.6
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,107.3 in 2020	—		1,799.3		9.0		—		—		1,808.3

Investments in subsidiaries	2,681.1		143.8		—		—		(2,824.9)		—
Other assets	—		172.5		—		—		—		172.5


Total assets	$	2,681.1	$	2,717.0	$	10.2	$	—	$	(2,824.9)	$	2,583.4
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	—	$	51.2	$	—	$	—	$	—	$	51.2
Inter-company accounts payable	141.0		53.6		(40.3)		(154.3)		—		—
Trade accounts payable and accrued liabilities	—		400.7		(0.1)		—		—		400.6
Income taxes payable	—		6.5		(0.4)		—		—		6.1


Total current liabilities	141.0		512.0		(40.8)		(154.3)		—		457.9
Long-term debt, including capitalized lease obligations	—		987.4		—		—		—		987.4
Deferred income taxes	—		221.8		—		—		—		221.8
Asset retirement obligations	—		33.2		—		—		—		33.2
Deferred credits and other liabilities	—		136.3		—		—		—		136.3

Total liabilities	141.0		1,890.7		(40.8)		(154.3)		—		1,836.6
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)	—		—		—		—		—		—
Common Stock, par 0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at March 31, 2020)	0.5		—		0.1		—		(0.1)		0.5
Treasury Stock (17,589,526 shares held at March 31, 2020)	(1,235.2)		—		—		—		—		(1,235.2)
Additional paid in capital (APIC)	1,183.1		576.0		52.0		87.5		(1,368.4)		530.2
Retained earnings	2,591.7		252.3		(1.1)		66.8		(1,456.4)		1,453.3
Accumulated other comprehensive income (loss) (AOCI)	—		(2.0)		—		—		—		(2.0)
Total stockholders' equity	2,540.1		826.3		51.0		154.3		(2,824.9)		746.8
Total liabilities and stockholders' equity	$	2,681.1	$	2,717.0	$	10.2	$	—	$	(2,824.9)	$	2,583.4

CONSOLIDATING BALANCE SHEET


(Millions of dollars, except share amounts)	December 31, 2019
Assets	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Current assets
Cash and cash equivalents	$	—	$	279.4	$	0.9	$	—	$	—	$	280.3
Accounts receivable—trade, less allowance for doubtful accounts of $1.2 in 2019	—		173.0		(0.1)		—		—		172.9
Inventories, at lower of cost or market	—		227.6		—		—		—		227.6
Prepaid expenses and other current assets	—		29.6		0.4		—		—		30.0

Total current assets	—		709.6		1.2		—		—		710.8
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,079.2 in 2019	—		1,799.1		8.2		—		—		1,807.3

Investments in subsidiaries	2,591.8		143.9		—		—		(2,735.7)		—
Other assets	—		169.1		—		—		—		169.1


Total assets	$	2,591.8	$	2,821.7	$	9.4	$	—	$	(2,735.7)	$	2,687.2
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	—	$	38.8	$	—	$	—	$	—	$	38.8
Inter-company accounts payable	(0.1)		196.1		(41.7)		(154.3)		—		—
Trade accounts payable and accrued liabilities	—		466.2		—		—		—		466.2



Total current liabilities	(0.1)		701.1		(41.7)		(154.3)		—		505.0
Long-term debt, including capitalized lease obligations	—		999.3		—		—		—		999.3
Deferred income taxes	—		216.7		—		—		—		216.7
Asset retirement obligations	—		32.8		—		—		—		32.8
Deferred credits and other liabilities	—		130.4		—		—		—		130.4

Total liabilities	(0.1)		2,080.3		(41.7)		(154.3)		—		1,884.2
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)	—		—		—		—		—		—
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at December 31, 2019)	0.5		—		0.1		—		(0.1)		0.5
Treasury Stock (16,307,048 shares held at December 31, 2019 )	(1,099.8)		—		—		—		—		(1,099.8)
Additional paid in capital (APIC)	1,188.8		578.8		52.0		87.5		(1,368.4)		538.7
Retained earnings	2,502.4		161.9		(1.0)		66.8		(1,367.2)		1,362.9
Accumulated other comprehensive income (AOCI)	—		0.7		—		—		—		0.7
Total stockholders' equity	2,591.9		741.4		51.1		154.3		(2,735.7)		803.0
Total liabilities and stockholders' equity	$	2,591.8	$	2,821.7	$	9.4	$	—	$	(2,735.7)	$	2,687.2

Consolidating Income Statement

CONSOLIDATING INCOME STATEMENT AND COMPREHENSIVE INCOME


(Millions of dollars)	Three Months Ended March 31, 2020
Operating Revenues	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Petroleum product sales	$	—	$	2,480.2	$	—	$	—	$	—	$	2,480.2
Merchandise sales	—		687.5		—		—		—		687.5
Other operating revenues	—		17.1		—		—		—		17.1
Total operating revenues	—		3,184.8		—		—		—		3,184.8

Operating Expenses
Petroleum product cost of goods sold	—		2,259.8		—		—		—		2,259.8
Merchandise cost of goods sold	—		580.0		—		—		—		580.0

Station and other operating expenses	—		135.1		—		—		—		135.1
Depreciation and amortization	—		39.4		—		—		—		39.4
Selling, general and administrative	—		39.2		—		—		—		39.2
Accretion of asset retirement obligations	—		0.6		—		—		—		0.6
Total operating expenses	—		3,054.1		—		—		—		3,054.1


Gain (loss) on sale of assets	—		0.1		—		—		—		0.1
Income (loss) from operations	—		130.8		—		—		—		130.8

Other income (expense)
Interest income	—		0.8		—		—		—		0.8
Interest expense	—		(13.3)		—		—		—		(13.3)

Other nonoperating income	—		(0.9)		(0.1)		—		—		(1.0)
Total other income (expense)	—		(13.4)		(0.1)		—		—		(13.5)
Income (loss) before income taxes	—		117.4		(0.1)		—		—		117.3
Income tax expense	—		28.0		—		—		—		28.0
Income (loss)	—		89.4		(0.1)		—		—		89.3

Equity earnings in affiliates, net of tax	89.3		(0.1)		—		—		(89.2)		—
Net Income (Loss)	$	89.3	$	89.3	$	(0.1)	$	—	$	(89.2)	$	89.3
Other comprehensive loss	—		(2.7)		—		—		—		(2.7)
Comprehensive income (loss)	$	89.3	$	86.6	$	(0.1)	$	—	$	(89.2)	$	86.6

CONSOLIDATING INCOME STATEMENT AND COMPREHENSIVE INCOME


(Millions of dollars)	Three Months Ended March 31, 2019
Operating Revenues	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Petroleum product sales	$	—	$	2,499.8	$	—	$	—	$	—	$	2,499.8
Merchandise sales	—		606.2		—		—		—		606.2
Other operating revenues	—		10.4		—		—		—		10.4
Total operating revenues	—		3,116.4		—		—		—		3,116.4

Operating Expenses
Petroleum product cost of goods sold	—		2,381.5		—		—		—		2,381.5
Merchandise cost of goods sold	—		508.7		—		—		—		508.7

Station and other operating expenses	—		132.8		—		—		—		132.8
Depreciation and amortization	—		39.7		—		—		—		39.7
Selling, general and administrative	—		34.6		—		—		—		34.6
Accretion of asset retirement obligations	—		0.5		—		—		—		0.5
Total operating expenses	—		3,097.8		—		—		—		3,097.8

Net settlement proceeds	—		0.1		—		—		—		0.1
Gain (loss) on sale of assets	—		(0.1)		—		—		—		(0.1)
Income (loss) from operations	—		18.6		—		—		—		18.6

Other income (expense)
Interest income	—		0.7		—		—		—		0.7
Interest expense	—		(13.6)		—		—		—		(13.6)
Other nonoperating income	—		0.4		(0.2)		—		—		0.2
Total other income (expense)	—		(12.5)		(0.2)		—		—		(12.7)
Income (loss) before income taxes	—		6.1		(0.2)		—		—		5.9
Income tax expense	—		0.6		—		—		—		0.6
Income (loss)	—		5.5		(0.2)		—		—		5.3

Equity earnings in affiliates, net of tax	5.3		(0.2)		—		—		(5.1)		—
Net Income (Loss)	$	5.3	$	5.3	$	(0.2)	$	—	$	(5.1)	$	5.3
Other comprehensive income (loss)	—		—		—		—		—		—
Comprehensive income (loss)	$	5.3	$	5.3	$	(0.2)	$	—	$	(5.1)	$	5.3

Consolidating Statement of Cash Flow

CONSOLIDATING STATEMENT OF CASH FLOW


(Millions of dollars)	Three Months Ended March 31, 2020
Operating Activities	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	89.3	$	89.3	$	(0.1)	$	—	$	(89.2)	$	89.3
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities

Depreciation and amortization	—		39.4		—		—		—		39.4

Deferred and noncurrent income tax charges (credits)	—		5.9		—		—		—		5.9
Accretion of asset retirement obligations	—		0.6		—		—		—		0.6
(Gain) loss on sale of assets	—		(0.1)		—		—		—		(0.1)
Net (increase) decrease in noncash operating working capital	—		(25.7)		—		—		—		(25.7)
Equity in earnings of affiliates	(89.3)		0.1		—		—		89.2		—

Other operating activities - net	—		4.3		—		—		—		4.3


Net cash provided by (required by) operating activities	—		113.8		(0.1)		—		—		113.7
Investing Activities
Property additions	—		(45.8)		(0.8)		—		—		(46.6)
Proceeds from sale of assets	—		0.2		—		—		—		0.2

Other investing activities - net	—		(0.8)		—		—		—		(0.8)



Net cash provided by (required by) investing activities	—		(46.4)		(0.8)		—		—		(47.2)
Financing Activities
Purchase of treasury stock	(140.6)		—		—		—		—		(140.6)
Borrowings of debt	—		—		—		—		—		—
Repayments of debt	—		(0.3)		—		—		—		(0.3)


Amounts related to share-based compensation	—		(5.6)		—		—		—		(5.6)
Net distributions to parent	140.6		(141.9)		1.3		—		—		—
Net cash provided by (required by) financing activities	—		(147.8)		1.3		—		—		(146.5)
Net increase (decrease) in cash and cash equivalents	—		(80.4)		0.4		—		—		(80.0)
Cash, cash equivalents, and restricted cash at January 1	—		279.4		0.9		—		—		280.3
Cash, cash equivalents, and restricted cash at March 31	$	—	$	199.0	$	1.3	$	—	$	—	$	200.3

CONSOLIDATING STATEMENT OF CASH FLOW


(Millions of dollars)	Three Months Ended March 31, 2019
Operating Activities	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	5.3	$	5.3	$	(0.2)	$	—	$	(5.1)	$	5.3
Adjustments to reconcile net income (loss) to net cash provided by (required by)operating activities

Depreciation and amortization	—		39.7		—		—		—		39.7

Deferred and noncurrent income tax charges (credits)	—		(2.4)		—		—		—		(2.4)
Accretion of asset retirement obligations	—		0.5		—		—		—		0.5
Pretax (gains) losses from sale of assets	—		0.1		—		—		—		0.1
Net (increase) decrease in noncash operating working capital	—		1.7		—		—		—		1.7
Equity in earnings of affiliates	(5.3)		0.2		—		—		5.1		—
Other operating activities - net	—		3.2		—		—		—		3.2


Net cash provided by (required by) operating activities	—		48.3		(0.2)		—		—		48.1
Investing Activities
Property additions	—		(28.8)		(1.7)		—		—		(30.5)
Proceeds from sale of assets	—		1.1		—		—		—		1.1


Other investing activities - net	—		(0.1)		—		—		—		(0.1)



Net cash provided by (required by) investing activities	—		(27.8)		(1.7)		—		—		(29.5)
Financing Activities
Purchase of treasury stock	(13.3)		—		—		—		—		(13.3)

Repayments of debt	—		(5.4)		—		—		—		(5.4)

Amounts related to share-based compensation	—		(4.0)		—		—		—		(4.0)
Net distributions to parent	13.3		(15.2)		1.9		—		—		—
Net cash provided by (required) by financing activities	—		(24.6)		1.9		—		—		(22.7)
Net increase (decrease) in cash and cash equivalents	—		(4.1)		—		—		—		(4.1)
Cash, cash equivalents, and restricted cash at January 1	—		184.0		0.5		—		—		184.5
Cash, cash equivalents, and restricted cash at March 31	$	—	$	179.9	$	0.5	$	—	$	—	$	180.4

Consolidating Statement of Changes in Equity

CONSOLIDATING STATEMENT OF CHANGES IN EQUITY


(Millions of dollars)	Three Months Ended March 31, 2020
Statement of Stockholders' Equity	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Common Stock
Balance as of December 31, 2019	$	0.5	$	—	$	0.1	$	—	$	(0.1)	$	0.5
Issuance of common stock	—		—		—		—		—		—
Balance as of March 31, 2020	0.5		—		0.1		—		(0.1)		0.5




Treasury Stock
Balance as of December 31, 2019	$	(1,099.8)	$	—	$	—	$	—	$	—	$	(1,099.8)
Issuance of treasury stock	5.2		—		—		—		—		5.2
Repurchase of treasury stock	(140.6)		—		—		—		—		(140.6)
Balance as of March 31, 2020	$	(1,235.2)	$	—	$	—	$	—	$	—	(1,235.2)






APIC
Balance as of December 31, 2019	$	1,188.8	$	578.8	$	52.0	$	87.5	$	(1,368.4)	$	538.7
Issuance of treasury stock	(5.7)		—		—		—		—		(5.7)
Amounts related to share-based compensation	—		(5.6)		—		—		—		(5.6)
Share-based compensation expense	—		2.8		—		—		—		2.8
Balance as of March 31, 2020	$	1,183.1	$	576.0	$	52.0	$	87.5	$	(1,368.4)	530.2








Retained Earnings
Balance as of December 31, 2019	$	2,502.4	$	161.9	$	(1.0)	$	66.8	$	(1,367.2)	$	1,362.9
Cumulative effect of a change in accounting principle	—		1.1		—		—		—		1.1
Net income (loss)	89.3		89.3		(0.1)		—		(89.2)		89.3
Balance as of March 31, 2020	$	2,591.7	$	252.3	$	(1.1)	$	66.8	$	(1,456.4)	1,453.3




AOCI
Balance as of December 31, 2019	$	—	$	0.7	$	—	$	—	$	—	$	0.7
Other comprehensive income (loss)	—		(2.7)		—		—		—		(2.7)
Balance as of March 31, 2020	$	—	$	(2.0)	$	—	$	—	$	—	$	(2.0)

CONSOLIDATING STATEMENT OF CHANGES IN EQUITY


(Millions of dollars)	Three Months Ended March 31, 2019
Statement of Stockholders' Equity	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Common Stock
Balance as of December 31, 2018	$	0.5	$	—	$	0.1	$	—	$	(0.1)	$	0.5
Issuance of common stock	—		—		—		—		—		—




Balance as of March 31, 2019	$	0.5	$	—	$	0.1	$	—	$	(0.1)	$	0.5
Treasury Stock
Balance as of December 31, 2018	$	(940.3)	$	—	$	—	$	—	$	—	$	(940.3)
Issuance of treasury stock	5.6		—		—		—		—		5.6
Repurchase of treasury stock	(13.3)		—		—		—		—		(13.3)






Balance as of March 31, 2019	$	(948.0)	$	—	$	—	$	—	$	—	$	(948.0)
APIC
Balance as of December 31, 2018	$	1,195.1	$	572.8	$	52.0	$	87.5	$	(1,368.4)	$	539.0
Issuance of treasury stock	(5.6)		—		—		—		—		(5.6)
Amounts related to share-based compensation	—		(4.1)		—		—		—		(4.1)
Share-based compensation expense	—		2.6		—		—		—		2.6








Balance as of March 31, 2019	$	1,189.5	$	571.3	$	52.0	$	87.5	$	(1,368.4)	$	531.9
Retained Earnings
Balance as of December 31, 2018	$	2,181.8	$	172.9	$	(0.5)	$	66.8	$	(1,212.9)	$	1,208.1
Net income (loss)	5.3		5.3		(0.2)		—		(5.1)		5.3




Balance as of March 31, 2019	$	2,187.1	$	178.2	$	(0.7)	$	66.8	$	(1,218.0)	$	1,213.4
AOCI
Balance as of December 31, 2018	$	—	$	—	$	—	$	—	$	—	$	—
Other comprehensive income (loss)	—		—		—		—		—		—
Balance as of March 31, 2019	$	—	$	—	$	—	$	—	$	—	$	—

Description of Business and Basis of Presentation (Details)		1 Months Ended
	Aug. 30, 2013	Mar. 31, 2013 USD ($) $ / shares shares	Mar. 31, 2020 state station $ / shares	Jan. 01, 2020 USD ($)	Dec. 31, 2019 $ / shares
Product Information [Line Items]
Number of states in which entity operates \| state			26
Number of stations			1,491
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%
Accounting Standards Update 2016-13
Product Information [Line Items]
Allowance for credit loss adjustment \| $				$ (1,100,000)
Murphy USA
Product Information [Line Items]
Number of stations			1,161
Murphy Express
Product Information [Line Items]
Number of stations			330

Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,184.8	$ 3,116.4
Total petroleum product sales
Disaggregation of Revenue [Line Items]
Total revenues	2,480.2	2,499.8
Petroleum product sales (at retail)
Disaggregation of Revenue [Line Items]
Total revenues	2,246.2	2,238.7
Petroleum product sales (at wholesale)
Disaggregation of Revenue [Line Items]
Total revenues	234.0	261.1
Merchandise sales
Disaggregation of Revenue [Line Items]
Total revenues	687.5	606.2
RINs
Disaggregation of Revenue [Line Items]
Total revenues	15.5	9.1
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	1.6	1.3
Operating Segments \| Marketing
Disaggregation of Revenue [Line Items]
Total revenues	3,184.7	3,116.3
Operating Segments \| Marketing \| Total petroleum product sales
Disaggregation of Revenue [Line Items]
Total revenues	2,480.2	2,499.8
Operating Segments \| Marketing \| Petroleum product sales (at retail)
Disaggregation of Revenue [Line Items]
Total revenues	2,246.2	2,238.7
Operating Segments \| Marketing \| Petroleum product sales (at wholesale)
Disaggregation of Revenue [Line Items]
Total revenues	234.0	261.1
Operating Segments \| Marketing \| Merchandise sales
Disaggregation of Revenue [Line Items]
Total revenues	687.5	606.2
Operating Segments \| Marketing \| RINs
Disaggregation of Revenue [Line Items]
Total revenues	15.5	9.1
Operating Segments \| Marketing \| Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	1.5	1.2
Corporate and other assets
Disaggregation of Revenue [Line Items]
Total revenues	0.1	0.1
Corporate and other assets \| Total petroleum product sales
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
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 \| 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	$ 0.1

Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Trade accounts receivable	$ 136.3	$ 172.9
Receivables related to contracts with customers
Disaggregation of Revenue [Line Items]
Trade accounts receivable	$ 61.7	$ 96.0
Petroleum product sales, rack sales
Disaggregation of Revenue [Line Items]
Collection period	10 days
RINs
Disaggregation of Revenue [Line Items]
Collection period	5 days
Bulk pipelines sales
Disaggregation of Revenue [Line Items]
Collection period	7 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, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished products - First-In, First-Out ("FIFO") basis	$ 145.8	$ 259.2
Less: Last-In, First-Out ("LIFO") reserve - finished products	(42.6)	(160.8)
Finished products - LIFO basis	103.2	98.4
Store merchandise for resale	133.8	123.0
Materials and supplies	6.5	6.2
Total inventories	$ 243.5	$ 227.6

Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
LIFO inventories in excess of carrying value	$ 42.6	$ 160.8

Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Sep. 13, 2019	Apr. 25, 2017
Debt Instrument [Line Items]
Capitalized lease obligations, vehicles, due through 2023	$ 2.4	$ 2.4
Less unamortized debt issuance costs	(5.2)	(5.5)
Total long-term debt	1,038.6	1,038.1
Less current maturities	51.2	38.8
Total long-term debt, net of current	987.4	999.3
Senior Notes \| 5.625% senior notes due 2027
Debt Instrument [Line Items]
Long-term debt, gross	$ 297.3	297.3
Stated interest rate	5.625%			5.625%
Unamortized discount	$ 2.7	2.7
Senior Notes \| 4.75% senior notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.75%
Secured Debt \| 4.75% senior notes due 2029 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 494.1	493.9
Stated interest rate	4.75%		4.75%
Unamortized discount	$ 5.9	6.1
Secured Debt \| Term loan due 2023 \| Term facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 250.0	$ 250.0
Effective interest rate	3.91%	4.31%

Long-Term Debt (Narrative) (Details) - USD ($)				3 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Apr. 01, 2020	Sep. 13, 2019	Aug. 27, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Aug. 31, 2019	Apr. 25, 2017
Debt Instrument [Line Items]
Repayments of debt				$ 300,000	$ 5,400,000
Line of Credit Facility, Remaining Borrowing Capacity						$ 50,000,000
Dividend restrictions				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 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, 2020 and December 31, 2019, our ability to make restricted payments was limited as our availability under the borrowing base was less than $100 million, at $91.3 million, while our fixed charge coverage ratio was less than 1.0 to 1.0, at 0.91 subject to an annual available basket of up to $25 million which remains unused for the current period. As of March 31, 2020, the Company had a shortfall of approximately $53.9 million of our net income and retained earnigns subject to such restrictions before the fixed charge coverage ratio would exceed 1.0 to 1.0.
Fixed charge coverage ratio				0.91
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				0.46
Annual available basket				$ 25,000,000
Shortfall of net income and retained earnings				$ 53,900,000
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 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							$ 325,000,000
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							250,000,000
Asset-based loan facility, portion included in current maturities				$ 250,000,000
Proceeds borrowed from credit facility			$ 200,000,000
Term of facility			4 years
Repayments of debt			$ 57,000,000
Term facility \| Forecast [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal	$ 12,500,000
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							$ 100,000,000
Asset Based Loan Facility
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity				$ 91,300,000
4.75% senior notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Senior notes, principal amount		$ 500,000,000
Interest rate				4.75%
4.75% senior notes due 2029 \| ABL facility \| Line of Credit
Debt Instrument [Line Items]
Interest rate		4.75%		4.75%
5.625% Senior Notes Due 2027 \| Senior Notes
Debt Instrument [Line Items]
Senior notes, principal amount								$ 300,000,000
Interest rate				5.625%				5.625%
Asset Based Loan Facility
Debt Instrument [Line Items]
Asset-based loan facility, portion included in current maturities				$ 0
Term loan due 2023 \| Senior Notes
Debt Instrument [Line Items]
Repayments of Senior Debt		$ 500,000,000

Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Asset Retirement Obligation Roll Forward
Balance at beginning of period	$ 32.8	$ 30.7	$ 30.7
Accretion expense	0.6	$ 0.5	2.1
Settlements of liabilities	(0.2)		(0.4)
Liabilities incurred	0.0		0.4
Balance at end of period	$ 33.2		$ 32.8

Income Taxes (Summary of Effective Income Tax Rates) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	23.90%	10.90%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Total excess tax benefits	$ 0.6	$ 0.8
Other discrete tax items	$ 0.4

Incentive Plans (Narrative) (Details)			1 Months Ended	3 Months Ended
Incentive Plans (Narrative) (Details)	Feb. 06, 2019 $ / shares	Aug. 30, 2013 USD ($) shares	Feb. 29, 2020 $ / shares company	Mar. 31, 2020 USD ($) $ / shares	Mar. 31, 2019 USD ($)	Aug. 08, 2013 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation \| $				$ 2,800,000	$ 2,600,000
Total income tax benefits realized from tax deductions related to stock option exercises under share-based payment arrangements \| $				$ 0	$ 0
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)				$ 122.56
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) \| shares		5,500,000
Number of shares per employee (no more than) (in shares) \| shares		1,000,000
Award expiration period				7 years
2013 Long-Term Incentive Plan \| Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount payable \| $		$ 5,000,000.0
2013 Long-Term Incentive Plan \| Nonqualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, fair value (in dollars per share)	$ 28.28
2013 Long-Term Incentive Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
2013 Long-Term Incentive Plan \| Return On Average Capital Employed Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Restricted stock units issued, weighted average grant date fair value (in dollars per share)			$ 106.72
2013 Long-Term Incentive Plan \| Total Shareholder Return Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Number of companies in total shareholder return peer comparison group \| company			18
Restricted stock units issued, weighted average grant date fair value (in dollars per share)			$ 142.07
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) \| shares						500,000
2013 Stock Plan For Non-Employee Directors \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				3 years
Restricted stock units issued, weighted average grant date fair value (in dollars per share)				$ 110.86

Incentive Plans (Valuation Assumptions) (Details) - 2013 Long-Term Incentive Plan	3 Months Ended
	Mar. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Expected volatility	28.10%
Risk-free interest rate	1.50%
Expected life (years)	4 years 8 months 12 days
Stock price at valuation date (in dollars per share)	$ 106.72

Incentive Plans (Summary of Changes in Stock Options Outstanding) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Number of Shares (in shares)
Beginning balance (in shares) \| shares	392,300
Granted (in shares) \| shares	79,200
Ending balance (in shares) \| shares	471,500
Exercisable (in shares) \| shares	257,500
Weighted Average Exercise Price (in dollars per share)
Beginning balance (in dollars per share) \| $ / shares	$ 68.52
Granted (in dollars per share) \| $ / shares	105.57
Ending balance (in dollars per share) \| $ / shares	74.75
Exercisable (in dollars per share) \| $ / shares	$ 65.30
Options outstanding, average remaining life (in years)	4 years 6 months
Options exercisable, average remaining life (in years)	3 years 3 months 18 days
Options outstanding, aggregate intrinsic value \| $	$ 6.2
Options exercisable, aggregate intrinsic value \| $	$ 4.9

Incentive Plans (Summary of Restricted Stock Units Activity) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Time-Based Restricted Stock Units
Number of Shares (in shares)
Beginning balance (in shares) \| shares	198,915
Granted (in shares) \| shares	55,395
Vested and issued (in shares) \| shares	(55,875)
Forfeited (in shares) \| shares	(4,390)
Ending balance (in shares) \| shares	194,045
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning balance (in dollars per share) \| $ / shares	$ 70.58
Granted (in dollars per share) \| $ / shares	90.64
Vested and issued (in dollars per share) \| $ / shares	65.86
Forfeited (in dollars per share) \| $ / shares	78.33
Ending balance (in dollars per share) \| $ / shares	$ 77.49
Total fair value, vested \| $	$ 5.9
Total fair value, outstanding \| $	$ 16.4
Performance Units
Number of Shares (in shares)
Beginning balance (in shares) \| shares	131,200
Granted (in shares) \| shares	64,050
Vested and issued (in shares) \| shares	(65,745)
Forfeited (in shares) \| shares	(405)
Ending balance (in shares) \| shares	129,100
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning balance (in dollars per share) \| $ / shares	$ 82.98
Granted (in dollars per share) \| $ / shares	122.56
Vested and issued (in dollars per share) \| $ / shares	85.04
Forfeited (in dollars per share) \| $ / shares	65.75
Ending balance (in dollars per share) \| $ / shares	$ 96.83
Total fair value, vested \| $	$ 7.0
Total fair value, outstanding \| $	$ 10.9
Restricted Stock Units \| 2013 Stock Plan For Non-Employee Directors
Number of Shares (in shares)
Beginning balance (in shares) \| shares	33,607
Granted (in shares) \| shares	9,744
Vested and issued (in shares) \| shares	(12,404)
Ending balance (in shares) \| shares	30,947
Weighted Average Grant Date Fair Value (in dollars per share)
Beginning balance (in dollars per share) \| $ / shares	$ 70.68
Granted (in dollars per share) \| $ / shares	110.86
Vested and issued (in dollars per share) \| $ / shares	66.01
Ending balance (in dollars per share) \| $ / shares	$ 85.20
Total fair value, vested \| $	$ 1.3
Total fair value, outstanding \| $	$ 2.6

Financial Instruments and Risk Management (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Sep. 27, 2019
Derivative [Line Items]
Realized gain on interest rate swaps	$ 0.1	$ 0.0
Pretax losses deferred on contracts	(3.6)	0.0
Deferred income tax (benefit) expense	(0.9)	$ 0.0
Interest Rate Swap
Derivative [Line Items]
Derivative amount				$ 150.0
Prepaid expenses and other current assets
Derivative [Line Items]
Cash deposits related to commodity derivative contracts	$ 2.3		$ 1.0

Earnings Per Share (Narrative) (Details) - USD ($)		3 Months Ended
Earnings Per Share (Narrative) (Details) - USD ($)	Jul. 24, 2019	Mar. 31, 2020	Mar. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 400,000,000
Stock repurchase program, period	2 years
January 2016 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, shares acquired (in shares)		1,362,400	177,074
Stock repurchase program, average price per share (in dollars per share)		$ 103.17	$ 74.86

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, 2020	Mar. 31, 2019
Net income per share - basic
Net income attributable to common stockholders	$ 89.3	$ 5.3
Weighted average common shares outstanding (in shares)	30,235	32,206
Earnings per common share (in dollars per share)	$ 2.95	$ 0.16
Net income per share - diluted
Net income attributable to common stockholders	$ 89.3	$ 5.3
Weighted average common shares outstanding (in shares)	30,235	32,206
Common equivalent shares:
Dilutive share-based awards (in shares)	306	214
Weighted average common shares outstanding - assuming dilution (in shares)	30,541	32,420
Earnings per common share assuming dilution (in dollars per share)	$ 2.92	$ 0.16

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Other Financial Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash income taxes paid (collected), net of refunds	$ (0.5)	$ 0.7
Interest paid, net of amounts capitalized	$ 14.7	$ 16.2

Other Financial Information (Summary of Changes in Operating Working Capital) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 37.3	$ (88.5)
Inventories	(16.7)	42.7
Prepaid expenses and other current assets	13.7	(1.1)
Accounts payable and accrued liabilities	(66.1)	48.6
Income taxes payable	6.1	0.0
Net (increase) decrease in noncash operating working capital	$ (25.7)	$ 1.7

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Financial liabilities
Current and long-term debt	$ (1,038.6)	$ (1,038.1)
Fair Value
Financial liabilities
Current and long-term debt	$ (1,031.2)	$ (1,069.4)

Contingencies (Details) $ in Millions	3 Months Ended
Contingencies (Details) $ in Millions	Mar. 31, 2020 USD ($) site
Loss Contingencies [Line Items]
Number of Superfund sites for which company may be liable \| site	1
Outstanding letters of credit	$ 17.0
Workers Compensation Insurance Claims
Loss Contingencies [Line Items]
Insurance deductible amount	1.0
General Liability Insurance Claims
Loss Contingencies [Line Items]
Insurance deductible amount	3.0
Auto Liability Insurance Claims
Loss Contingencies [Line Items]
Insurance deductible amount	0.3
Insurance Claims
Loss Contingencies [Line Items]
Loss contingency accrual	$ 23.2

Lease Accounting (Narrative) (Details)	3 Months Ended
Lease Accounting (Narrative) (Details)	Mar. 31, 2020 contract site
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	217
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) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Operating	$ 128.9	$ 124.2
Finance	2.9	3.0
Total leased assets	131.8	127.2
Current
Operating	6.9	6.8
Finance	1.2	1.2
Noncurrent
Operating	123.4	118.5
Finance	1.1	1.2
Total lease liabilities	132.6	127.7
Accumulated depreciation	$ 2.4	$ 2.2

Lease Accounting (Lease Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 3.9	$ 3.5
Finance lease cost
Amortization of leased assets	0.3	0.3
Interest on lease liabilities	0.0	0.0
Net lease costs	$ 4.2	$ 3.8

Lease Accounting (Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid for amounts included in the measurement of liabilities
Operating cash flows from operating leases	$ 3.7	$ 3.3
Operating cash flows from finance leases	0.0	0.0
Financing cash flows from finance leases	$ 0.4	$ 0.4

Lease Accounting (Maturity of Lease Liability) (Details) $ in Millions	Mar. 31, 2020 USD ($)
Operating leases
2020	$ 11.3
2021	14.6
2022	13.8
2023	13.2
2024	12.8
After 2024	152.2
Total lease payments	217.9
less: interest	87.7
Present value of lease liabilities	130.2
Finance leases
2020	1.1
2021	1.0
2022	0.4
2023	0.0
2024	0.0
After 2024	0.0
Total lease payments	2.5
less: interest	0.2
Present value of lease liabilities	$ 2.3

Lease Accounting (Lease Term and Discount Rate) (Details)	Mar. 31, 2020
Weighted average remaining lease term (years)
Finance leases	2 years
Operating leases	15 years 7 months 6 days
Weighted average discount rate
Finance leases	4.80%
Operating leases	6.00%

Business Segment (Narrative) (Details)	3 Months Ended
Business Segment (Narrative) (Details)	Mar. 31, 2020 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, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 2,583.4		$ 2,687.2
External revenues	3,184.8	$ 3,116.4
Income (Loss)	89.3	5.3
Operating Segments \| Marketing
Segment Reporting Information [Line Items]
Total Assets	2,282.0
External revenues	3,184.7	3,116.3
Income (Loss)	100.9	16.2
Corporate and other assets
Segment Reporting Information [Line Items]
Total Assets	301.4
External revenues	0.1	0.1
Income (Loss)	$ (11.6)	$ (10.9)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.