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Guarantor Subsidiaries (Tables) | 6 Months Ended
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Jun. 30, 2020
Guarantor Subsidiaries [Abstract] |
Consolidating Balance Sheet | CONSOLIDATING BALANCE SHEET
(Millions of dollars, except share amounts) | June 30, 2020 |  |  |  |  |  |  |  |  |  |
Assets | Parent Company |  | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 403.0 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 403.6 |
Accounts receivable—trade, less allowance for doubtful accounts of $0.1 in 2020 | — |  |  | 161.1 |  |  | 0.2 |  |  | — |  |  | — |  |  | 161.3 |
Inventories, at lower of cost or market | — |  |  | 257.7 |  |  | — |  |  | — |  |  | — |  |  | 257.7 |
Prepaid expenses and other current assets | — |  |  | 17.7 |  |  | — |  |  | — |  |  | — |  |  | 17.7 |
Total current assets | — |  |  | 839.5 |  |  | 0.8 |  |  | — |  |  | — |  |  | 840.3 |
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,143.6 in 2020 | — |  |  | 1,823.3 |  |  | 11.0 |  |  | — |  |  | — |  |  | 1,834.3 |
Investments in subsidiaries | 2,850.0 |  |  | 143.6 |  |  | — |  |  | — |  |  | (2,993.6) |  |  | — |
Other assets | — |  |  | 186.1 |  |  | — |  |  | — |  |  | — |  |  | 186.1 |
Total assets | $ | 2,850.0 |  |  | $ | 2,992.5 |  |  | $ | 11.8 |  |  | $ | — |  |  | $ | (2,993.6) |  |  | $ | 2,860.7 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | $ | — |  |  | $ | 51.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 51.2 |
Inter-company accounts payable | 141.0 |  |  | 52.4 |  |  | (39.1) |  |  | (154.3) |  |  | — |  |  | — |
Trade accounts payable and accrued liabilities | — |  |  | 461.2 |  |  | 0.5 |  |  | — |  |  | — |  |  | 461.7 |
Income taxes payable | — |  |  | 41.2 |  |  | (0.4) |  |  | — |  |  | — |  |  | 40.8 |
Total current liabilities | 141.0 |  |  | 606.0 |  |  | (39.0) |  |  | (154.3) |  |  | — |  |  | 553.7 |
Long-term debt, including capitalized lease obligations | — |  |  | 975.3 |  |  | — |  |  | — |  |  | — |  |  | 975.3 |
Deferred income taxes | — |  |  | 225.2 |  |  | — |  |  | — |  |  | — |  |  | 225.2 |
Asset retirement obligations | — |  |  | 33.7 |  |  | — |  |  | — |  |  | — |  |  | 33.7 |
Deferred credits and other liabilities | — |  |  | 154.8 |  |  | — |  |  | — |  |  | — |  |  | 154.8 |
Total liabilities | 141.0 |  |  | 1,995.0 |  |  | (39.0) |  |  | (154.3) |  |  | — |  |  | 1,942.7 |
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 June 30, 2020) | 0.5 |  |  | — |  |  | 0.1 |  |  | — |  |  | (0.1) |  |  | 0.5 |
Treasury Stock (17,589,533 shares held at June 30, 2020) | (1,235.2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,235.2) |
Additional paid in capital (APIC) | 1,183.1 |  |  | 578.8 |  |  | 52.0 |  |  | 87.5 |  |  | (1,368.4) |  |  | 533.0 |
Retained earnings | 2,760.6 |  |  | 421.2 |  |  | (1.3) |  |  | 66.8 |  |  | (1,625.1) |  |  | 1,622.2 |
Accumulated other comprehensive income (loss) (AOCI) | — |  |  | (2.5) |  |  | — |  |  | — |  |  | — |  |  | (2.5) |
Total stockholders' equity | 2,709.0 |  |  | 997.5 |  |  | 50.8 |  |  | 154.3 |  |  | (2,993.6) |  |  | 918.0 |
Total liabilities and stockholders' equity | $ | 2,850.0 |  |  | $ | 2,992.5 |  |  | $ | 11.8 |  |  | $ | — |  |  | $ | (2,993.6) |  |  | $ | 2,860.7 |
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 June 30, 2020 |  |  |  |  |  |  |  |  |  |
Operating Revenues | Parent Company |  | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Petroleum product sales | $ | — |  |  | $ | 1,588.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,588.9 |
Merchandise sales | — |  |  | 767.1 |  |  | — |  |  | — |  |  | — |  |  | 767.1 |
Other operating revenues | — |  |  | 23.6 |  |  | — |  |  | — |  |  | — |  |  | 23.6 |
Total operating revenues | — |  |  | 2,379.6 |  |  | — |  |  | — |  |  | — |  |  | 2,379.6 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Petroleum product cost of goods sold | — |  |  | 1,287.8 |  |  | — |  |  | — |  |  | — |  |  | 1,287.8 |
Merchandise cost of goods sold | — |  |  | 648.7 |  |  | — |  |  | — |  |  | — |  |  | 648.7 |
Station and other operating expenses | — |  |  | 131.8 |  |  | — |  |  | — |  |  | — |  |  | 131.8 |
Depreciation and amortization | — |  |  | 39.4 |  |  | 0.1 |  |  | — |  |  | — |  |  | 39.5 |
Selling, general and administrative | — |  |  | 37.1 |  |  | — |  |  | — |  |  | — |  |  | 37.1 |
Accretion of asset retirement obligations | — |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Total operating expenses | — |  |  | 2,145.3 |  |  | 0.1 |  |  | — |  |  | — |  |  | 2,145.4 |
Net settlement proceeds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gain (loss) on sale of assets | — |  |  | 1.3 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Income (loss) from operations | — |  |  | 235.6 |  |  | (0.1) |  |  | — |  |  | — |  |  | 235.5 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Interest expense | — |  |  | (13.0) |  |  | — |  |  | — |  |  | — |  |  | (13.0) |
Other nonoperating income | — |  |  | 0.5 |  |  | (0.2) |  |  | — |  |  | — |  |  | 0.3 |
Total other income (expense) | — |  |  | (12.3) |  |  | (0.2) |  |  | — |  |  | — |  |  | (12.5) |
Income (loss) before income taxes | — |  |  | 223.3 |  |  | (0.3) |  |  | — |  |  | — |  |  | 223.0 |
Income tax expense | — |  |  | 54.2 |  |  | (0.1) |  |  | — |  |  | — |  |  | 54.1 |
Income (loss) | — |  |  | 169.1 |  |  | (0.2) |  |  | — |  |  | — |  |  | 168.9 |
Equity earnings in affiliates, net of tax | 168.9 |  |  | (0.2) |  |  | — |  |  | — |  |  | (168.7) |  |  | — |
Net Income (Loss) | 168.9 |  |  | 168.9 |  |  | (0.2) |  |  | — |  |  | (168.7) |  |  | 168.9 |
Other comprehensive loss | — |  |  | (0.5) |  |  | — |  |  | — |  |  | — |  |  | (0.5) |
Comprehensive income (loss) | $ | 168.9 |  |  | $ | 168.4 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | (168.7) |  |  | $ | 168.4 |
CONSOLIDATING INCOME STATEMENT AND COMPREHENSIVE INCOME
(Millions of dollars) | Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |
Operating Revenues | Parent Company |  | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Petroleum product sales | $ | — |  |  | $ | 3,129.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,129.7 |
Merchandise sales | — |  |  | 658.8 |  |  | — |  |  | — |  |  | — |  |  | 658.8 |
Other operating revenues | — |  |  | 11.9 |  |  | — |  |  | — |  |  | — |  |  | 11.9 |
Total operating revenues | — |  |  | 3,800.4 |  |  | — |  |  | — |  |  | — |  |  | 3,800.4 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Petroleum product cost of goods sold | — |  |  | 2,973.7 |  |  | — |  |  | — |  |  | — |  |  | 2,973.7 |
Merchandise cost of goods sold | — |  |  | 553.3 |  |  | — |  |  | — |  |  | — |  |  | 553.3 |
Station and other operating expenses | — |  |  | 145.6 |  |  | — |  |  | — |  |  | — |  |  | 145.6 |
Depreciation and amortization | — |  |  | 36.5 |  |  | — |  |  | — |  |  | — |  |  | 36.5 |
Selling, general and administrative | — |  |  | 35.1 |  |  | — |  |  | — |  |  | — |  |  | 35.1 |
Accretion of asset retirement obligations | — |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Total operating expenses | — |  |  | 3,744.7 |  |  | — |  |  | — |  |  | — |  |  | 3,744.7 |
Net settlement proceeds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gain (loss) on sale of assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income (loss) from operations | — |  |  | 55.7 |  |  | — |  |  | — |  |  | — |  |  | 55.7 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 0.9 |  |  | — |  |  | — |  |  | — |  |  | 0.9 |
Interest expense | — |  |  | (13.2) |  |  | — |  |  | — |  |  | — |  |  | (13.2) |
Other nonoperating income | — |  |  | 0.1 |  |  | (0.2) |  |  | — |  |  | — |  |  | (0.1) |
Total other income (expense) | — |  |  | (12.2) |  |  | (0.2) |  |  | — |  |  | — |  |  | (12.4) |
Income (loss) before income taxes | — |  |  | 43.5 |  |  | (0.2) |  |  | — |  |  | — |  |  | 43.3 |
Income tax expense | — |  |  | 10.7 |  |  | (0.1) |  |  | — |  |  | — |  |  | 10.6 |
Income (loss) | — |  |  | 32.8 |  |  | (0.1) |  |  | — |  |  | — |  |  | 32.7 |
Equity earnings in affiliates, net of tax | 32.7 |  |  | (0.1) |  |  | — |  |  | — |  |  | (32.6) |  |  | — |
Net Income (Loss) | 32.7 |  |  | 32.7 |  |  | (0.1) |  |  | — |  |  | (32.6) |  |  | 32.7 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) | $ | 32.7 |  |  | $ | 32.7 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | (32.6) |  |  | $ | 32.7 |
CONSOLIDATING INCOME STATEMENT AND COMPREHENSIVE INCOME
(Millions of dollars) | Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |
Operating Revenues | Parent Company |  | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Petroleum product sales | $ | — |  |  | $ | 4,069.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,069.1 |
Merchandise sales | — |  |  | 1,454.6 |  |  | — |  |  | — |  |  | — |  |  | 1,454.6 |
Other operating revenues | — |  |  | 40.7 |  |  | — |  |  | — |  |  | — |  |  | 40.7 |
Total operating revenues | — |  |  | 5,564.4 |  |  | — |  |  | — |  |  | — |  |  | 5,564.4 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Petroleum product cost of goods sold | — |  |  | 3,547.6 |  |  | — |  |  | — |  |  | — |  |  | 3,547.6 |
Merchandise cost of goods sold | — |  |  | 1,228.7 |  |  | — |  |  | — |  |  | — |  |  | 1,228.7 |
Station and other operating expenses | — |  |  | 266.9 |  |  | — |  |  | — |  |  | — |  |  | 266.9 |
Depreciation and amortization | — |  |  | 78.8 |  |  | 0.1 |  |  | — |  |  | — |  |  | 78.9 |
Selling, general and administrative | — |  |  | 76.3 |  |  | — |  |  | — |  |  | — |  |  | 76.3 |
Accretion of asset retirement obligations | — |  |  | 1.1 |  |  | — |  |  | — |  |  | — |  |  | 1.1 |
Total operating expenses | — |  |  | 5,199.4 |  |  | 0.1 |  |  | — |  |  | — |  |  | 5,199.5 |
Gain (loss) on sale of assets | — |  |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 1.4 |
Income (loss) from operations | — |  |  | 366.4 |  |  | (0.1) |  |  | — |  |  | — |  |  | 366.3 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 1.0 |
Interest expense | — |  |  | (26.3) |  |  | — |  |  | — |  |  | — |  |  | (26.3) |
Other nonoperating income | — |  |  | (0.4) |  |  | (0.3) |  |  | — |  |  | — |  |  | (0.7) |
Total other income (expense) | — |  |  | (25.7) |  |  | (0.3) |  |  | — |  |  | — |  |  | (26.0) |
Income (loss) before income taxes | — |  |  | 340.7 |  |  | (0.4) |  |  | — |  |  | — |  |  | 340.3 |
Income tax expense | — |  |  | 82.2 |  |  | (0.1) |  |  | — |  |  | — |  |  | 82.1 |
Income (loss) | — |  |  | 258.5 |  |  | (0.3) |  |  | — |  |  | — |  |  | 258.2 |
Equity earnings in affiliates, net of tax | 258.2 |  |  | (0.3) |  |  | — |  |  | — |  |  | (257.9) |  |  | — |
Net Income (Loss) | 258.2 |  |  | 258.2 |  |  | (0.3) |  |  | — |  |  | (257.9) |  |  | 258.2 |
Other comprehensive income (loss) | — |  |  | (3.2) |  |  | — |  |  | — |  |  | — |  |  | (3.2) |
Comprehensive income (loss) | $ | 258.2 |  |  | $ | 255.0 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | (257.9) |  |  | $ | 255.0 |
CONSOLIDATING INCOME STATEMENT AND COMPREHENSIVE INCOME
(Millions of dollars) | Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |
Operating Revenues | Parent Company |  | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Petroleum product sales | $ | — |  |  | $ | 5,629.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,629.5 |
Merchandise sales | — |  |  | 1,265.0 |  |  | — |  |  | — |  |  | — |  |  | 1,265.0 |
Other operating revenues | — |  |  | 22.3 |  |  | — |  |  | — |  |  | — |  |  | 22.3 |
Total operating revenues | — |  |  | 6,916.8 |  |  | — |  |  | — |  |  | — |  |  | 6,916.8 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Petroleum product cost of goods sold | — |  |  | 5,355.2 |  |  | — |  |  | — |  |  | — |  |  | 5,355.2 |
Merchandise cost of goods sold | — |  |  | 1,062.0 |  |  | — |  |  | — |  |  | — |  |  | 1,062.0 |
Station and other operating expenses | — |  |  | 278.4 |  |  | — |  |  | — |  |  | — |  |  | 278.4 |
Depreciation and amortization | — |  |  | 76.2 |  |  | — |  |  | — |  |  | — |  |  | 76.2 |
Selling, general and administrative | — |  |  | 69.7 |  |  | — |  |  | — |  |  | — |  |  | 69.7 |
Accretion of asset retirement obligations | — |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 1.0 |
Total operating expenses | — |  |  | 6,842.5 |  |  | — |  |  | — |  |  | — |  |  | 6,842.5 |
Net settlement proceeds | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Gain (loss) on sale of assets | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Income (loss) from operations | — |  |  | 74.3 |  |  | — |  |  | — |  |  | — |  |  | 74.3 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 1.6 |  |  | — |  |  | — |  |  | — |  |  | 1.6 |
Interest expense | — |  |  | (26.8) |  |  | — |  |  | — |  |  | — |  |  | (26.8) |
Other nonoperating income | — |  |  | 0.5 |  |  | (0.4) |  |  | — |  |  | — |  |  | 0.1 |
Total other income (expense) | — |  |  | (24.7) |  |  | (0.4) |  |  | — |  |  | — |  |  | (25.1) |
Income (loss) before income taxes | — |  |  | 49.6 |  |  | (0.4) |  |  | — |  |  | — |  |  | 49.2 |
Income tax expense | — |  |  | 11.3 |  |  | (0.1) |  |  | — |  |  | — |  |  | 11.2 |
Income (loss) | — |  |  | 38.3 |  |  | (0.3) |  |  | — |  |  | — |  |  | 38.0 |
Equity earnings in affiliates, net of tax | 38.0 |  |  | (0.3) |  |  | — |  |  | — |  |  | (37.7) |  |  | — |
Net Income (Loss) | 38.0 |  |  | 38.0 |  |  | (0.3) |  |  | — |  |  | (37.7) |  |  | 38.0 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) | $ | 38.0 |  |  | $ | 38.0 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | (37.7) |  |  | $ | 38.0 |
Consolidating Statement of Cash Flow | CONSOLIDATING STATEMENT OF CASH FLOW
(Millions of dollars) | Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |
Operating Activities | Parent Company |  | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 258.2 |  |  | $ | 258.2 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | (257.9) |  |  | $ | 258.2 |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | — |  |  | 78.8 |  |  | 0.1 |  |  | — |  |  | — |  |  | 78.9 |
Deferred and noncurrent income tax charges (credits) | — |  |  | 9.4 |  |  | — |  |  | — |  |  | — |  |  | 9.4 |
Accretion of asset retirement obligations | — |  |  | 1.1 |  |  | — |  |  | — |  |  | — |  |  | 1.1 |
(Gain) loss on sale of assets | — |  |  | (1.4) |  |  | — |  |  | — |  |  | — |  |  | (1.4) |
Net (increase) decrease in noncash operating working capital | — |  |  | 23.0 |  |  | 0.2 |  |  | — |  |  | — |  |  | 23.2 |
Equity in earnings of affiliates | (258.2) |  |  | 0.3 |  |  | — |  |  | — |  |  | 257.9 |  |  | — |
Other operating activities - net | — |  |  | 12.5 |  |  | — |  |  | — |  |  | — |  |  | 12.5 |
Net cash provided by (required by) operating activities | — |  |  | 381.9 |  |  | — |  |  | — |  |  | — |  |  | 381.9 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |
Property additions | — |  |  | (102.8) |  |  | (2.9) |  |  | — |  |  | — |  |  | (105.7) |
Proceeds from sale of assets | — |  |  | 7.6 |  |  | — |  |  | — |  |  | — |  |  | 7.6 |
Other investing activities - net | — |  |  | (1.1) |  |  | — |  |  | — |  |  | — |  |  | (1.1) |
Net cash provided by (required by) investing activities | — |  |  | (96.3) |  |  | (2.9) |  |  | — |  |  | — |  |  | (99.2) |
Financing Activities |  |  |  |  |  |  |  |  |  |  |
Purchase of treasury stock | (140.6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (140.6) |
Borrowings of debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Repayments of debt | — |  |  | (13.2) |  |  | — |  |  | — |  |  | — |  |  | (13.2) |
Amounts related to share-based compensation | — |  |  | (5.6) |  |  | — |  |  | — |  |  | — |  |  | (5.6) |
Net distributions to parent | 140.6 |  |  | (143.2) |  |  | 2.6 |  |  | — |  |  | — |  |  | — |
Net cash provided by (required by) financing activities | — |  |  | (162.0) |  |  | 2.6 |  |  | — |  |  | — |  |  | (159.4) |
Net increase (decrease) in cash and cash equivalents | — |  |  | 123.6 |  |  | (0.3) |  |  | — |  |  | — |  |  | 123.3 |
Cash, cash equivalents, and restricted cash at January 1 | — |  |  | 279.4 |  |  | 0.9 |  |  | — |  |  | — |  |  | 280.3 |
Cash, cash equivalents, and restricted cash at June 30 | $ | — |  |  | $ | 403.0 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 403.6 |
CONSOLIDATING STATEMENT OF CASH FLOW
(Millions of dollars) | Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |
Operating Activities | Parent Company |  | Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 38.0 |  |  | $ | 38.0 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | (37.7) |  |  | $ | 38.0 |
Adjustments to reconcile net income (loss) to net cash provided by (required by)operating activities |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | — |  |  | 76.2 |  |  | — |  |  | — |  |  | — |  |  | 76.2 |
Deferred and noncurrent income tax charges (credits) | — |  |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | 2.7 |
Accretion of asset retirement obligations | — |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 1.0 |
Pretax (gains) losses from sale of assets | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Net (increase) decrease in noncash operating working capital | — |  |  | (0.4) |  |  | (0.1) |  |  | — |  |  | — |  |  | (0.5) |
Equity in earnings of affiliates | (38.0) |  |  | 0.3 |  |  | — |  |  | — |  |  | 37.7 |  |  | — |
Other operating activities - net | — |  |  | 7.4 |  |  | — |  |  | — |  |  | — |  |  | 7.4 |
Net cash provided by (required by) operating activities | — |  |  | 125.3 |  |  | (0.4) |  |  | — |  |  | — |  |  | 124.9 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |
Property additions | — |  |  | (83.4) |  |  | (3.2) |  |  | — |  |  | — |  |  | (86.6) |
Proceeds from sale of assets | — |  |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 1.4 |
Other investing activities - net | — |  |  | (0.5) |  |  | — |  |  | — |  |  | — |  |  | (0.5) |
Net cash provided by (required by) investing activities | — |  |  | (82.5) |  |  | (3.2) |  |  | — |  |  | — |  |  | (85.7) |
Financing Activities |  |  |  |  |  |  |  |  |  |  |
Purchase of treasury stock | (30.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30.1) |
Repayments of debt | — |  |  | (10.7) |  |  | — |  |  | — |  |  | — |  |  | (10.7) |
Amounts related to share-based compensation | — |  |  | (4.3) |  |  | — |  |  | — |  |  | — |  |  | (4.3) |
Net distributions to parent | 30.1 |  |  | (33.8) |  |  | 3.7 |  |  | — |  |  | — |  |  | — |
Net cash provided by (required) by financing activities | — |  |  | (48.8) |  |  | 3.7 |  |  | — |  |  | — |  |  | (45.1) |
Net increase (decrease) in cash and cash equivalents | — |  |  | (6.0) |  |  | 0.1 |  |  | — |  |  | — |  |  | (5.9) |
Cash, cash equivalents, and restricted cash at January 1 | — |  |  | 184.0 |  |  | 0.5 |  |  | — |  |  | — |  |  | 184.5 |
Cash, cash equivalents, and restricted cash at June 30 | $ | — |  |  | $ | 178.0 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 178.6 |
Consolidating Statement of Changes in Equity | CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
(Millions of dollars) | Six Months Ended June 30, 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 |
Issuance of common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of June 30, 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) |
Issuance of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Repurchase of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of June 30, 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 |
Share-based compensation expense | — |  |  | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |
Balance as of June 30, 2020 | $ | 1,183.1 |  |  | $ | 578.8 |  |  | $ | 52.0 |  |  | $ | 87.5 |  |  | $ | (1,368.4) |  |  | $ | 533.0 |
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 |
Net income (loss) | 168.9 |  |  | 168.9 |  |  | (0.2) |  |  | — |  |  | (168.7) |  |  | 168.9 |
Balance as of June 30, 2020 | $ | 2,760.6 |  |  | $ | 421.2 |  |  | $ | (1.3) |  |  | $ | 66.8 |  |  | $ | (1,625.1) |  |  | $ | 1,622.2 |
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) |
Net income (loss) | — |  |  | (0.5) |  |  | $ | — |  |  | — |  |  | — |  |  | (0.5) |
Balance as of June 30, 2020 | $ | — |  |  | $ | (2.5) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2.5) |
CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
(Millions of dollars) | Six Months Ended June 30, 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 |
Issuance of common stock | — |  |  | — |  |  | $ | — |  |  | — |  |  | — |  |  | — |
Balance as of June 30, 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) |
Issuance of treasury stock | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Repurchase of treasury stock | (16.8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16.8) |
Balance as of June 30, 2019 | $ | (964.7) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (964.7) |
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 |
Issuance of treasury stock | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Amounts related to share-based compensation | — |  |  | (0.2) |  |  | — |  |  | — |  |  | — |  |  | (0.2) |
Share-based compensation expense | — |  |  | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |
Balance as of June 30, 2019 | $ | 1,189.4 |  |  | $ | 573.9 |  |  | $ | 52.0 |  |  | $ | 87.5 |  |  | $ | (1,368.4) |  |  | $ | 534.4 |
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 |
Net income (loss) | 32.7 |  |  | 32.7 |  |  | (0.1) |  |  | — |  |  | (32.6) |  |  | 32.7 |
Balance as of June 30, 2019 | $ | 2,219.8 |  |  | $ | 210.9 |  |  | $ | (0.8) |  |  | $ | 66.8 |  |  | $ | (1,250.6) |  |  | $ | 1,246.1 |
AOCI |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2018 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of March 31, 2019 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of June 30, 2019 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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