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v3.20.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
| Three Months Ended June 30,
| 2020 |  | 2019
| Fuel Distribution and Marketing |  | All Other |  | Intercompany Eliminations |  | Totals |  | Fuel Distribution and Marketing |  | All Other |  | Intercompany Eliminations |  | Totals
| (in millions)
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Motor fuel sales | $ | 1,930 |  |  | $ | 62 |  |  |  |  | $ | 1,992 |  |  | $ | 4,193 |  |  | $ | 173 |  |  |  |  | $ | 4,366 |
Non motor fuel sales | 20 |  |  | 34 |  |  |  |  | 54 |  |  | 16 |  |  | 58 |  |  |  |  | 74 |
Lease income | 29 |  |  | 5 |  |  |  |  | 34 |  |  | 31 |  |  | 4 |  |  |  |  | 35 |
Intersegment sales | 152 |  |  | — |  |  | (152 | ) |  | — |  |  | 463 |  |  | 16 |  |  | (479 | ) |  | — |
Total revenue | 2,131 |  |  | 101 |  |  | (152 | ) |  | 2,080 |  |  | 4,703 |  |  | 251 |  |  | (479 | ) |  | 4,475 |
Gross profit (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Motor fuel | 275 |  |  | 19 |  |  |  |  | 294 |  |  | 171 |  |  | 19 |  |  |  |  | 190 |
Non motor fuel | 13 |  |  | 17 |  |  |  |  | 30 |  |  | 13 |  |  | 31 |  |  |  |  | 44 |
Lease | 29 |  |  | 5 |  |  |  |  | 34 |  |  | 31 |  |  | 4 |  |  |  |  | 35 |
Total gross profit | 317 |  |  | 41 |  |  |  |  | 358 |  |  | 215 |  |  | 54 |  |  |  |  | 269 |
Total operating expenses | 117 |  |  | 33 |  |  |  |  | 150 |  |  | 139 |  |  | 33 |  |  |  |  | 172 |
Operating income | 200 |  |  | 8 |  |  |  |  | 208 |  |  | 76 |  |  | 21 |  |  |  |  | 97 |
Interest expense, net | (37 | ) |  | (7 | ) |  |  |  | (44 | ) |  | (35 | ) |  | (8 | ) |  |  |  | (43 | )
Other income (expense), net | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 6 |  |  |  |  | 6 |
Equity in earnings of unconsolidated affiliate | 1 |  |  | — |  |  |  |  | 1 |  |  | — |  |  | — |  |  |  |  | — |
Income from operations before income taxes | 164 |  |  | 1 |  |  |  |  | 165 |  |  | 41 |  |  | 19 |  |  |  |  | 60 |
Income tax expense | 3 |  |  | 5 |  |  |  |  | 8 |  |  | 2 |  |  | 3 |  |  |  |  | 5 |
Net income (loss) and comprehensive income (loss) | $ | 161 |  |  | $ | (4 | ) |  |  |  | $ | 157 |  |  | $ | 39 |  |  | $ | 16 |  |  |  |  | $ | 55 |
Depreciation, amortization and accretion | 36 |  |  | 11 |  |  |  |  | 47 |  |  | 37 |  |  | 10 |  |  |  |  | 47 |
Interest expense, net | 37 |  |  | 7 |  |  |  |  | 44 |  |  | 35 |  |  | 8 |  |  |  |  | 43 |
Income tax expense | 3 |  |  | 5 |  |  |  |  | 8 |  |  | 2 |  |  | 3 |  |  |  |  | 5 |
Non-cash unit-based compensation expense | 3 |  |  | — |  |  |  |  | 3 |  |  | 3 |  |  | — |  |  |  |  | 3 |
Loss on disposal of assets and impairment charges | — |  |  | 6 |  |  |  |  | 6 |  |  | — |  |  | 2 |  |  |  |  | 2 |
Unrealized loss on commodity derivatives | — |  |  | — |  |  |  |  | — |  |  | 3 |  |  | — |  |  |  |  | 3 |
Inventory adjustments | (87 | ) |  | (3 | ) |  |  |  | (90 | ) |  | (4 | ) |  | — |  |  |  |  | (4 | )
Equity in earnings of unconsolidated affiliate | (1 | ) |  | — |  |  |  |  | (1 | ) |  | — |  |  | — |  |  |  |  | — |
Adjusted EBITDA related to unconsolidated affiliate | 3 |  |  | — |  |  |  |  | 3 |  |  | — |  |  | — |  |  |  |  | — |
Other non-cash adjustments | 5 |  |  | — |  |  |  |  | 5 |  |  | 4 |  |  | (6 | ) |  |  |  | (2 | )
Adjusted EBITDA | $ | 160 |  |  | $ | 22 |  |  |  |  | $ | 182 |  |  | $ | 119 |  |  | $ | 33 |  |  |  |  | $ | 152 |
Capital expenditures | $ | 15 |  |  | $ | 3 |  |  |  |  | $ | 18 |  |  | $ | 28 |  |  | $ | 3 |  |  |  |  | $ | 31 |
Total assets as of June 30, 2020 and December 31, 2019, respectively | $ | 4,014 |  |  | $ | 1,107 |  |  |  |  | $ | 5,121 |  |  | $ | 4,189 |  |  | $ | 1,249 |  |  |  |  | $ | 5,438 |
________________________________ (1) Excludes depreciation, amortization and accretion.
| Six Months Ended June 30,
| 2020 |  | 2019
| Fuel Distribution and Marketing |  | All Other |  | Intercompany Eliminations |  | Totals |  | Fuel Distribution and Marketing |  | All Other |  | Intercompany Eliminations |  | Totals
| (in millions)
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Motor fuel sales | $ | 4,969 |  |  | $ | 189 |  |  |  |  | $ | 5,158 |  |  | $ | 7,635 |  |  | $ | 314 |  |  |  |  | $ | 7,949 |
Non motor fuel sales | 31 |  |  | 94 |  |  |  |  | 125 |  |  | 35 |  |  | 113 |  |  |  |  | 148 |
Lease income | 59 |  |  | 10 |  |  |  |  | 69 |  |  | 63 |  |  | 7 |  |  |  |  | 70 |
Intersegment sales | 445 |  |  | — |  |  | (445 | ) |  | — |  |  | 827 |  |  | 48 |  |  | (875 | ) |  | — |
Total revenue | 5,504 |  |  | 293 |  |  | (445 | ) |  | 5,352 |  |  | 8,560 |  |  | 482 |  |  | (875 | ) |  | 8,167 |
Gross profit (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Motor fuel | 269 |  |  | 46 |  |  |  |  | 315 |  |  | 429 |  |  | 46 |  |  |  |  | 475 |
Non motor fuel | 24 |  |  | 58 |  |  |  |  | 82 |  |  | 30 |  |  | 64 |  |  |  |  | 94 |
Lease | 59 |  |  | 10 |  |  |  |  | 69 |  |  | 63 |  |  | 7 |  |  |  |  | 70 |
Total gross profit | 352 |  |  | 114 |  |  |  |  | 466 |  |  | 522 |  |  | 117 |  |  |  |  | 639 |
Total operating expenses | 272 |  |  | 68 |  |  |  |  | 340 |  |  | 274 |  |  | 116 |  |  |  |  | 390 |
Operating income | 80 |  |  | 46 |  |  |  |  | 126 |  |  | 248 |  |  | 1 |  |  |  |  | 249 |
Interest expense, net | (75 | ) |  | (13 | ) |  |  |  | (88 | ) |  | (71 | ) |  | (14 | ) |  |  |  | (85 | )
Other income (expense), net | — |  |  | — |  |  |  |  | — |  |  | 3 |  |  | — |  |  |  |  | 3 |
Equity in earnings of unconsolidated affiliate | 2 |  |  | — |  |  |  |  | 2 |  |  | — |  |  | — |  |  |  |  | — |
Income (loss) from operations before income taxes | 7 |  |  | 33 |  |  |  |  | 40 |  |  | 180 |  |  | (13 | ) |  |  |  | 167 |
Income tax expense (benefit) | 3 |  |  | 8 |  |  |  |  | 11 |  |  | 4 |  |  | (1 | ) |  |  |  | 3 |
Net income (loss) and comprehensive income (loss) | $ | 4 |  |  | $ | 25 |  |  |  |  | $ | 29 |  |  | $ | 176 |  |  | $ | (12 | ) |  |  |  | $ | 164 |
Depreciation, amortization and accretion | 73 |  |  | 19 |  |  |  |  | 92 |  |  | 71 |  |  | 21 |  |  |  |  | 92 |
Interest expense, net | 75 |  |  | 13 |  |  |  |  | 88 |  |  | 71 |  |  | 14 |  |  |  |  | 85 |
Income tax expense (benefit) | 3 |  |  | 8 |  |  |  |  | 11 |  |  | 4 |  |  | (1 | ) |  |  |  | 3 |
Non-cash unit-based compensation expense | 7 |  |  | — |  |  |  |  | 7 |  |  | 6 |  |  | — |  |  |  |  | 6 |
Loss on disposal of assets and impairment charges | — |  |  | 8 |  |  |  |  | 8 |  |  | 4 |  |  | 46 |  |  |  |  | 50 |
Unrealized loss (gain) on commodity derivatives | 6 |  |  | — |  |  |  |  | 6 |  |  | (3 | ) |  | — |  |  |  |  | (3 | )
Inventory adjustments | 139 |  |  | (2 | ) |  |  |  | 137 |  |  | (97 | ) |  | — |  |  |  |  | (97 | )
Equity in earnings of unconsolidated affiliate | (2 | ) |  | — |  |  |  |  | (2 | ) |  | — |  |  | — |  |  |  |  | — |
Adjusted EBITDA related to unconsolidated affiliate | 5 |  |  | — |  |  |  |  | 5 |  |  | — |  |  | — |  |  |  |  | — |
Other non-cash adjustments | 10 |  |  | — |  |  |  |  | 10 |  |  | 5 |  |  | — |  |  |  |  | 5 |
Adjusted EBITDA | $ | 320 |  |  | $ | 71 |  |  |  |  | $ | 391 |  |  | $ | 237 |  |  | $ | 68 |  |  |  |  | $ | 305 |
Capital expenditures | $ | 40 |  |  | $ | 19 |  |  |  |  | $ | 59 |  |  | $ | 48 |  |  | $ | 9 |  |  |  |  | $ | 57 |
Total assets as of June 30, 2020 and December 31, 2019, respectively | $ | 4,014 |  |  | $ | 1,107 |  |  |  |  | $ | 5,121 |  |  | $ | 4,189 |  |  | $ | 1,249 |  |  |  |  | $ | 5,438 |
________________________________ (1) Excludes depreciation, amortization and accretion.

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