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Asset Exchange Transaction With Circle K (Tables)
 12 Months Ended
Dec. 31, 2019
Asset Exchange Agreement [Abstract]  
Schedule of Divestiture of Properties in Closed Asset Exchange Transactions

We recorded the following to reflect the divestiture of the CAPL Properties in the Closed Asset Exchange Transactions with the net assets divested recorded through equity (in thousands).

 

 

First

Asset

Exchange

 

 

Second

Asset

Exchange

 

Property and equipment, net

 

$

40,686

 

 

$

37,955

 

Right-of-use assets, net

 

 

3,077

 

 

 

—

 

Intangible assets, net

 

 

2,135

 

 

 

—

 

Total assets

 

$

45,898

 

 

$

37,955

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease obligations

 

$

448

 

 

$

—

 

Operating lease obligations, less current portion

 

 

2,629

 

 

 

—

 

Deferred income taxes

 

 

4,804

 

 

 

(151

)

Asset retirement obligations

 

 

821

 

 

 

318

 

Total liabilities

 

$

8,702

 

 

$

167

 

Net assets divested

 

$

37,196

 

 

$

37,788

 
Schedule of Acquisition of Properties in Closed Asset Exchange Transactions

We recorded the following to reflect the acquisition of the CK Properties in the Closed Asset Exchange Transactions with the net assets acquired recorded through equity (in thousands).

 

 

First

Asset

Exchange

 

 

Second

Asset

Exchange

 

Property and equipment, net

 

$

35,345

 

 

$

36,891

 

Right-of-use assets, net

 

 

1,956

 

 

 

781

 

Total assets

 

$

37,301

 

 

$

37,672

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease obligations

 

$

563

 

 

$

241

 

Operating lease obligations, less current portion

 

 

1,393

 

 

 

540

 

Deferred income taxes

 

 

(2,282

)

 

 

(2,368

)

Asset retirement obligations

 

 

1,887

 

 

 

1,617

 

Total liabilities

 

$

1,561

 

 

$

30

 

Net assets acquired

 

$

35,740

 

 

$

37,642

 

 

 

 

 

 

 

 

 

 

Net decrease in net assets

 

$

(1,456

)

 

$

(146

)

Note receivable from Circle K(a)

 

 

234

 

 

 

1,171

 

Income tax liability incurred on sale

 

 

(5,135

)

 

 

(2,078

)

Net charge to equity

 

$

(6,357

)

 

$

(1,053

)

 

(a)

Because the fair value of the properties divested to Circle K was $0.2 million greater than the fair value of the properties acquired from Circle K in the First Asset Exchange and $1.2 million greater than the fair value of the properties acquired from Circle K in the Second Asset Exchange, we recognized a receivable for $1.4 million.