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Schedule I

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule I

CrossAmerica Partners LP (Parent Company Only)

Condensed Balance Sheets

(Thousands of Dollars)


		December 31,
		2022				2021

ASSETS
Total current assets		$	13,828			$	115

Loans to subsidiaries			586,634				624,326
Investment in subsidiaries			71,947				73,640
Other assets			3,401				2,916
Total assets		$	675,810			$	700,997

LIABILITIES AND EQUITY
Total current liabilities		$	1,341			$	422

Accounts payable to subsidiaries			17,658				16,908
Long-term debt			603,834				627,109
Total liabilities			622,833				644,439

Commitments and contingencies

Equity:
Common units			36,508				53,528
Accumulated other comprehensive income			16,469				3,030
Total equity			52,977				56,558
Total liabilities and equity		$	675,810			$	700,997

The accompanying notes are an integral part of these condensed financial statements

Schedule I

CrossAmerica Partners LP (Parent Company Only)

Condensed Statements of Comprehensive Income

(Thousands of Dollars)


		For the Year Ended December 31,
		2022				2021				2020
Interest income from subsidiaries		$	23,103			$	13,818			$	14,684

Costs and expenses
General and administrative			259				236				153
Interest expense			23,103				13,818				14,684
Loss before equity in net income of subsidiaries			(259	)			(236	)			(153	)
Equity in net income of subsidiaries			63,955				21,890				107,609
Net income			63,696				21,654				107,456
Other comprehensive income (loss)			13,439				5,486				(2,456	)
Comprehensive income		$	77,135			$	27,140			$	105,000

The accompanying notes are an integral part of these condensed financial statements

Schedule I

CrossAmerica Partners LP (Parent Company Only)

Condensed Statements of Cash Flows

(Thousands of Dollars)


		For the Year Ended December 31,
		2022				2021				2020
Cash flows from operating activities:
Net income		$	63,696			$	21,654			$	107,456
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries			(63,955	)			(21,890	)			(107,609	)
Amortization of deferred financing costs			1,630				1,310				1,042
Changes in operating assets and liabilities			13,276				6,512				(3,318	)
Net cash provided by (used in) operating activities			14,647				7,586				(2,429	)

Cash flows from investing activities:
Loans to subsidiaries			(114,100	)			(194,895	)			(106,180	)
Repayment of loans to subsidiaries			138,538				77,500				112,000
Net cash provided by (used in) investing activities			24,438				(117,395	)			5,820

Cash flows from financing activities:
Borrowings under revolving credit facilities			114,100				194,895				106,180
Repayments on revolving credit facilities			(138,538	)			(77,500	)			(112,000	)
Payment of deferred financing costs			(468	)			(1,519	)			—
Distributions from subsidiaries			65,648				73,626				80,353
Distributions paid on distribution equivalent rights			(202	)			(141	)			(40	)
Distributions paid to holders of the IDRs			—				—				(133	)
Distributions paid on common units			(79,625	)			(79,552	)			(77,751	)
Net cash (used in) provided by financing activities			(39,085	)			109,809				(3,391	)
Net increase in cash and cash equivalents			—				—				—

Cash and cash equivalents at beginning of period			—				—				—
Cash and cash equivalents at end of period		$	—			$	—			$	—

The accompanying notes are an integral part of these condensed financial statements

Note 1. Basis of Presentation

The condensed financial statements represent the financial information required by SEC Regulation S-X Rule 5-04 for CrossAmerica Partners LP (the “Partnership”), which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2022, the Partnership’s restricted net assets of its consolidated subsidiaries were approximately $118.4 million and exceeded 25% of the Partnership’s total consolidated net assets.

The accompanying condensed financial statements have been prepared to present the financial position, results of operations and cash flows of the Partnership on a stand-alone basis as a holding company. Investments in subsidiaries are accounted for using the equity method. The condensed parent company only financial statements should be read in conjunction with the Partnership's consolidated financial statements.

Note 2. Long-Term Debt

The Partnership has a credit facility. See Note 11 to the consolidated financial statements for information on the CAPL Credit Facility and Note 12 for information on interest rate swap contracts.