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Segment Reporting | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | 10. Segment Reporting The reportable segments were determined based on information reviewed by the chief operating decision maker for operational decision-making purposes and the segment information is prepared on the same basis that our chief operating decision maker reviews such financial information. The Company’s reporting segments are the retail segment, the wholesale segment and the GPMP segment. The Company defines segment earnings as operating income. The retail segment includes the operation of a chain of retail stores, which includes convenience stores selling fuel products and other merchandise to retail customers. At its Company operated convenience stores, the Company owns the merchandise and fuel inventory and employs personnel to manage the store. The wholesale segment supplies fuel to independent dealers, sub-wholesalers and bulk purchasers, on either a cost plus or consignment basis. For consignment arrangements, the Company retains ownership of the fuel inventory at the site, is responsible for the pricing of the fuel to the end consumer, and shares the gross profit with the independent outside operators. The GPMP segment includes GPM Petroleum LP (“GPMP”) and primarily includes the sale and supply of fuel to GPM and its subsidiaries selling fuel (both in the Retail and Wholesale segments) at GPMP’s cost of fuel (currently including taxes and certain transportation costs) plus a fixed margin (4.5 cents per gallon prior to October 1, 2020 and effective October 1, 2020 through September 30, 2021, 5.0 cents per gallon) and the supply of fuel to a small number of independent outside operators and bulk purchasers. The “All Other” segment includes the results of non-reportable segments which do not meet both quantitative and qualitive criteria as defined under ASC 280, Segment Reporting. The majority of general and administrative expenses, depreciation and amortization, net other expenses, net interest and other financial expenses and income taxes are not allocated to the segments, as well as minor other income items including intercompany operating leases. With the exception of goodwill, assets and liabilities relevant to the reportable segments are not assigned to any particular segment, but rather, managed at the consolidated level. All segment revenues were generated from sites within the U.S. and substantially all assets were within the U.S. Inter-segment transactions primarily included the distribution of fuel by GPMP to GPM and its subsidiaries selling fuel (both in the Retail and Wholesale segments). The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements.
|  | Retail |  |  | Wholesale |  |  | GPMP |  |  | All Other |  |  | Total |
For the Three Months Ended June 30, 2021 |  | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 768,716 |  |  | $ | 690,521 |  |  | $ | 1,526 |  |  | $ | — |  |  | $ | 1,460,763 |
Merchandise revenue |  |  | 426,365 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 426,365 |
Other revenues, net |  |  | 17,252 |  |  |  | 5,212 |  |  |  | 264 |  |  |  | — |  |  |  | 22,728 |
Total revenues from external customers |  |  | 1,212,333 |  |  |  | 695,733 |  |  |  | 1,790 |  |  |  | — |  |  |  | 1,909,856 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | 1,092,926 |  |  |  | 317 |  |  |  | 1,093,243 |
Total revenues from reportable segments |  |  | 1,212,333 |  |  |  | 695,733 |  |  |  | 1,094,716 |  |  |  | 317 |  |  |  | 3,003,099 |
Operating income |  |  | 71,215 |  |  |  | 5,992 |  |  |  | 23,610 |  |  |  | 317 |  |  |  | 101,134 |
Interest and financial expenses, net |  |  |  |  |  |  |  |  | (3,859 | ) |  |  | — |  |  |  | (3,859 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | (55 | ) |  |  | (55 | )
Income from equity investment |  |  |  |  |  |  |  |  |  |  |  | 26 |  |  |  | 26 |
Net income from reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 97,246 |
For the Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 385,519 |  |  | $ | 21,281 |  |  | $ | 712 |  |  | $ | — |  |  | $ | 407,512 |
Merchandise revenue |  |  | 391,697 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 391,697 |
Other revenues, net |  |  | 13,615 |  |  |  | 1,307 |  |  |  | 179 |  |  |  | — |  |  |  | 15,101 |
Total revenues from external customers |  |  | 790,831 |  |  |  | 22,588 |  |  |  | 891 |  |  |  | — |  |  |  | 814,310 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | 230,178 |  |  |  | — |  |  |  | 230,178 |
Total revenues from reportable segments |  |  | 790,831 |  |  |  | 22,588 |  |  |  | 231,069 |  |  |  | — |  |  |  | 1,044,488 |
Operating income |  |  | 76,767 |  |  |  | 780 |  |  |  | 7,284 |  |  |  | — |  |  |  | 84,831 |
Interest and financial expenses, net |  |  |  |  |  |  |  |  | (921 | ) |  |  | — |  |  |  | (921 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | (43 | ) |  |  | (43 | )
Loss from equity investment |  |  |  |  |  |  |  |  |  |  |  | (178 | ) |  |  | (178 | )
Net income from reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 83,689 |
|  | Retail |  |  | Wholesale |  |  | GPMP |  |  | All Other |  |  | Total |
For the Six Months Ended June 30, 2021 |  | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 1,345,020 |  |  | $ | 1,216,009 |  |  | $ | 2,681 |  |  | $ | — |  |  | $ | 2,563,710 |
Merchandise revenue |  |  | 785,646 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 785,646 |
Other revenues, net |  |  | 34,229 |  |  |  | 10,151 |  |  |  | 519 |  |  |  | — |  |  |  | 44,899 |
Total revenues from external customers |  |  | 2,164,895 |  |  |  | 1,226,160 |  |  |  | 3,200 |  |  |  | — |  |  |  | 3,394,255 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | 1,912,393 |  |  |  | 634 |  |  |  | 1,913,027 |
Total revenues from reportable segments |  |  | 2,164,895 |  |  |  | 1,226,160 |  |  |  | 1,915,593 |  |  |  | 634 |  |  |  | 5,307,282 |
Operating income |  |  | 111,562 |  |  |  | 8,300 |  |  |  | 43,733 |  |  |  | 634 |  |  |  | 164,229 |
Interest and financial expenses, net |  |  |  |  |  |  |  |  | (7,700 | ) |  |  | — |  |  |  | (7,700 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | (111 | ) |  |  | (111 | )
Income from equity investment |  |  |  |  |  |  |  |  |  |  |  | 20 |  |  |  | 20 |
Net income from reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 156,438 |
For the Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 918,405 |  |  | $ | 50,219 |  |  | $ | 1,929 |  |  | $ | — |  |  | $ | 970,553 |
Merchandise revenue |  |  | 715,376 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 715,376 |
Other revenues, net |  |  | 25,315 |  |  |  | 2,590 |  |  |  | 394 |  |  |  | — |  |  |  | 28,299 |
Total revenues from external customers |  |  | 1,659,096 |  |  |  | 52,809 |  |  |  | 2,323 |  |  |  | — |  |  |  | 1,714,228 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | 609,303 |  |  |  | 2,378 |  |  |  | 611,681 |
Total revenues from reportable segments |  |  | 1,659,096 |  |  |  | 52,809 |  |  |  | 611,626 |  |  |  | 2,378 |  |  |  | 2,325,909 |
Operating income |  |  | 98,178 |  |  |  | 1,058 |  |  |  | 16,070 |  |  |  | 2,378 |  |  |  | 117,684 |
Interest and financial (expenses) income, net |  |  |  |  |  |  |  |  | (1,768 | ) |  |  | 23 |  |  |  | (1,745 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | (205 | ) |  |  | (205 | )
Loss from equity investment |  |  |  |  |  |  |  |  |  |  |  | (411 | ) |  |  | (411 | )
Net income from reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 115,323 |
A reconciliation of total revenues from reportable segments to total revenues on the condensed consolidated statements of operations is as follows:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Total revenues from reportable segments |  | $ | 3,003,099 |  |  | $ | 1,044,488 |  |  | $ | 5,307,282 |  |  | $ | 2,325,909 |
Other revenues, net |  |  | (42 | ) |  |  | (35 | ) |  |  | (85 | ) |  |  | (73 | )
Elimination of inter-segment revenues |  |  | (1,093,243 | ) |  |  | (230,178 | ) |  |  | (1,913,027 | ) |  |  | (611,681 | )
Total revenues |  | $ | 1,909,814 |  |  | $ | 814,275 |  |  | $ | 3,394,170 |  |  | $ | 1,714,155 |
A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations is as follows:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Net income from reportable segments |  | $ | 97,246 |  |  | $ | 83,689 |  |  | $ | 156,438 |  |  | $ | 115,323 |
Amounts not allocated to segments: |  |  |  |  |  |  |  |  |  |  |  |
Other revenues, net |  |  | (42 | ) |  |  | (35 | ) |  |  | (85 | ) |  |  | (73 | )
Store operating expenses |  |  | 675 |  |  |  | (801 | ) |  |  | 1,252 |  |  |  | (1,693 | )
General and administrative expenses |  |  | (31,068 | ) |  |  | (19,582 | ) |  |  | (57,070 | ) |  |  | (37,707 | )
Depreciation and amortization |  |  | (23,431 | ) |  |  | (14,970 | ) |  |  | (45,830 | ) |  |  | (30,198 | )
Other expenses, net |  |  | (1,195 | ) |  |  | (1,733 | ) |  |  | (2,867 | ) |  |  | (5,909 | )
Interest and other financial expenses, net |  |  | (8,455 | ) |  |  | (11,592 | ) |  |  | (33,548 | ) |  |  | (19,797 | )
Income tax expense |  |  | (8,157 | ) |  |  | (2,467 | ) |  |  | (7,379 | ) |  |  | (294 | )
Net income |  | $ | 25,573 |  |  | $ | 32,509 |  |  | $ | 10,911 |  |  | $ | 19,652 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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