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Segment Reporting | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting | 11. 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 the Company’s chief operating decision maker reviews such financial information. The Company’s reportable segments are retail, wholesale, fleet fueling and GPMP. 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 dealers, sub-wholesalers and bulk and spot 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 dealers. The fleet fueling segment includes the operation of proprietary and third-party cardlock locations (unstaffed fueling locations), and commissions from the sales of fuel using proprietary fuel cards that provide customers access to a nationwide network of fueling sites. The GPMP segment includes GPMP and primarily includes its sale and supply of fuel to GPM and its subsidiaries related to substantially all of its sites that sell fuel in the retail and wholesale segments, at GPMP’s cost of fuel (including taxes and transportation) plus a fixed margin (currently 5.0 cents per gallon), and charges a fixed fee to sites in the fleet fueling segment and certain Company sites which are not supplied by GPMP (currently 5.0 cents per gallon sold). GPMP also supplies fuel to a small number of dealers and bulk and spot purchasers. The “All Other” segment includes the results of non-reportable segments which do not meet both quantitative and qualitative criteria as defined under ASC 280, Segment Reporting. The Company revised the composition of the “All Other” segment in the third quarter of 2022 in conjunction with the closing of the Quarles Acquisition. The majority of general and administrative expenses, depreciation and amortization, net other expenses, net interest and other financial expenses, income taxes and minor other income items including intercompany operating leases are not allocated to the segments. 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 reportable segment revenues were generated from sites within the U.S. and substantially all of the Company’s assets were within the U.S. Inter-segment transactions primarily included the distribution of fuel by GPMP to GPM and substantially all of its sites that sell fuel (both in the retail and wholesale segments) and charges by GPMP to sites that sell fuel in the fleet fueling segment and certain Company sites which are not supplied by GPMP. The effect of these inter-segment transactions was eliminated in the condensed consolidated financial statements.
|  | Retail |  |  | Wholesale |  |  | Fleet Fueling |  |  | GPMP |  |  | All Other |  |  | Total |
For the Three Months Ended September 30, 2023 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 1,086,405 |  |  | $ | 843,891 |  |  | $ | 145,496 |  |  | $ | 1,044 |  |  | $ | 9,556 |  |  | $ | 2,086,392 |
Merchandise revenue |  |  | 506,425 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 506,425 |
Other revenues, net |  |  | 19,750 |  |  |  | 6,265 |  |  |  | 2,575 |  |  |  | 253 |  |  |  | 394 |  |  |  | 29,237 |
Total revenues from external customers |  |  | 1,612,580 |  |  |  | 850,156 |  |  |  | 148,071 |  |  |  | 1,297 |  |  |  | 9,950 |  |  |  | 2,622,054 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,472,316 |  |  |  | 6,241 |  |  |  | 1,478,557 |
Total revenues from reportable segments |  |  | 1,612,580 |  |  |  | 850,156 |  |  |  | 148,071 |  |  |  | 1,473,613 |  |  |  | 16,191 |  |  |  | 4,100,611 |
Operating income |  |  | 81,504 |  |  |  | 10,026 |  |  |  | 8,828 |  |  |  | 27,016 |  |  |  | (521 | ) |  |  | 126,853 |
Interest and financial expenses, net |  |  |  |  |  |  |  |  |  |  |  | (8,836 | ) |  |  | — |  |  |  | (8,836 | )
Loss from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14 | ) |  |  | (14 | )
Net income from segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 118,003 |
|  | Retail |  |  | Wholesale |  |  | Fleet Fueling |  |  | GPMP |  |  | All Other |  |  | Total |
For the Three Months Ended September 30, 2022 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 1,028,323 |  |  | $ | 827,436 |  |  | $ | 120,813 |  |  | $ | 1,437 |  |  | $ | 1,565 |  |  | $ | 1,979,574 |
Merchandise revenue |  |  | 445,822 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 445,822 |
Other revenues, net |  |  | 16,651 |  |  |  | 5,693 |  |  |  | 923 |  |  |  | 261 |  |  |  | 723 |  |  |  | 24,251 |
Total revenues from external customers |  |  | 1,490,796 |  |  |  | 833,129 |  |  |  | 121,736 |  |  |  | 1,698 |  |  |  | 2,288 |  |  |  | 2,449,647 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,445,072 |  |  |  | 857 |  |  |  | 1,445,929 |
Total revenues from reportable segments |  |  | 1,490,796 |  |  |  | 833,129 |  |  |  | 121,736 |  |  |  | 1,446,770 |  |  |  | 3,145 |  |  |  | 3,895,576 |
Operating income |  |  | 84,849 |  |  |  | 10,459 |  |  |  | 6,629 |  |  |  | 23,388 |  |  |  | 245 |  |  |  | 125,570 |
Interest and financial expenses, net |  |  |  |  |  |  |  |  |  |  |  | (3,209 | ) |  |  | — |  |  |  | (3,209 | )
Loss from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (44 | ) |  |  | (44 | )
Net income from segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 122,317 |
|  | Retail |  |  | Wholesale |  |  | Fleet Fueling |  |  | GPMP |  |  | All Other |  |  | Total |
For the Nine Months Ended September 30, 2023 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 2,945,243 |  |  | $ | 2,339,878 |  |  | $ | 394,136 |  |  | $ | 2,842 |  |  | $ | 23,057 |  |  | $ | 5,705,156 |
Merchandise revenue |  |  | 1,391,274 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,391,274 |
Other revenues, net |  |  | 57,302 |  |  |  | 18,866 |  |  |  | 5,202 |  |  |  | 700 |  |  |  | 1,071 |  |  |  | 83,141 |
Total revenues from external customers |  |  | 4,393,819 |  |  |  | 2,358,744 |  |  |  | 399,338 |  |  |  | 3,542 |  |  |  | 24,128 |  |  |  | 7,179,571 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,981,724 |  |  |  | 13,844 |  |  |  | 3,995,568 |
Total revenues from reportable segments |  |  | 4,393,819 |  |  |  | 2,358,744 |  |  |  | 399,338 |  |  |  | 3,985,266 |  |  |  | 37,972 |  |  |  | 11,175,139 |
Operating income |  |  | 200,992 |  |  |  | 24,343 |  |  |  | 26,596 |  |  |  | 76,646 |  |  |  | (59 | ) |  |  | 328,518 |
Interest and financial expenses, net |  |  |  |  |  |  |  |  |  |  |  | (20,926 | ) |  |  | — |  |  |  | (20,926 | )
Loss from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (77 | ) |  |  | (77 | )
Net income from segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 307,515 |
|  | Retail |  |  | Wholesale |  |  | Fleet Fueling |  |  | GPMP |  |  | All Other |  |  | Total |
For the Nine Months Ended September 30, 2022 | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel revenue |  | $ | 3,000,839 |  |  | $ | 2,521,567 |  |  | $ | 120,813 |  |  | $ | 4,170 |  |  | $ | 1,565 |  |  | $ | 5,648,954 |
Merchandise revenue |  |  | 1,244,558 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,244,558 |
Other revenues, net |  |  | 49,642 |  |  |  | 17,148 |  |  |  | 923 |  |  |  | 773 |  |  |  | 723 |  |  |  | 69,209 |
Total revenues from external customers |  |  | 4,295,039 |  |  |  | 2,538,715 |  |  |  | 121,736 |  |  |  | 4,943 |  |  |  | 2,288 |  |  |  | 6,962,721 |
Inter-segment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,459,036 |  |  |  | 1,461 |  |  |  | 4,460,497 |
Total revenues from reportable segments |  |  | 4,295,039 |  |  |  | 2,538,715 |  |  |  | 121,736 |  |  |  | 4,463,979 |  |  |  | 3,749 |  |  |  | 11,423,218 |
Operating income |  |  | 202,375 |  |  |  | 27,658 |  |  |  | 6,629 |  |  |  | 65,794 |  |  |  | 849 |  |  |  | 303,305 |
Interest and financial expenses, net |  |  |  |  |  |  |  |  |  |  |  | (7,473 | ) |  |  | — |  |  |  | (7,473 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 177 |  |  |  | 177 |
Loss from equity investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7 | ) |  |  | (7 | )
Net income from segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 296,002 |
A reconciliation of total revenues from reportable segments to total revenues on the condensed consolidated statements of operations was as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Total revenues from segments |  | $ | 4,100,611 |  |  | $ | 3,895,576 |  |  | $ | 11,175,139 |  |  | $ | 11,423,218 |
Elimination of inter-segment revenues |  |  | (1,478,557 | ) |  |  | (1,445,929 | ) |  |  | (3,995,568 | ) |  |  | (4,460,497 | )
Total revenues |  | $ | 2,622,054 |  |  | $ | 2,449,647 |  |  | $ | 7,179,571 |  |  | $ | 6,962,721 |
A reconciliation of net income from reportable segments to net income on the condensed consolidated statements of operations was as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Net income from segments |  | $ | 118,003 |  |  | $ | 122,317 |  |  | $ | 307,515 |  |  | $ | 296,002 |
Amounts not allocated to segments: |  |  |  |  |  |  |  |  |  |  |  |
Store operating expenses |  |  | (3,760 | ) |  |  | 576 |  |  |  | (10,041 | ) |  |  | 1,907 |
General and administrative expenses |  |  | (43,262 | ) |  |  | (35,245 | ) |  |  | (124,785 | ) |  |  | (98,521 | )
Depreciation and amortization |  |  | (31,872 | ) |  |  | (24,218 | ) |  |  | (89,424 | ) |  |  | (69,523 | )
Other expenses, net |  |  | (3,885 | ) |  |  | (951 | ) |  |  | (11,561 | ) |  |  | (3,269 | )
Interest and other financial expenses, net |  |  | (5,743 | ) |  |  | (16,587 | ) |  |  | (27,415 | ) |  |  | (36,241 | )
Income tax expense |  |  | (7,993 | ) |  |  | (20,898 | ) |  |  | (10,849 | ) |  |  | (31,237 | )
Net income |  | $ | 21,488 |  |  | $ | 24,994 |  |  | $ | 33,440 |  |  | $ | 59,118 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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