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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information
The tables below provide the Company’s unaudited consolidated results of operations for each of the four quarters in 2020 and 2019:
Three Months Ended
(in millions, except per share data)(1)
December 31,September 30,June 30,March 31,
2020202020202020
Net sales — Cigarettes(2)
$2,835.0 $3,000.2 $2,892.6 $2,582.7 
Net sales — Food/Non-food(2)
1,417.1 1,502.4 1,371.3 1,356.6 
Net sales(2)
4,252.1 4,502.6 4,263.9 3,939.3 
Cost of goods sold(3)
4,030.3 4,267.6 4,050.8 3,720.9 
Gross profit221.8 235.0 213.1 218.4 
Warehousing and distribution expenses(3)
133.4 140.4 125.5 142.4 
Selling, general and administrative expenses61.2 57.3 59.8 63.9 
Amortization of intangible assets2.5 2.5 2.4 2.3 
Total operating expenses197.1 200.2 187.7 208.6 
Income from operations24.7 34.8 25.4 9.8 
Interest expense, net(2.1)(2.1)(2.8)(3.5)
Foreign currency transaction losses, net(0.2)(0.5)— (0.2)
Income before income taxes22.4 32.2 22.6 6.1 
Income tax provision(3.4)(9.2)(5.7)(1.8)
Net income19.0 23.0 16.9 4.3 
Basic net income per share$0.42 $0.51 $0.38 $0.09 
Diluted net income per share$0.42 $0.51 $0.38 $0.09 
Shares used to compute basic net income per share44.9 45.1 45.1 45.3 
Shares used to compute diluted net income per share45.4 45.4 45.3 45.4 
Excise taxes(2)
$824.8 $888.3 $857.4 $770.3 
Cigarette inventory holding gains(4)
9.4 5.6 7.7 9.1 
LIFO expense9.2 5.4 8.3 7.8 
Depreciation and amortization17.7 16.5 16.7 15.7 
Stock-based compensation3.5 2.6 2.1 2.0 
Capital expenditures9.3 8.1 4.8 5.0 
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(1)    Totals may not agree with full year amounts due to rounding.
(2)    Excise taxes are included as a component of net sales and cost of goods sold.
(3)    Warehousing and distribution expenses are not included as a component of the Company’s cost of goods sold. This presentation may differ from that of other registrants.
(4)    Cigarette inventory holding gains represent income related to cigarette inventories on hand at the time cigarette manufacturers increase their prices. Such increases are reflected in customer pricing for all subsequent sales, including sales of inventory on hand at the time of the increase. Of the $31.8 million of cigarette inventory holding gains in 2020, $29.8 million and $2.0 million were attributable to the U.S. and Canada, respectively.
 Three Months Ended
(in millions, except per share data)(1)
 December 31,September 30,June 30,March 31,
2019201920192019
Net sales — Cigarettes(2)
$2,711.2 $2,880.0 $2,834.0 $2,467.5 
Net sales — Food/Non-food(2)
1,443.6 1,542.6 1,505.0 1,286.6 
Net sales(2)
4,154.8 4,422.6 4,339.0 3,754.1 
Cost of goods sold(3)
3,924.3 4,176.0 4,100.1 3,545.9 
Gross profit230.5 246.6 238.9 208.2 
Warehousing and distribution expenses(3)
140.2 148.6 143.2 134.2 
Selling, general and administrative expenses63.1 61.8 64.6 65.9 
Amortization of intangible assets2.3 2.3 2.7 2.7 
Total operating expenses205.6 212.7 210.5 202.8 
Income from operations24.9 33.9 28.4 5.4 
Interest expense, net(3.6)(4.2)(3.2)(3.4)
Foreign currency transaction (losses) gains, net(0.5)0.9 (1.0)(0.2)
Income before income taxes20.8 30.6 24.2 1.8 
Income tax provision(4.6)(8.1)(6.5)(0.5)
Net income16.2 22.5 17.7 1.3 
Basic net income per share$0.35 $0.49 $0.39 $0.03 
Diluted net income per share$0.35 $0.49 $0.38 $0.03 
Shares used to compute basic net income per share45.7 45.8 45.9 45.9 
Shares used to compute diluted net income per share46.0 46.1 46.1 46.0 
Excise taxes(2)
$819.7 $884.1 $868.8 $768.7 
Cigarette inventory holding gains(4)
10.1 0.3 3.8 8.8 
Candy inventory holding gain(5)
1.1 5.8 — — 
LIFO expense5.9 7.3 7.4 7.0 
Depreciation and amortization15.1 14.9 15.5 15.4 
Stock-based compensation2.4 3.1 2.2 1.9 
Capital expenditures7.5 6.1 4.1 5.1 
______________________________________________
(1)    Totals may not agree with full year amounts due to rounding.
(2)    Excise taxes are included as a component of net sales and cost of goods sold.
(3)    Warehousing and distribution expenses are not included as a component of the Company’s cost of goods sold. This presentation may differ from that of other registrants.
(4)    Cigarette inventory holding gains represent income related to cigarette inventories on hand at the time cigarette manufacturers increase their prices. Such increases are reflected in customer pricing for all subsequent sales, including sales of inventory on hand at the time of the increase. Of the $23.0 million of cigarette inventory holding gains in 2019, $21.3 million and $1.7 million were attributable to the U.S. and Canada, respectively.
(5)    Candy inventory holding gains represent income related to candy inventories on hand at the time candy manufacturers increase their prices. Such increases are reflected in customer pricing for all subsequent sales, including sales of inventory on hand at the time of the increase. In 2019, the $6.9 million of candy inventory holding gains were attributable to the U.S.