Supplemental Guarantor Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Guarantor Condensed Consolidating Financial Statements

Schedule of condensed consolidating balance sheets

Condensed Consolidating Balance Sheet

March 31, 2015

(In thousands)

	Issuer		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	2,469	$	3,876	$	—		$	6,345
Accounts receivable, net	409,579		1,302		—			410,881
Accounts receivable—affiliates	4,059		1,045		(1,259		)	3,845
Inventories	371,627		—		—			371,627
Brokerage margin deposits	33,737		—		—			33,737
Derivative assets	57,470		—		—			57,470
Prepaid expenses and other current assets	73,504		619		—			74,123
Total current assets	952,445		6,842		(1,259		)	958,028
Property and equipment, net	1,128,262		45,821		—			1,174,083
Intangible assets, net	79,772		277		—			80,049
Goodwill	215,924		86,063		—			301,987
Other assets	54,637		—		—			54,637
Total assets	$	2,431,040	$	139,003	$	(1,259	)	$	2,568,784
Liabilities and partners’ equity
Current liabilities:
Accounts payable	$	306,937	$	583	$	—		$	307,520
Accounts payable - affiliates	1,045		214		(1,259		)	—
Working capital revolving credit facility—current portion	125,400		—		—			125,400
Environmental liabilities—current portion	3,085		—		—			3,085
Trustee taxes payable	90,183		—		—			90,183
Accrued expenses and other current liabilities	60,394		524		—			60,918
Derivative liabilities	48,272		—		—			48,272
Total current liabilities	635,316		1,321		(1,259		)	635,378
Working capital revolving credit facility—less current portion	150,000		—		—			150,000
Revolving credit facility	517,400		—		—			517,400
Senior notes	368,316		—		—			368,316
Environmental liabilities—less current portion	72,186		—		—			72,186
Deferred tax liability	120,708		—		—			120,708
Other long-term liabilities	61,811		—		—			61,811
Total liabilities	1,925,737		1,321		(1,259		)	1,925,799
Partners’ equity
Global Partners LP equity	505,303		88,474		—			593,777
Noncontrolling interest	—		49,208		—			49,208
Total partners’ equity	505,303		137,682		—			642,985
Total liabilities and partners’ equity	$	2,431,040	$	139,003	$	(1,259	)	$	2,568,784

Condensed Consolidating Balance Sheet

December 31, 2014

(In thousands)

	Issuer		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	1,478	$	2,678	$	1,082		$	5,238
Accounts receivable, net	455,603		1,307		820			457,730
Accounts receivable—affiliates	3,222		820		(139		)	3,903
Inventories	336,813		—		—			336,813
Brokerage margin deposits	17,198		—		—			17,198
Derivative assets	83,826		—		—			83,826
Prepaid expenses and other current assets	55,881		634		—			56,515
Total current assets	954,021		5,439		1,763			961,223
Property and equipment, net	778,385		46,666		—			825,051
Intangible assets, net	45,870		3,032		—			48,902
Goodwill	68,015		86,063		—			154,078
Other assets	50,723		—		—			50,723
Total assets	$	1,897,014	$	141,200	$	1,763		$	2,039,977
Liabilities and partners’ equity
Current liabilities:
Accounts payable	$	454,267	$	1,671	$	681		$	456,619
Line of credit	—		700		—			700
Environmental liabilities—current portion	3,101		—		—			3,101
Trustee taxes payable	105,744		—		—			105,744
Accrued expenses and other current liabilities	81,686		1,134		—			82,820
Derivative liabilities	58,507		—		—			58,507
Total current liabilities	703,305		3,505		681			707,491
Working capital revolving credit facility—less current portion	100,000		—		—			100,000
Revolving credit facility	133,800		—		—			133,800
Senior notes	368,136		—		—			368,136
Environmental liabilities—less current portion	34,462		—		—			34,462
Deferred tax liability	14,078		—		—			14,078
Other long-term liabilities	45,854		—		—			45,854
Total liabilities	1,399,635		3,505		681			1,403,821
Partners’ equity
Global Partners LP equity	497,379		88,481		1,082			586,942
Noncontrolling interest	—		49,214		—			49,214
Total partners’ equity	497,379		137,695		1,082			636,156
Total liabilities and partners’ equity	$	1,897,014	$	141,200	$	1,763		$	2,039,977

Schedule of condensed consolidating statements of income

Condensed Consolidating Statement of Income

Three Months Ended March 31, 2015

(In thousands)

	(Issuer)			Non-
	Guarantor			Guarantor
	Subsidiaries			Subsidiary			Eliminations			Consolidated
Sales	$	2,975,185		$	8,050		$	(4,119	)	$	2,979,116
Cost of sales	2,812,472			2,205			(4,119		)	2,810,558
Gross profit	162,713			5,845			—			168,558
Costs and operating expenses:
Selling, general and administrative expenses	48,026			760			—			48,786
Operating expenses	66,317			2,339			—			68,656
Amortization expense	2,586			2,755			—			5,341
Loss on asset sales	437			—			—			437
Total costs and operating expenses	117,366			5,854			—			123,220
Operating income	45,347			(9		)	—			45,338
Interest expense	(13,958		)	(5		)	—			(13,963		)
Income before income tax expense	31,389			(14		)	—			31,375
Income tax expense	(966		)	—			—			(966		)
Net income	30,423			(14		)	—			30,409
Net income attributable to noncontrolling interest	—			6			—			6
Net income attributable to Global Partners LP	30,423			(8		)	—			30,415
Less: General partner’s interest in net income, including incentive distribution rights	2,179			—			—			2,179
Limited partners’ interest in net income	$	28,244		$	(8	)	$	—		$	28,236

Condensed Consolidating Statement of Income

Three Months Ended March 31, 2014

(In thousands)

	(Issuer)			Non-
	Guarantor			Guarantor
	Subsidiaries			Subsidiary			Eliminations			Consolidated
Sales	$	5,114,874		$	8,145		$	(6,091	)	$	5,116,928
Cost of sales	4,962,534			1,461			(6,091		)	4,957,904
Gross profit	152,340			6,684			—			159,024
Costs and operating expenses:
Selling, general and administrative expenses	36,543			755			—			37,298
Operating expenses	45,180			2,772			—			47,952
Amortization expense	1,773			2,755			—			4,528
Loss on asset sales	663			—			—			663
Total costs and operating expenses	84,159			6,282			—			90,441
Operating income	68,181			402			—			68,583
Interest expense	(11,066		)	(41		)	—			(11,107		)
Income before income tax expense	57,115			361			—			57,476
Income tax expense	(322		)	—			—			(322		)
Net income	56,793			361			—			57,154
Net income attributable to noncontrolling interest	—			(144		)	—			(144		)
Net income attributable to Global Partners LP	56,793			217			—			57,010
Less: General partner’s interest in net income, including incentive distribution rights	1,508			—			—			1,508
Limited partners’ interest in net income	$	55,285		$	217		$	—		$	55,502

Schedule of condensed consolidating statements of cash flows

Condensed Consolidating Statement Cash Flows

Three Months Ended March 31, 2015

(In thousands)

	(Issuer)			Non-
	Guarantor			Guarantor
	Subsidiaries			Subsidiary			Consolidated
Cash flows from operating activities
Net cash (used in) provided by operating activities	$	(117,146	)	$	3,231		$	(113,915	)
Cash flows from investing activities
Acquisitions	(405,478		)	—			(405,478		)
Capital expenditures	(12,712		)	(1,333		)	(14,045		)
Proceeds from sale of property and equipment	1,044			—			1,044
Net cash used in investing activities	(417,146		)	(1,333		)	(418,479		)
Cash flows from financing activities
Borrowings from on working capital revolving credit facility	175,400			—			175,400
Borrowings from revolving credit facility	383,600			—			383,600
Payments on line of credit	—			(700		)	(700		)
Repurchase of common units	(2,442		)	—			(2,442		)
Noncontrolling interest capital contribution	1,880			—			1,880
Distribution to noncontrolling interest	(1,880		)	—			(1,880		)
Distributions to partners	(22,357		)	—			(22,357		)
Net cash provided by (used in) financing activities	534,201			(700		)	533,501
Cash and cash equivalents
(Decrease) increase in cash and cash equivalents	(91		)	1,198			1,107
Cash and cash equivalents at beginning of period	2,560			2,678			5,238
Cash and cash equivalents at end of period	$	2,469		$	3,876		$	6,345

Condensed Consolidating Statement Cash Flows

Three Months Ended March 31, 2014

(In thousands)

	(Issuer)			Non-
	Guarantor			Guarantor
	Subsidiaries			Subsidiary			Consolidated
Cash flows from operating activities
Net cash provided by operating activities	$	48,362		$	4,784		$	53,146
Cash flows from investing activities
Capital expenditures	(12,301		)	(774		)	(13,075		)
Proceeds from sale of property and equipment	1,746			—			1,746
Net cash used in investing activities	(10,555		)	(774		)	(11,329		)
Cash flows from financing activities
Payments on working capital revolving credit facility	(20,200		)	—			(20,200		)
Noncontrolling interest capital contribution	2,400			—			2,400
Distribution to noncontrolling interest	(2,400		)	—			(2,400		)
Distributions to partners	(17,770		)	—			(17,770		)
Net cash used in financing activities	(37,970		)	—			(37,970		)
Cash and cash equivalents
(Decrease) increase in cash and cash equivalents	(163		)	4,010			3,847
Cash and cash equivalents at beginning of period	8,371			846			9,217
Cash and cash equivalents at end of period	$	8,208		$	4,856		$	13,064