Supplemental Guarantor Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2017

Supplemental Guarantor Condensed Consolidating Financial Statements

Schedule of condensed consolidating balance sheets

Condensed Consolidating Balance Sheet

March 31, 2017

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	13,042	$	1,084	$	—	$	14,126
Accounts receivable, net		312,072		171		71		312,314
Accounts receivable - affiliates		2,957		71		(71)		2,957
Inventories		433,952		—		—		433,952
Brokerage margin deposits		18,886		—		—		18,886
Derivative assets		2,720		—		—		2,720
Prepaid expenses and other current assets		70,841		269		—		71,110
Total current assets		854,470		1,595		—		856,065
Property and equipment, net		1,063,816		10,649		—		1,074,465
Intangible assets, net		62,443		—		—		62,443
Goodwill		292,773		—		—		292,773
Other assets		42,583		—		—		42,583
Total assets	$	2,316,085	$	12,244	$	—	$	2,328,329
Liabilities and partners' equity
Current liabilities:
Accounts payable	$	231,925	$	200	$	—	$	232,125
Accounts payable - affiliates		(36)		36		—		—
Working capital revolving credit facility - current portion		176,900		—		—		176,900
Environmental liabilities - current portion		5,339		—		—		5,339
Trustee taxes payable		98,955		—		—		98,955
Accrued expenses and other current liabilities		59,101		70		—		59,171
Derivative liabilities		4,986		—		—		4,986
Total current liabilities		577,170		306		—		577,476
Working capital revolving credit facility - less current portion		150,000		—		—		150,000
Revolving credit facility		200,700		—		—		200,700
Senior notes		659,805		—		—		659,805
Environmental liabilities - less current portion		55,105		—		—		55,105
Financing obligations		152,466		—		—		152,466
Deferred tax liabilities		65,296		—		—		65,296
Other long-term liabilities		62,173		—		—		62,173
Total liabilities		1,922,715		306		—		1,923,021
Partners' equity
Global Partners LP equity		393,370		7,193		—		400,563
Noncontrolling interest		—		4,745		—		4,745
Total partners' equity		393,370		11,938		—		405,308
Total liabilities and partners' equity	$	2,316,085	$	12,244	$	—	$	2,328,329

Condensed Consolidating Balance Sheet

December 31, 2016

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	9,373	$	655	$	—	$	10,028
Accounts receivable, net		420,897		213		250		421,360
Accounts receivable - affiliates		2,865		528		(250)		3,143
Inventories		521,878		—		—		521,878
Brokerage margin deposits		27,653		—		—		27,653
Derivative assets		21,382		—		—		21,382
Prepaid expenses and other current assets		69,872		150		—		70,022
Total current assets		1,073,920		1,546		—		1,075,466
Property and equipment, net		1,087,964		11,935		—		1,099,899
Intangible assets, net		65,013		—		—		65,013
Goodwill		294,768		—		—		294,768
Other assets		28,874		—		—		28,874
Total assets	$	2,550,539	$	13,481	$	—	$	2,564,020
Liabilities and partners' equity
Current liabilities:
Accounts payable	$	320,003	$	259	$	—	$	320,262
Working capital revolving credit facility - current portion		274,600		—		—		274,600
Environmental liabilities - current portion		5,341		—		—		5,341
Trustee taxes payable		101,166		—		—		101,166
Accrued expenses and other current liabilities		70,262		181		—		70,443
Derivative liabilities		27,413		—		—		27,413
Total current liabilities		798,785		440		—		799,225
Working capital revolving credit facility - less current portion		150,000		—		—		150,000
Revolving credit facility		216,700		—		—		216,700
Senior notes		659,150		—		—		659,150
Environmental liabilities - less current portion		57,724		—		—		57,724
Financing obligations		152,444		—		—		152,444
Deferred tax liabilities		66,054		—		—		66,054
Other long-term liabilities		64,882		—		—		64,882
Total liabilities		2,165,739		440		—		2,166,179
Partners' equity
Global Partners LP equity		384,800		7,855		—		392,655
Noncontrolling interest		—		5,186		—		5,186
Total partners' equity		384,800		13,041		—		397,841
Total liabilities and partners' equity	$	2,550,539	$	13,481	$	—	$	2,564,020

Schedule of condensed consolidating statements of income

Condensed Consolidating Statement of Operations

Three Months Ended March 31, 2017

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Sales	$	2,270,121	$	669	$	(6)	$	2,270,784
Cost of sales		2,129,652		1,111		(6)		2,130,757
Gross profit		140,469		(442)		—		140,027
Costs and operating expenses:
Selling, general and administrative expenses		36,673		114		—		36,787
Operating expenses		66,649		564		—		67,213
Amortization expense		2,261		—		—		2,261
Net (gain) loss on sale and disposition of assets		(11,845)		(17)		—		(11,862)
Total costs and operating expenses		93,738		661		—		94,399
Operating income (loss)		46,731		(1,103)		—		45,628
Interest expense		(23,287)		—		—		(23,287)
Income (loss) before income tax benefit		23,444		(1,103)		—		22,341
Income tax benefit		164		—		—		164
Net income (loss)		23,608		(1,103)		—		22,505
Net loss attributable to noncontrolling interest		—		441		—		441
Net income (loss) attributable to Global Partners LP		23,608		(662)		—		22,946
Less: General partners' interest in net income, including incentive distribution rights		154		—		—		154
Limited partners' interest in net income (loss)	$	23,454	$	(662)	$	—	$	22,792

Condensed Consolidating Statement of Operations

Three Months Ended March 31, 2016

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Sales	$	1,750,281	$	2,633	$	(2,102)	$	1,750,812
Cost of sales		1,620,015		2,840		(2,102)		1,620,753
Gross profit		130,266		(207)		—		130,059
Costs and operating expenses:
Selling, general and administrative expenses		34,751		233		—		34,984
Operating expenses		70,649		1,587		—		72,236
Amortization expense		2,509		—		—		2,509
Net loss on sale and disposition of assets		6,105		—		—		6,105
Total costs and operating expenses		114,014		1,820		—		115,834
Operating income (loss)		16,252		(2,027)		—		14,225
Interest expense		(22,980)		—		—		(22,980)
Loss before income tax benefit		(6,728)		(2,027)		—		(8,755)
Income tax benefit		920		—		—		920
Net loss		(5,808)		(2,027)		—		(7,835)
Net loss attributable to noncontrolling interest		—		811		—		811
Net loss attributable to Global Partners LP		(5,808)		(1,216)		—		(7,024)
Less: General partners' interest in net loss, including incentive distribution rights		(47)		—		—		(47)
Limited partners' interest in net loss	$	(5,761)	$	(1,216)	$	—	$	(6,977)

Schedule of condensed consolidating statements of cash flows

Condensed Consolidating Statement Cash Flows

Three Months Ended March 31, 2017

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Consolidated
Cash flows from operating activities
Net cash provided by operating activities	$	117,156	$	409	$	117,565
Cash flows from investing activities
Capital expenditures		(8,378)		—		(8,378)
Proceeds from sale of property and equipment		24,229		20		24,249
Net cash provided by investing activities		15,851		20		15,871
Cash flows from financing activities
Net payments on working capital revolving credit facility		(97,700)		—		(97,700)
Net payments on revolving credit facility		(16,000)		—		(16,000)
Distributions to partners		(15,638)		—		(15,638)
Net cash used in financing activities		(129,338)		—		(129,338)
Cash and cash equivalents
Increase in cash and cash equivalents		3,669		429		4,098
Cash and cash equivalents at beginning of period		9,373		655		10,028
Cash and cash equivalents at end of period	$	13,042	$	1,084	$	14,126

Condensed Consolidating Statement Cash Flows

Three Months Ended March 31, 2016

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Consolidated
Cash flows from operating activities
Net cash used in operating activities	$	(53,341)	$	(175)	$	(53,516)
Cash flows from investing activities
Capital expenditures		(16,451)		—		(16,451)
Proceeds from sale of property and equipment		8,588		—		8,588
Net cash used in investing activities		(7,863)		—		(7,863)
Cash flows from financing activities
Net borrowings from working capital revolving credit facility		87,100		—		87,100
Net borrowings from revolving credit facility		6,100		—		6,100
Noncontrolling interest capital contribution		952		(595)		357
Distribution to noncontrolling interest		(595)		—		(595)
Distributions to partners		(15,630)		—		(15,630)
Net cash provided by (used in) financing activities		77,927		(595)		77,332
Cash and cash equivalents
Increase (decrease) in cash and cash equivalents		16,723		(770)		15,953
Cash and cash equivalents at beginning of period		(3,574)		4,690		1,116
Cash and cash equivalents at end of period	$	13,149	$	3,920	$	17,069