Supplemental Guarantor Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Supplemental Guarantor Condensed Consolidating Financial Statements

Schedule of condensed consolidating balance sheets (in thousands)

Condensed Consolidating Balance Sheet

December 31, 2018

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	7,050	$	1,071	$	—	$	8,121
Accounts receivable, net		334,689		52		36		334,777
Accounts receivable - affiliates		5,435		36		(36)		5,435
Inventories		386,442		—		—		386,442
Brokerage margin deposits		14,766		—		—		14,766
Derivative assets		26,390		—		—		26,390
Prepaid expenses and other current assets		98,877		100		—		98,977
Total current assets		873,649		1,259		—		874,908
Property and equipment, net		1,128,826		3,806		—		1,132,632
Intangible assets, net		58,532		—		—		58,532
Goodwill		327,406		—		—		327,406
Other assets		30,813		—		—		30,813
Total assets	$	2,419,226	$	5,065	$	—	$	2,424,291
Liabilities and partners’ equity
Current liabilities:
Accounts payable	$	308,941	$	38	$	—	$	308,979
Accounts payable - affiliates		(169)		169		—		—
Working capital revolving credit facility - current portion		103,300		—		—		103,300
Environmental liabilities - current portion		6,092		—		—		6,092
Trustee taxes payable		42,613		—		—		42,613
Accrued expenses and other current liabilities		117,149		125		—		117,274
Derivative liabilities		4,494		—		—		4,494
Total current liabilities		582,420		332		—		582,752
Working capital revolving credit facility - less current portion		150,000		—		—		150,000
Revolving credit facility		220,000		—		—		220,000
Senior notes		664,455		—		—		664,455
Environmental liabilities - less current portion		57,132		—		—		57,132
Financing obligations		149,997		—		—		149,997
Deferred tax liabilities		42,856		—		—		42,856
Other long-term liabilities		57,905		—		—		57,905
Total liabilities		1,924,765		332		—		1,925,097
Partners' equity
Global Partners LP equity		494,461		2,870		—		497,331
Noncontrolling interest		—		1,863		—		1,863
Total partners' equity		494,461		4,733		—		499,194
Total liabilities and partners' equity	$	2,419,226	$	5,065	$	—	$	2,424,291

Condensed Consolidating Balance Sheet

December 31, 2017

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	13,035	$	1,823	$	—	$	14,858
Accounts receivable, net		416,974		218		71		417,263
Accounts receivable - affiliates		3,773		71		(71)		3,773
Inventories		350,743		—		—		350,743
Brokerage margin deposits		9,681		—		—		9,681
Derivative assets		3,840		—		—		3,840
Prepaid expenses and other current assets		77,889		88		—		77,977
Total current assets		875,935		2,200		—		878,135
Property and equipment, net		1,029,864		6,803		—		1,036,667
Intangible assets, net		56,545		—		—		56,545
Goodwill		312,401		—		—		312,401
Other assets		36,421		—		—		36,421
Total assets	$	2,311,166	$	9,003	$	—	$	2,320,169
Liabilities and partners' equity
Current liabilities:
Accounts payable	$	313,265	$	147	$	—	$	313,412
Accounts payable - affiliates		(148)		148		—		—
Working capital revolving credit facility - current portion		126,700		—		—		126,700
Environmental liabilities - current portion		5,009		—		—		5,009
Trustee taxes payable		110,321		—		—		110,321
Accrued expenses and other current liabilities		99,288		219		—		99,507
Derivative liabilities		13,708		—		—		13,708
Total current liabilities		668,143		514		—		668,657
Working capital revolving credit facility - less current portion		100,000		—		—		100,000
Revolving credit facility		196,000		—		—		196,000
Senior notes		661,774		—		—		661,774
Environmental liabilities - less current portion		52,968		—		—		52,968
Financing obligations		150,334		—		—		150,334
Deferred tax liabilities		40,105		—		—		40,105
Other long-term liabilities		56,013		—		—		56,013
Total liabilities		1,925,337		514		—		1,925,851
Partners' equity
Global Partners LP equity		385,829		5,124		—		390,953
Noncontrolling interest		—		3,365		—		3,365
Total partners' equity		385,829		8,489		—		394,318
Total liabilities and partners' equity	$	2,311,166	$	9,003	$	—	$	2,320,169

Schedule of condensed consolidating statements of income (in thousands)

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2018

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Sales	$	12,671,866	$	1,170	$	(434)	$	12,672,602
Cost of sales		12,019,610		3,017		(434)		12,022,193
Gross profit (loss)		652,256		(1,847)		—		650,409
Costs and operating expenses:
Selling, general and administrative expenses		169,485		1,517		—		171,002
Operating expenses		320,724		391		—		321,115
Gain on trustee taxes		(52,627)		—		—		(52,627)
Lease exit and termination gain		(3,506)		—		—		(3,506)
Amortization expense		10,960		—		—		10,960
Net loss on sale and disposition of assets		5,880		—		—		5,880
Goodwill and long-lived asset impairment		414		—		—		414
Total costs and operating expenses		451,330		1,908		—		453,238
Operating income (loss)		200,926		(3,755)		—		197,171
Interest expense		(89,145)		—		—		(89,145)
Income (loss) before income tax expense		111,781		(3,755)		—		108,026
Income tax expense		(5,623)		—		—		(5,623)
Net income (loss)		106,158		(3,755)		—		102,403
Net loss attributable to noncontrolling interest		—		1,502		—		1,502
Net income (loss) attributable to Global Partners LP		106,158		(2,253)		—		103,905
Less:  General partners' interest in net income, including incentive distribution rights		1,033		—		—		1,033
Less:  Series A preferred limited partner interest in net income		2,691		—		—		2,691
Net income (loss) attributable to common limited partners	$	102,434	$	(2,253)	$	—	$	100,181

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2017

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Sales	$	8,917,997	$	2,936	$	(381)	$	8,920,552
Cost of sales		8,332,940		4,941		(381)		8,337,500
Gross profit (loss)		585,057		(2,005)		—		583,052
Costs and operating expenses:
Selling, general and administrative expenses		154,611		422		—		155,033
Operating expenses		281,973		1,677		—		283,650
Loss on trustee taxes		16,194		—		—		16,194
Amortization expense		9,206		—		—		9,206
Net gain on sale and disposition of assets		(1,607)		(17)		—		(1,624)
Goodwill and long-lived asset impairment		809		—		—		809
Total costs and operating expenses		461,186		2,082		—		463,268
Operating income (loss)		123,871		(4,087)		—		119,784
Interest expense		(86,230)		—		—		(86,230)
Income (loss) before income tax expense		37,641		(4,087)		—		33,554
Income tax benefit		23,563		—		—		23,563
Net income (loss)		61,204		(4,087)		—		57,117
Net loss attributable to noncontrolling interest		—		1,635		—		1,635
Net income (loss) attributable to Global Partners LP		61,204		(2,452)		—		58,752
Less:  General partners' interest in net income, including incentive distribution rights		394		—		—		394
Net income (loss) attributable to common limited partners	$	60,810	$	(2,452)	$	—	$	58,358

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2016

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Eliminations		Consolidated
Sales	$	8,236,847	$	5,961	$	(3,169)	$	8,239,639
Cost of sales		7,686,875		9,443		(3,169)		7,693,149
Gross profit (loss)		549,972		(3,482)		—		546,490
Costs and operating expenses:
Selling, general and administrative expenses		148,829		844		—		149,673
Operating expenses		284,430		4,117		—		288,547
Lease exit and termination expenses		80,665		—				80,665
Amortization expense		9,389		—		—		9,389
Net loss on sale and disposition of assets		20,495		—		—		20,495
Goodwill and long-lived asset impairment		45,803		104,169		—		149,972
Total costs and operating expenses		589,611		109,130		—		698,741
Operating loss		(39,639)		(112,612)		—		(152,251)
Interest expense		(86,319)		—		—		(86,319)
Loss before income tax expense		(125,958)		(112,612)		—		(238,570)
Income tax expense		(53)		—		—		(53)
Net loss		(126,011)		(112,612)		—		(238,623)
Net loss attributable to noncontrolling interest		—		39,211		—		39,211
Net loss attributable to Global Partners LP		(126,011)		(73,401)		—		(199,412)
Less:  General partners' interest in net loss, including incentive distribution rights		(1,336)		—		—		(1,336)
Net loss attributable to common limited partners	$	(124,675)	$	(73,401)	$	—	$	(198,076)

Schedule of condensed consolidating statements of cash flows (in thousands)

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2018

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Consolidated
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	169,608	$	(752)	$	168,856
Cash flows from investing activities
Acquisitions		(171,620)		—		(171,620)
Capital expenditures		(69,174)		—		(69,174)
Seller note issuances		(3,337)		—		(3,337)
Proceeds from sale of property and equipment		18,411		—		18,411
Net cash used in investing activities		(225,720)		—		(225,720)
Cash flows from financing activities
Net proceeds from issuance of Series A preferred units		66,366		—		66,366
Net borrowings from working capital revolving credit facility		26,600		—		26,600
Net borrowings from on revolving credit facility		24,000		—		24,000
LTIP units withheld for tax obligations		(835)		—		(835)
Distributions to limited partners and general partner		(66,004)		—		(66,004)
Net cash provided by financing activities		50,127		—		50,127
Cash and cash equivalents
Decrease in cash and cash equivalents		(5,985)		(752)		(6,737)
Cash and cash equivalents at beginning of year		13,035		1,823		14,858
Cash and cash equivalents at end of year	$	7,050	$	1,071	$	8,121

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2017

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Consolidated
Cash flows from operating activities
Net cash provided by operating activities	$	346,829	$	1,613	$	348,442
Cash flows from investing activities
Acquisitions		(38,479)		—		(38,479)
Capital expenditures		(49,866)		—		(49,866)
Seller note issuances		(6,086)		—		(6,086)
Proceeds from sale of property and equipment		32,767		20		32,787
Net cash (used in) provided by investing activities		(61,664)		20		(61,644)
Cash flows from financing activities
Net payments on working capital revolving credit facility		(197,900)		—		(197,900)
Net payments on revolving credit facility		(20,700)		—		(20,700)
LTIP units withheld for tax obligations		(522)		—		(522)
Noncontrolling interest capital contribution		279		—		279
Distribution to noncontrolling interest		—		(465)		(465)
Distributions to limited partners and general partner		(62,660)		—		(62,660)
Net cash used in financing activities		(281,503)		(465)		(281,968)
Cash and cash equivalents
Increase in cash and cash equivalents		3,662		1,168		4,830
Cash and cash equivalents at beginning of year		9,373		655		10,028
Cash and cash equivalents at end of year	$	13,035	$	1,823	$	14,858

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2016

(In thousands)

	(Issuer)		Non-
	Guarantor		Guarantor
	Subsidiaries		Subsidiary		Consolidated
Cash flows from operating activities
Net cash (used in) provided by operating activities	$	(120,338)	$	452	$	(119,886)
Cash flows from investing activities
Capital expenditures		(71,279)		—		(71,279)
Proceeds from sale of property and equipment		77,718		8		77,726
Net cash used in investing activities		6,439		8		6,447
Cash flows from financing activities
Net borrowings from working capital revolving credit facility		176,500		—		176,500
Net payments on revolving credit facility		(52,300)		—		(52,300)
Proceeds from sale-leaseback, net		62,469		—		62,469
Distribution to noncontrolling interest		2,697		(4,495)		(1,798)
Distributions to limited partners and general partner		(62,520)		—		(62,520)
Net cash provided by (used in) financing activities		126,846		(4,495)		122,351
Cash and cash equivalents
Increase (decrease) in cash and cash equivalents		12,947		(4,035)		8,912
Cash and cash equivalents at beginning of year		(3,574)		4,690		1,116
Cash and cash equivalents at end of year	$	9,373	$	655	$	10,028