Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting

Schedule of summary of financial information for the reportable segments

Summarized financial information for the Partnership’s reportable segments for the years ended December 31 is presented in the table below (in thousands):

	2024		2023		2022
Wholesale Segment:
Sales
Gasoline and gasoline blendstocks	$	6,541,224	$	5,897,428	$	6,408,184
Distillates and other oils (1)		4,176,681		3,715,888		4,455,309
Total	$	10,717,905	$	9,613,316	$	10,863,493
Product margin
Gasoline and gasoline blendstocks	$	181,802	$	105,165	$	106,982
Distillates and other oils (1)		110,430		96,747		180,715
Total	$	292,232	$	201,912	$	287,697
Gasoline Distribution and Station Operations Segment:
Sales
Gasoline	$	4,807,765	$	5,268,268	$	6,140,823
Station operations (2)		565,839		572,266		559,826
Total	$	5,373,604	$	5,840,534	$	6,700,649
Product margin
Gasoline	$	578,737	$	558,516	$	588,676
Station operations (2)		281,745		276,040		267,941
Total	$	860,482	$	834,556	$	856,617
Commercial Segment:
Sales	$	1,072,057	$	1,038,324	$	1,313,744
Product margin	$	31,354	$	31,722	$	40,973
Combined sales and Product margin:
Sales	$	17,163,566	$	16,492,174	$	18,877,886
Product margin (3)	$	1,184,068	$	1,068,190	$	1,185,287
Depreciation allocated to cost of sales		(126,172)		(94,550)		(87,638)
Combined gross profit	$	1,057,896	$	973,640	$	1,097,649

(1) Distillates and other oils (primarily residual oil and crude oil).

(2) Station operations consist of convenience store and prepared food sales, rental income and sundries.

(3) Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.

Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements

The following tables provide the Partnership’s significant segment operating expenses for each reportable segment that are regularly provided to the CODM, as well as a reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements for the years ended December 31 (in thousands):

	Year Ended December 31, 2024
	Wholesale		GDSO		Commercial		Consolidated
Sales	$	10,717,905	$	5,373,604	$	1,072,057	$	17,163,566
Cost of products		10,425,673		4,513,122		1,040,703		15,979,498
Product margin		292,232		860,482		31,354		1,184,068
Operating expenses allocated to operating segments:
Wages and benefits (1)		44,775		121,325		—		166,100
Occupancy costs (2)		22,927		105,585		—		128,512
Transactional operating costs (3)		—		92,938		—		92,938
Maintenance (4)		46,873		43,005		—		89,878
Other segment operating expenses		16,439		21,460		—		37,899
Total operating expenses allocated to operating segments	$	131,014	$	384,313	$	—		515,327
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales								126,172
Selling, general and administrative expenses								292,073
Amortization expense								8,275
Net gain on sale and disposition of assets								(9,494)
Long-lived asset impairment								492
Total operating expenses not allocated to operating expenses								417,518
Operating income								251,223
Loss from equity method investments								(1,514)
Interest expense								(134,773)
Income tax expense								(4,609)
Net income							$	110,327

(1) Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2) Includes rent and leases expenses, property taxes and utilities

(3) Includes commissions and credit card fees

(4) Includes maintenance and repairs, environmental and seasonal site maintenance expenses

	Year Ended December 31, 2023
	Wholesale		GDSO		Commercial		Consolidated
Sales	$	9,613,316	$	5,840,534	$	1,038,324	$	16,492,174
Cost of products		9,411,404		5,005,978		1,006,602		15,423,984
Product margin		201,912		834,556		31,722		1,068,190
Operating expenses allocated to operating segments:
Wages and benefits (1)		22,717		122,346		—		145,063
Occupancy costs (2)		13,515		103,118		—		116,633
Transactional operating costs (3)		—		94,518		—		94,518
Maintenance (4)		17,936		45,320		—		63,256
Other segment operating expenses		8,760		22,397		—		31,157
Total operating expenses allocated to operating segments	$	62,928	$	387,699	$	—		450,627
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales								94,550
Selling, general and administrative expenses								273,733
Amortization expense								8,136
Net gain on sale and disposition of assets								(2,626)
Total operating expenses not allocated to operating expenses								373,793
Operating income								243,770
Income from equity method investments								2,503
Interest expense								(85,631)
Income tax expense								(8,136)
Net income							$	152,506

(1) Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2) Includes rent and leases expenses, property taxes and utilities

(3) Includes commissions and credit card fees

(4) Includes maintenance and repairs, environmental and seasonal site maintenance expenses

	Year Ended December 31, 2022
	Wholesale		GDSO		Commercial		Consolidated
Sales	$	10,863,493	$	6,700,649	$	1,313,744	$	18,877,886
Cost of products		10,575,796		5,844,032		1,272,771		17,692,599
Product margin		287,697		856,617		40,973		1,185,287
Operating expenses allocated to operating segments:
Wages and benefits (1)		22,218		114,510		—		136,728
Occupancy costs (2)		13,518		102,179		—		115,697
Transactional operating costs (3)		—		96,297		—		96,297
Maintenance (4)		19,161		49,048		—		68,209
Other segment operating expenses		9,051		19,289		—		28,340
Total operating expenses allocated to operating segments	$	63,948	$	381,323	$	—		445,271
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales								87,638
Selling, general and administrative expenses								263,112
Amortization expense								8,851
Net gain on sale and disposition of assets								(79,873)
Total operating expenses not allocated to operating expenses								279,728
Operating income								460,288
Interest expense								(81,259)
Income tax expense								(16,822)
Net income							$	362,207

(1) Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2) Includes rent and leases expenses, property taxes and utilities

(3) Includes commissions and credit card fees

(4) Includes maintenance and repairs environmental and seasonal site maintenance expenses

Schedule of total assets by reportable segment

The table below presents total assets by reportable segment at December 31 (in thousands):

		Wholesale		GDSO		Commercial		Unallocated (1)		Total
December 31, 2024	$	1,333,102	$	1,859,417	$	—	$	595,679	$	3,788,198
December 31, 2023	$	862,850	$	1,910,058	$	—	$	673,103	$	3,446,011

(1) Includes the Partnership’s equity method investments (see Note 17).