ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 30-0740483 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Large accelerated filer | ý | Accelerated filer | ☐ | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |
Emerging Growth company | ☐ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Units Representing Limited Partner Interests | SUN | New York Stock Exchange (NYSE) |
Page | ||
March 31, 2019 | December 31, 2018 | |||||||
(in millions, except units) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 23 | $ | 56 | ||||
Accounts receivable, net | 490 | 374 | ||||||
Receivables from affiliates | 2 | 37 | ||||||
Inventories, net | 392 | 374 | ||||||
Other current assets | 75 | 64 | ||||||
Assets held for sale | 28 | — | ||||||
Total current assets | 1,010 | 905 | ||||||
Property and equipment | 2,066 | 2,133 | ||||||
Accumulated depreciation | (604 | ) | (587 | ) | ||||
Property and equipment, net | 1,462 | 1,546 | ||||||
Other assets: | ||||||||
Lease right-of-use assets, net | 542 | — | ||||||
Goodwill | 1,560 | 1,559 | ||||||
Intangible assets | 915 | 915 | ||||||
Accumulated amortization | (221 | ) | (207 | ) | ||||
Intangible assets, net | 694 | 708 | ||||||
Other non-current assets | 155 | 161 | ||||||
Total assets | $ | 5,423 | $ | 4,879 | ||||
Liabilities and equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 482 | $ | 412 | ||||
Accounts payable to affiliates | 30 | 149 | ||||||
Accrued expenses and other current liabilities | 225 | 299 | ||||||
Operating lease current liabilities | 24 | — | ||||||
Current maturities of long-term debt | 6 | 5 | ||||||
Total current liabilities | 767 | 865 | ||||||
Operating lease non-current liabilities | 527 | — | ||||||
Revolving line of credit | 150 | 700 | ||||||
Long-term debt, net | 2,879 | 2,280 | ||||||
Advances from affiliates | 81 | 24 | ||||||
Deferred tax liability | 90 | 103 | ||||||
Other non-current liabilities | 120 | 123 | ||||||
Total liabilities | 4,614 | 4,095 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Equity: | ||||||||
Limited partners: | ||||||||
Common unitholders (82,725,202 units issued and outstanding as of March 31, 2019 and 82,665,057 units issued and outstanding as of December 31, 2018) | 809 | 784 | ||||||
Class C unitholders - held by subsidiaries (16,410,780 units issued and outstanding as of March 31, 2019 and December 31, 2018) | — | — | ||||||
Total equity | 809 | 784 | ||||||
Total liabilities and equity | $ | 5,423 | $ | 4,879 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions, except unit and per unit amounts) | |||||||
Revenues: | |||||||
Motor fuel sales | $ | 3,583 | $ | 3,551 | |||
Non motor fuel sales | 74 | 176 | |||||
Lease income | 35 | 22 | |||||
Total revenues | 3,692 | 3,749 | |||||
Cost of sales and operating expenses: | |||||||
Cost of sales | 3,322 | 3,453 | |||||
General and administrative | 27 | 35 | |||||
Other operating | 84 | 98 | |||||
Lease expense | 14 | 15 | |||||
Loss on disposal of assets and impairment charges | 48 | 3 | |||||
Depreciation, amortization and accretion | 45 | 49 | |||||
Total cost of sales and operating expenses | 3,540 | 3,653 | |||||
Operating income | 152 | 96 | |||||
Other expenses: | |||||||
Interest expense, net | 42 | 34 | |||||
Loss on extinguishment of debt and other | 3 | 109 | |||||
Income (loss) from continuing operations before income taxes | 107 | (47 | ) | ||||
Income tax expense (benefit) | (2 | ) | 31 | ||||
Income (loss) from continuing operations | 109 | (78 | ) | ||||
Loss from discontinued operations, net of income taxes | — | (237 | ) | ||||
Net income (loss) and comprehensive income (loss) | $ | 109 | $ | (315 | ) | ||
Net income (loss) per common unit - basic: | |||||||
Continuing operations - common units | $ | 1.08 | $ | (1.11 | ) | ||
Discontinued operations - common units | 0.00 | (2.63 | ) | ||||
Net income (loss) - common units | $ | 1.08 | $ | (3.74 | ) | ||
Net income (loss) per common unit - diluted: | |||||||
Continuing operations - common units | $ | 1.07 | $ | (1.11 | ) | ||
Discontinued operations - common units | 0.00 | (2.63 | ) | ||||
Net income (loss) - common units | $ | 1.07 | $ | (3.74 | ) | ||
Weighted average limited partner units outstanding: | |||||||
Common units - basic | 82,711,188 | 89,753,950 | |||||
Common units - diluted | 83,380,167 | 90,271,751 | |||||
Cash distributions per unit | $ | 0.8255 | $ | 0.8255 |
Preferred Units-Affiliated | Common Units | Total Equity | |||||||||
Balance at December 31, 2018 | $ | — | $ | 784 | $ | 784 | |||||
Cash distribution to unitholders | — | (87 | ) | (87 | ) | ||||||
Unit-based compensation | — | 3 | 3 | ||||||||
Partnership net income | — | 109 | 109 | ||||||||
Balance at March 31, 2019 | $ | — | $ | 809 | $ | 809 | |||||
Balance at December 31, 2017 | $ | 300 | $ | 1,947 | $ | 2,247 | |||||
Common unit repurchase | — | (540 | ) | (540 | ) | ||||||
Redemption of preferred units | (300 | ) | — | (300 | ) | ||||||
Cash distribution to unitholders | — | (107 | ) | (107 | ) | ||||||
Dividend to preferred units | (2 | ) | — | (2 | ) | ||||||
Unit-based compensation | — | 3 | 3 | ||||||||
Cumulative effect of change in revenue recognition accounting principle | — | (54 | ) | (54 | ) | ||||||
Partnership net income (loss) | 2 | (317 | ) | (315 | ) | ||||||
Balance at March 31, 2018 | $ | — | $ | 932 | $ | 932 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 109 | $ | (315 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by continuing operating activities: | |||||||
Loss from discontinued operations | — | 237 | |||||
Depreciation, amortization and accretion | 45 | 49 | |||||
Amortization of deferred financing fees | 1 | 2 | |||||
Loss on disposal of assets and impairment charges | 48 | 3 | |||||
Loss on extinguishment of debt and other | 3 | 109 | |||||
Non-cash unit based compensation expense | 3 | 3 | |||||
Deferred income tax | (13 | ) | 29 | ||||
Inventory valuation adjustment | (93 | ) | (25 | ) | |||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (116 | ) | 90 | ||||
Receivable from affiliates | 35 | (5 | ) | ||||
Inventories | 67 | 17 | |||||
Other assets | 9 | 10 | |||||
Accounts payable | 74 | (143 | ) | ||||
Accounts payable to affiliates | (62 | ) | (28 | ) | |||
Accrued expenses and other current liabilities | (73 | ) | 403 | ||||
Other non-current liabilities | — | 4 | |||||
Net cash provided by continuing operating activities | 37 | 440 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (26 | ) | (19 | ) | |||
Purchase of intangible assets | — | (1 | ) | ||||
Other acquisition | (5 | ) | — | ||||
Proceeds from disposal of property and equipment | 6 | 3 | |||||
Net cash used in investing activities | (25 | ) | (17 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | 600 | 2,200 | |||||
Payments on long-term debt | (2 | ) | (3,447 | ) | |||
Payments for debt extinguishment costs | — | (93 | ) | ||||
Revolver borrowings | 693 | 414 | |||||
Revolver repayments | (1,243 | ) | (1,179 | ) | |||
Loan origination costs | (6 | ) | (24 | ) | |||
Common unit repurchase | — | (540 | ) | ||||
Redemption of preferred units from ETE | — | (303 | ) | ||||
Distributions to unitholders | (87 | ) | (121 | ) | |||
Net cash used in financing activities | (45 | ) | (3,093 | ) | |||
Cash flows from discontinued operations: | |||||||
Operating activities | — | (485 | ) | ||||
Investing activities | — | 3,214 | |||||
Changes in cash included in current assets held for sale | — | 11 | |||||
Net increase in cash and cash equivalents of discontinued operations | — | 2,740 | |||||
Net increase (decrease) in cash | (33 | ) | 70 | ||||
Cash and cash equivalents at beginning of period | 56 | 28 | |||||
Cash and cash equivalents at end of period | $ | 23 | $ | 98 |
1. | Organization and Principles of Consolidation |
• | Sunoco, LLC (“Sunoco LLC”), a Delaware limited liability company, primarily distributes motor fuel in 30 states throughout the East Coast, Midwest, South Central and Southeast regions of the United States. Sunoco LLC also processes transmix and distributes refined product through its terminals in Alabama, Texas, Arkansas and New York. |
• | Sunoco Retail LLC (“Sunoco Retail”), a Pennsylvania limited liability company, owns and operates retail stores that sell motor fuel and merchandise primarily in New Jersey. |
• | Aloha Petroleum LLC, a Delaware limited liability company, distributes motor fuel and operates terminal facilities on the Hawaiian Islands. |
• | Aloha Petroleum, Ltd. (“Aloha”), a Hawaii corporation, owns and operates retail stores on the Hawaiian Islands. |
2. | Summary of Significant Accounting Policies |
Classification | Balance at December 31, 2018 | Adjustments Due to Topic 842 | Balance at January 1, 2019 | |||||||||
(in millions) | ||||||||||||
Assets | ||||||||||||
Property and equipment, net | $ | 1,546 | $ | (1 | ) | $ | 1,545 | |||||
Lease right-of-use assets | — | 548 | 548 | |||||||||
Liabilities | ||||||||||||
Accrued expenses and other current liabilities | 299 | (1 | ) | 298 | ||||||||
Current maturities of long term debt | 5 | 1 | 6 | |||||||||
Operating lease current liabilities | — | 25 | 25 | |||||||||
Long term debt, net | 2,280 | 6 | 2,286 | |||||||||
Operating lease non-current liabilities | — | 528 | 528 | |||||||||
Other non-current liabilities | 123 | (12 | ) | 111 |
3. | Acquisitions |
4. | Discontinued Operations |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Revenues: | |||||||
Motor fuel sales | $ | — | $ | 256 | |||
Non motor fuel sales (1) | — | 93 | |||||
Total revenues | — | 349 | |||||
Cost of sales and operating expenses: | |||||||
Cost of sales | — | 305 | |||||
General and administrative | — | 2 | |||||
Other operating | — | 57 | |||||
Lease expense | — | 4 | |||||
Loss on disposal of assets | — | 23 | |||||
Total cost of sales and operating expenses | — | 391 | |||||
Operating loss | — | (42 | ) | ||||
Interest expense, net | — | 2 | |||||
Loss on extinguishment of debt | — | 20 | |||||
Loss from discontinued operations before income taxes | — | (64 | ) | ||||
Income tax expense | — | 173 | |||||
Loss from discontinued operations, net of income taxes | $ | — | $ | (237 | ) |
(1) | Non motor fuel sales includes merchandise sales totaling $89 million for the three months ended March 31, 2018. |
5. | Accounts Receivable, net |
March 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
Accounts receivable, trade | $ | 350 | $ | 299 | |||
Credit card receivables | 117 | 49 | |||||
Vendor receivables for rebates, branding, and other | 1 | 1 | |||||
Other receivables | 24 | 27 | |||||
Allowance for doubtful accounts | (2 | ) | (2 | ) | |||
Accounts receivable, net | $ | 490 | $ | 374 |
6. | Inventories, net |
March 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
Fuel | $ | 380 | $ | 363 | |||
Other | 12 | 11 | |||||
Inventories, net | $ | 392 | $ | 374 |
7. | Accrued Expenses and Other Current Liabilities |
March 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
Wage and other employee-related accrued expenses | $ | 20 | $ | 41 | |||
Accrued tax expense | 67 | 91 | |||||
Accrued insurance | 35 | 31 | |||||
Accrued interest expense | 23 | 47 | |||||
Dealer deposits | 18 | 18 | |||||
Accrued environmental expense | 6 | 6 | |||||
Other | 56 | 65 | |||||
Total | $ | 225 | $ | 299 |
8. | Long-Term Debt |
March 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
Sale leaseback financing obligation | $ | 106 | $ | 107 | |||
2018 Revolver | 150 | 700 | |||||
4.875% Senior Notes Due 2023 | 1,000 | 1,000 | |||||
5.500% Senior Notes Due 2026 | 800 | 800 | |||||
6.000% Senior Notes Due 2027 | 600 | — | |||||
5.875% Senior Notes Due 2028 | 400 | 400 | |||||
Other | 7 | 1 | |||||
Total debt | 3,063 | 3,008 | |||||
Less: current maturities | 6 | 5 | |||||
Less: debt issuance costs | 28 | 23 | |||||
Long-term debt, net of current maturities | $ | 3,029 | $ | 2,980 |
9. | Other Non-current Liabilities |
March 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
Reserve for underground storage tank removal | $ | 66 | $ | 54 | |||
Reserve for environmental remediation | 28 | 29 | |||||
Unfavorable lease liability | 15 | 16 | |||||
Accrued straight-line rent | — | 12 | |||||
Other | 11 | 12 | |||||
Total | $ | 120 | $ | 123 |
10. | Related-Party Transactions |
• | Net advances from affiliates were $81 million and $24 million as of March 31, 2019 and December 31, 2018, respectively. Advances from affiliates are primarily related to the treasury services agreements between Sunoco LLC and Sunoco (R&M), LLC and Sunoco Retail and Sunoco (R&M), LLC, which are in place for purposes of cash management. |
• | Net accounts receivable from affiliates were $2 million and $37 million as of March 31, 2019 and December 31, 2018, respectively, which are primarily related to motor fuel sales to affiliates. |
• | Net accounts payable to affiliates were $30 million and $149 million as of March 31, 2019 and December 31, 2018, respectively, which are related to operational expenses. |
• | Motor fuel sales to affiliates were $1 million and $12 million for the three months ended March 31, 2019 and 2018, respectively. |
• | Bulk fuel purchases from affiliates were $171 million and $777 million for the three months ended March 31, 2019 and 2018, respectively, which is included in motor fuel cost of sales in our Consolidated Statements of Operations and Comprehensive Income (Loss). |
11. | Revenue |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Fuel Distribution and Marketing Segment | |||||||
Dealer | $ | 778 | $ | 800 | |||
Distributor | 1,639 | 1,623 | |||||
Unbranded wholesale | 650 | 562 | |||||
Commission agent | 375 | 121 | |||||
Non motor fuel sales | 19 | 14 | |||||
Lease income | 32 | 19 | |||||
Total | 3,493 | 3,139 | |||||
All Other Segment | |||||||
Motor fuel | 141 | 445 | |||||
Non motor fuel sales | 55 | 162 | |||||
Lease income | 3 | 3 | |||||
Total | 199 | 610 | |||||
Total revenue | $ | 3,692 | $ | 3,749 |
March 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
Contract balances | |||||||
Contract asset | $ | 84 | $ | 75 | |||
Accounts receivable from contracts with customers | $ | 467 | $ | 348 | |||
Contract liability | $ | 1 | $ | 1 |
12. | Commitments and Contingencies |
Lease cost | Classification | Three Months Ended March 31, 2019 | ||
(in millions) | ||||
Operating lease cost | Lease expense | $ | 12 | |
Finance lease cost | ||||
Amortization of leased assets | Depreciation, amortization, and accretion | — | ||
Interest on lease liabilities | Interest expense | — | ||
Short term lease cost | Lease expense | 1 | ||
Variable lease cost | Lease expense | 1 | ||
Sublease income | Lease income | (10 | ) | |
Net lease cost | $ | 4 |
Lease Term and Discount Rate | March 31, 2019 | |
Weighted-average remaining lease term (years) | ||
Operating leases | 25 years | |
Finance leases | 10 years | |
Weighted-average discount rate (%) | ||
Operating leases | 6% | |
Finance leases | 8% |
Other information | Three Months Ended March 31, 2019 | |||
(in millions) | ||||
(Gain) Loss on sale and leaseback transactions, net | $ | — | ||
Cash paid for amount included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | $ | (12 | ) | |
Operating cash flows from finance leases | $ | — | ||
Financing cash flows from finance leases | $ | — | ||
Leased assets obtained in exchange for new finance lease liabilities | $ | — | ||
Leased assets obtained in exchange for new operating lease liabilities | $ | 8 |
Maturity of lease liabilities | Operating leases | Finance leases | Total | |||||||||
(in millions) | ||||||||||||
2019 (remainder) | $ | 41 | $ | 1 | $ | 42 | ||||||
2020 | 52 | 1 | 53 | |||||||||
2021 | 46 | 1 | 47 | |||||||||
2022 | 44 | 1 | 45 | |||||||||
2023 | 43 | 1 | 44 | |||||||||
Thereafter | 834 | 6 | 840 | |||||||||
Total lease payment | 1,060 | 11 | 1,071 | |||||||||
Less: interest | 509 | 4 | 513 | |||||||||
Present value of lease liabilities | $ | 551 | $ | 7 | $ | 558 |
Three Months Ended March 31, 2019 | |||
(in millions) | |||
Fuel Distribution & Marketing lease income | $ | 32 | |
All Other lease income | 3 | ||
Total lease income | $ | 35 |
March 31, 2019 | ||||
(in millions) | ||||
2019 (remainder) | $ | 68 | ||
2020 | 72 | |||
2021 | 59 | |||
2022 | 53 | |||
2023 | 3 | |||
Thereafter | 5 | |||
Total undiscounted cash flow | $ | 260 |
13. | Interest Expense, net |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Interest expense | $ | 42 | $ | 34 | |||
Amortization of deferred financing fees | 1 | 2 | |||||
Interest income | (1 | ) | (2 | ) | |||
Interest expense, net | $ | 42 | $ | 34 |
14. | Income Tax Expense |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in million) | |||||||
Income tax expense (benefit) at statutory federal rate | $ | 22 | $ | (10 | ) | ||
Partnership earnings not subject to tax | (26 | ) | 9 | ||||
Statutory tax rate changes | — | 29 | |||||
Other | 2 | 3 | |||||
Net income tax expense (benefit) | $ | (2 | ) | $ | 31 |
15. | Partners' Capital |
Number of Units | ||
Number of common units at December 31, 2018 | 82,665,057 | |
Phantom unit vesting | 60,145 | |
Number of common units at March 31, 2019 | 82,725,202 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Attributable to Common Units | |||||||
Distributions (a) | $ | 68 | $ | 68 | |||
Distributions in excess of net income | 21 | (404 | ) | ||||
Limited partners' interest in net income (loss) | $ | 89 | $ | (336 | ) | ||
(a) Distributions declared per unit to unitholders as of record date | $ | 0.8255 | $ | 0.8255 |
Limited Partners | ||||||||||||
Payment Date | Per Unit Distribution | Total Cash Distribution | Distribution to IDR Holders | |||||||||
(in millions, except per unit amounts) | ||||||||||||
May 15, 2019 | $ | 0.8255 | $ | 68 | $ | 18 | ||||||
February 14, 2019 | $ | 0.8255 | $ | 68 | $ | 18 |
16. | Unit-Based Compensation |
Number of Phantom Units | Weighted-Average Grant Date Fair Value | |||||
Outstanding at December 31, 2017 | 1,777,301 | $ | 31.89 | |||
Granted | 1,072,600 | 27.67 | ||||
Vested | (414,472 | ) | 32.92 | |||
Forfeited | (311,417 | ) | 31.26 | |||
Outstanding at December 31, 2018 | 2,124,012 | 29.15 | ||||
Granted | 35,061 | 28.79 | ||||
Vested | (89,238 | ) | 26.14 | |||
Forfeited | (47,076 | ) | 29.54 | |||
Outstanding at March 31, 2019 | 2,022,759 | $ | 28.97 |
17. | Segment Reporting |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Motor fuel sales | $ | 3,442 | $ | 141 | $ | 3,583 | $ | 3,106 | $ | 445 | $ | 3,551 | |||||||||||||||||
Non motor fuel sales | 19 | 55 | 74 | 14 | 162 | 176 | |||||||||||||||||||||||
Lease income | 32 | 3 | 35 | 19 | 3 | 22 | |||||||||||||||||||||||
Intersegment sales | 364 | 32 | (396 | ) | — | 404 | 34 | (438 | ) | — | |||||||||||||||||||
Total revenue | 3,857 | 231 | (396 | ) | 3,692 | 3,543 | 644 | (438 | ) | 3,749 | |||||||||||||||||||
Gross profit (1) | |||||||||||||||||||||||||||||
Motor fuel | 258 | 27 | 285 | 161 | 44 | 205 | |||||||||||||||||||||||
Non motor fuel | 17 | 33 | 50 | 10 | 59 | 69 | |||||||||||||||||||||||
Lease | 32 | 3 | 35 | 19 | 3 | 22 | |||||||||||||||||||||||
Total gross profit | 307 | 63 | 370 | 190 | 106 | 296 | |||||||||||||||||||||||
Total operating expenses | 135 | 83 | 218 | 119 | 81 | 200 | |||||||||||||||||||||||
Operating income | 172 | (20 | ) | 152 | 71 | 25 | 96 | ||||||||||||||||||||||
Interest expense, net | 36 | 6 | 42 | 19 | 15 | 34 | |||||||||||||||||||||||
Loss on extinguishment of debt and other | (3 | ) | 6 | 3 | 109 | — | 109 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 139 | (32 | ) | 107 | (57 | ) | 10 | (47 | ) | ||||||||||||||||||||
Income tax expense (benefit) | 2 | (4 | ) | (2 | ) | 1 | 30 | 31 | |||||||||||||||||||||
Income (loss) from continuing operations | 137 | (28 | ) | 109 | (58 | ) | (20 | ) | (78 | ) | |||||||||||||||||||
Loss from discontinued operations, net of income taxes (See Note 4) | — | — | — | — | (237 | ) | (237 | ) | |||||||||||||||||||||
Net income (loss) and comprehensive income (loss) | $ | 137 | $ | (28 | ) | $ | 109 | $ | (58 | ) | $ | (257 | ) | $ | (315 | ) | |||||||||||||
Depreciation, amortization and accretion (2) | 34 | 11 | 45 | 28 | 21 | 49 | |||||||||||||||||||||||
Interest expense, net (2) | 36 | 6 | 42 | 19 | 17 | 36 | |||||||||||||||||||||||
Income tax expense (benefit) (2) | 2 | (4 | ) | (2 | ) | 1 | 203 | 204 | |||||||||||||||||||||
EBITDA | 209 | (15 | ) | 194 | (10 | ) | (16 | ) | (26 | ) | |||||||||||||||||||
Non-cash compensation expense (2) | 3 | — | 3 | — | 3 | 3 | |||||||||||||||||||||||
Loss on disposal of assets and impairment charges (2) | 4 | 44 | 48 | 3 | 23 | 26 | |||||||||||||||||||||||
Loss on extinguishment of debt and other (2) | (3 | ) | 6 | 3 | 109 | 20 | 129 | ||||||||||||||||||||||
Unrealized gain on commodity derivatives (2) | (6 | ) | — | (6 | ) | — | — | — | |||||||||||||||||||||
Inventory adjustments (2) | (93 | ) | — | (93 | ) | (25 | ) | (1 | ) | (26 | ) | ||||||||||||||||||
Other non-cash adjustments | 4 | — | 4 | 3 | — | 3 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 118 | $ | 35 | $ | 153 | $ | 80 | $ | 29 | $ | 109 | |||||||||||||||||
Capital expenditures (2) | $ | 20 | $ | 6 | $ | 26 | $ | 12 | $ | 7 | $ | 19 | |||||||||||||||||
Total assets at period end | $ | 4,101 | $ | 1,322 | $ | 5,423 | $ | 3,878 | $ | 1,001 | $ | 4,879 |
(1) | Excludes deprecation, amortization and accretion. |
(2) | Includes amounts from discontinued operations for the three months ended March 31, 2018. |
18. | Net Income per Unit |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions, except units and per unit amounts) | |||||||
Income (loss) from continuing operations | $ | 109 | $ | (78 | ) | ||
Less: | |||||||
Distributions on Series A Preferred units | — | 2 | |||||
Incentive distribution rights | 18 | 18 | |||||
Distributions on nonvested phantom unit awards | 2 | 1 | |||||
Limited partners’ interest in net income (loss) from continuing operations | $ | 89 | $ | (99 | ) | ||
Loss from discontinued operations | $ | — | $ | (237 | ) | ||
Weighted average limited partner units outstanding: | |||||||
Common - basic | 82,711,188 | 89,753,950 | |||||
Common - equivalents | 668,979 | 517,801 | |||||
Common - diluted | 83,380,167 | 90,271,751 | |||||
Income (loss) from continuing operations per limited partner unit: | |||||||
Common - basic | $ | 1.08 | $ | (1.11 | ) | ||
Common - diluted | $ | 1.07 | $ | (1.11 | ) | ||
Loss from discontinued operations per limited partner unit: | |||||||
Common - basic | $ | 0.00 | $ | (2.63 | ) | ||
Common - diluted | $ | 0.00 | $ | (2.63 | ) |
• | our ability to make, complete and integrate acquisitions from affiliates or third-parties; |
• | business strategy and operations of Energy Transfer Operating, L.P. and Energy Transfer LP and their respective conflicts of interest with us; |
• | changes in the price of and demand for the motor fuel that we distribute and our ability to appropriately hedge any motor fuel we hold in inventory; |
• | our dependence on limited principal suppliers; |
• | competition in the wholesale motor fuel distribution and retail store industry; |
• | changing customer preferences for alternate fuel sources or improvement in fuel efficiency; |
• | changes in our credit rating, as assigned by rating agencies; |
• | a deterioration in the credit and/or capital markets; |
• | environmental, tax and other federal, state and local laws and regulations; |
• | the fact that we are not fully insured against all risk incidents to our business; |
• | dangers inherent in the storage and transportation of motor fuel; |
• | our ability to manage growth and/or control costs; |
• | our reliance on senior management, supplier trade credit and information technology; and |
• | our partnership structure, which may create conflicts of interest between us and Sunoco GP LLC, our general partner (“General Partner”), and its affiliates, and limits the fiduciary duties of our General Partner and its affiliates. |
• | 75 company owned and operated retail stores; |
• | 554 independently operated commission agent locations where we sell motor fuel to retail customers under commission arrangements with such operators; |
• | 6,776 retail stores operated by independent operators, which we refer to as “dealers” or “distributors,” pursuant to long-term distribution agreements; and |
• | 2,450 other commercial customers, including unbranded retail stores, other fuel distributors, school districts, municipalities and other industrial customers. |
• | Motor fuel gallons sold. One of the primary drivers of our business is the total volume of motor fuel sold through our channels. Fuel distribution contracts with our customers generally provide that we distribute motor fuel at a fixed, volume-based profit margin or at an agreed upon level of price support. As a result, gross profit is directly tied to the volume of motor fuel that we distribute. Total motor fuel gross profit dollars earned from the product of gross profit per gallon and motor fuel gallons sold are used by Management to evaluate business performance. |
• | Gross profit per gallon. Gross profit per gallon is calculated as the gross profit on motor fuel (excluding non-cash inventory adjustments) divided by the number of gallons sold, and is typically expressed as cents per gallon. Our gross profit per gallon varies amongst our third-party relationships and is impacted by the availability of certain discounts and rebates from suppliers. Retail gross profit per gallon is heavily impacted by volatile pricing and intense competition from retail stores, supermarkets, club stores and other retail formats, which varies based on the market. |
• | Adjusted EBITDA and Distributable Cash Flow, as adjusted. Adjusted EBITDA as used throughout this document, is defined as earnings before net interest expense, income taxes, depreciation, amortization and accretion expense, allocated non-cash compensation expense, unrealized gains and losses on commodity derivatives and inventory adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations, such as gain or |
• | Adjusted EBITDA is used as a performance measure under our revolving credit facility; |
• | securities analysts and other interested parties use such metrics as measures of financial performance, ability to make distributions to our unitholders and debt service capabilities; |
• | our management uses them for internal planning purposes, including aspects of our consolidated operating budget, and capital expenditures; and |
• | Distributable Cash Flow, as adjusted provides useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance, and as it provides investors an enhanced perspective of the operating performance of our assets and the cash our business is generating. |
• | they do not reflect our total cash expenditures, or future requirements for capital expenditures or contractual commitments; |
• | they do not reflect changes in, or cash requirements for, working capital; |
• | they do not reflect interest expense or the cash requirements necessary to service interest or principal payments on our revolving credit facility or term loan; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect cash requirements for such replacements; and |
• | as not all companies use identical calculations, our presentation of Adjusted EBITDA and Distributable Cash Flow, as adjusted may not be comparable to similarly titled measures of other companies. |
Three Months Ended March 31, | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Total | Fuel Distribution and Marketing | All Other | Total | |||||||||||||||||||
(dollars and gallons in millions, except gross profit per gallon) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Motor fuel sales | $ | 3,442 | $ | 141 | $ | 3,583 | $ | 3,106 | $ | 445 | $ | 3,551 | ||||||||||||
Non motor fuel sales | 19 | 55 | 74 | 14 | 162 | 176 | ||||||||||||||||||
Lease income | 32 | 3 | 35 | 19 | 3 | 22 | ||||||||||||||||||
Total revenues | $ | 3,493 | $ | 199 | $ | 3,692 | $ | 3,139 | $ | 610 | $ | 3,749 | ||||||||||||
Gross profit (1): | ||||||||||||||||||||||||
Motor fuel sales | $ | 258 | $ | 27 | $ | 285 | $ | 161 | $ | 44 | $ | 205 | ||||||||||||
Non motor fuel sales | 17 | 33 | 50 | 10 | 59 | 69 | ||||||||||||||||||
Lease | 32 | 3 | 35 | 19 | 3 | 22 | ||||||||||||||||||
Total gross profit | $ | 307 | $ | 63 | $ | 370 | $ | 190 | $ | 106 | $ | 296 | ||||||||||||
Income (loss) from continuing operations | 137 | (28 | ) | 109 | (58 | ) | (20 | ) | (78 | ) | ||||||||||||||
Loss from discontinued operations, net of taxes | — | — | — | — | (237 | ) | (237 | ) | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | $ | 137 | $ | (28 | ) | $ | 109 | $ | (58 | ) | $ | (257 | ) | $ | (315 | ) | ||||||||
Adjusted EBITDA (2) | $ | 118 | $ | 35 | $ | 153 | $ | 80 | $ | 29 | $ | 109 | ||||||||||||
Distributable Cash Flow, as adjusted (2) | $ | 99 | $ | 85 | ||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||
Total motor fuel gallons sold (3) | 1,941 | 1,857 | ||||||||||||||||||||||
Motor fuel gross profit cents per gallon (3) (4) | 9.9 | ¢ | 10.5 | ¢ |
(1) | Excludes depreciation, amortization and accretion. |
(2) | We define Adjusted EBITDA and Distributable Cash Flow, as adjusted as described above under “Key Measures Used to Evaluate and Assess Our Business.” |
(3) | Includes amounts from discontinued operations. |
(4) | Includes other non-cash adjustments and excludes the impact of inventory adjustments consistent with the definition of Adjusted EBITDA. |
Three Months Ended March 31, | |||||||||||
2019 | 2018 | Change | |||||||||
(in millions) | |||||||||||
Segment Adjusted EBITDA | |||||||||||
Fuel distribution and marketing | $ | 118 | $ | 80 | $ | 38 | |||||
All other | 35 | 29 | 6 | ||||||||
Total | 153 | 109 | 44 | ||||||||
Depreciation, amortization and accretion (1) | (45 | ) | (49 | ) | 4 | ||||||
Interest expense, net (1) | (42 | ) | (36 | ) | (6 | ) | |||||
Non-cash compensation expense (1) | (3 | ) | (3 | ) | — | ||||||
Loss on disposal of assets and impairment charges (1) | (48 | ) | (26 | ) | (22 | ) | |||||
Loss on extinguishment of debt and other (1) | (3 | ) | (129 | ) | 126 | ||||||
Unrealized gain on commodity derivatives (1) | 6 | — | 6 | ||||||||
Inventory adjustments (1) | 93 | 26 | 67 | ||||||||
Other non-cash adjustments | (4 | ) | (3 | ) | (1 | ) | |||||
Income (loss) before income tax expense (1) | 107 | (111 | ) | 218 | |||||||
Income tax benefit (expense) (1) | 2 | (204 | ) | 206 | |||||||
Net income (loss) and comprehensive income (loss) | $ | 109 | $ | (315 | ) | $ | 424 | ||||
Adjusted EBITDA | $ | 153 | $ | 109 | $ | 44 | |||||
Cash interest expense (1) | 40 | 34 | 6 | ||||||||
Current income tax expense (1) | 12 | 468 | (456 | ) | |||||||
Transaction-related income taxes (2) | — | (480 | ) | 480 | |||||||
Maintenance capital expenditures (1) | 4 | 3 | 1 | ||||||||
Distributable Cash Flow | 97 | 84 | 13 | ||||||||
Transaction-related expenses (1) | 2 | 3 | (1 | ) | |||||||
Series A Preferred distribution | — | (2 | ) | 2 | |||||||
Distributable Cash Flow, as adjusted | $ | 99 | $ | 85 | $ | 14 |
(1) | Includes amounts from discontinued operations for the three ended March 31, 2018. |
(2) | Transaction-related income taxes primarily related to the 7-Eleven Transaction. |
• | a decrease in the gross profit on motor fuel sales of $8 million, primarily due to a 6.0%, or $0.006, decrease in cents per gallons sold as a result of the change in mix of gallons sold from higher gross profit company-operated fuel sites to supplying lower gross profit fuel distribution and marketing gallons as a result of the divestment of 1,030 company-operated fuel sites to 7-Eleven on January 23, 2018; |
• | a decrease in non motor fuel sales gross profit of $34 million, primarily related to lower merchandise gross profit as a result of the divestment of 1,030 company-operated fuel sites to 7-Eleven on January 23, 2018 and the conversion of 207 retail sites to commission agent sites during April 2018; offset by |
• | a decrease in operating costs of $86 million, as a result of the divestment of 1,030 company-operated fuel sites to 7-Eleven on January 23, 2018 and the conversion of 207 retail sites to commission agent sites during April 2018. These expenses include other operating expense, general and administrative expense and lease expense. |
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Net cash provided by (used in) | |||||||
Operating activities - continuing operations | $ | 37 | $ | 440 | |||
Investing activities - continuing operations | (25 | ) | (17 | ) | |||
Financing activities - continuing operations | (45 | ) | (3,093 | ) | |||
Discontinued operations | — | 2,740 | |||||
Net decrease in cash and cash equivalents | $ | (33 | ) | $ | 70 |
• | issued $600 million of 6.000% Senior Notes due 2027; |
• | borrowed $693 million and repaid $1.2 billion under our 2018 Revolver to fund daily operations; and |
• | paid $87 million in distributions to our unitholders, of which $41 million was paid to ETO. |
Owned | Leased | ||||
Dealer and commission agent sites | 630 | 321 | |||
Company-operated retail stores | 6 | 69 | |||
Warehouses, offices and other | 64 | 84 | |||
Total | 700 | 474 |
• | interest rate risk on short-term borrowings; and |
• | the impact of interest rate movements on our ability to obtain adequate financing to fund future acquisitions. |
Exhibit No. | Description | |
4.1 | ||
4.2 | ||
10.1 * | ||
31.1 * | ||
31.2 * | ||
32.1 ** | ||
32.2 ** | ||
99.1 * | ||
101.INS * | XBRL Instance Document | |
101.SCH * | XBRL Taxonomy Extension Schema Document | |
101.CAL * | XBRL Taxonomy Extension Calculation | |
101.DEF * | XBRL Taxonomy Extension Definition | |
101.LAB * | XBRL Taxonomy Extension Label Linkbase | |
101.PRE * | XBRL Taxonomy Extension Presentation | |
* - | Filed herewith. | |
** - | Furnished herewith |
SUNOCO LP | ||
By | Sunoco GP LLC, its general partner | |
Date: May 9, 2019 | By | /s/ Thomas R. Miller |
Thomas R. Miller | ||
Chief Financial Officer (On behalf of the registrant and in his capacity as chief financial officer) | ||
By | /s/ Camilla A. Harris | |
Camilla A. Harris | ||
Vice President, Controller and Principal Accounting Officer (In her capacity as principal accounting officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Sunoco LP; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 9, 2019 | /s/ Joseph Kim |
Joseph Kim | |
President and Chief Executive Officer of Sunoco GP LLC, the general partner of Sunoco LP |
1. | I have reviewed this quarterly report on Form 10-Q of Sunoco LP; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 9, 2019 | /s/ Thomas R. Miller |
Thomas R. Miller | |
Chief Financial Officer of Sunoco GP LLC, the general partner of Sunoco LP |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
Date: May 9, 2019 | /s/ Joseph Kim |
Joseph Kim | |
President and Chief Executive Officer of Sunoco GP LLC, the general partner of Sunoco LP |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
Date: May 9, 2019 | /s/ Thomas R. Miller |
Thomas R. Miller | |
Chief Financial Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Page | |
Balance Sheets | 1 |
Statements of Operations | 2 |
Statements of Equity | 3 |
Statements of Cash Flows | 4 |
Notes to Financial Statements | 5 |
March 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Advances to affiliated companies | $ | 95 | $ | 87 | |||
Total current assets | 95 | 87 | |||||
Investment in unconsolidated affiliate | 468 | 210 | |||||
Total assets | $ | 563 | $ | 297 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accrued and other current liabilities | $ | 3 | $ | 3 | |||
Total current liabilities | 3 | 3 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Member’s equity | 560 | 294 | |||||
Total equity | 560 | 294 | |||||
Total liabilities and equity | $ | 563 | $ | 297 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Income (loss) from unconsolidated affiliate | $ | 11 | $ | (45 | ) | ||
Net income (loss) | $ | 11 | $ | (45 | ) |
Total | |||
Balance, December 31, 2018 | $ | 294 | |
Net income | 11 | ||
Contribution from ETO | 255 | ||
Balance, March 31, 2019 | $ | 560 | |
Balance, December 31, 2017 | $ | 331 | |
Net loss | (45 | ) | |
Balance, March 31, 2018 | $ | 286 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 11 | $ | (45 | ) | ||
Reconciliation of net loss to net cash provided by operating activities: | |||||||
(Income) loss from unconsolidated affiliate | (11 | ) | 45 | ||||
Distributions from unconsolidated affiliate | 8 | 9 | |||||
Net cash provided by operating activities | 8 | 9 | |||||
Cash flows from financing activities: | |||||||
Advances to Sunoco, Inc. | (8 | ) | (9 | ) | |||
Net cash used in financing activities | (8 | ) | (9 | ) | |||
Change in cash and cash equivalents | — | — | |||||
Cash and cash equivalents, beginning of period | — | — | |||||
Cash and cash equivalents, end of period | $ | — | $ | — |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Supplemental disclosure of non-cash financing and investing activities: | |||||||
Contribution of Sunoco LP common units from ETO | $ | 255 | $ | — |
1. | Operations and Organization: |
2. | Summary of Significant Accounting Policies: |
4. | Commitments and Contingencies: |
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
May 03, 2019 |
|
Document Information [Line Items] | ||
Entity Registrant Name | SUNOCO LP | |
Entity Central Index Key | 0001552275 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Subsequent Event [Member] | Common Units [Member] | ||
Document Information [Line Items] | ||
Entity Partnership Units Outstanding | 82,748,987 | |
Subsequent Event [Member] | Common Class C [Member] | ||
Document Information [Line Items] | ||
Entity Partnership Units Outstanding | 16,410,780 |
Consolidated Balance Sheets (Parenthetical) - shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Common Units [Member] | ||
Equity: | ||
Limited partners' capital account, units issued (in shares) | 82,725,202 | 82,665,057 |
Limited Partners' Capital Account, Units Outstanding | 82,725,202 | 82,665,057 |
Class C Units - Held by Subsidiary [Member] | ||
Equity: | ||
Limited partners' capital account, units issued (in shares) | 16,410,780 | 16,410,780 |
Limited Partners' Capital Account, Units Outstanding | 16,410,780 | 16,410,780 |
Consolidated Statement of Equity - USD ($) $ in Millions |
Total |
Common Units |
Preferred Units-Affiliated |
---|---|---|---|
Beginning balance at Dec. 31, 2017 | $ 2,247 | $ 1,947 | $ 300 |
Repurchase of common units | (540) | (540) | 0 |
Redemption of preferred units | (300) | 0 | (300) |
Cash distribution to unitholders | (107) | 107 | 0 |
Distribution to preferred unitholder | (2) | 0 | (2) |
Unit-based compensation | 3 | 3 | 0 |
Partnership net income | (315) | (317) | 2 |
Ending balance at Mar. 31, 2018 | 932 | 932 | 0 |
Beginning balance at Dec. 31, 2018 | 784 | 784 | 0 |
Cash distribution to unitholders | (87) | 87 | 0 |
Distribution to preferred unitholder | 0 | ||
Unit-based compensation | 3 | 3 | 0 |
Partnership net income | 109 | 109 | 0 |
Ending balance at Mar. 31, 2019 | $ 809 | $ 809 | $ 0 |
Organization and Principles of Consolidation |
3 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Organization and Principles of Consolidation | Organization and Principles of Consolidation As used in this document, the terms “Partnership,” “SUN,” “we,” “us,” and “our” should be understood to refer to Sunoco LP and our consolidated subsidiaries, unless the context clearly indicates otherwise. We are a Delaware master limited partnership. We are managed by our general partner, Sunoco GP LLC (“General Partner”), which is owned by Energy Transfer Operating, L.P. (“ETO”), a consolidated subsidiary of Energy Transfer LP (“ET”). As of March 31, 2019, ETO and its subsidiaries owned 100% of the membership interests in our General Partner, all of our incentive distribution rights (“IDRs”) and approximately 34.4% of our common units, which constitutes a 28.7% limited partner interest in us. The consolidated financial statements are composed of Sunoco LP, a publicly traded Delaware limited partnership, and our wholly‑owned subsidiaries. We distribute motor fuels across more than 30 states throughout the East Coast, Midwest, South Central and Southeast regions of the United States from Maine to Florida and from Florida to New Mexico, as well as Hawaii. We also operate retail stores in Hawaii and New Jersey. Our primary operations are conducted by the following consolidated subsidiaries:
All significant intercompany accounts and transactions have been eliminated in consolidation. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on gross profit, income from operations, net income (loss) and comprehensive income (loss), the balance sheets or statements of cash flows. |
Summary of Significant Accounting Policies |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 22, 2019. Significant Accounting Policies As of March 31, 2019, the only material change in the Partnership’s significant accounting policies, as compared to those described in the Annual Report on Form 10-K for the year ended December 31, 2018, was the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), described under Change in Accounting Principle. Motor Fuel and Sales Taxes For bulk sales, certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for direct sales to dealer and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For other locations where the Partnership holds inventory, including commission agent arrangements and Partnership-operated retail locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $94 million and $53 million for the three months ended March 31, 2019 and 2018, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss). Assets Held for Sale Assets held for sale are written down to the lower of cost or estimated net realizable value at the time we offer them for sale. When we have determined that an asset is more likely than not to be sold in the next twelve months, that asset is classified as assets held for sale and included in other current assets. As of March 31, 2019 the Partnership had $28 million classified as assets held for sale related to the pending sale of the Partnership's ethanol plant, including the grain malting operation, in Fulton, New York. Based on the sale price of the pending sale the Partnership wrote down the assets held for sale and recorded a $47 million charge during the three months ended March 31, 2019. Change in Accounting Principle In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), which amends the FASB Accounting Standards Codification (“ASC”) and creates Topic 842, Leases. On January 1, 2019, we adopted ASC Topic 842, which is effective for interim and annual reporting periods beginning on or after December 15, 2018. This Topic requires Balance Sheet recognition of lease assets and lease liabilities for leases classified as operating leases under previous GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Partnership elected the modified retrospective approach to adopt Topic 842. This approach involves recognition of an opening cumulative catch-up adjustment to the the balance sheet in the period of adoption, January 1, 2019. We have completed a detailed review of contracts representative of our business and assessed the terms under the new standard. Adoption of the standard had a material impact on our consolidated balance sheet, but did not have a material impact on our consolidated statement of operations and comprehensive income or consolidated cash flows. The most significant impact was the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. As a result of the evaluation performed, we have recorded adjustments resulting in a net increase to assets and liabilities of approximately $547 million as of January 1, 2019. In addition to the evaluation performed, we have made appropriate design and implementation updates to our business processes, systems, and internal controls to support the on-going reporting requirements under the new standard. Topic 842 provides for certain practical expedients that companies can elect to apply for purposes of adoption and implementation of the new standard. The practical expedients utilized by the Partnership are as follows: 1) no reassessment of whether existing contracts contain a lease, 2) no reassessment of the classification of existing leases, 3) no reassessment of initial direct costs for existing leases, 4) exclusion of leases with terms of 12 months or less from evaluation, 5) use of the portfolio approach to determine discount rates, 6) election to not separate non-lease components from lease components in existing lease agreements, and 7) election to not apply the use of hindsight to the active lease population. The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASU No. 2016-02 was as follows:
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Acquisitions |
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Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On January 18, 2019, we acquired certain convenience store locations from Speedway LLC for approximately $5 million plus working capital adjustments. We subsequently converted the acquired convenience store locations to commission agent locations. |
Discontinued Operations (Notes) |
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Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On April 6, 2017, certain subsidiaries of the Partnership (collectively, the “Sellers”) entered into an Asset Purchase Agreement (the “7-Eleven Purchase Agreement”) with 7-Eleven, Inc., a Texas corporation (“7-Eleven”) and SEI Fuel Services, Inc., a Texas corporation and wholly-owned subsidiary of 7-Eleven (“SEI Fuel,” and, together with 7-Eleven, referred to herein collectively as “Buyers”). On January 23, 2018, we completed the disposition of assets pursuant to the Amended and Restated Asset Purchase Agreement entered by and among Sellers, Buyers and certain other named parties for the limited purposes set forth therein, pursuant to which the parties agreed to amend and restate the 7-Eleven Purchase Agreement to reflect commercial agreements and updates made by the parties in connection with consummation of the transactions contemplated by the 7-Eleven Purchase Agreement. Under the 7-Eleven Purchase Agreement, as amended and restated, we sold a portfolio of 1,030 company operated retail fuel outlets, together with ancillary businesses and related assets to Buyers for approximately $3.2 billion (the “7-Eleven Transaction”). Subsequent to the closing of the 7-Eleven Transaction, previously eliminated wholesale motor fuel sales to the Partnership's retail locations are reported as wholesale motor fuel sales to third parties. Also, the related accounts receivable from such sales are no longer eliminated from the consolidated balance sheets and are reported as accounts receivable. In connection with the closing of the transactions contemplated by the 7-Eleven Purchase Agreement, we entered into a Distributor Motor Fuel Agreement dated as of January 23, 2018, as amended (the “Supply Agreement”), with 7-Eleven and SEI Fuel. The Supply Agreement consists of a 15-year take-or-pay fuel supply arrangement. For the period from January 1, 2018 through January 22, 2018, we recorded sales to the sites that were subsequently sold to 7-Eleven of $199 million that were eliminated in consolidation. We received payments on trade receivables from 7-Eleven of $782 million and $612 million during the three months ended March 31, 2019, and the first quarter of 2018 subsequent to the closing of the sale. On January 18, 2017, with the assistance of a third-party brokerage firm, we launched a portfolio optimization plan to market and sell 97 real estate assets. Real estate assets included in this process are company-owned locations, undeveloped greenfield sites and other excess real estate. Properties are located in Florida, Louisiana, Massachusetts, Michigan, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia. The properties will be sold through a sealed-bid sale. Of the 97 properties, 51 have been sold, one is under contract to be sold and four continue to be marketed by the third-party brokerage firm. Additionally, 32 were sold to 7-Eleven and nine are part of the approximately 207 retail sites located in certain West Texas, Oklahoma and New Mexico markets which are operated by a commission agent. The results of these operations (the real estate optimization assets, together with the 7-Eleven Transaction, the “Retail Divestment”) have been reported as discontinued operations for all periods presented in the consolidated financial statements. All other footnotes present results of the continuing operations. The Partnership has concluded that it meets the accounting requirements for reporting the financial position, results of operations and cash flows of the Retail Divestment as discontinued operations. The Partnership had no assets or liabilities associated with discontinued operations as of March 31, 2019 or December 31, 2018. The results of operations associated with discontinued operations are presented in the following table:
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Accounts Receivable, net |
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Accounts Receivable, net | Accounts Receivable, net Accounts receivable, net, consisted of the following:
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Inventories, net |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net Inventories, net, consisted of the following:
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Accrued Expenses and Other Current Liabilities |
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Accrued Expenses And Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Current accrued expenses and other current liabilities consisted of the following:
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
2019 Private Offering of Senior Notes On March 14, 2019, we, our General Partner and Sunoco Finance Corp. (together with the Partnership, the “2027 Notes Issuers”) completed a private offering of $600 million in aggregate principal amount of 6.000% senior notes due 2027 (the “2027 Notes”). The terms of the 2027 Notes is governed by an indenture dated March 14, 2019, among the 2027 Notes Issuers, certain subsidiaries of the Partnership (the “2027 Notes Guarantors”) and U.S. Bank National Association, as trustee. The 2027 Notes will mature on April 15, 2027 and interest on the 2027 Notes is payable semi-annually on April 15 and October 15 of each year, commencing October 15, 2019. The 2027 Notes are senior obligations of the 2027 Notes Issuers and are guaranteed on a senior basis by all of the Partnership’s current subsidiaries (other than Sunoco Finance Corp.) that guarantee its obligations under the 2018 Revolver (as defined below) and certain of its future subsidiaries. The 2027 Notes and guarantees are unsecured and rank equally with all of the 2027 Notes Issuers’ and each 2027 Notes Guarantor’s existing and future senior obligations. The 2027 Notes and guarantees are effectively subordinated to the 2027 Notes Issuers’ and each 2027 Notes Guarantor’s secured obligations, including obligations under the 2018 Revolver (as defined below), to the extent of the value of the collateral securing such obligations, and structurally subordinated to all indebtedness and obligations, including trade payables, of the Partnership’s subsidiaries that do not guarantee the 2027 Notes. The Partnership used the proceeds from the private offering to repay a portion of the outstanding borrowings under our 2018 Revolver (as defined below). Revolving Credit Agreement On July 27, 2018, we entered into a new Amended and Restated Credit Agreement among the Partnership, as borrower, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, collateral agent, swingline lender and a line of credit issuer (the “2018 Revolver”). Borrowings under the 2018 Revolver were used to pay off the Partnership’s previous revolving credit facility. As of March 31, 2019, the balance on the 2018 Revolver was $150 million, and $8 million in standby letters of credit were outstanding. The unused availability on the 2018 Revolver at March 31, 2019 was $1.3 billion. The weighted average interest rate on the total amount outstanding at March 31, 2019 was 4.49%. The Partnership was in compliance with all financial covenants at March 31, 2019. Fair Value of Debt The estimated fair value of debt is calculated using Level 2 inputs. The fair value of debt as of March 31, 2019, is estimated to be approximately $3.1 billion, based on outstanding balances as of the end of the period using current interest rates for similar securities. |
Other noncurrent liabilities Other noncurrent liabilities |
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Other Liabilities Disclosure [Text Block] | Other Non-current Liabilities Other non-current liabilities consisted of the following:
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Related-Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions We are party to fee-based commercial agreements with various affiliates of ETO for pipeline, terminalling and storage services. We also have agreements with subsidiaries of ETO for the purchase and sale of fuel. In addition, we are party to two related products purchase agreements, one with Philadelphia Energy Solutions Refining & Marketing (“PES”) and one with PES’s product financier Merrill Lynch Commodities; both purchase agreements contain 12-month terms that automatically renew for consecutive 12-month terms until either party cancels with notice. ETP Retail Holdings, LLC, a subsidiary of ETO, owns a noncontrolling interest in the parent of PES. Beginning in the third quarter of 2018, PES was no longer considered an affiliate of ETO as ETO was no longer considered to have any significant influence over PES’s management or operations. Summary of Transactions Significant affiliate balances and activity related to the Consolidated Balance Sheets and Statements of Operations and Comprehensive Income (Loss) are as follows:
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Revenue (Notes) |
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Revenue from Contract with Customer [Text Block] |
Disaggregation of Revenue We operate our business in two primary segments, fuel distribution and marketing and all other. We disaggregate revenue within the segments by channels. The following table depicts the disaggregation of revenue by channel within each segment:
Contract Balances with Customers The balances of receivables from contracts with customers listed in the table below include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience and on a specific identification basis. The balances of the Partnership’s contract assets and contract liabilities as of March 31, 2019 and December 31, 2018 are as follows:
The amount of revenue recognized in the three months ended March 31, 2019 and 2018 that was included in the contract liability balance at the beginning of the each period was $0.1 million and $0.1 million, respectively. This amount of revenue is a result of changes in the transaction price of the Partnership’s contracts with customers. The difference in the opening and closing balances of the contract asset and contract liability primarily results from the timing difference between the Partnership’s performance and the customer’s payment. Performance Obligations As of March 31, 2019, the aggregate amount of revenue expected to be recognized related to unsatisfied or partially satisfied franchise fee performance obligations (contract liabilities) is approximately $0.3 million for the remainder of 2019, $0.2 million in 2020, $0.1 million in 2021, and $0.1 million thereafter. Costs to Obtain or Fulfill a Contract The Partnership recognizes an asset from the costs incurred to obtain a contract (e.g. sales commissions) only if it expects to recover those costs. On the other hand, the costs to fulfill a contract are capitalized if the costs are specifically identifiable to a contract, would result in enhancing resources that will be used in satisfying performance obligations in future, and are expected to be recovered. These capitalized costs are recorded as a part of other current assets and other non-current assets and are amortized as a reduction of revenue on a systematic basis consistent with the pattern of transfer of the goods or services to which such costs relate. The amount of amortization on these capitalized costs that the Partnership recognized for the three months ended March 31, 2019 and 2018 was $4 million and $3 million, respectively. The Partnership has also made a policy election of expensing the costs to obtain a contract, as and when they are incurred, in cases where the expected amortization period is one year or less. |
Commitments And Contingencies |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Lessee Accounting The Partnership leases retail stores, other property, and equipment under non-cancellable operating leases whose initial terms are typically 5 to 15 years, with some having a term of 40 years or more, along with options that permit renewals for additional periods. At the inception of each, we determine if the arrangement is a lease or contains an embedded lease and review the facts and circumstances of the arrangement to classify leased assets as operating or finance under Topic 842. The Partnership has elected not to record any leases with terms of 12 months or less on the balance sheet. At this time, the majority of active leases within our portfolio are classified as operating leases under the new standard. Operating leases are included in lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheet. Finance leases represent a small portion of the active lease agreements and are included in ROU assets, other current liabilities, and other long-term liabilities in our consolidated balance sheet. The ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make minimum lease payments arising from the lease for the duration of the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or greater. The exercise of lease renewal options is typically at our discretion. Additionally many leases contain early termination clauses, however early termination typically requires the agreement of both parties to the lease. At lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. At this time the Partnership does not have leases that include options to purchase or automatic transfer of ownership of the leased property to the Partnership. The depreciable life of leased assets and leasehold improvements are limited by the expected lease term. To determine the present value of future minimum lease payments, we use the implicit rate when readily determinable. At this time, many of our leases do not provide an implicit rate, therefore to determine the present value of minimum lease payments we use our incremental borrowing rate based on the information available at lease commencement date. The ROU assets also include any lease payments made and exclude lease incentives. Minimum rent payments are expensed on a straight-line basis over the term of the lease. In addition, some leases may require additional contingent or variable lease payments based on factors specific to the individual agreement. Variable lease payments we are typically responsible for include payment of real estate taxes, maintenance expenses and insurance. The Partnership maintains a small number of active related party leases. The components of lease expense consisted of the following:
Maturities of lease liabilities as of March 31, 2019 are as follows:
Lessor Accounting The Partnership leases or subleases a portion of its real estate portfolio to third party companies as a stable source of long-term revenue. Our lessor and sublease portfolio consists mainly of operating leases with convenience store operators. At this time, most lessor agreements contain 5-year terms with renewal options to extend and early termination options based on established terms specific to the individual agreement.
Minimum future lease payments receivable are as follows:
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Interest Expense, net |
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Interest Expense, net | Interest Expense, net Components of net interest expense were as follows:
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Income Tax Expense |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense | Income Tax Expense As a partnership, we are generally not subject to federal income tax and most state income taxes. However, the Partnership conducts certain activities through corporate subsidiaries which are subject to federal and state income taxes. Our effective tax rate differs from the statutory rate primarily due to Partnership earnings that are not subject to U.S. federal and most state income taxes at the Partnership level. A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense (benefit) is as follows:
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Partners' Capital |
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Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital | Partners' Capital As of March 31, 2019, ETO and ET or their subsidiaries owned 28,463,967 common units, which constitutes 34.4% of our outstanding common units, and the public owned 54,261,235 common units. As of March 31, 2019, our consolidated subsidiaries owned all of the 16,410,780 Class C units representing limited partner interests in the Partnership (the “Class C Units”). Common Units The change in our outstanding common units for the three months ended March 31, 2019 is as follows:
Allocation of Net Income Our Partnership Agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the Partnership Agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions allocated 100% to ETO. The calculation of net income allocated to the partners is as follows (in millions, except per unit amounts):
Cash Distributions Our Partnership Agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive. Cash distributions paid or payable during 2019 were as follows:
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Unit-Based Compensation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-Based Compensation | Unit-Based Compensation A summary of our phantom unit award activity is as follows:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting Our financial statements reflect two reportable segments, fuel distribution & marketing and all other. After the Retail Divestment and the conversion of 207 retail sites to commission agent sites, the Partnership has renamed the former Wholesale segment to Fuel Distribution and Marketing and the former Retail segment is renamed to All Other. We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as net income before net interest expense, income tax expense and depreciation, amortization and accretion expense, non-cash compensation expense, gains and losses on disposal of assets and impairment charges, unrealized gains and losses on commodity derivatives, inventory adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. The following tables present financial information by segment for the three months ended March 31, 2019 and 2018:
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Net Income per Unit |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Unit | Net Income per Unit A reconciliation of the numerators and denominators of the basic and diluted per unit computations is as follows:
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Organization and Principles of Consolidation Organization and Principles of Consolidation (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | All significant intercompany accounts and transactions have been eliminated in consolidation. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on gross profit, income from operations, net income (loss) and comprehensive income (loss), the balance sheets or statements of cash flows. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Motor Fuel and Sales Taxes | Motor Fuel and Sales Taxes For bulk sales, certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for direct sales to dealer and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales. For other locations where the Partnership holds inventory, including commission agent arrangements and Partnership-operated retail locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $94 million and $53 million for the three months ended March 31, 2019 and 2018, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss). |
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Recently Issued Accounting Pronouncements | Change in Accounting Principle In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), which amends the FASB Accounting Standards Codification (“ASC”) and creates Topic 842, Leases. On January 1, 2019, we adopted ASC Topic 842, which is effective for interim and annual reporting periods beginning on or after December 15, 2018. This Topic requires Balance Sheet recognition of lease assets and lease liabilities for leases classified as operating leases under previous GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Partnership elected the modified retrospective approach to adopt Topic 842. This approach involves recognition of an opening cumulative catch-up adjustment to the the balance sheet in the period of adoption, January 1, 2019. We have completed a detailed review of contracts representative of our business and assessed the terms under the new standard. Adoption of the standard had a material impact on our consolidated balance sheet, but did not have a material impact on our consolidated statement of operations and comprehensive income or consolidated cash flows. The most significant impact was the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. As a result of the evaluation performed, we have recorded adjustments resulting in a net increase to assets and liabilities of approximately $547 million as of January 1, 2019. In addition to the evaluation performed, we have made appropriate design and implementation updates to our business processes, systems, and internal controls to support the on-going reporting requirements under the new standard. Topic 842 provides for certain practical expedients that companies can elect to apply for purposes of adoption and implementation of the new standard. The practical expedients utilized by the Partnership are as follows: 1) no reassessment of whether existing contracts contain a lease, 2) no reassessment of the classification of existing leases, 3) no reassessment of initial direct costs for existing leases, 4) exclusion of leases with terms of 12 months or less from evaluation, 5) use of the portfolio approach to determine discount rates, 6) election to not separate non-lease components from lease components in existing lease agreements, and 7) election to not apply the use of hindsight to the active lease population. The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASU No. 2016-02 was as follows:
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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASU No. 2016-02 was as follows:
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Discontinued Operations (Tables) |
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Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
schedule of operation results associated with discontinued operations [Table Text Block] | The results of operations associated with discontinued operations are presented in the following table:
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Accounts Receivable, net (Tables) |
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Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable, net, consisted of the following:
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Inventories, net (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories, net, consisted of the following:
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Accrued Expenses and Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accrued Expenses And Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Current accrued expenses and other current liabilities consisted of the following:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consisted of the following:
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Other noncurrent liabilities (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change of asset retirement obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities [Table Text Block] |
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Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table depicts the disaggregation of revenue by channel within each segment:
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Contract with Customer, Asset and Liability [Table Text Block] | The balances of the Partnership’s contract assets and contract liabilities as of March 31, 2019 and December 31, 2018 are as follows:
The amount of revenue recognized in the three months ended March 31, 2019 and 2018 that was included in the contract liability balance at the beginning of the each period was $0.1 million and $0.1 million, respectively. This amount of revenue is a result of changes in the transaction price of the Partnership’s contracts with customers. The difference in the opening and closing balances of the contract asset and contract liability primarily results from the timing difference between the Partnership’s performance and the customer’s payment. |
Commitments And Contingencies (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rent Expense | expense consisted of the following:
Maturities of lease liabilities as of March 31, 2019 are as follows:
Lessor Accounting The Partnership leases or subleases a portion of its real estate portfolio to third party companies as a stable source of long-term revenue. Our lessor and sublease portfolio consists mainly of operating leases with convenience store operators. At this time, most lessor agreements contain 5-year terms with renewal options to extend and early termination options based on established terms specific to the individual agreement.
Minimum future lease payments receivable are as follows:
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Interest Expense, net (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income (Expense), Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense Net | nterest expense were as follows:
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Income Tax Expense (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense (benefit) is as follows:
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Partners' Capital (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Units | common units for the three months ended March 31, 2019 is as follows:
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Schedule of Net Income Allocation By Partners | The calculation of net income allocated to the partners is as follows (in millions, except per unit amounts):
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Distributions Made to Limited Partner, by Distribution | ash distributions paid or payable during 2019 were as follows:
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Unit-Based Compensation (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity | A summary of our phantom unit award activity is as follows:
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
________________________________
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Net Income per Unit (Tables) |
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Net Income Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Income per Unit, Basic and Diluted | A reconciliation of the numerators and denominators of the basic and diluted per unit computations is as follows:
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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
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Accounting Policies [Abstract] | ||
Motor fuel and sales taxes | $ 94 | $ 53 |
Summary of Significant Accounting Policies Cumulative Effect of Changes due to Adoption of ASU 2016-02 (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Lease right-of-use assets, net | $ 542 | $ 548 | $ 0 |
Property and equipment, net | (1,462) | (1,545) | (1,546) |
Accrued expenses and other current liabilities | (225) | (298) | (299) |
Current maturities of long-term debt | 6 | 6 | 5 |
Other noncurrent assets | 155 | 161 | |
Other noncurrent liabilities | 120 | 111 | 123 |
Operating Lease, Liability, Current | 24 | 25 | 0 |
Long-term debt, net | 2,879 | 2,286 | 2,280 |
Operating Lease, Liability, Noncurrent | $ 527 | 528 | $ 0 |
Accounting Standards Update 2016-02 [Member] | |||
Lease right-of-use assets, net | 548 | ||
Property and equipment, net | (1) | ||
Accrued expenses and other current liabilities | (1) | ||
Current maturities of long-term debt | 1 | ||
Other noncurrent liabilities | (12) | ||
Operating Lease, Liability, Current | 25 | ||
Long-term debt, net | 6 | ||
Operating Lease, Liability, Noncurrent | $ 528 |
Summary of Significant Accounting Policies Effect of change related to ASU 2016-02 (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|
Revenues | $ (3,692) | $ (3,749) | ||
Other operating | (84) | (98) | ||
Depreciation, amortization and accretion | (45) | (49) | ||
Other current assets | 75 | $ 64 | ||
Property and equipment, net | 1,462 | $ 1,545 | 1,546 | |
Other noncurrent assets | 155 | 161 | ||
Other noncurrent liabilities | 120 | $ 111 | 123 | |
Rental and Other [Member] | ||||
Revenues | (35) | $ (22) | ||
Common Units | ||||
Total partners' capital | $ 809 | $ 784 |
Acquisitions - Additional Information (Details) $ in Millions |
3 Months Ended | |||
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Mar. 31, 2019
USD ($)
store
shares
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
shares
|
Jan. 18, 2017
store
|
|
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 5 | $ 0 | ||
Percentage of membership interest acquired | 100.00% | |||
Revenues | $ 3,692 | 3,749 | ||
Net income (loss) | $ 109 | $ (315) | ||
Number of Stores | store | 51 | 97 | ||
Common Units [Member] | ||||
Business Acquisition [Line Items] | ||||
Limited partners' capital account, units issued (in shares) | shares | 82,725,202 | 82,665,057 | ||
Speedway LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 5 |
Acquisitions (Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Business Acquisition [Line Items] | ||
Goodwill | $ 1,560 | $ 1,559 |
Discontinued Operations Balance Sheet Amounts of Discontinued Operations (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Inventories, net | $ 392 | $ 374 | |
Other current assets | 75 | 64 | |
Capital Lease Obligations | 7 | 1 | |
Property and equipment, net | 1,462 | $ 1,545 | 1,546 |
Goodwill | 1,560 | 1,559 | |
Other noncurrent assets | 155 | 161 | |
Other noncurrent liabilities | $ 120 | $ 111 | $ 123 |
Discontinued Operations Income Statement Data for Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
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Mar. 31, 2019 |
Mar. 31, 2018 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Revenue | $ 0 | $ 349 | |||||
Revenues | 3,692 | 3,749 | |||||
Cost of Revenue | 3,322 | 3,453 | |||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 305 | |||||
Gross Profit | 370 | 296 | |||||
General and administrative | 27 | 35 | |||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 0 | 2 | |||||
Depreciation, amortization and accretion | 45 | 49 | |||||
Other operating | 84 | 98 | |||||
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 57 | |||||
Lease expense | 14 | 15 | |||||
Disposal Group, Discontinued Operation, Lease Expense | 0 | 4 | |||||
Loss on disposal of assets and impairment charges | 48 | 3 | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (23) | |||||
Operating Expenses | 218 | 200 | |||||
Disposal Group, Including Discontinued Operations, Total Costs and Expenses | 0 | 391 | |||||
Operating Income (Loss) | 152 | 96 | |||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 0 | (42) | |||||
Interest expense, net | 42 | 34 | |||||
Disposal Group, Including Discontinued Operation, Interest Expense | 0 | 2 | |||||
Loss on extinguishment of debt and other | (3) | (109) | |||||
Disposal Group, Discontinued Operations, Loss on Extinguishment of Debt | 0 | 20 | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | (64) | |||||
Income tax expense (benefit) | (2) | 31 | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 173 | |||||
Loss from discontinued operations, net of income taxes | 0 | (237) | |||||
Motor Fuels [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 256 | |||||
Revenues | 3,583 | 3,551 | |||||
Gross Profit | 285 | 205 | |||||
Non Motor Fuel Sales [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Revenue | [1] | 0 | 93 | ||||
Revenues | 74 | 176 | |||||
Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Depreciation, amortization and accretion | [2] | 45 | 49 | ||||
Loss on disposal of assets and impairment charges | [2] | 48 | 26 | ||||
Interest expense, net | [2] | 42 | 36 | ||||
Loss on extinguishment of debt and other | [2] | 3 | 129 | ||||
Income tax expense (benefit) | [2] | $ (2) | 204 | ||||
Discontinued Operations [Member] | Merchandise [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Non motor fuel sales | $ 89 | ||||||
|
Accounts Receivable, net (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, trade | $ 350 | $ 299 |
Credit card receivables | 117 | 49 |
Vendor receivables for rebates, branding, and other | 1 | 1 |
Other receivables | 24 | 27 |
Allowance for doubtful accounts | (2) | (2) |
Accounts receivable, net | $ 490 | $ 374 |
Inventories, net (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Energy Related Inventory, Natural Gas in Storage | $ 380 | $ 363 |
Other | 12 | 11 |
Inventories, net | $ 392 | $ 374 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Accrued Expenses And Other Current Liabilities [Abstract] | |||
Wage and other employee-related accrued expenses | $ 20 | $ 41 | |
Accrued tax expense | 67 | 91 | |
Accrued insurance | 35 | 31 | |
Accrued interest expense | 23 | 47 | |
Dealer deposits | 18 | 18 | |
Other | 56 | 65 | |
Total | 225 | $ 298 | 299 |
Accrued Environmental Loss Contingencies, Current | $ 6 | $ 6 |
Long-Term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Mar. 11, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Sale leaseback financing obligation | $ 106 | $ 107 | ||
Line of credit | 150 | 700 | ||
Capital Lease Obligations | 7 | 1 | ||
Total debt | 3,063 | 3,008 | ||
Less: current maturities | 6 | $ 6 | 5 | |
Less: debt issuance costs | 28 | 23 | ||
Long-term debt, net of current maturities | 3,029 | 2,980 | ||
Two Thousand Eighteen Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit | 150 | 700 | ||
Two Thousand Eighteen Revolver [Member] | Revolving Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 150 | |||
Four Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Three [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | |||
Senior Notes | $ 1,000 | 1,000 | ||
Five Point Five Zero Zero Percentage Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||
Senior Notes | $ 800 | 800 | ||
Five Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Eight [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
Senior Notes | $ 600 | 0 | ||
Six Percentage Senior Notes Due Two Thousand Twenty Seven [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||
Senior Notes | $ 400 | $ 400 |
Long-Term Debt 2019 Private Offering of Senior Notes (Details) - Six Percentage Senior Notes Due Two Thousand Twenty Seven [Member] - Senior Notes [Member] - USD ($) |
Mar. 31, 2019 |
Mar. 11, 2019 |
---|---|---|
Debt Instrument, Face Amount | $ 600,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% |
Long-Term Debt 2018 Private Offering of Senior Notes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2019 |
|
Redemption of preferred units | $ (300) | |
Common Unit Repurchase, Cash Consideration | 540 | |
Four Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Three [Member] | Senior Notes [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | |
Five Point Five Zero Zero Percentage Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |
Five Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Eight [Member] | Senior Notes [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |
Series A Preferred Units [Member] | ||
Redemption of preferred units | (300) | |
Common Unit Repurchase, Cash Consideration | $ 0 |
Long-Term Debt (Revolving Credit Agreement) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Revolving line of credit | $ 150 | $ 700 |
Two Thousand Eighteen Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 150 | $ 700 |
Revolving Credit Agreement [Member] | Two Thousand Eighteen Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 150 | |
Letters of Credit Outstanding, Amount | 8 | |
Current borrowing capacity | $ 1,300 |
Long-Term Debt (Sale Leaseback Financing Obligation) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Disclosure [Abstract] | ||
Sale leaseback financing obligation | $ 106 | $ 107 |
Long-Term Debt Fair Value Measurements (Details) $ in Billions |
Mar. 31, 2019
USD ($)
|
---|---|
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | $ 3.1 |
Other noncurrent liabilities Other noncurrent liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Other Noncurrent Liabilities [Abstract] | |||
Accrued straight-line rent | $ 0 | $ 12 | |
Reserve for underground storage tank removal | 66 | 54 | |
Reserve for environmental remediation | 28 | 29 | |
Unfavorable lease liability | 15 | 16 | |
Other | 11 | 12 | |
Other Liabilities, Noncurrent | $ 120 | $ 111 | $ 123 |
Related-Party Transactions - Additional Information (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019
USD ($)
agreement
store
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Jan. 18, 2017
store
|
|
Related Party Transaction [Line Items] | ||||
Related products purchase agreements | agreement | 2 | |||
Purchase agreements renewal term | 12 months | |||
Number of Stores | store | 51 | 97 | ||
Advances from affiliates | $ 81 | $ 24 | ||
Repayment of Line of credit | 1,243 | $ 1,179 | ||
Receivables from affiliates | 2 | 37 | ||
Accounts payable to affiliates | 30 | $ 149 | ||
Revenues | 3,692 | 3,749 | ||
Cost of Revenue | $ 3,322 | 3,453 | ||
Philadelphia Energy Solutions Refining and Marketing [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related products purchase agreements | agreement | 1 | |||
Merrill Lynch Commodities [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related products purchase agreements | agreement | 1 | |||
Continuing Operations [Member] | Wholesale motor fuel sales to affiliates [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | $ 1 | 12 | ||
Affiliated Entity [Member] | Continuing Operations [Member] | Wholesale Motor Fuel [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost of Revenue | $ 171 | $ 777 |
Revenue Disaggregation of revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Revenues | $ 3,692 | $ 3,749 |
Fuel Distribution and Marketing [Member] | ||
Revenues | 3,493 | 3,139 |
All Other [Member] | ||
Revenues | 199 | 610 |
Wholesale motor fuel sales to third parties [Member] | Fuel Distribution and Marketing [Member] | ||
Revenues | 778 | 800 |
Distributor Revenue [Member] | Fuel Distribution and Marketing [Member] | ||
Revenues | 1,639 | 1,623 |
Unbranded Wholesale Revenue [Member] | Fuel Distribution and Marketing [Member] | ||
Revenues | 650 | 562 |
Commission Agent Revenue [Member] | Fuel Distribution and Marketing [Member] | ||
Revenues | 375 | 121 |
Motor Fuels [Member] | ||
Revenues | 3,583 | 3,551 |
Motor Fuels [Member] | Fuel Distribution and Marketing [Member] | ||
Revenues | 3,442 | 3,106 |
Motor Fuels [Member] | All Other [Member] | ||
Revenues | 141 | 445 |
Leases [Member] | Fuel Distribution and Marketing [Member] | ||
Revenues | 32 | 19 |
Leases [Member] | All Other [Member] | ||
Revenues | 3 | 3 |
Non Motor Fuel Sales [Member] | ||
Revenues | 74 | 176 |
Non Motor Fuel Sales [Member] | Fuel Distribution and Marketing [Member] | ||
Revenues | 19 | 14 |
Non Motor Fuel Sales [Member] | All Other [Member] | ||
Revenues | $ 55 | $ 162 |
Revenue Contract Balances with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Contract Balances with Customers [Abstract] | |||
Contract with Customer, Asset, Net | $ 84.0 | $ 75.0 | |
Increase (Decrease) in Accounts Receivable | 116.0 | $ (90.0) | |
Receivables from Customers | 467.0 | 348.0 | |
Contract with Customer, Liability | 1.0 | $ 1.0 | |
Contract with Customer, Liability, Revenue Recognized | $ 0.1 | $ 0.1 |
Revenue Performance Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Contract with Customer, Liability, Revenue Recognized | $ 0.1 | $ 0.1 | ||||
Subsequent Event [Member] | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 0.3 | $ 0.1 | $ 0.1 | $ 0.2 |
Revenue Costs to Obtain or Fulfill a Contract (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Revenue from Contract with Customer [Abstract] | ||
Capitalized Contract Cost, Amortization | $ 4 | $ 3 |
Commitments And Contingencies (Leases) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 5 years |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 15 years |
Commitments And Contingencies (Leases, Schedule of Rent Expense) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Operating Lease, Cost | $ 12 |
Short-term Lease, Cost | 1 |
Operating Lease, Expense | 1 |
Sublease Income | (10) |
Lease, Cost | 4 |
Finance lease [Member] | |
Finance Lease, Right-of-Use Asset, Amortization | 0 |
Interest Expense | $ 0 |
Commitments And Contingencies Lease Term and Discount Rate (Details) |
Mar. 31, 2019 |
---|---|
Lessee, Operating Lease, Discount Rate | 5.76% |
Lessee, Finance Lease, Discount Rate | 8.00% |
Finance lease [Member] | |
Finance Lease, Weighted Average Remaining Lease Term | 10 years |
Operating lease [Member] | |
Operating Lease, Weighted Average Remaining Lease Term | 25 years |
Commitments And Contingencies Lease - Other information (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Sale and Leaseback Transaction, Gain (Loss), Net | $ 0 |
Operating Lease, Payments | (12) |
Finance Lease, Interest Payment on Liability | 0 |
Finance Lease, Principal Payments | 0 |
Finance lease [Member] | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0 |
Operating lease [Member] | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 8 |
Commitments And Contingencies Maturity of lease liabilities (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Operating, 2019 (remainder) | $ 41 |
Finance, 2019 (remainder) | 1 |
Total, 2019 (remainder) | 42 |
Operating, 2020 | 52 |
Finance, 2020 | 1 |
Total, 2020 | 53 |
Operating, 2021 | 46 |
Finance, 2021 | 1 |
Total, 2021 | 47 |
Operating, 2022 | 44 |
Finance, 2022 | 1 |
Total, 2022 | 45 |
Operating, 2023 | 43 |
Finance, 2023 | 1 |
Total, 2023 | 44 |
Operating, 2024 | 834 |
Finance, 2024 | 6 |
Total, 2024 | 840 |
Operating Lease, Liability, Payments, Due | 1,060 |
Finance Lease, Liability, Payments, Due | 11 |
Lease Liabilities, Due | 1,071 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (509) |
Finance Lease, Liability, Undiscounted Excess Amount | (4) |
Lease Liability, Undiscounted Excess Amount | (513) |
Operating Lease, Liability | 551 |
Finance Lease, Liability | 7 |
Lease, Liabilities | $ 558 |
Commitments And Contingencies Lessor Accounting - rental income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Lease Income | $ 35 | |
Rental and Other [Member] | ||
Lease Income | 35 | $ 22 |
Fuel Distribution and Marketing [Member] | ||
Lease Income | 32 | |
Fuel Distribution and Marketing [Member] | Rental and Other [Member] | ||
Lease Income | 19 | |
All Other [Member] | ||
Lease Income | $ 3 | |
All Other [Member] | Rental and Other [Member] | ||
Lease Income | $ 3 |
Commitments And Contingencies Lessor Accounting - lease receivable maturities (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
2019 (remainder) | $ 68 |
2020 | 72 |
2021 | 59 |
2022 | 53 |
2023 | 3 |
Thereafter | 5 |
Total undiscounted cash flow | $ 260 |
Interest Expense, net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Interest expense, net | $ 42 | $ 34 |
Continuing Operations [Member] | ||
Amortization of deferred financing fees | 1 | 2 |
Interest Expense, Debt | 42 | 34 |
Interest expense, net | 42 | 34 |
Interest Income, Money Market Deposits | $ 1 | $ 2 |
Income Tax Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) at statutory federal rate | [1] | $ 22 | $ (10) | |
Partnership earnings not subject to tax | (26) | 9 | ||
Statutory tax rate changes | 0 | 29 | ||
Other | (2) | (3) | ||
Net income tax expense (benefit) | $ 2 | $ (31) | ||
|
Partners' Capital Narrative (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Schedule of Partners' Capital [Line Items] | ||
Percentage of membership interest acquired | 100.00% | |
Common Units | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 54,261,235 | |
Common Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 82,725,202 | 82,665,057 |
Parent Company [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Percentage of membership interest acquired | 28.70% | |
Parent Company [Member] | Common Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 28,463,967 |
Partners' Capital (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
shares
| |
Schedule of Partners' Capital [Line Items] | |
Percentage of membership interest acquired | 100.00% |
Class C Units [Member] | |
Schedule of Partners' Capital [Line Items] | |
Units exchanged (in shares) | 16,410,780 |
Common Units | |
Schedule of Partners' Capital [Line Items] | |
Limited Partners' Capital Account, Units Outstanding | 54,261,235 |
Parent Company [Member] | |
Schedule of Partners' Capital [Line Items] | |
Percentage of membership interest acquired | 28.70% |
Partners' Capital (Schedule of Common Units) (Details) - Common Units [Member] |
3 Months Ended |
---|---|
Mar. 31, 2019
shares
| |
Class of Stock [Line Items] | |
Phantom unit vesting (in shares) | 60,145 |
Limited Partners' Capital Account, Units Outstanding | 82,665,057 |
Partners' Capital (Allocations of Net Income) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Schedule of Partners' Capital [Line Items] | ||
Cash distribution per common unit (in shares) | $ 0.8255 | $ 0.8255 |
Common Units [Member] | ||
Schedule of Partners' Capital [Line Items] | ||
Distributions | $ 68 | $ 68 |
Distributions in excess of income | (21) | 404 |
Limited partners' interest in income from continuing operations | $ 89 | $ (336) |
Partners' Capital (Incentive Distribution Rights) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
$ / shares
| |
Minimum Quarterly Distribution [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | $ 0.4375 |
First Target Distribution [Member] | Minimum [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | 0.4375 |
First Target Distribution [Member] | Maximum [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | 0.5031250 |
Second Target Distribution [Member] | Minimum [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | 0.503125 |
Second Target Distribution [Member] | Maximum [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | 0.546875 |
Third Target Distribution [Member] | Minimum [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | 0.546875 |
Third Target Distribution [Member] | Maximum [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | 0.656250 |
Distributions Thereafter [Member] | |
Distribution Made To Managing Member Or General Partner [Line Items] | |
Total quarterly distribution per common unit target amount (in dollars per share) | $ 0.656250 |
Partners' Capital (Cash Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
May 15, 2019 |
Feb. 14, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Distribution Made To Managing Member Or General Partner [Line Items] | ||||
Per Unit Distribution (in dollars per share) | $ 0.8255 | |||
Total Cash Distribution | $ 68 | $ 87 | $ 121 | |
Distribution to IDR Holders | $ 18 | $ 18 | $ 18 | |
Subsequent Event [Member] | ||||
Distribution Made To Managing Member Or General Partner [Line Items] | ||||
Per Unit Distribution (in dollars per share) | $ 0.8255 | |||
Total Cash Distribution | $ 68 | |||
Distribution to IDR Holders | $ 18 |
Unit-Based Compensation (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unit-based compensation | $ 3 | $ 3 |
Unit-Based Compensation (Phantom Common Unit Awards) - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unit-based compensation | $ 3 | $ 3 |
Unit-Based Compensation (Phantom Common Unit Awards) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unit-based compensation | $ 3 | $ 3 |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Non-vested at beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 29.15 | $ 31.89 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 28.79 | 27.67 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 29.54 | 31.26 |
Non-vested at end of period, Weighted Average Grant Date Fair Value (in dollars per share) | 28.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 26.14 | $ 32.92 |
Phantom common units [Member] | ||
Nonvested, Number of Shares [Roll Forward] | ||
Non-vested at beginning of period (in shares) | 2,124,012 | 1,777,301 |
Granted (in shares) | 35,061 | 1,072,600 |
Non-vested at end of period (in shares) | 2,022,759 | |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 89,238 | 414,472 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (47,076) | (311,417) |
Segment Reporting - Additional Information (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019
store
segment
|
Jan. 18, 2017
store
|
|
Segment Reporting Information [Line Items] | ||
Number of operating segments | segment | 2 | |
Number of Stores | store | 51 | 97 |
Segment Reporting (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | $ 370 | $ 296 | ||||
Revenues | 3,692 | 3,749 | ||||
Lease Income | 35 | |||||
Operating Expenses | 218 | 200 | ||||
Operating income | 152 | 96 | ||||
Interest expense, net | 42 | 34 | ||||
Income (loss) from continuing operations before income taxes | 107 | (47) | ||||
Income tax expense (benefit) | (2) | 31 | ||||
Income (loss) from continuing operations | 109 | (78) | ||||
Loss from discontinued operations, net of income taxes | 0 | (237) | ||||
Net income and comprehensive income | 109 | (315) | ||||
Depreciation, amortization and accretion | 45 | 49 | ||||
Non-cash unit based compensation expense | 3 | 3 | ||||
Loss on disposal of assets and impairment charges | 48 | 3 | ||||
Adjusted EBITDA | 153 | 109 | ||||
Payments to Acquire Property, Plant, and Equipment | 26 | 19 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 109 | (78) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (237) | ||||
Loss on extinguishment of debt and other | 3 | 109 | ||||
Other non-cash adjustments | 4 | 3 | ||||
Assets | 5,423 | 4,879 | $ 4,879 | |||
Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 307 | 190 | ||||
Revenues | 3,493 | 3,139 | ||||
Lease Income | 32 | |||||
Operating Expenses | 135 | 119 | ||||
Operating income | 172 | 71 | ||||
Interest expense, net | 36 | 19 | ||||
Income (loss) from continuing operations before income taxes | 139 | (57) | ||||
Income tax expense (benefit) | 2 | 1 | ||||
Net income and comprehensive income | 137 | (58) | ||||
Adjusted EBITDA | 118 | 80 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 137 | (58) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | ||||
Loss on extinguishment of debt and other | (3) | 109 | ||||
Other non-cash adjustments | 4 | 3 | ||||
Assets | 4,101 | 3,878 | ||||
All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 63 | 106 | ||||
Revenues | 199 | 610 | ||||
Lease Income | 3 | |||||
Operating Expenses | 83 | 81 | ||||
Operating income | (20) | 25 | ||||
Interest expense, net | 6 | 15 | ||||
Income (loss) from continuing operations before income taxes | (32) | 10 | ||||
Income tax expense (benefit) | (4) | 30 | ||||
Net income and comprehensive income | (28) | (257) | ||||
Adjusted EBITDA | 35 | 29 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (28) | (20) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (237) | ||||
Loss on extinguishment of debt and other | 6 | 0 | ||||
Other non-cash adjustments | 0 | 0 | ||||
Assets | 1,322 | 1,001 | ||||
Intersegment Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (396) | (438) | ||||
Motor Fuels [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 285 | 205 | ||||
Revenues | 3,583 | 3,551 | ||||
Motor Fuels [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 258 | 161 | ||||
Revenues | 3,442 | 3,106 | ||||
Motor Fuels [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 27 | 44 | ||||
Revenues | 141 | 445 | ||||
Rental and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 35 | 22 | ||||
Lease Income | 35 | 22 | ||||
Rental and Other [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Lease Income | 19 | |||||
Rental and Other [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Lease Income | 3 | |||||
Non Motor Fuel Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 74 | 176 | ||||
Non Motor Fuel Sales [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 19 | 14 | ||||
Non Motor Fuel Sales [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 55 | 162 | ||||
Intersegment Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | ||||
Intersegment Sales [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 364 | 404 | ||||
Intersegment Sales [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 32 | 34 | ||||
Intersegment Sales [Member] | Intersegment Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (396) | (438) | ||||
Leases [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 35 | 22 | ||||
Leases [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 32 | 19 | ||||
Revenues | 32 | 19 | ||||
Leases [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 3 | 3 | ||||
Revenues | 3 | 3 | ||||
Non Motor Fuel [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 50 | 69 | ||||
Non Motor Fuel [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 17 | 10 | ||||
Non Motor Fuel [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross Profit | 33 | 59 | ||||
Including Intercompany [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 3,857 | 3,543 | ||||
Including Intercompany [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 231 | 644 | ||||
Discontinued Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest expense, net | [1] | 42 | 36 | |||
Income tax expense (benefit) | [1] | (2) | 204 | |||
Depreciation, amortization and accretion | [1] | 45 | 49 | |||
EBITDA | 194 | (26) | ||||
Non-cash unit based compensation expense | [1] | 3 | 3 | |||
Loss on disposal of assets and impairment charges | [1] | 48 | 26 | |||
Unrealized loss on commodity derivatives | [1] | 6 | 0 | |||
Payments to Acquire Property, Plant, and Equipment | [1] | 26 | 19 | |||
Loss on extinguishment of debt and other | [1] | (3) | (129) | |||
Assets, Fair Value Adjustment | [1] | (93) | (26) | |||
Discontinued Operations [Member] | Fuel Distribution and Marketing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest expense, net | [1] | 36 | 19 | |||
Income tax expense (benefit) | [1] | 2 | 1 | |||
Depreciation, amortization and accretion | [1] | 34 | 28 | |||
EBITDA | 209 | (10) | ||||
Non-cash unit based compensation expense | [1] | 3 | 0 | |||
Loss on disposal of assets and impairment charges | [1] | 4 | 3 | |||
Unrealized loss on commodity derivatives | [1] | 6 | 0 | |||
Payments to Acquire Property, Plant, and Equipment | [1] | 20 | 12 | |||
Loss on extinguishment of debt and other | [1] | 3 | (109) | |||
Assets, Fair Value Adjustment | [1] | (93) | (25) | |||
Discontinued Operations [Member] | All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest expense, net | [1] | 6 | 17 | |||
Income tax expense (benefit) | [1] | (4) | 203 | |||
Depreciation, amortization and accretion | [1] | 11 | 21 | |||
EBITDA | (15) | (16) | ||||
Non-cash unit based compensation expense | [1] | 0 | 3 | |||
Loss on disposal of assets and impairment charges | [1] | 44 | 23 | |||
Unrealized loss on commodity derivatives | [1] | 0 | 0 | |||
Payments to Acquire Property, Plant, and Equipment | [1] | 6 | 7 | |||
Loss on extinguishment of debt and other | [1] | (6) | (20) | |||
Assets, Fair Value Adjustment | [1] | 0 | (1) | |||
Continuing Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest expense, net | $ 42 | $ 34 | ||||
|
Net Income per Unit (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Feb. 14, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share Basic [Line Items] | |||
Income (loss) from continuing operations | $ 109 | $ (78) | |
Distribution to preferred unitholder | (2) | ||
Incentive distribution rights | $ 18 | 18 | 18 |
Distributions on nonvested phantom unit awards | 2 | 1 | |
Loss from discontinued operations, net of income taxes | $ 0 | $ (237) | |
Weighted average limited partner units outstanding: | |||
Common - basic (in shares) | 82,711,188 | 89,753,950 | |
Common - diluted (in shares) | 83,380,167 | 90,271,751 | |
Income (Loss) from Continuing Operations, Per Outstanding Limited Partnership Unit, Basic, Net of Tax | $ 1.08 | $ (1.11) | |
Income (Loss) from Continuing Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Diluted | 1.07 | (1.11) | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Basic | 0.00 | (2.63) | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Diluted | $ 0.00 | $ (2.63) | |
Common Units [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Income from continuing operations allocated to limited partners | $ 89 | $ (99) | |
Weighted average limited partner units outstanding: | |||
Common - basic (in shares) | 82,711,188 | 89,753,950 | |
Common - equivalents (in shares) | 668,979 | 517,801 | |
Common - diluted (in shares) | 83,380,167 | 90,271,751 | |
Income (Loss) from Continuing Operations, Per Outstanding Limited Partnership Unit, Basic, Net of Tax | $ 1.08 | $ (1.11) | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Basic | $ 0.00 | $ (2.63) | |
Series A Preferred Units [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Distribution to preferred unitholder | $ 0 | $ (2) |
Label | Element | Value |
---|---|---|
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ (54,000,000) |
Common Units Public [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | (54,000,000) |
Series A Preferred Units [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 0 |
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