Delaware | 46-2279221 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
200 Peach Street | |
El Dorado, Arkansas | 71730-5836 |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered |
Common Stock, $0.01 Par Value | New York Stock Exchange |
MURPHY USA INC. |
TABLE OF CONTENTS – 2015 Form 10-K |
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• | Sensitivity to gas prices among cost conscious consumers, and increasing customer demand for low-priced fuel; |
• | Highly fragmented nature of the industry providing larger chain operators like Murphy USA with significant scale advantage; and |
• | Increasing consumer traffic around supermarkets and large format hypermarkets, supporting complementary demand at nearby and cross-promoted retail fuel stores. |
State | No. of stores | State | No. of stores | State | No. of stores | |||||
Alabama | 75 | Kansas | 4 | New Mexico | 12 | |||||
Arkansas | 66 | Kentucky | 45 | North Carolina | 85 | |||||
Colorado | 9 | Louisiana | 72 | Ohio | 44 | |||||
Florida | 119 | Michigan | 25 | Oklahoma | 53 | |||||
Georgia | 89 | Minnesota | 8 | South Carolina | 54 | |||||
Iowa | 21 | Missouri | 48 | Tennessee | 91 | |||||
Illinois | 35 | Mississippi | 55 | Texas | 273 | |||||
Indiana | 36 | Nebraska | 2 | Virginia | 14 | |||||
Total | 1,335 |
Years Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Start of period | 1,263 | 1,203 | 1,165 | ||||||
New construction | 73 | 60 | 39 | ||||||
Closed | (1 | ) | — | (1 | ) | ||||
End of period | 1,335 | 1,263 | 1,203 |
As of December 31, | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||
Branded retail outlets: | ||||||||||||||||
Murphy USA® | 1,111 | 1,056 | 1,021 | 1,015 | 1,003 | |||||||||||
Murphy Express | 224 | 207 | 182 | 150 | 125 | |||||||||||
Total | 1,335 | 1,263 | 1,203 | 1,165 | 1,128 | |||||||||||
Retail marketing: | ||||||||||||||||
Fuel margin per gallon (cpg) (1) | 12.5 | 15.8 | 13.0 | 12.9 | 15.6 | |||||||||||
Gallons sold per store month | 267,910 | 270,415 | 268,458 | 277,001 | 277,715 | |||||||||||
Merchandise sales revenue per store month | $ | 147,726 | 146,823 | 152,549 | 156,429 | 158,144 | ||||||||||
Merchandise margin as a percentage of merchandise sales | 14.4 | % | 14.0 | % | 13.1 | % | 13.5 | % | 12.8 | % | ||||||
• | making it more difficult for us to meet our payment and other obligations under our outstanding debt; |
• | resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our debt agreements, which event of default could result in all of our debt becoming immediately due and payable; |
• | reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes; |
• | limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy; and |
• | placing us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged. |
• | fluctuations in quarterly or annual results of operations, especially if they differ from our previously announced guidance or forecasts made by analysts; |
• | announcements by us of anticipated future revenues or operating results, or by others concerning us, our competitors, our customers, or our industry; |
• | our ability to execute our business plan; |
• | competitive environment; |
• | regulatory developments; |
• | limited analyst coverage; and |
• | changes in overall stock market conditions, including the stock prices of our competitors. |
• | providing for a classified board of directors; |
• | providing that our directors may be removed by our stockholders only for cause; |
• | establishing supermajority vote requirements for our shareholders to amend certain provisions of our Certificate of Incorporation and our Bylaws; |
• | authorizing a large number of shares of stock that are not yet issued, which would allow our board of directors to issue shares to persons friendly to current management, thereby protecting the continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of us; |
• | prohibiting stockholders from calling special meetings of stockholders or taking action by written consent; and |
• | establishing advance notice requirements for nominations of candidates for election to our board of directors or for proposing matters that can be acted on by stockholders at the annual stockholder meetings. |
Stock Price | |||||
High | Low | ||||
2014 | |||||
January 1, 2014 to March 31, 2014 | 43.25 | 37.55 | |||
April 1, 2014 to June 30, 2014 | 52.34 | 39.96 | |||
July 1, 2014 to September 30, 2014 | 55.64 | 47.26 | |||
October 1, 2014 to December 31, 2014 | 69.37 | 49.63 | |||
2015 | |||||
January 1, 2015 to March 31, 2015 | 73.48 | 66.82 | |||
April 1, 2015 to June 30, 2015 | 73.47 | 55.82 | |||
July 1, 2015 to September 30, 2015 | 57.40 | 48.70 | |||
October 1, 2015 to December 31, 2015 | 65.09 | 54.17 |
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (2) | |||
(a) | (b) | (c) | ||||
Equity compensation plans approved by security holders | 988,224 | $42.22 | 4,510,514 | |||
Equity compensation plans not approved by security holders | — | — | — | |||
Total | 988,224 | $42.22 | 4,510,514 |
(1) | Amounts in this column do not take into account outstanding restricted stock units. |
(2) | Number of shares available for issuance includes 4,074,288 available shares under the 2013 Long-Term Incentive Plan as of December 31, 2015 plus 436,226 available shares under the 2013 Stock Plan for Non-Employee Directors as of December 31, 2015. Assumes each restricted stock unit is equivalent to one share and each performance unit is equal to two shares. |
(Thousands of dollars, except per share data) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Results of Operations for the Year | ||||||||||||||||||||
Net sales and other operating revenues | $ | 12,699,411 | $ | 16,986,015 | $ | 17,814,081 | $ | 19,011,040 | $ | 18,702,720 | ||||||||||
Net cash provided by operating activities | $ | 215,838 | $ | 305,582 | $ | 356,698 | $ | 237,427 | $ | 188,373 | ||||||||||
Income from continuing operations | $ | 137,591 | $ | 222,961 | $ | 154,135 | $ | 138,416 | $ | 187,814 | ||||||||||
Net income (loss) | $ | 176,340 | $ | 243,863 | $ | 235,033 | $ | 83,568 | $ | 324,020 | ||||||||||
Per Common Share - diluted (1) | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 3.14 | $ | 4.81 | $ | 3.29 | $ | 2.96 | $ | 4.02 | ||||||||||
Income (loss) from discontinued operations | $ | 0.88 | $ | 0.45 | $ | 1.73 | $ | (1.17 | ) | $ | 2.91 | |||||||||
Net income (loss) | $ | 4.02 | $ | 5.26 | $ | 5.02 | $ | 1.79 | $ | 6.93 | ||||||||||
Capital Expenditures for the Year | ||||||||||||||||||||
Marketing | $ | 202,370 | $ | 131,139 | $ | 162,051 | $ | 103,152 | $ | 77,481 | ||||||||||
Corporate and other | 9,477 | 4,200 | 8,169 | — | — | |||||||||||||||
Subtotal | $ | 211,847 | $ | 135,339 | $ | 170,220 | $ | 103,152 | $ | 77,481 | ||||||||||
Discontinued operations | 3,720 | 3,549 | 1,752 | 8,441 | 22,699 | |||||||||||||||
Total capital expenditures | $ | 215,567 | $ | 138,888 | $ | 171,972 | $ | 111,593 | $ | 100,180 | ||||||||||
Financial condition at December 31 | ||||||||||||||||||||
Current ratio | 1.11 | 1.67 | 1.30 | 1.12 | 1.19 | |||||||||||||||
Working capital | $ | 43,375 | $ | 277,633 | $ | 155,899 | $ | 88,053 | $ | 95,801 | ||||||||||
Net property, plant and equipment | $ | 1,369,318 | $ | 1,248,081 | $ | 1,189,082 | $ | 1,169,476 | $ | 1,132,754 | ||||||||||
Total assets (at period end) | $ | 1,886,241 | $ | 1,949,337 | $ | 1,888,564 | $ | 2,010,403 | $ | 1,784,983 | ||||||||||
Long term debt (at period end) | $ | 490,160 | $ | 488,250 | $ | 541,381 | $ | 1,124 | $ | 1,170 | ||||||||||
Stockholders' equity/net parent investment | $ | 792,290 | $ | 858,705 | $ | 656,336 | $ | 1,104,451 | $ | 1,118,947 | ||||||||||
Long term debt - percent of capital employed | 38.2 | % | 36.2 | % | 45.2 | % | 0.1 | % | 0.1 | % | ||||||||||
Notes: | ||||||||||||||||||||
(1) For the years ended December 31, 2011 through December 31, 2012, the number of diluted shares used at period end for the calculation is based on the number of shares issued at the date of the Separation from Murphy Oil on August 30, 2013. | ||||||||||||||||||||
• | Executive Overview—This section provides an overview of our business and the results of operations and financial condition for the periods presented. It includes information on the basis of presentation with respect to the amounts presented in the Management’s Discussion and Analysis and a discussion of the trends affecting our business. |
• | Results of Operations—This section provides an analysis of our results of operations, including the results of our business segments for the three years ended December 31, 2015. |
• | Capital Resources and Liquidity—This section provides a discussion of our financial condition and cash flows as of and for the three years ended December 31, 2015. It also includes a discussion of our capital structure and available sources of liquidity. |
• | Critical Accounting Policies—This section describes the accounting policies and estimates that we consider most important for our business and that require significant judgment. |
• | Our consolidated and combined statement of income and comprehensive income for the year ended December 31, 2013, consists of the consolidated results of Murphy USA for the four months ended December 31, 2013 and the combined results of Murphy Oil’s U.S. retail marketing business for the eight months ended August 31, 2013. |
• | Our consolidated and combined statement of cash flows for the year ended December 31, 2013, consists of the consolidated results of Murphy USA for the four months ended December 31, 2013 and the combined results of Murphy Oil’s U.S. retail marketing business for the eight months ended August 31, 2013. |
• | Our consolidated and combined statement of changes in equity for the year ended December 31, 2013, consists of both the combined activity for Murphy Oil’s U.S. retail marketing business prior to August 30, 2013, and the consolidated activity of Murphy USA subsequent to the Separation. |
Year ended December 31, | |||||||||||
(thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Marketing | $ | 159,796 | $ | 242,434 | $ | 164,013 | |||||
Corporate and other assets | (22,205 | ) | (19,473 | ) | (9,878 | ) | |||||
Subtotal | 137,591 | 222,961 | 154,135 | ||||||||
Discontinued operations | 38,749 | 20,902 | 80,898 | ||||||||
Net income | $ | 176,340 | $ | 243,863 | $ | 235,033 |
• | Lower retail fuel margins and per site volumes in the 2015 period; |
• | Lower contribution from Product Supply & Wholesale business (excluding RINs) in 2015 compared to 2014; and |
• | Higher SG&A expenses in the current year. |
• | Higher retail fuel margins in the 2014 period; |
• | Increased sales volumes in in total and on a per site basis in 2014. |
• | Higher contribution from the Hereford ethanol facility recorded in Discontinued operations in 2014; and |
• | Improved merchandise margin dollars in 2014. |
(Thousands of dollars, except volume per store month and margins) | Years Ended December 31, | ||||||||||
Marketing Segment | 2015 | 2014 | 2013 | ||||||||
Revenues | |||||||||||
Petroleum product sales | $ | 10,304,689 | $ | 14,728,527 | $ | 15,560,317 | |||||
Merchandise sales | 2,273,888 | 2,161,378 | 2,159,466 | ||||||||
Other | 120,547 | 95,998 | 94,298 | ||||||||
Total revenues | $ | 12,699,124 | $ | 16,985,903 | $ | 17,814,081 | |||||
Costs and operating expenses | |||||||||||
Petroleum product cost of goods sold | 9,794,475 | 14,074,579 | 15,009,955 | ||||||||
Merchandise cost of goods sold | 1,946,423 | 1,859,732 | 1,877,630 | ||||||||
Station and other operating expenses | 486,383 | 486,761 | 460,475 | ||||||||
Depreciation and amortization | 81,348 | 74,906 | 71,253 | ||||||||
Selling, general and administrative | 129,277 | 119,266 | 129,600 | ||||||||
Accretion of asset retirement obligations | 1,521 | 1,200 | 1,096 | ||||||||
Total costs and operating expenses | $ | 12,439,427 | $ | 16,616,444 | $ | 17,550,009 | |||||
Income from operations | 259,697 | 369,459 | 264,072 | ||||||||
Other income (expense) | |||||||||||
Interest expense | (20 | ) | — | — | |||||||
Gain (loss) on sale of assets | (4,658 | ) | 194 | 5,995 | |||||||
Other nonoperating income | 434 | 438 | 169 | ||||||||
Total other income (expense) | $ | (4,244 | ) | $ | 632 | $ | 6,164 | ||||
Income from continuing operations | |||||||||||
before income taxes | 255,453 | 370,091 | 270,236 | ||||||||
Income tax expense | 95,657 | 127,657 | 106,223 | ||||||||
Income from continuing operations | $ | 159,796 | $ | 242,434 | $ | 164,013 |
Twelve Months Ended December 31, | |||||||||||
Key Operating Metrics | 2015 | 2014 | 2013 | ||||||||
Retail fuel volume - chain (Million gal per year) | 4,123.8 | 3,980.8 | 3,800.3 | ||||||||
Retail fuel volume - per site (K gal APSM) | 267.9 | 270.4 | 268.5 | ||||||||
Retail fuel margin (cpg excl credit card fees) | 12.5 | 15.8 | 13.0 | ||||||||
Retail fuel contribution ($K APSM) | $ | 33.5 | $ | 42.8 | $ | 35.0 | |||||
PS&W contribution ($ Millions excl RINs) | $ | (16.8 | ) | $ | 13.4 | $ | 36.3 | ||||
RIN sales ($ Millions) | $ | 117.5 | $ | 92.9 | $ | 91.4 |
Twelve Months Ended December 31, | |||||||||||
Key Operating Metrics | 2015 | 2014 | 2013 | ||||||||
Total merchandise sales ($ Millions) | $ | 2,273.9 | $ | 2,161.4 | $ | 2,159.5 | |||||
Total merchandise contribution ($ Millions) | $ | 327.5 | $ | 301.6 | $ | 281.8 | |||||
Total merchandise sales ($K APSM) | $ | 147.7 | $ | 146.8 | $ | 152.5 | |||||
Merchandise unit margin (%) | 14.4 | % | 14.0 | % | 13.1 | % | |||||
Tobacco contribution ($K APSM) | $ | 12.53 | $ | 12.45 | $ | 12.38 | |||||
Non-tobacco contribution ($K APSM) | $ | 8.74 | $ | 8.04 | $ | 7.53 | |||||
Total merchandise contribution ($K APSM) | $ | 21.27 | $ | 20.49 | $ | 19.91 |
Years Ended December 31, | |||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Net income | $ | 176,340 | $ | 243,863 | $ | 235,033 | |||||
Income taxes | 80,698 | 116,386 | 100,059 | ||||||||
Interest expense, net of interest income | 31,354 | 36,402 | 13,410 | ||||||||
Depreciation and amortization | 86,568 | 79,087 | 74,053 | ||||||||
EBITDA | 374,960 | 475,738 | 422,555 | ||||||||
(Income) loss from discontinued operations, net of taxes | (38,749 | ) | (20,903 | ) | (80,898 | ) | |||||
Impairment of properties | — | — | — | ||||||||
Accretion of asset retirement obligations | 1,521 | 1,200 | 1,096 | ||||||||
(Gain) loss on sale of assets | 4,658 | (194 | ) | (5,995 | ) | ||||||
Other nonoperating income (loss) | 463 | (10,166 | ) | (169 | ) | ||||||
Adjusted EBITDA | $ | 342,853 | $ | 445,675 | $ | 336,589 |
Years Ended December 31, | |||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Net cash provided by continuing operations | $ | 233,725 | $ | 276,706 | $ | 276,140 | |||||
Payments for property and equipment | (205,225 | ) | (135,339 | ) | (163,303 | ) | |||||
Free cash flow | $ | 28,500 | $ | 141,367 | $ | 112,837 |
December 31, | ||||||||
(Thousands of dollars) | 2015 | 2014 | ||||||
6% senior notes due 2023 (net of unamortized discount of $6,692 at 2015 and $7,557 at 2014) | $ | 493,308 | $ | 492,443 | ||||
Less unamortized debt issuance costs | (3,526 | ) | (4,193 | ) | ||||
Total notes payable, net | 489,782 | 488,250 | ||||||
Capitalized lease obligations, vehicles, due through 2018 | 600 | — | ||||||
Less current maturities | (222 | ) | — | |||||
Total long-term debt | $ | 490,160 | $ | 488,250 |
• | 100% of eligible cash at such time, plus |
• | 90% of eligible credit card receivables at such time, plus |
• | 90% of eligible investment grade accounts, plus |
• | 85% of eligible other accounts, plus |
• | 80% of eligible product supply/wholesale refined products inventory at such time, plus |
• | 75% of eligible retail refined products inventory at such time, plus |
• | the London interbank offered rate, adjusted for statutory reserve requirements (the “Adjusted LIBO Rate”); or |
• | the Alternate Base Rate, which is defined as the highest of (a) the prime rate, (b) the federal funds effective rate from time to time plus 0.50% per annum and (c) the one-month Adjusted LIBO Rate plus 1.00% per annum, |
(Thousands of dollars) | Total | Less than 1 year | 1-3 years | 4-5 years | More than 5 years | |||||||||||||||
Debt obligations (a) | $ | 490,382 | $ | 222 | $ | 368 | $ | 10 | $ | 489,782 | ||||||||||
Operating lease obligations | 136,942 | 23,642 | 19,737 | 19,223 | 74,340 | |||||||||||||||
Purchase obligations (b) | 220,630 | 183,056 | 37,574 | — | — | |||||||||||||||
Asset retirement obligations | 121,160 | — | — | — | 121,160 | |||||||||||||||
Other long-term obligations, including interest on long-term debt | 252,756 | 49,540 | 63,438 | 61,149 | 78,629 | |||||||||||||||
Total | $ | 1,221,870 | $ | 256,460 | $ | 121,117 | $ | 80,382 | $ | 763,911 |
(a) | For additional information, see Note 9 “Long-Term Debt” in the accompanying audited consolidated and combined financial statements. |
(b) | Primarily includes ongoing new retail station construction in progress at December 31, 2015 and commitments to purchase land from Walmart and other landowners. See Note 18 “Commitments” in the audited consolidated and combined financial statements for the year ended December 31, 2015. |
(Thousands of dollars) | 2015 | 2014 | 2013 | |||||||||
Marketing: | ||||||||||||
Company stores | $ | 169,144 | $ | 111,174 | $ | 141,221 | ||||||
Terminals | 5,426 | 1,696 | 2,251 | |||||||||
Sustaining capital | 27,801 | 18,269 | 18,579 | |||||||||
Corporate and other assets | 9,477 | 4,200 | 8,169 | |||||||||
Discontinued operations | 3,720 | 3,549 | 1,752 | |||||||||
Total | $ | 215,568 | $ | 138,888 | $ | 171,972 |
Page No. | |
Report of Management - Financial Statements | F-1 |
Report of Management - Internal Controls | F-1 |
Report of Independent Registered Public Accounting Firm | F-2 |
Report of Independent Registered Public Accounting Firm | F-3 |
Consolidated Balance Sheets | F-4 |
Consolidated and Combined Income Statements | F-5 |
Consolidated and Combined Statements of Cash Flows | F-6 |
Consolidated and Combined Statements of Changes in Equity | F-7 |
Notes to Consolidated and Combined Financial Statements | F-8 |
Supplemental Quarterly Information (Unaudited) | F-43 |
Schedule II – Valuation Accounts and Reserves | F-44 |
Exhibit Number | Description |
2.1 | Separation and Distribution Agreement, dated August 30, 2013, between Murphy Oil Corporation and Murphy USA Inc. (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed September 5, 2013) |
3.1 | Murphy USA Inc. Amended and Restated Certificate of Incorporation (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 8, 2013) |
3.2 | Murphy USA Inc. Amended and Restated Bylaws (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 8, 2013) |
4.1 | Indenture (including form of notes), dated August 14, 2013, among Murphy Oil USA, Inc., as the Issuer, Murphy USA Inc., as a guarantor, the other guarantors party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed August 16, 2013) |
4.2 | Registration Rights Agreement, dated August 14, 2013, among Murphy Oil USA, Inc., Murphy USA Inc., certain subsidiaries of Murphy USA Inc. and J.P. Morgan Securities LLC, as representative of the initial purchasers named therein (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed August 16, 2013) |
10.1 | Tax Matters Agreement, dated August 30, 2013, between Murphy Oil Corporation and Murphy USA Inc. (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed September 5, 2013) |
10.2 | Trademark License Agreement, dated August 30, 2013, between Murphy Oil Corporation and Murphy USA Inc. (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed September 5, 2013) |
10.3 | Hangar Rental Agreement, dated August 30, 2013, between Murphy Oil Corporation and Murphy USA Inc. (incorporated by reference to Murphy USA’s current report on Form 8-K filed September 5, 2013) |
10.4 | Aircraft Maintenance Labor Pooling Agreement, dated August 30, 2013, between Murphy Oil Corporation and Murphy USA Inc. (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed September 5, 2013) |
10.5 | Airplane Interchange Agreement, dated August 30, 2013, between Murphy Oil Corporation and Murphy USA Inc. (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed September 5, 2013) |
10.6 | Credit Agreement, dated August 30, 2013, among Murphy USA Inc., Murphy Oil USA, Inc., the Borrowing Subsidiaries, the Lenders party thereto and JPMorgan Chase Bank, N.A.(incorporated by reference to Murphy USA’s Current Report on Form 8-K filed September 5, 2013) |
10.7 | Severance Protection Agreement dated as of August 20, 2013 between Murphy USA and R. Andrew Clyde, (incorporated by reference to Murphy USA’s Current Report on Form 8-K filed August 22, 2013)† |
10.8 | Murphy USA Inc. 2013 Long-Term Incentive Plan, as amended and restated effective as of February12, 2014)† |
10.9 | Form of Murphy USA Inc. 2013 Annual Incentive Plan, as amended and restated effective as of February12, 2014)† |
10.10 | Murphy USA Inc. 2013 Stock Plan for Non-Employee Directors (incorporated by reference to Murphy USA’s Registration Statement on Form S-8 (File No. 333-191131) filed September 12, 2013)† |
10.11 | Murphy USA Inc. Supplemental Executive Retirement Plan (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 8, 2013)† |
10.12 | Form of Murphy USA 2013 Long-Term Incentive Plan Option Grant Agreement (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 8, 2013) † |
10.13 | Form of Murphy USA 2013 Long-Term Incentive Plan RSU Agreement (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 8, 2013)† |
10.14 | Form of Murphy USA 2013 Long-Term Incentive Plan Performance Share Agreement (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 8, 2013)† |
10.15 | Form of Murphy USA 2013 Non-Employee Director Award (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 8, 2013) † |
10.16 | Separation Agreement for former Executive Vice President John Rudolfs (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed August 7, 2014) |
10.17 | Third Amendment, dated as of September 2, 2014, to the Credit Agreement, dated as of August 30, 2013, among Murphy Oil USA, Inc. as borrower, Murphy USA Inc. and certain subsidiaries, and JP Morgan Chase Bank, N.A. as administrative agent and the other lenders party thereto (incorporated by reference to Murphy USA’s Quarterly Report on Form 10-Q filed November 6, 2014) |
10.18 | Retirement Agreement for Senior Vice President, Jeffrey A. Goodwin (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 5, 2015) |
10.19 | Term Credit Agreement, dated as of February 5, 2016 among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Murphy USA Inc.'s Current Report on Form 8-K filed on February 9, 2016) |
12.1* | Ratio of Earnings to Fixed Charges |
21* | List of Subsidiaries of Murphy USA |
23.1* | Consent of KPMG LLP, Independent Registered Public Accounting Firm |
31.1* | Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Principal Executive Officer |
31.2* | Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Principal Financial Officer |
32.1* | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Principal Executive Officer |
32.2* | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Principal Financial Officer |
101. INS* | XBRL Instance Document |
101. SCH* | XBRL Taxonomy Extension Schema Document |
101. CAL* | XBRL Taxonomy Extension Calculation Linkbase Document |
101. DEF* | XBRL Taxonomy Extension Definition Linkbase Document |
101. LAB* | XBRL Taxonomy Extension Labels Linkbase Document |
101. PRE* | XBRL Taxonomy Extension Presentation Linkbase |
By: | /s/ R. Andrew Clyde | Date: | February 26, 2016 |
R. Andrew Clyde, President |
/s/ R. Madison Murphy | /s/ James W. Keyes | ||
R. Madison Murphy, Chairman and Director | James W. Keyes, Director | ||
/s/ R. Andrew Clyde | /s/ Diane N. Landen | ||
R. Andrew Clyde, President and Chief | Diane N. Landen, Director | ||
Executive Officer and Director | |||
(Principal Executive Officer) | |||
/s/ Claiborne P. Deming | /s/ David B. Miller | ||
Claiborne P. Deming, Director | David B. Miller, Director | ||
/s/ Thomas M. Gattle, Jr. | /s/ Jack T. Taylor | ||
Thomas M. Gattle, Jr, Director | Jack T. Taylor, Director | ||
/s/ Robert A. Hermes | /s/ Mindy K. West | ||
Robert A. Hermes, Director | Mindy K. West, Executive Vice President, | ||
Treasurer, and Chief Financial Officer | |||
(Principal Financial Officer) | |||
/s/ Fred L. Holliger | /s/ Donald R. Smith, Jr. | ||
Fred L. Holliger, Director | Donald R. Smith, Jr. | ||
Vice President and Controller | |||
(Principal Accounting Officer) | |||
/s/ Christoph Keller, III | |||
Christoph Keller, III, Director | |||
December 31, | |||||||
(Thousands of dollars) | 2015 | 2014 | |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 102,335 | $ | 327,163 | |||
Accounts receivable—trade, less allowance for doubtful accounts of $1,963 in 2015 and $4,456 in 2014 | 136,253 | 138,466 | |||||
Inventories, at lower of cost or market | 155,906 | 157,046 | |||||
Prepaid expenses and other current assets | 41,173 | 11,710 | |||||
Current assets held for sale | — | 56,328 | |||||
Total current assets | 435,667 | 690,713 | |||||
Property, plant and equipment, at cost less accumulated depreciation and amortization of $724,486 in 2015 and $663,067 in 2014 | 1,369,318 | 1,248,081 | |||||
Restricted cash | 68,571 | — | |||||
Other assets | 12,685 | 10,543 | |||||
Total assets | $ | 1,886,241 | $ | 1,949,337 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Current maturities of long-term debt | $ | 222 | $ | — | |||
Trade accounts payable and accrued liabilities | 390,341 | 381,271 | |||||
Income taxes payable | — | 18,362 | |||||
Deferred income taxes | 1,729 | 522 | |||||
Current liabilities held for sale | — | 12,925 | |||||
Total current liabilities | 392,292 | 413,080 | |||||
Long-term debt, including capitalized lease obligations | 490,160 | 488,250 | |||||
Deferred income taxes | 161,236 | 137,882 | |||||
Asset retirement obligations | 24,345 | 22,245 | |||||
Deferred credits and other liabilities | 25,918 | 29,175 | |||||
Total liabilities | 1,093,951 | 1,090,632 | |||||
Stockholders' Equity | |||||||
Preferred Stock, par $0.01, (authorized 20,000,000 shares, | |||||||
none outstanding) | — | — | |||||
Common Stock, par $0.01 (authorized 200,000,000 shares, | |||||||
46,767,164 and 46,767,164 shares issued at | |||||||
2015 and 2014, respectively) | 468 | 468 | |||||
Treasury stock (5,088,434 and 1,056,689 shares held at | |||||||
December 31, 2015 and December 31, 2014, respectively) | (294,139 | ) | (51,073 | ) | |||
Additional paid in capital (APIC) | 558,182 | 557,871 | |||||
Retained earnings | 527,779 | 351,439 | |||||
Total stockholders' equity | 792,290 | 858,705 | |||||
Total liabilities and stockholders' equity | $ | 1,886,241 | $ | 1,949,337 |
Years Ended December 31, | |||||||||||
(Thousands of dollars except per share amounts) | 2015 | 2014 | 2013 | ||||||||
Revenues | |||||||||||
Petroleum product sales (a) | $ | 10,304,689 | $ | 14,728,527 | $ | 15,560,317 | |||||
Merchandise sales | 2,273,888 | 2,161,378 | 2,159,466 | ||||||||
Other operating revenues | 120,834 | 96,109 | 94,298 | ||||||||
Total revenues | 12,699,411 | 16,986,014 | 17,814,081 | ||||||||
Costs and operating expenses | |||||||||||
Petroleum product cost of goods sold (a) | 9,794,475 | 14,074,579 | 15,009,955 | ||||||||
Merchandise cost of goods sold | 1,946,423 | 1,859,732 | 1,877,630 | ||||||||
Station and other operating expenses | 486,383 | 486,762 | 460,476 | ||||||||
Depreciation and amortization | 86,568 | 79,087 | 74,053 | ||||||||
Selling, general and administrative | 129,277 | 119,266 | 129,431 | ||||||||
Accretion of asset retirement obligations | 1,521 | 1,200 | 1,096 | ||||||||
Total costs and operating expenses | 12,444,647 | 16,620,626 | 17,552,641 | ||||||||
Income from operations | 254,764 | 365,388 | 261,440 | ||||||||
Other income (expense) | |||||||||||
Interest income | 2,177 | 244 | 1,099 | ||||||||
Interest expense | (33,531 | ) | (36,646 | ) | (14,509 | ) | |||||
Gain (loss) on sale of assets | (4,658 | ) | 194 | 5,995 | |||||||
Other nonoperating income (expense) | (463 | ) | 10,166 | 169 | |||||||
Total other income (expense) | (36,475 | ) | (26,042 | ) | (7,246 | ) | |||||
Income from continuing operations before income taxes | 218,289 | 339,346 | 254,194 | ||||||||
Income tax expense | 80,698 | 116,386 | 100,059 | ||||||||
Income from continuing operations | 137,591 | 222,960 | 154,135 | ||||||||
Income (loss) from discontinued operations, net of income taxes | 38,749 | 20,903 | 80,898 | ||||||||
Net Income | $ | 176,340 | $ | 243,863 | $ | 235,033 | |||||
Earnings per share - basic: | |||||||||||
Income from continuing operations | $ | 3.17 | $ | 4.84 | $ | 3.30 | |||||
Income (loss) from discontinued operations | 0.89 | 0.45 | 1.73 | ||||||||
Net Income - basic | $ | 4.06 | $ | 5.29 | $ | 5.03 | |||||
Earnings per share - diluted: | |||||||||||
Income from continuing operations | $ | 3.14 | $ | 4.81 | $ | 3.29 | |||||
Income (loss) from discontinued operations | 0.88 | 0.45 | 1.73 | ||||||||
Net Income - diluted | $ | 4.02 | $ | 5.26 | $ | 5.02 | |||||
Weighted-average shares outstanding (in thousands): | |||||||||||
Basic | 43,434 | 46,104 | 46,743 | ||||||||
Diluted | 43,794 | 46,417 | 46,858 | ||||||||
Supplemental information: | |||||||||||
(a) Includes excise taxes of: | $ | 1,968,629 | $ | 1,930,608 | $ | 1,884,035 |
Years Ended December 31, | |||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Operating Activities | |||||||||||
Net income | $ | 176,340 | $ | 243,863 | $ | 235,033 | |||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
(Income) loss from discontinued operations, net of taxes | (38,749 | ) | (20,903 | ) | (80,898 | ) | |||||
Depreciation and amortization | 86,568 | 79,087 | 74,053 | ||||||||
Deferred and noncurrent income tax charges (credits) | 40,556 | (4,403 | ) | (11,568 | ) | ||||||
Accretion on discounted liabilities | 1,521 | 1,200 | 1,096 | ||||||||
Pretax (gains) losses from sale of assets | 4,658 | (194 | ) | (5,995 | ) | ||||||
Net decrease (increase) in noncash operating working capital | (46,586 | ) | (36,475 | ) | 51,204 | ||||||
Other operating activities - net | 9,417 | 14,531 | 13,215 | ||||||||
Net cash provided by continuing operations | 233,725 | 276,706 | 276,140 | ||||||||
Net cash provided by (used in) discontinued operations | (17,887 | ) | 28,876 | 80,558 | |||||||
Net cash provided by operating activities | 215,838 | 305,582 | 356,698 | ||||||||
Investing Activities | |||||||||||
Property additions | (205,225 | ) | (135,339 | ) | (163,303 | ) | |||||
Proceeds from sale of assets | 729 | 376 | 6,113 | ||||||||
Changes in restricted cash | (68,571 | ) | — | — | |||||||
Other investing activities - net | (2,889 | ) | (10,631 | ) | 52 | ||||||
Investing activities of discontinued operations | |||||||||||
Sales proceeds | 93,765 | 1,097 | 173,118 | ||||||||
Other | (7,443 | ) | (4,918 | ) | (3,088 | ) | |||||
Net cash provided by (required by) investing activities | (189,634 | ) | (149,415 | ) | 12,892 | ||||||
Financing Activities | |||||||||||
Purchase of treasury stock | (248,695 | ) | (51,348 | ) | — | ||||||
Repayments of long-term debt | (146 | ) | (70,000 | ) | (81,170 | ) | |||||
Additions to long-term debt | — | — | 641,250 | ||||||||
Cash dividend to former parent | — | — | (650,000 | ) | |||||||
Debt issuance costs | (58 | ) | (875 | ) | (6,693 | ) | |||||
Amounts related to share-based compensation | (3,075 | ) | (580 | ) | — | ||||||
Net distributions to former parent | — | — | (35,609 | ) | |||||||
Net cash required by financing activities | (251,974 | ) | (122,803 | ) | (132,222 | ) | |||||
Net increase in cash and cash equivalents | (225,770 | ) | 33,364 | 237,368 | |||||||
Cash and cash equivalents at January 1 | 328,105 | 294,741 | 57,373 | ||||||||
Cash and cash equivalents at December 31 | 102,335 | 328,105 | 294,741 | ||||||||
Less: Cash and cash equivalents held for sale | — | 942 | — | ||||||||
Cash and cash equivalents of continuing operations at December 31 | $ | 102,335 | $ | 327,163 | $ | 294,741 |
Common Stock | |||||||||||||
(Thousands of dollars, except share amounts) | Shares | Par | Treasury Stock | APIC | Net Parent Investment | Retained Earnings | Total | ||||||
Balance as of December 31, 2012 | — | $— | $— | $— | $1,104,451 | $— | $1,104,451 | ||||||
Net income | — | — | — | — | 127,457 | 107,576 | 235,033 | ||||||
Dividend paid to former parent | — | — | — | — | (650,000) | — | (650,000) | ||||||
Net transfers to/between former parent | — | — | — | — | (36,062) | — | (36,062) | ||||||
Issuance of stock at the separation and distribution | 46,743,316 | 467 | — | (467) | — | — | — | ||||||
Reclassification of net parent investment to APIC | — | — | — | 545,846 | (545,846) | — | — | ||||||
Issuance of common stock | 317 | — | — | — | — | — | — | ||||||
Share-based compensation expense | — | — | — | 2,914 | — | — | 2,914 | ||||||
Balance as of December 31, 2013 | 46,743,633 | 467 | — | 548,293 | — | 107,576 | 656,336 | ||||||
Net income | — | — | — | — | — | 243,863 | 243,863 | ||||||
Purchase of treasury stock | — | — | (51,348) | — | — | — | (51,348) | ||||||
Issuance of common stock | 23,531 | 1 | — | — | — | — | 1 | ||||||
Issuance of treasury stock | — | — | 275 | (275) | — | — | — | ||||||
Amounts related to share-based compensation | — | — | — | (582) | — | — | (582) | ||||||
Share-based compensation expense | — | — | — | 10,435 | — | — | 10,435 | ||||||
Balance as of December 31, 2014 | 46,767,164 | 468 | (51,073) | 557,871 | — | 351,439 | 858,705 | ||||||
Net income | — | — | — | — | — | 176,340 | 176,340 | ||||||
Purchase of treasury stock | — | — | (248,695) | — | — | — | (248,695) | ||||||
Issuance of common stock | — | — | — | — | — | — | — | ||||||
Issuance of treasury stock | — | — | 5,629 | (5,629) | — | — | — | ||||||
Amounts related to share-based compensation | — | — | — | (3,075) | — | — | (3,075) | ||||||
Share-based compensation expense | — | — | — | 9,015 | — | — | 9,015 | ||||||
Balance as of December 31, 2015 | 46,767,164 | $468 | $(294,139) | $558,182 | $— | $527,779 | $792,290 |
(Thousands of dollars) | 2014 | 2013 | ||||||
Revenues | $ | — | $ | 366,707 | ||||
Income (loss) from operations before income taxes | — | 40,130 | ||||||
Gain on sale before income taxes | 1,202 | 80,834 | ||||||
Total income (loss) from discontinued operations before taxes | 1,202 | 120,964 | ||||||
Provision for income taxes | 421 | 42,257 | ||||||
Income (loss) from discontinued operations | $ | 781 | $ | 78,707 |
Twelve months ended December 31, | |||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Revenues | |||||||||||
Ethanol sales | $ | 154,502 | $ | 223,904 | $ | 269,254 | |||||
Total revenues | 154,502 | 223,904 | 269,254 | ||||||||
Costs and operating expenses | |||||||||||
Ethanol cost of goods sold | 121,753 | 158,276 | 228,899 | ||||||||
Station and other operating expenses | 27,881 | 34,763 | 33,227 | ||||||||
Depreciation and amortization | 333 | 147 | 77 | ||||||||
Selling, general and administrative expenses | 1,382 | 1,635 | 3,568 | ||||||||
Total costs and operating expenses | 151,349 | 194,821 | 265,771 | ||||||||
Income from operations | 3,153 | 29,083 | 3,483 | ||||||||
Other income (expense) | |||||||||||
Gain (loss) on sale of assets | 60,782 | — | — | ||||||||
Other nonoperating income (expense) | — | 994 | — | ||||||||
Total other income (expense) | 60,782 | 994 | — | ||||||||
Income before income taxes | 63,935 | 30,077 | 3,483 | ||||||||
Income taxes | 25,186 | 9,955 | 1,292 | ||||||||
Net income | $ | 38,749 | $ | 20,122 | $ | 2,191 |
(Thousands of dollars) | 2014 | |||
Carrying amount of assets included as part of discontinued operations: | ||||
Cash and cash equivalents | $ | 942 | ||
Accounts receivable - trade | 1,625 | |||
Inventories, at lower of cost or market | 25,868 | |||
Prepaid expenses and other current assets | 3,062 | |||
Property, plant and equipment, net | 5,043 | |||
Other assets | 515 | |||
Deferred tax assets | 19,273 | |||
Total assets classified as held for sale in the condensed consolidated balance sheet | $ | 56,328 |
2014 | ||||
(Thousands of dollars) | ||||
Carrying amount of liabilities included as part of discontinued operations: | ||||
Trade accounts payable and accrued liabilities | $ | 5,728 | ||
Income taxes payable | 7,238 | |||
Deferred income taxes, net | (41 | ) | ||
Total liabilities classified as held for sale in the condensed consolidated balance sheet | $ | 12,925 |
Twelve months ended December 31, | |||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Net cash provided by (used in) discontinued operating activities | $ | (17,887 | ) | $ | 28,741 | $ | 30,810 | ||||
Net cash provided by (used in) discontinued investing activities | $ | 86,322 | $ | (4,918 | ) | $ | (1,959 | ) |
Previous Accounting Method | Effect of Change In | As Reported | ||||||||||
(thousands of dollars) | December 31, 2015 | Accounting Principle | December 31, 2015 | |||||||||
Other assets | $ | 16,211 | $ | (3,526 | ) | $ | 12,685 | |||||
Long-term debt | $ | 493,686 | $ | (3,526 | ) | $ | 490,160 |
As Originally Reported | Effect of Change In | As Currently Reported | ||||||||||
December 31, 2014 | Accounting Principle | December 31, 2014 | ||||||||||
Other assets | $ | 14,736 | $ | (4,193 | ) | $ | 10,543 | |||||
Long-term debt | $ | 492,443 | $ | (4,193 | ) | $ | 488,250 |
December 31, | ||||||||
(Thousands of dollars) | 2015 | 2014 | ||||||
Finished products - FIFO basis | $ | 159,774 | $ | 200,272 | ||||
Less LIFO - finished products | (102,849 | ) | (144,283 | ) | ||||
Finished products - LIFO basis | 56,925 | 55,989 | ||||||
Store merchandise for resale | 94,925 | 98,712 | ||||||
Materials and supplies | 4,056 | 2,345 | ||||||
Total inventories | $ | 155,906 | $ | 157,046 |
December 31, 2015 | December 31, 2014 | |||||||||||||||||
(Thousands of dollars) | Estimated Useful Life | Cost | Net | Cost | Net | |||||||||||||
Land | $ | 555,198 | $ | 555,198 | $ | 527,158 | $ | 527,158 | ||||||||||
Pipeline and terminal facilities | 16 to 25 years | 95,244 | 40,846 | 88,447 | 36,384 | |||||||||||||
Retail gasoline stations | 3 to 50 years | 1,367,176 | 746,747 | 1,229,582 | 662,954 | |||||||||||||
Buildings | 20 to 45 years | 19,441 | 8,985 | 18,160 | 8,328 | |||||||||||||
Other | 3 to 20 years | 56,745 | 17,542 | 47,801 | 13,257 | |||||||||||||
$ | 2,093,804 | $ | 1,369,318 | $ | 1,911,148 | $ | 1,248,081 |
December 31, | |||||||
(Thousands of dollars) | 2015 | 2014 | |||||
Trade accounts payable | $ | 226,769 | $ | 227,113 | |||
Excise taxes/withholdings payable | 75,704 | 71,273 | |||||
Accrued insurance obligations | 23,347 | 19,280 | |||||
Other | 64,521 | 63,605 | |||||
Accounts payable and accrued liabilities | $ | 390,341 | $ | 381,271 |
December 31, | ||||||||
(Thousands of dollars) | 2015 | 2014 | ||||||
6% senior notes due 2023 (net of unamortized discount of $6,692 at 2015 and $7,557 at 2014) | $ | 493,308 | $ | 492,443 | ||||
Less unamortized debt issuance costs | (3,526 | ) | (4,193 | ) | ||||
Total notes payable, net | 489,782 | 488,250 | ||||||
Capitalized lease obligations, vehicles, due through 2018 | 600 | — | ||||||
Less current maturities | (222 | ) | — | |||||
Total long-term debt | $ | 490,160 | $ | 488,250 |
• | 100% of eligible cash at such time, plus |
• | 90% of eligible credit card receivables at such time, plus |
• | 90% of eligible investment grade accounts, plus |
• | 85% of eligible other accounts, plus |
• | 80% of eligible product supply/wholesale refined products inventory at such time, plus |
• | 75% of eligible retail refined products inventory at such time, plus |
• | the London interbank offered rate, adjusted for statutory reserve requirements (the “Adjusted LIBO Rate”); or |
• | the Alternate Base Rate, which is defined as the highest of (a) the prime rate, (b) the federal funds effective rate from time to time plus 0.50% per annum and (c) the one-month Adjusted LIBO Rate plus 1.00% per annum, |
December 31, | ||||||||
(Thousands of dollars) | 2015 | 2014 | ||||||
Balance at beginning of period | $ | 22,245 | $ | 17,130 | ||||
Accretion expense | 1,521 | 1,200 | ||||||
Liabilities incurred | 579 | 3,915 | ||||||
Balance at end of period | $ | 24,345 | $ | 22,245 |
Years Ended December 31, | |||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Income (loss) from continuing operations before income taxes | $ | 218,289 | $ | 339,346 | $ | 254,194 | |||||
Income tax expense (benefit) | |||||||||||
Federal - Current | $ | 58,039 | 119,338 | 92,828 | |||||||
Federal - Deferred | 15,853 | (382 | ) | (9,067 | ) | ||||||
State - Current and deferred | 6,806 | (2,570 | ) | 16,298 | |||||||
Total | $ | 80,698 | $ | 116,386 | $ | 100,059 |
Years Ended December 31, | |||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Income tax expense based on the U.S. statutory tax rate | $ | 76,401 | $ | 118,771 | $ | 88,968 | |||||
State income taxes, net of federal benefit | 4,424 | (1,671 | ) | 10,594 | |||||||
Other, net | (127 | ) | (714 | ) | 497 | ||||||
Total | $ | 80,698 | $ | 116,386 | $ | 100,059 |
December 31, | |||||||
(Thousands of dollars) | 2015 | 2014 | |||||
Deferred tax assets | |||||||
Property costs and asset retirement obligations | $ | 2,666 | $ | 2,157 | |||
Employee benefits | 9,647 | 9,712 | |||||
Other deferred tax assets | 7,297 | 8,995 | |||||
Total gross deferred tax assets | 19,610 | 20,864 | |||||
Less valuation allowance | — | — | |||||
Net deferred tax assets | 19,610 | 20,864 | |||||
Deferred tax liabilities | |||||||
Accumulated depreciation and amortization | (157,322 | ) | (133,535 | ) | |||
State deferred taxes | (17,042 | ) | (16,855 | ) | |||
Other deferred tax liabilities | (8,211 | ) | (8,837 | ) | |||
Total gross deferred tax liabilities | (182,575 | ) | (159,227 | ) | |||
Net deferred tax liabilities | $ | (162,965 | ) | $ | (138,363 | ) |
Year Ended December 31, | ||||||
(Thousands of dollars) | 2015 | 2014 | ||||
Balance at January 1 | $ | 6,101 | $ | — | ||
Additions for tax positions related to prior year | 222 | 10,086 | ||||
Additions for tax positions related to current year | — | 77 | ||||
Settlements with taxing authorities | — | (1,563 | ) | |||
Expiration of statutes of limitation | (873 | ) | (2,499 | ) | ||
Balance at December 31 | $ | 5,450 | $ | 6,101 |
• | Vested stock options were equitably adjusted so that the grantee holds more options to purchase Murphy Oil common stock at a lower strike price. |
• | Unvested stock options and stock appreciation rights held by MUSA employees were replaced with substitute awards of options to purchase shares of MUSA common stock. |
• | Unvested restricted stock units will be replaced with adjusted, substitute awards for restricted stock units of MUSA common stock. The new awards of restricted stock are intended to generally preserve the intrinsic value of the original award determined as of the separation and distribution date. |
• | Vesting periods of awards were unaffected by the adjustment and substitution, except that for vested Murphy Oil stock options the MUSA employees have until the earlier of two years from the date of the separation or the stated expiration date of the option to exercise the award. |
December 31, | ||||||||||||
(Thousands of dollars) | 2015 | 2014 | 2013 | |||||||||
Compensation charged against income before income tax benefit | $ | 9,015 | $ | 10,435 | $ | 9,391 | ||||||
Related income tax benefit recognized in income | $ | 3,155 | $ | 3,652 | $ | 3,287 |
Years Ended December 31, | |
2012 and 2011 | |
Fair value per option grant | 12.37 - 20.34 |
Assumptions | |
Dividend yield | 1.80% - 2.27% |
Expected volatility | 37.00% - 39.62% |
Risk-free interest rate | 0.55% - 2.10% |
Expected life | 4.00 yrs. - 5.20 yrs. |
Year Ended December 31, | ||||||
2015 | 2014 | |||||
Fair value per option grant | $ | 20.18 | $ | 11.44 | ||
Assumptions | ||||||
Dividend yield | — | — | ||||
Expected volatility | 29.3 | % | 31.7 | % | ||
Risk-free interest rate | 1.52 | % | 1.37 | % | ||
Expected life | 5.0 years | 4.6 years |
Number of Shares | Average Exercise Price | |||||
Outstanding at December 31, 2013 | 621,149 | $ | 35.13 | |||
Granted at FMV | 127,400 | 39.46 | ||||
Exercised | (74,766 | ) | 34.21 | |||
Forfeited | (13,148 | ) | 38.36 | |||
Outstanding at December 31, 2014 | 660,635 | 36.00 | ||||
Granted at FMV | 72,350 | 70.57 | ||||
Exercised | (236,620 | ) | 33.80 | |||
Forfeited | (30,609 | ) | 40.21 | |||
Outstanding at December 31, 2015 | 465,756 | $ | 42.22 | |||
Exercisable at December 31, 2014 | 88,445 | $ | 34.54 | |||
Exercisable at December 31, 2015 | 127,077 | $ | 36.71 |
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of Exercise Prices per Option | No. of Options | Avg. Life Remaining in Years | Aggregate Intrinsic Value | No. of Options | Avg. Life Remaining in Years | Aggregate Intrinsic Value | ||||||||||||
$32.53 to $37.06 | 171,592 | 3.9 | $ | 4,614,797 | 62,213 | 3.5 | $ | 1,707,361 | ||||||||||
$37.07 to $39.45 | 5,615 | 2.0 | 132,891 | 5,615 | 2.0 | 132,891 | ||||||||||||
$39.46 to $40.25 | 218,899 | 4.6 | 4,564,023 | 59,249 | 4.1 | 1,213,745 | ||||||||||||
$40.26 to $70.57 | 69,650 | 6.1 | — | — | 0.0 | — | ||||||||||||
465,756 | 4.5 | $ | 9,311,711 | 127,077 | 3.7 | $ | 3,053,997 |
(Number of units) | Employee RSU's | |
Outstanding at December 31, 2012 | — | |
Granted | 352,522 | |
Vested and issued | (509 | ) |
Forfeited | (4,915 | ) |
Outstanding at December 31, 2013 | 347,098 | |
Granted | 93,025 | |
Vested and issued | (20,680 | ) |
Forfeited | (22,428 | ) |
Outstanding at December 31, 2014 | 397,015 | |
Granted | 55,450 | |
Vested and issued | (66,116 | ) |
Forfeited | (30,049 | ) |
Outstanding at December 31, 2015 | 356,300 |
(Number of units) | Employee PSU's | |
Outstanding at December 31, 2013 | — | |
Granted | 78,500 | |
Vested and issued | — | |
Forfeited | (6,500 | ) |
Outstanding at December 31, 2014 | 72,000 | |
Granted | 40,400 | |
Vested and issued | — | |
Forfeited | (10,006 | ) |
Outstanding at December 31, 2015 | 102,394 |
(Number of units) | Director RSU's | |
Outstanding at December 31, 2012 | — | |
Granted | 28,413 | |
Vested and issued | — | |
Forfeited | — | |
Outstanding at December 31, 2013 | 28,413 | |
Granted | 22,437 | |
Vested and issued | — | |
Forfeited | — | |
Outstanding at December 31, 2014 | 50,850 | |
Granted | 12,924 | |
Vested and issued | — | |
Forfeited | — | |
Outstanding at December 31, 2015 | 63,774 |
Years ended December 31, | |||||||||||
(Thousands of dollars except per share amounts) | 2015 | 2014 | 2013 | ||||||||
Earnings per common share: | |||||||||||
Net income (loss) per share - basic | |||||||||||
Income from continuing operations | $ | 137,591 | $ | 222,960 | $ | 154,135 | |||||
Income from discontinued operations | $ | 38,749 | $ | 20,903 | $ | 80,898 | |||||
Net income attributable to common stockholders | $ | 176,340 | $ | 243,863 | $ | 235,033 | |||||
Weighted average common shares outstanding (in thousands) | 43,434 | 46,104 | 46,743 | ||||||||
Earnings per share: | |||||||||||
Continuing operations | $ | 3.17 | $ | 4.84 | $ | 3.30 | |||||
Discontinued operations | $ | 0.89 | $ | 0.45 | $ | 1.73 | |||||
Total earnings per share | $ | 4.06 | $ | 5.29 | $ | 5.03 | |||||
Earnings per common share - assuming dilution: | Years ended December 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) per share - diluted | |||||||||||
Income from continuing operations | $ | 137,591 | $ | 222,960 | $ | 154,135 | |||||
Income from discontinued operations | $ | 38,749 | $ | 20,903 | $ | 80,898 | |||||
Net income attributable to common stockholders | $ | 176,340 | $ | 243,863 | $ | 235,033 | |||||
Weighted average common shares outstanding (in thousands) | 43,434 | 46,104 | 46,743 | ||||||||
Common equivalent shares: | |||||||||||
Dilutive options | 360 | 313 | 115 | ||||||||
Weighted average common shares outstanding - assuming dilution (in thousands) | 43,794 | 46,417 | 46,858 | ||||||||
Earnings per share: | |||||||||||
Continuing operations | $ | 3.14 | $ | 4.81 | $ | 3.29 | |||||
Discontinued operations | $ | 0.88 | $ | 0.45 | $ | 1.73 | |||||
Earnings per share - assuming dilution | $ | 4.02 | $ | 5.26 | $ | 5.02 |
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Renewable Identification Numbers (RINs) sales | $ | 117,513 | $ | 92,916 | $ | 91,391 | |||||
Other | 3,321 | 3,193 | 2,907 | ||||||||
Total other operating revenue | $ | 120,834 | $ | 96,109 | $ | 94,298 |
(Thousands of dollars) | 2015 | 2014 | 2013 | ||||||||
Accounts receivable | $ | 2,857 | $ | 59,519 | $ | 325,063 | |||||
Inventories | 1,121 | 750 | 4,011 | ||||||||
Prepaid expenses and other current assets | (27,107 | ) | 477 | (7,755 | ) | ||||||
Accounts payable and accrued liabilities | 1,043 | (53,234 | ) | (271,379 | ) | ||||||
Income taxes payable | (25,599 | ) | (37,325 | ) | 6,892 | ||||||
Current deferred income tax liabilities | 1,099 | (6,662 | ) | (5,628 | ) | ||||||
Net decrease (increase) in noncash operating working capital | $ | (46,586 | ) | $ | (36,475 | ) | $ | 51,204 |
December 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Carrying | |||||||||||||||
(Thousands of dollars) | Amount | Fair Value | Amount | Fair Value | ||||||||||||
Financial liabilities | ||||||||||||||||
Current and long-term debt | $ | (490,382 | ) | $ | (511,916 | ) | $ | (488,250 | ) | $ | (510,344 | ) |
Segment Information | Corporate and | Discontinued | ||||||||||||
(Thousands of dollars) | Marketing | Other Assets | Operations | Consolidated | ||||||||||
Year ended December 31, 2015 | ||||||||||||||
Segment income (loss) | $ | 159,796 | (22,205 | ) | 38,749 | $ | 176,340 | |||||||
Revenues from external customers | 12,699,125 | 286 | — | 12,699,411 | ||||||||||
Interest income | — | 2,177 | — | 2,177 | ||||||||||
Interest expense | (20 | ) | (33,511 | ) | — | (33,531 | ) | |||||||
Income tax expense (benefit) | 95,657 | (14,959 | ) | — | 80,698 | |||||||||
Significant noncash charges (credits) | ||||||||||||||
Depreciation and amortization | 81,349 | 5,219 | — | 86,568 | ||||||||||
Accretion of asset retirement obligations | 1,521 | — | — | 1,521 | ||||||||||
Deferred and noncurrent income taxes (benefits) | 42,593 | (2,037 | ) | — | 40,556 | |||||||||
Additions to property, plant and equipment | 202,371 | 9,477 | 3,720 | 215,568 | ||||||||||
Total assets at year-end | $ | 1,727,131 | 159,110 | — | $ | 1,886,241 |
Segment Information | Corporate and | Discontinued | |||||||||||
(Thousands of dollars) | Marketing | Other Assets | Operations | Consolidated | |||||||||
Year ended December 31, 2014 | |||||||||||||
Segment income (loss) | $ | 242,434 | (19,474 | ) | 20,903 | $ | 243,863 | ||||||
Revenues from external customers | 16,985,903 | 111 | — | 16,986,014 | |||||||||
Interest income | — | 244 | — | 244 | |||||||||
Interest expense | — | (36,646 | ) | — | (36,646 | ) | |||||||
Income tax expense (benefit) | 127,657 | (11,271 | ) | — | 116,386 | ||||||||
Significant noncash charges (credits) | |||||||||||||
Depreciation and amortization | 74,906 | 4,181 | — | 79,087 | |||||||||
Accretion of asset retirement obligations | 1,200 | — | — | 1,200 | |||||||||
Deferred and noncurrent income taxes (benefits) | 368 | (4,771 | ) | — | (4,403 | ) | |||||||
Additions to property, plant and equipment | 131,139 | 4,200 | 3,549 | 138,888 | |||||||||
Total assets at year-end | $ | 1,544,018 | 348,991 | 56,328 | $ | 1,949,337 | |||||||
Year ended December 31, 2013 | |||||||||||||
Segment income (loss) | $ | 164,013 | (9,878 | ) | 80,898 | $ | 235,033 | ||||||
Revenues from external customers | 17,814,081 | — | — | 17,814,081 | |||||||||
Interest income | — | 1,099 | — | 1,099 | |||||||||
Interest expense | — | (14,509 | ) | — | (14,509 | ) | |||||||
Income tax expense (benefit) | 106,223 | (6,164 | ) | — | 100,059 | ||||||||
Significant noncash charges (credits) | |||||||||||||
Depreciation and amortization | 71,253 | 2,800 | — | 74,053 | |||||||||
Accretion of asset retirement obligations | 1,096 | — | — | 1,096 | |||||||||
Deferred and noncurrent income taxes (benefits) | (9,796 | ) | (1,772 | ) | — | (11,568 | ) | ||||||
Additions to property, plant and equipment | 162,051 | 8,169 | 1,752 | 171,972 | |||||||||
Total assets at year-end | $ | 1,527,125 | 320,281 | 41,158 | $ | 1,888,564 |
(Thousands of dollars) | December 31, 2015 | ||||||||||||||||||||||
Assets | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 102,335 | $ | — | $ | — | $ | — | $ | 102,335 | |||||||||||
Accounts receivable—trade, less allowance for doubtful accounts of $1,963 in 2015 | — | 136,253 | — | — | — | 136,253 | |||||||||||||||||
Inventories, at lower of cost or market | — | 155,906 | — | — | — | 155,906 | |||||||||||||||||
Prepaid expenses and other current assets | — | 41,173 | — | — | — | 41,173 | |||||||||||||||||
Current assets held for sale | — | — | — | — | — | — | |||||||||||||||||
Total current assets | — | 435,667 | — | — | — | 435,667 | |||||||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization of $724,486 in 2015 | — | 1,369,318 | — | — | — | 1,369,318 | |||||||||||||||||
Restricted cash | — | 68,571 | — | — | — | 68,571 | |||||||||||||||||
Investments in subsidiaries | 1,756,617 | 144,921 | — | — | (1,901,538 | ) | — | ||||||||||||||||
Other assets | — | 12,685 | — | — | — | 12,685 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Noncurrent assets held for sale | — | — | — | — | — | — | |||||||||||||||||
Total assets | $ | 1,756,617 | $ | 2,031,162 | $ | — | $ | — | $ | (1,901,538 | ) | $ | 1,886,241 | ||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 222 | $ | — | $ | — | $ | — | $ | 222 | |||||||||||
Inter-company accounts payable | 300,044 | (93,644 | ) | (52,062 | ) | (154,338 | ) | — | — | ||||||||||||||
Trade accounts payable and accrued liabilities | — | 390,341 | — | — | — | 390,341 | |||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | — | 1,729 | — | — | — | 1,729 | |||||||||||||||||
Current liabilities held for sale | — | — | — | — | — | — | |||||||||||||||||
Total current liabilities | 300,044 | 298,648 | (52,062 | ) | (154,338 | ) | — | 392,292 | |||||||||||||||
Long-term debt, including capitalized lease obligations | — | 490,160 | — | — | — | 490,160 | |||||||||||||||||
Deferred income taxes | — | 161,236 | — | — | — | 161,236 | |||||||||||||||||
Asset retirement obligations | — | 24,345 | — | — | — | 24,345 | |||||||||||||||||
Deferred credits and other liabilities | — | 25,918 | — | — | — | 25,918 | |||||||||||||||||
Total liabilities | 300,044 | 1,000,307 | (52,062 | ) | (154,338 | ) | — | 1,093,951 | |||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) | — | — | — | — | — | — | |||||||||||||||||
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at December 31, 2015) | 468 | 1 | 60 | — | (61 | ) | 468 | ||||||||||||||||
Treasury stock (5,088,434 shares held at December 31, 2015) | (294,139 | ) | — | — | — | — | (294,139 | ) | |||||||||||||||
Additional paid in capital (APIC) | 1,222,465 | 564,554 | 52,004 | 87,543 | (1,368,384 | ) | 558,182 | ||||||||||||||||
Retained earnings | 527,779 | 466,300 | (2 | ) | 66,795 | (533,093 | ) | 527,779 | |||||||||||||||
Total stockholders' equity | 1,456,573 | 1,030,855 | 52,062 | 154,338 | (1,901,538 | ) | 792,290 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,756,617 | $ | 2,031,162 | $ | — | $ | — | $ | (1,901,538 | ) | $ | 1,886,241 |
(Thousands of dollars) | December 31, 2014 | ||||||||||||||||||||||
Assets | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 327,163 | $ | — | $ | — | $ | — | $ | 327,163 | |||||||||||
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2013 | — | 138,466 | — | — | — | 138,466 | |||||||||||||||||
Inventories, at lower of cost or market | — | 157,046 | — | — | — | 157,046 | |||||||||||||||||
Prepaid expenses and other current assets | — | 11,710 | — | — | — | 11,710 | |||||||||||||||||
Current assets held for sale | — | — | — | 56,328 | — | 56,328 | |||||||||||||||||
Total current assets | — | 634,385 | — | 56,328 | — | 690,713 | |||||||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization of $663,067 in 2014 | — | 1,248,081 | — | — | — | 1,248,081 | |||||||||||||||||
Investments in subsidiaries | 1,580,277 | 177,263 | — | — | (1,757,540 | ) | — | ||||||||||||||||
Other assets | — | 10,543 | — | — | — | 10,543 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Noncurrent assets held for sale | — | — | — | — | — | — | |||||||||||||||||
Total assets | $ | 1,580,277 | $ | 2,070,272 | $ | — | $ | 56,328 | $ | (1,757,540 | ) | $ | 1,949,337 | ||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Inter-company accounts payable | 51,348 | 82,528 | (52,077 | ) | (81,799 | ) | — | — | |||||||||||||||
Trade accounts payable and accrued liabilities | — | 381,271 | — | — | — | 381,271 | |||||||||||||||||
Income taxes payable | — | 18,348 | 14 | — | — | 18,362 | |||||||||||||||||
Deferred income taxes | — | 522 | — | — | — | 522 | |||||||||||||||||
Current liabilities held for sale | — | — | — | 12,925 | — | 12,925 | |||||||||||||||||
Total current liabilities | 51,348 | 482,669 | (52,063 | ) | (68,874 | ) | — | 413,080 | |||||||||||||||
Long-term debt, including capitalized lease obligations | — | 488,250 | — | — | — | 488,250 | |||||||||||||||||
Deferred income taxes | — | 137,882 | — | — | — | 137,882 | |||||||||||||||||
Asset retirement obligations | — | 22,245 | — | — | — | 22,245 | |||||||||||||||||
Deferred credits and other liabilities | — | 29,175 | — | — | — | 29,175 | |||||||||||||||||
Total liabilities | 51,348 | 1,160,221 | (52,063 | ) | (68,874 | ) | — | 1,090,632 | |||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) | — | — | — | — | — | — | |||||||||||||||||
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at December 31, 2014) | 468 | 1 | 60 | — | (61 | ) | 468 | ||||||||||||||||
Treasury stock (1,056,689 shares held at December 31, 2014) | (51,073 | ) | — | — | — | — | (51,073 | ) | |||||||||||||||
Additional paid in capital (APIC) | 1,228,095 | 558,611 | 52,004 | 35,677 | (1,316,516 | ) | 557,871 | ||||||||||||||||
Retained earnings | 351,439 | 351,439 | (1 | ) | 89,525 | (440,963 | ) | 351,439 | |||||||||||||||
Total stockholders' equity | 1,528,929 | 910,051 | 52,063 | 125,202 | (1,757,540 | ) | 858,705 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,580,277 | $ | 2,070,272 | $ | — | $ | 56,328 | $ | (1,757,540 | ) | $ | 1,949,337 |
(Thousands of dollars) | Year ended December 31, 2015 | ||||||||||||||||||||||
Revenues | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||||||
Petroleum product sales | $ | — | $ | 10,424,855 | $ | — | $ | — | $ | (120,166 | ) | $ | 10,304,689 | ||||||||||
Merchandise sales | — | 2,273,888 | — | — | — | 2,273,888 | |||||||||||||||||
Other operating revenues | — | 120,834 | — | — | — | 120,834 | |||||||||||||||||
Total revenues | — | 12,819,577 | — | — | (120,166 | ) | 12,699,411 | ||||||||||||||||
Costs and operating expenses | |||||||||||||||||||||||
Petroleum product cost of goods sold | — | 9,914,641 | — | — | (120,166 | ) | 9,794,475 | ||||||||||||||||
Merchandise cost of goods sold | — | 1,946,423 | — | — | — | 1,946,423 | |||||||||||||||||
Station and other operating expenses | — | 486,383 | — | — | — | 486,383 | |||||||||||||||||
Depreciation and amortization | — | 86,568 | — | — | — | 86,568 | |||||||||||||||||
Selling, general and administrative | — | 129,276 | 1 | — | — | 129,277 | |||||||||||||||||
Accretion of asset retirement obligations | — | 1,521 | — | — | — | 1,521 | |||||||||||||||||
Total costs and operating expenses | — | 12,564,812 | 1 | — | (120,166 | ) | 12,444,647 | ||||||||||||||||
Income (loss) from operations | — | 254,765 | (1 | ) | — | — | 254,764 | ||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income | — | 2,177 | — | — | — | 2,177 | |||||||||||||||||
Interest expense | — | (33,531 | ) | — | — | — | (33,531 | ) | |||||||||||||||
Loss on sale of assets | — | (4,658 | ) | — | — | — | (4,658 | ) | |||||||||||||||
Other nonoperating expense | — | (463 | ) | — | — | — | (463 | ) | |||||||||||||||
Total other income (expense) | — | (36,475 | ) | — | — | — | (36,475 | ) | |||||||||||||||
Income (loss) from continuing operations before income taxes | — | 218,290 | (1 | ) | — | — | 218,289 | ||||||||||||||||
Income tax expense | — | 80,698 | — | — | — | 80,698 | |||||||||||||||||
Income (loss) from continuing operations | — | 137,592 | (1 | ) | — | — | 137,591 | ||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 38,749 | — | 38,749 | |||||||||||||||||
Equity earnings in affiliates, net of tax | 176,340 | (22,731 | ) | — | (61,479 | ) | (92,130 | ) | — | ||||||||||||||
Net Income (Loss) | $ | 176,340 | $ | 114,861 | $ | (1 | ) | $ | (22,730 | ) | $ | (92,130 | ) | $ | 176,340 |
(Thousands of dollars) | Year ended December 31, 2014 | ||||||||||||||||||||||
Revenues | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||||||
Petroleum product sales | $ | — | $ | 14,911,658 | $ | — | $ | — | $ | (183,131 | ) | $ | 14,728,527 | ||||||||||
Merchandise sales | — | 2,161,378 | — | — | — | 2,161,378 | |||||||||||||||||
Other operating revenues | — | 96,109 | — | — | — | 96,109 | |||||||||||||||||
Total revenues | — | 17,169,145 | — | — | (183,131 | ) | 16,986,014 | ||||||||||||||||
Costs and operating expenses | |||||||||||||||||||||||
Petroleum product cost of goods sold | — | 14,257,710 | — | — | (183,131 | ) | 14,074,579 | ||||||||||||||||
Merchandise cost of goods sold | — | 1,859,732 | — | — | — | 1,859,732 | |||||||||||||||||
Station and other operating expenses | — | 486,762 | — | — | — | 486,762 | |||||||||||||||||
Depreciation and amortization | — | 79,087 | — | — | — | 79,087 | |||||||||||||||||
Selling, general and administrative | — | 119,265 | 1 | — | — | 119,266 | |||||||||||||||||
Accretion of asset retirement obligations | — | 1,200 | — | — | — | 1,200 | |||||||||||||||||
Total costs and operating expenses | — | 16,803,756 | 1 | — | (183,131 | ) | 16,620,626 | ||||||||||||||||
Income (loss) from operations | — | 365,389 | (1 | ) | — | — | 365,388 | ||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income | — | 244 | — | — | — | 244 | |||||||||||||||||
Interest expense | — | (36,646 | ) | — | — | — | (36,646 | ) | |||||||||||||||
Gain on sale of assets | — | 194 | — | — | — | 194 | |||||||||||||||||
Other nonoperating income | — | 10,166 | — | — | — | 10,166 | |||||||||||||||||
Total other income (expense) | — | (26,042 | ) | — | — | — | (26,042 | ) | |||||||||||||||
Income (loss) from continuing operations before income taxes | — | 339,347 | (1 | ) | — | — | 339,346 | ||||||||||||||||
Income tax expense | — | 116,386 | — | — | — | 116,386 | |||||||||||||||||
Income (loss) from continuing operations | — | 222,961 | (1 | ) | — | — | 222,960 | ||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 20,903 | — | 20,903 | |||||||||||||||||
Equity earnings in affiliates, net of tax | 351,439 | 89,524 | — | — | (440,963 | ) | — | ||||||||||||||||
Net Income (Loss) | $ | 351,439 | $ | 312,485 | $ | (1 | ) | $ | 20,903 | $ | (440,963 | ) | $ | 243,863 |
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||
Revenues | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||
Petroleum product sales | $ | 15,766,752 | $ | — | $ | — | $ | (206,435 | ) | $ | 15,560,317 | ||||||||
Merchandise sales | 2,159,466 | — | — | — | 2,159,466 | ||||||||||||||
Other operating revenues | 94,298 | — | — | — | 94,298 | ||||||||||||||
Total revenues | 18,020,516 | — | — | (206,435 | ) | 17,814,081 | |||||||||||||
Costs and operating expenses | |||||||||||||||||||
Petroleum product cost of goods sold | 15,216,390 | — | — | (206,435 | ) | 15,009,955 | |||||||||||||
Merchandise cost of goods sold | 1,877,630 | — | — | — | 1,877,630 | ||||||||||||||
Station and other operating expenses | 460,476 | — | — | — | 460,476 | ||||||||||||||
Depreciation and amortization | 74,053 | — | — | — | 74,053 | ||||||||||||||
Selling, general and administrative | 129,430 | 1 | — | — | 129,431 | ||||||||||||||
Accretion of asset retirement obligations | 1,096 | — | — | — | 1,096 | ||||||||||||||
Total costs and operating expenses | 17,759,075 | 1 | — | (206,435 | ) | 17,552,641 | |||||||||||||
Income (loss) from operations | 261,441 | (1 | ) | — | — | 261,440 | |||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 1,099 | — | — | — | 1,099 | ||||||||||||||
Interest expense | (14,509 | ) | — | — | — | (14,509 | ) | ||||||||||||
Gain on sale of assets | 5,995 | — | — | — | 5,995 | ||||||||||||||
Other nonoperating income | 169 | — | — | — | 169 | ||||||||||||||
Total other income (expense) | (7,246 | ) | — | — | — | (7,246 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | 254,195 | (1 | ) | — | — | 254,194 | |||||||||||||
Income tax expense | 100,059 | — | — | — | 100,059 | ||||||||||||||
Income (loss) from continuing operations | 154,136 | (1 | ) | — | — | 154,135 | |||||||||||||
Income from discontinued operations, net of income taxes | — | — | 80,898 | — | 80,898 | ||||||||||||||
Equity earnings in affiliates, net of tax | — | — | — | — | — | ||||||||||||||
Net Income (Loss) | $ | 154,136 | $ | (1 | ) | $ | 80,898 | $ | — | $ | 235,033 |
(Thousands of dollars) | Year ended December 31, 2015 | ||||||||||||||||||||||
Operating Activities | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||||||
Net income (loss) | $ | 176,340 | $ | 114,861 | $ | (1 | ) | $ | (22,730 | ) | $ | (92,130 | ) | $ | 176,340 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | (38,749 | ) | — | (38,749 | ) | |||||||||||||||
Depreciation and amortization | — | 86,568 | — | — | — | 86,568 | |||||||||||||||||
Deferred and noncurrent income tax charges (credits) | — | 40,556 | — | — | — | 40,556 | |||||||||||||||||
Accretion on discounted liabilities | — | 1,521 | — | — | — | 1,521 | |||||||||||||||||
Pretax losses from sale of assets | — | 4,658 | — | — | — | 4,658 | |||||||||||||||||
Net decrease (increase) in noncash operating working capital | — | (46,586 | ) | — | — | — | (46,586 | ) | |||||||||||||||
Equity in earnings | (176,340 | ) | 22,731 | — | 61,479 | 92,130 | — | ||||||||||||||||
Other operating activities - net | — | 9,417 | — | — | — | 9,417 | |||||||||||||||||
Net cash provided by (used in) continuing operations | — | 233,726 | (1 | ) | — | — | 233,725 | ||||||||||||||||
Net cash used in discontinued operations | — | — | — | (17,887 | ) | — | (17,887 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | — | 233,726 | (1 | ) | (17,887 | ) | — | 215,838 | |||||||||||||||
Investing Activities | |||||||||||||||||||||||
Property additions | — | (205,225 | ) | — | — | — | (205,225 | ) | |||||||||||||||
Proceeds from sale of assets | — | 729 | — | — | — | 729 | |||||||||||||||||
Changes in restricted cash | — | (68,571 | ) | — | — | — | (68,571 | ) | |||||||||||||||
Other investing activities - net | — | (2,889 | ) | — | — | — | (2,889 | ) | |||||||||||||||
Sales proceeds | — | — | — | 93,765 | — | 93,765 | |||||||||||||||||
Other | — | — | — | (7,443 | ) | — | (7,443 | ) | |||||||||||||||
Net cash provided by (required by) investing activities | — | (275,956 | ) | — | 86,322 | — | (189,634 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||
Purchase of treasury stock | (248,695 | ) | — | — | — | — | (248,695 | ) | |||||||||||||||
Repayments of long-term debt | — | (146 | ) | — | — | — | (146 | ) | |||||||||||||||
Additions to long-term debt | — | — | — | — | — | — | |||||||||||||||||
Debt issuance costs | — | (58 | ) | — | — | — | (58 | ) | |||||||||||||||
Amounts related to share-based compensation | — | (3,075 | ) | — | — | — | (3,075 | ) | |||||||||||||||
Net distributions to parent | 248,695 | (179,319 | ) | 1 | (69,377 | ) | — | — | |||||||||||||||
Net cash provided by (required by) financing activities | — | (182,598 | ) | 1 | (69,377 | ) | — | (251,974 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (224,828 | ) | — | (942 | ) | — | (225,770 | ) | ||||||||||||||
Cash and cash equivalents at January 1 | — | 327,163 | — | 942 | — | 328,105 | |||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 102,335 | $ | — | $ | — | $ | — | $ | 102,335 | |||||||||||
Less: Cash and cash equivalents held for sale | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents of continuing operations at December 31 | $ | — | $ | 102,335 | $ | — | $ | — | $ | — | $ | 102,335 |
(Thousands of dollars) | Year ended December 31, 2014 | ||||||||||||||||||||||
Operating Activities | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||||||
Net income (loss) | $ | 351,439 | $ | 312,485 | $ | (1 | ) | $ | 20,903 | $ | (440,963 | ) | $ | 243,863 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | (20,903 | ) | — | (20,903 | ) | |||||||||||||||
Depreciation and amortization | — | 79,087 | — | — | — | 79,087 | |||||||||||||||||
Deferred and noncurrent income tax charges (credits) | — | (4,403 | ) | — | — | — | (4,403 | ) | |||||||||||||||
Accretion on discounted liabilities | — | 1,200 | — | — | — | 1,200 | |||||||||||||||||
Pretax gains from sale of assets | — | (194 | ) | — | — | — | (194 | ) | |||||||||||||||
Net decrease (increase) in noncash operating working capital | — | (36,475 | ) | — | — | — | (36,475 | ) | |||||||||||||||
Equity in earnings | (351,439 | ) | (89,524 | ) | — | — | 440,963 | — | |||||||||||||||
Other operating activities - net | — | 14,531 | — | — | — | 14,531 | |||||||||||||||||
Net cash provided by (used in) continuing operations | — | 276,707 | (1 | ) | — | — | 276,706 | ||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 28,876 | — | 28,876 | |||||||||||||||||
Net cash provided by (used in) operating activities | — | 276,707 | (1 | ) | 28,876 | — | 305,582 | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Property additions | — | (135,339 | ) | — | — | — | (135,339 | ) | |||||||||||||||
Proceeds from sale of assets | — | 376 | — | — | — | 376 | |||||||||||||||||
Other investing activities - net | — | (10,631 | ) | — | — | — | (10,631 | ) | |||||||||||||||
Sales proceeds | — | — | — | 1,097 | — | 1,097 | |||||||||||||||||
Other | — | — | — | (4,918 | ) | — | (4,918 | ) | |||||||||||||||
Net cash required by investing activities | — | (145,594 | ) | — | (3,821 | ) | — | (149,415 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||
Purchase of treasury stock | (51,348 | ) | — | — | — | — | (51,348 | ) | |||||||||||||||
Repayments of long-term debt | — | (70,000 | ) | — | — | — | (70,000 | ) | |||||||||||||||
Additions to long-term debt | — | — | — | — | — | — | |||||||||||||||||
Debt issuance costs | — | (875 | ) | — | — | — | (875 | ) | |||||||||||||||
Amounts related to share-based compensation | — | (580 | ) | — | — | — | (580 | ) | |||||||||||||||
Net distributions to parent | 51,348 | (27,236 | ) | 1 | (24,113 | ) | — | — | |||||||||||||||
Net cash provided by (required by) financing activities | — | (98,691 | ) | 1 | (24,113 | ) | — | (122,803 | ) | ||||||||||||||
Net increase in cash and cash equivalents | — | 32,422 | — | 942 | — | 33,364 | |||||||||||||||||
Cash and cash equivalents at January 1 | — | 294,741 | — | — | — | 294,741 | |||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 327,163 | $ | — | $ | 942 | $ | — | $ | 328,105 | |||||||||||
Less: Cash and cash equivalents held for sale | — | — | — | 942 | — | 942 | |||||||||||||||||
Cash and cash equivalents of continuing operations at December 31 | $ | — | $ | 327,163 | $ | — | $ | — | $ | — | $ | 327,163 |
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||||||
Operating Activities | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||||||
Net income (loss) | $ | — | $ | 154,136 | $ | (1 | ) | $ | 80,898 | $ | — | $ | 235,033 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | (80,898 | ) | — | (80,898 | ) | |||||||||||||||
Depreciation and amortization | — | 74,053 | — | — | — | 74,053 | |||||||||||||||||
Deferred and noncurrent income tax charges (credits) | — | (11,568 | ) | — | — | — | (11,568 | ) | |||||||||||||||
Accretion on discounted liabilities | — | 1,096 | — | — | — | 1,096 | |||||||||||||||||
Pretax gains from sale of assets | — | (5,995 | ) | — | — | — | (5,995 | ) | |||||||||||||||
Net decrease (increase) in noncash operating working capital | — | 51,204 | — | — | — | 51,204 | |||||||||||||||||
Equity in earnings | — | — | — | — | — | — | |||||||||||||||||
Other operating activities - net | — | 13,215 | — | — | — | 13,215 | |||||||||||||||||
Net cash provided by (used in) continuing operations | — | 276,141 | (1 | ) | — | — | 276,140 | ||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 80,558 | — | 80,558 | |||||||||||||||||
Net cash provided by (used in) operating activities | — | 276,141 | (1 | ) | 80,558 | — | 356,698 | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||
Property additions | — | (163,303 | ) | — | — | — | (163,303 | ) | |||||||||||||||
Proceeds from sale of assets | — | 6,113 | — | — | — | 6,113 | |||||||||||||||||
Other investing activities - net | — | 52 | — | — | — | 52 | |||||||||||||||||
Sales proceeds | — | — | — | 173,118 | — | 173,118 | |||||||||||||||||
Other | — | — | — | (3,088 | ) | — | (3,088 | ) | |||||||||||||||
Net cash provided by (required by) investing activities | — | (157,138 | ) | — | 170,030 | — | 12,892 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | |||||||||||||||||
Repayments of long-term debt | — | (80,000 | ) | — | (1,170 | ) | — | (81,170 | ) | ||||||||||||||
Additions to long-term debt | — | 641,250 | — | — | — | 641,250 | |||||||||||||||||
Cash dividend to former parent | — | (650,000 | ) | — | — | — | (650,000 | ) | |||||||||||||||
Debt issuance costs | — | (6,693 | ) | — | — | — | (6,693 | ) | |||||||||||||||
Amounts related to share-based compensation | — | — | — | — | — | — | |||||||||||||||||
Net distributions to former parent | — | 213,808 | 1 | (249,418 | ) | — | (35,609 | ) | |||||||||||||||
Net cash provided by (required by) financing activities | — | 118,365 | 1 | (250,588 | ) | — | (132,222 | ) | |||||||||||||||
Net increase in cash and cash equivalents | — | 237,368 | — | — | — | 237,368 | |||||||||||||||||
Cash and cash equivalents at January 1 | — | 57,373 | — | — | — | 57,373 | |||||||||||||||||
Cash and cash equivalents at December 31 | $ | — | $ | 294,741 | $ | — | $ | — | $ | — | $ | 294,741 | |||||||||||
Less: Cash and cash equivalents held for sale | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents of continuing operations at December 31 | $ | — | $ | 294,741 | $ | — | $ | — | $ | — | $ | 294,741 |
(Thousands of dollars) | Year ended December 31, 2015 | ||||||||||||||||||||||
Statement of Stockholders' Equity | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 468 | $ | 1 | $ | 60 | $ | — | $ | (61 | ) | $ | 468 | ||||||||||
Issuance of common stock | — | — | — | — | — | — | |||||||||||||||||
Balance as of December 31, 2015 | $ | 468 | $ | 1 | $ | 60 | $ | — | $ | (61 | ) | $ | 468 | ||||||||||
Treasury Stock | |||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (51,073 | ) | $ | — | $ | — | $ | — | $ | — | $ | (51,073 | ) | |||||||||
Issuance of common stock | 5,629 | — | — | — | — | 5,629 | |||||||||||||||||
Repurchase of common stock | (248,695 | ) | — | — | — | — | (248,695 | ) | |||||||||||||||
Balance as of December 31, 2015 | $ | (294,139 | ) | $ | — | $ | — | $ | — | $ | — | $ | (294,139 | ) | |||||||||
APIC | |||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,228,095 | $ | 558,611 | $ | 52,004 | $ | 35,677 | $ | (1,316,516 | ) | $ | 557,871 | ||||||||||
Issuance of common stock | (5,629 | ) | — | — | — | — | (5,629 | ) | |||||||||||||||
Amounts related to share-based compensation | — | (3,075 | ) | — | — | — | (3,075 | ) | |||||||||||||||
Reclassification of equity | — | — | — | 51,866 | (51,866 | ) | — | ||||||||||||||||
Share-based compensation expense | — | 9,015 | — | — | — | 9,015 | |||||||||||||||||
Balance as of December 31, 2015 | $ | 1,222,466 | $ | 564,551 | $ | 52,004 | $ | 87,543 | $ | (1,368,382 | ) | $ | 558,182 | ||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 351,439 | $ | 351,439 | $ | (1 | ) | $ | 89,525 | $ | (440,963 | ) | $ | 351,439 | |||||||||
Net income | 176,340 | 114,861 | (1 | ) | (22,730 | ) | (92,130 | ) | 176,340 | ||||||||||||||
Balance as of December 31, 2015 | $ | 527,779 | $ | 466,300 | $ | (2 | ) | $ | 66,795 | $ | (533,093 | ) | $ | 527,779 |
(Thousands of dollars) | Year ended December 31, 2014 | ||||||||||||||||||||||
Statement of Stockholders' Equity | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 467 | $ | 1 | $ | 60 | $ | — | $ | (61 | ) | $ | 467 | ||||||||||
Issuance of common stock | 1 | — | — | — | — | 1 | |||||||||||||||||
Balance as of December 31, 2014 | $ | 468 | $ | 1 | $ | 60 | $ | — | $ | (61 | ) | $ | 468 | ||||||||||
Treasury Stock | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Issuance of common stock | 275 | — | — | — | — | 275 | |||||||||||||||||
Repurchase of common stock | (51,348 | ) | — | — | — | — | (51,348 | ) | |||||||||||||||
Balance as of December 31, 2014 | $ | (51,073 | ) | $ | — | $ | — | $ | — | $ | — | $ | (51,073 | ) | |||||||||
APIC | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,228,370 | $ | 548,758 | $ | 52,004 | $ | 35,677 | $ | (1,316,516 | ) | $ | 548,293 | ||||||||||
Issuance of common stock | (275 | ) | — | — | — | — | (275 | ) | |||||||||||||||
Amounts related to share-based compensation | — | (582 | ) | — | — | — | (582 | ) | |||||||||||||||
Share-based compensation expense | — | 10,435 | — | — | — | 10,435 | |||||||||||||||||
Balance as of December 31, 2014 | $ | 1,228,095 | $ | 558,611 | $ | 52,004 | $ | 35,677 | $ | (1,316,516 | ) | $ | 557,871 | ||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | 38,954 | $ | — | $ | 68,622 | $ | — | $ | 107,576 | |||||||||||
Net income | 351,439 | 312,485 | (1 | ) | 20,903 | (440,963 | ) | 243,863 | |||||||||||||||
Balance as of December 31, 2014 | $ | 351,439 | $ | 351,439 | $ | (1 | ) | $ | 89,525 | $ | (440,963 | ) | $ | 351,439 |
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||||||
Statement of Stockholders' Equity/Net Parent Investment | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Issuance of stock at the separation and distribution | 467 | 1 | 60 | — | (61 | ) | 467 | ||||||||||||||||
Balance as of December 31, 2013 | $ | 467 | $ | 1 | $ | 60 | $ | — | $ | (61 | ) | $ | 467 | ||||||||||
Treasury Stock | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Issuance of common stock | — | — | — | — | — | — | |||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | |||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
APIC | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Issuance of stock at the separation and distribution | — | (467 | ) | — | — | — | (467 | ) | |||||||||||||||
Amounts related to share-based compensation | — | — | — | — | — | — | |||||||||||||||||
Reclassification of net parent investment to APIC | 1,228,370 | 546,311 | 52,004 | 35,677 | (1,316,516 | ) | 545,846 | ||||||||||||||||
Share-based compensation expense | — | 2,914 | — | — | — | 2,914 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 1,228,370 | $ | 548,758 | $ | 52,004 | $ | 35,677 | $ | (1,316,516 | ) | $ | 548,293 | ||||||||||
Net Parent Investment | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | 1,123,467 | $ | 53,895 | $ | 117,550 | $ | (190,461 | ) | $ | 1,104,451 | ||||||||||
Net income | — | 114,668 | — | 12,789 | — | 127,457 | |||||||||||||||||
Dividend paid to former parent | — | (650,000 | ) | — | — | — | (650,000 | ) | |||||||||||||||
Net transfers to/between former parent | — | (36,062 | ) | — | — | — | (36,062 | ) | |||||||||||||||
Reclassification of net parent investment to APIC | — | (552,073 | ) | (53,895 | ) | (130,339 | ) | 190,461 | (545,846 | ) | |||||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net income | — | 38,954 | — | 68,622 | — | 107,576 | |||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | 38,954 | $ | — | $ | 68,622 | $ | — | $ | 107,576 |
First | Second | Third | Fourth | |||||||||||||||||
(Millions of dollars except per share amounts) | Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||
Year Ended December 31, 2015 | ||||||||||||||||||||
Sales and other operating revenues | $ | 2,920.7 | $ | 3,468.0 | $ | 3,382.5 | $ | 2,928.2 | $ | 12,699.4 | ||||||||||
Income from continuing operations before income taxes | $ | 40.9 | $ | 38.8 | $ | 94.1 | $ | 44.5 | $ | 218.3 | ||||||||||
Income from continuing operations | $ | 23.6 | $ | 24.8 | $ | 60.0 | $ | 29.2 | $ | 137.6 | ||||||||||
Net income | $ | 22.9 | $ | 26.2 | $ | 60.5 | $ | 66.7 | $ | 176.3 | ||||||||||
Income from continuing operations (per Common share) | ||||||||||||||||||||
Basic | $ | 0.52 | $ | 0.56 | $ | 1.41 | $ | 0.70 | $ | 3.17 | ||||||||||
Diluted | $ | 0.51 | $ | 0.56 | $ | 1.40 | $ | 0.69 | $ | 3.14 | ||||||||||
Net income (per Common share) | ||||||||||||||||||||
Basic | $ | 0.50 | $ | 0.59 | $ | 1.42 | $ | 1.60 | $ | 4.06 | ||||||||||
Diluted | $ | 0.50 | $ | 0.59 | $ | 1.41 | $ | 1.58 | $ | 4.02 | ||||||||||
Market price of Common stock 1 | ||||||||||||||||||||
High | $ | 73.48 | $ | 73.47 | $ | 57.40 | $ | 65.09 | $ | 73.48 | ||||||||||
Low | $ | 66.82 | $ | 55.82 | $ | 48.70 | $ | 54.17 | $ | 48.70 | ||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Sales and other operating revenues | $ | 4,115.5 | $ | 4,693.9 | $ | 4,622.6 | $ | 3,554.0 | $ | 16,986.0 | ||||||||||
Income from continuing operations before income taxes | $ | 12.6 | $ | 93.9 | $ | 91.0 | $ | 141.8 | $ | 339.3 | ||||||||||
Income from continuing operations | $ | 7.6 | $ | 64.4 | $ | 56.6 | $ | 94.4 | $ | 223.0 | ||||||||||
Net income | $ | 9.6 | $ | 73.2 | $ | 62.7 | $ | 98.4 | $ | 243.9 | ||||||||||
Income from continuing operations (per Common share) | ||||||||||||||||||||
Basic | $ | 0.16 | $ | 1.39 | $ | 1.24 | $ | 2.06 | $ | 4.84 | ||||||||||
Diluted | $ | 0.16 | $ | 1.38 | $ | 1.23 | $ | 2.04 | $ | 4.81 | ||||||||||
Net income (per Common share) | ||||||||||||||||||||
Basic | $ | 0.21 | $ | 1.58 | $ | 1.35 | $ | 2.15 | $ | 5.29 | ||||||||||
Diluted | $ | 0.21 | $ | 1.57 | $ | 1.35 | $ | 2.13 | $ | 5.26 | ||||||||||
Market price of Common stock 1 | ||||||||||||||||||||
High | $ | 43.25 | $ | 52.34 | $ | 55.64 | $ | 69.37 | $ | 69.37 | ||||||||||
Low | $ | 37.55 | $ | 39.96 | $ | 47.26 | $ | 49.63 | $ | 37.55 | ||||||||||
1 Prices as quoted on the New York Stock Exchange. Stock first traded September 3, 2013. | ||||||||||||||||||||
(Thousands of dollars) | Balance at January 1, | Charged (Credited) to Expense | Deductions | Balance at December 31, | |||||
2015 | |||||||||
Deducted from assets accounts | |||||||||
Allowance for doubtful accounts | $ | 4,456 | — | (2,493 | ) | 1,963 | |||
2014 | |||||||||
Deducted from assets accounts | |||||||||
Allowance for doubtful accounts | $ | 4,576 | — | (120 | ) | 4,456 | |||
2013 | |||||||||
Deducted from assets accounts | |||||||||
Allowance for doubtful accounts | $ | 5,835 | — | (1,259 | ) | 4,576 |
Years Ended December 31, | |||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||
Income from continuing operations before income taxes | $ | 218,289 | $ | 339,347 | $ | 254,194 | $ | 229,940 | $ | 310,409 | |||||
Distributions greater than equity in earnings of affiliates | — | — | — | — | — | ||||||||||
Previously capitalized interest charged to earnings during the period | — | — | — | — | — | ||||||||||
Interest and expense on indebtedness, excluding capitalized interest | 33,531 | 36,646 | 14,608 | 505 | 548 | ||||||||||
Interest portion of rentals * | 7,473 | 2,842 | 2,380 | 2,610 | 3,015 | ||||||||||
Earnings before provision for taxes and fixed charges | $ | 259,293 | $ | 378,835 | $ | 271,182 | $ | 233,055 | $ | 313,972 | |||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 33,531 | $ | 36,646 | $ | 14,608 | $ | 505 | $ | 548 | |||||
Capitalized interest | — | — | — | — | — | ||||||||||
Interest portion of rentals * | 7,473 | 2,842 | 2,380 | 2,610 | 3,015 | ||||||||||
Total fixed charges | $ | 41,004 | $ | 39,488 | $ | 16,988 | $ | 3,115 | $ | 3,563 | |||||
Ratio of earnings to fixed charges | 6.3 | 9.6 | 16.0 | 74.8 | 88.1 | ||||||||||
* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
Murphy USA Inc. | |||
List of Subsidiaries | |||
Percentage of Voting | |||
State or Other | Securities owned by | ||
Jurisdiction | Immediate | ||
Name of Company | of Incorporation | Parent | |
Murphy Oil USA, Inc. | Delaware | 100 | % |
591 Beverage, Inc. | Nebraska | 100 | % |
864 Holdings, Inc. | Delaware | 100 | % |
864 Beverage, Inc. | Texas | 100 | % |
Hankinson Holding, LLC | Delaware | 100 | % |
Murphy Oil Trading Company (Eastern) | Delaware | 100 | % |
Spur Oil Corporation | Delaware | 100 | % |
Superior Crude Trading Company | Delaware | 100 | % |
1. | I have reviewed this annual report on Form 10-K of Murphy USA Inc; |
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 controls 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 controls over financial reporting. |
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Document And Entity Information - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Jan. 31, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Murphy USA Inc. | ||
Trading Symbol | MUSA | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Central Index Key | 0001573516 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 41,678,873 | ||
Entity Public Float | $ 2,391,694 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2013 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Accounts receivable - trade, allowance for doubtful accounts | $ 1,963 | $ 4,456 | |
Property, plant and equipment, accumulated depreciation and amortization | $ 724,486 | $ 663,067 | |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock shares outstanding | 0 | 0 | |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 200,000,000 | 200,000,000 | |
Common stock shares issued | 46,767,164 | 46,767,164 | |
Treasury stock, shares | 5,088,434 | 1,056,689 |
Consolidated and Combined Income Statements - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Revenues | ||||||||||||||
Petroleum product sales | [1] | $ 10,304,689 | $ 14,728,527 | $ 15,560,317 | ||||||||||
Merchandise sales | 2,273,888 | 2,161,378 | 2,159,466 | |||||||||||
Other operating revenues | 120,834 | 96,109 | 94,298 | |||||||||||
Total revenues | $ 2,928,200 | $ 3,382,500 | $ 3,468,000 | $ 2,920,700 | $ 3,554,000 | $ 4,622,600 | $ 4,693,900 | $ 4,115,500 | 12,699,411 | 16,986,014 | 17,814,081 | |||
Costs and operating expenses | ||||||||||||||
Petroleum product cost of goods sold | [1] | 9,794,475 | 14,074,579 | 15,009,955 | ||||||||||
Merchandise cost of goods sold | 1,946,423 | 1,859,732 | 1,877,630 | |||||||||||
Station and other operating expenses | 486,383 | 486,762 | 460,476 | |||||||||||
Depreciation and amortization | 86,568 | 79,087 | 74,053 | |||||||||||
Selling, general and administrative | 129,277 | 119,266 | 129,431 | |||||||||||
Accretion of asset retirement obligations | 1,521 | 1,200 | 1,096 | |||||||||||
Total costs and operating expenses | 12,444,647 | 16,620,626 | 17,552,641 | |||||||||||
Income from operations | 254,764 | 365,388 | 261,440 | |||||||||||
Other income (expense) | ||||||||||||||
Interest income | 2,177 | 244 | 1,099 | |||||||||||
Interest expense | (33,531) | (36,646) | (14,509) | |||||||||||
Gain (loss) on sale of assets | (4,658) | 194 | 5,995 | |||||||||||
Other nonoperating income (expense) | (463) | 10,166 | 169 | |||||||||||
Total other income (expense) | (36,475) | (26,042) | (7,246) | |||||||||||
Income from continuing operations before income taxes | 44,500 | 94,100 | 38,800 | 40,900 | 141,800 | 91,000 | 93,900 | 12,600 | 218,289 | 339,346 | 254,194 | |||
Income tax expense | 80,698 | 116,386 | 100,059 | |||||||||||
Income from continuing operations | 29,200 | 60,000 | 24,800 | 23,600 | 94,400 | 56,600 | 64,400 | 7,600 | 137,591 | 222,960 | 154,135 | |||
Income (loss) from discontinued operations, net of income taxes | 38,749 | 20,903 | 80,898 | |||||||||||
Net Income | $ 66,700 | $ 60,500 | $ 26,200 | $ 22,900 | $ 98,400 | $ 62,700 | $ 73,200 | $ 9,600 | $ 176,340 | $ 243,863 | $ 235,033 | |||
Earnings per share - basic: | ||||||||||||||
Income (loss) from continuing operations (in dollars per share) | $ 0.70 | $ 1.41 | $ 0.56 | $ 0.52 | $ 2.06 | $ 1.24 | $ 1.39 | $ 0.16 | $ 3.17 | $ 4.84 | $ 3.30 | |||
Income (loss) from discontinued operations (in dollars per share) | 0.89 | 0.45 | 1.73 | |||||||||||
Net income - basic (in dollars per share) | 1.60 | 1.42 | 0.59 | 0.50 | 2.15 | 1.35 | 1.58 | 0.21 | 4.06 | 5.29 | 5.03 | |||
Earnings per share - diluted: | ||||||||||||||
Income from continuing operations (in dollars per share) | 0.69 | 1.40 | 0.56 | 0.51 | 2.04 | 1.23 | 1.38 | 0.16 | 3.14 | 4.81 | 3.29 | |||
Income (loss) from discontinued operations (in dollars per share) | 0.88 | 0.45 | 1.73 | |||||||||||
Net income - diluted (in dollars per share) | $ 1.58 | $ 1.41 | $ 0.59 | $ 0.50 | $ 2.13 | $ 1.35 | $ 1.57 | $ 0.21 | $ 4.02 | $ 5.26 | $ 5.02 | |||
Weighted-average shares outstanding (in thousands): | ||||||||||||||
Basic (in shares) | 43,434 | 46,104 | 46,743 | |||||||||||
Diluted (in shares) | 43,794 | 46,417 | 46,858 | |||||||||||
Excise taxes | $ 1,968,629 | $ 1,930,608 | $ 1,884,035 | |||||||||||
|
Description of Business and Basis of Presentation |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of business — The business of Murphy USA Inc. and its subsidiaries (“Murphy USA” or the “Company”) primarily consists of the U.S. retail marketing business that was separated from its former parent company, Murphy Oil Corporation (“Murphy Oil” ), plus other assets, liabilities and operating expenses of Murphy Oil that were associated with supporting the activities of the U.S. retail marketing operations. The separation was approved by the Murphy Oil board of directors on August 7, 2013, and was completed on August 30, 2013 through the distribution of 100% of the outstanding capital stock of Murphy USA to holders of Murphy Oil common stock on the record date of August 21, 2013. Murphy Oil stockholders of record received one share of Murphy USA common stock for every four shares of Murphy Oil common stock. The spin-off was completed in accordance with a separation and distribution agreement entered into between Murphy Oil and Murphy USA. Following the separation, Murphy USA is an independent, publicly traded company, and Murphy Oil retains no ownership interest in Murphy USA. Murphy USA markets refined products through a network of retail gasoline stores and unbranded wholesale customers. Murphy USA’s owned retail stores are almost all located in close proximity to Walmart stores in 24 states and use the brand name Murphy USA®. Murphy USA also markets gasoline and other products at standalone stores under the Murphy Express brand. At December 31, 2015, Murphy USA had a total of 1,335 Company stores. In October 2009, Murphy USA acquired an ethanol production facility located in Hankinson, North Dakota. The facility was originally designed to produce 110 million gallons of corn-based ethanol per year. Expansion of the plant occurred during 2012, bringing the overall ethanol production capacity to 135 million gallons per year and the plant was sold in December 2013 with all its financial results now being presented as discontinued operations. The Company acquired a partially constructed ethanol production facility in Hereford, Texas, in late 2010. The Hereford facility is designed to produce 105 million gallons of corn-based ethanol per year, and it began operations near the end of the first quarter of 2011. The Hereford ethanol plant was sold in November 2015 with all its financial results also being presented as discontinued operations. The contributed assets of Murphy Oil included in the Company’s financial statements also include buildings, real estate, an airplane and computer equipment and software that are used to support the operating activities of Murphy USA. Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued 100 shares of common stock, par value $0.01 per share, to Murphy Oil for $1.00. Murphy USA was formed solely in contemplation of the separation and until the separation was completed on August 30, 2013, it had not commenced operations and had no material assets, liabilities, or commitments. Accordingly the accompanying consolidated and combined financial statements reflect the combined historical results of operations, financial position and cash flows of the Murphy Oil subsidiaries and certain assets, liabilities and operating expenses of Murphy Oil that comprise Murphy USA, as described above, as if such companies and accounts had been combined for all periods presented prior to August 30, 2013. All significant intercompany transactions and accounts within the combined financial statements have been eliminated. For the period prior to separation, the consolidated and combined statements of income include expense allocations for certain corporate functions historically performed by Murphy Oil, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement and information technology. These allocations are based primarily on specific identification, headcount or computer utilization. Murphy USA’s management believes the assumptions underlying the consolidated and combined financial statements, including the assumptions regarding the allocation of general corporate expenses from Murphy Oil, are reasonable. However, these consolidated and combined financial statements may not include all of the actual expenses that would have been incurred had the Company been a stand-alone company during the period prior to separation and may not reflect the combined results of operations, financial position and cash flows had the Company been a stand-alone company during the entirety of the periods presented. Actual costs that would have been incurred if Murphy USA had been a stand-alone company for the period prior to separation would depend upon multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. As a result, the consolidated and combined results of operations for the three years ended December 31, 2015, are not necessarily indicative of the results that may be experienced in the future. |
Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies PRINCIPLES OF COMBINATION – These consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Murphy USA Inc. and selected subsidiaries, and certain assets, liabilities, and expenses of Murphy Oil Corporation for all periods prior to August 30, 2013. All significant intercompany accounts and transactions within the consolidated and combined entity have been eliminated. REVENUE RECOGNITION – Revenues from sales of refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer, which may include related party sales to other subsidiaries of Murphy USA. Title transfer for bulk refined products generally occur at pipeline custody points or upon truck loading at product terminals. Refined products sold at retail stores are recorded when the customer takes delivery at the pump. Merchandise revenues are recorded at the point of sale. Rebates from vendors are recognized as a reduction of cost of goods sold when the related inventory item is sold. Incentives that are derived from contractual provisions are accrued based on past experience, when estimable, and are recognized in cost of goods sold. The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangement based on location or quality differences. The Company accounts for such transactions on a net basis in its Consolidated and Combined Income Statements. SHIPPING AND HANDLING COSTS – Costs incurred for the shipping and handling of motor fuel are included in Petroleum product cost of goods sold in the Consolidated and Combined Income Statements. Costs incurred for the shipping and handling of convenience store merchandise are included in Merchandise cost of goods sold in the Consolidated and Combined Income Statements. TAXES COLLECTED FROM CUSTOMERS AND REMITTED TO GOVERNMENT AUTHORITIES – Excise and other taxes collected on sales of refined products and remitted to governmental agencies are included in revenues and costs and operating expenses in the Consolidated and Combined Income Statements. Excise taxes on petroleum products collected and remitted were $1,968,629,000 in 2015, $1,930,608,000 in 2014, and $1,884,035,000 in 2013. CASH EQUIVALENTS – Short-term investments, which include government securities, money market funds and other instruments with government securities as collateral, that have an original maturity of three months or less from the date of purchase are classified as cash equivalents. ACCOUNTS RECEIVABLE – The Company’s accounts receivable are recorded at the invoiced amount and do not bear interest. The accounts receivable primarily consists of amounts owed to the Company from credit card companies and by customers for wholesale sales of refined petroleum products. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. INVENTORIES – Inventories of most finished products are valued at the lower of cost, generally applied on a last-in, first-out (“LIFO”) basis, or market. Any increments to LIFO inventory volumes are valued based on the first purchase price for these volumes during the year. Merchandise inventories held for resale are carried at average cost. Materials and supplies are valued at the lower of average cost or estimated value. VENDOR ALLOWANCES AND REBATES – Murphy USA receives payments for vendor allowances, volume rebates and other related payments from various suppliers of its convenience store merchandise. Vendor allowances for price markdowns are credited to merchandise cost of goods sold during the period the related markdown is recognized. Volume rebates of merchandise are recorded as reductions to merchandise cost of goods sold when the merchandise qualifying for the rebate is sold. Slotting and stocking allowances received from a vendor are recorded as a reduction to cost of sales over the period covered by the agreement. PROPERTY, PLANT AND EQUIPMENT – Additions to property, plant and equipment, including renewals and betterments, are capitalized and recorded at cost. Certain marketing facilities are primarily depreciated using the composite straight-line method with depreciable lives ranging from 16 to 25 years. Gasoline stations, improvements to gasoline stations and other assets are depreciated over 3 to 50 years by individual unit on the straight-line method. Gains and losses on asset disposals or retirements are included in income as a separate component of other non operating income. The Company has undertaken like-kind exchange ("LKE") transactions under the Federal tax code in an effort to acquire and sell real and personal property in a tax efficient manner. The Company generally enters into forward transactions, in which property is sold and the proceeds are reinvested by acquiring similar property; and reverse transactions, in which property is acquired and similar property is subsequently sold. A qualified LKE intermediary is used to facilitate these LKE transactions. Proceeds from forward LKE transactions are held by the intermediary and are classified as restricted cash on the Company's balance sheet because the funds must be reinvested in similar properties. If the acquisition of suitable LKE properties is not completed within 180 days of the sale of the Company-owned property, the proceeds are distributed to the Company by the intermediary and are reclassified as available cash and applicable income taxes are determined. At December 31, 2015, the Company had $68,571,000 of proceeds from the sale of the Hereford ethanol plant deposited with an LKE intermediary. An exchange accommodation titleholder, a type of variable interest entity, is used to facilitate reverse like-kind exchanges. The acquired assets are held by the exchange accommodation titleholder until the exchange transactions are complete. If the Company determines that it is the primary beneficiary of the exchange accommodation titleholder, the replacements assets held by the exchange accommodation titleholder are consolidated and recorded in Property, Plant & Equipment on the consolidated balance sheets. The unspent proceeds that are held in trust with the intermediary are recorded as noncurrent assets in the Consolidated Balance Sheet as the cash was restricted for the acquisition of property, plant and equipment. IMPAIRMENT OF ASSETS – Long-lived assets, which include property and equipment and finite-lived intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. ASSET RETIREMENT OBLIGATIONS – The Company records a liability for asset retirement obligations (“ARO”) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when the asset is placed in service. The ARO liability is estimated using existing regulatory requirements and anticipated future inflation rates. When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value, and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling service stations and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an asset retirement obligation and the recorded liability is recognized as a gain or loss in the Company’s earnings. ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized. INCOME TAXES – The Company accounts for income taxes using the asset and liability method. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. The Company routinely assesses the realizability of deferred tax assets based on available positive and negative evidence including assumptions of future taxable income, tax planning strategies and other pertinent factors. A deferred tax asset valuation allowance is recorded when evidence indicates that it is more likely than not that all or a portion of these deferred tax assets will not be realized in a future period. The accounting rules for income tax uncertainties permit recognition of income tax benefits only when they are more likely than not to be realized. The Company includes potential penalties and interest for uncertain income tax positions in income tax expense. The Company’s results of operations were included in the consolidated federal income tax return of Murphy Oil prior to the separation, while in most cases, these results have been included in the various state tax returns of Murphy USA historically. For these financial statements, federal and state income taxes have been computed and recorded as if the Company filed separate federal and state income tax returns. Federal and state income tax benefits of operating losses generated are recognized to the extent that they could be expected to reduce federal income tax expense for the Company via a carryback to a previous year or carried forward for use in a subsequent year. The calculations of current and deferred income taxes, therefore, require use of certain assumptions, allocations and estimates that management believes are reasonable to reflect the Company’s income taxes as a stand-alone taxpayer. The Company has elected to classify any interest expense and penalties related to the underpayment of income taxes in Income tax expense in the Consolidated and Combined Income Statements. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated Balance Sheets. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge, or decide that the contract is not a hedge, and therefore, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for use of the hedging instrument to manage the risk. See Note 14 and Note 17 for further information about the Company’s derivatives. STOCK-BASED COMPENSATION – The fair value of awarded stock options, restricted stock, restricted stock units and performance stock units is determined based on a combination of management assumptions for awards issued. The Company uses the Black-Scholes option pricing model for computing the fair value of stock options. The primary assumptions made by management included the expected life of the stock option award and the expected volatility of the Company’s common stock prices. The Company uses both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of three years. The Company uses a Monte Carlo valuation model to determine the fair value of performance-based stock units that are based on performance compared against a peer group and the related expense is recognized over the three-year vesting period. Management estimates the number of all awards that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. See Note 12 for a discussion of the basis of allocation of such costs. NET INVESTMENT BY FORMER PARENT– The Net investment by former parent represented a net balance reflecting Murphy Oil’s initial investment in the Company and subsequent adjustments resulting from the operations of the Company and various transactions between the Company and Murphy Oil. The balance is the result of the Company’s participation in Murphy Oil’s centralized cash management program under which all the Company’s cash receipts were remitted to Murphy Oil and all cash disbursements are funded by Murphy Oil. The net balance included amounts due from or owed to Murphy Oil. Other transactions affecting the Net investment by Murphy Oil included general and administrative expenses incurred by Murphy Oil and allocated to the Company. There were no terms of settlement or interest charges associated with the Net investment by Murphy Oil balance. Changes in amounts owed to or due from Murphy Oil were included in financing activities in the Statements of Cash Flows. All transactions affecting the balance of this account ceased at the separation. USE OF ESTIMATES – In preparing the financial statements of the Company in conformity with U.S. GAAP, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. |
Related-Party Transactions |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Related-party transactions of the Company include the allocation of certain general and administrative costs from Murphy Oil to the Company and payment of interest expense to or receipt of interest income from Murphy Oil for intercompany payables balances for periods prior to the separation. General and administrative costs were charged by Murphy Oil to the Company based on management’s determination of such costs attributable to the operations of the Company. However, such related-party transactions cannot be presumed to be carried out on an arm’s length basis as the requisite conditions of competitive, free-market dealings may not exist. Prior to the separation, Murphy Oil provided cash management services to the Company. As a result, the Company generally remitted funds received to Murphy Oil, and Murphy Oil paid all operating and capital expenditures on behalf of the Company. Such cash transactions were reflected in the change in the Net Investment by Parent. The Consolidated and Combined Income Statements include expense allocations for certain functions provided to the Company by Murphy Oil prior to the separation. If possible, these allocations were made on a specific identification basis. Otherwise, the expenses related to services provided to the Company by Murphy Oil were allocated to Murphy USA based on relative percentages of headcount or other appropriate methods depending on the nature of each type of cost to be allocated. Charges for functions historically provided to the Company by Murphy Oil were primarily attributable to Murphy Oil’s performance of many shared services that the Company benefited from, such as treasury, tax, accounting, risk management, legal, internal audit, procurement, human resources, investor relations and information technology. Murphy USA also participated in certain Murphy Oil insurance, benefit and incentive plans. The Consolidated and Combined Income Statements reflect charges from Murphy Oil and its other subsidiaries for these services of $0, $0 and $50,975,000 for the three years ended December 31, 2015, 2014 and 2013, respectively. Included in the charges above are amounts recognized for stock-based compensation expense (Note 12). Included in Interest income in the Consolidated and Combined Income Statements for the three years ended December 31, 2015, 2014 and 2013 was interest income from affiliates of $0, $0 and $1,080,000, respectively. These amounts were paid on balances that were previously intercompany prior to the separation from Murphy Oil and were settled in full at the separation date. |
Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations In November 2013, the Company announced that it had entered into negotiations to sell its Hankinson, North Dakota ethanol production facility as part of management’s strategic plan to exit non-core businesses. On December 19, 2013, the Company sold its wholly-owned subsidiary Hankinson Renewable Energy, LLC which owned and operated an ethanol manufacturing facility in Hankinson, North Dakota, and its related assets for $170,000,000 plus working capital adjustments of approximately $3,118,000. During January 2014, the final adjustments to working capital were made and the Company received an additional $1.1 million in sales proceeds which has been included in discontinued operations for the period. The Company has accounted for all operations related to Hankinson Renewable, LLC as discontinued operations for all periods presented. The after-tax gain from disposal of the subsidiary (including associated inventories) was $52,542,000 in 2013 with an additional $781,000 in 2014 related to the final working capital adjustment. The results of operations associated with the Hankinson discontinued operations are presented in the following table.
In September 2015, the Company determined that it had met held for sale criteria for its Hereford, Texas ethanol production facility. On September 25, 2015, the Company signed a letter of intent to sell this subsidiary for a gain and the transaction closed on November 12, 2015. We have classified the results of the Hereford plant as discontinued operations in our Consolidated and Combined Income Statement for all periods presented. Additionally, the related assets and liabilities associated with discontinued operations are classified as held for sale in our Consolidated Balance Sheet at December 31, 2014. The assets and liabilities as of December 31, 2014 are classified as current in our Consolidated Balance Sheet as we expected to close the transaction discussed above within one year. The Company believes that selling the ethanol plant represents a strategic shift for the Company and that the financial results of the plant meet the quantitative and qualitative thresholds discussed in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity. The financial results of our Hereford plant through December 31, 2015 are presented as income from discontinued operations, net of income taxes on our Consolidated and Combined Income Statement. The results of the Hereford ethanol plant have been included along with "Corporate" as a reconciling item within our segment footnote. The following table presents financial results of the Hereford business:
The following tables present the aggregate carrying amounts of the classes of held for sale assets and liabilities:
The following table presents cash flow of the Hereford ethanol plant:
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Change in Accounting Principle |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Accounting Principle | Change in Accounting Principle During the first quarter of 2015, the Company elected to early adopt the provisions of ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”. In accordance with provisions of the FASB ASU topic on “Accounting Changes and Error Corrections” all prior periods presented have been retrospectively adjusted to apply the change in accounting principle. For a summary of the adjustments, see below:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
At December 31, 2015 and 2014, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded the LIFO carrying value by $102,849,000 and $144,283,000, respectively. In 2014, inventories valued at LIFO incurred a decrement that resulted in a benefit of $19,512,000 on income from continuing operations before income tax. Inventories valued at LIFO incurred a decrement that resulted in a charge to earnings of $13,472,000 at December 31, 2013. |
Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment
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Accounts Payable and Accrued Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities Trade accounts payable and accrued 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:
Senior Notes On August 14, 2013, Murphy Oil USA, Inc., our primary operating subsidiary, issued 6.00% Senior Notes due 2023 (the “Senior Notes”) in an aggregate principal amount of $500 million. The Senior Notes are fully and unconditionally guaranteed by Murphy USA, and are guaranteed by certain 100% owned subsidiaries that guarantee our credit facilities. The indenture governing the Senior Notes contains restrictive covenants that limit, among other things, the ability of Murphy USA, Murphy Oil USA, Inc. and the restricted subsidiaries to incur additional indebtedness or liens, dispose of assets, make certain restricted payments or investments, enter into transactions with affiliates or merge with or into other entities. The Senior Notes and the guarantees rank equally with all of our and the guarantors’ existing and future senior unsecured indebtedness and effectively junior to our and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the credit facilities) to the extent of the value of the assets securing such indebtedness. The Senior Notes are structurally subordinated to all of the existing and future third-party liabilities, including trade payables, of our existing and future subsidiaries that do not guarantee the notes. We used the net proceeds of the Senior Notes, together with borrowings under the credit facilities, to finance a cash dividend of $650 million from Murphy Oil USA, Inc. to Murphy Oil paid in connection with the Separation. On June 17, 2014, we closed an exchange offer for our Senior Notes to make them eligible for public resale, as required by a registration rights agreement entered into in connection with the issuance of the Senior Notes. All of the Senior Notes were tendered for exchange. Credit Facilities On August 30, 2013, we entered into a credit agreement, which provides for a committed $450 million asset-based loan (ABL) facility (with availability subject to the borrowing base described below) and a $150 million term facility. It also provides for a $200 million uncommitted incremental facility. On August 30, 2013, Murphy Oil USA, Inc. borrowed $150 million under the term facility, the proceeds of which were used, together with the net proceeds of the offering of the Senior Notes, to finance the $650 million cash dividend from Murphy USA Inc. to Murphy Oil. The term facility was repaid in full in May 2014. On September 2, 2014, we amended the credit agreement to extend the maturity date to September 2, 2019 and amend the terms of the various covenants. The borrowing base is expected, at any time of determination, to be an amount (net of reserves) equal to the sum of:
the lesser of (i) 70% of the average cost of eligible retail merchandise inventory at such time and (ii) 85% of the net orderly liquidation value of eligible retail merchandise inventory at such time. The ABL facility includes a $75 million sublimit on swingline loans and a $200 million sublimit for the issuance of letters of credit. Swingline loans and letters of credit issued under the ABL facility reduce availability under the ABL facility. Interest payable on the credit facilities is based on either:
plus, (A) in the case Adjusted LIBO Rate borrowings, (i) with respect to the ABL facility, spreads ranging from 1.50% to 2.00% per annum depending on the average availability under the ABL facility or (ii) with respect to the term facility, spreads ranging from 2.75% to 3.00% per annum depending on a secured debt to EBITDA ratio and (B) in the case of Alternate Base Rate borrowings, (i) with respect to the ABL facility, spreads ranging from 0.50% to 1.00% per annum depending on the average availability under the ABL facility or (ii) with respect to the term facility, spreads ranging from 1.75% to 2.00% per annum depending on a secured debt to EBITDA ratio. The interest rate period with respect to the Adjusted LIBO Rate interest rate option can be set at one-, two-, three-, or six-months as selected by us in accordance with the terms of the credit agreement. The credit agreement contains certain covenants that limit, among other things, the ability of us and our subsidiaries to incur additional indebtedness or liens, to make certain investments, to enter into sale-leaseback transactions, to make certain restricted payments, to enter into consolidations, mergers or sales of material assets and other fundamental changes, to transact with affiliates, to enter into agreements restricting the ability of subsidiaries to incur liens or pay dividends, or to make certain accounting changes. In addition, the credit agreement requires us to maintain a fixed charge coverage ratio of a minimum of 1.0 to 1.0 when availability for at least three consecutive business days is less than the greater of (a) 17.5% of the lesser of the aggregate ABL facility commitments and the borrowing base and (b) $70,000,000 (including as of the most recent fiscal quarter end on the first date when availability is less than such amount). As of December 31, 2015, our fixed charge coverage ratio was 0.59; however, we had no debt outstanding under the facility at that date so the fixed charge coverage ratio currently has no impact on our operations or liquidity. Prior to the repayment of the term loan, we were also subject to a maximum secured debt to EBITDA ratio of 4.5 to 1.0 at any time when term facility commitments or term loans thereunder were outstanding. After giving effect to the applicable restrictions on certain payments, which could include dividends under the credit agreement (which restrictions are only applicable when availability under the credit agreement does not exceed the greater of 25% of the lesser of the revolving commitments and the borrowing base and $100 million (and if availability under the credit agreement does not exceed the greater of 40% of the lesser of the revolving commitments and the borrowing base and $150 million, then our fixed charge coverage ratio must be at least 1.0 to 1.0)) and the indenture, and subject to compliance with applicable law. As of December 31, 2015, the Company's ability to make restricted payments was limited as our availability under the borrowing base was less than $150.0 million and our fixed charge coverage ratio was less than 1.0 to 1.0. At December 31, 2015, the Company had a shortfall of approximately $245.7 million of its net income and retained earnings subject to such restrictions before the fixed charge coverage ratio would exceed 1.0 to 1.0. . All obligations under the credit agreement are guaranteed by Murphy USA and the subsidiary guarantors party thereto, and all obligations under the credit agreement, including the guarantees of those obligations, are secured by certain assets of Murphy USA, Murphy Oil USA, Inc. and the guarantors party thereto. |
Asset Retirement Obligations (ARO) |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations (ARO) | Asset Retirement Obligations (ARO) The majority of the ARO recognized by the Company at December 31, 2015 and 2014 related to the estimated costs to dismantle and abandon certain of its retail gasoline stations. The Company has not recorded an ARO for certain of its marketing assets because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are consistently being upgraded and are expected to be operational into the foreseeable future. In these cases, the obligation will be initially recognized in the period in which sufficient information exists to estimate the obligation. A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.
The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the lack of availability of additional information. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of income from continuing operations before income taxes for each of the three years ended December 31, 2015 and income tax expense (benefit) attributable thereto were as follows:
The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense.
An analysis of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 showing the tax effects of significant temporary differences follows:
In management’s judgment, the net deferred tax assets in the preceding table will more likely than not be realized as reductions of future taxable income or by utilizing available tax planning strategies. Murphy Oil’s tax returns in multiple jurisdictions that include the Company are subject to audit by taxing authorities. These audits often take years to complete and settle. As of December 31, 2015, the earliest year remaining open for Federal audit and/or settlement is 2012 and for the states it ranges from 2008-2011. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters. The FASB’s rules for accounting for income tax uncertainties clarify the criteria for recognizing uncertain income tax benefits and require additional disclosures about uncertain tax positions. Under U.S. GAAP the financial statement recognition of the benefit for a tax position is dependent upon the benefit being more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. Liabilities associated with uncertain income tax positions are included in Deferred Credits and Other Liabilities in the Consolidated Balance Sheet. A reconciliation of the beginning and ending amount of the consolidated liability for unrecognized income tax benefits during the year ended December 31, 2015 and 2014 is shown in the following table. No uncertain tax position liabilities were recognized for the year ending December 31, 2013.
All additions or reductions to the above liability affect the Company’s effective tax rate in the respective period of change. The Company accounts for any applicable interest and penalties on uncertain tax positions as a component of income tax expense. Income tax expense for the years ended December 31, 2015, 2014 and 2013 included net benefits for interest and penalties of $651,000, $1,143,000 and $0, respectively, associated with uncertain tax positions. During the next twelve months, the Company currently expects to add immaterial amounts to the liability for uncertain taxes for 2016 events. Although existing liabilities could be reduced by settlement with taxing authorities or lapse due to statute of limitations, the Company believes that the changes in its unrecognized tax benefits due to these events will not have a material impact on the Consolidated Income Statement during 2016. |
Incentive Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Plans | Incentive Plans Prior to the separation, our employees participated in the Murphy Oil 2007 Long-Term Incentive Plan (the “2007 Plan”) and the Murphy Oil 2012 Long-Term Incentive Plan (the “2012 Plan”) and received Murphy Oil restricted stock awards and options to purchase shares of Murphy Oil common stock. While participating in these two plans, costs resulting from share-based payment transactions were allocated and recognized as an expense in the financial statements using a fair value-based measurement method over the periods that the awards vested. Certain employees of the Company have received annual grants in the form of Murphy Oil stock options, restricted stock units and other forms of share-based payments prior to the separation. Accordingly, the Company has accounted for expense for these plans in accordance with SAB Topic 1-B for periods prior to the separation. 2013 Long-Term Incentive Plan Effective August 30, 2013, certain of our employees began to participate in the Murphy USA 2013 Long-Term Incentive Plan, which was subsequently amended and restated effective as of February 12, 2014 (the “MUSA 2013 Plan”). The MUSA 2013 Plan authorizes the Executive Compensation Committee of our Board of Directors (“the Committee”) to grant non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted stock and restricted stock unit awards), cash awards, and performance awards to our employees. Prior to the amendment and restatement of the MUSA 2013 Plan on February 12, 2014, 10 million shares of MUSA common stock were authorized to be delivered under the MUSA 2013 Plan over the life of the plan. Pursuant to the amendment and restatement of the plan effective as of February 12, 2014, this was reduced to 5.5 million shares of common stock. No more than 1 million shares of common stock may be awarded to any one employee, subject to adjustment for changes in capitalization. The maximum cash amount payable pursuant to any “performance-based” award to any participant in any calendar year is $5 million. In connection with the separation, stock compensation awards granted under the 2007 Plan and the 2012 Plan by Murphy Oil (pre-separation awards) were adjusted or substituted as follows:
Awards granted in connection with the adjustment and substitution of awards originally issued under the 2007 Plan and the 2012 Plan are a part of the MUSA 2013 Plan and reduce the maximum number of shares of common stock available for delivery under the MUSA 2013 Plan. During the period from August 30, 2013 to December 31, 2015, the Company granted a total of 1,563,828 awards from the MUSA 2013 Plan which leaves 4,074,288 remaining shares to be granted in future years (after consideration of the amendments made to the MUSA 2013 Plan in February 2014 by the Board of Directors). At present, the Company expects to issue all shares that vest out of existing treasury shares rather than issuing new common shares. 2013 Stock Plan for Non-employee Directors Effective August 8, 2013, Murphy USA adopted the 2013 Murphy USA Stock Plan for Non-employee Directors (the “Directors Plan”). The directors for Murphy USA are compensated with a mixture of cash payments and equity-based awards. Awards under the Directors Plan may be in the form of restricted stock, restricted stock units, stock options, or a combination thereof. An aggregate of 500,000 shares of common stock shall be available for issuance of grants under the Directors Plan. Since 2013, 63,774 time-based restricted stock units have been granted under the terms of the Directors Plan which leaves 436,226 shares available to be granted in the future. Amounts recognized in the financial statements by the Company with respect to all share-based plans are shown in the following table. All expense prior to August 30, 2013 was incurred under the 2007 Plan and the 2012 Plan while all amounts after August 30, 2013 were incurred in the MUSA 2013 Plan and the Directors Plan.
As of December 31, 2015, there was $12,934,000 in compensation costs to be expensed over approximately the next 2.3 years related to unvested share-based compensation arrangements granted by the Company or its predecessor. Total income tax benefits realized by Murphy Oil from tax deductions related to stock option exercises under share-based payment arrangements previously issued by Murphy Oil Corporation were $0, $0, and $625,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Employees who have stock options are required to net settle their options in shares, after applicable statutory withholding taxes are considered, upon each stock option exercise. Therefore, no cash is received upon exercise. Total income tax benefits realized from tax deductions related to stock option exercises under share-based payment arrangements were $3,109,000 and $470,000 for the year ended December 31, 2015 and 2014, respectively. STOCK OPTIONS – The Committee fixes the option price of each option granted at no less than fair market value (FMV) on the date of the grant and fixes the option term at no more than 7 years from such date. Each option granted through December 31, 2013 under the MUSA 2013 Plan was nonqualified and was issued to replace awards of Murphy Oil that were previously granted to employees of the Company prior to the separation from Murphy Oil. The remaining term of each option granted mirrored the remaining term of the original award that it replaced and the exercise price was adjusted based on the terms of the Employee Matters Agreement entered into between the Company and Murphy Oil in connection with the separation. Post separation in 2013, the only awards issued were to replace the unvested awards of Murphy Oil that were forfeited in conjunction with the separation. Therefore, the accounting for those awards was a continuation of the Murphy Oil fair value that was previously calculated using the Black-Scholes pricing model and used the following original assumptions to calculate the fair value used for expense purposes. Following are the assumptions used originally by Murphy Oil to value the original awards.
As a result of the separation from Murphy Oil, the unvested Murphy Oil options were replaced with an appropriate number of Company options bearing an exercise price that was adjusted to preserve the intrinsic value near the date of the separation in connection with the terms of the Employee Matters Agreement. The grant date fair values of the options replaced with MUSA 2013 Plan awards range from $32.53 to $40.25. Because of these adjustments, no further Black-Scholes fair values were required to be calculated for the post separation period. The adjustment and substitution of the stock compensation awards occurred in conjunction with the distribution of MUSA common stock to Murphy Oil stockholders. As a result, no grant, exercise, or cancellation activity occurred on MUSA stock compensation awards during the year ended December 31, 2013. In February 2015, the Committee granted nonqualified stock options to certain employees of the Company. Following are the assumptions used by the Company to value the original awards:
Changes in options outstanding for Company employees during the period from August 30, 2013 to December 31, 2015 are presented in the following table:
Additional information about stock options outstanding at December 31, 2015 is shown below:
RESTRICTED STOCK UNITS (MUSA 2013 Plan) – The Committee has granted time based restricted stock units (RSUs) as part of the replacement of previously unvested performance based RSUs, performance units, and time based RSU’s previously issued to employees of Murphy Oil prior to August 30, 2013. In addition, certain other employees have also received grants of time based RSUs that will vest over various periods of time in the year ended December 31, 2015. In February and March 2015, the Committee granted time based restricted stock to certain employees. These awards were granted under the MUSA 2013 Plan and vest in 3 years.
PERFORMANCE-BASED RESTRICTED STOCK UNITS (MUSA 2013 Plan) – In February 2015, the Committee awarded performance-based restricted stock units (performance units) to certain employees. Half of the performance units vest based on a 3-year return on average capital employed (ROACE) calculation and the other half vest based on a 3-year total shareholder return (TSR) calculation that compares MUSA to a group of 16 peer companies. The portion of the awards that vest based on TSR qualify as a market condition and must be valued using a Monte Carlo valuation model. For the TSR portion of the awards, the fair value was determined to be $100.33 per unit. For the ROACE portion of the awards, the valuation was based on the grant date fair value of $70.57 per unit and the number of awards will be periodically assessed to determine the probability of vesting.
RESTRICTED STOCK UNITS (Directors Plan) – The Committee has also granted time based RSUs to the non-employee directors of the Company as part of their overall compensation package for being a member of the Board of Directors. These awards typically vest at the end of three years.
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Employee and Retiree Benefit Plans |
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Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee and Retiree Benefit Plans | Employee and Retiree Benefit Plans PENSION AND POSTRETIREMENT PLANS — After separating from Murphy Oil, the Company no longer sponsors or participates in any defined benefit pension plan or post retirement benefit plan for its employees. Prior to the separation, Murphy Oil had defined benefit pension plans that were principally noncontributory and covered most full-time employees. Upon separation from Murphy Oil, all amounts for these plans that involved Murphy USA employees were frozen and retained by Murphy Oil. U.S. Health Care Reform — In March 2010, the United States Congress enacted a health care reform law. Along with other provisions, the law (a) imposes a 40% excise tax on high-cost health plans as defined in the law beginning in 2018; (b) eliminated lifetime or annual coverage limits and required coverage for preventative health services beginning in September 2010; and (c) imposed a fee of $2 (subsequently adjusted for inflation) for each person covered by a health insurance policy beginning in September 2010. The new law did not significantly affect the Company’s consolidated and combined financial statements as of December 31, 2015 and 2014 and for the three years ended December 31, 2015. The Company continues to evaluate the various components of the law as guidance is issued and cannot predict with certainty all the ways it may impact the Company. However, based on the evaluation performed to date, the Company currently believes that the health care reform law will not have a material effect on its financial condition, results of operations, or cash flows in future periods. THRIFT PLAN – At the time of the spin-off, Murphy USA set up a new qualified defined contribution plan for full-time employees with an asset transfer from the Murphy Oil defined contribution plan. Most full-time employees of the Company may participate in savings plans by contributing up to a specified percentage of their base pay. The Company matches contributions at 100% of each employee’s contribution with a maximum match of 6%. In addition, the Company makes profit sharing contributions on an annual basis. Eligible employees receive a stated percentage of their base and incentive pay of 5%, 7%, or 9% determined on a formula that is based on a combination of age and years of service. The Company’s expenses related to this plan were $9,216,000 in 2015, $8,879,000 in 2014 and $4,567,000 in 2013. PROFIT SHARING PLAN – Eligible part-time employees may participate in the Company’s noncontributory profit sharing plan. Each year, the Company may make a discretionary employer contribution in an amount determined and authorized at the discretion of the Board of Directors. Eligible employees receive an allocation based on their compensation earned for the year the contribution is allocated. The Company’s expenses related to this plan were $1,848,000 in 2015, $1,848,000 in 2014 and $1,861,000 in 2013. |
Financial Instruments and Risk Management |
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Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). As of December 31, 2015, all current derivative activity is immaterial. At December 31, 2015 and 2014 cash deposits of $1.6 million and $2.8 million, respectively, related to commodity derivative contracts were reported in Prepaid expenses and other current assets in the Consolidated Balance Sheets. These cash deposits have not been used to reduce the reported net liabilities on the derivative contracts at December 31, 2015 and 2014. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive. On August 30, 2013, 46,743,316 shares of our common stock were distributed to the shareholders of Murphy Oil in connection with the separation. For comparative purposes, we have assumed this amount to be outstanding as of the beginning of each prior period prior to the separation presented in the calculation of weighted average shares outstanding. During May 2014, the Company executed a share repurchase program that was approved by the Board of Directors for approximately $50 million worth of common stock of the Company. At the completion of this plan, the Company had acquired 1,040,636 shares of common stock for an average price of $48.07 per share including brokerage fees. In October 2014, the Company announced a $250 million share repurchase program that was completed prior to the end of 2015. In this repurchase, 4,196,349 shares were repurchased for an average price of $59.58 per share. The following table provides a reconciliation of basic and diluted earnings per share computations for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts):
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Other Financial Information |
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Other Financial Information | Other Financial Information OTHER OPERATING REVENUES – Other operating revenues in the Consolidated and Combined Income Statements includes the following items:
CASH FLOW DISCLOSURES — Cash income taxes paid (collected), net of refunds, were $113,520,000, $158,063,000 and $47,757,000 for the three years ended December 31, 2015, 2014 and 2013, respectively. Interest paid was $31,798,000, $34,019,000 and $1,647,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Noncash reductions (additions) to net parent investment related primarily to settlement of income taxes were $453,000 for the year ended December 31, 2013.
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Assets and Liabilities Measure at Fair Value |
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Assets and Liabilities Measure at Fair Value | Assets and Liabilities Measured at Fair Value The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. At the balance sheet date the fair value of derivatives contracts were determined using NYMEX quoted values but were immaterial. The carrying value of the Company’s Cash and cash equivalents, Accounts receivable-trade and Trade accounts payable approximates fair value. The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2015 and 2014. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes Cash and cash equivalents, Accounts receivable-trade, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.
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Commitments |
12 Months Ended |
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Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments The Company leases land, gasoline stations, and other facilities under operating leases. During the next five years, expected future rental payments under all operating leases are approximately $23,642,000 in 2016, $10,079,000 in 2017, $9,658,000 in 2018, $9,704,000 in 2019, and $9,519,000 in 2020. Rental expense for noncancelable operating leases, including contingent payments when applicable, was $22,418,000 in 2015, $8,528,000 in 2014 and $7,139,000 in 2013. Operating lease expense related to discontinued operations was $2,660,000, $2,905,000, and $9,641,000 in 2015, 2014, and 2013, respectively. Commitments for capital expenditures were approximately $220,630,000 at December 31, 2015, including $179,900,000 for construction of future Murphy USA and Murphy Express gasoline stations (including land) in process at year-end, along with $6,052,000 for improvements of existing stations, to be financed with our operating cash flow and/or incurrence of indebtedness. |
Contingencies |
12 Months Ended |
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Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company’s operations and earnings have been and may be affected by various forms of governmental action. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; import and export controls; price controls; allocation of supplies of crude oil and petroleum products and other goods; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations, may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company. ENVIRONMENTAL MATTERS AND LEGAL MATTERS — Murphy USA is subject to numerous federal, state and local laws and regulations dealing with the environment. Violation of such environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and other sanctions. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury, property damage and other losses that might result. The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Although the Company believes it has used operating and disposal practices that were standard in the industry at the time, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where they have been taken for disposal. In addition, many of these properties have been operated by third parties whose management of hazardous substances was not under the Company’s control. Under existing laws the Company could be required to remediate contaminated property (including contaminated groundwater) or to perform remedial actions to prevent future contamination. Certain of these contaminated properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any related liability and the availability of applicable defenses. With the sale of the U.S. refineries in 2011, Murphy Oil retained certain liabilities related to environmental matters. Murphy Oil also obtained insurance covering certain levels of environmental exposures. With respect to the previously owned refinery properties, Murphy Oil retained those liabilities in the Separation and Distribution agreement that was entered into related to the separation on August 30, 2013. With respect to any remaining potential liabilities, the Company believes costs related to these sites will not have a material adverse effect on Murphy USA’s net income, financial condition or liquidity in a future period. Certain environmental expenditures are likely to be recovered by the Company from other sources, primarily environmental funds maintained by certain states. Since no assurance can be given that future recoveries from other sources will occur, the Company has not recorded a benefit for likely recoveries at December 31, 2015, however certain jurisdictions provide reimbursement for these expenses which have been considered in recording the net exposure. The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at one Superfund site. As to the site, the potential total cost to all parties to perform necessary remedial work at this site may be substantial. However, based on current negotiations and available information, the Company believes that it is a de minimis party as to ultimate responsibility at the Superfund site. Accordingly, the Company has not recorded a liability for remedial costs at the Superfund site at December 31, 2015. The Company could be required to bear a pro rata share of costs attributable to nonparticipating PRPs or could be assigned additional responsibility for remediation at this site or other Superfund sites. The Company believes that its share of the ultimate costs to clean-up this site will be immaterial and will not have a material adverse effect on its net income, financial condition or liquidity in a future period. Based on information currently available to the Company, the amount of future remediation costs to be incurred to address known contamination sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. However, there is the possibility that additional environmental expenditures could be required to address contamination, including as a result of discovering additional contamination or the imposition of new or revised requirements applicable to known contamination. In the case Freeny v. Murphy Oil Corporation and Murphy Oil USA, Inc., the plaintiffs alleged that the Company had infringed on their electronic pricing system patents. The Company claimed that its pricing system can be differentiated from the plaintiff's patents and that the plaintiff's patents were invallid. Murphy Oil USA, Inc. agreed to defend and indemnify Murphy Oil Corporation in this matter as required by the terms of the Separation Agreement. Trial was held in June 2015. At trial, and before any judgment was entered for any party, a settlement was reached between the parties and the case was dismissed. The settlement agreement resulted in the Company paying an immaterial amount to the plaintiffs for a license to use their patents for past and future periods. As a result, a portion of the settlement amount was capitalized as a patent asset and will be amortized over the remaining life of the patents. Murphy USA is engaged in a number of other legal proceedings, all of which the Company considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of those other legal matters is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period. INSURANCE — The Company maintains insurance coverage at levels that are customary and consistent with industry standards for companies of similar size. Murphy USA maintains statutory workers compensation insurance with a deductible of $1.0 million per occurrence. As of December 31, 2015, there were a number of outstanding claims that are of a routine nature. The estimated incurred but unpaid liabilities relating to these claims are included in Trade account payables and accrued liabilities on the Consolidated Balance Sheets. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $18.0 million will be sufficient to cover the related liability and that the ultimate disposition of these claims will have no material effect on the Company’s financial position and results of operations. The Company has obtained insurance coverage as appropriate for the business in which it is engaged, but may incur losses that are not covered by insurance or reserves, in whole or in part, and such losses could adversely affect our results of operations and financial position. TAX MATTERS — Murphy USA is subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, indirect taxes (excise/duty, sales/use and gross receipts taxes), payroll taxes, franchise taxes, withholding taxes and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Subsequent changes to our tax liabilities because of these audits may subject us to interest and penalties. OTHER MATTERS — In the normal course of its business, the Company is required under certain contracts with various governmental authorities and others to provide financial guarantees or letters of credit that may be drawn upon if the Company fails to perform under those contracts. At December 31, 2015, the Company had contingent liabilities of $17.8 million on outstanding letters of credit. The Company has not accrued a liability in its balance sheet related to these financial guarantees and letters of credit because it is believed that the likelihood of having these drawn is remote. |
Recent Accounting and Reporting Rules |
12 Months Ended |
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Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting and Reporting Rules | Recent Accounting and Reporting Rules In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in the Accounting Standards Codification (“Codification”) Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. The guidance is effective for annual and interim periods beginning after December 15, 2017, with early adoption prohibited. The Company expects to adopt ASU No. 2014-09 beginning January 1, 2018 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and disclosures. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern,” which requires management to assess, at each interim and annual reporting period, whether substantial doubt exists about the Company's ability to continue as a going concern. The new standard substantially aligns the accounting requirements with current auditing requirements (except that the auditing standards require a one-year assessment from the balance sheet date rather than the financial statement issuance date). The new standard is effective for all entities for the first annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. In April 2015, the FASB issued ASU No. 2015-05, “Customer's Accounting for Fees Paid in a Cloud Computing Arrangement,” which states if a cloud computing arrangement includes a software license, the customer should account for the license consistent with its accounting for other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance is effective for fiscal years, including interim periods within those years, beginning after December 15, 2015. Companies may adopt the new guidance either prospectively for all arrangements entered into (or materially modified) after the effective date, or retrospectively. The Company is still evaluating the impact this standard will have on its cloud computing arrangements but no material changes are expected as a result of adoption of this standard. In November 2015, the FASB issued ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes," which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. All deferred tax assets and liabilities will still be offset by each tax-paying jurisdiction, but the resulting net item must be shown as a single, noncurrent amount. The ASU allows for either prospective or retrospective transition methods. The new standard is effective for annual and interim periods in fiscal years beginning after December 15, 2016. Early adoption at the beginning of an interim or annual period is allowed for all entities. The Company is evaluating its adoption options and is currently planning to adopt the new standard for the first quarter of 2016. No significant financial impact is anticipated with the adoption of this ASU. |
Business Segments |
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Business Segments | Business Segments Our operations include the sale of retail motor fuel products and convenience merchandise along with the wholesale and bulk sale capabilities of our product supply and wholesale group. As the primary purpose of the product supply and wholesale group is to support our retail operations and provide fuel for their daily operation, the bulk and wholesale fuel sales are secondary to the support functions played by these groups. As such, they are all treated as one segment for reporting purposes as they sell the same products. This Marketing segment contains essentially all of the revenue generating activities of the Company. Results not included in the reportable segment include Corporate and Other Assets and Discontinued Operations. The reportable segment was determined based on information reviewed by the Chief Operating Decision Maker (CODM).
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Subsequent Events (unaudited) |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events (unaudited) | Subsequent Events (unaudited) On January 25, 2016, the Company announced that it would proceed with an independent growth plan apart from Walmart rather than continue to acquire land from Walmart. In conjunction with this announcement, the Board of Directors approved a strategic allocation of capital for the Company to pursue new additional growth opportunities and to undertake a share repurchase program of the Company's common stock. The Board authorized up to $500 million in total for the two capital programs through December 31, 2017. On February 3, 2016, the Company announced that it had recently entered into an agreement with an undisclosed investment-grade buyer for the sale of the Company's interest in the CAM pipeline system for approximately $85 million, less customary closing costs. The CAM pipeline transports crude oil from the Louisiana Offshore Oil Port (LOOP) to 3 Gulf Coast refineries. This transaction is expected to close sometime in the first half of 2016, subject to customary closing conditions and regulatory approvals. On February 5, 2016, the Company entered into a Term Credit Agreement to secure a term loan in the aggregate principal amount of $100 million. The term loan has 2 options to calculate interest due and the Company has elected to utilize the LIBOR option which bears interest at a rate per annum equal to LIBOR plus 3.00%. The loan will amortize in quarterly installments starting with June 30, 2016 at a rate of 5.0% per quarter. Other terms and covenants can be found in the Current Report on Form 8-K filed with the SEC on February 9, 2016. |
Guarantor Subsidiaries |
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Guarantor Subsidiaries | Guarantor Subsidiaries Certain of the Company’s 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee, on a joint and several basis, certain of the outstanding indebtedness of the Company, including the 6.00% senior notes due 2023. The following consolidating and/or combining schedules present financial information on a consolidated and combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): CONSOLIDATING BALANCE SHEET
CONSOLIDATING BALANCE SHEET
CONSOLIDATING INCOME STATEMENT
CONSOLIDATING INCOME STATEMENT
CONSOLIDATED AND COMBINING INCOME STATEMENT
CONSOLIDATING STATEMENT OF CASH FLOW
CONSOLIDATING STATEMENT OF CASH FLOWS
CONSOLIDATED AND COMBINING STATEMENT OF CASH FLOW
CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
CONSOLIDATING STATEMENTS OF CHANGES IN EQUITY
CONSOLIDATED AND COMBINING STATEMENTS OF CHANGES IN EQUITY
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Supplemental Quarterly Information |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Quarterly Information | Murphy USA Inc. Supplemental Quarterly Information (Unaudited)
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Schedule II - Valuation And Qualifying Accounts |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation And Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED AND COMBINED) Murphy USA Inc. Valuation Accounts and Reserves
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Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Combination | PRINCIPLES OF COMBINATION – These consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Murphy USA Inc. and selected subsidiaries, and certain assets, liabilities, and expenses of Murphy Oil Corporation for all periods prior to August 30, 2013. All significant intercompany accounts and transactions within the consolidated and combined entity have been eliminated. |
Revenue Recognition | REVENUE RECOGNITION – Revenues from sales of refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer, which may include related party sales to other subsidiaries of Murphy USA. Title transfer for bulk refined products generally occur at pipeline custody points or upon truck loading at product terminals. Refined products sold at retail stores are recorded when the customer takes delivery at the pump. Merchandise revenues are recorded at the point of sale. Rebates from vendors are recognized as a reduction of cost of goods sold when the related inventory item is sold. Incentives that are derived from contractual provisions are accrued based on past experience, when estimable, and are recognized in cost of goods sold. The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangement based on location or quality differences. The Company accounts for such transactions on a net basis in its Consolidated and Combined Income Statements. |
Shipping and Handling Costs | SHIPPING AND HANDLING COSTS – Costs incurred for the shipping and handling of motor fuel are included in Petroleum product cost of goods sold in the Consolidated and Combined Income Statements. Costs incurred for the shipping and handling of convenience store merchandise are included in Merchandise cost of goods sold in the Consolidated and Combined Income Statements. |
Taxes Collected from Customers and Remitted to Government Authorities | TAXES COLLECTED FROM CUSTOMERS AND REMITTED TO GOVERNMENT AUTHORITIES – Excise and other taxes collected on sales of refined products and remitted to governmental agencies are included in revenues and costs and operating expenses in the Consolidated and Combined Income Statements. |
Cash Equivalents | CASH EQUIVALENTS – Short-term investments, which include government securities, money market funds and other instruments with government securities as collateral, that have an original maturity of three months or less from the date of purchase are classified as cash equivalents. |
Accounts Receivable | ACCOUNTS RECEIVABLE – The Company’s accounts receivable are recorded at the invoiced amount and do not bear interest. The accounts receivable primarily consists of amounts owed to the Company from credit card companies and by customers for wholesale sales of refined petroleum products. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. |
Inventories | INVENTORIES – Inventories of most finished products are valued at the lower of cost, generally applied on a last-in, first-out (“LIFO”) basis, or market. Any increments to LIFO inventory volumes are valued based on the first purchase price for these volumes during the year. Merchandise inventories held for resale are carried at average cost. Materials and supplies are valued at the lower of average cost or estimated value. |
Vendor Allowances and Rebates | VENDOR ALLOWANCES AND REBATES – Murphy USA receives payments for vendor allowances, volume rebates and other related payments from various suppliers of its convenience store merchandise. Vendor allowances for price markdowns are credited to merchandise cost of goods sold during the period the related markdown is recognized. Volume rebates of merchandise are recorded as reductions to merchandise cost of goods sold when the merchandise qualifying for the rebate is sold. Slotting and stocking allowances received from a vendor are recorded as a reduction to cost of sales over the period covered by the agreement. |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT – Additions to property, plant and equipment, including renewals and betterments, are capitalized and recorded at cost. Certain marketing facilities are primarily depreciated using the composite straight-line method with depreciable lives ranging from 16 to 25 years. Gasoline stations, improvements to gasoline stations and other assets are depreciated over 3 to 50 years by individual unit on the straight-line method. Gains and losses on asset disposals or retirements are included in income as a separate component of other non operating income. The Company has undertaken like-kind exchange ("LKE") transactions under the Federal tax code in an effort to acquire and sell real and personal property in a tax efficient manner. The Company generally enters into forward transactions, in which property is sold and the proceeds are reinvested by acquiring similar property; and reverse transactions, in which property is acquired and similar property is subsequently sold. A qualified LKE intermediary is used to facilitate these LKE transactions. Proceeds from forward LKE transactions are held by the intermediary and are classified as restricted cash on the Company's balance sheet because the funds must be reinvested in similar properties. If the acquisition of suitable LKE properties is not completed within 180 days of the sale of the Company-owned property, the proceeds are distributed to the Company by the intermediary and are reclassified as available cash and applicable income taxes are determined. At December 31, 2015, the Company had $68,571,000 of proceeds from the sale of the Hereford ethanol plant deposited with an LKE intermediary. An exchange accommodation titleholder, a type of variable interest entity, is used to facilitate reverse like-kind exchanges. The acquired assets are held by the exchange accommodation titleholder until the exchange transactions are complete. If the Company determines that it is the primary beneficiary of the exchange accommodation titleholder, the replacements assets held by the exchange accommodation titleholder are consolidated and recorded in Property, Plant & Equipment on the consolidated balance sheets. The unspent proceeds that are held in trust with the intermediary are recorded as noncurrent assets in the Consolidated Balance Sheet as the cash was restricted for the acquisition of property, plant and equipment. |
Impairment of Assets | IMPAIRMENT OF ASSETS – Long-lived assets, which include property and equipment and finite-lived intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS – The Company records a liability for asset retirement obligations (“ARO”) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when the asset is placed in service. The ARO liability is estimated using existing regulatory requirements and anticipated future inflation rates. When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value, and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling service stations and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an asset retirement obligation and the recorded liability is recognized as a gain or loss in the Company’s earnings. |
Environmental Liabilities | ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized. |
Income Taxes | INCOME TAXES – The Company accounts for income taxes using the asset and liability method. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. The Company routinely assesses the realizability of deferred tax assets based on available positive and negative evidence including assumptions of future taxable income, tax planning strategies and other pertinent factors. A deferred tax asset valuation allowance is recorded when evidence indicates that it is more likely than not that all or a portion of these deferred tax assets will not be realized in a future period. The accounting rules for income tax uncertainties permit recognition of income tax benefits only when they are more likely than not to be realized. The Company includes potential penalties and interest for uncertain income tax positions in income tax expense. The Company’s results of operations were included in the consolidated federal income tax return of Murphy Oil prior to the separation, while in most cases, these results have been included in the various state tax returns of Murphy USA historically. For these financial statements, federal and state income taxes have been computed and recorded as if the Company filed separate federal and state income tax returns. Federal and state income tax benefits of operating losses generated are recognized to the extent that they could be expected to reduce federal income tax expense for the Company via a carryback to a previous year or carried forward for use in a subsequent year. The calculations of current and deferred income taxes, therefore, require use of certain assumptions, allocations and estimates that management believes are reasonable to reflect the Company’s income taxes as a stand-alone taxpayer. The Company has elected to classify any interest expense and penalties related to the underpayment of income taxes in Income tax expense in the Consolidated and Combined Income Statements. |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated Balance Sheets. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge, or decide that the contract is not a hedge, and therefore, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for use of the hedging instrument to manage the risk. See Note 14 and Note 17 for further information about the Company’s derivatives. |
Stock-Based Compensation | STOCK-BASED COMPENSATION – The fair value of awarded stock options, restricted stock, restricted stock units and performance stock units is determined based on a combination of management assumptions for awards issued. The Company uses the Black-Scholes option pricing model for computing the fair value of stock options. The primary assumptions made by management included the expected life of the stock option award and the expected volatility of the Company’s common stock prices. The Company uses both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of three years. The Company uses a Monte Carlo valuation model to determine the fair value of performance-based stock units that are based on performance compared against a peer group and the related expense is recognized over the three-year vesting period. Management estimates the number of all awards that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. |
Net Investment by Former Parent | NET INVESTMENT BY FORMER PARENT– The Net investment by former parent represented a net balance reflecting Murphy Oil’s initial investment in the Company and subsequent adjustments resulting from the operations of the Company and various transactions between the Company and Murphy Oil. The balance is the result of the Company’s participation in Murphy Oil’s centralized cash management program under which all the Company’s cash receipts were remitted to Murphy Oil and all cash disbursements are funded by Murphy Oil. The net balance included amounts due from or owed to Murphy Oil. Other transactions affecting the Net investment by Murphy Oil included general and administrative expenses incurred by Murphy Oil and allocated to the Company. There were no terms of settlement or interest charges associated with the Net investment by Murphy Oil balance. Changes in amounts owed to or due from Murphy Oil were included in financing activities in the Statements of Cash Flows. All transactions affecting the balance of this account ceased at the separation. |
Use of Estimates | USE OF ESTIMATES – In preparing the financial statements of the Company in conformity with U.S. GAAP, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. |
Discontinued Operations (Tables) |
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Hankinson Renewable Energy, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Results of Operations of Discontinued Operations | The results of operations associated with the Hankinson discontinued operations are presented in the following table.
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Hereford Production Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Results of Operations of Discontinued Operations | The following table presents financial results of the Hereford business:
The following tables present the aggregate carrying amounts of the classes of held for sale assets and liabilities:
The following table presents cash flow of the Hereford ethanol plant:
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Change in Accounting Principle (Tables) |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Adjustments from Change in Accounting Principle | For a summary of the adjustments, see below:
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventory | Inventories consisted of the following:
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Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment |
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Accounts Payable And Accrued Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | Trade accounts payable and accrued liabilities consisted of the following:
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | Long-term debt consisted of the following:
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Asset Retirement Obligations (ARO) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation | A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Effective Income Tax Rates | The components of income from continuing operations before income taxes for each of the three years ended December 31, 2015 and income tax expense (benefit) attributable thereto were as follows:
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Schedule of Reconciliation of Income Taxes to Statutory Rate | The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense.
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Summary of Deferred Tax Assets and Deferred Tax Liabilities | An analysis of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 showing the tax effects of significant temporary differences follows:
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Reconciliation of Beginning and Ending Liability for Uncertain Tax Positions | No uncertain tax position liabilities were recognized for the year ending December 31, 2013.
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Incentive Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amounts Recognized in Financial Statements with Respect to Share-Based Plans | Amounts recognized in the financial statements by the Company with respect to all share-based plans are shown in the following table. All expense prior to August 30, 2013 was incurred under the 2007 Plan and the 2012 Plan while all amounts after August 30, 2013 were incurred in the MUSA 2013 Plan and the Directors Plan.
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Summary of Changes in Stock Options Outstanding | Changes in options outstanding for Company employees during the period from August 30, 2013 to December 31, 2015 are presented in the following table:
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Summary of Additional Stock Option Information | Additional information about stock options outstanding at December 31, 2015 is shown below:
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MUSA 2013 Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Valuation Assumptions | Following are the assumptions used by the Company to value the original awards:
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Murphy Oil Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Valuation Assumptions | Following are the assumptions used originally by Murphy Oil to value the original awards.
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Restricted Stock Units [Member] | MUSA 2013 Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Unit Activity |
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Restricted Stock Units [Member] | 2013 Stock Plan For Non-Employee Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Unit Activity |
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Performance Units [Member] | MUSA 2013 Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Unit Activity |
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share Computations | The following table provides a reconciliation of basic and diluted earnings per share computations for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts):
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Other Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Revenues | Other operating revenues in the Consolidated and Combined Income Statements includes the following items:
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Summary of Changes in Operating Working Capital |
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Assets and Liabilities Measure at Fair Value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2015 and 2014. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes Cash and cash equivalents, Accounts receivable-trade, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Information by Business Segment |
|
Guarantor Subsidiaries (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet | CONSOLIDATING BALANCE SHEET
CONSOLIDATING BALANCE SHEET
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Consolidating Income Statement | CONSOLIDATING INCOME STATEMENT
CONSOLIDATING INCOME STATEMENT
CONSOLIDATED AND COMBINING INCOME STATEMENT
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Consolidating Statement of Cash Flow | CONSOLIDATING STATEMENT OF CASH FLOW
CONSOLIDATING STATEMENT OF CASH FLOWS
CONSOLIDATED AND COMBINING STATEMENT OF CASH FLOW
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Consolidating Statement of Changes in Equity | CONSOLIDATING STATEMENT OF CHANGES IN EQUITY
CONSOLIDATING STATEMENTS OF CHANGES IN EQUITY
CONSOLIDATED AND COMBINING STATEMENTS OF CHANGES IN EQUITY
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Supplemental Quarterly Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
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Related-Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transactions [Abstract] | |||
Insurance, benefits and incentive plan expenses, related party | $ 0 | $ 0 | $ 50,975 |
Interest income, related party | $ 0 | $ 0 | $ 1,080 |
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 19, 2013 |
Jan. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales proceeds | $ 93,765 | $ 1,097 | $ 173,118 | ||
Discontinued Operations, Disposed of by Sale [Member] | Hankinson Renewable Energy, LLC [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales proceeds | $ 170,000 | ||||
Working capital adjustments | $ 3,118 | $ 1,100 | |||
After-tax gain (loss) from disposal of refineries | $ 781 | $ 52,542 |
Discontinued Operations (Results of Operations of Hankinson) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Income (loss) from discontinued operations | $ 38,749 | $ 20,903 | $ 80,898 |
Discontinued Operations, Disposed of by Sale [Member] | Hankinson Renewable Energy, LLC [Member] | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Revenues | 0 | 366,707 | |
Income (loss) from operations before income taxes | 0 | 40,130 | |
Gain on sale before income taxes | 1,202 | 80,834 | |
Total income (loss) from discontinued operations before taxes | 1,202 | 120,964 | |
Provision for income taxes | 421 | 42,257 | |
Income (loss) from discontinued operations | $ 781 | $ 78,707 |
Discontinued Operations (Cash Flow Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | |||
Net cash provided by (used in) discontinued operating activities | $ (17,887) | $ 28,876 | $ 80,558 |
Hereford Production Facility [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | |||
Net cash provided by (used in) discontinued operating activities | (17,887) | 28,741 | 30,810 |
Net cash provided by (used in) discontinued investing activities | $ 86,322 | $ (4,918) | $ (1,959) |
Change in Accounting Principle (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | $ 12,685 | $ 10,543 |
Long-term debt | 490,160 | 488,250 |
Previous Accounting Method [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | 16,211 | 14,736 |
Long-term debt | 493,686 | 492,443 |
Effect of Change in Accounting Principle [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | (3,526) | (4,193) |
Long-term debt | $ (3,526) | $ (4,193) |
Inventories (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
|
Inventory Disclosure [Abstract] | |||
Excess of LIFO replacement cost over carrying value | $ 144,283 | $ 102,849 | |
Increase (decrease) of Income due to LIFO impact | $ 19,512 | $ (13,472) |
Inventories (Summary Of Inventory) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished products - FIFO basis | $ 159,774 | $ 200,272 |
Less LIFO - finished products | (102,849) | (144,283) |
Finished products - LIFO basis | 56,925 | 55,989 |
Store merchandise for resale | 94,925 | 98,712 |
Materials and supplies | 4,056 | 2,345 |
Total inventories | $ 155,906 | $ 157,046 |
Accounts Payable And Accrued Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Payables and Accruals [Abstract] | ||
Trade accounts payable | $ 226,769 | $ 227,113 |
Excise taxes/withholdings payable | 75,704 | 71,273 |
Accrued insurance obligations | 23,347 | 19,280 |
Other | 64,521 | 63,605 |
Accounts payable and accrued liabilities | $ 390,341 | $ 381,271 |
Long-Term Debt (Summary of Long-Term Debt) (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
Aug. 14, 2013 |
---|---|---|---|
Debt Instrument [Line Items] | |||
6% senior notes due 2023 (net of unamortized discount of $6,692 at 2015 and $7,557 at 2014) | $ 493,308,000 | $ 492,443,000 | $ 500,000,000 |
Less unamortized debt issuance costs | (3,526,000) | (4,193,000) | |
Total notes payable, net | 489,782,000 | 488,250,000 | |
Capitalized lease obligations, vehicles, due through 2018 | 600,000 | 0 | |
Less current maturities | (222,000) | 0 | |
Long-term debt | 490,160,000 | 488,250,000 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate (percent) | 6.00% | ||
Unamortized Discount | $ 6,692,000 | $ 7,557,000 | |
Senior Notes [Member] | 6% Senior Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate (percent) | 6.00% | 6.00% |
Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Asset Retirement Obligation Roll Forward | |||
Balance at beginning of period | $ 22,245 | $ 17,130 | |
Accretion expense | 1,521 | 1,200 | $ 1,096 |
Liabilities incurred | 579 | 3,915 | |
Balance at end of period | $ 24,345 | $ 22,245 | $ 17,130 |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Contingency [Line Items] | |||
Income tax expense, net benefits for interest and penalties | $ 651 | $ 1,143 | $ 0 |
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | 2012 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | 2008 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | 2011 |
Income Taxes (Schedule Of Components Of Income From Continuing Operations Before Income Taxes And Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Income (loss) from continuing operations before income taxes | $ 44,500 | $ 94,100 | $ 38,800 | $ 40,900 | $ 141,800 | $ 91,000 | $ 93,900 | $ 12,600 | $ 218,289 | $ 339,346 | $ 254,194 |
Federal - Current | 58,039 | 119,338 | 92,828 | ||||||||
Federal - Deferred | 15,853 | (382) | (9,067) | ||||||||
State - Current and deferred | 6,806 | (2,570) | 16,298 | ||||||||
Total | $ 80,698 | $ 116,386 | $ 100,059 |
Income Taxes (Schedule Of Reconciliation Of Income Taxes To Statutory Rate) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Income tax expense based on the U.S. statutory tax rate | $ 76,401 | $ 118,771 | $ 88,968 |
State income taxes, net of federal benefit | 4,424 | (1,671) | 10,594 |
Other, net | (127) | (714) | 497 |
Total | $ 80,698 | $ 116,386 | $ 100,059 |
Income Taxes (Summary Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred tax assets | ||
Property costs and asset retirement obligations | $ 2,666 | $ 2,157 |
Employee benefits | 9,647 | 9,712 |
Other deferred tax assets | 7,297 | 8,995 |
Total gross deferred tax assets | 19,610 | 20,864 |
Less valuation allowance | 0 | 0 |
Net deferred tax assets | 19,610 | 20,864 |
Deferred tax liabilities | ||
Accumulated depreciation and amortization | (157,322) | (133,535) |
State deferred taxes | (17,042) | (16,855) |
Other deferred tax liabilities | (8,211) | (8,837) |
Total gross deferred tax liabilities | (182,575) | (159,227) |
Net deferred tax liabilities | $ (162,965) | $ (138,363) |
Income Taxes (Reconciliation of Beginning and Ending Liability For Uncertain Tax Positions) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $ 6,101 | $ 0 |
Additions for tax positions related to prior year | 222 | 10,086 |
Additions for tax positions related to current year | 0 | 77 |
Settlements with taxing authorities | 0 | (1,563) |
Expiration of statutes of limitation | (873) | (2,499) |
Balance at December 31 | $ 5,450 | $ 6,101 |
Incentive Plans (Schedule of Share-Based Plan Amounts Recognized) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation charged against income before income tax benefit | $ 9,015 | $ 10,435 | $ 9,391 |
Related income tax benefit recognized in income | $ 3,155 | $ 3,652 | $ 3,287 |
Incentive Plans (Summary of Changes in Stock Options Outstanding) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2014
$ / shares
shares
|
|
Number of Shares | ||
Beginning balance | shares | 660,635 | 621,149 |
Granted at FMV | shares | 72,350 | 127,400 |
Exercised | shares | (236,620) | (74,766) |
Forfeited | shares | (30,609) | (13,148) |
Ending balance | shares | 465,756 | 660,635 |
Average Exercise Price (in dollars per share) | ||
Beginning balance | $ / shares | $ 36.00 | $ 35.13 |
Granted at FMV | $ / shares | 70.57 | 39.46 |
Exercised | $ / shares | 33.80 | 34.21 |
Forfeited | $ / shares | 40.21 | 38.36 |
Ending balance | $ / shares | $ 42.22 | $ 36.00 |
Exercisable (in shares) | shares | 127,077 | 88,445 |
Shares exercisable, average exercise price (in dollars per share) | $ / shares | $ 36.71 | $ 34.54 |
Employee and Retiree Benefit Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Thrift Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company matching contribution (percent) | 100.00% | ||
Employee's maximum contribution matched by Company (percent) | 6.00% | ||
Profit sharing percentage 1 | 5.00% | ||
Profit sharing percentage 2 | 7.00% | ||
Profit sharing percentage 3 | 9.00% | ||
Profit sharing contributions | $ 9,216 | $ 8,879 | $ 4,567 |
Profit Sharing Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Profit sharing contributions | $ 1,848 | $ 1,848 | $ 1,861 |
Financial Instruments and Risk Management (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash deposits related to commodity derivative contracts | $ 1.6 | $ 2.8 |
Earnings Per Share (Narrative) (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Aug. 30, 2013 |
May. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Equity, Class of Treasury Stock [Line Items] | ||||
Issuance of stock at the separation and distribution, shares | 46,743,316 | |||
Stock repurchase program, shares acquired | 5,088,434 | 1,056,689 | ||
May 2014 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, approved amount | $ 50,000,000 | |||
Stock repurchase program, shares acquired | 1,040,636 | |||
Stock repurchase program, average price per share (in dollars per share) | $ 48.07 | |||
Two Hundred Fifty Million Dollar Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, approved amount | $ 250,000,000 | |||
Stock repurchase program, shares acquired | 4,196,349 | |||
Stock repurchase program, average price per share (in dollars per share) | $ 59.58 |
Earnings Per Share (Reconciliation of Basic and Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 29,200 | $ 60,000 | $ 24,800 | $ 23,600 | $ 94,400 | $ 56,600 | $ 64,400 | $ 7,600 | $ 137,591 | $ 222,960 | $ 154,135 |
Income (loss) from discontinued operations, net of income taxes | 38,749 | 20,903 | 80,898 | ||||||||
Net Income | $ 66,700 | $ 60,500 | $ 26,200 | $ 22,900 | $ 98,400 | $ 62,700 | $ 73,200 | $ 9,600 | $ 176,340 | $ 243,863 | $ 235,033 |
Earnings per share - basic: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ 0.70 | $ 1.41 | $ 0.56 | $ 0.52 | $ 2.06 | $ 1.24 | $ 1.39 | $ 0.16 | $ 3.17 | $ 4.84 | $ 3.30 |
Income (loss) from discontinued operations (in dollars per share) | 0.89 | 0.45 | 1.73 | ||||||||
Net income - basic (in dollars per share) | 1.60 | 1.42 | 0.59 | 0.50 | 2.15 | 1.35 | 1.58 | 0.21 | $ 4.06 | $ 5.29 | $ 5.03 |
Weighted-average shares outstanding (in thousands): | |||||||||||
Weighted average common shares outstanding (in shares) | 43,434 | 46,104 | 46,743 | ||||||||
Dilutive options (in shares) | 360 | 313 | 115 | ||||||||
Weighted average common shares outstanding - assuming dilution (in shares) | 43,794 | 46,417 | 46,858 | ||||||||
Earnings per share - diluted: | |||||||||||
Income from continuing operations (in dollars per share) | 0.69 | 1.40 | 0.56 | 0.51 | 2.04 | 1.23 | 1.38 | 0.16 | $ 3.14 | $ 4.81 | $ 3.29 |
Income (loss) from discontinued operations (in dollars per share) | 0.88 | 0.45 | 1.73 | ||||||||
Net income - diluted (in dollars per share) | $ 1.58 | $ 1.41 | $ 0.59 | $ 0.50 | $ 2.13 | $ 1.35 | $ 1.57 | $ 0.21 | $ 4.02 | $ 5.26 | $ 5.02 |
Other Financial Information (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Financial Information [Abstract] | |||
Income taxes paid, net of refunds | $ 113,520 | $ 158,063 | $ 47,757 |
Interest paid | $ 31,798 | $ 34,019 | 1,647 |
Noncash reductions to net parent investment related to settlement of income taxes | $ 453 |
Other Financial Information (Schedule Of Ethanol Sales And Other Revenue) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Financial Information [Abstract] | |||
Renewable Identification Numbers (RINs) sales | $ 117,513 | $ 92,916 | $ 91,391 |
Other | 3,321 | 3,193 | 2,907 |
Total other operating revenue | $ 120,834 | $ 96,109 | $ 94,298 |
Other Financial Information (Summary Of Changes In Operating Working Capital) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Financial Information [Abstract] | |||
Accounts receivable | $ 2,857 | $ 59,519 | $ 325,063 |
Inventories | 1,121 | 750 | 4,011 |
Prepaid expenses and other current assets | (27,107) | 477 | (7,755) |
Accounts payable and accrued liabilities | 1,043 | (53,234) | (271,379) |
Income taxes payable | (25,599) | (37,325) | 6,892 |
Current deferred income tax liabilities | 1,099 | (6,662) | (5,628) |
Net decrease (increase) in noncash operating working capital | $ (46,586) | $ (36,475) | $ 51,204 |
Assets and Liabilities Measure at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Current and long-term debt, carrying value | $ (490,382) | $ (488,250) |
Current and long-term debt, fair value | $ (511,916) | $ (510,344) |
Commitments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Expected future rental payments under operating leases in 2016 | $ 23,642 | ||
Expected future rental payments under operating leases in 2017 | 10,079 | ||
Expected future rental payments under operating leases in 2018 | 9,658 | ||
Expected future rental payments under operating leases in 2019 | 9,704 | ||
Expected future rental payments under operating leases in 2020 | 9,519 | ||
Rental expense for noncancelable operating leases | 22,418 | $ 8,528 | $ 7,139 |
Operating lease expense related to discontinued operations | 2,660 | $ 2,905 | $ 9,641 |
Capital Addition Purchase Commitments [Member] | |||
Other Commitments [Line Items] | |||
Commitments for capital expenditures | 220,630 | ||
Construction in Progress [Member] | |||
Other Commitments [Line Items] | |||
Commitments for capital expenditures | 179,900 | ||
Building Improvements [Member] | |||
Other Commitments [Line Items] | |||
Commitments for capital expenditures | $ 6,052 |
Contingencies (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
site
| |
Commitments and Contingencies Disclosure [Abstract] | |
Number of Superfund sites for which company may be liable | site | 1 |
Name of plaintiff | Freeny |
Parties jointly and severally liable in litigation | Murphy Oil Corporation and Murphy Oil USA, Inc. |
Allegations | the plaintiffs allege that the Company has infringed on their electronic pricing system patent. |
Trial or alternative dispute resolution | At trial, and before any judgment was entered for any party, a settlement was reached between the parties and the case was dismissed. The settlement agreement resulted in the Company paying an immaterial amount to the plaintiffs for a license to use their patents for past and future periods |
Workers' compensation deductible (per occurrence) | $ 1,000,000 |
Workers' compensation accrued liability | 18,000,000 |
Outstanding letters of credit | 17,800,000 |
Liability accrued | $ 0 |
Guarantor Subsidiaries (Narrative) (Details) |
Aug. 14, 2013 |
---|---|
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Interest rate (percent) | 6.00% |
Guarantor Subsidiaries (Consolidating Balance Sheet Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2013 |
---|---|---|---|
Guarantor Subsidiaries [Abstract] | |||
Accounts receivable - trade, allowance for doubtful accounts | $ 1,963 | $ 4,456 | |
Property, plant and equipment, accumulated depreciation and amortization | $ 724,486 | $ 663,067 | |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized | 20,000,000 | 20,000,000 | |
Preferred stock shares outstanding | 0 | 0 | |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 200,000,000 | 200,000,000 | |
Common stock shares issued | 46,767,164 | 46,767,164 | |
Treasury stock, shares | 5,088,434 | 1,056,689 |
Guarantor Subsidiaries (Consolidating Statement Of Cash Flow) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Activities | |||||||||||
Net income | $ 66,700 | $ 60,500 | $ 26,200 | $ 22,900 | $ 98,400 | $ 62,700 | $ 73,200 | $ 9,600 | $ 176,340 | $ 243,863 | $ 235,033 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
(Income) loss from discontinued operations, net of taxes | (38,749) | (20,903) | (80,898) | ||||||||
Depreciation and amortization | 86,568 | 79,087 | 74,053 | ||||||||
Deferred and noncurrent income tax charges (credits) | 40,556 | (4,403) | (11,568) | ||||||||
Accretion on discounted liabilities | 1,521 | 1,200 | 1,096 | ||||||||
Pretax (gains) losses from sale of assets | 4,658 | (194) | (5,995) | ||||||||
Net decrease (increase) in noncash operating working capital | (46,586) | (36,475) | 51,204 | ||||||||
Equity in earnings | 0 | 0 | 0 | ||||||||
Other operating activities - net | 9,417 | 14,531 | 13,215 | ||||||||
Net cash provided by (used in) continuing operations | 233,725 | 276,706 | 276,140 | ||||||||
Net cash provided by (used in) discontinued operations | (17,887) | 28,876 | 80,558 | ||||||||
Net cash provided by operating activities | 215,838 | 305,582 | 356,698 | ||||||||
Investing Activities | |||||||||||
Property additions | (205,225) | (135,339) | (163,303) | ||||||||
Proceeds from sale of assets | 729 | 376 | 6,113 | ||||||||
Changes in restricted cash | (68,571) | 0 | 0 | ||||||||
Other investing activities - net | (2,889) | (10,631) | 52 | ||||||||
Sales proceeds | 93,765 | 1,097 | 173,118 | ||||||||
Other | (7,443) | (4,918) | (3,088) | ||||||||
Net cash provided by (required by) investing activities | (189,634) | (149,415) | 12,892 | ||||||||
Financing Activities | |||||||||||
Purchase of treasury stock | (248,695) | (51,348) | 0 | ||||||||
Repayments of long-term debt | (146) | (70,000) | (81,170) | ||||||||
Additions to long-term debt | 0 | 0 | 641,250 | ||||||||
Cash dividend to former parent | 0 | 0 | (650,000) | ||||||||
Debt issuance costs | (58) | (875) | (6,693) | ||||||||
Amounts related to share-based compensation | (3,075) | (580) | 0 | ||||||||
Net distributions to former parent | 0 | 0 | (35,609) | ||||||||
Net cash required by financing activities | (251,974) | (122,803) | (132,222) | ||||||||
Net increase in cash and cash equivalents | (225,770) | 33,364 | 237,368 | ||||||||
Cash and cash equivalents at January 1 | 328,105 | 294,741 | 328,105 | 294,741 | 57,373 | ||||||
Cash and cash equivalents at December 31 | 102,335 | 328,105 | 102,335 | 328,105 | 294,741 | ||||||
Less: Cash and cash equivalents held for sale | 0 | 942 | 0 | 942 | 0 | ||||||
Cash and cash equivalents | 102,335 | 327,163 | 102,335 | 327,163 | 294,741 | ||||||
Eliminations [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | (92,130) | (440,963) | 0 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
(Income) loss from discontinued operations, net of taxes | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred and noncurrent income tax charges (credits) | 0 | 0 | 0 | ||||||||
Accretion on discounted liabilities | 0 | 0 | 0 | ||||||||
Pretax (gains) losses from sale of assets | 0 | 0 | 0 | ||||||||
Net decrease (increase) in noncash operating working capital | 0 | 0 | 0 | ||||||||
Equity in earnings | 92,130 | 440,963 | 0 | ||||||||
Other operating activities - net | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) continuing operations | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Investing Activities | |||||||||||
Property additions | 0 | 0 | 0 | ||||||||
Proceeds from sale of assets | 0 | 0 | 0 | ||||||||
Changes in restricted cash | 0 | ||||||||||
Other investing activities - net | 0 | 0 | 0 | ||||||||
Sales proceeds | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by (required by) investing activities | 0 | 0 | 0 | ||||||||
Financing Activities | |||||||||||
Purchase of treasury stock | 0 | 0 | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Additions to long-term debt | 0 | 0 | 0 | ||||||||
Cash dividend to former parent | 0 | ||||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Amounts related to share-based compensation | 0 | 0 | 0 | ||||||||
Net distributions to former parent | 0 | 0 | 0 | ||||||||
Net cash required by financing activities | 0 | 0 | 0 | ||||||||
Net increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at January 1 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at December 31 | 0 | 0 | 0 | 0 | 0 | ||||||
Less: Cash and cash equivalents held for sale | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||||||
Parent Company [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | 176,340 | 351,439 | 0 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
(Income) loss from discontinued operations, net of taxes | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred and noncurrent income tax charges (credits) | 0 | 0 | 0 | ||||||||
Accretion on discounted liabilities | 0 | 0 | 0 | ||||||||
Pretax (gains) losses from sale of assets | 0 | 0 | 0 | ||||||||
Net decrease (increase) in noncash operating working capital | 0 | 0 | 0 | ||||||||
Equity in earnings | (176,340) | (351,439) | 0 | ||||||||
Other operating activities - net | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) continuing operations | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Investing Activities | |||||||||||
Property additions | 0 | 0 | 0 | ||||||||
Proceeds from sale of assets | 0 | 0 | 0 | ||||||||
Changes in restricted cash | 0 | ||||||||||
Other investing activities - net | 0 | 0 | 0 | ||||||||
Sales proceeds | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by (required by) investing activities | 0 | 0 | 0 | ||||||||
Financing Activities | |||||||||||
Purchase of treasury stock | (248,695) | (51,348) | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Additions to long-term debt | 0 | 0 | 0 | ||||||||
Cash dividend to former parent | 0 | ||||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Amounts related to share-based compensation | 0 | 0 | 0 | ||||||||
Net distributions to former parent | 248,695 | 51,348 | 0 | ||||||||
Net cash required by financing activities | 0 | 0 | 0 | ||||||||
Net increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at January 1 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at December 31 | 0 | 0 | 0 | 0 | 0 | ||||||
Less: Cash and cash equivalents held for sale | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||||||
Issuer [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | 114,861 | 312,485 | 154,136 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
(Income) loss from discontinued operations, net of taxes | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 86,568 | 79,087 | 74,053 | ||||||||
Deferred and noncurrent income tax charges (credits) | 40,556 | (4,403) | (11,568) | ||||||||
Accretion on discounted liabilities | 1,521 | 1,200 | 1,096 | ||||||||
Pretax (gains) losses from sale of assets | 4,658 | (194) | (5,995) | ||||||||
Net decrease (increase) in noncash operating working capital | (46,586) | (36,475) | 51,204 | ||||||||
Equity in earnings | 22,731 | (89,524) | 0 | ||||||||
Other operating activities - net | 9,417 | 14,531 | 13,215 | ||||||||
Net cash provided by (used in) continuing operations | 233,726 | 276,707 | 276,141 | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 233,726 | 276,707 | 276,141 | ||||||||
Investing Activities | |||||||||||
Property additions | (205,225) | (135,339) | (163,303) | ||||||||
Proceeds from sale of assets | 729 | 376 | 6,113 | ||||||||
Changes in restricted cash | (68,571) | ||||||||||
Other investing activities - net | (2,889) | (10,631) | 52 | ||||||||
Sales proceeds | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by (required by) investing activities | (275,956) | (145,594) | (157,138) | ||||||||
Financing Activities | |||||||||||
Purchase of treasury stock | 0 | 0 | 0 | ||||||||
Repayments of long-term debt | (146) | (70,000) | (80,000) | ||||||||
Additions to long-term debt | 0 | 0 | 641,250 | ||||||||
Cash dividend to former parent | (650,000) | ||||||||||
Debt issuance costs | (58) | (875) | (6,693) | ||||||||
Amounts related to share-based compensation | (3,075) | (580) | 0 | ||||||||
Net distributions to former parent | (179,319) | (27,236) | 213,808 | ||||||||
Net cash required by financing activities | (182,598) | (98,691) | 118,365 | ||||||||
Net increase in cash and cash equivalents | (224,828) | 32,422 | 237,368 | ||||||||
Cash and cash equivalents at January 1 | 327,163 | 294,741 | 327,163 | 294,741 | 57,373 | ||||||
Cash and cash equivalents at December 31 | 102,335 | 327,163 | 102,335 | 327,163 | 294,741 | ||||||
Less: Cash and cash equivalents held for sale | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents | 102,335 | 327,163 | 102,335 | 327,163 | 294,741 | ||||||
Guarantor Subsidiaries [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | (1) | (1) | (1) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
(Income) loss from discontinued operations, net of taxes | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred and noncurrent income tax charges (credits) | 0 | 0 | 0 | ||||||||
Accretion on discounted liabilities | 0 | 0 | 0 | ||||||||
Pretax (gains) losses from sale of assets | 0 | 0 | 0 | ||||||||
Net decrease (increase) in noncash operating working capital | 0 | 0 | 0 | ||||||||
Equity in earnings | 0 | 0 | 0 | ||||||||
Other operating activities - net | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) continuing operations | (1) | (1) | (1) | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | (1) | (1) | (1) | ||||||||
Investing Activities | |||||||||||
Property additions | 0 | 0 | 0 | ||||||||
Proceeds from sale of assets | 0 | 0 | 0 | ||||||||
Changes in restricted cash | 0 | ||||||||||
Other investing activities - net | 0 | 0 | 0 | ||||||||
Sales proceeds | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by (required by) investing activities | 0 | 0 | 0 | ||||||||
Financing Activities | |||||||||||
Purchase of treasury stock | 0 | 0 | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Additions to long-term debt | 0 | 0 | 0 | ||||||||
Cash dividend to former parent | 0 | ||||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Amounts related to share-based compensation | 0 | 0 | 0 | ||||||||
Net distributions to former parent | 1 | 1 | 1 | ||||||||
Net cash required by financing activities | 1 | 1 | 1 | ||||||||
Net increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at January 1 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at December 31 | 0 | 0 | 0 | 0 | 0 | ||||||
Less: Cash and cash equivalents held for sale | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | (22,730) | 20,903 | 80,898 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
(Income) loss from discontinued operations, net of taxes | (38,749) | (20,903) | (80,898) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Deferred and noncurrent income tax charges (credits) | 0 | 0 | 0 | ||||||||
Accretion on discounted liabilities | 0 | 0 | 0 | ||||||||
Pretax (gains) losses from sale of assets | 0 | 0 | 0 | ||||||||
Net decrease (increase) in noncash operating working capital | 0 | 0 | 0 | ||||||||
Equity in earnings | 61,479 | 0 | 0 | ||||||||
Other operating activities - net | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) continuing operations | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) discontinued operations | (17,887) | 28,876 | 80,558 | ||||||||
Net cash provided by operating activities | (17,887) | 28,876 | 80,558 | ||||||||
Investing Activities | |||||||||||
Property additions | 0 | 0 | 0 | ||||||||
Proceeds from sale of assets | 0 | 0 | 0 | ||||||||
Changes in restricted cash | 0 | ||||||||||
Other investing activities - net | 0 | 0 | 0 | ||||||||
Sales proceeds | 93,765 | 1,097 | 173,118 | ||||||||
Other | (7,443) | (4,918) | (3,088) | ||||||||
Net cash provided by (required by) investing activities | 86,322 | (3,821) | 170,030 | ||||||||
Financing Activities | |||||||||||
Purchase of treasury stock | 0 | 0 | 0 | ||||||||
Repayments of long-term debt | 0 | 0 | (1,170) | ||||||||
Additions to long-term debt | 0 | 0 | 0 | ||||||||
Cash dividend to former parent | 0 | ||||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Amounts related to share-based compensation | 0 | 0 | 0 | ||||||||
Net distributions to former parent | (69,377) | (24,113) | (249,418) | ||||||||
Net cash required by financing activities | (69,377) | (24,113) | (250,588) | ||||||||
Net increase in cash and cash equivalents | (942) | 942 | 0 | ||||||||
Cash and cash equivalents at January 1 | $ 942 | $ 0 | 942 | 0 | 0 | ||||||
Cash and cash equivalents at December 31 | 0 | 942 | 0 | 942 | 0 | ||||||
Less: Cash and cash equivalents held for sale | 0 | 942 | 0 | 942 | 0 | ||||||
Cash and cash equivalents | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Guarantor Subsidiaries (Consolidating Statement Of Changes In Equity) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | $ 858,705 | $ 656,336 | $ 858,705 | $ 656,336 | $ 1,104,451 | ||||||
Repurchase of common stock | (248,695) | (51,348) | |||||||||
Issuance of common stock | 1 | ||||||||||
Amounts related to share-based compensation | (3,075) | (582) | |||||||||
Share-based compensation expense | 9,015 | 10,435 | 2,914 | ||||||||
Net income | $ 66,700 | $ 60,500 | $ 26,200 | 22,900 | $ 98,400 | $ 62,700 | $ 73,200 | 9,600 | 176,340 | 243,863 | 235,033 |
Dividend paid to former parent | (650,000) | ||||||||||
Net transfers to/between former parent | (36,062) | ||||||||||
Balance | 792,290 | 858,705 | 792,290 | 858,705 | 656,336 | ||||||
Common Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 468 | 467 | 468 | 467 | 0 | ||||||
Issuance of common stock | 1 | ||||||||||
Issuance of stock at the separation and distribution | 467 | ||||||||||
Balance | 468 | 468 | 468 | 468 | 467 | ||||||
Treasury Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | (51,073) | 0 | (51,073) | 0 | 0 | ||||||
Issuance of common stock | 5,629 | 275 | |||||||||
Repurchase of common stock | (248,695) | (51,348) | |||||||||
Balance | (294,139) | (51,073) | (294,139) | (51,073) | 0 | ||||||
APIC [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 557,871 | 548,293 | 557,871 | 548,293 | 0 | ||||||
Issuance of common stock | (5,629) | (275) | |||||||||
Amounts related to share-based compensation | (3,075) | (582) | |||||||||
Reclassification of net parent investment to APIC | 545,846 | ||||||||||
Share-based compensation expense | 9,015 | 10,435 | 2,914 | ||||||||
Issuance of stock at the separation and distribution | (467) | ||||||||||
Balance | 558,182 | 557,871 | 558,182 | 557,871 | 548,293 | ||||||
Net Parent Investment [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 0 | 0 | 0 | 0 | 1,104,451 | ||||||
Reclassification of net parent investment to APIC | (545,846) | ||||||||||
Net income | 127,457 | ||||||||||
Dividend paid to former parent | (650,000) | ||||||||||
Net transfers to/between former parent | (36,062) | ||||||||||
Balance | 0 | 0 | 0 | 0 | 0 | ||||||
Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 351,439 | 107,576 | 351,439 | 107,576 | 0 | ||||||
Net income | 176,340 | 243,863 | 107,576 | ||||||||
Balance | 527,779 | 351,439 | 527,779 | 351,439 | 107,576 | ||||||
Eliminations [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | (1,757,540) | (1,757,540) | |||||||||
Net income | (92,130) | (440,963) | 0 | ||||||||
Balance | (1,901,538) | (1,757,540) | (1,901,538) | (1,757,540) | |||||||
Eliminations [Member] | Common Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | (61) | (61) | (61) | (61) | 0 | ||||||
Issuance of stock at the separation and distribution | (61) | ||||||||||
Balance | (61) | (61) | (61) | (61) | (61) | ||||||
Eliminations [Member] | APIC [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | (1,316,516) | (1,316,516) | (1,316,516) | (1,316,516) | 0 | ||||||
Reclassification of equity | (51,866) | ||||||||||
Reclassification of net parent investment to APIC | (1,316,516) | ||||||||||
Balance | (1,368,382) | (1,316,516) | (1,368,382) | (1,316,516) | (1,316,516) | ||||||
Eliminations [Member] | Net Parent Investment [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 0 | 0 | (190,461) | ||||||||
Reclassification of net parent investment to APIC | 190,461 | ||||||||||
Balance | 0 | ||||||||||
Eliminations [Member] | Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | (440,963) | (440,963) | |||||||||
Net income | (92,130) | (440,963) | |||||||||
Balance | (533,093) | (440,963) | (533,093) | (440,963) | |||||||
Parent Company [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 1,528,929 | 1,528,929 | |||||||||
Net income | 176,340 | 351,439 | 0 | ||||||||
Balance | 1,456,573 | 1,528,929 | 1,456,573 | 1,528,929 | |||||||
Parent Company [Member] | Common Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 468 | 467 | 468 | 467 | 0 | ||||||
Issuance of common stock | 1 | ||||||||||
Issuance of stock at the separation and distribution | 467 | ||||||||||
Balance | 468 | 468 | 468 | 468 | 467 | ||||||
Parent Company [Member] | Treasury Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | (51,073) | (51,073) | |||||||||
Issuance of common stock | 5,629 | 275 | |||||||||
Repurchase of common stock | (248,695) | (51,348) | |||||||||
Balance | (294,139) | (51,073) | (294,139) | (51,073) | |||||||
Parent Company [Member] | APIC [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 1,228,095 | 1,228,370 | 1,228,095 | 1,228,370 | 0 | ||||||
Issuance of common stock | (5,629) | (275) | |||||||||
Reclassification of net parent investment to APIC | 1,228,370 | ||||||||||
Balance | 1,222,466 | 1,228,095 | 1,222,466 | 1,228,095 | 1,228,370 | ||||||
Parent Company [Member] | Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 351,439 | 351,439 | |||||||||
Net income | 176,340 | 351,439 | |||||||||
Balance | 527,779 | 351,439 | 527,779 | 351,439 | |||||||
Issuer [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 910,051 | 910,051 | |||||||||
Net income | 114,861 | 312,485 | 154,136 | ||||||||
Balance | 1,030,855 | 910,051 | 1,030,855 | 910,051 | |||||||
Issuer [Member] | Common Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 1 | 1 | 1 | 1 | 0 | ||||||
Issuance of stock at the separation and distribution | 1 | ||||||||||
Balance | 1 | 1 | 1 | 1 | 1 | ||||||
Issuer [Member] | APIC [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 558,611 | 548,758 | 558,611 | 548,758 | 0 | ||||||
Amounts related to share-based compensation | (3,075) | (582) | |||||||||
Reclassification of net parent investment to APIC | 546,311 | ||||||||||
Share-based compensation expense | 9,015 | 10,435 | 2,914 | ||||||||
Issuance of stock at the separation and distribution | (467) | ||||||||||
Balance | 564,551 | 558,611 | 564,551 | 558,611 | 548,758 | ||||||
Issuer [Member] | Net Parent Investment [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 0 | 0 | 1,123,467 | ||||||||
Reclassification of net parent investment to APIC | (552,073) | ||||||||||
Net income | 114,668 | ||||||||||
Dividend paid to former parent | (650,000) | ||||||||||
Net transfers to/between former parent | (36,062) | ||||||||||
Balance | 0 | ||||||||||
Issuer [Member] | Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 351,439 | 38,954 | 351,439 | 38,954 | 0 | ||||||
Net income | 114,861 | 312,485 | 38,954 | ||||||||
Balance | 466,300 | 351,439 | 466,300 | 351,439 | 38,954 | ||||||
Guarantor Subsidiaries [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 52,063 | 52,063 | |||||||||
Net income | (1) | (1) | (1) | ||||||||
Balance | 52,062 | 52,063 | 52,062 | 52,063 | |||||||
Guarantor Subsidiaries [Member] | Common Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 60 | 60 | 60 | 60 | 0 | ||||||
Issuance of stock at the separation and distribution | 60 | ||||||||||
Balance | 60 | 60 | 60 | 60 | 60 | ||||||
Guarantor Subsidiaries [Member] | APIC [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 52,004 | 52,004 | 52,004 | 52,004 | 0 | ||||||
Reclassification of net parent investment to APIC | 52,004 | ||||||||||
Balance | 52,004 | 52,004 | 52,004 | 52,004 | 52,004 | ||||||
Guarantor Subsidiaries [Member] | Net Parent Investment [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 0 | 0 | 53,895 | ||||||||
Reclassification of net parent investment to APIC | (53,895) | ||||||||||
Balance | 0 | ||||||||||
Guarantor Subsidiaries [Member] | Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | (1) | (1) | |||||||||
Net income | (1) | (1) | |||||||||
Balance | (2) | (1) | (2) | (1) | |||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 125,202 | 125,202 | |||||||||
Net income | (22,730) | 20,903 | 80,898 | ||||||||
Balance | 154,338 | 125,202 | 154,338 | 125,202 | |||||||
Non-Guarantor Subsidiaries [Member] | APIC [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 35,677 | 35,677 | 35,677 | 35,677 | 0 | ||||||
Reclassification of equity | 51,866 | ||||||||||
Reclassification of net parent investment to APIC | 35,677 | ||||||||||
Balance | 87,543 | 35,677 | 87,543 | 35,677 | 35,677 | ||||||
Non-Guarantor Subsidiaries [Member] | Net Parent Investment [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 0 | 0 | 117,550 | ||||||||
Reclassification of net parent investment to APIC | (130,339) | ||||||||||
Net income | 12,789 | ||||||||||
Balance | 0 | ||||||||||
Non-Guarantor Subsidiaries [Member] | Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | $ 89,525 | $ 68,622 | 89,525 | 68,622 | 0 | ||||||
Net income | (22,730) | 20,903 | 68,622 | ||||||||
Balance | $ 66,795 | $ 89,525 | $ 66,795 | $ 89,525 | $ 68,622 |
Supplemental Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales and other operating revenues | $ 2,928,200 | $ 3,382,500 | $ 3,468,000 | $ 2,920,700 | $ 3,554,000 | $ 4,622,600 | $ 4,693,900 | $ 4,115,500 | $ 12,699,411 | $ 16,986,014 | $ 17,814,081 |
Income from continuing operations before income taxes | 44,500 | 94,100 | 38,800 | 40,900 | 141,800 | 91,000 | 93,900 | 12,600 | 218,289 | 339,346 | 254,194 |
Income from continuing operations | 29,200 | 60,000 | 24,800 | 23,600 | 94,400 | 56,600 | 64,400 | 7,600 | 137,591 | 222,960 | 154,135 |
Net income | $ 66,700 | $ 60,500 | $ 26,200 | $ 22,900 | $ 98,400 | $ 62,700 | $ 73,200 | $ 9,600 | $ 176,340 | $ 243,863 | $ 235,033 |
Income from continuing operations (per Common share) | |||||||||||
Income from continuing operations - basic (in dollars per share) | $ 0.70 | $ 1.41 | $ 0.56 | $ 0.52 | $ 2.06 | $ 1.24 | $ 1.39 | $ 0.16 | $ 3.17 | $ 4.84 | $ 3.30 |
Income from continuing operations - diluted (in dollars per share) | 0.69 | 1.40 | 0.56 | 0.51 | 2.04 | 1.23 | 1.38 | 0.16 | 3.14 | 4.81 | 3.29 |
Net income (per Common share) | |||||||||||
Net income - basic (in dollars per share) | 1.60 | 1.42 | 0.59 | 0.50 | 2.15 | 1.35 | 1.58 | 0.21 | 4.06 | 5.29 | 5.03 |
Net income - diluted (in dollars per share) | 1.58 | 1.41 | 0.59 | 0.50 | 2.13 | 1.35 | 1.57 | 0.21 | 4.02 | 5.26 | $ 5.02 |
Market price of Common stock | |||||||||||
High (in dollars per share) | 65.09 | 57.40 | 73.47 | 73.48 | 69.37 | 55.64 | 52.34 | 43.25 | 73.48 | 69.37 | |
Low (in dollars per share) | $ 54.17 | $ 48.70 | $ 55.82 | $ 66.82 | $ 49.63 | $ 47.26 | $ 39.96 | $ 37.55 | $ 48.70 | $ 37.55 |
Schedule II - Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1, | $ 4,456 | $ 4,576 | $ 5,835 |
Charged (Credited) to Expense | 0 | 0 | 0 |
Deductions | (2,493) | (120) | (1,259) |
Balance at December 31, | $ 1,963 | $ 4,456 | $ 4,576 |
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