Guarantor Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2013

Consolidating And Combining Balance Sheets

CONSOLIDATING BALANCE SHEET


(Thousands of dollars)
	December 31, 2013
Assets		Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Current assets
Cash and cash equivalents		$	-	$	294,741	$	-	$	-	$	-	$	294,741
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2013			-		191,904		-		1,277		-		193,181
Inventories, at lower of cost or market			-		157,795		-		21,260		-		179,055
Prepaid expenses and other current assets			-		12,217		-		3,222		-		15,439
Total current assets			-		656,657		-		25,759		-		682,416
Property, plant and equipment, at cost less accumulated depreciation and amortization			-		1,189,082		-		1,641		-		1,190,723
Investments in subsidiaries			1,228,837		-						(1,228,837)		-
Deferred charges and other assets			-		95,604		-		239		(87,740)		8,103
Total assets		$	1,228,837	$	1,941,343	$	-	$	27,639	$	(1,316,577)	$	1,881,242

Liabilities and Stockholders' Equity/Net Investment
Current liabilities
Current maturities of long-term debt		$	-	$	14,000	$	-	$	-	$	-	$	14,000
Inter-company accounts payable					119,366		(52,107)		(67,259)				-
Trade accounts payable and accrued liabilities			-		429,763		-		3,465		-		433,228
Income taxes payable			-		71,450		43		653		-		72,146
Deferred income taxes			-		7,143		-		-		-		7,143
Total current liabilities			-		641,722		(52,064)		(63,141)		-		526,517
Long-term debt			-		547,578		-		-		-		547,578
Deferred income taxes			-		128,451		-		(13,519)		-		114,932
Asset retirement obligations			-		17,130		-		-		-		17,130
Deferred credits and other liabilities			-		18,749		-		-		-		18,749
Total liabilities			-		1,353,630		(52,064)		(76,660)		-		1,224,906

Stockholders' Equity/Net Investment
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding)			-		-		-		-		-		-
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,746,633 shares issued and outstanding at December 31, 2013)			467		1		60		-		(61)		467
Additional paid in capital (APIC)			1,228,370		548,758		52,004		35,677		(1,316,516)		548,293
Net investment by parent			-		-		-		-		-		-
Retained earnings			-		38,954		-		68,622		-		107,576
Total stockholders' equity/net investment			1,228,837		587,713		52,064		104,299		(1,316,577)		656,336
Total liabilities and stockholders' equity/net investment		$	1,228,837	$	1,941,343	$	-	$	27,639	$	(1,316,577)	$	1,881,242

COMBINING BALANCE SHEET


(Thousands of dollars)
	December 31, 2012
Assets			Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined
Current assets
Cash and cash equivalents		$	57,373	$	-	$	-	$	-	$	57,373
Accounts receivable—trade, less allowance for doubtful accounts of $4,576 in 2012			516,968		-		12,055		-		529,023
Inventories, at lower of cost or market			161,806		-		55,588		-		217,394
Prepaid expenses and other current assets			4,461		-		13,711		-		18,172
Total current assets			740,608		-		81,354		-		821,962
Property, plant and equipment, at cost less accumulated depreciation and amortization			1,084,684		-		85,276		-		1,169,960
Investments in subsidiaries
Deferred charges and other assets			86,199		-		104,805		(190,461)		543
Total assets		$	1,911,491	$	-	$	271,435	$	(190,461)	$	1,992,465

Liabilities and Stockholders' Equity/Net Investment
Current liabilities
Current maturities of long-term debt		$	-	$	-	$	46	$	-	$	46
Inter-company accounts payable			(84,410)		(53,934)		138,344		-		-
Trade accounts payable and accrued liabilities			687,622		-		17,865		-		705,487
Income taxes payable			15,296		39		270		-		15,605
Deferred income taxes			12,771		-		-		-		12,771
Total current liabilities			631,279		(53,895)		156,525		-		733,909
Long-term debt			-		-		1,124		-		1,124
Deferred income taxes			133,589		-		(3,764)		-		129,825
Asset retirement obligations			15,401		-		-		-		15,401
Deferred credits and other liabilities			7,755		-		-		-		7,755
Total liabilities			788,024		(53,895)		153,885		-		888,014

Stockholders' Equity/Net Investment
Preferred Stock, par $0.01			-		-		-		-		-
Common Stock, par $0.01			-		-		-		-		-
Additional paid in capital (APIC)			-		-		-		-		-
Net investment by parent			1,123,467		53,895		117,550		(190,461)		1,104,451
Retained earnings			-		-		-		-		-
Total stockholders' equity/net investment			1,123,467		53,895		117,550		(190,461)		1,104,451
Total liabilities and stockholders' equity/net investment		$	1,911,491	$	-	$	271,435	$	(190,461)	$	1,992,465

Consolidating And Combining Statements Of Income And Comprehensive Income

CONSOLIDATING AND COMBINING INCOME STATEMENT


(Thousands of dollars)	Year ended December 31, 2013
Revenues			Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Petroleum product sales		$	-	$	15,766,752	$	-	$	-	$	(206,435)	$	15,560,317
Merchandise sales			-		2,159,466		-		-		-		2,159,466
Ethanol sales and other			-		94,298		-		269,254		-		363,552
Total revenues			-		18,020,516		-		269,254		(206,435)		18,083,335
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
Ethanol cost of goods sold			-		-		-		228,899		-		228,899
Station and other operating expenses			-		460,476		-		33,227		-		493,703
Depreciation and amortization			-		74,053		-		77		-		74,130
Impairment of properties			-		-		-		-		-		-
Selling, general and administrative			-		129,430		1		3,568		-		132,999
Accretion of asset retirement obligations			-		1,096		-		-		-		1,096
Total costs and operating expenses			-		17,759,075		1		265,771		(206,435)		17,818,412
Income from operations			-		261,441		(1)		3,483		-		264,923
Other income (expense)
Interest income			-		1,099		-		-		-		1,099
Interest expense			-		(14,509)		-		-		-		(14,509)
Gain (loss) on sale of assets			-		5,995		-		-		-		5,995
Other nonoperating income			-		169		-		-		-		169
Total other income (expense)			-		(7,246)		-		-		-		(7,246)
Income from continuing operations before income taxes			-		254,195		(1)		3,483		-		257,677
Income tax expense			-		100,059		-		1,292		-		101,351
Income from continuing operations			-		154,136		(1)		2,191		-		156,326
Income (loss) from discontinued operations, net of income taxes			-		-		-		78,707		-		78,707
Net Income		$	-	$	154,136	$	(1)	$	80,898	$	-	$	235,033

COMBINING INCOME STATEMENT


(Thousands of dollars)	Year ended December 31, 2012
Revenues			Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined
Petroleum product sales		$	17,071,126	$	-	$	-	$	(216,141)	$	16,854,985
Merchandise sales			2,144,347		-		-		-		2,144,347
Ethanol sales and other			11,708		-		290,268		-		301,976
Total revenues			19,227,181		-		290,268		(216,141)		19,301,308
Costs and operating expenses
Petroleum product cost of goods sold			16,514,457		-		-		(216,141)		16,298,316
Merchandise cost of goods sold			1,855,641		-		-		-		1,855,641
Ethanol cost of goods sold			-		-		269,168		-		269,168
Station and other operating expenses			447,103		-		33,006		-		480,109
Depreciation and amortization			68,299		-		3,441		-		71,740
Impairment of properties			-		-		60,988		-		60,988
Selling, general and administrative			109,634		2		3,486		-		113,122
Accretion of asset retirement obligations			980		-		-		-		980
Total costs and operating expenses			18,996,114		2		370,089		(216,141)		19,150,064
Income from operations			231,067		(2)		(79,821)		-		151,244
Other income (expense)
Interest income			172		-		-		-		172
Interest expense			(384)		-		-		-		(384)
Gain (loss) on sale of assets			(1,005)		-		-		-		(1,005)
Other nonoperating income			92		-		-		-		92
Total other income (expense)			(1,125)		-		-		-		(1,125)
Income from continuing operations before income taxes			229,942		(2)		(79,821)		-		150,119
Income tax expense			91,525		-		(27,820)		-		63,705
Income from continuing operations			138,417		(2)		(52,001)		-		86,414
Income (loss) from discontinued operations, net of income taxes			-		-		(2,846)		-		(2,846)
Net Income		$	138,417	$	(2)	$	(54,847)	$	-	$	83,568

COMBINING INCOME STATEMENT


(Thousands of dollars)	Year ended December 31, 2011
Revenues			Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined
Petroleum product sales		$	16,755,071	$	-	$	-	$	(168,226)	$	16,586,845
Merchandise sales			2,115,567		-		-		-		2,115,567
Ethanol sales and other			9,538		-		207,266		-		216,804
Total revenues			18,880,176		-		207,266		(168,226)		18,919,216
Costs and operating expenses
Petroleum product cost of goods sold			16,078,832		-		-		(168,226)		15,910,606
Merchandise cost of goods sold			1,851,867		-		-		-		1,851,867
Ethanol cost of goods sold			-		-		225,197		-		225,197
Station and other operating expenses			433,821		-		27,595		-		461,416
Depreciation and amortization			62,396		-		2,483		-		64,879
Impairment of properties			-		-		-		-		-
Selling, general and administrative			90,977		13		2,143		-		93,133
Accretion of asset retirement obligations			877		-		-		-		877
Total costs and operating expenses			18,518,770		13		257,418		(168,226)		18,607,975
Income from operations			361,406		(13)		(50,152)		-		311,241
Other income (expense)
Interest income			32		-		-		-		32
Interest expense			(408)		-		-		-		(408)
Gain (loss) on sale of assets			(363)		-		-		-		(363)
Other nonoperating income			311		-		-		-		311
Total other income (expense)			(428)		-		-		-		(428)
Income from continuing operations before income taxes			360,978		(13)		(50,152)		-		310,813
Income tax expense			122,595		-		365		-		122,960
Income from continuing operations			238,383		(13)		(50,517)		-		187,853
Income from discontinued operations, net of income taxes			118,747		-		17,420		-		136,167
Net Income		$	357,130	$	(13)	$	(33,097)	$	-	$	324,020

Consolidating And Combining Statement Of Cash Flows

CONSOLIDATING AND COMBINING STATEMENT OF CASH FLOW


(Thousands of dollars)	Year ended December 31, 2013
Operating Activities	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Net income	$	-	$	154,136	$	(1)	$	80,898	$	-	$	235,033
Adjustments to reconcile net income (loss) to net cash provided by operating activities
(Income) loss from discontinued operations, net of tax		-		-		-		(78,707)		-		(78,707)
Depreciation and amortization		-		74,053		-		77		-		74,130
Amortization of deferred major repair costs		-		-		-		575		-		575
Deferred and noncurrent income tax charges (credits)		-		(11,568)		-		4,306		-		(7,262)
Impairment of properties		-		-		-		-		-		-
Accretion on discounted liabilities		-		1,096		-		-		-		1,096
Pretax (gains) losses from sale of assets		-		(5,995)		-		-		-		(5,995)
Net decrease (increase) in noncash operating working capital		-		51,204		-		23,661		-		74,865
Other operating activities-net		-		13,215		-		-		-		13,215
Net cash provided by (required by) continuing operations		-		276,141		(1)		30,810		-		306,950
Net cash provided by discontinued operations		-		-		-		49,748		-		49,748
Net cash provided by (required by) operating activities		-		276,141		(1)		80,558		-		356,698
Investing Activities
Property additions		-		(163,303)		-		(1,233)		-		(164,536)
Proceeds from sale of assets		-		6,113		-		-		-		6,113
Expenditures for major repairs		-		-		-		(726)		-		(726)
Other investing activities - net		-		52		-		-		-		52
Investing activities of discontinued operations
Sales proceeds		-		-		-		173,118		-		173,118
Other		-		-		-		(1,129)		-		(1,129)
Net cash provided by (required by) investing activities		-		(157,138)		-		170,030		-		12,892
Financing Activities
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)
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

COMBINING STATEMENT OF CASH FLOW


(Thousands of dollars)	Year ended December 31, 2012
Operating Activities	Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Net income (loss)	$	138,417	$	(2)	$	(54,847)	$	-	$	83,568
Adjustments to reconcile net income (loss) to net cash provided by operating activities
(Income) loss from discontinued operations		-		-		2,846		-		2,846
Depreciation and amortization		68,299		-		3,441		-		71,740
Amortization of deferred major repair costs		-		-		163		-		163
Deferred and noncurrent income tax charges (credits)		1,957		-		(18,420)		-		(16,463)
Impairment of properties		-		-		60,988		-		60,988
Accretion on discounted liabilities		980		-		-		-		980
Pretax (gains) losses from sale of assets		1,005		-		-		-		1,005
Net decrease (increase) in noncash operating working capital		62,493		-		(29,940)		-		32,553
Other operating activities-net		(1,088)		-		-		-		(1,088)
Net cash provided by (required by) continuing operations		272,063		(2)		(35,769)		-		236,292
Net cash provided by discontinued operations		-		-		1,135		-		1,135
Net cash provided by (required by) operating activities		272,063		(2)		(34,634)		-		237,427
Investing Activities
Property additions		(103,152)		-		(1,344)		-		(104,496)
Proceeds from sale of assets		364		-		-		-		364
Expenditures for major repairs		-		-		(250)		-		(250)
Other investing activities		-		-		-		-		-
Investing activities of discontinued operations
Sales proceeds		-		-		-		-		-
Other		-		-		(7,706)		-		(7,706)
Net cash provided by (required by) investing activities		(102,788)		-		(9,300)		-		(112,088)
Financing Activities
Repayments of long-term debt		-		-		(42)		-		(42)
Additions to long-term debt		-		-		-		-		-
Cash dividend to former parent		-		-		-		-		-
Debt issuance costs		-		-		-		-		-
Net distributions to former parent		(148,789)		2		43,976		-		(104,811)
Net cash provided by (required by) financing activities		(148,789)		2		43,934		-		(104,853)
Net increase in cash and cash equivalents		20,486		-		-		-		20,486
Cash and cash equivalents at January 1		36,887		-		-		-		36,887
Cash and cash equivalents at December 31	$	57,373	$	-	$	-	$	-	$	57,373

COMBINING STATEMENT OF CASH FLOW


(Thousands of dollars)	Year ended December 31, 2011
Operating Activities	Issuer			Guarantor Subsidiaries	Non-Guarantor Subsidiaries		Eliminations		Consolidated and Combined
Net income (loss)	$	357,130	$	(13)	$	(33,097)	$	-	$	324,020
Adjustments to reconcile net income to net cash provided by operating activities
(Income) loss from discontinued operations		(118,747)		-		(17,420)		-		(136,167)
Depreciation and amortization		62,396		-		2,483		-		64,879
Amortization of deferred major repair costs		-		-		-		-		-
Deferred and noncurrent income tax charges (credits)		22,417		-		531		-		22,948
Impairment of properties		-		-		-		-		-
Accretion on discounted liabilities		879		-		-		-		879
Pretax (gains) losses from sale of assets		363		-		-		-		363
Net decrease (increase) in noncash operating working capital		(257,013)		-		(14,033)		-		(271,046)
Other operating activities-net		2,673		-		-		-		2,673
Net cash provided by (required by) continuing operations		70,098		(13)		(61,536)		-		8,549
Net cash provided by discontinued operations		145,510		-		34,314		-		179,824
Net cash provided by (required by) operating activities		215,608		(13)		(27,222)		-		188,373
Investing Activities
Property additions		(77,481)		-		(22,338)		-		(99,819)
Proceeds from sale of assets		363		-		-		-		363
Expenditures for major repairs		-		-		-		-		-
Other investing activities		2,453		-		-		-		2,453
Investing activities of discontinued operations
Sales proceeds		950,010		-		-		-		950,010
Other		(39,425)		-		(702)		-		(40,127)
Net cash provided by (required by) investing activities		835,920		-		(23,040)		-		812,880
Financing Activities
Repayments of long-term debt		-		-		(42)		-		(42)
Additions to long-term debt		-		-		-		-		-
Cash dividend to former parent		-		-		-		-		-
Debt issuance costs		-		-		-		-		-
Net distributions to former parent		(1,071,355)		13		50,304		-		(1,021,038)
Net cash provided by (required by) financing activities		(1,071,355)		13		50,262		-		(1,021,080)
Net decrease in cash and cash equivalents		(19,827)		-		-		-		(19,827)
Cash and cash equivalents at January 1		56,714		-		-		-		56,714
Cash and cash equivalents at December 31	$	36,887	$	-	$	-	$	-	$	36,887

Consolidating And Combining Statement Of Changes In Equity

CONSOLIDATING AND COMBINING STATEMENT OF CHANGES IN EQUITY


(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

APIC
Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution				(467)		-		-		-		(467)
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

COMBINING STATEMENTS OF CHANGES IN EQUITY


(Thousands of dollars)	Year ended December 31, 2012
Statement of Stockholders' Equity/Net Parent Investment	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined

Common Stock
Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-

APIC
Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-
Reclassification of net parent investment to APIC		-		-		-		-		-		-
Share-based compensation expense		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-

Net Parent Investment
Balance as of December 31, 2011	$	-	$	1,043,914	$	2,166	$	263,328	$	(190,461)	$	1,118,947
Net income		-		138,416		-		(54,848)		-		83,568
Dividend paid to former parent		-		-		-		-		-		-
Net transfers to/between former parent		-		(58,863)		51,729		(90,930)		-		(98,064)
Reclassification of net parent investment to APIC		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	1,123,467	$	53,895	$	117,550	$	(190,461)	$	1,104,451

Retained Earnings
Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-
Net income		-		-		-		-		-		-

Balance as of December 31, 2012	$	-	$	-	$	-	$	-	$	-	$	-

COMBINING STATEMENTS OF CHANGES IN EQUITY


(Thousands of dollars)	Year ended December 31, 2011
Statement of Stockholders' Equity/Net Parent Investment	Parent Company		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Combined

Common Stock
Balance as of December 31, 2010	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-

APIC
Balance as of December 31, 2010	$	-	$	-	$	-	$	-	$	-	$	-
Issuance of stock at the separation and distribution		-		-		-		-		-		-
Reclassification of net parent investment to APIC		-		-		-		-		-		-
Share-based compensation expense		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-

Net Parent Investment
Balance as of December 31, 2010	$	-	$	1,788,796	$	(46,108)	$	255,923	$	(190,461)	$	1,808,150
Net income		-		306,327		234		17,459		-		324,020
Dividend paid to former parent		-		-		-		-		-		-
Net transfers to/between former parent		-		(1,051,209)		48,040		(10,054)		-		(1,013,223)
Reclassification of net parent investment to APIC		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	1,043,914	$	2,166	$	263,328	$	(190,461)	$	1,118,947

Retained Earnings
Balance as of December 31, 2010	$	-	$	-	$	-	$	-	$	-	$	-
Net income		-		-		-		-		-		-

Balance as of December 31, 2011	$	-	$	-	$	-	$	-	$	-	$	-