Core-Mark Hldg (CORE) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-51515
Entity Registrant Name	Core-Mark Holding Company, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1489747
Entity Address, Address Line One	1500 Solana Boulevard, Suite 3400
Entity Address, Postal Zip Code	76262
Entity Address, City or Town	Westlake,
Entity Address, State or Province	TX
City Area Code	940
Local Phone Number	293-8600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CORE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,181,559
Entity Central Index Key	0001318084
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 34.3	$ 22.8
Accounts receivable, net of allowance for credit losses of $16.3 and $16.5 as of June 30, 2021 and December 31, 2020, respectively	412.6	362.6
Other receivables, net	108.5	105.5
Inventories, net (Note 3)	847.9	758.5
Deposits and prepayments	115.5	87.8
Total current assets	1,518.8	1,337.2
Property and equipment, net	285.7	276
Operating lease right-of-use assets	191.7	203.6
Goodwill	72.8	72.8
Other intangible assets, net	38.3	40.7
Other non-current assets, net	25.6	24.4
Total assets	2,132.9	1,954.7
Current liabilities:
Accounts payable	278	190.9
Book overdrafts	58.4	31.1
Cigarette and tobacco taxes payable	272.2	302.9
Operating lease liabilities	31.4	32.9
Accrued liabilities	180	188
Total current liabilities	820	745.8
Long-term debt (Note 4)	431.8	344.5
Deferred income taxes	18.1	2.1
Long-term operating lease liabilities	171.1	179.7
Other long-term liabilities	11.6	12.5
Claims liabilities	35.2	38.2
Total liabilities	1,487.8	1,322.8
Contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.01 par value (150,000,000 shares authorized; 53,172,127 and 52,918,347 shares issued; 45,175,327 and 44,921,547 shares outstanding at June 30, 2021 and December 31, 2020, respectively)	0.5	0.5
Additional paid-in capital	298.9	298.3
Treasury stock at cost (7,996,800 shares of common stock at each of June 30, 2021 and December 31, 2020, respectively)	(123)	(123)
Retained earnings	471.4	459.7
Accumulated other comprehensive loss	(2.7)	(3.6)
Total stockholders’ equity	645.1	631.9
Total liabilities and stockholders’ equity	$ 2,132.9	$ 1,954.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 16.3	$ 16.5
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	53,172,127	52,918,347
Common stock, shares outstanding (in shares)	45,175,327	44,921,547
Treasury stock, shares (in shares)	7,996,800	7,996,800

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 4,495.9	$ 4,263.9	$ 8,428.1	$ 8,203.2
Cost of goods sold	4,252.2	4,050.8	7,967	7,771.7
Gross profit	243.7	213.1	461.1	431.5
Warehousing and distribution expenses	147	125.5	284.3	267.9
Selling, general and administrative expenses	68.1	59.8	131.5	123.7
Amortization of intangible assets	2.6	2.4	5.3	4.7
Total operating expenses	217.7	187.7	421.1	396.3
Income from operations	26	25.4	40	35.2
Interest expense, net	(2.4)	(2.8)	(5.5)	(6.3)
Foreign currency transaction gains (losses), net	0.2	0	0.4	(0.2)
Income before income taxes	23.8	22.6	34.9	28.7
Provision for income taxes	(8.3)	(5.7)	(10.9)	(7.5)
Net income	$ 15.5	$ 16.9	$ 24	$ 21.2
Basic earnings per share (in dollars per share) (Note 6)	$ 0.34	$ 0.38	$ 0.53	$ 0.47
Diluted earnings per share (in dollars per share) (Note 6)	$ 0.34	$ 0.38	$ 0.53	$ 0.47
Basic weighted-average shares (in shares) (Note 6)	45.2	45.1	45.2	45.2
Diluted weighted-average shares (in shares) (Note 6)	45.5	45.3	45.4	45.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 15.5	$ 16.9	$ 24	$ 21.2
Foreign currency translation gains (losses), net	0.5	1.3	0.9	(1.4)
Comprehensive income	$ 16	$ 18.2	$ 24.9	$ 19.8

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock Issued	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2019	$ 591.9	$ 0.5	$ 290.6	$ (112.6)	$ 418.5	$ (5.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes			(2.4)
Stock-based compensation expense			4.1
Repurchase of common stock				(5.4)
Net income	21.2				21.2
Dividends declared					(11)
Other comprehensive gains (losses)						(1.4)
Ending balance at Jun. 30, 2020	$ 597	$ 0.5	292.3	$ (118)	428.7	(6.5)
Beginning balance (in shares) at Dec. 31, 2019		52.7		7.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)		0.2
Repurchase of common stock (in shares)				(0.2)
Ending balance (in shares) at Jun. 30, 2020	45.1	52.9		7.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.24
Beginning balance at Mar. 31, 2020	$ 582.2	$ 0.5	290.2	$ (118)	417.3	(7.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes			0
Stock-based compensation expense			2.1
Repurchase of common stock				0
Net income	16.9				16.9
Dividends declared					(5.5)
Other comprehensive gains (losses)						1.3
Ending balance at Jun. 30, 2020	$ 597	$ 0.5	292.3	$ (118)	428.7	(6.5)
Beginning balance (in shares) at Mar. 31, 2020		52.9		7.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)		0
Repurchase of common stock (in shares)				0
Ending balance (in shares) at Jun. 30, 2020	45.1	52.9		7.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.12
Beginning balance at Dec. 31, 2020	$ 631.9	$ 0.5	298.3	$ (123)	459.7	(3.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes			(4.3)
Stock-based compensation expense			4.9
Repurchase of common stock				0
Net income	24				24
Dividends declared					(12.3)
Other comprehensive gains (losses)						0.9
Ending balance at Jun. 30, 2021	$ 645.1	$ 0.5	298.9	$ (123)	471.4	(2.7)
Beginning balance (in shares) at Dec. 31, 2020		52.9		8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)		0.3
Repurchase of common stock (in shares)				0
Ending balance (in shares) at Jun. 30, 2021	45.2	53.2		8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 260,000
Beginning balance at Mar. 31, 2021	$ 632.8	$ 0.5	296.6	$ (123)	461.9	(3.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes			(0.2)
Stock-based compensation expense			2.5
Repurchase of common stock				0
Net income	15.5				15.5
Dividends declared					(6)
Other comprehensive gains (losses)						0.5
Ending balance at Jun. 30, 2021	$ 645.1	$ 0.5	$ 298.9	$ (123)	$ 471.4	$ (2.7)
Beginning balance (in shares) at Mar. 31, 2021		53.2		8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)		0
Repurchase of common stock (in shares)				0
Ending balance (in shares) at Jun. 30, 2021	45.2	53.2		8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 130,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 24	$ 21.2
Adjustments to reconcile net income to net cash provided by operating activities:
LIFO and inventory provisions	21.7	15.6
Amortization of debt issuance costs	0.5	0.4
Stock-based compensation expense	4.9	4.1
Credit loss expense, net	1.6	4.6
Impairment charge and other	0.1	0.3
(Gain) loss on disposals	(0.1)	0.1
Depreciation and amortization	34.9	32.4
Foreign currency transaction (gains) losses, net	(0.4)	0.2
Deferred income taxes	16	0.4
Changes in operating assets and liabilities:
Accounts receivable, net	(51)	(86.1)
Other receivables, net	(2.6)	(5.1)
Inventories, net	(108.6)	12.4
Deposits, prepayments and other non-current assets	(29.4)	48.1
Accounts payable	86.6	114.1
Cigarette and tobacco taxes payable	(32.2)	49
Claims, accrued and other long-term liabilities	(16.1)	7.3
Net cash (used in) provided by operating activities	(50.1)	219
Cash flows from investing activities:
Additions to property and equipment, net	(10)	(9.8)
Capitalization of software and related development costs	(1.7)	(0.9)
Proceeds from sale of other non-current assets	0	1.1
Net cash used in investing activities	(11.7)	(9.6)
Cash flows from financing activities:
Borrowings under revolving credit facility	998.4	884.8
Repayments under revolving credit facility	(924.4)	(984.6)
Payments of financing costs	(2.8)	0
Payments on finance leases	(8.6)	(5.5)
Dividends paid	(12.1)	(11.1)
Repurchases of common stock	0	(5.5)
Tax withholdings related to net share settlements of restricted stock units	(4.3)	(2.4)
Increase in book overdrafts	27.3	8
Net cash provided by (used in) financing activities	73.5	(116.3)
Effects of changes in foreign exchange rates	(0.2)	1
Change in cash and cash equivalents	11.5	94.1
Cash and cash equivalents, beginning of period	22.8	14.1
Cash and cash equivalents, end of period	34.3	108.2
Cash paid during the period for:
Income taxes, net	(21)	(8.9)
Interest	(2.2)	(4.3)
Operating lease liabilities arising from obtaining new right-of-use assets	11.5	2
Finance lease liabilities arising from obtaining new right-of-use assets	$ 27.3	$ 27.9

Summary of Company Information

Summary of Company Information and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Company Information and Basis of Presentation	Summary of Company Information and Basis of Presentation Business Core-Mark Holding Company, Inc., and its subsidiaries (collectively referred to herein as the “Company” or “Core-Mark”), are one of the largest marketers of fresh, food and broad-line supply solutions to the convenience retail industry in North America. The Company offers a full range of products, marketing programs and technology solutions to approximately 41,000 customer locations in the United States (“U.S.”) and Canada. The Company’s customers include traditional convenience stores, drug stores, mass merchants, grocery stores, liquor stores and other specialty and small format stores that carry convenience products. The Company’s product offering includes cigarettes, other tobacco products (“OTP”), alternative nicotine products, candy, snacks, food, including fresh products, groceries, dairy, bread, beverages, general merchandise and health and beauty care products. The Company operates a network of thirty-two distribution centers in the U.S. and Canada (excluding two distribution facilities it operates as a third-party logistics provider). Twenty-seven distribution centers are located in the U.S. and five are located in Canada. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated balance sheet as of June 30, 2021, the unaudited condensed consolidated statements of operations and comprehensive income, the unaudited condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020, and the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, certain footnotes and other financial information that are normally required by generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements, which are included in its 2020 Annual Report on Form 10-K, filed with the SEC on March 1, 2021. The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended December 31, 2020. The unaudited condensed consolidated interim financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated results of operations, financial position, comprehensive income, changes in stockholders’ equity and cash flows. Results for the interim periods are not necessarily indicative of results to be expected for the full year or any other future periods. Plan of Merger with Performance Food Group Company On May 17, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Performance Food Group Company (“PFG”) and certain of its subsidiaries, pursuant to which, subject to the terms and conditions set forth in the Merger Agreement, Core-Mark will be acquired by PFG and will thereafter be a wholly-owned subsidiary of PFG (the “PFG Merger”). On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the PFG Merger, each share of common stock, par value $0.01 per share, of the Company will be automatically canceled and converted into the right to receive (i) 0.44 validly issued, fully paid and nonassessable shares of common stock, par value $0.01 per share, of PFG and (ii) $23.875 in cash, without interest. The Company has also agreed to various covenants in the Merger Agreement, including a restriction on future share repurchases and a $50 million annual limit for capital expenditures. The boards of directors of both Core-Mark and PFG have approved the PFG Merger. The completion of the transactions contemplated by the Merger Agreement are subject to customary closing conditions, including approval by the holders of a majority of the outstanding shares of the Company’s capital stock and the receipt of various regulatory approvals. The Company incurred approximately $4.9 million and $5.2 million in transaction expenses related to the Merger Agreement and the Merger for the three and six months ended June 30, 2021, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Adoption of Accounting Pronouncements On August 28, 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans -General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The Company adopted this pronouncement on a retrospective basis effective January 1, 2021. The new guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for defined benefit pension and other post-retirement benefit plans. The adoption of ASU 2018-14 did not have a material impact on the Company’s consolidated financial statements. On December 18, 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The new guidance enhances and simplifies various aspects of the income tax accounting guidance, including requirements pertaining to hybrid tax regimes, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The Company adopted this pronouncement effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements. Concentration of Credit Risks Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash investments, accounts receivable and other receivables. The Company places its cash and cash equivalents in short-term instruments with high-quality financial institutions and limits the amount of credit exposure in any one financial instrument. A credit review is completed for new customers and ongoing credit evaluations of each customer’s financial condition are performed periodically, with an allowance recognized for expected credit losses. Credit limits given to customers are based on a risk assessment of their ability to pay and other factors. Accounts receivable are typically not collateralized, but the Company may require prepayments or other guarantees whenever deemed necessary. Murphy U.S.A., the Company’s largest customer, accounted for approximately 13% and 14% of the Company’s net sales for the three and six months ended June 30, 2021, respectively, and approximately 15% of the Company’s net sales for each of the three and six months ended June 30, 2020. No other customer individually accounted for more than 10% of sales for these periods. No single customer individu ally accounted for 10% or more o f the Company’s accounts receivable as of June 30, 2021 or December 31, 2020.

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net Inventories consist of the following (in millions): June 30, December 31, Inventories at FIFO, net of reserves $ 1,105.1 $ 993.9 Less: LIFO reserve (257.2) (235.4) Total inventories, net of reserves $ 847.9 $ 758.5 Cost of goods sold reflects the application of the last-in, first-out (“LIFO”) method of valuing inventories in the U.S. based upon estimated annual producer price indexes. Inventories in Canada are valued on a first-in, first-out (“FIFO”) basis, as LIFO is not a permitted inventory valuation method in Canada. During periods of rising prices, the LIFO method of costing inventories generally results in higher current costs being charged against income while lower costs are retained in inventories. Conversely, during periods of decreasing prices, the LIFO method of costing inventories generally results in lower current costs being charged against income and higher stated inventories. If the FIFO method had been used for valuing inventories in the U.S., inventories would have been approximately $257.2 million and $235.4 million higher as of June 30, 2021 and December 31, 2020, respectively. The Company recorded LIFO expense of $11.3 million and $8.3 million for the three months ended June 30, 2021 and 2020, respectively, and $21.8 million and $16.1 million for the six months ended June 30, 2021 and 2020, respectively. During the first quarter of 2021, the Company concluded that it qualifies for and intends to file a change to the tax method of determining the LIFO reserve which increased deferred tax liabilities and decreased taxes payable by approximately $16 million.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt Long-term debt consists of the following (in millions): June 30, December 31, Amounts borrowed (Credit Facility) $ 332.0 $ 258.0 Obligations under finance leases 99.8 86.5 Total long-term debt $ 431.8 $ 344.5 The Company has a revolving credit facility (the “Credit Facility”) with a capacity of $750.0 million and expansion feature of $200.0 million as of June 30, 2021, limited by a borrowing base consisting of eligible accounts receivable and inventories. On February 26, 2021, the Company entered into an eleventh amendment to its Credit Facility (the “Eleventh Amendment”), which primarily extends the maturity date from March 28, 2022 to February 26, 2026. With the Eleventh Amendment, the size and expansion feature of the Credit Facility remain unchanged and certain threshold amounts for reporting and notices as well as the size of certain baskets were increased. The Eleventh Amendment also added certain additional covenant baskets and incorporated customary language regarding London Interbank Offered Rate (“LIBOR”) replacement, defaulting lenders, electronic execution, bail-in acknowledgement and letters of credit. All obligations under the Credit Facility are secured by first-priority liens on substantially all of the Company’s present and future assets. The terms of the Credit Facility permit prepayment without penalty at any time (subject to customary breakage costs with respect LIBOR or Canadian Dollar Offered Rate (“CDOR”) based loans prepaid prior to the end of an interest period). The Company incurred fees of approximately $2.8 million in connection with the Eleventh Amendment. Amounts related to the Credit Facility are as follows (in millions, except interest rate data): June 30, December 31, Amounts borrowed, net $ 332.0 $ 258.0 Outstanding letters of credit 43.8 19.5 Amounts available to borrow (1) 347.3 402.4 Unamortized debt issuance costs 3.3 0.9 ___________________________________________ (1) Subject to borrowing base limitations, and excluding expansion feature of $200.0 million. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Average borrowings $ 221.2 $ 354.3 $ 211.9 $ 345.3 Range of borrowings 126.0 - 378.0 225.0 - 451.0 126.0 - 378.0 151.5 - 499.3 Unused Credit Facility and letter of credit participation fees (1) 0.4 0.3 0.8 0.6 Amortization of debt issuance costs (1) 0.2 0.2 0.5 0.4 Weighted-average interest rate (2) 1.4 % 1.4 % 1.4 % 2.1 % ___________________________________________ (1) Included in interest expense, net. (2) Calculated based on the daily cost of borrowing, reflecting a blend of prime and LIBOR rates.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation The Company is subject to certain legal proceedings, claims, investigations and administrative proceedings in the ordinary course of its business. The Company records a provision for a liability when it is probable that the liability has been incurred and the amount of the liability can be reasonably estimated. These provisions, if any, are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. In the opinion of management, the outcome of pending litigation is not expected to have a material effect on the Company’s results of operations, financial condition or liquidity. On October 2, 2019, the United States Judicial Panel on Multidistrict Litigation transferred and consolidated all then-pending personal injury cases against Juul Labs, Inc. (“JLI”) involving the distribution and sale of JUUL products to the Northern District of California (the “JUUL MDL”). Subsequently, on March 11, 2020, the plaintiffs in the JUUL MDL filed a Personal Injury Consolidated Master Complaint against JLI, Philip Morris and various Altria Group entities, JLI co-founders, early JLI investors and board members, certain e-liquid manufacturers, and numerous distributors and retailers of JUUL products, including Core-Mark. Consequently, Core-Mark has been added as a defendant in a number of these personal injury suits. The parties in JLI MDL litigation are currently engaged in discovery, and the personal injury plaintiffs have not made a monetary demand to the defendants. JLI is indemnifying Core-Mark in connection with the JUUL MDL and similar litigation. On September 25, 2020, Core-Mark filed a petition with the Ontario Superior Court of Justice to appeal a decision with respect to the results of a tax audit for the period of December 2014 through January 2018 pertaining to taxes on sales of other tobacco products to First Nations Consumers. The Ontario Ministry of Finance (the “Ministry”) questions whether the amount of other tobacco products Core-Mark sold to First Nations consumers was a reasonable amount and as a result whether taxes should have been assessed. The position of the Ontario Ministry is based on an undefined standard of what constitutes a reasonable quantum of sales. While the Company remains confident in the validity of its appeal, Core-Mark has decided, based on a recent ruling by the Ontario Divisional Court in a similar matter and that this matter could potentially be resolved between the parties, to record a reserve of approximately 50%, or $3.8 million, against the total tax audit claim. In contrast to rulings by the Ontario Divisional Court, Core-Mark will have the automatic right to appeal to the Ontario Court of Appeal in the event of an unfavorable ruling by the Ontario Superior Court of Justice. Additionally, the Ministry claims Core-Mark sold other tobacco products to First Nations consumers without a valid permit. The Company is confident that it will be able to demonstrate that valid permits did exist. Between June 28, 2021 and July 6, 2021, two complaints were filed in the District Court of the Southern District of New York by purported stockholders of Core-Mark: (i) Shiva Stein v. Core-Mark Holding Company, Inc., et al., Case No. 1:21-cv-05606 (which is referred to as the Stein Complaint) and (ii) Matthew Whitfield v. Core-Mark Holding Company, Inc., et al., Case No. 1:21-cv-05803 (which is referred to as the Whitfield Complaint and, together with the Stein Complaint, the Federal Court Actions). Each of the Federal Court Actions names Core-Mark and the members of the Core-Mark Board as defendants and the Whitfield Complaint also names PFG, Merger Sub I, and Merger Sub II as defendants. The Federal Court Actions assert claims under Sections 14(a) and 20(a) of the Exchange Act and related provisions and, among other things, allege that defendants omitted material information from the preliminary proxy statement/prospectus that was filed on June 25, 2021. The Federal Court Actions seek, among other things, to enjoin or rescind the proposed transactions and request awards of attorneys’ and experts’ fees and damages in unspecified amounts. The Company does not expect these complaints to have a material adverse impact on the proposed transaction or result in the payment of significant fees.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Earnings Net income $ 15.5 $ 16.9 $ 24.0 $ 21.2 Shares Weighted-average common shares outstanding (basic shares) 45.2 45.1 45.2 45.2 Adjustment for assumed dilution: Restricted stock units 0.2 0.1 0.1 0.1 Performance shares 0.1 0.1 0.1 0.1 Weighted-average shares assuming dilution (diluted shares) 45.5 45.3 45.4 45.4 Earnings per share Basic and diluted (1) $ 0.34 $ 0.38 $ 0.53 $ 0.47 ___________________________________________ (1) Basic and diluted earnings per share are calculated based on unrounded actual amounts. The number of common shares that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive were 6,366 and 236,139 for the three and six months ended June 30, 2021 respectively, and

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate (“ETR”) was 34.9% and 31.2% for the three and six months ended June 30, 2021, respectively, and 25.2% and 26.1% for the three and six months ended June 30, 2020, respectively. The increase in our effective tax rate was due primarily to the transaction costs pertaining to the Merger Agreement that are not deductible for income tax purposes and an increase in non-deductible compensation expenses in accordance with Section 162(m) of the internal revenue code.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans 2019 Long-Term Incentive Plan On May 21, 2019, the Company’s stockholders approved the 2019 Long-Term Incentive Plan (“2019 LTIP”) which, among other things, replaced the Company’s 2010 Long-Term Incentive Plan (as amended, the “2010 LTIP”) and reserved for awards an aggregate of up to 4,236,959 shares. As of June 30, 2021, the total number of shares available for issuance under the 2019 LTIP was 2,842,680. The 2019 LTIP allows the Company to grant, among other things, time-vesting and performance-based restricted stock unit awards. Awards may be made under the 2019 LTIP through May 21, 2029. Grant Activities During the six months ended June 30, 2021 and 2020, the Company granted 232,090 and 280,325, respectively, of time-vesting restricted stock units to certain of its employees and non-employee directors at a weighted-average grant date fair value of $31.03 and $25.38, respectively. During the six months ended June 30, 2021, the Company granted 155,746 performance-based restricted stock units to certain of its employees at a weighted-average grant date fair value of $31.13. The 155,746 performance-based restricted stock units represent the maximum number that can be earned. The number of performance-based restricted stock units that employees ultimately earn will be based on the Company’s achievement of certain specified performance targets for the full year of 2021. During the six months ended June 30, 2020, the Company granted 154,363 performance-based restricted stock units to certain of its employees at a weighted-average grant date fair value of $25.48, of which 138,927 were ultimately earned, based upon 2020 performance criteria achieved. Stock-Based Compensation Cost Total stock-based compensation cost included in selling, general and administrative expenses was $2.5 million for each of the three months ended June 30, 2021 and 2020. During the six months ended June 30, 2021 and 2020, the Company recognized stock-based compensation cost of $4.9 million and $4.1 million, respectively. Total unrecognized stock-based compensation cost related to unvested share-based compensation arrangements was $13.8 million at June 30, 2021, which is expected to be recognized over a weighted-average period of 1.8 years. Total unrecognized stock-based compensation cost is adjusted for any unearned or estimated not to be earned performance-based restricted stock units or forfeited shares.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Shareholder Return Plan In February of 2021, the Company’s Board of Directors approved a three-year, $375 million shareholder return plan (the “Plan”), supporting increased stock repurchases and growth in the Company’s cash dividend. The Plan replaces the Company’s previous $60 million stock repurchase program, which was terminated, with funds totaling $49.6 million remaining that were unused. In May 2021, the Company entered into the Merger Agreement, which includes covenants restricting the Company’s ability to repurchase stock but allows for future dividend payments. Dividends The Board of Directors approved the following cash dividends in 2021 (in millions, except per share data): Declaration Date Dividend Per Share Record Date Cash Payment Amount Payment Date March 1, 2021 $0.13 March 15, 2021 $6.2 March 26, 2021 May 5, 2021 $0.13 May 21, 2021 $5.9 June 25, 2021 August 4, 2021 $0.13 August 20, 2021 N/A (1) September 24, 2021 ___________________________________________

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company identifies its operating segments based primarily on the way the Chief Operating Decision Maker (“CODM”) evaluates performance and makes decisions. The President and Chief Executive Officer of the Company has been identified as the CODM. From the perspective of the CODM, the Company is engaged primarily in the business of distributing packaged consumer products to convenience retail stores in the U.S. and Canada (collectively “North America”), each of which consists of customers that have similar characteristics. Therefore, the Company has determined that it has two operating segments, U.S. and Canada, which aggregate to one reportable segment. Additionally, the Company presents its segment reporting information based on business operations for each of the two geographic areas in which it operates and also by major product category. Information about the Company’s business operations based on geographic areas is as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales: United States $ 4,053.0 $ 3,860.0 $ 7,623.1 $ 7,439.6 Canada 435.0 394.6 789.4 743.0 Corporate (1) 7.9 9.3 15.6 20.6 Total $ 4,495.9 $ 4,263.9 $ 8,428.1 $ 8,203.2 Income before income taxes: United States (2) $ 43.6 $ 26.0 $ 69.2 $ 35.2 Canada (3) 1.2 1.8 1.7 4.3 Corporate (4) (21.0) (5.2) (36.0) (10.8) Total $ 23.8 $ 22.6 $ 34.9 $ 28.7 Interest expense, net: (5) United States $ 15.3 $ 15.3 $ 29.8 $ 29.9 Canada 0.6 (0.2) 1.3 0.3 Corporate (6) (13.5) (12.3) (25.6) (23.9) Total $ 2.4 $ 2.8 $ 5.5 $ 6.3 Depreciation and amortization: United States $ 12.9 $ 11.0 $ 25.4 $ 21.8 Canada 1.1 0.8 2.2 1.6 Corporate (7) 3.5 4.9 7.3 9.0 Total $ 17.5 $ 16.7 $ 34.9 $ 32.4 Capital expenditures: United States $ 5.2 $ 3.8 $ 9.3 $ 8.2 Canada 0.2 1.0 0.7 1.6 Total $ 5.4 $ 4.8 $ 10.0 $ 9.8 ___________________________________________ (1) Consists primarily of external sales made by the Company’s consolidating warehouses, management service fee revenue, allowance for sales returns and certain other sales adjustments. (2) Includes $8.3 million of cigarette inventory tax stamp holding gains recognized in Colorado for the six months ended June 30, 2021. (3) Includes $3.8 million associated with an OTP tax claim in Ontario for the six months ended June 30, 2021 (see Note 5 - Contingencies). (4) Consists primarily of expenses and other income, such as corporate incentives and salaries, LIFO expense, health care costs, insurance and workers’ compensation adjustments, elimination of overhead allocations and foreign exchange gains or losses. The decrease in Corporate income before income taxes for the three months ended June 30, 2021 was driven primarily by higher salaries due primarily to business process centralization, employee bonus, LIFO expense and professional fees related to the planned merger with PFG. (5) Includes nominal interest income earned for the three and six months ended June 30, 2021, respectively. Includes $0.1 million and $0.2 million of interest income for the three and six months ended June 30, 2020, respectively. (6) Consists primarily of intercompany eliminations for interest. (7) Consists primarily of depreciation for the consolidation centers and amortization of intangible assets. Identifiable assets by geographic area are as follows (in millions): June 30, December 31, Identifiable assets: United States $ 1,951.5 $ 1,781.0 Canada 181.4 173.7 Total $ 2,132.9 $ 1,954.7 The net sales mix for the Company’s primary product categories is as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, Product Category 2021 2020 2021 2020 Cigarettes $ 2,899.9 $ 2,892.6 $ 5,487.6 $ 5,475.3 Food 456.9 363.0 822.6 762.5 Fresh 148.6 121.9 268.7 242.4 Candy 294.0 243.8 538.6 500.2 OTP 422.3 390.9 809.9 750.9 Health, beauty & general 210.1 202.3 394.8 382.3 Beverages 63.2 49.4 104.9 89.1 Equipment/other 0.9 — 1.0 0.5 Total food/non-food products 1,596.0 1,371.3 2,940.5 2,727.9 Total net sales $ 4,495.9 $ 4,263.9 $ 8,428.1 $ 8,203.2

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated balance sheet as of June 30, 2021, the unaudited condensed consolidated statements of operations and comprehensive income, the unaudited condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020, and the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, certain footnotes and other financial information that are normally required by generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements, which are included in its 2020 Annual Report on Form 10-K, filed with the SEC on March 1, 2021. The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended December 31, 2020. The unaudited condensed consolidated interim financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated results of operations, financial position, comprehensive income, changes in stockholders’ equity and cash flows. Results for the interim periods are not necessarily indicative of results to be expected for the full year or any other future periods.
Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated balance sheet as of June 30, 2021, the unaudited condensed consolidated statements of operations and comprehensive income, the unaudited condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020, and the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, certain footnotes and other financial information that are normally required by generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements, which are included in its 2020 Annual Report on Form 10-K, filed with the SEC on March 1, 2021. The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended December 31, 2020. The unaudited condensed consolidated interim financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated results of operations, financial position, comprehensive income, changes in stockholders’ equity and cash flows. Results for the interim periods are not necessarily indicative of results to be expected for the full year or any other future periods.
Adoption of Accounting Pronouncements	Adoption of Accounting Pronouncements On August 28, 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans -General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The Company adopted this pronouncement on a retrospective basis effective January 1, 2021. The new guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for defined benefit pension and other post-retirement benefit plans. The adoption of ASU 2018-14 did not have a material impact on the Company’s consolidated financial statements. On December 18, 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The new guidance enhances and simplifies various aspects of the income tax accounting guidance, including requirements pertaining to hybrid tax regimes, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The Company adopted this pronouncement effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash investments, accounts receivable and other receivables. The Company places its cash and cash equivalents in short-term instruments with high-quality financial institutions and limits the amount of credit exposure in any one financial instrument. A credit review is completed for new customers and ongoing credit evaluations of each customer’s financial condition are performed periodically, with an allowance recognized for expected credit losses. Credit limits given to customers are based on a risk assessment of their ability to pay and other factors. Accounts receivable are typically not collateralized, but the Company may require prepayments or other guarantees whenever deemed necessary.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in millions): June 30, December 31, Inventories at FIFO, net of reserves $ 1,105.1 $ 993.9 Less: LIFO reserve (257.2) (235.4) Total inventories, net of reserves $ 847.9 $ 758.5

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of the following (in millions): June 30, December 31, Amounts borrowed (Credit Facility) $ 332.0 $ 258.0 Obligations under finance leases 99.8 86.5 Total long-term debt $ 431.8 $ 344.5 Amounts related to the Credit Facility are as follows (in millions, except interest rate data): June 30, December 31, Amounts borrowed, net $ 332.0 $ 258.0 Outstanding letters of credit 43.8 19.5 Amounts available to borrow (1) 347.3 402.4 Unamortized debt issuance costs 3.3 0.9 ___________________________________________ (1) Subject to borrowing base limitations, and excluding expansion feature of $200.0 million. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Average borrowings $ 221.2 $ 354.3 $ 211.9 $ 345.3 Range of borrowings 126.0 - 378.0 225.0 - 451.0 126.0 - 378.0 151.5 - 499.3 Unused Credit Facility and letter of credit participation fees (1) 0.4 0.3 0.8 0.6 Amortization of debt issuance costs (1) 0.2 0.2 0.5 0.4 Weighted-average interest rate (2) 1.4 % 1.4 % 1.4 % 2.1 % ___________________________________________ (1) Included in interest expense, net. (2) Calculated based on the daily cost of borrowing, reflecting a blend of prime and LIBOR rates.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income Per Common Share	The following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Earnings Net income $ 15.5 $ 16.9 $ 24.0 $ 21.2 Shares Weighted-average common shares outstanding (basic shares) 45.2 45.1 45.2 45.2 Adjustment for assumed dilution: Restricted stock units 0.2 0.1 0.1 0.1 Performance shares 0.1 0.1 0.1 0.1 Weighted-average shares assuming dilution (diluted shares) 45.5 45.3 45.4 45.4 Earnings per share Basic and diluted (1) $ 0.34 $ 0.38 $ 0.53 $ 0.47 ___________________________________________ (1) Basic and diluted earnings per share are calculated based on unrounded actual amounts.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Dividends	The Board of Directors approved the following cash dividends in 2021 (in millions, except per share data): Declaration Date Dividend Per Share Record Date Cash Payment Amount Payment Date March 1, 2021 $0.13 March 15, 2021 $6.2 March 26, 2021 May 5, 2021 $0.13 May 21, 2021 $5.9 June 25, 2021 August 4, 2021 $0.13 August 20, 2021 N/A (1) September 24, 2021 ___________________________________________

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Business Operations Based on Geographic Area	Information about the Company’s business operations based on geographic areas is as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net sales: United States $ 4,053.0 $ 3,860.0 $ 7,623.1 $ 7,439.6 Canada 435.0 394.6 789.4 743.0 Corporate (1) 7.9 9.3 15.6 20.6 Total $ 4,495.9 $ 4,263.9 $ 8,428.1 $ 8,203.2 Income before income taxes: United States (2) $ 43.6 $ 26.0 $ 69.2 $ 35.2 Canada (3) 1.2 1.8 1.7 4.3 Corporate (4) (21.0) (5.2) (36.0) (10.8) Total $ 23.8 $ 22.6 $ 34.9 $ 28.7 Interest expense, net: (5) United States $ 15.3 $ 15.3 $ 29.8 $ 29.9 Canada 0.6 (0.2) 1.3 0.3 Corporate (6) (13.5) (12.3) (25.6) (23.9) Total $ 2.4 $ 2.8 $ 5.5 $ 6.3 Depreciation and amortization: United States $ 12.9 $ 11.0 $ 25.4 $ 21.8 Canada 1.1 0.8 2.2 1.6 Corporate (7) 3.5 4.9 7.3 9.0 Total $ 17.5 $ 16.7 $ 34.9 $ 32.4 Capital expenditures: United States $ 5.2 $ 3.8 $ 9.3 $ 8.2 Canada 0.2 1.0 0.7 1.6 Total $ 5.4 $ 4.8 $ 10.0 $ 9.8 ___________________________________________ (1) Consists primarily of external sales made by the Company’s consolidating warehouses, management service fee revenue, allowance for sales returns and certain other sales adjustments. (2) Includes $8.3 million of cigarette inventory tax stamp holding gains recognized in Colorado for the six months ended June 30, 2021. (3) Includes $3.8 million associated with an OTP tax claim in Ontario for the six months ended June 30, 2021 (see Note 5 - Contingencies). (4) Consists primarily of expenses and other income, such as corporate incentives and salaries, LIFO expense, health care costs, insurance and workers’ compensation adjustments, elimination of overhead allocations and foreign exchange gains or losses. The decrease in Corporate income before income taxes for the three months ended June 30, 2021 was driven primarily by higher salaries due primarily to business process centralization, employee bonus, LIFO expense and professional fees related to the planned merger with PFG. (5) Includes nominal interest income earned for the three and six months ended June 30, 2021, respectively. Includes $0.1 million and $0.2 million of interest income for the three and six months ended June 30, 2020, respectively. (6) Consists primarily of intercompany eliminations for interest. (7) Consists primarily of depreciation for the consolidation centers and amortization of intangible assets. Identifiable assets by geographic area are as follows (in millions): June 30, December 31, Identifiable assets: United States $ 1,951.5 $ 1,781.0 Canada 181.4 173.7 Total $ 2,132.9 $ 1,954.7
Schedule of Net Sales Mix for Primary Product Categories	The net sales mix for the Company’s primary product categories is as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, Product Category 2021 2020 2021 2020 Cigarettes $ 2,899.9 $ 2,892.6 $ 5,487.6 $ 5,475.3 Food 456.9 363.0 822.6 762.5 Fresh 148.6 121.9 268.7 242.4 Candy 294.0 243.8 538.6 500.2 OTP 422.3 390.9 809.9 750.9 Health, beauty & general 210.1 202.3 394.8 382.3 Beverages 63.2 49.4 104.9 89.1 Equipment/other 0.9 — 1.0 0.5 Total food/non-food products 1,596.0 1,371.3 2,940.5 2,727.9 Total net sales $ 4,495.9 $ 4,263.9 $ 8,428.1 $ 8,203.2

Summary of Company Informatio_2

Summary of Company Information and Basis of Presentation (Details) $ / shares in Units, location in Thousands, $ in Millions	May 17, 2021USD ($)$ / shares	Jun. 30, 2021USD ($)centerfacilitylocation$ / shares	Jun. 30, 2021USD ($)centerfacilitylocation$ / shares	Dec. 31, 2020$ / shares
Revenue from External Customer [Line Items]
Number of customer locations | location		41	41
Number of distribution centers | center		32	32
Number of distribution facilities operating as a third party logistics provider | facility		2	2
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Performance Food Group Company Merger
Revenue from External Customer [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Business acquisition, exchange ratio	0.44
Merger consideration (in dollars per share)	$ 23.875
Annual limit for capital expenditures | $	$ 50
Transaction expenses related to the merger | $		$ 4.9	$ 5.2
Performance Food Group Company Merger | Performance Food Group Company
Revenue from External Customer [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
United States
Revenue from External Customer [Line Items]
Number of distribution centers | center		27	27
Canada
Revenue from External Customer [Line Items]
Number of distribution centers | center		5	5

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales | Customer concentration risk | Murphy USA
Concentration Risk [Line Items]
Major customer percentage of net sales	13.00%	15.00%	14.00%	15.00%

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories at FIFO, net of reserves	$ 1,105.1	$ 993.9
Less: LIFO reserve	(257.2)	(235.4)
Total inventories, net of reserves	$ 847.9	$ 758.5

Inventories, Net - Narrative (D

Inventories, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Inventory [Line Items]
LIFO reserve	$ 257.2			$ 257.2		$ 235.4
LIFO expense	11.3		$ 8.3	21.8	$ 16.1
Increased deferred tax liabilities		$ 16
Decreased taxes payable		$ 16
United States
Inventory [Line Items]
LIFO reserve	$ 257.2			$ 257.2		$ 235.4

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Obligations under finance leases	$ 99,800,000		$ 99,800,000		$ 86,500,000
Total long-term debt	431,800,000		431,800,000		344,500,000
Unamortized debt issuance costs	3,300,000		3,300,000		900,000
Amortization of debt issuance costs			500,000	$ 400,000
Revolving credit facility
Debt Instrument [Line Items]
Amounts borrowed (Credit Facility)	332,000,000		332,000,000		258,000,000
Total long-term debt	332,000,000		332,000,000		258,000,000
Outstanding letters of credit	43,800,000		43,800,000		19,500,000
Amounts available to borrow	347,300,000		347,300,000		$ 402,400,000
Revolving credit facility, expansion feature	200,000,000		200,000,000
Average borrowings	221,200,000	$ 354,300,000	211,900,000	345,300,000
Unused Credit Facility and letter of credit participation fees	400,000	300,000	800,000	600,000
Amortization of debt issuance costs	$ 200,000	$ 200,000	$ 500,000	$ 400,000
Weighted-average interest rate	1.40%	1.40%	1.40%	2.10%
Minimum | Revolving credit facility
Debt Instrument [Line Items]
Average borrowings	$ 126,000,000	$ 225,000,000	$ 126,000,000	$ 151,500,000
Maximum | Revolving credit facility
Debt Instrument [Line Items]
Average borrowings	$ 378,000,000	$ 451,000,000	$ 378,000,000	$ 499,300,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - Revolving credit facility	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 750,000,000
Revolving credit facility, expansion feature	200,000,000
Debt issuance fees	$ 2,800,000

Contingencies (Details)

Contingencies (Details) $ in Millions	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Reserve for total tax audit claim (percent)	0.50
Reserve for total tax audit claim	$ 3.8

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings
Net income	$ 15.5	$ 16.9	$ 24	$ 21.2
Shares
Weighted-average common shares outstanding (basic shares)	45.2	45.1	45.2	45.2
Adjustment for assumed dilution:
Weighted-average shares assuming dilution (diluted shares)	45.5	45.3	45.4	45.4
Earnings per share
Basic (in dollars per share)	$ 0.34	$ 0.38	$ 0.53	$ 0.47
Diluted (in dollars per share)	$ 0.34	$ 0.38	$ 0.53	$ 0.47
Restricted stock units
Adjustment for assumed dilution:
Incremental common shares attributable to share-based payment arrangements (in shares)	0.2	0.1	0.1	0.1
Performance shares
Adjustment for assumed dilution:
Incremental common shares attributable to share-based payment arrangements (in shares)	0.1	0.1	0.1	0.1

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive securities not included in the computation of diluted earnings per share (in shares)	6,366	31,138	236,139	502,161

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	34.90%	25.20%	31.20%	26.10%

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 21, 2019
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Number of shares authorized (in shares)					4,236,959
Shares available for issuance (in shares)	2,842,680		2,842,680
Stock-based compensation cost	$ 2.5	$ 2.5	$ 4.9	$ 4.1
Total unrecognized compensation cost related to non-vested share-based compensation arrangements	$ 13.8		$ 13.8
Compensation cost not yet recognized, period for recognition			1 year 9 months 18 days
Restricted Stock Units
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Granted, number of shares (in shares)			232,090	280,325
Grants in period, weighted average grant date fair value (in dollars per share)			$ 31.03	$ 25.38
Performance-Based Restricted Stock Units
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Granted, number of shares (in shares)			155,746	154,363
Grants in period, weighted average grant date fair value (in dollars per share)			$ 31.13	$ 25.48
Shares earned (in shares)				138,927

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Jan. 31, 2021
2021 Program
Equity, Class of Treasury Stock [Line Items]
Period of stockholder return plan	3 years
Authorized increase to stockholder return plan	$ 375
2020 Program
Equity, Class of Treasury Stock [Line Items]
Authorized increase to stockholder return plan		$ 60
Common stock available for future share repurchases, amount		$ 49.6

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2021	Jun. 25, 2021	May 05, 2021	Mar. 26, 2021	Mar. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Dividends Per Share (in dollars per share)			$ 0.13		$ 0.13	$ 130,000	$ 0.12	$ 260,000	$ 0.24
Cash Payment Amount		$ 5.9		$ 6.2				$ 12.1	$ 11.1
Subsequent Event
Class of Stock [Line Items]
Dividends Per Share (in dollars per share)	$ 0.13

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)segmentgeographicArea
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	1
Number of geographic operating areas | geographicArea	2
Reserve for total tax audit claim | $	$ 3.8

Segment and Geographic Inform_4

Segment and Geographic Information - Information by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 4,495.9	$ 4,263.9	$ 8,428.1	$ 8,203.2
Income before income taxes	23.8	22.6	34.9	28.7
Interest expense, net	2.4	2.8	5.5	6.3
Depreciation and amortization	17.5	16.7	34.9	32.4
Capital expenditures:	5.4	4.8	10	9.8
Reserve for total tax audit claim	3.8		3.8
Interest income	0	0.1	0	0.2
Cigarettes
Segment Reporting Information [Line Items]
Net sales	2,899.9	2,892.6	5,487.6	5,475.3
Cigarettes | United States
Segment Reporting Information [Line Items]
Inventory holding gains			8.3
OTP
Segment Reporting Information [Line Items]
Net sales	422.3	390.9	809.9	750.9
OTP | Canada
Segment Reporting Information [Line Items]
Reserve for total tax audit claim	3.8		3.8
Operating Segment | United States
Segment Reporting Information [Line Items]
Net sales	4,053	3,860	7,623.1	7,439.6
Income before income taxes	43.6	26	69.2	35.2
Interest expense, net	15.3	15.3	29.8	29.9
Depreciation and amortization	12.9	11	25.4	21.8
Capital expenditures:	5.2	3.8	9.3	8.2
Operating Segment | Canada
Segment Reporting Information [Line Items]
Net sales	435	394.6	789.4	743
Income before income taxes	1.2	1.8	1.7	4.3
Interest expense, net	0.6	(0.2)	1.3	0.3
Depreciation and amortization	1.1	0.8	2.2	1.6
Capital expenditures:	0.2	1	0.7	1.6
Corporate
Segment Reporting Information [Line Items]
Net sales	7.9	9.3	15.6	20.6
Income before income taxes	(21)	(5.2)	(36)	(10.8)
Interest expense, net	(13.5)	(12.3)	(25.6)	(23.9)
Depreciation and amortization	$ 3.5	$ 4.9	$ 7.3	$ 9

Segment and Geographic Inform_5

Segment and Geographic Information - Identifiable Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Identifiable assets:
Total	$ 2,132.9	$ 1,954.7
United States
Identifiable assets:
Total	1,951.5	1,781
Canada
Identifiable assets:
Total	$ 181.4	$ 173.7

Segment and Geographic Inform_6

Segment and Geographic Information - Net Sales Mix By Primary Product Categories (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from External Customer [Line Items]
Net sales	$ 4,495.9	$ 4,263.9	$ 8,428.1	$ 8,203.2
Cigarettes
Revenue from External Customer [Line Items]
Net sales	2,899.9	2,892.6	5,487.6	5,475.3
Food
Revenue from External Customer [Line Items]
Net sales	456.9	363	822.6	762.5
Fresh
Revenue from External Customer [Line Items]
Net sales	148.6	121.9	268.7	242.4
Candy
Revenue from External Customer [Line Items]
Net sales	294	243.8	538.6	500.2
OTP
Revenue from External Customer [Line Items]
Net sales	422.3	390.9	809.9	750.9
Health, beauty & general
Revenue from External Customer [Line Items]
Net sales	210.1	202.3	394.8	382.3
Beverages
Revenue from External Customer [Line Items]
Net sales	63.2	49.4	104.9	89.1
Equipment/other
Revenue from External Customer [Line Items]
Net sales	0.9	0	1	0.5
Total food/non-food products
Revenue from External Customer [Line Items]
Net sales	$ 1,596	$ 1,371.3	$ 2,940.5	$ 2,727.9