Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33274 | |
Entity Registrant Name | TravelCenters of America Inc. /MD/ | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-5701514 | |
Entity Address, Address Line One | 24601 Center Ridge Road | |
Entity Address, City or Town | Westlake | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44145-5639 | |
City Area Code | 440 | |
Local Phone Number | 808-9100 | |
Title of 12(b) Security | Shares of Common Stock, $0.001 Par Value Per Share | |
Trading Symbol | TA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,561,859 | |
Entity Central Index Key | 0001378453 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
8.25% Senior Notes due 2028 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.25% Senior Notes due 2028 | |
Trading Symbol | TANNI | |
Security Exchange Name | NASDAQ | |
8.00% Senior Notes due 2029 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.00% Senior Notes due 2029 | |
Trading Symbol | TANNL | |
Security Exchange Name | NASDAQ | |
8.00% Senior Notes due 2030 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.00% Senior Notes due 2030 | |
Trading Symbol | TANNZ | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 520,028 | $ 483,151 |
Accounts receivable (net of allowance for doubtful accounts of $1,141 and $1,016 as of March 31, 2021 and December 31, 2020, respectively) | 129,087 | 94,429 |
Inventory | 163,397 | 172,830 |
Other current assets | 27,658 | 35,506 |
Total current assets | 840,170 | 785,916 |
Property and equipment, net | 791,516 | 801,789 |
Operating lease assets | 1,713,862 | 1,734,883 |
Goodwill | 22,213 | 22,213 |
Intangible assets, net | 11,365 | 11,529 |
Other noncurrent assets | 117,219 | 87,530 |
Total assets | 3,496,345 | 3,443,860 |
Current liabilities: | ||
Accounts payable | 213,157 | 158,075 |
Current operating lease liabilities | 111,866 | 111,255 |
Other current liabilities | 178,650 | 175,867 |
Total current liabilities | 503,673 | 445,197 |
Long term debt, net | 525,229 | 525,397 |
Noncurrent operating lease liabilities | 1,735,080 | 1,763,166 |
Other noncurrent liabilities | 96,532 | 69,121 |
Total liabilities | 2,860,514 | 2,802,881 |
Stockholders' equity: | ||
Common stock, $0.001 par value, 216,000 shares of common stock authorized as of March 31, 2021 and December 31, 2020, and 14,564 and 14,574 shares of common stock issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 14 | 14 |
Additional paid-in capital | 782,524 | 781,841 |
Accumulated other comprehensive loss | (213) | (205) |
Accumulated deficit | (146,903) | (141,084) |
Total TA stockholders' equity | 635,422 | 640,566 |
Noncontrolling interest | 409 | 413 |
Total stockholders' equity | 635,831 | 640,979 |
Total liabilities and stockholders' equity | $ 3,496,345 | $ 3,443,860 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Total revenues | $ 1,529,096 | $ 1,303,348 |
Cost of goods sold (excluding depreciation): | ||
Total cost of goods sold | 1,172,050 | 954,693 |
Site level operating expense | 227,230 | 236,564 |
Selling, general and administrative expense | 35,930 | 37,228 |
Real estate rent expense | 63,869 | 63,588 |
Depreciation and amortization expense | 23,829 | 28,560 |
Income (loss) from operations | 6,188 | (17,285) |
Interest expense, net | 11,384 | 7,456 |
Other expense, net | 1,397 | 541 |
Loss before income taxes | (6,593) | (25,282) |
Benefit for income taxes | 850 | 6,741 |
Net loss | (5,743) | (18,541) |
Less: net income for noncontrolling interest | 76 | 20 |
Net loss attributable to common stockholders | (5,819) | (18,561) |
Other comprehensive loss, net of taxes: | ||
Foreign currency loss, net of taxes of $16 and $(107), respectively | (8) | (20) |
Other comprehensive loss attributable to common stockholders | (8) | (20) |
Comprehensive loss attributable to common stockholders | $ (5,827) | $ (18,581) |
Net loss per share of common stock attributable to common stockholders: | ||
Basic and diluted (in USD per share) | $ (0.40) | $ (2.23) |
Fuel | ||
Revenues: | ||
Total revenues | $ 1,077,258 | $ 874,929 |
Cost of goods sold (excluding depreciation): | ||
Total cost of goods sold | 999,828 | 792,974 |
Nonfuel | ||
Revenues: | ||
Total revenues | 447,914 | 425,007 |
Cost of goods sold (excluding depreciation): | ||
Total cost of goods sold | 172,222 | 161,719 |
Rent and royalties from franchisees | ||
Revenues: | ||
Total revenues | $ 3,924 | $ 3,412 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (5,743) | $ (18,541) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Noncash rent credits, net | (6,292) | (5,335) |
Depreciation and amortization expense | 23,829 | 28,560 |
Deferred income tax benefit | (850) | (6,114) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (34,760) | (2,175) |
Inventory | 9,439 | 27,420 |
Other assets | 7,513 | 2,702 |
Accounts payable and other liabilities | 56,009 | (17,555) |
Other, net | 2,431 | 2,041 |
Net cash provided by operating activities | 51,576 | 11,003 |
Cash flows from investing activities: | ||
Capital expenditures | (12,277) | (16,640) |
Proceeds from other asset sales | 0 | 505 |
Investment in equity investee | (1,350) | 0 |
Other | 105 | 0 |
Net cash used in investing activities | (13,522) | (16,135) |
Cash flows from financing activities: | ||
West Greenwich Loan borrowings | 0 | 16,600 |
Payments on Revolving Credit Facility | 0 | (7,900) |
Payments on Term Loan Facility | (500) | 0 |
Distributions to noncontrolling interest | (80) | (32) |
Acquisition of stock from employees | (74) | 0 |
Other, net | (579) | (523) |
Net cash (used in) provided by financing activities | (1,233) | 8,145 |
Effect of exchange rate changes on cash | 56 | 99 |
Net increase in cash and cash equivalents | 36,877 | 3,112 |
Cash and cash equivalents at the beginning of the period | 483,151 | 17,206 |
Cash and cash equivalents at the end of the period | 520,028 | 20,318 |
Supplemental disclosure of cash flow information: | ||
Lease modification (operating to finance lease) | 28,201 | 0 |
Interest paid, net of capitalized interest | 10,742 | 7,248 |
Income taxes refunded | $ 675 | $ 464 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Total TA Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2019 | 8,307 | ||||||
Beginning balance at Dec. 31, 2019 | $ 572,536 | $ 571,053 | $ 8 | $ 698,402 | $ (172) | $ (127,185) | $ 1,483 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Grants under share award plan and stock based compensation, net (in shares) | 12 | ||||||
Grants under share award plan and stock based compensation, net | 1,089 | 1,089 | $ 0 | ||||
Grants under share award plan and stock based compensation, net | 1,089 | ||||||
Distribution to noncontrolling interest | (32) | (32) | |||||
Other comprehensive loss, net of taxes | (20) | (20) | (20) | ||||
Net (loss) income | (18,541) | (18,561) | (18,561) | 20 | |||
Ending balance (in shares) at Mar. 31, 2020 | 8,319 | ||||||
Ending balance at Mar. 31, 2020 | $ 555,032 | 553,561 | $ 8 | 699,491 | (192) | (145,746) | 1,471 |
Beginning balance (in shares) at Dec. 31, 2020 | 14,574 | 14,574 | |||||
Beginning balance at Dec. 31, 2020 | $ 640,979 | 640,566 | $ 14 | 781,841 | (205) | (141,084) | 413 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Grants under share award plan and stock based compensation, net (in shares) | (10) | ||||||
Grants under share award plan and stock based compensation, net | 683 | 683 | $ 0 | ||||
Grants under share award plan and stock based compensation, net | 683 | ||||||
Distribution to noncontrolling interest | (80) | (80) | |||||
Other comprehensive loss, net of taxes | (8) | (8) | (8) | ||||
Net (loss) income | $ (5,743) | (5,819) | (5,819) | 76 | |||
Ending balance (in shares) at Mar. 31, 2021 | 14,564 | 14,564 | |||||
Ending balance at Mar. 31, 2021 | $ 635,831 | $ 635,422 | $ 14 | $ 782,524 | $ (213) | $ (146,903) | $ 409 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,141 | $ 1,016 |
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 216,000,000 | 216,000,000 |
Common stock, shares issued (in shares) | 14,564,000 | 14,574,000 |
Common stock, shares outstanding (in shares) | 14,564,000 | 14,574,000 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Foreign currency loss, taxes | $ 16 | $ (107) |
Business Description and Basis
Business Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation | Business Description and Basis of Presentation TravelCenters of America Inc. is a Maryland corporation. As of March 31, 2021, we operated or franchised 317 travel centers, standalone truck service facilities and standalone restaurants. Our customers include trucking fleets and their drivers, independent truck drivers, highway and local motorists and casual diners. We also collect rents, royalties and other fees from our tenants and franchisees. As of March 31, 2021, our business included 272 travel centers in 44 states in the United States and the province of Ontario, Canada, primarily along the U.S. interstate highway system, operated primarily under the "TravelCenters of America," "TA," "TA Express," "Petro Stopping Centers" and "Petro" brand names. Of these travel centers, we owned 51, we leased 181, we operated two for a joint venture in which we owned a noncontrolling interest and 38 were owned or leased from others by our franchisees. We operated 232 of our travel centers and franchisees operated 40 travel centers, including two we leased to franchisees. Our travel centers offer a broad range of products and services, including diesel fuel and gasoline, as well as nonfuel products and services such as truck repair and maintenance services, diesel exhaust fluid, full service restaurants, quick service restaurants and various customer amenities. As of March 31, 2021, our business included three standalone truck service facilities operated under the "TA Truck Service" brand name. Of these standalone truck service facilities, we leased two and owned one. Our standalone truck service facilities offer extensive maintenance and emergency repair and roadside services to large trucks. As of March 31, 2021, our business included 42 standalone restaurants in 12 states in the United States operated primarily under the "Quaker Steak & Lube," or QSL, brand name. Of these standalone restaurants, we operated 14 restaurants (four we owned, eight we leased, one we operated for one of our franchisees and one we operated for a joint venture in which we owned a noncontrolling interest) and 28 were owned by or leased from others and operated by our franchisees. On April 21, 2021, we completed the sale of our QSL business for $5,000, excluding costs to sell and certain closing adjustments. See Note 3 for more information about the sale of our QSL business. We manage our business as one segment. We make specific disclosures concerning fuel and nonfuel products and services because they facilitate our discussion of trends and operational initiatives within our business and industry. We have a single travel center located in a foreign country, Canada, that we do not consider material to our operations. The accompanying interim consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, applicable for interim financial statements. The disclosures presented do not include all the information necessary for complete financial statements in accordance with GAAP. These unaudited interim financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, or our Annual Report. In the opinion of our management, the accompanying unaudited interim consolidated financial statements include all adjustments, including normal recurring adjustments, considered necessary for a fair presentation. All intercompany transactions and balances have been eliminated. While our revenues are modestly seasonal, the quarterly variations in our operating results may reflect greater seasonal differences because our rent expense and certain other costs do not vary seasonally. The COVID-19 pandemic and current economic conditions have, and may in the future, significantly alter the seasonal aspects of our business. For this and other reasons, our operating results for interim periods are not necessarily indicative of the results that may be expected for a full year. Fair Value Measurement Senior Notes We collectively refer to our $110,000 of 8.25% Senior Notes due 2028, our $120,000 of 8.00% Senior Notes due 2029 and our $100,000 of 8.00% Senior Notes due 2030 as our Senior Notes, which are our senior unsecured obligations. We estimate that, based on their trading prices (a Level 1 input), the aggregate fair value of our Senior Notes on March 31, 2021, was $342,980. Recently Issued Accounting Pronouncement and Other Accounting Matters In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. We adopted this standard on January 1, 2021, using the prospective transition method. The implementation of this update did not have a material impact on our consolidated financial statements. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, as a response to the economic uncertainty resulting from the COVID-19 pandemic, which, among other things, the CARES Act included several temporary changes to corporate income tax provisions such as modifications to limitations on deductibility of net operating losses and business interest, provisions relating to the deferral of the employer portion of social security taxes incurred through December 31, 2020, and employee retention tax credit, which is a refundable payroll credit for certain qualified wages and health benefits. As of March 31, 2021, we have deferred $23,340 of an employer social security payments, and have included this amount in other current liabilities. On December 27, 2020 and March 11, 2021, the CARES Act was modified by the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021, respectively, extending the employee retention tax credit through December 31, 2021. During the year ended December 31, 2020, we recognized $3,268 relating to the employee retention tax credit for credits evaluated through June 30, 2020. We are in the process of evaluating the amount of any credits for which we may be eligible for the periods subsequent to June 30, 2020, and we are currently unable to estimate that amount, if any. We will continue to evaluate the impact of this legislation on our operations and consolidated financial statements in future periods and to the extent additional guidance and regulations are issued. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues We recognize revenues based on the consideration specified in the contract with the customer, excluding any sales incentives (such as customer loyalty programs and customer rebates) and amounts collected on behalf of third parties (such as sales and excise taxes). The majority of our revenues are generated at the point of sale in our retail locations. Revenues consist of fuel revenues, nonfuel revenues and rents and royalties from franchisees. Disaggregation of Revenues We disaggregate our revenues based on the type of good or service provided to the customer, or by fuel revenues and nonfuel revenues, in our consolidated statements of operations and comprehensive loss. Nonfuel revenues disaggregated by type of good or service for the three months ended March 31, 2021 and 2020, were as follows: Three Months Ended 2021 2020 Nonfuel revenues: Store and retail services $ 171,772 $ 151,818 Truck service 171,131 153,967 Restaurant 73,869 94,212 Diesel exhaust fluid 31,142 25,010 Total nonfuel revenues $ 447,914 $ 425,007 Contract Liabilities Our contract liabilities, which are presented in our consolidated balance sheets in other current and other noncurrent liabilities, primarily include deferred revenues related to our customer loyalty programs, gift cards, rebates payable to customers and other deferred revenues. The following table shows the changes in our contract liabilities between periods. Customer Other Total December 31, 2019 $ 17,993 $ 4,822 $ 22,815 Increases due to unsatisfied performance obligations arising during the period 115,792 15,791 131,583 Revenues recognized from satisfied performance obligations during the period (98,147) (12,879) (111,026) Other (12,817) (589) (13,406) December 31, 2020 22,821 7,145 29,966 Increases due to unsatisfied performance obligations arising during the period 31,149 4,143 35,292 Revenues recognized from satisfied performance obligations during the period (26,048) (3,487) (29,535) Other (3,680) (175) (3,855) March 31, 2021 $ 24,242 $ 7,626 $ 31,868 As of March 31, 2021, we expect the unsatisfied performance obligations relating to our customer loyalty programs will generally be satisfied within 12 months. |
Disposition Activity
Disposition Activity | 3 Months Ended |
Mar. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Disposition Activity | Disposition Activity On April 21, 2021, we completed the sale of our QSL business for $5,000, excluding costs to sell and certain closing adjustments. We had classified our QSL business as held for sale as of December 31, 2020. We do not believe that this sale represents a strategic shift in our business. As of March 31, 2021, our QSL business included 41 standalone restaurants in 11 states in the United States operated primarily under the QSL brand name. During the three months ended March 31, 2021, we recorded an additional impairment charge of $650, primarily resulting from the change in fair value of underlying assets held for sale, gross, which was included in depreciation and amortization expense in our consolidated statement of operations and comprehensive loss, to reduce the carrying value of our QSL net asset disposal group to $4,222. Impairment charges relating to our QSL net asset disposal group total $14,365, which includes the $13,715 impairment charge recognized during the year ended December 31, 2020. Our estimated fair value of our QSL net assets is based on the purchase price, pursuant to the purchase and sale agreement, less costs to sell and certain closing adjustments as of March 31, 2021. Our QSL net asset disposal group was included as assets held for sale, net in other current assets on our consolidated balance sheets and was comprised of the following as of March 31, 2021 and December 31, 2020: March 31, December 31, Current assets $ 3,783 $ 4,313 Property and equipment, net 11,943 11,745 Operating lease assets 6,927 6,927 Intangible assets, net 7,301 7,301 Current liabilities (1,602) (1,967) Current operating lease liabilities (1,284) (1,307) Long term debt, net (838) (868) Noncurrent operating lease liabilities (7,597) (7,907) Other noncurrent liabilities (46) (51) Assets held for sale, gross 18,587 18,186 Impairment charges (14,365) (13,715) Assets held for sale, net $ 4,222 $ 4,471 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table presents a reconciliation of net loss attributable to common stockholders to net loss available to common stockholders and the related earnings per share of common stock for the three months ended March 31, 2021 and 2020. Three Months Ended 2021 2020 Net loss attributable to common stockholders $ (5,819) $ (18,561) Less: net loss attributable to participating securities (137) (909) Net loss available to common stockholders $ (5,682) $ (17,652) Weighted average shares of common stock (1) 14,227 7,905 Basic and diluted net loss per share of common stock attributable to common stockholders $ (0.40) $ (2.23) (1) Excludes unvested shares of common stock awarded under our share award plans, which shares of common stock are considered participating securities because they participate equally in earnings and losses with all of our other shares of common stock. The weighted average number of unvested shares of common stock outstanding for the three months ended March 31, 2021 and 2020, was 344 and 407, respectively. |
Leasing Transactions
Leasing Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leasing Transactions, As a Lessee | Leasing Transactions As a Lessee We have lease agreements covering many of our properties, as well as various equipment, with the most significant leases being our five leases with Service Properties Trust, or SVC, which are further described below. Certain of our leases include renewal options, and certain leases include escalation clauses and purchase options. Renewal periods are included in calculating our operating lease assets and liabilities when they are reasonably certain. Leases with an initial term of 12 months or less are not recognized in our consolidated balance sheets. As of March 31, 2021, our SVC Leases (as defined below), the leases covering our other properties and most of our equipment leases were classified as operating leases and certain of our other equipment leases were classified as finance leases. As of March 31, 2021, our finance lease assets and liabilities were immaterial to our consolidated financial statements. Finance lease assets were included in other noncurrent assets, with the corresponding current and noncurrent finance lease liabilities included in other current liabilities and other noncurrent liabilities, respectively, on our consolidated balance sheets. Certain of our operating leases provide for variable lease costs, which primarily include percentage rent and our obligation for the estimated cost of removing underground storage tanks under the SVC Leases. Our lease costs are included in various balances in our consolidated statements of operations and comprehensive loss, as shown in the following table. For the three months ended March 31, 2021 and 2020, our lease costs consisted of the following: Classification in our Consolidated Three Months Ended 2021 2020 Operating lease costs: SVC Leases Real estate rent expense $ 59,137 $ 59,501 Operating lease costs: other Real estate rent expense 2,684 2,833 Variable lease costs: SVC Leases Real estate rent expense 1,866 1,096 Variable lease costs: other Real estate rent expense 182 158 Total real estate rent expense 63,869 63,588 Operating lease costs: equipment and other Site level operating expense and selling, general and administrative expense 846 966 Financing lease costs: equipment and other Site level operating expense 22 — Short-term lease costs Site level operating expense and selling, general and administrative expense 167 539 Amortization of finance lease assets: Depreciation and amortization expense 184 — Amortization of finance lease assets: other Depreciation and amortization expense 250 — Interest on finance lease liabilities: Interest expense, net 103 — Interest on finance lease liabilities: other Interest expense, net 82 — Sublease income Nonfuel revenues (487) (496) Net lease costs $ 65,036 $ 64,597 Maturities of our operating lease liabilities that had remaining noncancelable lease terms in excess of one year as of March 31, 2021, were as follows: SVC Leases (1) Other Total Years ended December 31: 2021 $ 201,893 $ 3,587 $ 205,480 2022 268,936 3,706 272,642 2023 255,344 1,768 257,112 2024 251,150 620 251,770 2025 250,667 490 251,157 Thereafter 1,783,837 2,288 1,786,125 Total operating lease payments 3,011,827 12,459 3,024,286 Less: present value discount (2) (1,175,395) (1,945) (1,177,340) Present value of operating lease liabilities $ 1,836,432 $ 10,514 $ 1,846,946 (1) Includes rent for properties we sublease from SVC and pay directly to SVC's landlords. (2) The discount rate used to derive the present value of unpaid lease payments is based on the rates implicit in the SVC Leases and our incremental borrowing rate for all other leases. The weighted average remaining lease term for our operating leases as of March 31, 2021, was approximately 12 years. Our weighted average discount rate for our operating leases as of March 31, 2021, was approximately 9.1%. During the three months ended March 31, 2021 and 2020, we paid $70,161 and $68,923, respectively, for amounts that had been included in the measurement of our operating lease liabilities. As of March 31, 2021 and December 31, 2020, our operating lease assets and liabilities consisted of the following: March 31, December 31, Operating lease assets: SVC Leases $ 1,704,013 $ 1,724,428 Other 9,849 10,455 Total operating lease assets $ 1,713,862 $ 1,734,883 Current operating lease liabilities: SVC Leases $ 107,470 $ 106,788 Other 4,396 4,467 Total current operating lease liabilities $ 111,866 $ 111,255 Noncurrent operating lease liabilities: SVC Leases $ 1,728,962 $ 1,756,449 Other 6,118 6,717 Total noncurrent operating lease liabilities $ 1,735,080 $ 1,763,166 On March 9, 2021, we and SVC amended one of the SVC Leases, as defined below, pursuant to which, a separate but related third party ground lease at one of the 179 travel center properties that we lease from SVC which was previously accounted for as an operating lease is now accounted for as a finance lease. As a result of this lease modification, as of March 31, 2021, we recorded $28,201 in other noncurrent assets, $1,158 in other current liabilities and $27,046 in other noncurrent liabilities on our consolidated balance sheet in relation to this lease. Leasing Agreements with SVC. As of March 31, 2021, we leased from SVC a total of 179 properties under five leases that expire between 2029 and 2035, subject to our right to extend those leases. We refer to these five leases collectively as the SVC Leases. We recognized total real estate rent expense under the SVC Leases of $61,003 and $60,597 for the three months ended March 31, 2021 and 2020, respectively. Included in these rent expense amounts are percentage rent payable of $1,386 and $725 respectively, which amounts are based on a percentage of the increases in total nonfuel revenues at each leased property over base year levels, deferred rent of $4,404 that we paid for each three month period and adjustments for future increases in minimum annual rent on a straight line basis and estimated future payments by us for the cost of removing underground storage tanks on a straight line basis. The remaining balance of our deferred rent obligations was $35,229 as of March 31, 2021. Pursuant to the SVC Leases, we may request that SVC purchase qualifying capital improvements we make at the leased travel centers in return for increased annual minimum rent. We did not sell to SVC any improvements we made to properties leased from SVC for the three months ended March 31, 2021 and 2020. As permitted by the SVC Leases, we sublease a portion of certain travel centers to third parties to operate other retail operations. These subleases are classified as operating leases. We recognized sublease rental income of $487 and $496 for the three months ended March 31, 2021 and 2020, respectively. As a Lessor We leased two travel centers to franchisees as of March 31, 2021 and 2020. Rent revenues from these operating leases totaled $584 and $572 for the three months ended March 31, 2021 and 2020, respectively. Future minimum lease payments due to us for the two leased sites under these operating leases as of March 31, 2021, were $1,752 for the remainder of 2021 and $1,168 for 2022. See above for information regarding certain travel centers that we lease from SVC in which we sublease a portion of the travel centers to third parties to operate other retail operations. |
Leasing Transactions, As a Lessor | Leasing Transactions As a Lessee We have lease agreements covering many of our properties, as well as various equipment, with the most significant leases being our five leases with Service Properties Trust, or SVC, which are further described below. Certain of our leases include renewal options, and certain leases include escalation clauses and purchase options. Renewal periods are included in calculating our operating lease assets and liabilities when they are reasonably certain. Leases with an initial term of 12 months or less are not recognized in our consolidated balance sheets. As of March 31, 2021, our SVC Leases (as defined below), the leases covering our other properties and most of our equipment leases were classified as operating leases and certain of our other equipment leases were classified as finance leases. As of March 31, 2021, our finance lease assets and liabilities were immaterial to our consolidated financial statements. Finance lease assets were included in other noncurrent assets, with the corresponding current and noncurrent finance lease liabilities included in other current liabilities and other noncurrent liabilities, respectively, on our consolidated balance sheets. Certain of our operating leases provide for variable lease costs, which primarily include percentage rent and our obligation for the estimated cost of removing underground storage tanks under the SVC Leases. Our lease costs are included in various balances in our consolidated statements of operations and comprehensive loss, as shown in the following table. For the three months ended March 31, 2021 and 2020, our lease costs consisted of the following: Classification in our Consolidated Three Months Ended 2021 2020 Operating lease costs: SVC Leases Real estate rent expense $ 59,137 $ 59,501 Operating lease costs: other Real estate rent expense 2,684 2,833 Variable lease costs: SVC Leases Real estate rent expense 1,866 1,096 Variable lease costs: other Real estate rent expense 182 158 Total real estate rent expense 63,869 63,588 Operating lease costs: equipment and other Site level operating expense and selling, general and administrative expense 846 966 Financing lease costs: equipment and other Site level operating expense 22 — Short-term lease costs Site level operating expense and selling, general and administrative expense 167 539 Amortization of finance lease assets: Depreciation and amortization expense 184 — Amortization of finance lease assets: other Depreciation and amortization expense 250 — Interest on finance lease liabilities: Interest expense, net 103 — Interest on finance lease liabilities: other Interest expense, net 82 — Sublease income Nonfuel revenues (487) (496) Net lease costs $ 65,036 $ 64,597 Maturities of our operating lease liabilities that had remaining noncancelable lease terms in excess of one year as of March 31, 2021, were as follows: SVC Leases (1) Other Total Years ended December 31: 2021 $ 201,893 $ 3,587 $ 205,480 2022 268,936 3,706 272,642 2023 255,344 1,768 257,112 2024 251,150 620 251,770 2025 250,667 490 251,157 Thereafter 1,783,837 2,288 1,786,125 Total operating lease payments 3,011,827 12,459 3,024,286 Less: present value discount (2) (1,175,395) (1,945) (1,177,340) Present value of operating lease liabilities $ 1,836,432 $ 10,514 $ 1,846,946 (1) Includes rent for properties we sublease from SVC and pay directly to SVC's landlords. (2) The discount rate used to derive the present value of unpaid lease payments is based on the rates implicit in the SVC Leases and our incremental borrowing rate for all other leases. The weighted average remaining lease term for our operating leases as of March 31, 2021, was approximately 12 years. Our weighted average discount rate for our operating leases as of March 31, 2021, was approximately 9.1%. During the three months ended March 31, 2021 and 2020, we paid $70,161 and $68,923, respectively, for amounts that had been included in the measurement of our operating lease liabilities. As of March 31, 2021 and December 31, 2020, our operating lease assets and liabilities consisted of the following: March 31, December 31, Operating lease assets: SVC Leases $ 1,704,013 $ 1,724,428 Other 9,849 10,455 Total operating lease assets $ 1,713,862 $ 1,734,883 Current operating lease liabilities: SVC Leases $ 107,470 $ 106,788 Other 4,396 4,467 Total current operating lease liabilities $ 111,866 $ 111,255 Noncurrent operating lease liabilities: SVC Leases $ 1,728,962 $ 1,756,449 Other 6,118 6,717 Total noncurrent operating lease liabilities $ 1,735,080 $ 1,763,166 On March 9, 2021, we and SVC amended one of the SVC Leases, as defined below, pursuant to which, a separate but related third party ground lease at one of the 179 travel center properties that we lease from SVC which was previously accounted for as an operating lease is now accounted for as a finance lease. As a result of this lease modification, as of March 31, 2021, we recorded $28,201 in other noncurrent assets, $1,158 in other current liabilities and $27,046 in other noncurrent liabilities on our consolidated balance sheet in relation to this lease. Leasing Agreements with SVC. As of March 31, 2021, we leased from SVC a total of 179 properties under five leases that expire between 2029 and 2035, subject to our right to extend those leases. We refer to these five leases collectively as the SVC Leases. We recognized total real estate rent expense under the SVC Leases of $61,003 and $60,597 for the three months ended March 31, 2021 and 2020, respectively. Included in these rent expense amounts are percentage rent payable of $1,386 and $725 respectively, which amounts are based on a percentage of the increases in total nonfuel revenues at each leased property over base year levels, deferred rent of $4,404 that we paid for each three month period and adjustments for future increases in minimum annual rent on a straight line basis and estimated future payments by us for the cost of removing underground storage tanks on a straight line basis. The remaining balance of our deferred rent obligations was $35,229 as of March 31, 2021. Pursuant to the SVC Leases, we may request that SVC purchase qualifying capital improvements we make at the leased travel centers in return for increased annual minimum rent. We did not sell to SVC any improvements we made to properties leased from SVC for the three months ended March 31, 2021 and 2020. As permitted by the SVC Leases, we sublease a portion of certain travel centers to third parties to operate other retail operations. These subleases are classified as operating leases. We recognized sublease rental income of $487 and $496 for the three months ended March 31, 2021 and 2020, respectively. As a Lessor We leased two travel centers to franchisees as of March 31, 2021 and 2020. Rent revenues from these operating leases totaled $584 and $572 for the three months ended March 31, 2021 and 2020, respectively. Future minimum lease payments due to us for the two leased sites under these operating leases as of March 31, 2021, were $1,752 for the remainder of 2021 and $1,168 for 2022. See above for information regarding certain travel centers that we lease from SVC in which we sublease a portion of the travel centers to third parties to operate other retail operations. |
Business Management Agreement w
Business Management Agreement with RMR | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |
Business Management Agreement with RMR | Related Party Transactions We have relationships and historical and continuing transactions with SVC, RMR and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have directors, trustees or officers who are also our Directors or officers. RMR is a majority owned subsidiary of The RMR Group Inc. The Chair of our Board of Directors and one of our Managing Directors, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of The RMR Group Inc. Mr. Portnoy is also a managing director and the president and chief executive officer of The RMR Group Inc. and an officer and employee of RMR. Jonathan M. Pertchik, our other Managing Director and Chief Executive Officer, also serves as an officer and employee of RMR. Certain of our other officers and SVC's officers also serve as officers and employees of RMR. Some of our Independent Directors also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards of trustees or boards of directors of several of these public companies and as a managing director or managing trustee of these public companies. Other officers of RMR, including certain of our officers, serve as managing trustees, managing directors or officers of certain of these companies. As of March 31, 2021, Mr. Portnoy beneficially owned 656 shares of our common stock (including indirectly through RMR), representing approximately 4.5% of our outstanding shares of common stock. Relationship with SVC We are SVC's largest tenant and SVC is our principal landlord and second largest stockholder. As of March 31, 2021, SVC owned 1,185 shares of our common stock, representing approximately 8.1% of our outstanding shares of common stock. As of March 31, 2021, we leased from SVC a total of 179 travel center properties under the SVC Leases. See Note 5 for more information about our lease agreements with SVC. Mr. Portnoy serves as a managing trustee and chair of the board of trustees of SVC. Our Manager, RMR RMR provides certain services we require to operate our business. We have a business management agreement with RMR to provide management services to us, which relates to various aspects of our business generally. See Note 6 for more information about our business management agreement with RMR. Retirement and Separation Arrangements In December 2019, we and RMR entered into a retirement agreement with Andrew J. Rebholz. Pursuant to his retirement agreement, Mr. Rebholz continued to serve, through June 30, 2020, as a non-executive employee in order to assist in transitioning his duties and responsibilities to his successor. Under Mr. Rebholz's retirement agreement, consistent with past practice, we paid Mr. Rebholz his current annual base salary of $300 until June 30, 2020, a cash bonus in the amount of $1,000 in December 2019 and an additional cash payment in the amount of $1,000 in June 2020, and we fully accelerated the vesting of any unvested shares of our common stock previously awarded to Mr. Rebholz. In February 2020, we and RMR entered into a separation agreement with our former Executive Vice President, Chief Financial Officer and Treasurer, William E. Myers. Pursuant to his separation agreement, in 2020, we paid Mr. Myers $300 and fully accelerated the vesting of any unvested shares of our common stock previously awarded to Mr. Myers. For more information about these and other such relationships and certain other related person transactions, see our Annual Report. |
RMR Group LLC | Affiliated entity | |
Related Party Transaction [Line Items] | |
Business Management Agreement with RMR | Business Management Agreement with RMR The RMR Group LLC, or RMR, provides us certain services that we require to operate our business, and which relate to various aspects of our business, pursuant to a business management agreement. We incurred aggregate fees and certain cost reimbursements payable to RMR of $2,935 and $3,104 for the three months ended March 31, 2021 and 2020, respectively. These amounts are included in selling, general and administrative expense in our consolidated statements of operations and comprehensive loss. For more information about our relationship with RMR, see Note 7 of this Quarterly Report and our Annual Report. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have relationships and historical and continuing transactions with SVC, RMR and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have directors, trustees or officers who are also our Directors or officers. RMR is a majority owned subsidiary of The RMR Group Inc. The Chair of our Board of Directors and one of our Managing Directors, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of The RMR Group Inc. Mr. Portnoy is also a managing director and the president and chief executive officer of The RMR Group Inc. and an officer and employee of RMR. Jonathan M. Pertchik, our other Managing Director and Chief Executive Officer, also serves as an officer and employee of RMR. Certain of our other officers and SVC's officers also serve as officers and employees of RMR. Some of our Independent Directors also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards of trustees or boards of directors of several of these public companies and as a managing director or managing trustee of these public companies. Other officers of RMR, including certain of our officers, serve as managing trustees, managing directors or officers of certain of these companies. As of March 31, 2021, Mr. Portnoy beneficially owned 656 shares of our common stock (including indirectly through RMR), representing approximately 4.5% of our outstanding shares of common stock. Relationship with SVC We are SVC's largest tenant and SVC is our principal landlord and second largest stockholder. As of March 31, 2021, SVC owned 1,185 shares of our common stock, representing approximately 8.1% of our outstanding shares of common stock. As of March 31, 2021, we leased from SVC a total of 179 travel center properties under the SVC Leases. See Note 5 for more information about our lease agreements with SVC. Mr. Portnoy serves as a managing trustee and chair of the board of trustees of SVC. Our Manager, RMR RMR provides certain services we require to operate our business. We have a business management agreement with RMR to provide management services to us, which relates to various aspects of our business generally. See Note 6 for more information about our business management agreement with RMR. Retirement and Separation Arrangements In December 2019, we and RMR entered into a retirement agreement with Andrew J. Rebholz. Pursuant to his retirement agreement, Mr. Rebholz continued to serve, through June 30, 2020, as a non-executive employee in order to assist in transitioning his duties and responsibilities to his successor. Under Mr. Rebholz's retirement agreement, consistent with past practice, we paid Mr. Rebholz his current annual base salary of $300 until June 30, 2020, a cash bonus in the amount of $1,000 in December 2019 and an additional cash payment in the amount of $1,000 in June 2020, and we fully accelerated the vesting of any unvested shares of our common stock previously awarded to Mr. Rebholz. In February 2020, we and RMR entered into a separation agreement with our former Executive Vice President, Chief Financial Officer and Treasurer, William E. Myers. Pursuant to his separation agreement, in 2020, we paid Mr. Myers $300 and fully accelerated the vesting of any unvested shares of our common stock previously awarded to Mr. Myers. For more information about these and other such relationships and certain other related person transactions, see our Annual Report. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Environmental Contingencies Extensive environmental laws regulate our operations and properties. These laws may require us to investigate and clean up hazardous substances, including petroleum or natural gas products, released at our owned and leased properties. Governmental entities or third parties may hold us liable for property damage and personal injuries, and for investigation, remediation and monitoring costs incurred in connection with any contamination and regulatory compliance at our locations. We use both underground storage tanks and above ground storage tanks to store petroleum products, natural gas and other hazardous substances at our locations. We must comply with environmental laws regarding tank construction, integrity testing, leak detection and monitoring, overfill and spill control, release reporting and financial assurance for corrective action in the event of a release. At some locations we must also comply with environmental laws relative to vapor recovery or discharges to water. Under the terms of the SVC Leases, we generally have agreed to indemnify SVC for any environmental liabilities related to properties that we lease from SVC and we are required to pay all environmental related expenses incurred in the operation of the leased properties. We have entered into certain other arrangements in which we have agreed to indemnify third parties for environmental liabilities and expenses resulting from our operations. From time to time we have received, and in the future likely will receive, notices of alleged violations of environmental laws or otherwise have become or will become aware of the need to undertake corrective actions to comply with environmental laws at our locations. Investigatory and remedial actions were, and regularly are, undertaken with respect to releases of hazardous substances at our locations. In some cases we have received, and may receive in the future, contributions to partially offset our environmental costs from insurers, from state funds established for environmental clean up associated with the sale of petroleum products or from indemnitors who agreed to fund certain environmental related costs at locations purchased from those indemnitors. To the extent we incur material amounts for environmental matters for which we do not receive or expect to receive insurance or other third party reimbursement and for which we have not previously recorded a liability, our operating results may be materially adversely affected. In addition, to the extent we fail to comply with environmental laws and regulations, or we become subject to costs and requirements not similarly experienced by our competitors, our competitive position may be harmed. At March 31, 2021, we had an accrued liability of $2,995 for environmental matters as well as a receivable for expected recoveries of certain of these estimated future expenditures of $906, resulting in an estimated net amount of $2,089 that we expect to fund in the future. We cannot precisely know the ultimate costs we may incur in connection with currently known environmental related violations, corrective actions, investigation and remediation; however, we do not expect the costs for such matters to be material, individually or in the aggregate, to our financial position or results of operations. We currently have insurance of up to $20,000 per incident and up to $20,000 in the aggregate for certain environmental liabilities, subject, in each case, to certain limitations and deductibles. Our current insurance policy expires in June 2021 and we can provide no assurance that we will be able to maintain similar environmental insurance coverage in the future on acceptable terms. We cannot predict the ultimate effect of changing circumstances and changing environmental laws may have on us in the future or the ultimate outcome of matters currently pending. We cannot be certain that contamination presently unknown to us does not exist at our sites, or that a material liability will not be imposed on us in the future. If we discover additional environmental issues, or if government agencies impose additional environmental requirements, increased environmental compliance or remediation expenditures may be required, which could have a material adverse effect on us. Legal Proceedings We are routinely involved in various legal and administrative proceedings incidental to the ordinary course of business, including commercial disputes, employment related claims, wage and hour claims, premises liability claims and tax audits among others. We do not expect that any litigation or administrative proceedings in which we are presently involved, or of which we are aware, will have a material adverse effect on our business, financial condition, results of operations or cash flows. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory as of March 31, 2021 and December 31, 2020, consisted of the following: March 31, December 31, Nonfuel products $ 134,094 $ 143,440 Fuel products 29,303 29,390 Total inventory $ 163,397 $ 172,830 |
Business Description and Basi_2
Business Description and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Segment Reporting | We manage our business as one segment. We make specific disclosures concerning fuel and nonfuel products and services because they facilitate our discussion of trends and operational initiatives within our business and industry. We have a single travel center located in a foreign country, Canada, that we do not consider material to our operations. |
Basis of Presentation | The accompanying interim consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, applicable for interim financial statements. The disclosures presented do not include all the information necessary for complete financial statements in accordance with GAAP. These unaudited interim financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, or our Annual Report. In the opinion of our management, the accompanying unaudited interim consolidated financial statements include all adjustments, including normal recurring adjustments, considered necessary for a fair presentation. All intercompany transactions and balances have been eliminated. While our revenues are modestly seasonal, the quarterly variations in our operating results may reflect greater seasonal differences because our rent expense and certain other costs do not vary seasonally. The COVID-19 pandemic and current economic conditions have, and may in the future, significantly alter the seasonal aspects of our business. For this and other reasons, our operating results for interim periods are not necessarily indicative of the results that may be expected for a full year. |
Recently Issued Accounting Pronouncement and Other Accounting Matters | Recently Issued Accounting Pronouncement and Other Accounting Matters In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. We adopted this standard on January 1, 2021, using the prospective transition method. The implementation of this update did not have a material impact on our consolidated financial statements. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, as a response to the economic uncertainty resulting from the COVID-19 pandemic, which, among other things, the CARES Act included several temporary changes to corporate income tax provisions such as modifications to limitations on deductibility of net operating losses and business interest, provisions relating to the deferral of the employer portion of social security taxes incurred through December 31, 2020, and employee retention tax credit, which is a refundable payroll credit for certain qualified wages and health benefits. As of March 31, 2021, we have deferred $23,340 of an employer social security payments, and have included this amount in other current liabilities. On December 27, 2020 and March 11, 2021, the CARES Act was modified by the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021, respectively, extending the employee retention tax credit through December 31, 2021. During the year ended December 31, 2020, we recognized $3,268 relating to the employee retention tax credit for credits evaluated through June 30, 2020. We are in the process of evaluating the amount of any credits for which we may be eligible for the periods subsequent to June 30, 2020, and we are currently unable to estimate that amount, if any. We will continue to evaluate the impact of this legislation on our operations and consolidated financial statements in future periods and to the extent additional guidance and regulations are issued. |
Revenue Recognition | We recognize revenues based on the consideration specified in the contract with the customer, excluding any sales incentives (such as customer loyalty programs and customer rebates) and amounts collected on behalf of third parties (such as sales and excise taxes). The majority of our revenues are generated at the point of sale in our retail locations. Revenues consist of fuel revenues, nonfuel revenues and rents and royalties from franchisees. |
Leasing Transactions | Certain of our leases include renewal options, and certain leases include escalation clauses and purchase options. Renewal periods are included in calculating our operating lease assets and liabilities when they are reasonably certain. Leases with an initial term of 12 months or less are not recognized in our consolidated balance sheets. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Nonfuel revenues disaggregated by type of good or service | Nonfuel revenues disaggregated by type of good or service for the three months ended March 31, 2021 and 2020, were as follows: Three Months Ended 2021 2020 Nonfuel revenues: Store and retail services $ 171,772 $ 151,818 Truck service 171,131 153,967 Restaurant 73,869 94,212 Diesel exhaust fluid 31,142 25,010 Total nonfuel revenues $ 447,914 $ 425,007 |
Changes in contract liabilities between periods | The following table shows the changes in our contract liabilities between periods. Customer Other Total December 31, 2019 $ 17,993 $ 4,822 $ 22,815 Increases due to unsatisfied performance obligations arising during the period 115,792 15,791 131,583 Revenues recognized from satisfied performance obligations during the period (98,147) (12,879) (111,026) Other (12,817) (589) (13,406) December 31, 2020 22,821 7,145 29,966 Increases due to unsatisfied performance obligations arising during the period 31,149 4,143 35,292 Revenues recognized from satisfied performance obligations during the period (26,048) (3,487) (29,535) Other (3,680) (175) (3,855) March 31, 2021 $ 24,242 $ 7,626 $ 31,868 |
Disposition Activity (Tables)
Disposition Activity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of components of assets held for sale, net | Our QSL net asset disposal group was included as assets held for sale, net in other current assets on our consolidated balance sheets and was comprised of the following as of March 31, 2021 and December 31, 2020: March 31, December 31, Current assets $ 3,783 $ 4,313 Property and equipment, net 11,943 11,745 Operating lease assets 6,927 6,927 Intangible assets, net 7,301 7,301 Current liabilities (1,602) (1,967) Current operating lease liabilities (1,284) (1,307) Long term debt, net (838) (868) Noncurrent operating lease liabilities (7,597) (7,907) Other noncurrent liabilities (46) (51) Assets held for sale, gross 18,587 18,186 Impairment charges (14,365) (13,715) Assets held for sale, net $ 4,222 $ 4,471 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Reconciliation of net loss attributable to common stockholders to net loss available to common stockholders | The following table presents a reconciliation of net loss attributable to common stockholders to net loss available to common stockholders and the related earnings per share of common stock for the three months ended March 31, 2021 and 2020. Three Months Ended 2021 2020 Net loss attributable to common stockholders $ (5,819) $ (18,561) Less: net loss attributable to participating securities (137) (909) Net loss available to common stockholders $ (5,682) $ (17,652) Weighted average shares of common stock (1) 14,227 7,905 Basic and diluted net loss per share of common stock attributable to common stockholders $ (0.40) $ (2.23) (1) Excludes unvested shares of common stock awarded under our share award plans, which shares of common stock are considered participating securities because they participate equally in earnings and losses with all of our other shares of common stock. The weighted average number of unvested shares of common stock outstanding for the three months ended March 31, 2021 and 2020, was 344 and 407, respectively. |
Leasing Transactions (Tables)
Leasing Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of lease costs as a lessee | For the three months ended March 31, 2021 and 2020, our lease costs consisted of the following: Classification in our Consolidated Three Months Ended 2021 2020 Operating lease costs: SVC Leases Real estate rent expense $ 59,137 $ 59,501 Operating lease costs: other Real estate rent expense 2,684 2,833 Variable lease costs: SVC Leases Real estate rent expense 1,866 1,096 Variable lease costs: other Real estate rent expense 182 158 Total real estate rent expense 63,869 63,588 Operating lease costs: equipment and other Site level operating expense and selling, general and administrative expense 846 966 Financing lease costs: equipment and other Site level operating expense 22 — Short-term lease costs Site level operating expense and selling, general and administrative expense 167 539 Amortization of finance lease assets: Depreciation and amortization expense 184 — Amortization of finance lease assets: other Depreciation and amortization expense 250 — Interest on finance lease liabilities: Interest expense, net 103 — Interest on finance lease liabilities: other Interest expense, net 82 — Sublease income Nonfuel revenues (487) (496) Net lease costs $ 65,036 $ 64,597 |
Schedule of maturities of operating lease liabilities with remaining noncancelable lease terms in excess of one year | Maturities of our operating lease liabilities that had remaining noncancelable lease terms in excess of one year as of March 31, 2021, were as follows: SVC Leases (1) Other Total Years ended December 31: 2021 $ 201,893 $ 3,587 $ 205,480 2022 268,936 3,706 272,642 2023 255,344 1,768 257,112 2024 251,150 620 251,770 2025 250,667 490 251,157 Thereafter 1,783,837 2,288 1,786,125 Total operating lease payments 3,011,827 12,459 3,024,286 Less: present value discount (2) (1,175,395) (1,945) (1,177,340) Present value of operating lease liabilities $ 1,836,432 $ 10,514 $ 1,846,946 (1) Includes rent for properties we sublease from SVC and pay directly to SVC's landlords. (2) The discount rate used to derive the present value of unpaid lease payments is based on the rates implicit in the SVC Leases and our incremental borrowing rate for all other leases. |
Schedule of operating lease assets and liabilities | As of March 31, 2021 and December 31, 2020, our operating lease assets and liabilities consisted of the following: March 31, December 31, Operating lease assets: SVC Leases $ 1,704,013 $ 1,724,428 Other 9,849 10,455 Total operating lease assets $ 1,713,862 $ 1,734,883 Current operating lease liabilities: SVC Leases $ 107,470 $ 106,788 Other 4,396 4,467 Total current operating lease liabilities $ 111,866 $ 111,255 Noncurrent operating lease liabilities: SVC Leases $ 1,728,962 $ 1,756,449 Other 6,118 6,717 Total noncurrent operating lease liabilities $ 1,735,080 $ 1,763,166 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventory as of March 31, 2021 and December 31, 2020, consisted of the following: March 31, December 31, Nonfuel products $ 134,094 $ 143,440 Fuel products 29,303 29,390 Total inventory $ 163,397 $ 172,830 |
Business Description and Basi_3
Business Description and Basis of Presentation - Business Description (Details) $ in Thousands | Apr. 21, 2021USD ($) | Mar. 31, 2021restauranttravel_centerfranchiseesegmenttruck_service_facilitystorestate |
Real Estate Properties [Line Items] | ||
Number of sites | store | 317 | |
Number of reportable segments | segment | 1 | |
Travel centers | ||
Real Estate Properties [Line Items] | ||
Number of states | state | 44 | |
Number of sites owned | 51 | |
Travel centers | Company operated sites | ||
Real Estate Properties [Line Items] | ||
Number of sites | 232 | |
Number of sites leased | 181 | |
Number of sites operated under joint venture | 2 | |
Travel centers | Franchisee operated sites | ||
Real Estate Properties [Line Items] | ||
Number of sites | 40 | |
Number of sites owned by franchisees or leased from others | 38 | |
Travel centers | Franchisee operated and leased sites | ||
Real Estate Properties [Line Items] | ||
Number of sites | 2 | |
Travel centers | TA, TA Express and Petro brands | ||
Real Estate Properties [Line Items] | ||
Number of sites | 272 | |
Truck service facilities | TA Truck Service brand | ||
Real Estate Properties [Line Items] | ||
Number of sites | truck_service_facility | 3 | |
Number of sites owned | truck_service_facility | 1 | |
Number of sites leased | truck_service_facility | 2 | |
Restaurants | ||
Real Estate Properties [Line Items] | ||
Number of sites | restaurant | 42 | |
Number of states | state | 12 | |
Restaurants | Subsequent event | ||
Real Estate Properties [Line Items] | ||
Purchase price | $ | $ 5,000 | |
Restaurants | Company operated sites | ||
Real Estate Properties [Line Items] | ||
Number of sites | restaurant | 14 | |
Number of sites owned | restaurant | 4 | |
Number of sites leased | restaurant | 8 | |
Number of sites operated under joint venture | restaurant | 1 | |
Number of sites owned by franchisees or leased from others | restaurant | 1 | |
Number of franchisees | franchisee | 1 | |
Restaurants | Franchisee operated sites | ||
Real Estate Properties [Line Items] | ||
Number of sites owned by franchisees or leased from others | restaurant | 28 |
Business Description and Basi_4
Business Description and Basis of Presentation - Senior Notes (Details) - Senior Notes | Mar. 31, 2021USD ($) |
Level 1 input | |
Debt Instrument [Line Items] | |
Fair value of long term debt | $ 342,980,000 |
8.25% Senior Notes due 2028 | |
Debt Instrument [Line Items] | |
Aggregate principal amount issued | $ 110,000,000 |
Interest rate (as a percent) | 8.25% |
8.00% Senior Notes due 2029 | |
Debt Instrument [Line Items] | |
Aggregate principal amount issued | $ 120,000,000 |
Interest rate (as a percent) | 8.00% |
8.00% Senior Notes due 2030 | |
Debt Instrument [Line Items] | |
Aggregate principal amount issued | $ 100,000,000 |
Interest rate (as a percent) | 8.00% |
Business Description and Basi_5
Business Description and Basis of Presentation - Recently Issued Accounting Pronouncement and Other Accounting Matters (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Site level operating expense | ||
Tax Credit Carryforward [Line Items] | ||
Employee retention tax credit | $ 3,268 | |
Other noncurrent assets | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax liability | $ 23,340 |
Revenues - Disaggregation of No
Revenues - Disaggregation of Nonfuel Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total nonfuel revenues | $ 1,529,096 | $ 1,303,348 |
Store and retail services | ||
Total nonfuel revenues | 171,772 | 151,818 |
Truck service | ||
Total nonfuel revenues | 171,131 | 153,967 |
Restaurant | ||
Total nonfuel revenues | 73,869 | 94,212 |
Diesel exhaust fluid | ||
Total nonfuel revenues | 31,142 | 25,010 |
Nonfuel | ||
Total nonfuel revenues | $ 447,914 | $ 425,007 |
Revenues - Changes in Contract
Revenues - Changes in Contract Liabilities Between Periods (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Movement in Deferred Revenue [Roll Forward] | ||
Beginning balance | $ 29,966 | $ 22,815 |
Increases due to unsatisfied performance obligations arising during the period | 35,292 | 131,583 |
Revenues recognized from satisfied performance obligations during the period | (29,535) | (111,026) |
Other | (3,855) | (13,406) |
Ending balance | 31,868 | 29,966 |
Customer Loyalty Programs | ||
Movement in Deferred Revenue [Roll Forward] | ||
Beginning balance | 22,821 | 17,993 |
Increases due to unsatisfied performance obligations arising during the period | 31,149 | 115,792 |
Revenues recognized from satisfied performance obligations during the period | (26,048) | (98,147) |
Other | (3,680) | (12,817) |
Ending balance | 24,242 | 22,821 |
Other | ||
Movement in Deferred Revenue [Roll Forward] | ||
Beginning balance | 7,145 | 4,822 |
Increases due to unsatisfied performance obligations arising during the period | 4,143 | 15,791 |
Revenues recognized from satisfied performance obligations during the period | (3,487) | (12,879) |
Other | (175) | (589) |
Ending balance | $ 7,626 | $ 7,145 |
Revenues - Contract Liabilities
Revenues - Contract Liabilities (Details) | Mar. 31, 2021 |
Customer Loyalty Programs | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing for unsatisfied performance obligations to be satisfied | 12 months |
Disposition Activity - Narrativ
Disposition Activity - Narrative (Details) $ in Thousands | Apr. 21, 2021USD ($) | Mar. 31, 2021USD ($)restaurantstatestore | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||
Number of sites | store | 317 | ||
Restaurants | |||
Business Acquisition [Line Items] | |||
Number of sites | restaurant | 42 | ||
Number of states | state | 12 | ||
Restaurants | Subsequent event | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 5,000 | ||
Restaurants | Disposal group, held for sale | |||
Business Acquisition [Line Items] | |||
Number of states | state | 11 | ||
Restaurants | Disposal group, held for sale | Other current assets | |||
Business Acquisition [Line Items] | |||
Assets held for sale, net | $ 4,222 | $ 4,471 | |
Restaurants | Disposal group, held for sale | Depreciation and amortization expense | |||
Business Acquisition [Line Items] | |||
Additional impairment charge | 650 | ||
Impairment charge | $ 14,365 | $ 13,715 | |
Restaurants | QSL brand | Disposal group, held for sale | |||
Business Acquisition [Line Items] | |||
Number of sites | restaurant | 41 |
Disposition Activity - Schedule
Disposition Activity - Schedule of Assets Held for Sale, Net (Details) - Restaurants - Disposal group, held for sale - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Depreciation and amortization expense | ||
Business Acquisition [Line Items] | ||
Impairment charges | $ (14,365) | $ (13,715) |
Other current assets | ||
Business Acquisition [Line Items] | ||
Current assets | 3,783 | 4,313 |
Property and equipment, net | 11,943 | 11,745 |
Operating lease assets | 6,927 | 6,927 |
Intangible assets, net | 7,301 | 7,301 |
Current liabilities | (1,602) | (1,967) |
Current operating lease liabilities | (1,284) | (1,307) |
Long term debt, net | (838) | (868) |
Noncurrent operating lease liabilities | (7,597) | (7,907) |
Other noncurrent liabilities | (46) | (51) |
Assets held for sale, gross | 18,587 | 18,186 |
Assets held for sale, net | $ 4,222 | $ 4,471 |
Stockholders' Equity - Net Loss
Stockholders' Equity - Net Loss Per Share of Common Stock Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Stockholders' Equity Note [Abstract] | |||
Net loss attributable to common stockholders | $ (5,819) | $ (18,561) | |
Less: net loss attributable to participating securities | (137) | (909) | |
Net loss available to common stockholders | $ (5,682) | $ (17,652) | |
Weighted average shares of common stock (in shares) | [1] | 14,227 | 7,905 |
Basic and diluted net loss per share of common stock attributable to common stockholders (in USD per share) | $ (0.40) | $ (2.23) | |
Weighted average number of unvested shares of common stock outstanding (in shares) | 344 | 407 | |
[1] | Excludes unvested shares of common stock awarded under our share award plans, which shares of common stock are considered participating securities because they participate equally in earnings and losses with all of our other shares of common stock. The weighted average number of unvested shares of common stock outstanding for the three months ended March 31, 2021 and 2020, was 344 and 407, respectively. |
Leasing Transactions - As a Les
Leasing Transactions - As a Lessee (Details) $ in Thousands | Mar. 09, 2021USD ($)leaseproperty | Mar. 31, 2021USD ($)propertylease | Mar. 31, 2020USD ($) |
Related Party Transaction [Line Items] | |||
Operating lease weighted average remaining lease term (in years) | 12 years | ||
Operating lease weighted average discount rate | 9.10% | ||
Amount paid included in measurement of operating lease liabilities | $ 70,161 | $ 68,923 | |
SVC Leases | SVC | Principal landlord and second largest stockholder | |||
Related Party Transaction [Line Items] | |||
Number of leases | lease | 1 | 5 | |
Number of sites leased | property | 1 | 179 | |
Increase in other noncurrent assets | $ 28,201 | ||
Increase in other current liabilities | 1,158 | ||
Increase in other noncurrent liabilities | $ 27,046 |
Leasing Transactions - Schedule
Leasing Transactions - Schedule of Lease Costs as a Lessee (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Real estate rent expense | $ 63,869 | $ 63,588 |
Net lease costs | 65,036 | 64,597 |
Real estate rent expense | SVC Leases | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | 59,137 | 59,501 |
Variable lease costs | 1,866 | 1,096 |
Real estate rent expense | Other | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | 2,684 | 2,833 |
Variable lease costs | 182 | 158 |
Site level operating expense and selling, general and administrative expense | ||
Lessee, Lease, Description [Line Items] | ||
Short-term lease costs | 167 | 539 |
Site level operating expense and selling, general and administrative expense | Equipment and other | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | 846 | 966 |
Site level operating expense | Equipment and other | ||
Lessee, Lease, Description [Line Items] | ||
Variable lease costs | 22 | 0 |
Depreciation and amortization expense | SVC Leases | ||
Lessee, Lease, Description [Line Items] | ||
Amortization of finance lease assets | 184 | 0 |
Depreciation and amortization expense | Other | ||
Lessee, Lease, Description [Line Items] | ||
Amortization of finance lease assets | 250 | 0 |
Interest expense, net | SVC Leases | ||
Lessee, Lease, Description [Line Items] | ||
Interest on finance lease liabilities | 103 | 0 |
Interest expense, net | Other | ||
Lessee, Lease, Description [Line Items] | ||
Interest on finance lease liabilities | 82 | 0 |
Nonfuel revenues | SVC Leases | ||
Lessee, Lease, Description [Line Items] | ||
Sublease income | $ (487) | $ (496) |
Leasing Transactions - Schedu_2
Leasing Transactions - Schedule of Maturities of Operating Leases Liabilities (Details) $ in Thousands | Mar. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | ||
2021 | $ 205,480 | |
2022 | 272,642 | |
2023 | 257,112 | |
2024 | 251,770 | |
2025 | 251,157 | |
Thereafter | 1,786,125 | |
Total operating lease payments | 3,024,286 | |
Less: present value discount | (1,177,340) | [1] |
Present value of operating lease liabilities | 1,846,946 | |
SVC Leases | ||
Lessee, Lease, Description [Line Items] | ||
2021 | 201,893 | [2] |
2022 | 268,936 | [2] |
2023 | 255,344 | [2] |
2024 | 251,150 | [2] |
2025 | 250,667 | [2] |
Thereafter | 1,783,837 | [2] |
Total operating lease payments | 3,011,827 | [2] |
Less: present value discount | (1,175,395) | [1],[2] |
Present value of operating lease liabilities | 1,836,432 | [2] |
Other | ||
Lessee, Lease, Description [Line Items] | ||
2021 | 3,587 | |
2022 | 3,706 | |
2023 | 1,768 | |
2024 | 620 | |
2025 | 490 | |
Thereafter | 2,288 | |
Total operating lease payments | 12,459 | |
Less: present value discount | (1,945) | [1] |
Present value of operating lease liabilities | $ 10,514 | |
[1] | The discount rate used to derive the present value of unpaid lease payments is based on the rates implicit in the SVC Leases and our incremental borrowing rate for all other leases. | |
[2] | Includes rent for properties we sublease from SVC and pay directly to SVC's landlords. |
Leasing Transactions - Schedu_3
Leasing Transactions - Schedule of Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 1,713,862 | $ 1,734,883 |
Current operating lease liabilities | 111,866 | 111,255 |
Noncurrent operating lease liabilities | 1,735,080 | 1,763,166 |
SVC Leases | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | 1,704,013 | 1,724,428 |
Current operating lease liabilities | 107,470 | 106,788 |
Noncurrent operating lease liabilities | 1,728,962 | 1,756,449 |
Other | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | 9,849 | 10,455 |
Current operating lease liabilities | 4,396 | 4,467 |
Noncurrent operating lease liabilities | $ 6,118 | $ 6,717 |
Leasing Transactions - Leasing
Leasing Transactions - Leasing Agreements with SVC (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)propertylease | Mar. 31, 2020USD ($) | Mar. 09, 2021leaseproperty | |
Related Party Transaction [Line Items] | |||
Rent expense under the SVC Leases | $ 63,869,000 | $ 63,588,000 | |
SVC | Principal landlord and second largest stockholder | SVC Leases | |||
Related Party Transaction [Line Items] | |||
Number of sites leased | property | 179 | 1 | |
Number of leases | lease | 5 | 1 | |
Rent expense under the SVC Leases | $ 61,003,000 | 60,597,000 | |
Percentage rent incurred | 1,386,000 | 725,000 | |
Deferred rent obligation installment payments | 4,404,000 | 4,404,000 | |
Deferred rent obligation | 35,229,000 | ||
Aggregate selling price of improvements sold | 0 | 0 | |
Sublease income | $ 487,000 | $ 496,000 |
Leasing Transactions - As a L_2
Leasing Transactions - As a Lessor (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)travel_center | Mar. 31, 2020USD ($)travel_center | |
Lessor, Lease, Description [Line Items] | ||
Rent revenue | $ 584 | $ 572 |
Remainder of 2021 | 1,752 | |
2022 | $ 1,168 | |
Franchised units | Travel centers | ||
Lessor, Lease, Description [Line Items] | ||
Number of sites leased | travel_center | 2 | 2 |
Business Management Agreement_2
Business Management Agreement with RMR (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
RMR Group LLC | Affiliated entity | Selling, general and administrative expense | Business management agreement | ||
Related Party Transaction [Line Items] | ||
Business management fees and internal audit costs | $ 2,935 | $ 3,104 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) shares in Thousands | Mar. 31, 2021directorshares | Dec. 31, 2020shares |
Related Party Transaction [Line Items] | ||
Common stock, shares outstanding (in shares) | 14,564 | 14,574 |
RMR Group LLC | Affiliated entity | ||
Related Party Transaction [Line Items] | ||
Number of TA Managing Directors who are also the sole trustee, an officer and the controlling shareholder of ABP Trust as well as RMR's managing director, president and CEO | director | 1 | |
Common stock, shares outstanding (in shares) | 656 | |
Percentage of outstanding shares of common stock owned | 4.50% |
Related Party Transactions - Re
Related Party Transactions - Relationship with SVC (Details) shares in Thousands | Mar. 31, 2021propertyshares | Mar. 09, 2021property | Dec. 31, 2020shares |
Related Party Transaction [Line Items] | |||
Common stock, shares outstanding (in shares) | 14,564 | 14,574 | |
SVC | Principal landlord and second largest stockholder | |||
Related Party Transaction [Line Items] | |||
Common stock, shares outstanding (in shares) | 1,185 | ||
Percentage of outstanding shares of common stock owned | 8.10% | ||
SVC | Principal landlord and second largest stockholder | SVC Leases | |||
Related Party Transaction [Line Items] | |||
Number of sites leased | property | 179 | 1 |
Related Party Transactions - _2
Related Party Transactions - Retirement and Separation Arrangements (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | Jun. 30, 2020 |
Managing Director and Chief Executive Officer | Annual salary paid | ||||
Related Party Transaction [Line Items] | ||||
Compensation per agreement | $ 300 | |||
Managing Director and Chief Executive Officer | Cash bonus paid relating to 2019 | ||||
Related Party Transaction [Line Items] | ||||
Compensation per agreement | $ 1,000 | |||
Managing Director and Chief Executive Officer | Additional cash payment | ||||
Related Party Transaction [Line Items] | ||||
Compensation per agreement | $ 1,000 | |||
Executive Vice President, Chief Financial Officer and Treasurer | Additional cash payment | ||||
Related Party Transaction [Line Items] | ||||
Compensation per agreement | $ 300 |
Contingencies (Details)
Contingencies (Details) - Environmental issue | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Loss Contingencies [Line Items] | |
Total recorded liabilities | $ 2,995,000 |
Expected recoveries of future expenditures | 906,000 |
Net recorded liability | 2,089,000 |
Environmental liability insurance maximum coverage per incident | 20,000,000 |
Environmental liability insurance annual coverage limit | $ 20,000,000 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Total inventory | $ 163,397 | $ 172,830 |
Nonfuel products | ||
Inventory [Line Items] | ||
Total inventory | 134,094 | 143,440 |
Fuel products | ||
Inventory [Line Items] | ||
Total inventory | $ 29,303 | $ 29,390 |