Sprague Resources (SRLP) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Cover [Abstract]
Entity Registrant Name	Sprague Resources LP
Trading Symbol	SRLP
Security Exchange Name	NYSE
Entity Address, City or Town	Portsmouth
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03801
City Area Code	800
Local Phone Number	225-1560
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Entity File Number	001-36137
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2637964
Entity Address, Address Line One	185 International Drive
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Small Business Entity	false
Document Transition Report	false
Title of 12(b) Security	Common Units Representing Limited Partner Interests
Entity Common Stock, Shares Outstanding		26,226,255
Document Quarterly Report	true
Entity Central Index Key	0001525287
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Shell Company	false
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 7,098	$ 3,771
Accounts receivable, net	221,222	193,015
Inventories	188,349	255,533
Fair value of derivative assets	119,497	145,957
Other current assets	49,847	67,406
Total current assets	586,013	665,682
Fair value of derivative assets, long-term	27,021	20,021
Property, plant and equipment, net	332,098	335,296
Intangibles, net	39,250	41,142
Other assets, net	18,146	22,252
Goodwill	115,037	115,037
Total assets	1,117,565	1,199,430
Current liabilities:
Accounts payable	84,736	97,280
Accrued liabilities	44,629	46,645
Fair value of derivative liabilities	123,233	154,105
Due to General Partner	8,047	10,915
Current portion of working capital facilities	291,094	358,685
Current portion of other obligations	7,178	6,968
Total current liabilities	558,917	674,598
Commitments and contingencies
Acquisition facility	387,400	382,400
Fair value of derivative liabilities, long-term	18,862	20,240
Other obligations, less current portion	38,634	39,309
Operating lease liabilities, less current portion	3,215	5,653
Due to General Partner	2,825	2,751
Deferred income taxes	15,695	15,784
Total liabilities	1,025,548	1,140,735
Unitholders’ equity:
Accumulated other comprehensive loss, net of tax	(22,808)	(25,982)
Total unitholders’ equity	92,017	58,695
Total liabilities and unitholders’ equity	1,117,565	1,199,430
Common unitholders - public (10,167,771 and 9,995,069 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)
Unitholders’ equity:
Unitholders’ value	166,680	154,238
Common unitholders - affiliated (16,058,484 and 12,951,236 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)
Unitholders’ equity:
Unitholders’ value	$ (51,855)	$ (69,561)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2021	Dec. 31, 2020
Common- Public
Units, issued (in units)	10,167,771	9,995,069
Units, outstanding (in units)	10,167,771	9,995,069
Common- Sprague Holdings
Units, issued (in units)	16,058,484	12,951,236
Units, outstanding (in units)	16,058,484	12,951,236

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Income Statements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,036,134	$ 959,879
Cost of products sold (exclusive of depreciation and amortization)	924,782	850,020
Operating expenses	19,232	20,812
Selling, general and administrative	25,239	20,033
Depreciation and amortization	8,482	8,598
Total operating costs and expenses	977,735	899,463
Operating income	58,399	60,416
Other income	2	0
Interest income	67	175
Interest expense	(8,815)	(11,286)
Income before income taxes	49,653	49,305
Income tax provision	(871)	(2,571)
Net income	48,782	46,734
Incentive distributions declared	0	(2,072)
Limited partners' interest in net income	$ 48,782	$ 44,662
Net income per limited partner unit:
Common - basic (in dollars per unit)	$ 2.04	$ 1.96
Common - diluted (in dollars per unit)	$ 2.04	$ 1.95
Units used to compute net income per limited partner unit:
Common - basic (in units)	23,893,846	22,820,983
Common - diluted (in units)	23,893,846	22,871,748
Distribution declared per unit (in dollars per unit)	$ 0.6675	$ 0.6675

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 48,782	$ 46,734
Unrealized gain (loss) on interest rate swaps
Net gain (loss) arising in the period	1,806	(8,529)
Reclassification adjustment related to loss (gain) realized in income	1,356	615
Net change in unrealized gain (loss) on interest rate swaps	3,162	(7,914)
Tax effect	(25)	62
Other comprehensive income (loss), net of tax, interest rate swaps	3,137	(7,852)
Foreign currency translation adjustment	37	(314)
Other comprehensive income (loss)	3,174	(8,166)
Comprehensive income	$ 51,956	$ 38,568

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Unitholders' Equity - USD ($) $ in Thousands	Total	Accumulated Other Comprehensive Loss	Common- Public	Common- Sprague Holdings	Incentive Distribution Rights
Beginning balance at Dec. 31, 2019	$ 93,782	$ (19,688)	$ 180,302	$ (66,832)	$ 0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	46,734		20,839	23,823	2,072
Other comprehensive (loss) income	(8,166)	(8,166)
Unit-based compensation	409		191	218
Distributions paid in cash	(15,184)		(7,103)	(8,081)
Distribution paid in units	0			2,072	(2,072)
Common units issued in connection with annual bonus	907		423	484
Units withheld for employee tax obligations	(297)		(139)	(158)
Ending balance at Mar. 31, 2020	118,185	(27,854)	194,513	(48,474)	0
Beginning balance at Dec. 31, 2020	58,695	(25,982)	154,238	(69,561)	0
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	48,782		19,636	27,072	2,074
Other comprehensive (loss) income	3,174	3,174
Unit-based compensation	(3,269)		(1,374)	(1,895)
Distributions paid in cash	(17,391)		(6,672)	(8,645)	(2,074)
Common units issued in connection with annual bonus	3,475		1,461	2,014
Units withheld for employee tax obligations	(1,449)		(609)	(840)
Ending balance at Mar. 31, 2021	$ 92,017	$ (22,808)	$ 166,680	$ (51,855)	$ 0

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 48,782	$ 46,734
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (includes amortization of deferred debt issuance costs)	9,523	9,495
Loss on sale of assets	(92)	(4)
Changes in fair value of contingent consideration	0	121
Provision for doubtful accounts	65	(33)
Non-cash unit-based compensation	206	409
Other	0	38
Deferred income taxes	(113)	(484)
Changes in assets and liabilities:
Accounts receivable	(28,271)	100,328
Inventories	67,184	183,298
Other assets	20,607	34,264
Fair value of commodity derivative instruments	(9,629)	(118,199)
Due to General Partner and affiliates	(2,794)	(522)
Accounts payable, accrued liabilities and other	(17,000)	(54,344)
Net cash provided by operating activities	88,468	201,101
Cash flows from investing activities
Purchases of property, plant and equipment	(2,131)	(3,012)
Proceeds from sale of assets	208	11
Net cash used in investing activities	(1,923)	(3,001)
Cash flows from financing activities
Net payments under credit agreements	(62,663)	(176,740)
Payments on finance leases, term debt, and other obligations	(1,733)	(1,586)
Debt Issuance Costs	17	0
Distributions to unitholders	(17,391)	(15,184)
Units withheld for employee tax obligations	(1,450)	(297)
Net cash used in financing activities	(83,220)	(193,807)
Effect of exchange rate changes on cash balances held in foreign currencies	2	(124)
Net change in cash and cash equivalents	3,327	4,169
Cash and cash equivalents, beginning of period	3,771	5,386
Cash and cash equivalents, end of period	7,098	9,555
Supplemental disclosure of cash flow information
Cash paid for interest	7,722	10,883
Cash paid for taxes	4,104	1,374
Assets acquired under finance lease obligations	1,117	273
Cash paid for operating leases	2,537	2,551
Distribution paid in units	$ 0	$ 2,053

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Partnership Businesses Sprague Resources LP (the “Partnership”) is a Delaware limited partnership formed on June 23, 2011 by Sprague Holdings and its General Partner and engages in the purchase, storage, distribution and sale of refined products and natural gas, and provides storage and handling services for a broad range of materials. Unless the context otherwise requires, references to “Sprague Resources,” and the “Partnership,” refer to Sprague Resources LP and its subsidiaries; references to the "General Partner" refer to Sprague Resources GP LLC; references to “Axel Johnson” or the "Sponsor" refer to Axel Johnson Inc. and its controlled affiliates, collectively, other than Sprague Resources, its subsidiaries and its General Partner; references to “Sprague Holdings” refer to Sprague Resources Holdings LLC, a wholly owned subsidiary of Axel Johnson and the owner of the General Partner. The Partnership owns, operates and/or controls a network of refined products and materials handling terminals located in the Northeast United States and in Quebec, Canada. The Partnership also utilizes third-party terminals in the Northeast United States through which it sells or distributes refined products pursuant to rack, exchange and throughput agreements. The Partnership has four reportable segments: refined products, natural gas, materials handling and other operations. • The refined products segment purchases a variety of refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel and gasoline - primarily from refining companies, trading organizations and producers - and sells them to wholesale and commercial customers. • The natural gas segment purchases natural gas from natural gas producers and trading companies and sells and distributes natural gas to commercial and industrial customers. • The materials handling segment offloads, stores and prepares for delivery a variety of customer-owned products, including asphalt, clay slurry, salt, gypsum, crude oil, residual fuel oil, coal, petroleum coke, caustic soda, tallow, pulp, and heavy equipment. • The other operations segment primarily includes the marketing and distribution of coal and certain commercial trucking activities. See Note 2 - Revenue for a description of the Partnership's revenue activities within these business segments. As of March 31, 2021, the Sponsor, through its ownership of Sprague Holdings, owned 16,058,484 common units representing 61.2% of the limited partner interest in the Partnership. Sprague Holdings also owns the General Partner, which in turn owns a non-economic interest in the Partnership. Sprague Holdings currently holds incentive distribution rights (“IDRs”) that entitle it to receive increasing percentages, up to a maximum of 50.0%, of the cash the Partnership distributes from distributable cash flow in excess of $0.7676 per unit per quarter ($0.4744 prior to the consummation of the IDR Reset Election, as described below. The maximum distribution of 50% does not include any distributions that Sprague Holdings may receive on any limited partner units that it owns. See Note 12 - Earnings Per Unit and Note 13 - Partnership Distributions. On February 11, 2021, Sprague Holdings provided notice to the Partnership that Sprague Holdings had made an IDR Reset Election (the “IDR Reset Election”), as defined in the First Amended and Restated Agreement of Limited Partnership of the Partnership (as amended, the “Partnership Agreement”). Pursuant to the IDR Reset Election, Sprague Holdings relinquished the right to receive incentive distribution payments based on the minimum quarterly and target cash distribution levels set at the time of the Partnership’s initial public offering and the Partnership issued 3,107,248 common units to Sprague Holdings. Pursuant to the IDR Reset Election, the minimum quarterly distribution amount increased from $0.4125 per common unit per quarter to $0.6675 per common unit per quarter and the levels at which the incentive distribution rights participate in distributions will be reset at higher amounts based on current common unit distribution rates and a formula in the Partnership Agreement. The IDR Reset Election was effective on March 5, 2021. Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of the Partnership and its wholly-owned subsidiaries. Intercompany transactions between the Partnership and its subsidiaries have been eliminated. The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information. As permitted under those rules, certain notes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) to be included in annual financial statements have been condensed or omitted from these interim financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and related notes of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on March 5, 2021 (the “2020 Annual Report”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and the reported net sales and expenses in the income statement. Actual results could differ from those estimates. Among the estimates made by management are the fair value of derivative assets and liabilities, valuation of contingent consideration, valuation of reporting units within the goodwill impairment assessment, and if necessary long-lived asset impairments and environmental and legal obligations. The Condensed Consolidated Financial Statements included herein reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the Partnership’s consolidated financial position at March 31, 2021 and December 31, 2020, the consolidated results of operations for the three months ended March 31, 2021 and 2020, consolidated statement of changes in unitholders' equity for the three months ended March 31, 2021 and 2020, and the consolidated cash flows for the three months ended March 31, 2021 and 2020. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. Demand for some of the Partnership’s refined petroleum products, specifically heating oil and residual oil for space heating purposes, and to a lesser extent natural gas, are generally higher during the first and fourth quarters of the calendar year which may result in significant fluctuations in the Partnership’s quarterly operating results. COVID-19 The global outbreak of the novel coronavirus (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. Government in March 2020 and has negatively affected the U.S. and global economy, disrupted global supply chains, resulted in significant travel and transport restrictions, including mandated closures and orders to “shelter-in-place,” and created significant disruption of the financial markets. Beginning in the quarterly period ended March 31, 2020, a wide array of sectors including but not limited to the energy, transportation, manufacturing and commercial, along with global economic conditions generally, have been significantly disrupted by the pandemic. A growing number of the Partnership’s customers in these industries have experienced substantial reductions in their operations due to travel restrictions as well as the extended shutdown of various businesses in affected regions. Furthermore, government measures have also led to a precipitous decline in fuel prices in response to concerns about demand for fuel. The pandemic and associated impacts on economic activity had an adverse effect on the Partnership’s operating results for the three months ended March 31, 2021, specifically, the Partnership has seen a decline in demand and related sales volume as large sectors of the global economy have been adversely impacted by the crisis. In response to these developments, the Partnership took swift action to ensure the safety of employees and other stakeholders, and initiated a number of initiatives relating to cost reduction, liquidity and operating efficiencies. The Partnership makes estimates and assumptions that affect the reported amounts on these condensed consolidated financial statements and accompanying notes as of the date of the financial statements. The Partnership assessed accounting estimates that require consideration of forecasted financial information, including, but not limited to, the allowance for credit losses, the carrying value of goodwill, intangible assets, and other long-lived assets. This assessment was conducted in the context of information reasonably available to the Partnership, as well as consideration of the future potential impacts of COVID-19 on the Partnership’s business as of March 31, 2021. At this time, the Partnership is unable to predict with specificity the ultimate impact of the crisis, as it will depend on the magnitude, severity and duration of the pandemic, as well as how quickly, and to what extent, normal economic and operating conditions resume on a sustainable basis globally. Accordingly, if the impact is more severe or longer in duration than the Partnership has assumed, such impact could potentially result in impairments and increases in credit allowances. Significant Accounting Policies The Partnership's significant accounting policies are described in Note 1 - Description of Business and Summary of Significant Accounting Policies in the Partnership’s audited consolidated financial statements included in the 2020 Annual Report and are the same as are used in preparing these unaudited interim Condensed Consolidated Financial Statements . Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform, if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Partnership has not currently adopted the optional expedients and exceptions provided in this guidance but continues to monitor and evaluate the impact of reference rate reform on relevant transactions.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregated Revenue In general, the Partnership's business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships which provides meaningful disaggregation of each business segment's results of operations. The Partnership operates its businesses in the Northeast and Mid-Atlantic United States and Eastern Canada. The refined products segment purchases a variety of refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel and gasoline (primarily from refining companies, trading organizations and producers), and sells them to wholesale and commercial customers. Refined products revenue-producing activities are direct sales to customers, including throughput transactions. Revenue is recognized when the product is delivered. Revenue is not recognized on exchange agreements, which are entered into primarily to acquire refined products by taking delivery of products closer to the Partnership’s end markets. Rather, net differentials or fees for exchange agreements are recorded within cost of products sold (exclusive of depreciation and amortization). The natural gas segment purchases natural gas from natural gas producers and trading companies and sells and distributes natural gas to commercial and industrial customers. Natural gas revenue-producing activities are sales to customers at various points on natural gas pipelines or at local distribution companies (i.e., utilities). Natural gas sales not billed by month-end are accrued based upon gas volumes delivered. The materials handling segment offloads, stores and prepares for delivery a variety of customer-owned products. A majority of the materials handling segment revenue is generated under leasing arrangements with revenue recorded over the lease term generally on a straight-line basis. Contingent rentals are recorded as revenue only when billable under the arrangement. For materials handling contracts that are not leases, the Partnership recognizes revenue either at a point in time after services are performed or over a period of time if the services are performed in a continuous fashion over the period of the contract as these methods represent a faithful depiction of the transfer of goods and services. The other operations segment primarily includes the marketing and distribution of coal and certain commercial trucking activities. Revenue from other operations is recognized when the product is delivered or the services are rendered. Further disaggregation of net sales by business segment and geographic destination is as follows: Three Months Ended March 31, 2021 2020 Net sales: Refined products Distillates $ 752,928 $ 695,828 Gasoline 95,046 76,277 Heavy fuel oil and asphalt 68,227 69,837 Total refined products $ 916,201 $ 841,942 Natural gas 102,575 95,778 Materials handling 12,046 15,557 Other operations 5,312 6,602 Net sales $ 1,036,134 $ 959,879 Net sales by country: United States $ 969,892 $ 906,809 Canada 66,242 53,070 Net sales $ 1,036,134 $ 959,879 Contract Balances Contract liabilities primarily relate to advances or deposits received from the Partnership's customers before revenue is recognized. These amounts are included in accrued liabilities and amounted to $7.5 million and $9.4 million as of March 31, 2021 and December 31, 2020, respectively. A substantial portion of the contract liabilities as of December 31, 2020 remains outstanding as of March 31, 2021 as they are primarily deposits. The Partnership does not have any material contract assets as of March 31, 2021 or December 31, 2020.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases    From a lessor perspective, the Partnership has entered into various throughput and materials handling arrangements with customers. These arrangements are accounted for as operating leases as determined by the use terms and rights outlined in the underlying agreements. The throughput contracts are agreements with refined products wholesalers that use the Partnership’s terminal facilities for a fee. The materials handling contracts are arrangements involving rentals of dedicated tanks, pads, land and small office locations for the purposes of storage, parking and other related uses. Income related to the operating leases with the Partnership as the lessor, as described above, totaled $10.5 million and $9.4 million for the three months ended March 31, 2021 and 2020, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss, Net of Tax	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Loss, Net of Tax	Accumulated Other Comprehensive Loss, Net of Tax Amounts included in accumulated other comprehensive loss, net of tax, consisted of the following: March 31, December 31, 2020 Fair value of interest rate swaps, net of tax $ (11,308) $ (14,446) Cumulative foreign currency translation adjustment (11,500) (11,536) Accumulated other comprehensive loss, net of tax $ (22,808) $ (25,982)

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories March 31, December 31, Petroleum and related products $ 185,561 $ 248,977 Coal 1,945 3,240 Natural gas 843 3,316 Inventories $ 188,349 $ 255,533

Credit Agreement

Credit Agreement	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement March 31, December 31, 2020 Working capital facilities $ 291,094 $ 358,685 Acquisition facility 387,400 382,400 Total credit agreement 678,494 741,085 Less: current portion of working capital facilities (291,094) (358,685) Long-term portion $ 387,400 $ 382,400 On May 19, 2020, Sprague Operating Resources LLC (the “U.S. Borrower”) and Kildair Service ULC (the “Canadian Borrower” and, together with the U.S. Borrower, the “Borrowers”), wholly owned subsidiaries of the Partnership, entered into a second amended and restated credit agreement (the “Credit Agreement”), which replaced the amended and restated credit agreement, dated December 9, 2014. Upon the effective date, the Credit Agreement was accounted for as a modification of a syndicated loan arrangement with partial extinguishment to the extent of the decrease in the borrowing capacity. The Credit Agreement matures on May 19, 2022. The Partnership and certain of its subsidiaries (the “Subsidiary Guarantors”) are guarantors of the obligations under the Credit Agreement. Obligations under the Credit Agreement are secured by substantially all of the assets of the Partnership, the Borrowers and the Subsidiary Guarantors (collectively, the “Loan Parties”). As of March 31, 2021, the revolving credit facilities under the Credit Agreement contained, among other items, the following: • A committed U.S. dollar revolving working capital facility of up to $465.0 million, subject to borrowing base limits, to be used for working capital loans and letters of credit; • An uncommitted U.S. dollar revolving working capital facility of up to $200.0 million, subject to borrowing base limits and the sole discretion of the lenders, to be used for working capital loans and letters of credit; • A multicurrency revolving working capital facility of up to $85.0 million, subject to borrowing base limits, to be used for working capital loans and letters of credit; • A revolving acquisition facility of up to $430.0 million, subject to borrowing base limits, to be used for loans and letters of credit to fund capital expenditures and acquisitions and other general corporate purposes; and • Subject to certain conditions, including the receipt of additional commitments from lenders, the ability to increase the U.S. dollar revolving working capital facility to up to $1.2 billion and the multicurrency revolving working capital facility to up to $320.0 million, subject to a maximum combined increase in commitments for both facilities of $470.0 million in the aggregate. Additionally, subject to certain conditions, the revolving acquisition facility may be increased to up to $750.0 million. Indebtedness under the Credit Agreement bears interest, at the Borrowers’ option, at a rate per annum equal to either (i) the Eurocurrency Rate (which is the LIBOR Rate for loans denominated in U.S. dollars and CDOR for loans denominated in Canadian dollars, in each case adjusted for certain regulatory costs, and in each case with a floor of 0.50%) for interest periods of one, two, three or six months plus a specified margin or (ii) an alternate rate plus a specified margin. For loans denominated in U.S. dollars, the alternate rate is the Base Rate which is the highest of (a) the U.S. Prime Rate as in effect from time to time, (b) the greater of the Federal Funds Effective Rate and the Overnight Bank Funding Rate as in effect from time to time plus 0.50% and (c) the one-month Eurocurrency Rate for U.S. dollars as in effect from time to time plus 1.00%. For loans denominated in Canadian dollars, the alternate rate is the Prime Rate which is the higher of (a) the Canadian Prime Rate as in effect from time to time and (b) the one-month Eurocurrency Rate for U.S. dollars as in effect from time to time plus 1.00%. The specified margins for the working capital revolving facilities vary based on the utilization of the working capital facilities as a whole, measured on a quarterly basis. On or prior to November 19, 2020, the specified margin for (x) the committed U.S. dollar revolving working capital facility ranged from 1.25% to 1.75% for loans bearing interest at the Base Rate and from 2.25% to 2.75% for loans bearing interest at the Eurocurrency Rate, (y) the uncommitted U.S. dollar revolving working capital facility ranged from 1.00% to 1.50% for loans bearing interest at the Base Rate and 2.00% to 2.50% for loans bearing interest at the Eurocurrency Rate and (z) the multicurrency revolving working capital facility ranged from 1.25% to 1.75% for loans bearing interest at the Base Rate and 2.25% to 2.75% for loans bearing interest at the Eurocurrency Rate. After November 19, 2020, the specified margin for (x) the committed U.S. dollar revolving working capital facility will range from 0.75% to 1.25% for loans bearing interest at the Base Rate and from 1.75% to 2.25% for loans bearing interest at the Eurocurrency Rate, (y) the uncommitted U.S. dollar revolving working capital facility will range from 0.50% to 1.00% for loans bearing interest at the Base Rate and 1.50% to 2.00% for loans bearing interest at the Eurocurrency Rate and (z) the multicurrency revolving working capital facility will range from 0.75% to 1.25% for loans bearing interest at the Base Rate and 1.75% to 2.25% for loans bearing interest at the Eurocurrency Rate. The specified margin for the revolving acquisition facility varies based on the consolidated total leverage of the Loan Parties. The specified margin for the revolving acquisition facility will range from 1.25% to 2.25% for loans bearing interest at the Base Rate and from 2.25% to 3.25% for loans bearing interest at the Eurocurrency Rate. In addition, the Borrowers will incur a commitment fee on the unused portion of (x) the committed U.S. dollar revolving working capital facility and multicurrency revolving working capital facility ranging from 0.375% to 0.500% per annum and (y) the revolving acquisition facility at a rate ranging from 0.35% to 0.50% per annum. Overdue amounts bear interest at the applicable rates described above plus an additional margin of 2%. The working capital facilities are subject to borrowing base reporting and as of March 31, 2021 and December 31, 2020, had a borrowing base of $436.4 million and $540.0 million, respectively. As of March 31, 2021 and December 31, 2020, outstanding letters of credit related to the working capital facilities were $52.6 million and $77.3 million, respectively. As of March 31, 2021 and December 31, 2020, outstanding letters of credit related to the acquisition facility were $14.5 million and $15.4 million, respectively. As of March 31, 2021, excess availability under the working capital facilities was $92.7 million and excess availability under the acquisition facility was $28.1 million. The weighted average interest rate was 3.0% at both March 31, 2021 and December 31, 2020. No amounts are due under the Credit Agreement until the maturity date. However, the current portion at March 31, 2021 and December 31, 2020 represents the amounts of the working capital facility. The Credit Agreement contains various covenants and restrictive provisions that, among other things, prohibit the Partnership from making distributions to unitholders if any event of default occurs or would result from the distribution or if the Loan Parties would not be in pro forma compliance with the financial covenants after giving effect to the distribution. In addition, the Credit Agreement contains various covenants that are usual and customary for a financing of this type, size and purpose, including, but not limited to, covenants that require the Loan Parties to maintain: a minimum consolidated EBITDA-to fixed-charge ratio, a minimum consolidated net working capital amount and a maximum consolidated total leverage-to-EBITDA ratio. The Credit Agreement also limits the Loan Parties ability to incur debt, grant liens, make certain investments or acquisitions, enter into affiliate transactions and dispose of assets. The Partnership was in compliance with the covenants under the Credit Agreement at March 31, 2021.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The General Partner charges the Partnership for the reimbursements of employee costs and related employee benefits and other overhead costs supporting the Partnership’s operations which amounted to $26.3 million and $23.5 million for the three months ended March 31, 2021 and 2020, respectively. Through the General Partner, the Partnership also participates in the Sponsor’s pension and other post-retirement benefits. At March 31, 2021 and December 31, 2020, total amounts due to the General Partner with respect to these benefits and overhead costs were $10.9 million and $13.7 million, respectively. During the three months ended March 31, 2021, the Partnership recorded tank use and storage fee revenue of $0.5 million from lease agreements entered into with Hartree Partners, LP ("Hartree"), a related party. In connection with these agreements, the Partnership made net inventory purchases from Hartree totaling $68.0 million during the three months ended March 31, 2021. Refer to Note 14 Subsequent Events regarding an additional transaction with Hartree.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Partnership has four reportable segments that comprise the structure used by the chief operating decision makers (CEO and CFO) to make key operating decisions and assess performance. When establishing a reporting segment, the Partnership aggregates individual operating units that are in the same line of business and have similar economic characteristics. These reportable segments are refined products, natural gas, materials handling and other operations. The Partnership's refined products segment purchases a variety of refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel and gasoline (primarily from refining companies, trading organizations and producers), and sells them to its customers. The Partnership has wholesale customers who resell the refined products they purchase from the Partnership and commercial customers who consume the refined products they purchase. The Partnership’s wholesale customers consist of home heating oil retailers and diesel fuel and gasoline resellers. The Partnership’s commercial customers include federal and state agencies, municipalities, regional transit authorities, drill sites, large industrial companies, real estate management companies, hospitals, educational institutions and asphalt paving companies. The refined products reportable segment consists of two operating segments. The Partnership's natural gas segment purchases natural gas from natural gas producers and trading companies and sells and manages distribution of natural gas to commercial and industrial customer locations across 13 states in the Northeast and Mid-Atlantic United States and Canada. The natural gas reportable segment consists of one operating segment. The Partnership's materials handling segment offloads, stores, and prepares for delivery a variety of customer-owned products, including asphalt, clay slurry, salt, gypsum, crude oil, residual fuel oil, coal, petroleum coke, caustic soda, tallow, pulp and heavy equipment. These services are generally conducted under multi-year agreements as either fee-based activities or as leasing arrangements when the right to use an identified asset (such as storage tanks or storage locations) has been conveyed in the agreement. The materials handling reportable segment consists of two operating segments. The Partnership's other operations segment primarily consists of the purchase, sale and distribution of coal, and commercial trucking activities unrelated to its refined products segment. Other operations are not reported separately as they represent less than 10% of consolidated net sales and adjusted gross margin. The other operations reporting segment consists of two operating segments. The Partnership evaluates segment performance based on adjusted gross margin, a non-GAAP measure, which is net sales less cost of products sold (exclusive of depreciation and amortization) increased by unrealized hedging losses and decreased by unrealized hedging gains, in each case with respect to refined products and natural gas inventory, and natural gas transportation contracts. Based on the way the business is managed, it is not reasonably possible for the Partnership to allocate the components of operating costs and expenses among the operating segments. There were no significant intersegment sales for any of the years presented below. The Partnership had no single customer that accounted for more than 10% of total net sales for the three months ended March 31, 2021 and 2020, respectively. The Partnership’s foreign sales, primarily sales of refined products and natural gas to its customers in Canada, were $66.2 million and $53.1 million for the three months ended March 31, 2021 and 2020, respectively. Summarized financial information for the Partnership's reportable segments is presented in the table below: Three Months Ended March 31, 2021 2020 Net sales: Refined products $ 916,201 $ 841,942 Natural gas 102,575 95,778 Materials handling 12,046 15,557 Other operations 5,312 6,602 Net sales $ 1,036,134 $ 959,879 Adjusted gross margin (1): Refined products $ 51,033 $ 35,792 Natural gas 41,089 29,787 Materials handling 12,076 15,581 Other operations 2,013 1,951 Adjusted gross margin 106,211 83,111 Reconciliation to operating income (2): Add/(deduct): Change in unrealized gain (loss) on inventory (3) 26,257 13,549 Change in unrealized value on natural gas transportation contracts (4) (21,116) 13,199 Operating costs and expenses not allocated to operating segments: Operating expenses (19,232) (20,812) Selling, general and administrative (25,239) (20,033) Depreciation and amortization (8,482) (8,598) Operating income 58,399 60,416 Other income 2 — Interest income 67 175 Interest expense (8,815) (11,286) Income tax provision (871) (2,571) Net income $ 48,782 $ 46,734 (1) The Partnership trades, purchases, stores and sells energy commodities that experience market value fluctuations. To manage the Partnership’s underlying performance, including its physical and derivative positions, management utilizes adjusted gross margin, which is a non-GAAP financial measure. Adjusted gross margin is also used by external users of the Partnership’s consolidated financial statements to assess the Partnership’s economic results of operations and its commodity market value reporting to lenders. In determining adjusted gross margin, the Partnership adjusts its segment results for the impact of the changes in unrealized gains and losses with regard to refined products and natural gas inventory, and natural gas transportation contracts, which are not marked to market for the purpose of recording unrealized gains or losses in net income. These adjustments align the unrealized hedging gains and losses to the period in which the revenue from the sale of inventory, prepaid fixed forwards and the utilization of transportation contracts relating to those hedges is realized in net income. Adjusted gross margin has no impact on reported volumes or net sales. (2) Reconciliation of adjusted gross margin to operating income, the most directly comparable GAAP measure. (3) Inventory is valued at the lower of cost or net realizable value. The adjustment related to change in the unrealized gain on inventory which is not included in net income, represents the estimated difference between inventory valued at the lower of cost or net realizable value as compared to market values. The fair value of the derivatives the Partnership uses to economically hedge its inventory declines or appreciates in value as the value of the underlying inventory appreciates or declines, which creates unrealized hedging losses (gains) with respect to the derivatives that are included in net income. (4) Represents the Partnership’s estimate of the change in fair value of the natural gas transportation contracts which are not recorded in net income until the transportation is utilized in the future (i.e., when natural gas is delivered to the customer), as these contracts are executory contracts that do not qualify as derivatives. As the fair value of the natural gas transportation contracts decline or appreciate, the offsetting physical or financial derivative will also appreciate or decline creating unmatched unrealized hedging (gains) losses in net income. Segment Assets Due to the commingled nature and uses of the Partnership’s fixed assets, the Partnership does not track its fixed assets between its refined products and materials handling operating segments or its other operations. There are no significant fixed assets attributable to the natural gas reportable segment.

Financial Instruments and Off-B

Financial Instruments and Off-Balance Sheet Risk	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Off-Balance Sheet Risk	Financial Instruments and Off-Balance Sheet Risk As of March 31, 2021 and December 31, 2020, the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximated fair value because of the short maturity of these instruments. As of March 31, 2021 and December 31, 2020, the carrying value of the Partnership’s margin deposits with brokers approximates fair value and consists of initial margin with futures transaction brokers, along with variation margin, which is paid or received on a daily basis, and is included in other current assets or other current liabilities. As of March 31, 2021 and December 31, 2020, the carrying value of the Partnership’s debt approximated fair value due to the variable interest nature of these instruments. The following table presents financial assets and financial liabilities of the Partnership measured at fair value on a recurring basis: As of March 31, 2021 Fair Value Quoted Significant Significant Derivative assets: Commodity fixed forwards $ 58,792 $ — $ 58,792 $ — Futures, swaps and options 87,726 87,726 — — Commodity derivatives 146,518 87,726 58,792 — Total derivative assets $ 146,518 $ 87,726 $ 58,792 $ — Derivative liabilities: Commodity fixed forwards 25,911 — 25,911 — Futures, swaps and options 104,785 104,660 125 — Commodity derivatives 130,696 104,660 26,036 — Interest rate swaps 11,398 — 11,398 — Currency swaps 1 — 1 — Total derivative liabilities $ 142,095 $ 104,660 $ 37,435 $ — As of December 31, 2020 Fair Value Quoted Significant Significant Derivative assets: Commodity fixed forwards $ 64,514 $ — $ 64,514 $ — Futures, swaps and options 101,464 101,464 — — Commodity derivatives 165,978 101,464 64,514 — Total derivative assets $ 165,978 $ 101,464 $ 64,514 $ — Derivative liabilities: Commodity fixed forwards 25,973 — 25,973 — Futures, swaps and options 133,809 133,743 66 — Commodity derivatives 159,782 133,743 26,039 — Interest rate swaps 14,559 — 14,559 — Currency swaps 4 — 4 — Total derivative liabilities $ 174,345 $ 133,743 $ 40,602 $ — Commodity Derivative Instruments The Partnership utilizes derivative instruments consisting of futures contracts, forward contracts, swaps, options and other derivatives individually or in combination, to mitigate its exposure to fluctuations in prices of refined petroleum products and natural gas. The use of these derivative instruments within the Partnership's risk management policy may, on a limited basis, generate gains or losses from changes in market prices. The Partnership enters into futures and over-the-counter (“OTC”) transactions either on regulated exchanges or in the OTC market. Futures contracts are exchange-traded contractual commitments to either receive or deliver a standard amount or value of a commodity at a specified future date and price, with some futures contracts based on cash settlement rather than a delivery requirement. Futures exchanges typically require margin deposits as security. OTC contracts, which may or may not require margin deposits as security, involve parties that have agreed either to exchange cash payments or deliver or receive the underlying commodity at a specified future date and price. The Partnership posts initial margin with futures transaction brokers, along with variation margin, which is paid or received on a daily basis, and is included in other current assets or other current liabilities. In addition, the Partnership may either pay or receive margin based upon exposure with counterparties. Payments made by the Partnership are included in other current assets, whereas payments received by the Partnership are included in accrued liabilities. Substantially of all of the Partnership’s commodity derivative contracts outstanding as of March 31, 2021 will settle prior to September 30, 2022. The Partnership enters into some master netting arrangements to mitigate credit risk with significant counterparties. Master netting arrangements are standardized contracts that govern all specified transactions with the same counterparty and allow the Partnership to terminate all contracts upon occurrence of certain events, such as a counterparty’s default. The Partnership has elected not to offset the fair value of its derivatives, even where these arrangements provide the right to do so. The Partnership’s derivative instruments are recorded at fair value, with changes in fair value recognized in net income each period. The Partnership’s fair value measurements are determined using the market approach and includes non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and the Partnership’s credit is considered for payable balances. The Partnership determines fair value based on a hierarchy for the inputs used to measure the fair value of financial assets and liabilities based on the source of the input, which generally range from quoted prices for identical instruments in a principal trading market (Level 1) to estimates determined using significant unobservable inputs (Level 3). Multiple inputs may be used to measure fair value; however, the level of fair value is based on the lowest significant input level within this fair value hierarchy. Details on the methods and assumptions used to determine the fair values are as follows: Fair value measurements based on Level 1 inputs: Measurements that are most observable and are based on quoted prices of identical instruments obtained from the principal markets in which they are traded. Closing prices are both readily available and representative of fair value. Market transactions occur with sufficient frequency and volume to assure liquidity. Fair value measurements based on Level 2 inputs: Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2. Measurements based on Level 2 inputs include OTC derivative instruments that are priced on an exchange traded curve, but have contractual terms that are not identical to exchange traded contracts. The Partnership utilizes fair value measurements based on Level 2 inputs for its fixed forward contracts, over-the-counter commodity price swaps, interest rate swaps and forward currency contracts. Fair value measurements based on Level 3 inputs: Measurements that are least observable are estimated from significant unobservable inputs determined from sources with little or no market activity for comparable contracts or for positions with longer durations. The Partnership does not offset fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) against the fair value of derivative instruments executed with the same counterparty under the same master netting arrangement. The Partnership had no right to reclaim or obligation to return cash collateral as of March 31, 2021 and December 31, 2020. The Partnership enters into derivative contracts with counterparties, some of which are subject to master netting arrangements, which allow net settlements under certain conditions. The Partnership presents derivatives at gross fair values in the Condensed Consolidated Balance Sheets. The maximum amount of loss due to credit risk that the Partnership would incur if its counterparties failed completely to perform according to the terms of the contracts, based on the net fair value of these financial instruments, exclusive of cash collateral, was $58.1 million at March 31, 2021. Information related to these offsetting arrangements is set forth below: As of March 31, 2021 Gross Amount Not Offset in Gross Amount of Assets/Liabilities Financial Cash Net Amount Commodity derivative assets $ 146,518 $ (88,451) $ (82) $ 57,985 Fair value of derivative assets $ 146,518 $ (88,451) $ (82) $ 57,985 Commodity derivative liabilities $ (130,696) $ 88,451 $ 17,343 $ (24,902) Interest rate swap derivative liabilities (11,398) — — (11,398) Currency swaps derivative liabilities (1) — — (1) Fair value of derivative liabilities $ (142,095) $ 88,451 $ 17,343 $ (36,301) As of December 31, 2020 Gross Amount Not Offset in Gross Amount of Assets/Liabilities Financial Cash Net Amount Commodity derivative assets $ 165,978 $ (102,736) $ — $ 63,242 Fair value of derivative assets $ 165,978 $ (102,736) $ — $ 63,242 Commodity derivative liabilities $ (159,782) $ 102,736 $ 32,488 $ (24,558) Interest rate swap derivative liabilities (14,559) — — (14,559) Currency swaps derivative liabilities (4) — — (4) Fair value of derivative liabilities $ (174,345) $ 102,736 $ 32,488 $ (39,121) The following table presents total realized and unrealized gains (losses) on derivative instruments utilized for commodity risk management purposes included in cost of products sold (exclusive of depreciation and amortization): Three Months Ended March 31, 2021 2020 Refined products contracts $ (19,774) $ 66,205 Natural gas contracts 1,309 36,013 Total $ (18,465) $ 102,218 There were no discretionary trading activities for the three months ended March 31, 2021 and 2020. The following table presents gross volume of commodity derivative instruments outstanding for the periods indicated: As of March 31, 2021 As of December 31, 2020 Refined Products Natural Gas Refined Products Natural Gas Long contracts 8,370 158,368 12,736 172,274 Short contracts (10,948) (76,526) (16,825) (86,913) Interest Rate Derivatives The Partnership has entered into interest rate swaps to manage its exposure to changes in interest rates on its Credit Agreement. The Partnership’s interest rate swaps hedge the actual and forecasted LIBOR borrowings and have been designated as cash flow hedges. Counterparties to the Partnership’s interest rate swaps are large multinational banks and the Partnership does not believe there is a material risk of counterparty non-performance. The Partnership expects to continue to utilize interest rate swaps to hedge cash flow risk and to manage its exposure to LIBOR interest rates or its replaced equivalent for the foreseeable future. The Partnership's interest rate swap agreements outstanding as of March 31, 2021 were as follows: Beginning Ending Notional Amount January 2021 January 2022 $ 300,000 April 2021 April 2022 $ 25,000 January 2022 January 2023 $ 250,000 April 2022 April 2023 $ 25,000 January 2023 January 2024 $ 250,000 January 2024 January 2025 $ 50,000 The Partnership records unrealized gains and losses on its interest rate swaps as a component of accumulated other comprehensive loss, net of tax, which is reclassified to earnings as interest expense when the payments are made. As of March 31, 2021, the amount of unrealized losses, net of tax, expected to be reclassified to earnings during the following twelve-month period was $5.5 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal, Environmental and Other Proceedings The Partnership is subject to a tax on sales made in Quebec from product it imports into the province. During a recent audit by the Quebec Energy Board (QEB) of the annual filings, the Partnership initiated legal action seeking a declaration to limit the applicability of the tax to direct imports, as well as the periods subject to review. Since filing this legal action in June 2018, the Partnership has been assessed $7.6 million of tax, including interest and penalties, for the period of 2007 to 2019. Similarly, since the filing, the Partnership has been assessed $9.9 million, including a 15% penalty and interest, from the Ministry of the Environment, and the Fight Against Climate Change (known as MELCC) under separate regulation that was in effect for the period from 2007 through 2014. The Partnership is disputing this assessment on the same basis as set out in the QEB legal action described above. The Partnership has accrued an amount which it believes to be a reasonable estimate of the low end of a range of loss related to these matters and such amount is not material to the consolidated financial statements. On September 14, 2020, a purported class action complaint was filed against Sprague Operating Resources, LLC, one of the Partnership’s subsidiaries, in the U.S. District Court for the District of Rhode Island. The complaint, since amended, alleges causes of action for private nuisance, public nuisance, and negligence, each based on emission impacts to nearby occupants from the Partnership’s oil and natural gas facility located in Providence, Rhode Island. The complaint also alleges that the amount in controversy exceeds $5.0 million. At this early stage in the litigation, the Partnership cannot predict whether the plaintiff will succeed in getting the court to certify a class. Based upon the information currently available to it, the Partnership believes that the complaint is without merit and intends to vigorously defend against it. The Partnership is involved in other various lawsuits, other proceedings and environmental matters, all of which arose in the normal course of business. The Partnership believes, based upon its examination of currently available information, its experience to date, and advice from legal counsel, that the individual and aggregate liabilities resulting from the resolution of these contingent matters will not have a material adverse impact on the Partnership’s consolidated results of operations, financial position or cash flows.

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Equity Awards - Performance-based Phantom Units Prior to March 5,2021, the board of directors of the General Partner granted performance-based phantom unit awards to key employees that vested at the end of a performance period (generally three years). Phantom unit awards granted since 2016 include a performance criteria that considers Sprague Holdings operating cash flow, as defined ("OCF"), over a three year period. The number of common units that may be received in settlement of each phantom unit award can range between 0 and 200% of the number of phantom units granted based on the level of OCF achieved during the vesting period. These awards are equity awards with performance and service conditions which result in compensation cost being recognized over the requisite service period once payment is determined to be probable. Compensation expense is estimated each reporting period by multiplying the number of common units underlying such awards that, based on the Partnership's estimate of OCF, are probable to vest, by the grant-date fair value of the award and is recognized over the requisite service period using the straight-line method. The number of units that the Partnership estimates are probable to vest could change over the vesting period. Any such change in estimate is recognized as a cumulative adjustment calculated as if the new estimate had been in effect from the grant date. The Partnership's long-term incentive phantom unit awards include tandem distribution equivalent rights ("DERs") which entitle the participant to a cash payment upon vesting that is equal to any cash distribution paid on a common unit between the grant date and the date the phantom units were settled. Effective March 5, 2021, the board of directors used its discretion to terminate all phantom unit awards granted in 2018, 2019 and 2020. In consideration for this termination, the board of directors paid a higher 2020 cash bonus and issued vested common units to each of the Partnership's Named Executive Officers and certain other employees as well as cash bonuses to all employees. The 2020 cash bonus amounts were expensed during the year ended December 31, 2020 and accrued for as of December 31, 2020. The Company accounted for the cancellation of the previously outstanding phantom unit awards and the issuance of the vest units during the quarter ended March 31, 2021 as a modification which resulted in a net immaterial impact to unit-based compensation expense during the quarter. The following table presents a summary of the Partnership’s phantom unit awards that were cancelled during the three months ended March 31, 2021: 2020 Awards 2019 Awards 2018 Awards Units Weighted Units Weighted Units Weighted Nonvested at December 31, 2020 173,250 $ 15.16 155,337 $ 15.04 107,450 $ 23.30 Cancelled (173,250) (15.16) (155,337) (15.04) (107,450) (23.30) Nonvested at March 31, 2021 — $ — — $ — — $ — Unit-based compensation expense for the three months ended March 31, 2021 was $0.2 million as compared to $0.4 million for the three months ended March 31, 2020. Unit-based compensation is included in selling, general and administrative expenses. The Partnership didn't have any unrecognized compensation cost related to performance-based phantom units as of March 31, 2021 as a result of the termination of units. Equity - Changes in Partnership Units The following table provides information with respect to changes in the Partnership’s units: Common Units Public Sprague Balance as of December 31, 2019 10,641,561 12,106,348 Units issued in connection with employee bonus 61,782 — Distribution paid in units — 121,150 Director vested awards 15,464 — Units purchased in Private Placement (723,738) 723,738 Balance as of December 31, 2020 9,995,069 12,951,236 Units issued in connection with employee bonus 172,702 — Units issued in conjunction with IDR Reset Election — 3,107,248 Balance as of March 31, 2021 10,167,771 16,058,484

Earnings Per Unit

Earnings Per Unit	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Unit	Earnings Per Unit The Partnership has identified the IDRs as participating securities and uses the two-class method when calculating the net income per unit applicable to limited partners. Earnings per unit applicable to limited partners is computed by dividing limited partners’ interest in net income, after deducting any incentive distributions, by the weighted-average number of outstanding common units. The Partnership’s net income is allocated to the limited partners in accordance with their respective ownership percentages, after giving effect to priority income allocations for incentive distributions, which are declared and paid following the close of each quarter. Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Diluted earnings per unit includes the effects of potentially dilutive units on the Partnership’s common units, consisting of unvested phantom units. Effective March 5, 2021, there is no dilutive effect for 2021 due to the termination of all phantom units as described in Note 11. Payments made to the Partnership’s unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of earnings per unit. The table below shows the weighted average common units outstanding used to compute net income per common unit for the periods indicated. Three Months Ended March 31, 2021 2020 Weighted average limited partner common units - basic 23,893,846 22,820,983 Dilutive effect of unvested phantom units — 50,765 Weighted average limited partner common units - dilutive 23,893,846 22,871,748

Partnership Distributions

Partnership Distributions	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Partnership Distributions	Partnership Distributions The Partnership's partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the common unitholders will receive. Cash distributions for the periods indicated were as follows: Quarter Ended Payment Date Per Unit Common IDR Total December 31, 2020 February 10, 2021 $0.6675 $ 15,317 $ 2,074 $ 17,391 In addition, on April 23, 2021, the Partnership declared a cash distribution for the three months ended March 31, 2021, of $0.6675 per unit, totaling $17.6 million. Such distributions are to be paid on May 10, 2021, to unitholders of record on May 4, 2021.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 20, 2021, the Partnership and Hartree announced that Sprague Holdings has entered into an agreement to sell to Hartree the interest of Sprague Holdings in the General Partner, the incentive distribution rights and all of the limited partner interests that Sprague Holdings owns in Sprague (the “Transaction”). The closing of the Transaction is expected to occur on or before June 15, 2021. On April 29, 2021, the Partnership sold the Oswego terminal to an unaffiliated buyer. In connection with the sale, the Partnership received consideration of $10.1 million

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of the Partnership and its wholly-owned subsidiaries. Intercompany transactions between the Partnership and its subsidiaries have been eliminated. The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information. As permitted under those rules, certain notes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) to be included in annual financial statements have been condensed or omitted from these interim financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and related notes of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on March 5, 2021 (the “2020 Annual Report”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and the reported net sales and expenses in the income statement. Actual results could differ from those estimates. Among the estimates made by management are the fair value of derivative assets and liabilities, valuation of contingent consideration, valuation of reporting units within the goodwill impairment assessment, and if necessary long-lived asset impairments and environmental and legal obligations. The Condensed Consolidated Financial Statements included herein reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the Partnership’s consolidated financial position at March 31, 2021 and December 31, 2020, the consolidated results of operations for the three months ended March 31, 2021 and 2020, consolidated statement of changes in unitholders' equity for the three months ended March 31, 2021 and 2020, and the consolidated cash flows for the three months ended March 31, 2021 and 2020. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. Demand for some of the Partnership’s refined petroleum products, specifically heating oil and residual oil for space heating purposes, and to a lesser extent natural gas, are generally higher during the first and fourth quarters of the calendar year which may result in significant fluctuations in the Partnership’s quarterly operating results.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform, if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Partnership has not currently adopted the optional expedients and exceptions provided in this guidance but continues to monitor and evaluate the impact of reference rate reform on relevant transactions.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Further disaggregation of net sales by business segment and geographic destination is as follows: Three Months Ended March 31, 2021 2020 Net sales: Refined products Distillates $ 752,928 $ 695,828 Gasoline 95,046 76,277 Heavy fuel oil and asphalt 68,227 69,837 Total refined products $ 916,201 $ 841,942 Natural gas 102,575 95,778 Materials handling 12,046 15,557 Other operations 5,312 6,602 Net sales $ 1,036,134 $ 959,879 Net sales by country: United States $ 969,892 $ 906,809 Canada 66,242 53,070 Net sales $ 1,036,134 $ 959,879

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss, Net of Tax (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Loss, Net of Tax	Amounts included in accumulated other comprehensive loss, net of tax, consisted of the following: March 31, December 31, 2020 Fair value of interest rate swaps, net of tax $ (11,308) $ (14,446) Cumulative foreign currency translation adjustment (11,500) (11,536) Accumulated other comprehensive loss, net of tax $ (22,808) $ (25,982)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	March 31, December 31, Petroleum and related products $ 185,561 $ 248,977 Coal 1,945 3,240 Natural gas 843 3,316 Inventories $ 188,349 $ 255,533

Credit Agreement (Tables)

Credit Agreement (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	March 31, December 31, 2020 Working capital facilities $ 291,094 $ 358,685 Acquisition facility 387,400 382,400 Total credit agreement 678,494 741,085 Less: current portion of working capital facilities (291,094) (358,685) Long-term portion $ 387,400 $ 382,400

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Financial Information for Partnership's Reportable Segments	Summarized financial information for the Partnership's reportable segments is presented in the table below: Three Months Ended March 31, 2021 2020 Net sales: Refined products $ 916,201 $ 841,942 Natural gas 102,575 95,778 Materials handling 12,046 15,557 Other operations 5,312 6,602 Net sales $ 1,036,134 $ 959,879 Adjusted gross margin (1): Refined products $ 51,033 $ 35,792 Natural gas 41,089 29,787 Materials handling 12,076 15,581 Other operations 2,013 1,951 Adjusted gross margin 106,211 83,111 Reconciliation to operating income (2): Add/(deduct): Change in unrealized gain (loss) on inventory (3) 26,257 13,549 Change in unrealized value on natural gas transportation contracts (4) (21,116) 13,199 Operating costs and expenses not allocated to operating segments: Operating expenses (19,232) (20,812) Selling, general and administrative (25,239) (20,033) Depreciation and amortization (8,482) (8,598) Operating income 58,399 60,416 Other income 2 — Interest income 67 175 Interest expense (8,815) (11,286) Income tax provision (871) (2,571) Net income $ 48,782 $ 46,734 (1) The Partnership trades, purchases, stores and sells energy commodities that experience market value fluctuations. To manage the Partnership’s underlying performance, including its physical and derivative positions, management utilizes adjusted gross margin, which is a non-GAAP financial measure. Adjusted gross margin is also used by external users of the Partnership’s consolidated financial statements to assess the Partnership’s economic results of operations and its commodity market value reporting to lenders. In determining adjusted gross margin, the Partnership adjusts its segment results for the impact of the changes in unrealized gains and losses with regard to refined products and natural gas inventory, and natural gas transportation contracts, which are not marked to market for the purpose of recording unrealized gains or losses in net income. These adjustments align the unrealized hedging gains and losses to the period in which the revenue from the sale of inventory, prepaid fixed forwards and the utilization of transportation contracts relating to those hedges is realized in net income. Adjusted gross margin has no impact on reported volumes or net sales. (2) Reconciliation of adjusted gross margin to operating income, the most directly comparable GAAP measure. (3) Inventory is valued at the lower of cost or net realizable value. The adjustment related to change in the unrealized gain on inventory which is not included in net income, represents the estimated difference between inventory valued at the lower of cost or net realizable value as compared to market values. The fair value of the derivatives the Partnership uses to economically hedge its inventory declines or appreciates in value as the value of the underlying inventory appreciates or declines, which creates unrealized hedging losses (gains) with respect to the derivatives that are included in net income. (4) Represents the Partnership’s estimate of the change in fair value of the natural gas transportation contracts which are not recorded in net income until the transportation is utilized in the future (i.e., when natural gas is delivered to the customer), as these contracts are executory contracts that do not qualify as derivatives. As the fair value of the natural gas transportation contracts decline or appreciate, the offsetting physical or financial derivative will also appreciate or decline creating unmatched unrealized hedging (gains) losses in net income.

Financial Instruments and Off_2

Financial Instruments and Off-Balance Sheet Risk (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Financial Assets and Financial Liabilities of Partnership Measured at Fair Value on Recurring Basis	The following table presents financial assets and financial liabilities of the Partnership measured at fair value on a recurring basis: As of March 31, 2021 Fair Value Quoted Significant Significant Derivative assets: Commodity fixed forwards $ 58,792 $ — $ 58,792 $ — Futures, swaps and options 87,726 87,726 — — Commodity derivatives 146,518 87,726 58,792 — Total derivative assets $ 146,518 $ 87,726 $ 58,792 $ — Derivative liabilities: Commodity fixed forwards 25,911 — 25,911 — Futures, swaps and options 104,785 104,660 125 — Commodity derivatives 130,696 104,660 26,036 — Interest rate swaps 11,398 — 11,398 — Currency swaps 1 — 1 — Total derivative liabilities $ 142,095 $ 104,660 $ 37,435 $ — As of December 31, 2020 Fair Value Quoted Significant Significant Derivative assets: Commodity fixed forwards $ 64,514 $ — $ 64,514 $ — Futures, swaps and options 101,464 101,464 — — Commodity derivatives 165,978 101,464 64,514 — Total derivative assets $ 165,978 $ 101,464 $ 64,514 $ — Derivative liabilities: Commodity fixed forwards 25,973 — 25,973 — Futures, swaps and options 133,809 133,743 66 — Commodity derivatives 159,782 133,743 26,039 — Interest rate swaps 14,559 — 14,559 — Currency swaps 4 — 4 — Total derivative liabilities $ 174,345 $ 133,743 $ 40,602 $ —
Summary of Offsetting Assets	Information related to these offsetting arrangements is set forth below: As of March 31, 2021 Gross Amount Not Offset in Gross Amount of Assets/Liabilities Financial Cash Net Amount Commodity derivative assets $ 146,518 $ (88,451) $ (82) $ 57,985 Fair value of derivative assets $ 146,518 $ (88,451) $ (82) $ 57,985 Commodity derivative liabilities $ (130,696) $ 88,451 $ 17,343 $ (24,902) Interest rate swap derivative liabilities (11,398) — — (11,398) Currency swaps derivative liabilities (1) — — (1) Fair value of derivative liabilities $ (142,095) $ 88,451 $ 17,343 $ (36,301) As of December 31, 2020 Gross Amount Not Offset in Gross Amount of Assets/Liabilities Financial Cash Net Amount Commodity derivative assets $ 165,978 $ (102,736) $ — $ 63,242 Fair value of derivative assets $ 165,978 $ (102,736) $ — $ 63,242 Commodity derivative liabilities $ (159,782) $ 102,736 $ 32,488 $ (24,558) Interest rate swap derivative liabilities (14,559) — — (14,559) Currency swaps derivative liabilities (4) — — (4) Fair value of derivative liabilities $ (174,345) $ 102,736 $ 32,488 $ (39,121)
Summary of Offsetting Liabilities	Information related to these offsetting arrangements is set forth below: As of March 31, 2021 Gross Amount Not Offset in Gross Amount of Assets/Liabilities Financial Cash Net Amount Commodity derivative assets $ 146,518 $ (88,451) $ (82) $ 57,985 Fair value of derivative assets $ 146,518 $ (88,451) $ (82) $ 57,985 Commodity derivative liabilities $ (130,696) $ 88,451 $ 17,343 $ (24,902) Interest rate swap derivative liabilities (11,398) — — (11,398) Currency swaps derivative liabilities (1) — — (1) Fair value of derivative liabilities $ (142,095) $ 88,451 $ 17,343 $ (36,301) As of December 31, 2020 Gross Amount Not Offset in Gross Amount of Assets/Liabilities Financial Cash Net Amount Commodity derivative assets $ 165,978 $ (102,736) $ — $ 63,242 Fair value of derivative assets $ 165,978 $ (102,736) $ — $ 63,242 Commodity derivative liabilities $ (159,782) $ 102,736 $ 32,488 $ (24,558) Interest rate swap derivative liabilities (14,559) — — (14,559) Currency swaps derivative liabilities (4) — — (4) Fair value of derivative liabilities $ (174,345) $ 102,736 $ 32,488 $ (39,121)
Summary of Realized and Unrealized Gains (Losses) on Derivative Instruments for Commodity Risk Management	The following table presents total realized and unrealized gains (losses) on derivative instruments utilized for commodity risk management purposes included in cost of products sold (exclusive of depreciation and amortization): Three Months Ended March 31, 2021 2020 Refined products contracts $ (19,774) $ 66,205 Natural gas contracts 1,309 36,013 Total $ (18,465) $ 102,218
Schedule of Gross Volume of Commodity Derivative Instruments Outstanding	The following table presents gross volume of commodity derivative instruments outstanding for the periods indicated: As of March 31, 2021 As of December 31, 2020 Refined Products Natural Gas Refined Products Natural Gas Long contracts 8,370 158,368 12,736 172,274 Short contracts (10,948) (76,526) (16,825) (86,913)
Schedule of Notional Amounts	The Partnership's interest rate swap agreements outstanding as of March 31, 2021 were as follows: Beginning Ending Notional Amount January 2021 January 2022 $ 300,000 April 2021 April 2022 $ 25,000 January 2022 January 2023 $ 250,000 April 2022 April 2023 $ 25,000 January 2023 January 2024 $ 250,000 January 2024 January 2025 $ 50,000

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Partnership's Unit Awards Subject to Vesting	The following table presents a summary of the Partnership’s phantom unit awards that were cancelled during the three months ended March 31, 2021: 2020 Awards 2019 Awards 2018 Awards Units Weighted Units Weighted Units Weighted Nonvested at December 31, 2020 173,250 $ 15.16 155,337 $ 15.04 107,450 $ 23.30 Cancelled (173,250) (15.16) (155,337) (15.04) (107,450) (23.30) Nonvested at March 31, 2021 — $ — — $ — — $ —
Schedule of Equity - Changes in Partnership Units	The following table provides information with respect to changes in the Partnership’s units: Common Units Public Sprague Balance as of December 31, 2019 10,641,561 12,106,348 Units issued in connection with employee bonus 61,782 — Distribution paid in units — 121,150 Director vested awards 15,464 — Units purchased in Private Placement (723,738) 723,738 Balance as of December 31, 2020 9,995,069 12,951,236 Units issued in connection with employee bonus 172,702 — Units issued in conjunction with IDR Reset Election — 3,107,248 Balance as of March 31, 2021 10,167,771 16,058,484

Earnings Per Unit (Tables)

Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Weighted Average Common Units Outstanding	The table below shows the weighted average common units outstanding used to compute net income per common unit for the periods indicated. Three Months Ended March 31, 2021 2020 Weighted average limited partner common units - basic 23,893,846 22,820,983 Dilutive effect of unvested phantom units — 50,765 Weighted average limited partner common units - dilutive 23,893,846 22,871,748

Partnership Distributions (Tabl

Partnership Distributions (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Incentive Distribution Amounts	Cash distributions for the periods indicated were as follows: Quarter Ended Payment Date Per Unit Common IDR Total December 31, 2020 February 10, 2021 $0.6675 $ 15,317 $ 2,074 $ 17,391

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details)	Mar. 05, 2021shares	Mar. 04, 2021$ / shares	Mar. 31, 2021segment$ / sharesshares	Dec. 31, 2020shares
Nature Of Business And Basis Of Presentation [Line Items]
Number of reporting reportable segments | segment			4
Common- Sprague Holdings
Nature Of Business And Basis Of Presentation [Line Items]
Common units issued (in units)			16,058,484	12,951,236
Shares issued	3,107,248		3,107,248	121,150
Axel Johnson Inc. | Sprague Resources LP
Nature Of Business And Basis Of Presentation [Line Items]
Limited partnership, ownership interest			61.20%
Axel Johnson Inc. | Common- Sprague Holdings | Sprague Resources LP
Nature Of Business And Basis Of Presentation [Line Items]
Common units issued (in units)			16,058,484
Sprague Resources Holdings Llc
Nature Of Business And Basis Of Presentation [Line Items]
Percentages incentive distribution rights			50.00%
Distributions from distributable cash flow (in dollars per unit) | $ / shares		$ 0.7676	$ 0.4744

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,036,134	$ 959,879
Contract liabilities	7,500		$ 9,400
United States
Disaggregation of Revenue [Line Items]
Net sales	969,892	906,809
Canada
Disaggregation of Revenue [Line Items]
Net sales	66,242	53,070
Refined products
Disaggregation of Revenue [Line Items]
Net sales	916,201	841,942
Refined products | Distillates
Disaggregation of Revenue [Line Items]
Net sales	752,928	695,828
Refined products | Gasoline
Disaggregation of Revenue [Line Items]
Net sales	95,046	76,277
Refined products | Heavy fuel oil and asphalt
Disaggregation of Revenue [Line Items]
Net sales	68,227	69,837
Natural gas
Disaggregation of Revenue [Line Items]
Net sales	102,575	95,778
Materials handling
Disaggregation of Revenue [Line Items]
Net sales	12,046	15,557
Other operations
Disaggregation of Revenue [Line Items]
Net sales	$ 5,312	$ 6,602

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Lease income	$ 10.5	$ 9.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Partners' Capital	$ 92,017	$ 58,695	$ 118,185	$ 93,782
Accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Partners' Capital	(22,808)	(25,982)	$ (27,854)	$ (19,688)
Fair value of interest rate swaps, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Partners' Capital	(11,308)	(14,446)
Cumulative foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Partners' Capital	$ (11,500)	$ (11,536)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventories	$ 188,349	$ 255,533
Petroleum and related products
Inventory [Line Items]
Inventories	185,561	248,977
Coal
Inventory [Line Items]
Inventories	1,945	3,240
Natural gas
Inventory [Line Items]
Inventories	$ 843	$ 3,316

Credit Agreement - Narrative (D

Credit Agreement - Narrative (Details) - Credit Agreement - USD ($)	Nov. 20, 2020	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest Rate margin on over due balances		2.00%
Debt instruments, weighted average interest rate		3.00%	3.00%
Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate		0.50%
Working capital and multicurrency facility
Debt Instrument [Line Items]
Debt instrument, potential increase in maximum borrowing capacity		$ 470,000,000
Working capital facilities
Debt Instrument [Line Items]
Debt instruments, borrowing capacity		465,000,000
Debt instrument, potential increase in maximum borrowing capacity		1,200,000,000
Borrowing base under Credit Agreement		436,400,000	$ 540,000,000
Letters of credit outstanding		52,600,000	77,300,000
Excess availability under Credit Agreement		$ 92,700,000
Working capital facilities | Federal Funds Rate | U.S. dollar
Debt Instrument [Line Items]
Debt instruments, interest rate		0.50%
Working capital facilities | Eurocurrency Rate | U.S. dollar
Debt Instrument [Line Items]
Debt instruments, interest rate		1.00%
Working capital facilities | Eurocurrency Rate | Canadian dollars
Debt Instrument [Line Items]
Debt instruments, interest rate		1.00%
Working capital facilities | Kildair
Debt Instrument [Line Items]
Debt instruments, borrowing capacity		$ 85,000,000
Multicurrency working capital
Debt Instrument [Line Items]
Debt instrument, potential increase in maximum borrowing capacity		320,000,000
Uncommitted Working Capital Facility
Debt Instrument [Line Items]
Debt instruments, borrowing capacity		200,000,000
Acquisition facility
Debt Instrument [Line Items]
Debt instruments, borrowing capacity		430,000,000
Debt instrument, potential increase in maximum borrowing capacity		750,000,000
Letters of credit outstanding		14,500,000	$ 15,400,000
Excess availability under Credit Agreement		$ 28,100,000
Minimum | Working capital and multicurrency facility
Debt Instrument [Line Items]
Debt instruments, interest rate		0.375%
Minimum | Working capital facilities | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	0.75%	1.25%
Minimum | Working capital facilities | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	1.75%	2.25%
Minimum | Multicurrency working capital | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	0.75%	1.25%
Minimum | Multicurrency working capital | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	1.75%	2.25%
Minimum | Uncommitted Working Capital Facility | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	0.50%	1.00%
Minimum | Uncommitted Working Capital Facility | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	1.50%	2.00%
Minimum | Acquisition facility
Debt Instrument [Line Items]
Debt instruments, interest rate		0.35%
Minimum | Acquisition facility | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate		1.25%
Minimum | Acquisition facility | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate		2.25%
Maximum | Working capital and multicurrency facility
Debt Instrument [Line Items]
Debt instruments, interest rate		0.50%
Maximum | Working capital facilities | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	1.25%	1.75%
Maximum | Working capital facilities | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	2.25%	2.75%
Maximum | Multicurrency working capital | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	1.25%	1.75%
Maximum | Multicurrency working capital | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	2.25%	2.75%
Maximum | Uncommitted Working Capital Facility | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	1.00%	1.50%
Maximum | Uncommitted Working Capital Facility | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate	2.00%	2.50%
Maximum | Acquisition facility
Debt Instrument [Line Items]
Debt instruments, interest rate		0.50%
Maximum | Acquisition facility | Base Rate
Debt Instrument [Line Items]
Debt instruments, interest rate		2.25%
Maximum | Acquisition facility | Eurocurrency Rate
Debt Instrument [Line Items]
Debt instruments, interest rate		3.25%

Credit Agreement - Schedule of

Credit Agreement - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Credit agreement	$ 678,494	$ 741,085
Less: current portion of working capital facilities	(291,094)	(358,685)
Long-term portion	387,400	382,400
Working capital facilities
Line of Credit Facility [Line Items]
Credit agreement	291,094	358,685
Acquisition facility
Line of Credit Facility [Line Items]
Credit agreement	$ 387,400	$ 382,400

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
General Partner
Related Party Transaction [Line Items]
Reimbursements of employee costs and related benefits	$ 26.3	$ 23.5
Amounts due to General Partner	10.9		$ 13.7
Beneficial Owner
Related Party Transaction [Line Items]
Revenue from Related Parties	0.5
Related Party Transaction, Purchases from Related Party	$ 68

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)operating_unitsegment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reporting reportable segments | segment	4
Revenue from contract with customer, excluding assessed tax	$ 1,036,134	$ 959,879
Significant fixed assets attributable to reporting segment	332,098		$ 335,296
Goodwill	$ 115,037		$ 115,037
Refined products segment
Segment Reporting Information [Line Items]
Number of operating segments | operating_unit	2
Revenue from contract with customer, excluding assessed tax	$ 916,201	841,942
Goodwill	$ 71,400
Natural gas segment
Segment Reporting Information [Line Items]
Number of operating segments | operating_unit	1
Revenue from contract with customer, excluding assessed tax	$ 102,575	95,778
Significant fixed assets attributable to reporting segment	0
Goodwill	$ 35,500
Materials handling segment
Segment Reporting Information [Line Items]
Number of operating segments | operating_unit	2
Revenue from contract with customer, excluding assessed tax	$ 12,046	15,557
Goodwill	$ 6,900
Other operations segment
Segment Reporting Information [Line Items]
Number of operating segments | operating_unit	2
Revenue from contract with customer, excluding assessed tax	$ 5,312	6,602
Goodwill	1,200
Canada
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 66,242	$ 53,070

Segment Reporting - Summary of

Segment Reporting - Summary of Financial Information for Partnership's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales [Abstract]
Revenue from contract with customer, excluding assessed tax	$ 1,036,134	$ 959,879
Adjusted gross margin:
Adjusted gross margin	106,211	83,111
Reconciliation to operating income (loss):
Change in unrealized gain on inventory	26,257	13,549
Change in unrealized value on natural gas transportation contracts	(21,116)	13,199
Operating costs and expenses not allocated to operating segments:
Operating expenses	(19,232)	(20,812)
Selling, general and administrative	(25,239)	(20,033)
Depreciation and amortization	(8,482)	(8,598)
Operating income	58,399	60,416
Other income	2	0
Interest income	67	175
Interest expense	(8,815)	(11,286)
Income tax provision	(871)	(2,571)
Net income	48,782	46,734
Refined products
Net sales [Abstract]
Revenue from contract with customer, excluding assessed tax	916,201	841,942
Adjusted gross margin:
Adjusted gross margin	51,033	35,792
Natural gas
Net sales [Abstract]
Revenue from contract with customer, excluding assessed tax	102,575	95,778
Adjusted gross margin:
Adjusted gross margin	41,089	29,787
Materials handling
Net sales [Abstract]
Revenue from contract with customer, excluding assessed tax	12,046	15,557
Adjusted gross margin:
Adjusted gross margin	12,076	15,581
Other operations
Net sales [Abstract]
Revenue from contract with customer, excluding assessed tax	5,312	6,602
Adjusted gross margin:
Adjusted gross margin	$ 2,013	$ 1,951

Financial Instruments and Off_3

Financial Instruments and Off-Balance Sheet Risk - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net fair value of financial instruments	$ 58.1
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized losses, net of tax, expected to be reclassified to earnings	$ (5.5)

Financial Instruments and Off_4

Financial Instruments and Off-Balance Sheet Risk - Summary of Financial Assets and Financial Liabilities of Partnership Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Quoted Prices in Active Markets Level 1
Derivative assets:
Financial assets	$ 87,726	$ 101,464
Derivative liabilities:
Financial liabilities	104,660	133,743
Quoted Prices in Active Markets Level 1 | Commodity fixed forwards
Derivative assets:
Financial assets	0	0
Derivative liabilities:
Financial liabilities	0	0
Quoted Prices in Active Markets Level 1 | Futures, swaps and options
Derivative assets:
Financial assets	87,726	101,464
Derivative liabilities:
Financial liabilities	104,660	133,743
Quoted Prices in Active Markets Level 1 | Commodity derivatives
Derivative assets:
Financial assets	87,726	101,464
Derivative liabilities:
Financial liabilities	104,660	133,743
Quoted Prices in Active Markets Level 1 | Interest rate swaps
Derivative liabilities:
Financial liabilities	0	0
Quoted Prices in Active Markets Level 1 | Currency swaps
Derivative liabilities:
Financial liabilities	0	0
Significant Other Observable Inputs Level 2
Derivative assets:
Financial assets	58,792	64,514
Derivative liabilities:
Financial liabilities	37,435	40,602
Significant Other Observable Inputs Level 2 | Commodity fixed forwards
Derivative assets:
Financial assets	58,792	64,514
Derivative liabilities:
Financial liabilities	25,911	25,973
Significant Other Observable Inputs Level 2 | Futures, swaps and options
Derivative assets:
Financial assets	0	0
Derivative liabilities:
Financial liabilities	125	66
Significant Other Observable Inputs Level 2 | Commodity derivatives
Derivative assets:
Financial assets	58,792	64,514
Derivative liabilities:
Financial liabilities	26,036	26,039
Significant Other Observable Inputs Level 2 | Interest rate swaps
Derivative liabilities:
Financial liabilities	11,398	14,559
Significant Other Observable Inputs Level 2 | Currency swaps
Derivative liabilities:
Financial liabilities	1	4
Significant Unobservable Inputs Level 3
Derivative assets:
Financial assets	0	0
Derivative liabilities:
Financial liabilities	0	0
Significant Unobservable Inputs Level 3 | Commodity fixed forwards
Derivative assets:
Financial assets	0	0
Derivative liabilities:
Financial liabilities	0	0
Significant Unobservable Inputs Level 3 | Futures, swaps and options
Derivative assets:
Financial assets	0	0
Derivative liabilities:
Financial liabilities	0	0
Significant Unobservable Inputs Level 3 | Commodity derivatives
Derivative assets:
Financial assets	0	0
Derivative liabilities:
Financial liabilities	0	0
Significant Unobservable Inputs Level 3 | Interest rate swaps
Derivative liabilities:
Financial liabilities	0	0
Significant Unobservable Inputs Level 3 | Currency swaps
Derivative liabilities:
Financial liabilities	0	0
Fair Value Measurement
Derivative assets:
Financial assets	146,518	165,978
Derivative liabilities:
Financial liabilities	142,095	174,345
Fair Value Measurement | Commodity fixed forwards
Derivative assets:
Financial assets	58,792	64,514
Derivative liabilities:
Financial liabilities	25,911	25,973
Fair Value Measurement | Futures, swaps and options
Derivative assets:
Financial assets	87,726	101,464
Derivative liabilities:
Financial liabilities	104,785	133,809
Fair Value Measurement | Commodity derivatives
Derivative assets:
Financial assets	146,518	165,978
Derivative liabilities:
Financial liabilities	130,696	159,782
Fair Value Measurement | Interest rate swaps
Derivative liabilities:
Financial liabilities	11,398	14,559
Fair Value Measurement | Currency swaps
Derivative liabilities:
Financial liabilities	$ 1	$ 4

Financial Instruments and Off_5

Financial Instruments and Off-Balance Sheet Risk - Summary of Offsetting Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Assets in the Balance Sheet	$ 146,518	$ 165,978
Gross Amount Not Offset in the Balance Sheet, Financial Instruments, Assets	(88,451)	(102,736)
Gross Amount Not Offset in the Balance Sheet, Cash Collateral Posted, Assets	(82)	0
Net Amount, Assets	57,985	63,242
Gross Amount of Liabilities in the Balance Sheet	(142,095)	(174,345)
Gross Amount Not Offset in the Balance Sheet, Financial Instruments, Liabilities	88,451	102,736
Gross Amount Not Offset in the Balance Sheet, Cash Collateral Posted, Liabilities	17,343	32,488
Net Amount, Liabilities	(36,301)	(39,121)
Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Assets in the Balance Sheet	146,518	165,978
Gross Amount Not Offset in the Balance Sheet, Financial Instruments, Assets	(88,451)	(102,736)
Gross Amount Not Offset in the Balance Sheet, Cash Collateral Posted, Assets	(82)	0
Net Amount, Assets	57,985	63,242
Gross Amount of Liabilities in the Balance Sheet	(130,696)	(159,782)
Gross Amount Not Offset in the Balance Sheet, Financial Instruments, Liabilities	88,451	102,736
Gross Amount Not Offset in the Balance Sheet, Cash Collateral Posted, Liabilities	17,343	32,488
Net Amount, Liabilities	(24,902)	(24,558)
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Liabilities in the Balance Sheet	(11,398)	(14,559)
Gross Amount Not Offset in the Balance Sheet, Financial Instruments, Liabilities	0	0
Gross Amount Not Offset in the Balance Sheet, Cash Collateral Posted, Liabilities	0	0
Net Amount, Liabilities	(11,398)	(14,559)
Currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Amount of Liabilities in the Balance Sheet	(1)	(4)
Gross Amount Not Offset in the Balance Sheet, Financial Instruments, Liabilities	0	0
Gross Amount Not Offset in the Balance Sheet, Cash Collateral Posted, Liabilities	0	0
Net Amount, Liabilities	$ (1)	$ (4)

Financial Instruments and Off_6

Financial Instruments and Off-Balance Sheet Risk - Summary of Realized and Unrealized Gains (Losses) on Derivative Instruments for Commodity Risk Management (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized and unrealized gains (losses) on derivative instruments	$ (18,465)	$ 102,218
Refined products contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized and unrealized gains (losses) on derivative instruments	(19,774)	66,205
Natural gas contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized and unrealized gains (losses) on derivative instruments	$ 1,309	$ 36,013

Financial Instruments and Off_7

Financial Instruments and Off-Balance Sheet Risk - Schedule of Gross Volume of Commodity Derivative Instruments Outstanding (Details) bbl in Thousands, MMBTU in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2021USD ($)MMBTUbbl	Sep. 30, 2020MMBTUbbl
Cash Flow Hedging | Interest Rate Swaps Ending January 2022 | Designated as Hedging Instrument
Investment Derivative, Notional Amount [Abstract]
Notional amount of interest rate swap agreements	$ 300,000
Cash Flow Hedging | Interest Rate Swaps Ending April 2022 | Designated as Hedging Instrument
Investment Derivative, Notional Amount [Abstract]
Notional amount of interest rate swap agreements	25,000
Cash Flow Hedging | Interest Rate Swaps Ending January 2023 | Designated as Hedging Instrument
Investment Derivative, Notional Amount [Abstract]
Notional amount of interest rate swap agreements	250,000
Cash Flow Hedging | Interest Rate Swaps Ending April 2023 | Designated as Hedging Instrument
Investment Derivative, Notional Amount [Abstract]
Notional amount of interest rate swap agreements	25,000
Cash Flow Hedging | Interest Rate Swaps Ending January 2024 | Designated as Hedging Instrument
Investment Derivative, Notional Amount [Abstract]
Notional amount of interest rate swap agreements	250,000
Cash Flow Hedging | Interest Rate Swaps Ending January 2025 | Designated as Hedging Instrument
Investment Derivative, Notional Amount [Abstract]
Notional amount of interest rate swap agreements	$ 50,000
Long | Refined products contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross volume, refined products (in barrels) | bbl	8,370	12,736
Long | Natural gas contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross volume, natural gas (in millions of BTUs) | MMBTU	158,368	172,274
Short | Refined products contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross volume, refined products (in barrels) | bbl	10,948	16,825
Short | Natural gas contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross volume, natural gas (in millions of BTUs) | MMBTU	76,526	86,913

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Sep. 14, 2020
Commitments and Contingencies Disclosure [Abstract]
Import tax, penalty, and interest	$ 7.6
Import tax	$ 9.9
Import tax, penalty, and interest percentage	15.00%
Loss contingency, range of possible loss, portion not accrued		$ 5

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation - Narrative (Details) $ in Thousands	Mar. 05, 2021$ / sharesshares	Mar. 04, 2021$ / shares	Mar. 31, 2021USD ($)shares	Mar. 31, 2020USD ($)	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit-based compensation expense recorded in unitholders' equity			$ 206	$ 409
Sprague Resources LP | General Partner | Axel Johnson Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive Distribution, Payments Made and Minimum Distribution Level, Distribution Per Unit | $ / shares	0.6675	0.4125
Common- Sprague Holdings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued | shares	3,107,248		3,107,248		121,150
Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Unit-based compensation expense recorded in unitholders' equity			$ 200	$ 400
Phantom Units (OCF-based)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Minimum | Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage range of units granted		0.00%
Maximum | Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage range of units granted		200.00%

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Summary of Partnership's Unit Awards Subject to Vesting (Details) - Phantom Units	3 Months Ended
	Mar. 31, 2021$ / sharesshares
2020 Awards
Units
Nonvested, beginning (in units) | shares	173,250
Cancelled | shares	(173,250)
Nonvested, ending (in units) | shares	0
Weighted Average Grant Date Fair Value (per unit)
Weighted-average grant date fair value, nonvested, beginning (in dollars per unit) | $ / shares	$ 15.16
Weighted-average grant date fair value, forfeited (in dollars per unit) | $ / shares	(15.16)
Weighted-average grant date fair value, nonvested, ending (in dollars per unit) | $ / shares	$ 0
2019 Awards
Units
Nonvested, beginning (in units) | shares	155,337
Cancelled | shares	(155,337)
Nonvested, ending (in units) | shares	0
Weighted Average Grant Date Fair Value (per unit)
Weighted-average grant date fair value, nonvested, beginning (in dollars per unit) | $ / shares	$ 15.04
Weighted-average grant date fair value, forfeited (in dollars per unit) | $ / shares	(15.04)
Weighted-average grant date fair value, nonvested, ending (in dollars per unit) | $ / shares	$ 0
2018 Awards
Units
Nonvested, beginning (in units) | shares	107,450
Cancelled | shares	(107,450)
Nonvested, ending (in units) | shares	0
Weighted Average Grant Date Fair Value (per unit)
Weighted-average grant date fair value, nonvested, beginning (in dollars per unit) | $ / shares	$ 23.30
Weighted-average grant date fair value, forfeited (in dollars per unit) | $ / shares	(23.30)
Weighted-average grant date fair value, nonvested, ending (in dollars per unit) | $ / shares	$ 0

Equity and Equity-Based Compe_5

Equity and Equity-Based Compensation Change in Partnership Units (Details) - shares	Mar. 05, 2021	Mar. 31, 2021	Dec. 31, 2020
Public
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		9,995,069	10,641,561
Director vested awards			15,464
Units purchased in Private Placement			(723,738)
Ending Balance		10,167,771	9,995,069
Public | Employee Bonus
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Units issued in connection with employee bonus		172,702	61,782
Sprague Holdings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		12,951,236	12,106,348
Units issued	3,107,248	3,107,248	121,150
Units purchased in Private Placement			723,738
Ending Balance		16,058,484	12,951,236

Earnings Per Unit (Details)

Earnings Per Unit (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted average limited partner common units - basic (in units)	23,893,846	22,820,983
Dilutive effect of unvested phantom units (in units)	0	50,765
Weighted average limited partner common units - dilutive (in units)	23,893,846	22,871,748

Partnership Distributions (Deta

Partnership Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	May 10, 2021	Feb. 10, 2020	Mar. 31, 2021	Mar. 31, 2020
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Cash distributed (in dollars per unit)		$ 0.6675
Cash distributed		$ 17,391	$ 17,391	$ 15,184
Distribution declared per unit (in dollars per unit)			$ 0.6675	$ 0.6675
Subsequent event
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Distribution declared per unit (in dollars per unit)	$ 0.6675
Distribution made to limited partner, cash distributions declared	$ 17,600
Common
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Cash distributed		15,317
IDR
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Cash distributed		$ 2,074

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 29, 2021USD ($)
Subsequent event | Oswego Terminal
Subsequent Event [Line Items]
Consideration on Disposition of Property, Plant and Equipment	$ 10.1