Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SUNOCO LP | |
Trading Symbol | SUN | |
Entity Central Index Key | 1,552,275 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Common Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 30,394,659 | |
Subordinated Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,939,436 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 21,978,980 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,018,744 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 62,771 | $ 67,190 |
Advances to affiliates | 198,646 | 396,376 |
Accounts receivable, net | 226,984 | 193,680 |
Receivables from affiliates | 33,138 | 24,741 |
Inventories, net | 362,469 | 325,054 |
Other current assets | 21,641 | 49,281 |
Total current assets | 905,649 | 1,056,322 |
Property and equipment, net | 1,376,489 | 1,300,280 |
Other assets: | ||
Goodwill | 814,819 | 863,458 |
Intangible assets, net | 451,589 | 357,904 |
Deferred income taxes | 2,509 | 14,893 |
Other noncurrent assets | 27,288 | 18,133 |
Total assets | 3,578,343 | 3,610,990 |
Current liabilities: | ||
Accounts payable | 382,050 | 293,141 |
Accounts payable to affiliates | 15,138 | 77,721 |
Accrued expenses and other current liabilities | 193,796 | 234,899 |
Current maturities of long-term debt | 13,704 | 13,757 |
Total current liabilities | 604,688 | 619,518 |
Revolving line of credit | 724,689 | 683,378 |
Long-term debt | 969,732 | 173,383 |
Other noncurrent liabilities | 52,817 | 51,062 |
Total liabilities | $ 2,351,926 | $ 1,527,341 |
Commitments and contingencies (Note 12) | ||
Partners' capital: | ||
Total partners' capital | $ 1,170,131 | $ 1,142,376 |
Total equity | 1,226,417 | 2,083,649 |
Noncontrolling interest | 56,286 | (5,644) |
Total liabilities and equity | 3,578,343 | 3,610,990 |
Common Units - Public [Member] | ||
Partners' capital: | ||
Total partners' capital | 880,698 | 874,688 |
Common Units - Affiliated [Member] | ||
Partners' capital: | ||
Total partners' capital | 49,930 | 31,378 |
Subordinated Units [Member] | ||
Partners' capital: | ||
Total partners' capital | $ 239,503 | 236,310 |
Predecessor [Member] | ||
Partners' capital: | ||
Total equity | $ 946,917 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property and equipment, net | $ 1,376,489 | $ 1,300,280 |
Other noncurrent assets | 27,288 | 18,133 |
Accounts payable | 382,050 | 293,141 |
Accrued expenses and other current liabilities | 193,796 | 234,899 |
Current maturities of long-term debt | 13,704 | 13,757 |
Other noncurrent liabilities | $ 52,817 | $ 51,062 |
Common Units - Public [Member] | ||
Partners' capital: | ||
Limited Partners' Capital Account, Units Issued | 20,036,329 | 20,036,329 |
Limited Partners' Capital Account, Units Outstanding | 20,036,329 | 20,036,329 |
Common Units - Affiliated [Member] | ||
Partners' capital: | ||
Limited Partners' Capital Account, Units Issued | 4,858,330 | 4,062,848 |
Limited Partners' Capital Account, Units Outstanding | 4,858,330 | 4,062,848 |
Subordinated Units [Member] | ||
Partners' capital: | ||
Limited Partners' Capital Account, Units Issued | 10,939,436 | 10,939,436 |
Limited Partners' Capital Account, Units Outstanding | 10,939,436 | 10,939,436 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Receivables from affiliates | $ 4,862 | $ 3,484 |
Property and equipment, net | 44,554 | 45,340 |
Other noncurrent assets | 3,665 | 3,665 |
Accounts payable | 6 | 6 |
Accrued expenses and other current liabilities | 484 | 484 |
Current maturities of long-term debt | 8,380 | 8,422 |
Long-term debt | 46,971 | 48,029 |
Other noncurrent liabilities | $ 1,190 | $ 1,190 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Retail motor fuel sales | $ 189,894 | $ 350,655 | ||
Wholesale motor fuel sales to third parties | 2,770,695 | 5,219,550 | ||
Wholesale motor fuel sales to affiliates | 1,156,763 | 1,993,448 | ||
Merchandise sales | 56,973 | 104,492 | ||
Rental income | 23,868 | 46,691 | ||
Other income | 7,792 | 15,060 | ||
Total revenues | 4,205,985 | 7,729,896 | ||
Cost of sales | ||||
Retail motor fuel cost of sales | 169,014 | 308,578 | ||
Wholesale motor fuel cost of sales | 3,757,475 | 6,943,692 | ||
Merchandise cost of sales | 42,213 | 77,038 | ||
Other | 510 | 1,750 | ||
Total cost of sales | 3,969,212 | 7,331,058 | ||
Gross profit | 236,773 | 398,838 | ||
Operating expenses | ||||
General and administrative | 27,646 | 52,403 | ||
Other operating | 48,759 | 95,052 | ||
Rent | 11,375 | 21,885 | ||
Gain on disposal of assets | (30) | (156) | ||
Depreciation, amortization and accretion | 33,230 | 63,466 | ||
Total operating expenses | 120,980 | 232,650 | ||
Income from operations | 115,793 | 166,188 | ||
Interest expense, net | (20,322) | (27,453) | ||
Income before income taxes | 95,471 | 138,735 | ||
Income tax (expense) benefit | 480 | (350) | ||
Net income and comprehensive income | 95,951 | 138,385 | ||
Less: Net income and comprehensive income attributable to noncontrolling interest | 61,084 | 61,930 | ||
Less: Preacquisition income from Sunoco LLC allocated to general partner | 24,516 | |||
Net income and comprehensive income attributable to partners | $ 34,867 | $ 51,939 | ||
Cash distribution per unit | $ 0.6934 | $ 1.3384 | ||
Common Units [Member] | ||||
Operating expenses | ||||
Common (basic and diluted) | 0.87 | 1.31 | ||
Common - diluted | $ 0.87 | $ 1.31 | ||
Common units - public | 24,936,195 | 24,538,454 | ||
Subordinated Units [Member] | ||||
Operating expenses | ||||
Common (basic and diluted) | $ 0.87 | $ 1.31 | ||
Subordinated units - affiliated | 10,939,436 | 10,939,436 | ||
Common Units - Public [Member] | ||||
Operating expenses | ||||
Common units - public | 20,036,329 | 20,036,329 | ||
Common Units - Affiliated [Member] | ||||
Operating expenses | ||||
Common units - public | 4,858,330 | 4,460,589 | ||
Predecessor [Member] | ||||
Revenues | ||||
Retail motor fuel sales | $ 0 | $ 0 | ||
Wholesale motor fuel sales to third parties | 507,575 | 952,141 | ||
Wholesale motor fuel sales to affiliates | 862,549 | 1,628,639 | ||
Merchandise sales | 0 | 0 | ||
Rental income | 4,343 | 8,266 | ||
Other income | 1,558 | 3,566 | ||
Total revenues | 1,376,025 | 2,592,612 | ||
Cost of sales | ||||
Retail motor fuel cost of sales | 0 | 0 | ||
Wholesale motor fuel cost of sales | 1,353,057 | 2,546,503 | ||
Merchandise cost of sales | 0 | 0 | ||
Other | 765 | 1,786 | ||
Total cost of sales | 1,353,822 | 2,548,289 | ||
Gross profit | 22,203 | 44,323 | ||
Operating expenses | ||||
General and administrative | 5,372 | 10,242 | ||
Other operating | 1,761 | 3,795 | ||
Rent | 284 | 533 | ||
Gain on disposal of assets | (36) | (36) | ||
Depreciation, amortization and accretion | 3,333 | 6,659 | ||
Total operating expenses | 10,714 | 21,193 | ||
Income from operations | 11,489 | 23,130 | ||
Interest expense, net | (1,774) | (3,276) | ||
Income before income taxes | 9,715 | 19,854 | ||
Income tax (expense) benefit | (120) | (127) | ||
Net income and comprehensive income | 9,595 | 19,727 | ||
Less: Net income and comprehensive income attributable to noncontrolling interest | 0 | 0 | ||
Net income and comprehensive income attributable to partners | $ 9,595 | $ 19,727 | ||
Cash distribution per unit | $ 0.5197 | $ 1.0218 | ||
Predecessor [Member] | Common Units [Member] | ||||
Operating expenses | ||||
Common (basic and diluted) | 0.43 | 0.90 | ||
Common - diluted | $ 0.43 | $ 0.89 | ||
Common units - public | 11,046,289 | 11,044,374 | ||
Predecessor [Member] | Subordinated Units [Member] | ||||
Operating expenses | ||||
Common (basic and diluted) | $ 0.43 | $ 0.90 | ||
Subordinated units - affiliated | 10,939,436 | 10,939,436 | ||
Predecessor [Member] | Common Units - Public [Member] | ||||
Operating expenses | ||||
Common units - public | 10,966,981 | 10,965,066 | ||
Predecessor [Member] | Common Units - Affiliated [Member] | ||||
Operating expenses | ||||
Common units - public | 79,308 | 79,308 | ||
Sunoco, LLC [Member] | ||||
Operating expenses | ||||
Less: Preacquisition income from Sunoco LLC allocated to general partner | $ 0 | $ 24,516 | ||
Sunoco, LLC [Member] | Predecessor [Member] | ||||
Operating expenses | ||||
Less: Preacquisition income from Sunoco LLC allocated to general partner | $ 0 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Partners' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Energy Transfer Partners Limited Partnership | Energy Transfer Partners Limited PartnershipSunoco, LLC [Member] | Common Units - Public [Member] | Common Units - Affiliated [Member] | Common Units - Affiliated [Member]Energy Transfer Partners Limited PartnershipSunoco, LLC [Member] | Subordinated Units [Member] | Predecessor Equity [Member] | Predecessor Equity [Member]Energy Transfer Partners Limited Partnership | Noncontrolling Interest |
Beginning balance at Dec. 31, 2014 | $ 2,083,649 | $ 874,688 | $ 31,378 | $ 236,310 | $ 946,917 | $ (5,644) | ||||
Contribution from ETP | $ (775,000) | $ (775,000) | ||||||||
Equity issued to ETP for Sunoco LLC | $ (40,844) | $ (40,844) | ||||||||
Cash distribution to general partner | 40,844 | 58,095 | (17,251) | |||||||
Cash distribution to unitholders | (46,541) | (24,957) | (7,866) | (13,718) | ||||||
Cash distribution to general partner | $ (179,182) | $ (179,182) | ||||||||
Unit-based compensation | 3,036 | 1,714 | 385 | 937 | ||||||
Other | 2,070 | (5) | 2,075 | |||||||
Partnership net income | 138,385 | 29,258 | 6,707 | 15,974 | $ 24,516 | 61,930 | ||||
Ending balance at Jun. 30, 2015 | $ 1,226,417 | $ 880,698 | $ 49,930 | $ 239,503 | $ 56,286 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 138,385 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion | 63,466 | |
Amortization of deferred financing fees | 1,203 | |
Gain on disposal of assets | (156) | |
Non-cash unit based compensation expense | 1,026 | |
Deferred income tax | 476 | |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (33,304) | |
Accounts receivable from affiliates | (6,084) | |
Inventories | (37,415) | |
Other assets | 41,623 | |
Accounts payable | 101,018 | |
Accounts payable to affiliates | (62,583) | |
Accrued liabilities | (74,550) | |
Other noncurrent liabilities | (7,935) | |
Net cash provided by operating activities | 125,170 | |
Cash flows from investing activities: | ||
Capital expenditures | (100,722) | |
Purchase of intangibles | (50,607) | |
Proceeds from disposal of property and equipment | 3,715 | |
Acquisition of Sunoco LLC, net of cash acquired | (774,961) | |
Other acquisitions | (16,502) | |
Net cash used in investing activities | (939,077) | |
Cash flows from financing activities: | ||
Proceeds from issuance of senior notes | 800,000 | |
Payments on long-term debt | (3,704) | |
Revolver, borrowings | 248,619 | |
Revolver, repayments | (207,308) | |
Advances to affiliates | 197,730 | |
Distributions to Parent | (179,182) | |
Distributions to Unitholders | (46,541) | |
Other | (126) | |
Net cash provided by financing activities | 809,488 | |
Net decrease in cash | (4,419) | |
Cash and cash equivalents at beginning of year | 67,190 | |
Cash and cash equivalents at end of period | $ 62,771 | |
Predecessor [Member] | ||
Cash flows from operating activities: | ||
Net income | $ 19,727 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion | 6,659 | |
Amortization of deferred financing fees | 226 | |
Gain on disposal of assets | (36) | |
Non-cash unit based compensation expense | 1,484 | |
Deferred income tax | (15) | |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (5,207) | |
Accounts receivable from affiliates | (1,848) | |
Inventories | (27,849) | |
Other assets | (715) | |
Accounts payable | 18,034 | |
Accrued liabilities | 1,326 | |
Other noncurrent liabilities | 33 | |
Net cash provided by operating activities | 11,819 | |
Cash flows from investing activities: | ||
Capital expenditures | (64,264) | |
Purchase of intangibles | (3,378) | |
Redemption of marketable securities | 25,952 | |
Proceeds from disposal of property and equipment | 17 | |
Net cash used in investing activities | (41,673) | |
Cash flows from financing activities: | ||
Payments on long-term debt | (25,880) | |
Revolver, borrowings | 347,990 | |
Revolver, repayments | (271,960) | |
Distributions to Parent | (10,878) | |
Distributions to Unitholders | (10,799) | |
Net cash provided by financing activities | 28,473 | |
Net decrease in cash | (1,381) | |
Cash and cash equivalents at beginning of year | 8,150 | |
Cash and cash equivalents at end of period | $ 6,769 |
Organization and Principles of
Organization and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | 1. The Partnership was formed in June 2012 by Susser Holdings Corporation ("Susser") and its wholly owned subsidiary, Sunoco GP LLC (“SGP”, formerly known as Susser Petroleum Partners GP LLC), our general partner. On September 25, 2012, we completed our initial public offering (“IPO”) of 10,925,000 common units representing limited partner interests. On April 27, 2014, Susser entered into an Agreement and Plan of Merger with Energy Transfer Partners, L.P. (“ETP”) and certain other related entities, under which ETP would acquire the outstanding common shares of Susser ("ETP Merger"). This transaction was completed on August 29, 2014. By acquiring Susser, ETP acquired 100% of the non-economic general partner interest and incentive distribution rights in us, and directly and indirectly acquired approximately 11.0 million of our common and subordinated units (representing approximately 50.1% of our then outstanding units). Unvested phantom units that were outstanding on April 27, 2014 vested upon completion of the ETP Merger. See Note 3 for further information. Effective October 27, 2014, Susser Petroleum Partners LP (ticker symbol: SUSP) changed its name to Sunoco LP ("SUN", ticker symbol: SUN). These changes align the Partnership's legal and marketing name with that of ETP's iconic brand, Sunoco. As used in this document, the terms "Partnership", "SUN", "we", "us" or "our", should be understood to refer to Sunoco LP including, prior to October 27, 2014, Susser Petroleum Partners LP. The consolidated financial statements are composed of Sunoco LP, a publicly traded Delaware limited partnership, its majority-owned subsidiaries, and variable interest entities (VIEs) in which it is the primary beneficiary. We distribute motor fuels across more than 30 states throughout the East Coast and Southeast regions of the United States from Maine to Florida and from Florida to New Mexico, as well as Hawaii. Starting in fiscal 2014, we are also an operator of convenience retail stores in Virginia, Maryland, Tennessee, Georgia, and Hawaii. Our recent acquisitions are intended to complement and expand our wholesale distribution business and diversify both geographically and through retail operations. On April 1, 2015 we acquired a 31.58% membership interest in Sunoco, LLC (“Sunoco LLC”). Because we have a controlling financial interest in Sunoco LLC as a result of our 50.1% voting interest our consolidated financial statements include 100% of Sunoco LLC. The 68.42% membership interest in Sunoco LLC that we do not own is presented as noncontrolling interest in our consolidated financial statements. Results of operations for the Mid-Atlantic Convenience Stores, LLC ("MACS") and Sunoco LLC acquisitions, deemed transactions between entities under common control, have been included in our consolidated results of operations since September 1, 2014, the date of common control. See Note 3 for further information. Prior to the fourth quarter of 2014, we operated our business as one segment, which was primarily engaged in wholesale fuel distribution. With the addition of convenience store operations we have added a retail operating segment. Our primary operations are conducted by the following consolidated wholly owned subsidiaries: • Susser Petroleum Operating Company LLC ("SPOC"), a Delaware limited liability company, distributes motor fuel to Susser's retail and consignment locations, as well as third party customers in Texas, New Mexico, Oklahoma and Louisiana. • T&C Wholesale LLC and Susser Energy Services LLC, both Texas limited liability companies, distribute motor fuels, propane and lubricating oils, primarily in Texas, Oklahoma, New Mexico and Kansas. On April 1, 2015, T&C Wholesale merged into Susser Energy Services and Susser Energy Services changed its name to Sunoco Energy Services LLC. • Susser Petroleum Property Company LLC (“PropCo”), a Delaware limited liability company, primarily owns and leases convenience store properties. • Southside Oil, LLC and MACS Retail LLC, both Virginia limited liability companies, distribute motor fuel and own and operate convenience stores, respectively, primarily in Virginia, Maryland, Tennessee, and Georgia. • Aloha Petroleum, Ltd., a Hawaii corporation, distributes motor fuel and owns and operates convenience stores on the Hawaiian islands. • Sunoco LLC, a Delaware limited liability company formed on June 1, 2014, primarily distributes motor fuels across more than 26 states throughout the East Coast and Southeast regions of the United States. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain line items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no impact on gross margin, income from operations, net income and comprehensive income, or the balance sheets or statements of cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles ("GAAP"). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on February 27, 2015. Significant Accounting Policies Cash and Cash Equivalents. Sunoco LLC has a treasury services agreement with an indirect wholly-owned subsidiary of ETP, Sunoco, Inc. Pursuant to this agreement, the Company participates in Sunoco, Inc.’s centralized cash management program. Under this program, all cash receipts and cash disbursements are processed, together with those of Sunoco, Inc., through Sunoco, Inc.’s cash accounts with a corresponding credit or charge to the advances to affiliates account. This cash management policy differs from our remaining cash policies which are unchanged from December 31, 2014. The net balance of Sunoco LLC is reflected in Advances to affiliates on the consolidated balance sheets. Segment Reporting. Beginning with the acquisition of MACS in 2014, we operate our business in two primary segments, both of which are included as reportable segments. Our retail segment operates convenience stores selling a variety of merchandise, food items, services and motor fuel. Our wholesale segment sells motor fuel to our retail segment and external customers. During the first quarter of 2015, we allocated the revenue and costs previously reported in "All Other" to each segment based on the way our Chief Operating Decision Maker ("CODM") measures segment performance (see Note 17). As of June 30, 2015, there were no other changes in significant accounting policies from those described in the December 31, 2014 audited consolidated financial statements. Recently Issued Accounting Pronouncements FASB ASU No. 2015-03. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, " Interest - Imputation of Interest - (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." Debt issuance costs related to a recognized debt liability shall be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued with fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The ASU requires retrospective application. We do not anticipate that the adoption of this ASU will have a material impact on the presentation of our financial statements. FASB ASU No. 2015-05. In April 2015, the FASB issued ASU No. 2015-05 " Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. " The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts. The amendments in this ASU are effective for financial statements issued with fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not anticipate that the adoption of this ASU will have a material impact on the presentation of our financial statements. FASB ASU No. 2015-06. In April 2015, the FASB issued ASU No. 2015-06 " Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (a consensus of the FASB Emerging Issues Task Force ("EITF"). " The amendments in this ASU specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The amendments in this ASU are effective for financial statements issued with fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We currently are in compliance with the amendments in this ASU. |
Merger and Acquisitions
Merger and Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | 3. Mergers and Acquisitions ETP Merger As a result of the ETP Merger, we became a consolidated entity of ETP and applied “push down” accounting that required our assets and liabilities to be adjusted to fair value as of the date of the merger on August 29, 2014. Due to the application of "push down" accounting, our consolidated financial statements and certain footnote disclosures are presented in two distinct periods to indicate the application of two different bases of accounting between the periods presented. The periods prior to the ETP Merger are identified as “Predecessor” and the period after the ETP Merger is identified as “Successor”. For accounting purposes, management has designated the ETP Merger date as August 31, 2014, as the operating results and change in financial position for the intervening period is not material. Management, with the assistance of a third party valuation firm, has estimated the fair value of our and Susser's assets and liabilities as of the date of acquisition by ETP. Our identifiable intangible assets consist primarily of dealer relationships, the fair value of which were estimated by applying a discounted cash flow approach which was adjusted for customer attrition assumptions and projected market conditions. The amount of goodwill recorded represents the excess of our estimated enterprise value over the fair value of our assets and liabilities. The value of certain assets and liabilities are preliminary in nature, and are subject to adjustment as additional information is obtained about the facts and circumstances that existed at the acquisition date. Management is reviewing the valuation and confirming the results to determine the final purchase price allocation. As a result, material adjustments to this preliminary allocation may occur in the future. The following table summarizes the "push down" accounting allocation to our assets and liabilities as of the date presented (in thousands): August 31, 2014 Current assets $ 171,434 Property and equipment 272,930 Goodwill 590,042 Intangible assets 70,473 Other noncurrent assets 811 Current liabilities (154,617 ) Other noncurrent liabilities (255,289 ) Net assets $ 695,784 Acquisitions Mid-Atlantic Convenience Stores, LLC Acquisition On October 1, 2014, we acquired Mid-Atlantic Convenience Stores, LLC ("MACS") from ETP for a total consideration of approximately $768.0 million, subject to certain working capital adjustments. The consideration paid consisted of 3,983,540 newly issued Partnership common units and $566.0 million in cash. We initially financed the cash portion of the MACS acquisition by utilizing availability under the 2014 Revolver (as defined below). A portion of the revolver borrowing was repaid during the fourth quarter of 2014, using cash from proceeds of an equity offering. MACS has been determined to be the primary beneficiary of certain variable interest entities, and therefore the Partnership consolidates these variable interest entities. The assets owned by MACS include approximately 100 company-operated retail convenience stores and 200 dealer-operated and consignment sites that were previously acquired by ETP. The combined portfolio includes locations in Virginia, Maryland, Tennessee and Georgia. This was the first transaction completed in a series of previously announced drop-down plans by which ETP intends to transfer its retail and fuel distribution businesses to the Partnership. The acquisition was accounted for as a transaction between entities under common control. Specifically, the Partnership recognized the acquired assets and assumed liabilities at their respective carrying values and no additional goodwill was created. The Partnership's results of operations include the MACS' results of operations beginning September 1, 2014, the date of common control. As a result, the Partnership retrospectively adjusted its financial statements to include the balances and operations of MACS from August 31, 2014. The following table summarizes the preliminary recording of the assets and liabilities at their respective carrying values, including the initial tax accounting related to the transaction (in thousands): August 31, 2014 Current assets $ 96,749 Property and equipment 463,772 Goodwill 118,610 Intangible assets 90,676 Other noncurrent assets 48,913 Current liabilities (45,151 ) Other noncurrent liabilities (186,661 ) Net assets 586,908 Net deemed contribution (21,095 ) Cash acquired (60,798 ) Total cash consideration, net of cash acquired $ 505,015 The goodwill recorded in connection with the MACS acquisition is deductible for tax purposes. Aloha Petroleum, Ltd. Acquisition On December 16, 2014, we completed the acquisition of 100% of the stock of Honolulu, Hawaii-based Aloha Petroleum, Ltd. ("Aloha"). Aloha is the largest independent gasoline marketer and one of the largest convenience store operators in Hawaii, with an extensive wholesale fuel distribution network and six fuel storage terminals on the islands. Aloha currently markets through approximately 100 Aloha, Shell, and Mahalo branded fuel stations throughout the state, about half of which are company operated. We believe the entry into the retail convenience store market combined with our wholesale distribution network will allow us to achieve greater returns on our investments. The adjusted purchase price for Aloha was approximately $267.0 million in cash, subject to a post-closing earn-out we have estimated at $13.0 million, and certain post closing adjustments, and before transaction costs and other expenses totaling $2.8 million. As of December 31, 2014, we have recorded on our consolidated balance sheet under other non-current liabilities the $13.0 million contingent consideration, which we based on the internal evaluation of the earnings level that Aloha is expected to achieve during the earnout period of December 16, 2014 through December 31, 2022. Approximately $14.1 million of the cash consideration was placed in an escrow account to satisfy indemnification obligations of the seller and certain environmental claims, pursuant to the terms of the purchase agreement. The Partnership allocated the total purchase consideration to the assets acquired and liabilities assumed based on their preliminary estimate of the respective fair values as of the acquisition date. The carrying values of assets and liabilities (excluding intangibles and non-current liabilities) in this preliminary estimate were assumed to approximate their fair values. Our identifiable intangible assets consist primarily of dealer relationships. The amount of goodwill preliminarily recorded represents the excess of our estimated enterprise value over the fair value of our assets and liabilities. The value of certain assets and liabilities are preliminary in nature, and are subject to adjustment as additional information is obtained about the facts and circumstances that existed at the acquisition date. As a result, material adjustments to this preliminary allocation may occur in the future. Management is reviewing the valuation and confirming the results to determine the final purchase price allocation. The following table summarizes the preliminary allocation of the assets and liabilities as of the date presented (in thousands): December 16, Current assets $ 67,490 Property and equipment 118,759 Goodwill 102,412 Intangible assets 77,060 Other noncurrent assets 732 Current liabilities (20,127 ) Other noncurrent liabilities (66,258 ) Total consideration 280,068 Cash acquired (30,597 ) Contingent consideration (12,979 ) Total cash consideration, net of cash acquired and contingent consideration $ 236,492 The Aloha acquisition was a stock purchase transaction. It is being treated as such for tax purposes and any resulting goodwill is not deductible for tax purposes. Sunoco, LLC Acquisition On April 1, 2015, we acquired a 31.58% membership interest in Sunoco LLC from ETP Retail Holdings, LLC (“ETP Retail”), an indirect wholly-owned subsidiary of ETP, for total consideration of approximately $775.0 million in cash (the “Cash Consideration”) and issued to ETP Retail approximately $40.8 million of common units (“Common Units”) representing limited partner interests of the Partnership, based on the five day volume weighted average price of the Partnership’s common units as of March 20, 2015 (collectively with the Cash Consideration, the “Contribution Consideration”). The Cash Consideration was financed through the issuance by the Partnership and its wholly owned subsidiary, Sunoco Finance Corp. (“SUN Finance” and, together with the Partnership, the “Issuers”) of 6.375% Senior Notes due 2023 (the “Senior Notes”) on April 1, 2015. The Common Units issued to ETP Retail were issued and sold in a private transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the terms of the Contribution Agreement, ETP guaranteed all of the obligations of ETP Retail. We have a controlling financial interest in Sunoco LLC as a result of our 50.1% voting interest, therefore our consolidated financial statements include 100% of Sunoco LLC. The 68.42% membership interest in Sunoco LLC that we do not own is presented as noncontrolling interest in our consolidated financial statements. The acquisition was accounted for as a transaction between entities under common control. Specifically, the Partnership recognized the acquired assets and assumed liabilities at their respective carrying values and no goodwill was created. Additionally, the Partnership retrospectively adjusted its financial statements to include the balances and operations of Sunoco LLC from August 31, 2014, the date of common control. As a result, the Partnership retrospectively adjusted its consolidated statement of operations and comprehensive income to include $2,394.0 million of Sunoco LLC revenues and $24.5 million of net income for the three months ended March 31, 2015. The preacquisition equity of Sunoco LLC is presented as predecessor equity in our consolidated financial statements. The following table summarizes the preliminary recording of the assets and liabilities at their respective carrying values, (in thousands): August 31, 2014 Current assets $ 1,101,706 Property and equipment 384,100 Intangible assets 182,477 Other noncurrent assets 2,238 Current liabilities (641,400 ) Other noncurrent liabilities (7,293 ) Net assets 1,021,828 Net deemed contribution (246,828 ) Cash acquired (44 ) Total cash consideration, net of cash acquired $ 774,956 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Variable Interest Entities | 4. Variable Interest Entities MACS entered into agreements with entities controlled by the Uphoff Unitholders (members of MACS Holdings, LLC, owner of MACS prior to the acquisition by ETP) to lease the property, buildings and improvements of 37 sites that are now operated by the Partnership. Under the terms of the agreement, the Partnership has the right to purchase the underlying assets of 33 of these leases, by paying the associated mortgage debt of up to $54.3 million, and by paying $21.2 million less certain amounts denoted as accrued excess rent. Because of the variable interest purchase option described above, as well as the terms of the leases, the Partnership is determined to be the primary beneficiary of these variable interest entities, and therefore the Partnership has consolidated these entities. In determining whether we are the primary beneficiary, we took into consideration the following: • Identified the significant activities and the parties that have the power to direct them; • Reviewed the governing board composition and participation ratio; • Determining the equity, profit and loss ratio; • Determining the management-sharing ratio; • Reviewed employment terms; and • Reviewed the funding and operating agreements. The assets and liabilities of the VIEs consist of the following (in thousands): December 31, 2014 June 30, 2015 Receivables from affiliates $ 3,484 $ 4,862 Property and equipment, net $ 45,340 $ 44,554 Other noncurrent assets $ 3,665 $ 3,665 Accounts payable and accrued liabilities $ 490 $ 490 Long-term debt, including current maturities of $8,422 at December 31, 2014 and $8,380 at June 30, 2015 (see Note 10) $ 56,451 $ 55,351 Other noncurrent liabilities $ 1,190 $ 1,190 The creditors under the VIE’s borrowing arrangements do not have recourse to the Partnership's assets in the event of default on the VIE long-term debt (see Note 10). |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable | 5. Accounts Receivable Accounts receivable, excluding receivables from affiliates, consisted of the following (in thousands): December 31, 2014 June 30, 2015 Accounts receivable, trade $ 188,287 $ 202,747 Credit card receivables 3,681 5,692 Vendor receivables for rebates, branding, and other 2,820 208 Other receivables 2,794 21,974 Allowance for doubtful accounts (3,902 ) (3,637 ) Accounts receivable, net $ 193,680 $ 226,984 Accounts receivable from affiliates are $24.7 million and $33.1 million as of December 31, 2014 and June 30, 2015, respectively. For additional information regarding our affiliated receivables, see Note 19. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Due to the change in fuel prices, we recorded a $189.6 million write-down and a $55.9 million write-up of the LIFO value of fuel inventory in December 2014 and June 2015, respectively. Inventories consisted of the following (in thousands): December 31, 2014 June 30, 2015 Fuel-retail $ 5,062 $ 5,855 Fuel-other wholesale 302,674 344,770 Fuel-consignment 4,975 1,438 Merchandise 11,503 9,981 Other 840 425 Inventories, net $ 325,054 $ 362,469 |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2014 June 30, 2015 Land $ 509,012 $ 590,489 Buildings and leasehold improvements 479,840 516,390 Equipment 349,283 338,973 Construction in progress 40,209 48,163 Total property and equipment 1,378,344 1,494,015 Less: accumulated depreciation (78,064 ) (117,526 ) Property and equipment, net $ 1,300,280 $ 1,376,489 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets Goodwill is not amortized, but is tested annually for impairment, or more frequently if events and circumstances indicate that the asset might be impaired. The annual impairment test is performed as of the first day of the fourth quarter of the fiscal year. At December 31, 2014 and June 30, 2015, we had $863.5 million and $814.8 million of goodwill recorded in conjunction with past business combinations. The 2014 impairment analysis indicated no impairment in goodwill. During the second quarter of 2015, we continued our evaluation of the Aloha purchase accounting with the assistance of a third party valuation firm. An adjustment of $52.4 million was made to reduce the amount of goodwill related to the Aloha Acquisition and increase the intangible assets. See Note 4 for the preliminary estimated fair values of Aloha's assets and liabilities at the date of acquisition. As of June 30, 2015, we evaluated potential impairment indicators and we believe no indicators of impairment occurred during the second quarter of 2015, and we believe the assumptions used in the analysis performed in 2014 are still relevant and indicative of our current operating environment. As a result, no impairment was recorded to goodwill during the first six months of 2015. The Partnership has indefinite-lived intangible assets recorded that are not amortized. The indefinite-lived assets consist of tradenames, franchise rights and contractual rights. Tradenames and franchise rights relate to our retail segment while contractual rights relate to our wholesale segment and these assets were determined to be indefinite lived intangibles and as such, are not amortized. In accordance with ASC 350 “ Intangibles-Goodwill and Other We evaluate the estimated benefit periods and recoverability of other intangible assets when facts and circumstances indicate that the lives may not be appropriate and/or the carrying values of the assets may not be recoverable. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets, excluding goodwill (in thousands): December 31, 2014 June 30, 2015 Gross Gross Carrying Accumulated Net Book Carrying Accumulated Net Book Amount Amortization Value Amount Amortization Value Indefinite-lived Tradenames $ 8,937 $ — $ 8,937 $ 13,779 $ — $ 13,779 Franchise rights 329 — 329 329 — 329 Contractual rights — — — 24,000 — 24,000 Finite-lived Customer relations including supply agreements 434,599 96,887 337,712 507,038 118,489 388,549 Favorable leasehold arrangements, net 2,810 140 2,670 3,570 178 3,392 Loan origination costs 7,611 381 7,230 21,691 1,209 20,482 Other intangibles 1,309 283 1,026 1,394 336 1,058 Intangible assets, net $ 455,595 $ 97,691 $ 357,904 $ 571,801 $ 120,212 $ 451,589 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities Current accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2014 June 30, 2015 Wage and other employee-related accrued expenses $ 14,044 $ 6,943 Franchise agreement termination accrual 4,579 4,579 Accrued tax expense 122,641 120,479 Deferred tax liability (current) — 16,269 Deposits and other 93,635 45,526 Total $ 234,899 $ 193,796 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. Long-Term Debt Long-term debt consisted of the following (in thousands): December 31, 2014 June 30, 2015 Sale leaseback financing obligation $ 126,643 $ 124,181 Senior term loan on Uphoff properties (“VIE Debt”, see Note 4) 56,452 55,352 2014 Revolver, bearing interest at Prime or LIBOR plus an applicable margin 683,378 724,689 6.375% Senior Notes Due 2023 — 800,000 Notes payable, bearing interest at 6% and 4% 3,552 3,536 Capital lease obligations 493 367 Total debt 870,518 1,708,125 Less: current maturities 13,757 13,704 Long-term debt, net of current maturities $ 856,761 $ 1,694,421 6.375% Senior Notes Due 2023 On April 1, 2015, we and our wholly owned subsidiary, Sunoco Finance Corp. (together with the Partnership, the “Issuers”), completed a private offering of $800.0 million 6.375% senior notes due 2023. The terms of the Senior Notes are governed by an indenture dated April 1, 2015 (the “Indenture”), among the Issuers, our General Partner, SUN Finance and certain other subsidiaries of the Partnership (the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”). The Notes will mature on April 1, 2023 and interest is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2015. The Senior Notes are senior obligations of the Issuers and are guaranteed on a senior basis by all of the Partnership’s existing subsidiaries. The Senior Notes and guarantees are unsecured and rank equally with all of the Issuers’ and each Guarantor’s existing and future senior obligations. The Senior Notes are senior in right of payment to any of the Issuers’ and each Guarantor’s future obligations that are, by their terms, expressly subordinated in right of payment to the Senior Notes and guarantees. The Senior Notes and guarantees are effectively subordinated to the Issuers’ and each Guarantor’s secured obligations, including obligations under the Partnership’s revolving credit facility, to the extent of the value of the collateral securing such obligations, and structurally subordinated to all indebtedness and obligations, including trade payables, of the Partnership’s subsidiaries that do not guarantee the Notes. ETP Retail will provide the Guarantee of Collection to the Issuers with respect to the payment of the principal amount of the Notes. ETP Retail is not subject to any of the covenants under the Indenture. The net proceeds of $786.5 million were used to fund the cash consideration for our Sunoco LLC acquisition and repay borrowings under our 2014 Revolver. Revolving Credit Agreements On September 25, 2014, we entered into a new $1.25 billion revolving credit facility (the “2014 Revolver”) with a syndicate of banks expiring September 25, 2019 (which date may be extended in accordance with the terms of the credit agreement). The 2014 Revolver includes an accordion feature thus providing flexibility to increase the facility by an additional $250 million, subject to certain conditions. Borrowings under the 2014 Revolver were used to repay and cancel the $400 million revolving credit agreement (the “2012 Revolver”) entered into in connection with the IPO. Effective April 8, 2015 in connection with the Sunoco LLC Acquisition, we entered into a Specified Acquisition period, as further defined in the 2014 Revolver, in which our leverage ratio compliance requirements were adjusted upward. On April 10, 2015, the Partnership entered into a First Amendment to Credit Agreement and Increase Agreement (the “First Amendment”) with the lenders party thereto and Bank of America, N.A., in its capacity as administrative agent and collateral agent (the “Administrative Agent”) pursuant to which the lenders thereto severally agreed to (i) provide $250 million in aggregate incremental commitments under the Partnership’s 2014 Revolver and (ii) make certain amendments to the 2014 Revolver as described in the First Amendment. After giving effect to the First Amendment, the 2014 Revolver permits the Partnership to borrow up to $1.5 billion on a revolving credit basis. As of June 30, 2015, the balance on the 2014 Revolver was $724.7 million, and $11.1 million in standby letters of credit were outstanding. The unused availability on the 2014 Revolver at June 30, 2015 was $764.2 million. The Partnership was in compliance with all financial covenants at June 30, 2015. Guaranty by Susser of 2014 Revolver Susser entered into a Guaranty of Collection (the “Guaranty”) in connection with a Term Loan and the 2012 Revolver, which was transferred to the 2014 Revolver. Pursuant to the Guaranty, Susser guarantees the collection of the principal amount outstanding under the 2014 Revolver. Susser’s obligation under the Guaranty is limited to $180.7 million. Susser is not required to make payments under the Guaranty unless and until (a) the Partnership has failed to make a payment on the 2014 Revolver, (b) the obligations under such facilities have been accelerated, (c) all remedies of the applicable lenders to collect the unpaid amounts due under such facilities, whether at law or equity, have been exhausted and (d) the applicable lenders have failed to collect the full amount owing on such facilities. In addition, Susser entered into a Reimbursement Agreement with PropCo, whereby Susser is obligated to reimburse PropCo for any amounts paid by PropCo under the guaranty of the 2014 Revolver executed by our subsidiaries. Susser’s exposure under this reimbursement agreement is limited, when aggregated with its obligation under the Guaranty, to $180.7 million. Variable Interest Entity Debt Our consolidated VIE (resulting from the MACS acquisition) has a senior term loan (“VIE Debt”), collateralized by certain real and personal properties of the consolidated variable interest entity. The VIE Debt bears interest at LIBOR plus 3.75%, with a floor of 4.5%. As of June 30, 2015, the interest rate was 4.5% and the balance outstanding was $33.3 million. The VIE Debt principal and interest is repayable in equal monthly installments over a 20 year period and includes the right to prepay all outstanding principal at any time, with a penalty of up to 3.0% depending on the date of repayment. The remaining VIE debt of approximately $22.0 million consists of loans collateralized by equipment and property. The average stated interest rate for these loans was approximately 5.36% as of June 30, 2015. The majority of the debt requires monthly principal and interest payments with maturities through 2034. Sale Leaseback Financing Obligation On April 4, 2013, MACS completed a sale leaseback transaction with two separate companies for 50 of its dealer operated sites. As MACS did not meet the criteria for sale leaseback accounting, this transaction was accounted for as a financing arrangement over the course of the lease agreement. The obligations mature in varying dates through 2033, require monthly interest and principal payments, and bear interest at 5.125%. The obligation related to this transaction is included in long-term debt and the balance outstanding as of June 30, 2015 was $124.2 million. Other Debt In July 2010 we entered into a mortgage note for an aggregate initial borrowing amount of $1.2 million. The balance outstanding at December 31, 2014 and June 30, 2015 was $1.1 million and $1.0 million, respectively. The mortgage note bears interest at a fixed rate of 6.0%. In September 2013, we assumed a $3.0 million term loan as part of the acquisition of Gainesville Fuel, Inc.. The $3.0 million term loan had an outstanding balance of $2.5 million as of December 31, 2014 and June 30, 2015 and bears a 4.0% fixed rate. The estimated fair value of long-term debt is calculated using Level 3 inputs (See Note 11). The fair value of debt as of June 30, 2015, is estimated to be approximately $1.7 billion, based on outstanding balances as of the end of the period using current interest rates for similar securities. Capital Lease Obligations Our capital lease obligations relate to vehicles and office equipment. The total cost of assets under capital leases was $1.4 million with accumulated depreciation of $1.3 million at each December 31, 2014 and June 30, 2015. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs | 11. We use fair value measurements to measure, among other items, purchased assets and investments, leases and derivative contracts. We also use them to assess impairment of properties, equipment, intangible assets and goodwill. Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters, or is derived from such prices or parameters. Where observable prices or inputs are not available, use of unobservable prices or inputs is used to estimate the current fair value, often using an internal valuation model. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the item being valued. ASC 820 “ Fair Value Measurements and Disclosures” Level 1 Level 2 Level 3 Debt or equity securities are classified into the following reporting categories: held-to-maturity, trading or available-for-sale securities. The investments in debt securities, which typically mature in one year or less, are classified as held-to-maturity and valued at amortized cost, which approximates fair value. The fair value of marketable securities is measured using Level 1 inputs. There were none outstanding as of December 31, 2014 nor June 30, 2015. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Leases The Partnership leases certain convenience store and other properties under non-cancellable operating leases whose initial terms are typically 5 to 15 years, along with options that permit renewals for additional periods. Minimum rent is expensed on a straight-line basis over the term of the lease. We typically are responsible for payment of real estate taxes, maintenance expenses and insurance. These properties are primarily sublet to third parties. The components of net rent expense are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Cash rent: Store base rent $ 220 $ 8,756 $ 416 $ 16,763 Equipment rent 60 2,803 108 5,577 Total cash rent 280 11,559 524 22,340 Non-cash rent: Straight-line rent 4 (184 ) 9 (455 ) Net rent expense $ 284 $ 11,375 $ 533 $ 21,885 Equipment rent consists primarily of store equipment and vehicles. |
Interest Expense And Interest I
Interest Expense And Interest Income | 6 Months Ended |
Jun. 30, 2015 | |
Interest Income Expense Net [Abstract] | |
Interest Expense and Interest Income | 13. Interest Expense and Interest Income The components of net interest expense are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Interest expense (1) $ 1,667 $ 19,620 $ 3,096 $ 27,506 Amortization of loan costs 130 821 226 1,203 Interest income (23 ) (119 ) (46 ) (1,256 ) Interest expense, net $ 1,774 $ 20,322 $ 3,276 $ 27,453 (1) Interest expense related to the VIE is approximately $2.4 million and $4.7 million for the three and six months ended June 30, 2015. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 14. Income Tax As a partnership, we are generally not subject to state and federal income tax. Our taxable income or loss, which may vary substantially from the net income or net loss reported in the Consolidated Statements of Operations and Comprehensive Income, is generally includable in the federal and state income tax returns of each unitholder. As a publicly traded partnership, we are subject to a statutory requirement that our “qualifying income” (as defined by the Internal Revenue Code, related Treasury Regulations and IRS pronouncements) exceed 90% of our total gross income, determined on a calendar year basis. If our qualifying income does not meet this statutory requirement, all of our activity would be taxed as a corporation for federal and state income tax purposes. For the year ended December 31, 2014 and the three and six months ended June 30, 2015, our qualifying income met the statutory requirements. To meet the statutory requirements for qualifying income, we conduct certain activities that do not produce qualifying income through corporate subsidiaries. Historically, our effective tax rate differed from the statutory rate primarily due to partnership earnings that are not subject to U.S. federal and most state income taxes at the partnership level. The completion of the MACS and Aloha acquisitions (see Note 3) significantly increased the activities conducted through corporate subsidiaries. A reconciliation of income tax expense (benefit) at the U.S. statutory rate to the income tax expense (benefit) attributable to continuing operations for the three and six months ended June 30, 2014 and 2015 is as follows (in thousands, except for tax rate percentages): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Tax at statutory federal rate $ 3,400 35.0 % $ 33,415 35.0 % $ 6,949 35.0 % $ 48,557 35.0 % Partnership earnings not subject to tax (3,385 ) (34.8 )% (33,660 ) (35.3 )% (6,995 ) (35.2 )% (47,066 ) (33.9 )% State and local tax, net of federal benefit 105 1.0 % (235 ) (0.2 )% 173 0.8 % (1,141 ) (0.8 )% Net income tax expense (benefit) $ 120 1.2 % $ (480 ) (0.5 )% $ 127 0.6 % $ 350 0.3 % The decrease in the effective tax rate for the three and six months ended June 30, 2015 was primarily due to an increase in partnership earnings not subject to tax as a result of the Sunoco LLC acquisition. The remaining decrease in the effective tax rate for the three and six months ended June 30, 2015 is primarily due to the statutory rate changes resulting from the MACS and Aloha acquisitions. |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2015 | |
Partners Capital [Abstract] | |
Partners' Capital | 15. Partners’ Capital As of June 30, 2015, ETP owned 4,858,330 common units and 10,939,436 subordinated units, which together constitute a 44.1% ownership interest in us. As of June 30, 2015, the public owned 20,036,329 common units. Allocations of Net Income Our partnership agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions allocated 100% to ETP (prior to the ETP Merger, Susser). The calculation of net income allocated to the partners is as follows (in thousands, except per unit amounts): Attributable to Common Units Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Distributions (a) $ 5,761 $ 21,076 $ 11,297 $ 37,133 Distributions in excess of income (978 ) 595 (1,430 ) (4,983) Limited partners' interest in net income $ 4,783 $ 21,671 $ 9,867 $ 32,150 Attributable to Subordinated Units Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Distributions (a) $ 5,716 $ 7,585 $ 11,207 $ 14,641 Distributions in excess of income (968 ) 1,938 (1,411 ) (284) Limited partners' interest in net income $ 4,748 $ 9,523 $ 9,796 $ 14,357 (a) Distributions declared per unit to unitholders as of record date $ 0.5197 $ 0.6934 $ 1.0218 $ 1.3384 Class A Units Pursuant to the terms of the Contribution Agreement, (i) 79,308 common units held by a wholly owned subsidiary of Susser were exchanged for Class A units representing limited partnership interests in the Partnership (“Class A Units”) and (ii) 10,939,436 subordinated units held by wholly owned subsidiaries of Susser were converted into 10,939,436 Class A units. The Class A Units are entitled to receive distributions on a pro rata basis with the common units, except that the Class A Units (a) do not share in distributions of cash to the extent such cash is derived from or attributable to any distribution received by the Partnership from PropCo, the proceeds of any sale of the membership interests of PropCo, or any interest or principal payments received by the Partnership with respect to indebtedness of PropCo or its subsidiaries and (b) are subordinated to the common units during the subordination period for the subordinated units and are not entitled to receive any distributions until holders of the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. Furthermore, the Class A Units (a) do not have the right to vote on any matter except as otherwise required by any non-waivable provision of law, (b) will not be convertible into common units or any other unit of the Partnership and (c) will not be allocated any items of income, gain, loss, deduction or credit attributable to the Partnership’s ownership of, or sale or other disposition of, the membership interests of PropCo, or the Partnership’s ownership of any indebtedness of PropCo or any of its subsidiaries. Distributions made to holders of Class A Units will be disregarded for purposes of determining distributions on the Partnership’s incentive distribution rights. Pursuant to the terms described above, these distributions do not have an impact on the Partnership’s consolidated cash flows and as such, are excluded from total cash distributions and allocation of limited partners’ interest in net income. For the three months ended June 30, 2015, Class A distributions declared totaled $6.5 million, or $0.5859 per unit. Incentive Distribution Rights The following table illustrates the percentage allocations of available cash from operating surplus between the unitholders and the holder of our IDRs based on the specified target distribution levels. The amounts set forth under “marginal percentage interest in distributions” are the percentage interests of our IDR holder and the common unitholders in any available cash from operating surplus we distribute up to and including the corresponding amount in the column “total quarterly distribution per unit target amount”. The percentage interests shown for our unitholders and our IDR holder for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below assume that there are no arrearages on common units. ETP has owned our IDRs since September 2014, prior to that date the IDRs were owned by Susser. Marginal percentage interest in distributions Total quarterly distribution per unit target amount Unitholders Holder of IDRs Minimum Quarterly Distribution $0.4375 100 % — First Target Distribution Above $0.4375 up to $0.503125 100 % — Second Target Distribution Above $0.503125 up to $0.546875 85 % 15 % Third Target Distribution Above $0.546875 up to $0.656250 75 % 25 % Thereafter Above $0.656250 50 % 50 % Cash Distributions Our partnership agreement, as amended, sets forth the calculation to be used to determine the amount and priority of cash distributions that the common and subordinated unitholders will receive. The following table summarizes the cash distributions paid or payable for 2015. Payment Date Per Unit Distribution Total Cash Distribution Distribution to IDR Holders ( in thousands) August 28, 2015 $ 0.6934 $ 28,611 $ 3,362 May 29, 2015 $ 0.6450 $ 23,113 $ 1,448 February 27, 2015 $ 0.6000 $ 21,023 $ 891 |
Unit-Based Compensation
Unit-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | 16. Unit-Based Compensation Unit-based compensation expense related to the Partnership that was included in our Consolidated Statements of Operations and Comprehensive Income was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Phantom common units (1) $ 123 $ 479 $ 232 $ 1,026 Allocated expense from Parent (2) 654 — 1,252 — Total equity-based compensation expense $ 777 $ 479 $ 1,484 $ 1,026 (1) Excludes unit-based compensation expense related to units issued to non-employees. (2) Reflects expense previously allocated to us by Susser prior to the ETP Merger. Phantom Common Unit Awards Prior to the ETP Merger, there were phantom unit awards issued to certain directors and employees under the Sunoco LP 2012 Long-Term Incentive Plan (the “LTIP”). The fair value of each phantom unit on the grant date was equal to the market price of our common unit on that date reduced by the present value of estimated dividends over the vesting period, since the phantom units did not receive dividends until vested. The estimated fair value of our phantom units was amortized over the vesting period using the straight-line method. Non-employee director awards vested over a one-to-three-year period and employee awards vest ratably over a two-to-five-year service period. Concurrent with the ETP Merger, all unvested phantom units vested and compensation cost of $0.4 million was recognized. Subsequent to the ETP Merger, phantom units were issued which also have the right to receive distributions prior to vesting. During the six months ended June 30, 2015, 261,249 phantom units were issued. The units vest 60% after three years and 40% after five years. The fair value of these units is the market prices of our common units on the grant date, and is being amortized over the five-year vesting period using the straight-line method. Total unrecognized compensation cost related to our nonvested phantom units totaled $19.2 million as of June 30, 2015, which is expected to be recognized over a weighted average period of 3.25 years. The fair value of nonvested service phantom units outstanding as of June 30, 2015 totaled $22.0 million. A summary of our phantom unit award activity is set forth below: Number of Phantom Common Units Weighted-Average Grant Nonvested at January 1, 2014 (Predecessor) 36,963 $ 21.66 Granted 6,354 33.24 Vested (40,317 ) 23.72 Forfeited (3,000 ) 18.42 Nonvested at August 31, 2014 (Predecessor) — — Granted 241,235 45.50 Nonvested at December 31, 2014 (Successor) 241,235 45.50 Granted 261,249 51.58 Forfeited (53,346 ) 49.49 Nonvested at June 30, 2015 (Successor) 449,138 48.98 Cash Awards In January 2015, the Partnership granted 30,710 awards that are settled in cash under the terms of the Sunoco LP Long-Term Cash Restricted Unit Plan. These awards do not have the right to receive distributions prior to vesting. The awards vest 100% after three years. Total unrecognized compensation cost related to our nonvested cash awards totaled $1.1 million as of June 30, 2015, which is expected to be recognized over a weighted average period of 2.4 years. The fair value of nonvested cash awards outstanding as of June 30, 2015 totaled $1.6 million. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. Segment Reporting Segment information is prepared on the same basis that our CODM reviews financial information for operational decision-making purposes. Beginning in 2014, with the acquisition of MACS, we began operating our business in two primary operating segments, wholesale and retail, both of which are included as reportable segments. As a result, the Predecessor periods operated as one segment, wholesale, and the Successor period operated with our wholesale and retail segments. No operating segments have been aggregated in identifying the two reportable segments. During the first quarter of 2015, we elected to allocate the revenue and costs previously reported in “All Other” to each segment based on the way our CODM measures segment performance. Partnership overhead costs, interest and other expenses not directly attributable to a reportable segment have been allocated based on segment EBITDA. Wholesale Segment Our wholesale segment purchases fuel from a number of refiners and supplies it to our retail segment, to our affiliate Susser, to our affiliate Sunoco, Inc., to independently-operated dealer stations under long-term supply agreements and to other end users of motor fuel. Also included in the wholesale segment are motor fuel sales to consignment locations. We distribute motor fuels across more than 30 states throughout the East Coast and Southeast regions of the United States from Maine to Florida and from Florida to New Mexico, as well as Hawaii. Sales of fuel from the wholesale segment to our retail segment are delivered at cost plus a profit margin. These amounts are reflected in intercompany eliminations of motor fuel revenue and motor fuel cost of sales. Also included in our wholesale segment is rental income from properties that we lease or sub-lease. Retail Segment Our retail segment operates branded retail convenience stores in Virginia, Maryland, Tennessee, Georgia, and Hawaii, offering motor fuel, merchandise, foodservice, and a variety of other services including car washes, lottery, ATM, money orders, prepaid phone cards and wireless services and movie rentals. It also includes rental income from our sale and leaseback transactions with Susser. We report EBITDA and Adjusted EBITDA by segment as a measure of segment performance. We define EBITDA as net income before net interest expense, income tax expense and depreciation, amortization and accretion expense. Adjusted EBITDA further adjusts EBITDA to reflect certain other non-recurring and non-cash items. Effective September 1, 2014, as a result of the ETP Merger and in an effort to conform the method by which we measure our business to that of ETP’s operations, we now define Adjusted EBITDA to also include adjustments for unrealized gains and losses on commodity derivatives and inventory fair value adjustments. The following table presents financial information by segment for the three and six months ended June 30, 2015: Segment Financial Data for the Three Months Ended June 30, 2015 ( in thousands Wholesale Segment Retail Segment Intercompany Eliminations Totals Revenue Retail motor fuel sales $ — $ 189,894 $ 189,894 Wholesale motor fuel sales to third parties 2,770,695 — 2,770,695 Wholesale motor fuel sales to affiliates 1,156,763 — 1,156,763 Merchandise sales — 56,973 56,973 Rental income 17,403 6,465 23,868 Other income 5,349 2,443 7,792 Intersegment sales 117,099 — (117,099 ) — Total revenue 4,067,309 255,775 (117,099 ) 4,205,985 Gross profit Retail motor fuel sales — 20,880 20,880 Wholesale motor fuel sales 169,983 — 169,983 Merchandise — 14,760 14,760 Rental and other income 22,241 8,909 31,150 Total gross profit 192,224 44,549 236,773 Total operating expenses 85,998 34,982 120,980 Income from operations 106,226 9,567 115,793 Interest expense, net (10,405 ) (9,917 ) (20,322 ) Income before income taxes 95,821 (350) 95,471 Income tax benefit 246 234 480 Net income and comprehensive income $ 96,067 $ (116) $ 95,951 Depreciation, amortization and accretion 22,074 11,156 33,230 Interest expense, net 10,405 9,917 20,322 Income tax benefit (246 ) (234 ) (480 ) EBITDA 128,300 20,723 149,023 Non-cash compensation expense 430 49 479 (Gain) loss on disposal of assets (33 ) 3 (30 ) Unrealized loss on commodity derivatives 785 — 785 Inventory fair value adjustments (49,319 ) (1,410 ) (50,729 ) Adjusted EBITDA $ 80,163 $ 19,365 $ 99,528 Capital expenditures $ 45,854 $ 2,578 $ 48,432 Total assets $ 2,622,967 $ 955,376 $ 3,578,343 Segment Financial Data for the Six Months Ended June 30, 2015 ( in thousands Wholesale Segment Retail Segment Intercompany Eliminations Totals Revenue Retail motor fuel sales $ — $ 350,655 $ 350,655 Wholesale motor fuel sales to third parties 5,219,550 — 5,219,550 Wholesale motor fuel sales to affiliates 1,993,448 — 1,993,448 Merchandise sales — 104,492 104,492 Rental income 34,266 12,425 46,691 Other income 10,201 4,859 15,060 Intersegment sales 208,268 — (208,268 ) — Total revenue 7,465,733 472,431 (208,268 ) 7,729,896 Gross profit Retail motor fuel sales — 42,077 42,077 Wholesale motor fuel sales 269,306 — 269,306 Merchandise — 27,454 27,454 Rental and other income 42,715 17,286 60,001 Total gross profit 312,021 86,817 398,838 Total operating expenses 168,123 64,527 232,650 Income from operations 143,898 22,290 166,188 Interest expense, net (11,741 ) (15,712 ) (27,453 ) Income before income taxes 132,157 6,578 138,735 Income tax (expense) benefit (823 ) 473 (350 ) Net income and comprehensive income $ 131,334 $ 7,051 $ 138,385 Depreciation, amortization and accretion 46,694 16,772 63,466 Interest expense, net 11,741 15,712 27,453 Income tax expense (benefit) 823 (473 ) 350 EBITDA 190,592 39,062 229,654 Non-cash compensation expense 902 124 1,026 (Gain) loss on disposal of assets 126 (282 ) (156 ) Unrealized loss on commodity derivatives 2,191 — 2,191 Inventory fair value adjustments (54,937 ) (984 ) (55,921 ) Adjusted EBITDA $ 138,874 $ 37,920 $ 176,794 Capital expenditures $ 94,213 $ 6,509 $ 100,722 Total assets $ 2,622,967 $ 955,376 $ 3,578,343 |
Net Income per Unit
Net Income per Unit | 6 Months Ended |
Jun. 30, 2015 | |
Net Income Per Unit [Abstract] | |
Net Income per Unit | 18. Net Income per Unit Net income per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income by the weighted-average number of outstanding common and subordinated units. Our net income is allocated to the limited partners in accordance with their respective partnership percentages, after giving effect to any priority income allocations for incentive distributions and distributions on employee unit awards. Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. In addition to the common and subordinated units, we have also identified the IDRs as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Diluted net income per unit includes the effects of potentially dilutive units on our common units, consisting of unvested phantom units. Basic and diluted net income per unit applicable to subordinated limited partners are the same because there are no potentially dilutive subordinated units outstanding. We also disclose limited partner units issued and outstanding. A reconciliation of the numerators and denominators of the basic and diluted per unit computations as follows (in thousands, except units and per unit amounts): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Net income and comprehensive income $ 9,595 $ 95,951 $ 19,727 $ 138,385 Less: Net income and comprehensive income attributable to noncontrolling interest — 61,084 — 61,930 Less: Sunoco LLC earnings prior to April 1, 2015 — — — 24,516 Net income and comprehensive income attributable to partners 9,595 34,867 19,727 51,939 Less: Incentive distribution rights 64 3,362 64 4,810 Less: Distributions on nonvested phantom unit awards — 311 — 622 Limited partners’ interest in net income $ 9,531 $ 31,194 $ 19,663 $ 46,507 Weighted average limited partner units outstanding: Common - basic 11,020,764 24,894,659 11,019,063 24,496,918 Common - equivalents 25,525 41,536 25,311 41,536 Common - diluted 11,046,289 24,936,195 11,044,374 24,538,454 Subordinated - basic and diluted 10,939,436 10,939,436 10,939,436 10,939,436 Net income per limited partner unit: Common - basic and diluted $ 0.43 $ 0.87 $ 0.90 $ 1.31 Common - diluted $ 0.43 $ 0.87 $ 0.89 $ 1.31 Subordinated - basic and diluted $ 0.43 $ 0.87 $ 0.90 $ 1.31 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 19. Related-Party Transactions We are party to the following long-term, fee-based commercial agreements with Susser and through our ownership interest in Sunoco LLC, with various subsidiaries of ETP: • Susser Distribution Contract - a 10-year agreement under which we are the exclusive distributor of motor fuel to Susser’s existing Stripes® convenience stores and independently operated consignment locations, and to all future sites purchased by the Partnership pursuant to the sale and leaseback option under the Omnibus Agreement (see below), at cost, including tax and transportation costs, plus a fixed profit margin of three cents per gallon. In addition, all future motor fuel volumes purchased by Susser for its own account will be added to the distribution contract pursuant to the terms of the Omnibus Agreement. • Susser Transportation Contract - a 10-year transportation logistics agreement, pursuant to which Susser will arrange for motor fuel to be delivered from our suppliers to our customers at rates consistent with those charged by Susser to third parties for the delivery of motor fuel. • Sunoco, Inc. Distribution Contract – a 10-year agreement under which we are the exclusive wholesale distributor of motor fuel to Sunoco, Inc.’s existing convenience stores. Pursuant to the agreement, pricing is cost plus a fixed margin of four cents per gallon. • Philadelphia Energy Solutions Offtake Contract – A 1-year supply agreement with Philadelphia Energy Solutions (“PES”). Sunoco, Inc. owns a 33% non-operating noncontrolling interest in PES. The terms of the supply agreement are generally the same terms that would be available to unrelated third parties. • Sunoco Logistics Partners L.P. Transportation and Terminalling Contracts – We are party to various agreements with Sunoco Logistics Partners L.P. for pipeline, terminalling and storage services. We also have agreements for the purchase and sale of fuel. The terms of these agreements are generally the same terms that would be available to unrelated third parties. Omnibus Agreement In addition to the commercial agreements described above, we also entered into an Omnibus Agreement with Susser pursuant to which, among other things, we received a three-year option to purchase from Susser up to 75 of Susser’s new or recently constructed Stripes® convenience stores at their cost and lease the stores back to them at a specified rate for a 15-year initial term, and we will be the exclusive distributor of motor fuel to such stores for a period of 10 years from the date of purchase. We have completed all 75 sale-leaseback transactions under the Omnibus Agreement. We also received a 10-year right to participate in acquisition opportunities with Susser, to the extent we and Susser are able to reach an agreement on terms, and the exclusive right to distribute motor fuel to certain of Susser’s newly constructed convenience stores and independently operated consignment locations. The Omnibus Agreement also provides for certain indemnification obligations between Susser and the Partnership. Summary of Transactions Related party transactions with affiliates for the three and six month periods ended June 30, 2014 and 2015 are as follows (in thousands except store count data): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Motor fuel sales to affiliates (1) $ 862,549 $ 1,156,763 $ 1,628,639 $ 1,993,448 Bulk fuel purchases from ETP — 760,800 — 1,416,233 Allocated cost of employees 3,592 2,848 7,006 5,859 Transportation charges from Susser for delivery of motor fuel 14,297 14,936 27,554 29,456 Purchase of stores from Susser 31,016 32,699 58,552 57,856 Rental income from Susser 3,413 6,413 6,434 12,251 # of stores purchased from Susser 6 6 13 12 (1) The majority of these sales are pursuant to the Susser and Sunoco, Inc. Distribution Contracts discussed above. Additional significant affiliate activity related to the Consolidated Balance Sheets and Statements of Operations and Comprehensive Income are as follows: • Net accounts receivable from affiliates were $24.7 million and $33.1 million at December 31, 2014 and June 30, 2015, respectively, which are primarily related to motor fuel purchases from us. • Net accounts payable to ETP was $3.1 million and $15.1 million as of December 31, 2014 and June 30, 2015, attributable to operational expenses and fuel pipeline purchases. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events On July 31, 2015, we completed the previously announced acquisition contemplated by the Contribution Agreement dated as of July 14, 2015 (the “Contribution Agreement”) with Susser, Heritage Holdings, Inc. (“HHI”), ETP Holdco Corporation (“ETP Holdco” and together with HHI, the “Contributors”), Sunoco GP LLC, our general partner, and ETP. Pursuant to the terms of the Contribution Agreement, we agreed to acquire from the Contributors 100% of the issued and outstanding shares of capital stock of Susser for approximately $966.9 million in cash, subject to certain working capital adjustments, (“Cash Consideration”) and issue to Contributors 21,978,980 Class B units representing limited partnership interests in us. The Class B Units are identical to the common units in all respects, except such Class B Units are not entitled to distributions payable with respect to the second quarter of 2015. The Class B Units will convert, on a one-for-one basis, into common units on the day immediately following the record date for our second quarter 2015 distribution. Pursuant to the terms of the Contribution Agreement, (i) Susser caused its wholly owned subsidiary to exchang 79,308 common units for 79,308 Class A Units representing limited partner interests in the Partnership (“Class A Units”) and (ii) the 10,939,436 subordinated units held by wholly owned subsidiaries of Susser were converted into 10,939,436 Class A Units. In addition, we issued 79,308 common units and 10,939,436 subordinated units to the Contributors (together with the Class B Units, the “Unit Consideration”) to restore the economic benefit of the common units and subordinated units held by Susser that were exchanged or converted, as applicable, into Class A Units. The Unit Consideration was issued and sold to the Contributors in private transactions exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). On July 14, 2015, ETP and its general partner, Energy Transfer Partners GP, L.P., entered into an exchange and repurchase agreement with Energy Transfer Equity, L.P., (“ETE”), pursuant to which, among other things, ETP will distribute to ETE (i) 100% of the membership interests of our general partner and (ii) all of our incentive distribution rights, which are currently owned by ETP, and in exchange ETE will transfer to ETP 21.0 million common units representing limited partner interests in ETP (the “Exchange Transaction”). The pending Exchange Transaction is expected to close in August 2015 following the record dates for the ETP and SUN quarterly cash distributions related to the second quarter of 2015. After giving effect to the Exchange Transaction, ETE will own 100% of our general partner interests and all of our incentive distribution rights. On July 15, 2015, we entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC, as manager of the several underwriters named therein (collectively, the “Underwriters”), providing for the offer and sale by the Partnership, and purchase by the Underwriters, of 5,500,000 common units representing limited partner interests in the Partnership (the “Units”) at a price to the public of $40.10 per Unit (the “Firm Units”), being $38.897 per Unit to the Partnership, net of underwriting discounts and commissions (the “Equity Offering”). The Equity Offering was completed on July 21, 2015 and we received net proceeds of approximately $212.9 million. Pursuant to the Underwriting Agreement, the Partnership also granted to the Underwriters a 30-day option to purchase up to an additional 825,000 Units at the same price and otherwise on the same terms as the Firm Units. On July 15, 2015, our General Partner, we, SUN Finance, (together, the “Issuers”) and certain other subsidiaries of of ours (the “Guarantors”) entered into a purchase agreement (the “Purchase Agreement”) with Credit Suisse Securities (USA) LLC, as representative of the several initial purchasers named therein (the “Initial Purchasers”), with respect to an offering (the “Notes Offering”) by the Issuers of $600 million aggregate principal amount of their 5.500% Senior Notes due 2020 (the “Notes”), along with the related guarantees of the Notes. The terms of the Notes are governed by an Indenture dated July 20, 2015 among the Issuers, the Guarantors and US Bank, National Association, as Trustee. The Notes will mature on August 1, 2020 and interest on the Notes is payable semi-annually on February 1 and August 1 of each year commencing on February 1, 2016. The Notes were issued in a transaction exempt from the registration requirements of the Securities Act and will be resold by the Initial Purchasers in reliance on Rule 144A and Regulation S of the Securities Act. The Notes Offering was completed on July 20, 2015 and we received net proceeds of approximately $592.5 million. On July 28, 2015, the United States Bankruptcy Court for the Southern District of Texas – McAllen Division approved the Purchase and Sale Agreement (“Agreement”) that PropCo entered into with Aziz Convenience Stores, L.L.C. (“Aziz”) on April 30, 2015. Pursuant to the Agreement, PropCo will purchase 28 Aziz convenience stores located in the Upper Rio Grande Valley in southern Texas for a purchase price of $41.6 million, subject to merchandise and inventory adjustments. The transaction is expected to close by August 10, 2015, subject to customary closing conditions. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents. Sunoco LLC has a treasury services agreement with an indirect wholly-owned subsidiary of ETP, Sunoco, Inc. Pursuant to this agreement, the Company participates in Sunoco, Inc.’s centralized cash management program. Under this program, all cash receipts and cash disbursements are processed, together with those of Sunoco, Inc., through Sunoco, Inc.’s cash accounts with a corresponding credit or charge to the advances to affiliates account. This cash management policy differs from our remaining cash policies which are unchanged from December 31, 2014. The net balance of Sunoco LLC is reflected in Advances to affiliates on the consolidated balance sheets. |
Segment Reporting | Segment Reporting. Beginning with the acquisition of MACS in 2014, we operate our business in two primary segments, both of which are included as reportable segments. Our retail segment operates convenience stores selling a variety of merchandise, food items, services and motor fuel. Our wholesale segment sells motor fuel to our retail segment and external customers. During the first quarter of 2015, we allocated the revenue and costs previously reported in "All Other" to each segment based on the way our Chief Operating Decision Maker ("CODM") measures segment performance (see Note 17). As of June 30, 2015, there were no other changes in significant accounting policies from those described in the December 31, 2014 audited consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements FASB ASU No. 2015-03. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, " Interest - Imputation of Interest - (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." Debt issuance costs related to a recognized debt liability shall be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued with fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The ASU requires retrospective application. We do not anticipate that the adoption of this ASU will have a material impact on the presentation of our financial statements. FASB ASU No. 2015-05. In April 2015, the FASB issued ASU No. 2015-05 " Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. " The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts. The amendments in this ASU are effective for financial statements issued with fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not anticipate that the adoption of this ASU will have a material impact on the presentation of our financial statements. FASB ASU No. 2015-06. In April 2015, the FASB issued ASU No. 2015-06 " Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (a consensus of the FASB Emerging Issues Task Force ("EITF"). " The amendments in this ASU specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The amendments in this ASU are effective for financial statements issued with fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We currently are in compliance with the amendments in this ASU. |
Merger and Acquisitions (Tables
Merger and Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
ETP Merger [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the "push down" accounting allocation to our assets and liabilities as of the date presented (in thousands): August 31, 2014 Current assets $ 171,434 Property and equipment 272,930 Goodwill 590,042 Intangible assets 70,473 Other noncurrent assets 811 Current liabilities (154,617 ) Other noncurrent liabilities (255,289 ) Net assets $ 695,784 |
MACS [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary recording of the assets and liabilities at their respective carrying values, including the initial tax accounting related to the transaction (in thousands): August 31, 2014 Current assets $ 96,749 Property and equipment 463,772 Goodwill 118,610 Intangible assets 90,676 Other noncurrent assets 48,913 Current liabilities (45,151 ) Other noncurrent liabilities (186,661 ) Net assets 586,908 Net deemed contribution (21,095 ) Cash acquired (60,798 ) Total cash consideration, net of cash acquired $ 505,015 |
Aloha Petroleum, Ltd [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the assets and liabilities as of the date presented (in thousands): December 16, Current assets $ 67,490 Property and equipment 118,759 Goodwill 102,412 Intangible assets 77,060 Other noncurrent assets 732 Current liabilities (20,127 ) Other noncurrent liabilities (66,258 ) Total consideration 280,068 Cash acquired (30,597 ) Contingent consideration (12,979 ) Total cash consideration, net of cash acquired and contingent consideration $ 236,492 |
Sunoco, LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary recording of the assets and liabilities at their respective carrying values, (in thousands): August 31, 2014 Current assets $ 1,101,706 Property and equipment 384,100 Intangible assets 182,477 Other noncurrent assets 2,238 Current liabilities (641,400 ) Other noncurrent liabilities (7,293 ) Net assets 1,021,828 Net deemed contribution (246,828 ) Cash acquired (44 ) Total cash consideration, net of cash acquired $ 774,956 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Variable Interest Entities | The assets and liabilities of the VIEs consist of the following (in thousands): December 31, 2014 June 30, 2015 Receivables from affiliates $ 3,484 $ 4,862 Property and equipment, net $ 45,340 $ 44,554 Other noncurrent assets $ 3,665 $ 3,665 Accounts payable and accrued liabilities $ 490 $ 490 Long-term debt, including current maturities of $8,422 at December 31, 2014 and $8,380 at June 30, 2015 (see Note 10) $ 56,451 $ 55,351 Other noncurrent liabilities $ 1,190 $ 1,190 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounts Receivable Net [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, excluding receivables from affiliates, consisted of the following (in thousands): December 31, 2014 June 30, 2015 Accounts receivable, trade $ 188,287 $ 202,747 Credit card receivables 3,681 5,692 Vendor receivables for rebates, branding, and other 2,820 208 Other receivables 2,794 21,974 Allowance for doubtful accounts (3,902 ) (3,637 ) Accounts receivable, net $ 193,680 $ 226,984 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): December 31, 2014 June 30, 2015 Fuel-retail $ 5,062 $ 5,855 Fuel-other wholesale 302,674 344,770 Fuel-consignment 4,975 1,438 Merchandise 11,503 9,981 Other 840 425 Inventories, net $ 325,054 $ 362,469 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): December 31, 2014 June 30, 2015 Land $ 509,012 $ 590,489 Buildings and leasehold improvements 479,840 516,390 Equipment 349,283 338,973 Construction in progress 40,209 48,163 Total property and equipment 1,378,344 1,494,015 Less: accumulated depreciation (78,064 ) (117,526 ) Property and equipment, net $ 1,300,280 $ 1,376,489 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of intangible assets, excluding goodwill (in thousands): December 31, 2014 June 30, 2015 Gross Gross Carrying Accumulated Net Book Carrying Accumulated Net Book Amount Amortization Value Amount Amortization Value Indefinite-lived Tradenames $ 8,937 $ — $ 8,937 $ 13,779 $ — $ 13,779 Franchise rights 329 — 329 329 — 329 Contractual rights — — — 24,000 — 24,000 Finite-lived Customer relations including supply agreements 434,599 96,887 337,712 507,038 118,489 388,549 Favorable leasehold arrangements, net 2,810 140 2,670 3,570 178 3,392 Loan origination costs 7,611 381 7,230 21,691 1,209 20,482 Other intangibles 1,309 283 1,026 1,394 336 1,058 Intangible assets, net $ 455,595 $ 97,691 $ 357,904 $ 571,801 $ 120,212 $ 451,589 |
Accrued Expenses and Other Cu34
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Current accrued expenses and other current liabilities consisted of the following (in thousands): December 31, 2014 June 30, 2015 Wage and other employee-related accrued expenses $ 14,044 $ 6,943 Franchise agreement termination accrual 4,579 4,579 Accrued tax expense 122,641 120,479 Deferred tax liability (current) — 16,269 Deposits and other 93,635 45,526 Total $ 234,899 $ 193,796 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following (in thousands): December 31, 2014 June 30, 2015 Sale leaseback financing obligation $ 126,643 $ 124,181 Senior term loan on Uphoff properties (“VIE Debt”, see Note 4) 56,452 55,352 2014 Revolver, bearing interest at Prime or LIBOR plus an applicable margin 683,378 724,689 6.375% Senior Notes Due 2023 — 800,000 Notes payable, bearing interest at 6% and 4% 3,552 3,536 Capital lease obligations 493 367 Total debt 870,518 1,708,125 Less: current maturities 13,757 13,704 Long-term debt, net of current maturities $ 856,761 $ 1,694,421 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Schedule of Rent Expense | The components of net rent expense are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Cash rent: Store base rent $ 220 $ 8,756 $ 416 $ 16,763 Equipment rent 60 2,803 108 5,577 Total cash rent 280 11,559 524 22,340 Non-cash rent: Straight-line rent 4 (184 ) 9 (455 ) Net rent expense $ 284 $ 11,375 $ 533 $ 21,885 |
Interest Expense And Interest37
Interest Expense And Interest Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Interest Income Expense Net [Abstract] | |
Schedule of Interest Expense and Interest Income | The components of net interest expense are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Interest expense (1) $ 1,667 $ 19,620 $ 3,096 $ 27,506 Amortization of loan costs 130 821 226 1,203 Interest income (23 ) (119 ) (46 ) (1,256 ) Interest expense, net $ 1,774 $ 20,322 $ 3,276 $ 27,453 (1) Interest expense related to the VIE is approximately $2.4 million and $4.7 million for the three and six months ended June 30, 2015. |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense (benefit) at the U.S. statutory rate to the income tax expense (benefit) attributable to continuing operations for the three and six months ended June 30, 2014 and 2015 is as follows (in thousands, except for tax rate percentages): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Tax at statutory federal rate $ 3,400 35.0 % $ 33,415 35.0 % $ 6,949 35.0 % $ 48,557 35.0 % Partnership earnings not subject to tax (3,385 ) (34.8 )% (33,660 ) (35.3 )% (6,995 ) (35.2 )% (47,066 ) (33.9 )% State and local tax, net of federal benefit 105 1.0 % (235 ) (0.2 )% 173 0.8 % (1,141 ) (0.8 )% Net income tax expense (benefit) $ 120 1.2 % $ (480 ) (0.5 )% $ 127 0.6 % $ 350 0.3 % |
Partners' Capital (Tables)
Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Partners Capital [Abstract] | |
Schedule of Net Income Allocation By Partners | The calculation of net income allocated to the partners is as follows (in thousands, except per unit amounts): Attributable to Common Units Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Distributions (a) $ 5,761 $ 21,076 $ 11,297 $ 37,133 Distributions in excess of income (978 ) 595 (1,430 ) (4,983) Limited partners' interest in net income $ 4,783 $ 21,671 $ 9,867 $ 32,150 Attributable to Subordinated Units Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Distributions (a) $ 5,716 $ 7,585 $ 11,207 $ 14,641 Distributions in excess of income (968 ) 1,938 (1,411 ) (284) Limited partners' interest in net income $ 4,748 $ 9,523 $ 9,796 $ 14,357 (a) Distributions declared per unit to unitholders as of record date $ 0.5197 $ 0.6934 $ 1.0218 $ 1.3384 |
Schedule of Incentive Distribution Rights to Limited Partners | Marginal percentage interest in distributions Total quarterly distribution per unit target amount Unitholders Holder of IDRs Minimum Quarterly Distribution $0.4375 100 % — First Target Distribution Above $0.4375 up to $0.503125 100 % — Second Target Distribution Above $0.503125 up to $0.546875 85 % 15 % Third Target Distribution Above $0.546875 up to $0.656250 75 % 25 % Thereafter Above $0.656250 50 % 50 % |
Distributions Made to Limited Partner, by Distribution | The following table summarizes the cash distributions paid or payable for 2015. Payment Date Per Unit Distribution Total Cash Distribution Distribution to IDR Holders ( in thousands) August 28, 2015 $ 0.6934 $ 28,611 $ 3,362 May 29, 2015 $ 0.6450 $ 23,113 $ 1,448 February 27, 2015 $ 0.6000 $ 21,023 $ 891 |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share Based Compensation [Abstract] | |
Schedule of Equity Based Compensation Expense | Unit-based compensation expense related to the Partnership that was included in our Consolidated Statements of Operations and Comprehensive Income was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Phantom common units (1) $ 123 $ 479 $ 232 $ 1,026 Allocated expense from Parent (2) 654 — 1,252 — Total equity-based compensation expense $ 777 $ 479 $ 1,484 $ 1,026 |
Schedule of Nonvested Share Activity | A summary of our phantom unit award activity is set forth below: Number of Phantom Common Units Weighted-Average Grant Nonvested at January 1, 2014 (Predecessor) 36,963 $ 21.66 Granted 6,354 33.24 Vested (40,317 ) 23.72 Forfeited (3,000 ) 18.42 Nonvested at August 31, 2014 (Predecessor) — — Granted 241,235 45.50 Nonvested at December 31, 2014 (Successor) 241,235 45.50 Granted 261,249 51.58 Forfeited (53,346 ) 49.49 Nonvested at June 30, 2015 (Successor) 449,138 48.98 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents financial information by segment for the three and six months ended June 30, 2015: Segment Financial Data for the Three Months Ended June 30, 2015 ( in thousands Wholesale Segment Retail Segment Intercompany Eliminations Totals Revenue Retail motor fuel sales $ — $ 189,894 $ 189,894 Wholesale motor fuel sales to third parties 2,770,695 — 2,770,695 Wholesale motor fuel sales to affiliates 1,156,763 — 1,156,763 Merchandise sales — 56,973 56,973 Rental income 17,403 6,465 23,868 Other income 5,349 2,443 7,792 Intersegment sales 117,099 — (117,099 ) — Total revenue 4,067,309 255,775 (117,099 ) 4,205,985 Gross profit Retail motor fuel sales — 20,880 20,880 Wholesale motor fuel sales 169,983 — 169,983 Merchandise — 14,760 14,760 Rental and other income 22,241 8,909 31,150 Total gross profit 192,224 44,549 236,773 Total operating expenses 85,998 34,982 120,980 Income from operations 106,226 9,567 115,793 Interest expense, net (10,405 ) (9,917 ) (20,322 ) Income before income taxes 95,821 (350) 95,471 Income tax benefit 246 234 480 Net income and comprehensive income $ 96,067 $ (116) $ 95,951 Depreciation, amortization and accretion 22,074 11,156 33,230 Interest expense, net 10,405 9,917 20,322 Income tax benefit (246 ) (234 ) (480 ) EBITDA 128,300 20,723 149,023 Non-cash compensation expense 430 49 479 (Gain) loss on disposal of assets (33 ) 3 (30 ) Unrealized loss on commodity derivatives 785 — 785 Inventory fair value adjustments (49,319 ) (1,410 ) (50,729 ) Adjusted EBITDA $ 80,163 $ 19,365 $ 99,528 Capital expenditures $ 45,854 $ 2,578 $ 48,432 Total assets $ 2,622,967 $ 955,376 $ 3,578,343 Segment Financial Data for the Six Months Ended June 30, 2015 ( in thousands Wholesale Segment Retail Segment Intercompany Eliminations Totals Revenue Retail motor fuel sales $ — $ 350,655 $ 350,655 Wholesale motor fuel sales to third parties 5,219,550 — 5,219,550 Wholesale motor fuel sales to affiliates 1,993,448 — 1,993,448 Merchandise sales — 104,492 104,492 Rental income 34,266 12,425 46,691 Other income 10,201 4,859 15,060 Intersegment sales 208,268 — (208,268 ) — Total revenue 7,465,733 472,431 (208,268 ) 7,729,896 Gross profit Retail motor fuel sales — 42,077 42,077 Wholesale motor fuel sales 269,306 — 269,306 Merchandise — 27,454 27,454 Rental and other income 42,715 17,286 60,001 Total gross profit 312,021 86,817 398,838 Total operating expenses 168,123 64,527 232,650 Income from operations 143,898 22,290 166,188 Interest expense, net (11,741 ) (15,712 ) (27,453 ) Income before income taxes 132,157 6,578 138,735 Income tax (expense) benefit (823 ) 473 (350 ) Net income and comprehensive income $ 131,334 $ 7,051 $ 138,385 Depreciation, amortization and accretion 46,694 16,772 63,466 Interest expense, net 11,741 15,712 27,453 Income tax expense (benefit) 823 (473 ) 350 EBITDA 190,592 39,062 229,654 Non-cash compensation expense 902 124 1,026 (Gain) loss on disposal of assets 126 (282 ) (156 ) Unrealized loss on commodity derivatives 2,191 — 2,191 Inventory fair value adjustments (54,937 ) (984 ) (55,921 ) Adjusted EBITDA $ 138,874 $ 37,920 $ 176,794 Capital expenditures $ 94,213 $ 6,509 $ 100,722 Total assets $ 2,622,967 $ 955,376 $ 3,578,343 |
Net Income per Unit (Tables)
Net Income per Unit (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Income Per Unit [Abstract] | |
Schedule of Net Income per Unit, Basic and Diluted | We also disclose limited partner units issued and outstanding. A reconciliation of the numerators and denominators of the basic and diluted per unit computations as follows (in thousands, except units and per unit amounts): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Net income and comprehensive income $ 9,595 $ 95,951 $ 19,727 $ 138,385 Less: Net income and comprehensive income attributable to noncontrolling interest — 61,084 — 61,930 Less: Sunoco LLC earnings prior to April 1, 2015 — — — 24,516 Net income and comprehensive income attributable to partners 9,595 34,867 19,727 51,939 Less: Incentive distribution rights 64 3,362 64 4,810 Less: Distributions on nonvested phantom unit awards — 311 — 622 Limited partners’ interest in net income $ 9,531 $ 31,194 $ 19,663 $ 46,507 Weighted average limited partner units outstanding: Common - basic 11,020,764 24,894,659 11,019,063 24,496,918 Common - equivalents 25,525 41,536 25,311 41,536 Common - diluted 11,046,289 24,936,195 11,044,374 24,538,454 Subordinated - basic and diluted 10,939,436 10,939,436 10,939,436 10,939,436 Net income per limited partner unit: Common - basic and diluted $ 0.43 $ 0.87 $ 0.90 $ 1.31 Common - diluted $ 0.43 $ 0.87 $ 0.89 $ 1.31 Subordinated - basic and diluted $ 0.43 $ 0.87 $ 0.90 $ 1.31 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Summary of Transactions Related party transactions with affiliates for the three and six month periods ended June 30, 2014 and 2015 are as follows (in thousands except store count data): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Predecessor Successor Predecessor Successor Motor fuel sales to affiliates (1) $ 862,549 $ 1,156,763 $ 1,628,639 $ 1,993,448 Bulk fuel purchases from ETP — 760,800 — 1,416,233 Allocated cost of employees 3,592 2,848 7,006 5,859 Transportation charges from Susser for delivery of motor fuel 14,297 14,936 27,554 29,456 Purchase of stores from Susser 31,016 32,699 58,552 57,856 Rental income from Susser 3,413 6,413 6,434 12,251 # of stores purchased from Susser 6 6 13 12 |
Organization and Principles o44
Organization and Principles of Consolidation (Details) | Apr. 02, 2015 | Aug. 29, 2014shares | Sep. 25, 2012shares | Jun. 30, 2015State | Apr. 01, 2015 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Units sold in IPO | 10,925,000 | ||||
Sunoco, LLC [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Percentage of membership interest acquired | 31.58% | ||||
Ownership Percentage | 50.10% | ||||
Percentage of membership interest acquired | 100.00% | ||||
Noncontrolling Interest, Ownership Percentage. | 68.42% | ||||
Parent Company [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Percentage of membership interest acquired | 100.00% | ||||
Stock Issued During Period, Shares, New Issues | 11,000,000 | ||||
Ownership Percentage | 50.10% | 44.10% | |||
Sunoco, LLC [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of states in which entity operates | State | 26 |
Merger and Acquisitions (Detail
Merger and Acquisitions (Details) | Apr. 02, 2015USD ($) | Dec. 16, 2014USD ($)site | Oct. 01, 2014USD ($)siteshares | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Apr. 01, 2015 | Dec. 31, 2014USD ($) | Aug. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 814,819,000 | $ 814,819,000 | $ 863,458,000 | ||||||
Revenues | 4,205,985,000 | 7,729,896,000 | |||||||
Net income | $ 34,867,000 | $ 51,939,000 | |||||||
Senior Notes [Member] | 6.375% Senior Notes Due 2023 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | ||||||||
ETP Merger [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 171,434,000 | ||||||||
Property and equipment | 272,930,000 | ||||||||
Goodwill | 590,042,000 | ||||||||
Intangible assets | 70,473,000 | ||||||||
Other noncurrent assets | 811,000 | ||||||||
Current liabilities | (154,617,000) | ||||||||
Other noncurrent liabilities | (255,289,000) | ||||||||
Net assets | 695,784,000 | ||||||||
MACS [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | 96,749,000 | ||||||||
Property and equipment | 463,772,000 | ||||||||
Goodwill | 118,610,000 | ||||||||
Intangible assets | 90,676,000 | ||||||||
Other noncurrent assets | 48,913,000 | ||||||||
Current liabilities | (45,151,000) | ||||||||
Other noncurrent liabilities | (186,661,000) | ||||||||
Net assets | 586,908,000 | ||||||||
Net deemed contribution | (21,095,000) | ||||||||
Cash acquired | (60,798,000) | ||||||||
Total cash consideration, net of cash acquired | 505,015,000 | ||||||||
Date of acquisition | Oct. 1, 2014 | ||||||||
Business acquisition total purchase price | $ 768,000,000 | ||||||||
Payments to Acquire Businesses, Gross | $ 566,000,000 | ||||||||
Number of Stores | site | 100 | ||||||||
Dealer-Operated And Consignment Sites | site | 200 | ||||||||
MACS [Member] | Partnership Interest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Partners' Capital Account, Units Issued | shares | 3,983,540 | ||||||||
Aloha Petroleum, Ltd [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | $ 67,490,000 | ||||||||
Property and equipment | 118,759,000 | ||||||||
Goodwill | 102,412,000 | ||||||||
Intangible assets | 77,060,000 | ||||||||
Other noncurrent assets | 732,000 | ||||||||
Current liabilities | (20,127,000) | ||||||||
Other noncurrent liabilities | (66,258,000) | ||||||||
Net assets | 280,068,000 | ||||||||
Cash acquired | (30,597,000) | ||||||||
Contingent consideration | (12,979,000) | ||||||||
Total cash consideration, net of cash acquired | 236,492,000 | ||||||||
Date of acquisition | Dec. 16, 2014 | ||||||||
Business acquisition total purchase price | $ 267,000,000 | ||||||||
Percentage of membership interest acquired | 100.00% | ||||||||
Number of Fuel Storage Terminals | site | 6 | ||||||||
Number of Fuel Branded Stations | site | 100 | ||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs | $ 2,800,000 | ||||||||
Escrow Deposit | 14,100,000 | ||||||||
Aloha Petroleum, Ltd [Member] | Other Noncurrent Liabilities [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration | $ (13,000,000) | ||||||||
Sunoco, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | 1,101,706,000 | ||||||||
Property and equipment | 384,100,000 | ||||||||
Goodwill | $ 0 | ||||||||
Intangible assets | 182,477,000 | ||||||||
Other noncurrent assets | 2,238,000 | ||||||||
Current liabilities | (641,400,000) | ||||||||
Other noncurrent liabilities | (7,293,000) | ||||||||
Net assets | 1,021,828,000 | ||||||||
Net deemed contribution | (246,828,000) | ||||||||
Cash acquired | (44,000) | ||||||||
Total cash consideration, net of cash acquired | $ 774,956,000 | ||||||||
Date of acquisition | Apr. 1, 2015 | ||||||||
Business acquisition total purchase price | $ 775,000,000 | ||||||||
Percentage of membership interest acquired | 100.00% | ||||||||
Percentage of membership interest acquired | 31.58% | ||||||||
Partners' Capital Account, Acquisitions | $ 40,800,000 | ||||||||
Ownership Percentage | 50.10% | ||||||||
Revenues | $ 2,394,000,000 | ||||||||
Net income | $ 24,500,000 | ||||||||
Noncontrolling Interest, Ownership Percentage. | 68.42% | ||||||||
Sunoco, LLC [Member] | Senior Notes [Member] | 6.375% Senior Notes Due 2023 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | Jun. 30, 2015USD ($)site | Dec. 31, 2014USD ($) |
Variable Interest Entity [Line Items] | ||
Number of Sites from Variable Interest Entities | site | 37 | |
Total Debt Assumption Rights of Variable Interest Entities | $ 54,300 | |
Gross Purchase Option | $ 21,200 | |
Number of leases from variable interest entities | site | 33 | |
Variable interest entities, liabilities | $ 55,352 | $ 56,452 |
Receivables from Affiliates [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entities, assets | 4,862 | 3,484 |
Property and Equipment, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entities, assets | 44,554 | 45,340 |
Other Noncurrent Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entities, assets | 3,665 | 3,665 |
Accounts Payable and Accrued Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entities, liabilities | 490 | 490 |
Long-term Debt, Noncurrent [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entities, liabilities | 55,351 | 56,451 |
Other Noncurrent Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entities, liabilities | 1,190 | 1,190 |
Long-term Debt, Current [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entities, liabilities | $ 8,380 | $ 8,422 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (3,637) | $ (3,902) |
Accounts receivable, net | 226,984 | 193,680 |
Receivables from affiliates | 33,138 | 24,741 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 202,747 | 188,287 |
Credit Card Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 5,692 | 3,681 |
Vendor receivables for rebates, branding and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | 208 | 2,820 |
Other Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross, current | $ 21,974 | $ 2,794 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | ||
Inventory Write-down/ Write-up | $ 55,900 | $ 189,600 |
Fuel-retail | 5,855 | 5,062 |
Fuel-other wholesale | 344,770 | 302,674 |
Fuel-consignment | 1,438 | 4,975 |
Merchandise | 9,981 | 11,503 |
Other | 425 | 840 |
Inventories, net | $ 362,469 | $ 325,054 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,494,015 | $ 1,378,344 |
Less: accumulated depreciation | (117,526) | (78,064) |
Property and equipment, net | 1,376,489 | 1,300,280 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 590,489 | 509,012 |
Buildings and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 516,390 | 479,840 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 338,973 | 349,283 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 48,163 | $ 40,209 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 16, 2014 | |
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Goodwill | $ 814,819,000 | $ 863,458,000 | |
Impairment in goodwill | 0 | 0 | |
Finite-lived intangible assets, Gross carrying amount | 571,801,000 | 455,595,000 | |
Finite-lived intangible assets, Accumulated amortization | 120,212,000 | 97,691,000 | |
Intangible assets, net | 451,589,000 | 357,904,000 | |
Trade Names [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Other Indefinite-lived Intangible Assets | 13,779,000 | 8,937,000 | |
Franchise Rights [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Other Indefinite-lived Intangible Assets | 329,000 | 329,000 | |
Contractual Rights [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Other Indefinite-lived Intangible Assets | 24,000,000 | ||
Customer Relations And Supply Agreements [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Finite-lived intangible assets, Gross carrying amount | 507,038,000 | 434,599,000 | |
Finite-lived intangible assets, Accumulated amortization | 118,489,000 | 96,887,000 | |
Finite-lived intangible assets, Net | $ 388,549,000 | 337,712,000 | |
Favorable leasehold arrangements, net [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Useful life | 15 years | ||
Finite-lived intangible assets, Gross carrying amount | $ 3,570,000 | 2,810,000 | |
Finite-lived intangible assets, Accumulated amortization | 178,000 | 140,000 | |
Finite-lived intangible assets, Net | 3,392,000 | 2,670,000 | |
Loan origination commitments [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Finite-lived intangible assets, Gross carrying amount | 21,691,000 | 7,611,000 | |
Finite-lived intangible assets, Accumulated amortization | 1,209,000 | 381,000 | |
Finite-lived intangible assets, Net | 20,482,000 | 7,230,000 | |
Other [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Finite-lived intangible assets, Gross carrying amount | 1,394,000 | 1,309,000 | |
Finite-lived intangible assets, Accumulated amortization | 336,000 | 283,000 | |
Finite-lived intangible assets, Net | $ 1,058,000 | $ 1,026,000 | |
Minimum [Member] | Customer Relations And Supply Agreements [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Useful life | 5 years | ||
Maximum [Member] | Customer Relations And Supply Agreements [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Useful life | 20 years | ||
Aloha Petroleum, Ltd [Member] | |||
Finite and Indefinite-Lived Intangible Asset by Major Class [Line Items] | |||
Goodwill | $ 102,412,000 | ||
Goodwill, acquired during period | $ 52,400,000 |
Accrued Expenses and Other Cu51
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Wage and other employee-related accrued expenses | $ 6,943 | $ 14,044 |
Franchise agreement termination accrual | 4,579 | 4,579 |
Accrued tax expense | 120,479 | 122,641 |
Deferred tax liability (current) | 16,269 | |
Deposits and other | 45,526 | 93,635 |
Total | $ 193,796 | $ 234,899 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Sale leaseback financing obligation | $ 124,181 | $ 126,643 |
Variable interest entities, liabilities | 55,352 | 56,452 |
2014 Revolver, bearing interest at Prime or LIBOR plus an applicable margin | 724,689 | 683,378 |
6.375% Senior Notes Due 2023 | 800,000 | |
Notes payable, bearing interest at 6% and 4% | 3,536 | 3,552 |
Capital lease obligations | 367 | 493 |
Total debt | 1,708,125 | 870,518 |
Less: current maturities | 13,704 | 13,757 |
Long-term debt, net of current maturities | $ 1,694,421 | $ 856,761 |
Long-Term Debt (6.375% Senior N
Long-Term Debt (6.375% Senior Notes Due 2023) (Details) - USD ($) $ in Thousands | Apr. 02, 2015 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||
Proceeds from issuance of senior notes | $ 800,000 | |
Senior Notes [Member] | 6.375% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 800,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |
Senior notes due date | Apr. 1, 2023 | |
Proceeds from issuance of senior notes | $ 786,500 |
Long-Term Debt (Revolving Credi
Long-Term Debt (Revolving Credit Agreement) (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2015 | Apr. 10, 2015 | Dec. 31, 2014 | Sep. 25, 2014 | |
Debt Instrument [Line Items] | ||||
Revolving line of credit | $ 724,689,000 | $ 683,378,000 | ||
Revolving Credit Agreement [Member] | 2014 Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | $ 1,250,000,000 | ||
Line of credit expiration date | Sep. 25, 2019 | |||
Line of Credit Facility, Additional Borrowing Capacity | $ 250,000,000 | 250,000,000 | ||
Revolving line of credit | $ 724,700,000 | |||
Letters of Credit Outstanding, Amount | 11,100,000 | |||
Current borrowing capacity | $ 764,200,000 | |||
Revolving Credit Agreement [Member] | Predecessor [Member] | 2012 Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 |
Long-Term Debt (Guaranty of Deb
Long-Term Debt (Guaranty of Debt) (Details) $ in Millions | Jun. 30, 2015USD ($) |
Revolving Credit Facility and Term Loan [Member] | Guaranty of Collection [Member] | Financial Guarantee [Member] | Susser [Member] | |
Debt Instrument [Line Items] | |
Amount of debt guaranteed | $ 180.7 |
Long-Term Debt Variable Interes
Long-Term Debt Variable Interest Entity Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Variable interest entities, liabilities | $ 55,352 | $ 56,452 |
Capital Leased Assets, Gross | 1,400 | 1,400 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 1,300 | $ 1,300 |
Notes Payable - 6% [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Variable Interest Entity, Consolidated, Long-Term Debt, Interest Rate, Percent | 4.50% | |
Variable interest entity debt repayable period | 20 years | |
Collateralized by equipment and property [Member] | ||
Debt Instrument [Line Items] | ||
Average stated interest rate | 5.36% | |
Minimum [Member] | Notes Payable - 6% [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Variable Interest Entity, Consolidated, Long-Term Debt, Interest Rate, Percent | 4.50% | |
Penalty [Member] | Notes Payable - 6% [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest entity consolidated long term debt, early repayment penalty percentage | 3.00% | |
Other Notes Payables [Member] | Notes Payable - 6% [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest entities, liabilities | $ 33,300 | |
Other Notes Payables [Member] | Collateralized by equipment and property [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest entities, liabilities | $ 22,000 | |
LIBOR [Member] | Notes Payable - 6% [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Variable Interest Entity, Consolidated, Long-Term Debt, Interest Rate, Percent | 3.75% |
Long-Term Debt Sale Leaseback F
Long-Term Debt Sale Leaseback Financing Obligation (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 04, 2013CompanyDealer | |
Debt Disclosure [Abstract] | |||
Number of companies completed sale leaseback transaction | Company | 2 | ||
Number of dealer operated sites | Dealer | 50 | ||
Sale Leaseback Transaction, Imputed Interest Rate | 5.125% | ||
Sale leaseback financing obligation | $ 124,181 | $ 126,643 |
Long-Term Debt (Other Debt) (De
Long-Term Debt (Other Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2010 |
Debt Instrument [Line Items] | ||||
Other Notes Payable, Noncurrent | $ 3,536 | $ 3,552 | ||
Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt at fair value | 1,700,000 | |||
Notes Payable, Six Percent [Member] | Other Notes Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 1,200 | |||
Other Notes Payable, Noncurrent | $ 1,000 | 1,100 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Notes Payable, Four Percent [Member] | Other Notes Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 3,000 | |||
Other Notes Payable, Noncurrent | $ 2,500 | $ 2,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Commitments And Contingencies59
Commitments And Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Leased Assets [Line Items] | ||||
Store base rent | $ 8,756 | $ 16,763 | ||
Equipment rent | 2,803 | 5,577 | ||
Total cash rent | 11,559 | 22,340 | ||
Straight-line rent | (184) | (455) | ||
Net rent expense | $ 11,375 | $ 21,885 | ||
Predecessor [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Store base rent | $ 220 | $ 416 | ||
Equipment rent | 60 | 108 | ||
Total cash rent | 280 | 524 | ||
Straight-line rent | 4 | 9 | ||
Net rent expense | $ 284 | $ 533 | ||
Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lease term | 5 years | |||
Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lease term | 15 years |
Interest Expense And Interest60
Interest Expense And Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Expense And Interest Income [Line Items] | ||||
Interest expense | $ 19,620 | $ 27,506 | ||
Amortization of loan costs | 821 | 1,203 | ||
Interest income | (119) | (1,256) | ||
Interest expense, net | 20,322 | 27,453 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Interest Expense And Interest Income [Line Items] | ||||
Interest expense, net | $ 2,400 | $ 4,700 | ||
Predecessor [Member] | ||||
Interest Expense And Interest Income [Line Items] | ||||
Interest expense | $ 1,667 | $ 3,096 | ||
Amortization of loan costs | 130 | 226 | ||
Interest income | (23) | (46) | ||
Interest expense, net | $ 1,774 | $ 3,276 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Contingency [Line Items] | ||||
Percentage of qualifying income | 90.00% | |||
Tax at statutory federal rate | $ 33,415 | $ 48,557 | ||
Tax at statutory federal rate, Percentage | 35.00% | 35.00% | ||
Partnership earnings not subject to tax | $ (33,660) | $ (47,066) | ||
Partnership earnings not subject to tax, Percentage | (35.30%) | (33.90%) | ||
State and local tax, net of federal benefit | $ (235) | $ (1,141) | ||
State and local tax, net of federal benefit, Percentage | (0.20%) | (0.80%) | ||
Net income tax expense (benefit) | $ (480) | $ 350 | ||
Net income tax expense, Percentage | (0.50%) | 0.30% | ||
Predecessor [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax at statutory federal rate | $ 3,400 | $ 6,949 | ||
Tax at statutory federal rate, Percentage | 35.00% | 35.00% | ||
Partnership earnings not subject to tax | $ (3,385) | $ (6,995) | ||
Partnership earnings not subject to tax, Percentage | (34.80%) | (35.20%) | ||
State and local tax, net of federal benefit | $ 105 | $ 173 | ||
State and local tax, net of federal benefit, Percentage | 1.00% | 0.80% | ||
Net income tax expense (benefit) | $ 120 | $ 127 | ||
Net income tax expense, Percentage | 1.20% | 0.60% |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 29, 2015 | Feb. 27, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Aug. 29, 2014 |
Schedule of Partners' Capital [Line Items] | ||||||||
Cash distribution per unit | $ 0.6934 | $ 1.3384 | ||||||
Total Cash Distribution | $ 28,611 | |||||||
Total Cash Distribution | $ 23,113 | $ 21,023 | $ 46,541 | |||||
August 28, 2015 [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Payment Date | Aug. 28, 2015 | |||||||
Per Unit Distribution | $ 0.6934 | |||||||
May 29, 2015 [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Payment Date | 2015-05 | 2015-05 | ||||||
Per Unit Distribution | $ 0.6450 | |||||||
February 27, 2015 [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Payment Date | 2015-02 | 2015-02 | ||||||
Per Unit Distribution | $ 0.6000 | |||||||
Minimum Quarterly Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | 0.4375 | |||||||
First Target Distribution [Member] | Minimum [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | 0.4375 | |||||||
First Target Distribution [Member] | Maximum [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | 0.503125 | |||||||
Second Target Distribution [Member] | Minimum [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | 0.503125 | |||||||
Second Target Distribution [Member] | Maximum [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | 0.546875 | |||||||
Third Target Distribution [Member] | Minimum [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | 0.546875 | |||||||
Third Target Distribution [Member] | Maximum [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | 0.656250 | |||||||
Distributions Thereafter [Member] | Minimum [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Incentive Distribution Quarterly Distribution Target Amount | $ 0.656250 | |||||||
Class A Units [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Total Cash Distribution | $ 6,500 | |||||||
Class A distributions declared per unit | $ 0.5859 | |||||||
Predecessor [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Cash distribution per unit | $ 0.5197 | $ 1.0218 | ||||||
Common Units [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Distributions | $ 21,076 | $ 37,133 | ||||||
Distributions in excess of income | 595 | (4,983) | ||||||
Limited partners' interest in net income | $ 21,671 | $ 32,150 | ||||||
Partners' Capital Account, Units, Converted | 79,308 | |||||||
Common Units [Member] | Minimum Quarterly Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 100.00% | |||||||
Common Units [Member] | First Target Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 100.00% | |||||||
Common Units [Member] | Second Target Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 85.00% | |||||||
Common Units [Member] | Third Target Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 75.00% | |||||||
Common Units [Member] | Distributions Thereafter [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 50.00% | |||||||
Common Units [Member] | Predecessor [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Distributions | $ 5,761 | $ 11,297 | ||||||
Distributions in excess of income | (978) | (1,430) | ||||||
Limited partners' interest in net income | 4,783 | 9,867 | ||||||
Subordinated Units [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Limited Partners' Capital Account, Units Outstanding | 10,939,436 | 10,939,436 | 10,939,436 | |||||
Distributions | $ 7,585 | $ 14,641 | ||||||
Distributions in excess of income | 1,938 | (284) | ||||||
Limited partners' interest in net income | $ 9,523 | $ 14,357 | ||||||
Partners' Capital Account, Units, Converted | 10,939,436 | |||||||
Total Cash Distribution | $ 3,362 | |||||||
Total Cash Distribution | $ 1,448 | $ 891 | ||||||
Subordinated Units [Member] | Minimum Quarterly Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 0.00% | |||||||
Subordinated Units [Member] | First Target Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 0.00% | |||||||
Subordinated Units [Member] | Second Target Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 15.00% | |||||||
Subordinated Units [Member] | Third Target Distribution [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 25.00% | |||||||
Subordinated Units [Member] | Distributions Thereafter [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Marginal percentage interest in distributions | 50.00% | |||||||
Subordinated Units [Member] | Class A Units [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Partners' Capital Account, Units, Converted | 10,939,436 | |||||||
Subordinated Units [Member] | Predecessor [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Distributions | 5,716 | 11,207 | ||||||
Distributions in excess of income | (968) | (1,411) | ||||||
Limited partners' interest in net income | $ 4,748 | $ 9,796 | ||||||
Common Units - Public [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Limited Partners' Capital Account, Units Outstanding | 20,036,329 | 20,036,329 | 20,036,329 | |||||
Parent Company [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Ownership Percentage | 44.10% | 44.10% | 50.10% | |||||
Parent Company [Member] | Common Units [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Limited Partners' Capital Account, Units Outstanding | 4,858,330 | 4,858,330 | ||||||
Parent Company [Member] | Subordinated Units [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Limited Partners' Capital Account, Units Outstanding | 10,939,436 | 10,939,436 | ||||||
Parent Company [Member] | Common Units - Public [Member] | ||||||||
Schedule of Partners' Capital [Line Items] | ||||||||
Limited Partners' Capital Account, Units Outstanding | 20,036,329 | 20,036,329 |
Unit-Based Compensation (Detail
Unit-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash unit based compensation expense | $ 479 | $ 1,026 | ||
Predecessor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash unit based compensation expense | $ 777 | $ 1,484 | ||
Phantom common units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash unit based compensation expense | 479 | 1,026 | ||
Phantom common units [Member] | Predecessor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-cash unit based compensation expense | 123 | 232 | ||
Allocated From SUSS [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 0 | $ 0 | ||
Allocated From SUSS [Member] | Predecessor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 654 | $ 1,252 |
Unit-Based Compensation (Phanto
Unit-Based Compensation (Phantom Common Unit Awards) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended |
Jan. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Aug. 31, 2014 | |
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Granted, shares | 30,710 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1.1 | |||
Fair Value Of Nonvested Service Phantom Units | $ 1.6 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | |||
Cash Awards Vesting Period | 3 years | |||
Three Year [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Employee Service Share-based Compensation Arrangement by Share-based Payment Award, Vesting Percentage | 100.00% | |||
Phantom common units [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Non-vested at beginning of the period, Shares | 241,235 | 241,235 | ||
Granted, shares | 261,249 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 19.2 | |||
Fair Value Of Nonvested Service Phantom Units | $ 22 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 3 months | |||
Forfeited, shares | (53,346) | |||
Non-vested at end of period, Shares | 241,235 | 449,138 | ||
Granted, Weighted Average Grant Date Fair Value | $ 51.58 | |||
Forfeited, Weighted Average Grant Date Fair Value | 49.49 | |||
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ 48.98 | |||
Phantom common units [Member] | Three Year [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Employee Service Share-based Compensation Arrangement by Share-based Payment Award, Vesting Percentage | 60.00% | |||
Phantom common units [Member] | Five Year [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Employee Service Share-based Compensation Arrangement by Share-based Payment Award, Vesting Percentage | 40.00% | |||
Phantom common units [Member] | 2012 Long Term Incentive Plan [Member] | Predecessor [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Non-vested at beginning of the period, Shares | 0 | 36,963 | ||
Granted, shares | 241,235 | 6,354 | ||
Vested, shares | (40,317) | |||
Forfeited, shares | (3,000) | |||
Non-vested at end of period, Shares | 0 | |||
Non-vested at beginning of the period, Weighted Average Grant Date Fair Value | $ 45.50 | $ 0 | $ 45.50 | $ 21.66 |
Granted, Weighted Average Grant Date Fair Value | 45.50 | 33.24 | ||
Vested, Weighted Average Grant Date Fair Value | 23.72 | |||
Forfeited, Weighted Average Grant Date Fair Value | 18.42 | |||
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ 45.50 | $ 0 | ||
Phantom common units [Member] | Minimum [Member] | Non-employee director [Member] | 2012 Long Term Incentive Plan [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Vesting Period | 1 year | |||
Phantom common units [Member] | Minimum [Member] | Employee [Member] | 2012 Long Term Incentive Plan [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Vesting Period | 2 years | |||
Phantom common units [Member] | Maximum [Member] | Non-employee director [Member] | 2012 Long Term Incentive Plan [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Vesting Period | 3 years | |||
Phantom common units [Member] | Maximum [Member] | Employee [Member] | 2012 Long Term Incentive Plan [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Vesting Period | 5 years | |||
ETP Merger [Member] | Phantom common units [Member] | 2012 Long Term Incentive Plan [Member] | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 0.4 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) - Jun. 30, 2015 | StateSegment |
Segment Reporting Information [Line Items] | |
Number of operating segments | 1 |
Wholesale Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of states in which entity operates | State | 30 |
Predecessor [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 2 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Retail motor fuel sales | $ 189,894 | $ 350,655 | |
Wholesale motor fuel sales to third parties | 2,770,695 | 5,219,550 | |
Wholesale motor fuel sales to affiliates | 1,156,763 | 1,993,448 | |
Merchandise sales | 56,973 | 104,492 | |
Rental income | 23,868 | 46,691 | |
Other income | 7,792 | 15,060 | |
Intersegment sales | 0 | 0 | |
Total revenues | 4,205,985 | 7,729,896 | |
Gross Profit, Motor Fuel Sales - Retail | 20,880 | 42,077 | |
Gross profit, Motor Fuel Sales - Wholesale | 169,983 | 269,306 | |
Gross Profit, Merchandise | 14,760 | 27,454 | |
Gross Profit, Rental and other income | 31,150 | 60,001 | |
Gross profit | 236,773 | 398,838 | |
Total operating expenses | 120,980 | 232,650 | |
Income from operations | 115,793 | 166,188 | |
Interest expense, net | (20,322) | (27,453) | |
Income before income taxes | 95,471 | 138,735 | |
Income tax benefit | 480 | (350) | |
Net income and comprehensive income | 95,951 | 138,385 | |
Depreciation, amortization and accretion | 33,230 | 63,466 | |
EBITDA | 149,023 | 229,654 | |
Non-cash compensation expense | 479 | 1,026 | |
(Gain) loss on disposal of assets | (30) | (156) | |
Unrealized loss on commodity derivatives | 785 | 2,191 | |
Inventory fair value adjustments | (50,729) | (55,921) | |
Adjusted EBITDA | 99,528 | 176,794 | |
Capital expenditures | 48,432 | 100,722 | |
Total assets | 3,578,343 | 3,578,343 | $ 3,610,990 |
Operating Segments [Member] | Wholesale Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Retail motor fuel sales | 0 | 0 | |
Wholesale motor fuel sales to third parties | 2,770,695 | 5,219,550 | |
Wholesale motor fuel sales to affiliates | 1,156,763 | 1,993,448 | |
Merchandise sales | 0 | 0 | |
Rental income | 17,403 | 34,266 | |
Other income | 5,349 | 10,201 | |
Intersegment sales | 117,099 | 208,268 | |
Total revenues | 4,067,309 | 7,465,733 | |
Gross Profit, Motor Fuel Sales - Retail | 0 | 0 | |
Gross profit, Motor Fuel Sales - Wholesale | 169,983 | 269,306 | |
Gross Profit, Merchandise | 0 | 0 | |
Gross Profit, Rental and other income | 22,241 | 42,715 | |
Gross profit | 192,224 | 312,021 | |
Total operating expenses | 85,998 | 168,123 | |
Income from operations | 106,226 | 143,898 | |
Interest expense, net | (10,405) | (11,741) | |
Income before income taxes | 95,821 | 132,157 | |
Income tax benefit | 246 | (823) | |
Net income and comprehensive income | 96,067 | 131,334 | |
Depreciation, amortization and accretion | 22,074 | 46,694 | |
EBITDA | 128,300 | 190,592 | |
Non-cash compensation expense | 430 | 902 | |
(Gain) loss on disposal of assets | (33) | 126 | |
Unrealized loss on commodity derivatives | 785 | 2,191 | |
Inventory fair value adjustments | (49,319) | (54,937) | |
Adjusted EBITDA | 80,163 | 138,874 | |
Capital expenditures | 45,854 | 94,213 | |
Total assets | 2,622,967 | 2,622,967 | |
Operating Segments [Member] | Retail Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Retail motor fuel sales | 189,894 | 350,655 | |
Wholesale motor fuel sales to third parties | 0 | 0 | |
Wholesale motor fuel sales to affiliates | 0 | 0 | |
Merchandise sales | 56,973 | 104,492 | |
Rental income | 6,465 | 12,425 | |
Other income | 2,443 | 4,859 | |
Intersegment sales | 0 | 0 | |
Total revenues | 255,775 | 472,431 | |
Gross Profit, Motor Fuel Sales - Retail | 20,880 | 42,077 | |
Gross profit, Motor Fuel Sales - Wholesale | 0 | 0 | |
Gross Profit, Merchandise | 14,760 | 27,454 | |
Gross Profit, Rental and other income | 8,909 | 17,286 | |
Gross profit | 44,549 | 86,817 | |
Total operating expenses | 34,982 | 64,527 | |
Income from operations | 9,567 | 22,290 | |
Interest expense, net | (9,917) | (15,712) | |
Income before income taxes | (350) | 6,578 | |
Income tax benefit | 234 | 473 | |
Net income and comprehensive income | (116) | 7,051 | |
Depreciation, amortization and accretion | 11,156 | 16,772 | |
EBITDA | 20,723 | 39,062 | |
Non-cash compensation expense | 49 | 124 | |
(Gain) loss on disposal of assets | 3 | (282) | |
Unrealized loss on commodity derivatives | 0 | 0 | |
Inventory fair value adjustments | (1,410) | (984) | |
Adjusted EBITDA | 19,365 | 37,920 | |
Capital expenditures | 2,578 | 6,509 | |
Total assets | 955,376 | 955,376 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Intersegment sales | (117,099) | (208,268) | |
Total revenues | $ (117,099) | $ (208,268) |
Net Income per Unit (Details)
Net Income per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share Basic [Line Items] | ||||
Net income and comprehensive income | $ 95,951 | $ 138,385 | ||
Less: Net income and comprehensive income attributable to noncontrolling interest | 61,084 | 61,930 | ||
Less: Preacquisition income from Sunoco LLC allocated to general partner | 24,516 | |||
Net income and comprehensive income attributable to partners | 34,867 | 51,939 | ||
Less: Incentive distribution rights | 3,362 | 4,810 | ||
Less: Distributions on nonvested phantom unit awards | 311 | 622 | ||
Limited partners’ interest in net income | $ 31,194 | $ 46,507 | ||
Predecessor [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Net income and comprehensive income | $ 9,595 | $ 19,727 | ||
Less: Net income and comprehensive income attributable to noncontrolling interest | 0 | 0 | ||
Net income and comprehensive income attributable to partners | 9,595 | 19,727 | ||
Less: Incentive distribution rights | 64 | 64 | ||
Limited partners’ interest in net income | $ 9,531 | $ 19,663 | ||
Common Units [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Weighted average limited partner units outstanding, Basic | 24,894,659 | 24,496,918 | ||
Weighted average limited partner units outstanding, Equivalents | 41,536 | 41,536 | ||
Weighted average limited partner units outstanding, Diluted | 24,936,195 | 24,538,454 | ||
Common (basic and diluted) | $ 0.87 | $ 1.31 | ||
Common - diluted | $ 0.87 | $ 1.31 | ||
Common Units [Member] | Predecessor [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Weighted average limited partner units outstanding, Basic | 11,020,764 | 11,019,063 | ||
Weighted average limited partner units outstanding, Equivalents | 25,525 | 25,311 | ||
Weighted average limited partner units outstanding, Diluted | 11,046,289 | 11,044,374 | ||
Common (basic and diluted) | $ 0.43 | $ 0.90 | ||
Common - diluted | $ 0.43 | $ 0.89 | ||
Subordinated Units [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Subordinated units - affiliated | 10,939,436 | 10,939,436 | ||
Common (basic and diluted) | $ 0.87 | $ 1.31 | ||
Subordinated Units [Member] | Predecessor [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Subordinated units - affiliated | 10,939,436 | 10,939,436 | ||
Common (basic and diluted) | $ 0.43 | $ 0.90 |
Related-Party Transactions (Det
Related-Party Transactions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)store | Jun. 30, 2014USD ($)store | Jun. 30, 2015USD ($)store | Jun. 30, 2014USD ($)store | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||
Distribution agreement term | 10 years | ||||
Wholesale motor fuel sales to affiliates | $ 1,156,763 | $ 1,993,448 | |||
Bulk fuel purchases from ETP | 760,800 | $ 1,416,233 | |||
Predecessor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Wholesale motor fuel sales to affiliates | $ 862,549 | $ 1,628,639 | |||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Distribution agreement term | 10 years | ||||
Transportation agreement term | 10 years | ||||
Purchase option term | 3 years | ||||
Number of convenience stores | store | 75 | ||||
Exclusive distributor term | 10 years | ||||
Commercial Agreement, Initial Term | 15 years | ||||
Sale Leaseback Transaction, Description | We have completed all 75 sale-leaseback transactions under the Omnibus Agreement. | ||||
Commercial Agreement, Participation in Acquisitions Term | 10 years | ||||
Wholesale motor fuel sales to affiliates | 1,156,763 | $ 1,993,448 | |||
Allocated cost of employees | 2,848 | 5,859 | |||
Charge for transportation services | 14,936 | 29,456 | |||
Cost for convenience stores acquired | 32,699 | 57,856 | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 6,413 | $ 12,251 | |||
Number of convenience store properties acquired | store | 6 | 12 | |||
Receivables from affiliates | $ 33,100 | $ 33,100 | $ 24,700 | ||
Affiliated Entity | E T P | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to affiliates | $ 15,100 | $ 15,100 | $ 3,100 | ||
Affiliated Entity | Predecessor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Wholesale motor fuel sales to affiliates | 862,549 | 1,628,639 | |||
Allocated cost of employees | 3,592 | 7,006 | |||
Charge for transportation services | 14,297 | 27,554 | |||
Cost for convenience stores acquired | 31,016 | 58,552 | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 3,413 | $ 6,434 | |||
Number of convenience store properties acquired | store | 6 | 13 | |||
PES [Member] | |||||
Related Party Transaction [Line Items] | |||||
Offtake contract agreement term | 1 year | ||||
Non-operating noncontrolling interest | 33.00% | 33.00% |
Subsequent Events (Details)
Subsequent Events (Details) | Jul. 28, 2015USD ($)store | Jul. 21, 2015USD ($) | Jul. 20, 2015USD ($) | Jul. 15, 2015USD ($)$ / sharesshares | Jul. 14, 2015shares | Aug. 29, 2014 | Sep. 25, 2012shares | Jul. 31, 2015USD ($)shares | Jun. 30, 2015shares | Dec. 31, 2014shares |
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Sold in Public Offering | 10,925,000 | |||||||||
Parent Company [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of membership interest acquired | 100.00% | |||||||||
Common Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Converted | 79,308 | |||||||||
Common Units [Member] | Parent Company [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Limited Partners' Capital Account, Units Outstanding | 4,858,330 | |||||||||
Subordinated Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Converted | 10,939,436 | |||||||||
Limited Partners' Capital Account, Units Issued | 10,939,436 | 10,939,436 | ||||||||
Limited Partners' Capital Account, Units Outstanding | 10,939,436 | 10,939,436 | ||||||||
Subordinated Units [Member] | Parent Company [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Limited Partners' Capital Account, Units Outstanding | 10,939,436 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Noncash or Part Noncash Acquisition, Interest Acquired | 100.00% | |||||||||
Payments to Acquire Businesses, Gross | $ | $ 966,900,000 | |||||||||
Percentage of membership interest acquired | 100.00% | |||||||||
Subsequent Event [Member] | Limited Partners Interest [Member] | Morgan Stanley & Co LLC [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Sold in Public Offering | 5,500,000 | |||||||||
Public offering price per unit | $ / shares | $ 40.10 | |||||||||
Partnership price per unit | $ / shares | $ 38.897 | |||||||||
Proceeds from equity offering | $ | $ 212,900,000 | |||||||||
Partners Capital Account, Period Option Granted To Purchase Additional Units | 30 days | |||||||||
Partners capital account additional maximum units available for sale in public offering | 825,000 | |||||||||
Subsequent Event [Member] | Parent Company [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Limited Partners' Capital Account, Units Outstanding | 21,000,000 | |||||||||
Subsequent Event [Member] | Credit Suisse Securities (USA) LLC [Member] | 5.500% Senior Notes Due 2020 [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from equity offering | $ | $ 592,500,000 | |||||||||
Aggregate principal amount | $ | $ 600,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Senior notes due date | Aug. 1, 2020 | |||||||||
Debt Instrument, Frequency of Periodic Payment | Interest on the Notes is payable semi-annually on February 1 and August 1 of each year commencing on February 1, 2016. | |||||||||
Subsequent Event [Member] | PropCo [Member] | Aziz [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Business Acquisition, Date of Acquisition Agreement | Apr. 30, 2015 | |||||||||
Number of Stores | store | 28 | |||||||||
Business acquisition total purchase price | $ | $ 41,600,000 | |||||||||
Subsequent Event [Member] | Class B Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Limited Partners' Capital Account, Units Issued | 21,978,980 | |||||||||
Subsequent Event [Member] | Common Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Converted | 79,308 | |||||||||
Limited Partners' Capital Account, Units Issued | 79,308 | |||||||||
Subsequent Event [Member] | Subordinated Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Converted | 10,939,436 | |||||||||
Limited Partners' Capital Account, Units Issued | 10,939,436 | |||||||||
Common Class A [Member] | Subordinated Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Converted | 10,939,436 | |||||||||
Common Class A [Member] | Subsequent Event [Member] | Common Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Converted | 79,308 | |||||||||
Common Class A [Member] | Subsequent Event [Member] | Subordinated Units [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Partners' Capital Account, Units, Converted | 10,939,436 |