Guarantor Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2014 |
Guarantor Subsidiaries [Abstract] | ' |
Consolidating Balance Sheet | ' |
CONSOLIDATING BALANCE SHEET |
(unaudited) |
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(Thousands of dollars) | 30-Jun-14 |
Assets | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Current assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | $ | 258,924 | | $ | — | | $ | 1,313 | | $ | — | | $ | 260,237 |
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2014 | | | — | | | 253,910 | | | — | | | 3,253 | | | — | | | 257,163 |
Inventories, at lower of cost or market | | | — | | | 146,079 | | | — | | | 19,956 | | | — | | | 166,035 |
Prepaid expenses and other current assets | | | — | | | 13,514 | | | — | | | 2,960 | | | — | | | 16,474 |
Total current assets | | | — | | | 672,427 | | | — | | | 27,482 | | | — | | | 699,909 |
Property, plant and equipment, at cost less accumulated depreciation and amortization | | | — | | | 1,202,187 | | | — | | | 1,857 | | | — | | | 1,204,044 |
Investments in subsidiaries | | | 1,419,279 | | | 167,187 | | | — | | | — | | | -1,586,466 | | | — |
Deferred charges and other assets | | | — | | | 5,348 | | | — | | | 534 | | | — | | | 5,882 |
Deferred tax assets | | | — | | | — | | | — | | | 5,121 | | | -5,121 | | | — |
Total assets | | $ | 1,419,279 | | $ | 2,047,149 | | $ | — | | $ | 34,994 | | $ | -1,591,587 | | $ | 1,909,835 |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Inter-company accounts payable | | | 50,021 | | | 82,877 | | | -52,073 | | | -80,825 | | | — | | | — |
Trade accounts payable and accrued liabilities | | | — | | | 522,029 | | | — | | | 2,921 | | | — | | | 524,950 |
Income taxes payable | | | — | | | 52,682 | | | 10 | | | -2,228 | | | — | | | 50,464 |
Deferred income taxes | | | — | | | 8,660 | | | — | | | — | | | — | | | 8,660 |
Total current liabilities | | | 50,021 | | | 666,248 | | | -52,063 | | | -80,132 | | | — | | | 584,074 |
Long-term debt | | | — | | | 492,012 | | | — | | | — | | | — | | | 492,012 |
Deferred income taxes | | | — | | | 109,115 | | | — | | | — | | | -5,121 | | | 103,994 |
Asset retirement obligations | | | — | | | 18,077 | | | — | | | — | | | — | | | 18,077 |
Deferred credits and other liabilities | | | — | | | 18,190 | | | — | | | — | | | — | | | 18,190 |
Total liabilities | | | 50,021 | | | 1,303,642 | | | -52,063 | | | -80,132 | | | -5,121 | | | 1,216,347 |
Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) | | | — | | | — | | | — | | | — | | | — | | | — |
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,765,221 shares issued at June 30, 2014) | | | 468 | | | 1 | | | 60 | | | — | | | -61 | | | 468 |
Treasury Stock (1,040,636 shares held at June 30, 2014) | | | -50,021 | | | — | | | — | | | — | | | — | | | -50,021 |
Additional paid in capital (APIC) | | | 1,228,370 | | | 553,065 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 552,600 |
Retained earnings | | | 190,441 | | | 190,441 | | | -1 | | | 79,449 | | | -269,889 | | | 190,441 |
Total stockholders' equity | | | 1,369,258 | | | 743,507 | | | 52,063 | | | 115,126 | | | -1,586,466 | | | 693,488 |
Total liabilities and stockholders' equity | | $ | 1,419,279 | | $ | 2,047,149 | | $ | — | | $ | 34,994 | | $ | -1,591,587 | | $ | 1,909,835 |
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CONSOLIDATING BALANCE SHEET |
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(Thousands of dollars) | 31-Dec-13 |
Assets | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined |
Current assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | $ | 294,741 | | $ | — | | $ | — | | $ | — | | $ | 294,741 |
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2013 | | | — | | | 191,904 | | | — | | | 1,277 | | | — | | | 193,181 |
Inventories, at lower of cost or market | | | — | | | 157,795 | | | — | | | 21,260 | | | — | | | 179,055 |
Prepaid expenses and other current assets | | | — | | | 12,217 | | | — | | | 3,222 | | | — | | | 15,439 |
Total current assets | | | — | | | 656,657 | | | — | | | 25,759 | | | — | | | 682,416 |
Property, plant and equipment, at cost less accumulated depreciation and amortization | | | — | | | 1,189,082 | | | — | | | 1,641 | | | — | | | 1,190,723 |
Investments in subsidiaries | | | 1,228,837 | | | — | | | — | | | — | | | -1,228,837 | | | — |
Deferred charges and other assets | | | — | | | 95,604 | | | — | | | 239 | | | -87,740 | | | 8,103 |
Deferred tax assets | | | — | | | — | | | — | | | — | | | — | | | — |
Total assets | | $ | 1,228,837 | | $ | 1,941,343 | | $ | — | | $ | 27,639 | | $ | -1,316,577 | | $ | 1,881,242 |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | $ | 14,000 | | $ | — | | $ | — | | $ | — | | $ | 14,000 |
Inter-company accounts payable | | | — | | | 119,366 | | | -52,107 | | | -67,259 | | | — | | | — |
Trade accounts payable and accrued liabilities | | | — | | | 429,763 | | | — | | | 3,465 | | | — | | | 433,228 |
Income taxes payable | | | — | | | 71,450 | | | 43 | | | 653 | | | — | | | 72,146 |
Deferred income taxes | | | — | | | 7,143 | | | — | | | — | | | — | | | 7,143 |
Total current liabilities | | | — | | | 641,722 | | | -52,064 | | | -63,141 | | | — | | | 526,517 |
Long-term debt | | | — | | | 547,578 | | | — | | | — | | | — | | | 547,578 |
Deferred income taxes | | | — | | | 128,451 | | | — | | | -13,519 | | | — | | | 114,932 |
Asset retirement obligations | | | — | | | 17,130 | | | — | | | — | | | — | | | 17,130 |
Deferred credits and other liabilities | | | — | | | 18,749 | | | — | | | — | | | — | | | 18,749 |
Total liabilities | | | — | | | 1,353,630 | | | -52,064 | | | -76,660 | | | — | | | 1,224,906 |
Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) | | | — | | | — | | | — | | | — | | | — | | | — |
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,746,633 shares issued and outstanding at December 31, 2013) | | | 467 | | | 1 | | | 60 | | | — | | | -61 | | | 467 |
Treasury Stock | | | — | | | — | | | — | | | — | | | — | | | — |
Additional paid in capital (APIC) | | | 1,228,370 | | | 548,758 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 548,293 |
Retained earnings | | | — | | | 38,954 | | | — | | | 68,622 | | | — | | | 107,576 |
Total stockholders' equity | | | 1,228,837 | | | 587,713 | | | 52,064 | | | 104,299 | | | -1,316,577 | | | 656,336 |
Total liabilities and stockholders' equity | | $ | 1,228,837 | | $ | 1,941,343 | | $ | — | | $ | 27,639 | | $ | -1,316,577 | | $ | 1,881,242 |
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Consolidating Income Statement | ' |
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CONSOLIDATING INCOME STATEMENT |
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(unaudited) |
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(Thousands of dollars) | Three Months Ended June 30, 2014 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Petroleum product sales | | $ | — | | $ | 4,173,856 | | $ | — | | $ | — | | $ | -52,162 | | $ | 4,121,694 |
Merchandise sales | | | — | | | 548,260 | | | — | | | — | | | — | | | 548,260 |
Ethanol sales and other | | | — | | | 23,904 | | | — | | | 64,091 | | | — | | | 87,995 |
Total revenues | | $ | — | | $ | 4,746,020 | | $ | — | | $ | 64,091 | | $ | -52,162 | | $ | 4,757,949 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 3,995,296 | | | — | | | — | | | -52,162 | | | 3,943,134 |
Merchandise cost of goods sold | | | — | | | 472,909 | | | — | | | — | | | — | | | 472,909 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 41,767 | | | — | | | 41,767 |
Station and other operating expenses | | | — | | | 124,229 | | | — | | | 8,994 | | | — | | | 133,223 |
Depreciation and amortization | | | — | | | 19,656 | | | — | | | 29 | | | — | | | 19,685 |
Selling, general and administrative | | | — | | | 29,274 | | | — | | | 424 | | | — | | | 29,698 |
Accretion of asset retirement obligations | | | — | | | 300 | | | — | | | — | | | — | | | 300 |
Total costs and operating expenses | | | — | | | 4,641,664 | | | — | | | 51,214 | | | -52,162 | | | 4,640,716 |
Income from operations | | $ | — | | $ | 104,356 | | $ | — | | $ | 12,877 | | $ | — | | $ | 117,233 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 13 | | | — | | | — | | | — | | | 13 |
Interest expense | | | — | | | -10,527 | | | — | | | — | | | — | | | -10,527 |
Gain on sale of assets | | | — | | | — | | | — | | | — | | | — | | | — |
Other nonoperating income | | | — | | | 94 | | | — | | | 800 | | | — | | | 894 |
Total other income (expense) | | $ | — | | $ | -10,420 | | $ | — | | $ | 800 | | $ | — | | $ | -9,620 |
Income from continuing operations before income taxes | | | — | | | 93,936 | | | — | | | 13,677 | | | — | | | 107,613 |
Income tax expense | | | — | | | 29,533 | | | — | | | 4,848 | | | — | | | 34,381 |
Income from continuing operations | | | — | | | 64,403 | | | — | | | 8,829 | | | — | | | 73,232 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | — | | | — | | | — |
Equity earnings in affiliates, net of tax | | | 73,232 | | | 8,829 | | | — | | | — | | | -82,061 | | | — |
Net Income | | $ | 73,232 | | $ | 73,232 | | $ | — | | $ | 8,829 | | $ | -82,061 | | $ | 73,232 |
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COMBINING INCOME STATEMENT |
(unaudited) |
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(Thousands of dollars) | Three Months Ended June 30, 2013 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined |
Petroleum product sales | | $ | — | | $ | 4,240,293 | | $ | — | | $ | — | | $ | -64,411 | | $ | 4,175,882 |
Merchandise sales | | | — | | | 553,370 | | | — | | | — | | | — | | | 553,370 |
Ethanol sales and other | | | — | | | 30,377 | | | — | | | 83,836 | | | — | | | 114,213 |
Total revenues | | $ | — | | $ | 4,824,040 | | $ | — | | $ | 83,836 | | $ | -64,411 | | $ | 4,843,465 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 4,069,898 | | | — | | | — | | | -64,411 | | | 4,005,487 |
Merchandise cost of goods sold | | | — | | | 482,464 | | | — | | | — | | | — | | | 482,464 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 68,909 | | | — | | | 68,909 |
Station and other operating expenses | | | — | | | 116,226 | | | — | | | 8,484 | | | — | | | 124,710 |
Depreciation and amortization | | | — | | | 18,515 | | | — | | | 21 | | | — | | | 18,536 |
Selling, general and administrative | | | — | | | 27,614 | | | — | | | 829 | | | — | | | 28,443 |
Accretion of asset retirement obligations | | | — | | | 278 | | | — | | | — | | | — | | | 278 |
Total costs and operating expenses | | | — | | | 4,714,995 | | | — | | | 78,243 | | | -64,411 | | | 4,728,827 |
Income from operations | | $ | — | | $ | 109,045 | | $ | — | | $ | 5,593 | | $ | — | | $ | 114,638 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 453 | | | — | | | — | | | — | | | 453 |
Interest expense | | | — | | | -16 | | | — | | | — | | | — | | | -16 |
Gain on sale of assets | | | — | | | — | | | — | | | — | | | — | | | — |
Other nonoperating income | | | — | | | 8 | | | — | | | — | | | — | | | 8 |
Total other income (expense) | | $ | — | | $ | 445 | | $ | — | | $ | — | | $ | — | | $ | 445 |
Income from continuing operations before income taxes | | | — | | | 109,490 | | | — | | | 5,593 | | | — | | | 115,083 |
Income tax expense | | | — | | | 42,778 | | | — | | | 1,987 | | | — | | | 44,765 |
Income from continuing operations | | | — | | | 66,712 | | | — | | | 3,606 | | | — | | | 70,318 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | 7,309 | | | — | | | 7,309 |
Net Income | | $ | — | | $ | 66,712 | | $ | — | | $ | 10,915 | | $ | — | | $ | 77,627 |
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CONSOLIDATING INCOME STATEMENT |
(unaudited) |
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(Thousands of dollars) | Six Months Ended June 30, 2014 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Petroleum product sales | | $ | — | | $ | 7,808,126 | | $ | — | | $ | — | | $ | -92,085 | | $ | 7,716,041 |
Merchandise sales | | | — | | | 1,050,982 | | | — | | | — | | | — | | | 1,050,982 |
Ethanol sales and other | | | — | | | 42,381 | | | — | | | 112,879 | | | — | | | 155,260 |
Total revenues | | $ | — | | $ | 8,901,489 | | $ | — | | $ | 112,879 | | $ | -92,085 | | $ | 8,922,283 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 7,535,565 | | | — | | | — | | | -92,085 | | | 7,443,480 |
Merchandise cost of goods sold | | | — | | | 905,371 | | | — | | | — | | | — | | | 905,371 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 79,537 | | | — | | | 79,537 |
Station and other operating expenses | | | — | | | 238,044 | | | — | | | 17,656 | | | — | | | 255,700 |
Depreciation and amortization | | | — | | | 39,290 | | | — | | | 56 | | | — | | | 39,346 |
Selling, general and administrative | | | — | | | 56,900 | | | 1 | | | 868 | | | — | | | 57,769 |
Accretion of asset retirement obligations | | | — | | | 597 | | | — | | | — | | | — | | | 597 |
Total costs and operating expenses | | | — | | | 8,775,767 | | | 1 | | | 98,117 | | | -92,085 | | | 8,781,800 |
Income from operations | | $ | — | | $ | 125,722 | | $ | -1 | | $ | 14,762 | | $ | — | | $ | 140,483 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 28 | | | — | | | — | | | — | | | 28 |
Interest expense | | | — | | | -19,622 | | | — | | | — | | | — | | | -19,622 |
Gain on sale of assets | | | — | | | 170 | | | — | | | — | | | — | | | 170 |
Other nonoperating income | | | — | | | 206 | | | — | | | 800 | | | — | | | 1,006 |
Total other income (expense) | | $ | — | | $ | -19,218 | | $ | — | | $ | 800 | | $ | — | | $ | -18,418 |
Income from continuing operations before income taxes | | | — | | | 106,504 | | | -1 | | | 15,562 | | | — | | | 122,065 |
Income tax expense | | | — | | | 34,465 | | | — | | | 5,516 | | | — | | | 39,981 |
Income from continuing operations | | | — | | | 72,039 | | | -1 | | | 10,046 | | | — | | | 82,084 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | 781 | | | — | | | 781 |
Equity earnings in affiliates, net of tax | | | 190,441 | | | 79,448 | | | — | | | — | | | -269,889 | | | — |
Net Income | | $ | 190,441 | | $ | 151,487 | | $ | -1 | | $ | 10,827 | | $ | -269,889 | | $ | 82,865 |
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COMBINING INCOME STATEMENT |
(unaudited) |
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(Thousands of dollars) | Six Months Ended June 30, 2013 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined |
Petroleum product sales | | $ | — | | $ | 8,051,065 | | $ | — | | $ | — | | $ | -112,571 | | $ | 7,938,494 |
Merchandise sales | | | — | | | 1,068,839 | | | — | | | — | | | — | | | 1,068,839 |
Ethanol sales and other | | | — | | | 44,441 | | | — | | | 149,682 | | | — | | | 194,123 |
Total revenues | | $ | — | | $ | 9,164,345 | | $ | — | | $ | 149,682 | | $ | -112,571 | | $ | 9,201,456 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 7,759,289 | | | — | | | — | | | -112,571 | | | 7,646,718 |
Merchandise cost of goods sold | | | — | | | 931,259 | | | — | | | — | | | — | | | 931,259 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 130,614 | | | — | | | 130,614 |
Station and other operating expenses | | | — | | | 229,733 | | | — | | | 15,947 | | | — | | | 245,680 |
Depreciation and amortization | | | — | | | 36,575 | | | — | | | 31 | | | — | | | 36,606 |
Selling, general and administrative | | | — | | | 58,741 | | | 1 | | | 1,933 | | | — | | | 60,675 |
Accretion of asset retirement obligations | | | — | | | 547 | | | — | | | — | | | — | | | 547 |
Total costs and operating expenses | | | — | | | 9,016,144 | | | 1 | | | 148,525 | | | -112,571 | | | 9,052,099 |
Income from operations | | $ | — | | $ | 148,201 | | $ | -1 | | $ | 1,157 | | $ | — | | $ | 149,357 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 734 | | | — | | | — | | | — | | | 734 |
Interest expense | | | — | | | -142 | | | — | | | — | | | — | | | -142 |
Gain on sale of assets | | | — | | | 8 | | | — | | | — | | | — | | | 8 |
Other nonoperating income | | | — | | | 23 | | | — | | | — | | | — | | | 23 |
Total other income (expense) | | $ | — | | $ | 623 | | $ | — | | $ | — | | $ | — | | $ | 623 |
Income from continuing operations before income taxes | | | — | | | 148,824 | | | -1 | | | 1,157 | | | — | | | 149,980 |
Income tax expense | | | — | | | 58,645 | | | — | | | 464 | | | — | | | 59,109 |
Income from continuing operations | | | — | | | 90,179 | | | -1 | | | 693 | | | — | | | 90,871 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | 8,803 | | | — | | | 8,803 |
Net Income | | $ | — | | $ | 90,179 | | $ | -1 | | $ | 9,496 | | $ | — | | $ | 99,674 |
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Consolidating Statement Of Cash Flow | ' |
CONSOLIDATING STATEMENT OF CASH FLOW |
(unaudited) |
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(Thousands of dollars) | Six Months Ended June 30, 2014 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income | | $ | 190,441 | | $ | 151,487 | | $ | -1 | | $ | 10,827 | | $ | -269,889 | | $ | 82,865 |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
(Income) loss from discontinued operations, net of tax | | | — | | | — | | | — | | | -781 | | | — | | | -781 |
Depreciation and amortization | | | — | | | 39,290 | | | — | | | 56 | | | — | | | 39,346 |
Amortization of deferred major repair costs | | | — | | | | | | — | | | 433 | | | — | | | 433 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -19,336 | | | — | | | 8,398 | | | — | | | -10,938 |
Accretion on discounted liabilities | | | — | | | 597 | | | — | | | — | | | — | | | 597 |
Pretax gains from sale of assets | | | — | | | -170 | | | — | | | — | | | — | | | -170 |
Net decrease (increase) in noncash operating working capital | | | — | | | 22,703 | | | — | | | -3,837 | | | — | | | 18,866 |
Equity in earnings | | | -190,441 | | | -79,448 | | | — | | | — | | | 269,889 | | | — |
Other operating activities-net | | | — | | | 8,211 | | | — | | | — | | | — | | | 8,211 |
Net cash provided by (required by) continuing operations | | | — | | | 123,334 | | | -1 | | | 15,096 | | | — | | | 138,429 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | 134 | | | — | | | 134 |
Net cash provided by (required by) operating activities | | | — | | | 123,334 | | | -1 | | | 15,230 | | | — | | | 138,563 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -52,781 | | | — | | | -273 | | | — | | | -53,054 |
Proceeds from sale of assets | | | — | | | 279 | | | — | | | — | | | — | | | 279 |
Expenditures for major repairs | | | — | | | — | | | — | | | -728 | | | — | | | -728 |
Other inventory activities-net | | | — | | | | | | — | | | — | | | — | | | — |
Investing activities of discontinued operations | | | | | | | | | | | | | | | | | | |
Sales proceeds | | | — | | | — | | | — | | | 1,097 | | | — | | | 1,097 |
Other | | | — | | | — | | | — | | | — | | | — | | | — |
Net cash provided by (required by) investing activities | | | — | | | -52,502 | | | — | | | 96 | | | — | | | -52,406 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | -50,021 | | | — | | | — | | | — | | | — | | | -50,021 |
Repayments of long-term debt | | | — | | | -70,000 | | | — | | | — | | | — | | | -70,000 |
Debt issuance costs | | | | | | -99 | | | | | | | | | | | | -99 |
Amounts related to share-based compensation activities | | | — | | | -541 | | | — | | | — | | | — | | | -541 |
Net distributions to parent | | | 50,021 | | | -36,009 | | | 1 | | | -14,013 | | | — | | | — |
Net cash provided by (required by) financing activities | | | — | | | -106,649 | | | 1 | | | -14,013 | | | — | | | -120,661 |
Net increase (decrease) in cash and cash equivalents | | | — | | | -35,817 | | | — | | | 1,313 | | | — | | | -34,504 |
Cash and cash equivalents at January 1 | | | — | | | 294,741 | | | — | | | — | | | — | | | 294,741 |
Cash and cash equivalents at June 30 | | $ | — | | $ | 258,924 | | $ | — | | $ | 1,313 | | $ | — | | $ | 260,237 |
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|
COMBINING STATEMENT OF CASH FLOW |
(unaudited) |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | Six Months Ended June 30, 2013 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined |
Net income | | $ | — | | $ | 90,179 | | $ | -1 | | $ | 9,496 | | $ | — | | $ | 99,674 |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
(Income) loss from discontinued operations, net of tax | | | — | | | — | | | — | | | -8,803 | | | — | | | -8,803 |
Depreciation and amortization | | | — | | | 36,575 | | | — | | | 31 | | | — | | | 36,606 |
Amortization of deferred major repair costs | | | — | | | — | | | — | | | 221 | | | — | | | 221 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -8,745 | | | — | | | 2,057 | | | — | | | -6,688 |
Accretion on discounted liabilities | | | — | | | 547 | | | — | | | — | | | — | | | 547 |
Pretax gains from sale of assets | | | — | | | -8 | | | — | | | — | | | — | | | -8 |
Net decrease in noncash operating working capital | | | — | | | 24,591 | | | — | | | 20,931 | | | — | | | 45,522 |
Other operating activities-net | | | — | | | 10,876 | | | — | | | — | | | — | | | 10,876 |
Net cash provided by (required by) continuing operations | | | — | | | 154,015 | | | -1 | | | 23,933 | | | — | | | 177,947 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | 6,805 | | | | | | 6,805 |
Net cash provided by (required by) operating activities | | | — | | | 154,015 | | | -1 | | | 30,738 | | | — | | | 184,752 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -94,064 | | | — | | | -1,045 | | | — | | | -95,109 |
Proceeds from sale of assets | | | — | | | 36 | | | — | | | — | | | — | | | 36 |
Expenditures for major repairs | | | — | | | — | | | — | | | -280 | | | — | | | -280 |
Other inventory activities-net | | | — | | | — | | | — | | | — | | | — | | | — |
Investing activities of discontinued operations | | | | | | | | | | | | | | | | | | |
Sales proceeds | | | — | | | — | | | — | | | — | | | — | | | — |
Other | | | — | | | — | | | — | | | -468 | | | — | | | -468 |
Net cash required by investing activities | | | — | | | -94,028 | | | — | | | -1,793 | | | — | | | -95,821 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repayments of long-term debt | | | — | | | — | | | — | | | -24 | | | — | | | -24 |
Debt issuance costs | | | — | | | — | | | — | | | — | | | — | | | — |
Amounts related to share-based compensation activities | | | — | | | — | | | — | | | — | | | — | | | — |
Net distributions to parent | | | — | | | -57,772 | | | 1 | | | -28,921 | | | — | | | -86,692 |
Net cash provided by (required by) financing activities | | | — | | | -57,772 | | | 1 | | | -28,945 | | | — | | | -86,716 |
Net increase in cash and cash equivalents | | | — | | | 2,215 | | | — | | | — | | | — | | | 2,215 |
Cash and cash equivalents at January 1 | | | — | | | 57,373 | | | — | | | — | | | — | | | 57,373 |
Cash and cash equivalents at June 30 | | $ | — | | $ | 59,588 | | $ | — | | $ | — | | $ | — | | $ | 59,588 |
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|
Consolidating Statement Of Changes In Equity | ' |
CONSOLIDATING STATEMENT OF CHANGES IN EQUITY |
(unaudited) |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Six Months Ended June 30, 2014 |
Statement of Stockholders' Equity/Net Parent Investment | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | 467 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 467 |
Issuance of common stock | | | 1 | | | — | | | — | | | — | | | — | | | 1 |
Balance as of June 30, 2014 | | $ | 468 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 468 |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repurchase of common stock | | | -50,021 | | | — | | | — | | | — | | | — | | | -50,021 |
Balance as of June 30, 2014 | | $ | -50,021 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | -50,021 |
APIC | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | 1,228,370 | | $ | 548,758 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 548,293 |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Shares withheld to satisfy tax withholdings | | | — | | | -542 | | | — | | | — | | | — | | | -542 |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Share-based compensation expense | | | — | | | 4,849 | | | — | | | — | | | — | | | 4,849 |
Balance as of June 30, 2014 | | $ | 1,228,370 | | $ | 553,065 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 552,600 |
Net Parent Investment | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Net income | | | — | | | — | | | — | | | — | | | — | | | — |
Dividend paid to former parent | | | — | | | — | | | — | | | — | | | — | | | — |
Net transfers to/between former parent | | | — | | | — | | | — | | | — | | | — | | | — |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of June 30, 2014 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | 38,954 | | $ | — | | $ | 68,622 | | $ | — | | $ | 107,576 |
Net income | | | 190,441 | | | 151,487 | | | -1 | | | 10,827 | | | -269,889 | | | 82,865 |
Balance as of June 30, 2014 | | $ | 190,441 | | $ | 190,441 | | $ | -1 | | $ | 79,449 | | $ | -269,889 | | $ | 190,441 |
| | | | | | | | | | | | | | | | | | |
|
|
|
COMBINING STATEMENT OF CHANGES IN EQUITY |
(unaudited) |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Six Months Ended June 30, 2013 |
Statement of Stockholders' Equity/Net Parent Investment | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of June 30, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repurchase of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of June 30, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
APIC | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Shares withheld to satisfy tax withholdings | | | — | | | — | | | — | | | — | | | — | | | — |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Share-based compensation expense | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of June 30, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Net Parent Investment | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | 1,123,467 | | $ | 53,895 | | $ | 117,550 | | $ | -190,461 | | $ | 1,104,451 |
Net income | | | — | | | 90,179 | | | -1 | | | 9,496 | | | — | | | 99,674 |
Dividend paid to former parent | | | — | | | — | | | — | | | — | | | — | | | — |
Net transfers to/between former parent | | | — | | | -85,245 | | | — | | | — | | | — | | | -85,245 |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of June 30, 2013 | | $ | — | | $ | 1,128,401 | | $ | 53,894 | | $ | 127,046 | | $ | -190,461 | | $ | 1,118,880 |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Net income | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of June 30, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
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