Guarantor Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2014 |
Guarantor Subsidiaries [Abstract] | ' |
Consolidating Balance Sheet | ' |
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CONSOLIDATING BALANCE SHEET |
(unaudited) |
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(Thousands of dollars) | 30-Sep-14 |
Assets | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Current assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | $ | 293,066 | | $ | — | | $ | 1,198 | | $ | — | | $ | 294,264 |
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2014 | | | — | | | 204,263 | | | — | | | 2,693 | | | — | | | 206,956 |
Inventories, at lower of cost or market | | | — | | | 124,752 | | | — | | | 21,066 | | | — | | | 145,818 |
Prepaid expenses and other current assets | | | — | | | 12,802 | | | — | | | 3,261 | | | — | | | 16,063 |
Total current assets | | | — | | | 634,883 | | | — | | | 28,218 | | | — | | | 663,101 |
Property, plant and equipment, at cost less accumulated depreciation and amortization of $711,125 in 2014 | | | — | | | 1,213,901 | | | — | | | 1,886 | | | — | | | 1,215,787 |
Investments in subsidiaries | | | 1,481,930 | | | 173,205 | | | — | | | — | | | -1,655,135 | | | — |
Other assets | | | — | | | 16,635 | | | — | | | 827 | | | — | | | 17,462 |
Deferred tax assets | | | — | | | — | | | — | | | 91 | | | -91 | | | — |
Total assets | | $ | 1,481,930 | | $ | 2,038,624 | | $ | — | | $ | 31,022 | | $ | -1,655,226 | | $ | 1,896,350 |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Inter-company accounts payable | | | 50,021 | | | 92,880 | | | -52,075 | | | -90,826 | | | — | | | — |
Trade accounts payable and accrued liabilities | | | — | | | 453,956 | | | — | | | 4,658 | | | — | | | 458,614 |
Income taxes payable | | | — | | | 40,969 | | | 12 | | | -3,954 | | | — | | | 37,027 |
Deferred income taxes | | | — | | | 9,453 | | | — | | | — | | | — | | | 9,453 |
Total current liabilities | | | 50,021 | | | 597,258 | | | -52,063 | | | -90,122 | | | — | | | 505,094 |
Long-term debt | | | — | | | 492,227 | | | — | | | — | | | — | | | 492,227 |
Deferred income taxes | | | — | | | 104,443 | | | — | | | — | | | -91 | | | 104,352 |
Asset retirement obligations | | | — | | | 18,424 | | | — | | | — | | | — | | | 18,424 |
Deferred credits and other liabilities | | | — | | | 17,713 | | | — | | | — | | | — | | | 17,713 |
Total liabilities | | | 50,021 | | | 1,230,065 | | | -52,063 | | | -90,122 | | | -91 | | | 1,137,810 |
Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding) | | | — | | | — | | | — | | | — | | | — | | | — |
Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at September 30, 2014) | | | 468 | | | 1 | | | 60 | | | — | | | -61 | | | 468 |
Treasury Stock (1,038,436 shares held at September 30, 2014) | | | -49,915 | | | — | | | — | | | — | | | — | | | -49,915 |
Additional paid in capital (APIC) | | | 1,228,264 | | | 555,466 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 554,895 |
Retained earnings | | | 253,092 | | | 253,092 | | | -1 | | | 85,467 | | | -338,558 | | | 253,092 |
Total stockholders' equity | | | 1,431,909 | | | 808,559 | | | 52,063 | | | 121,144 | | | -1,655,135 | | | 758,540 |
Total liabilities and stockholders' equity | | $ | 1,481,930 | | $ | 2,038,624 | | $ | — | | $ | 31,022 | | $ | -1,655,226 | | $ | 1,896,350 |
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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 | | Consolidated |
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 of $655,360 in 2013 | | | — | | | 1,189,082 | | | — | | | 1,641 | | | — | | | 1,190,723 |
Investments in subsidiaries | | | 1,228,837 | | | — | | | — | | | — | | | -1,228,837 | | | — |
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 September 30, 2014 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Petroleum product sales | | $ | — | | $ | 4,081,693 | | $ | — | | $ | — | | $ | -46,287 | | $ | 4,035,406 |
Merchandise sales | | | — | | | 560,993 | | | — | | | — | | | — | | | 560,993 |
Ethanol sales and other | | | — | | | 26,210 | | | — | | | 56,166 | | | — | | | 82,376 |
Total revenues | | $ | — | | $ | 4,668,896 | | $ | — | | $ | 56,166 | | $ | -46,287 | | $ | 4,678,775 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 3,912,700 | | | — | | | — | | | -46,287 | | | 3,866,413 |
Merchandise cost of goods sold | | | — | | | 483,941 | | | — | | | — | | | — | | | 483,941 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 37,684 | | | — | | | 37,684 |
Station and other operating expenses | | | — | | | 123,139 | | | — | | | 8,748 | | | — | | | 131,887 |
Depreciation and amortization | | | — | | | 19,598 | | | — | | | 31 | | | — | | | 19,629 |
Selling, general and administrative | | | — | | | 29,725 | | | — | | | 380 | | | — | | | 30,105 |
Accretion of asset retirement obligations | | | — | | | 300 | | | — | | | — | | | — | | | 300 |
Total costs and operating expenses | | | — | | | 4,569,403 | | | — | | | 46,843 | | | -46,287 | | | 4,569,959 |
Income from operations | | $ | — | | $ | 99,493 | | $ | — | | $ | 9,323 | | $ | — | | $ | 108,816 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 13 | | | — | | | — | | | — | | | 13 |
Interest expense | | | — | | | -8,612 | | | — | | | — | | | — | | | -8,612 |
Gain on sale of assets | | | — | | | — | | | — | | | — | | | — | | | — |
Other nonoperating income | | | — | | | 115 | | | — | | | — | | | — | | | 115 |
Total other income (expense) | | $ | — | | $ | -8,484 | | $ | — | | $ | — | | $ | — | | $ | -8,484 |
Income from continuing operations before income taxes | | | — | | | 91,009 | | | — | | | 9,323 | | | — | | | 100,332 |
Income tax expense | | | — | | | 34,377 | | | — | | | 3,304 | | | — | | | 37,681 |
Income from continuing operations | | | — | | | 56,632 | | | — | | | 6,019 | | | — | | | 62,651 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | — | | | — | | | — |
Equity earnings in affiliates, net of tax | | | 62,651 | | | 6,019 | | | — | | | — | | | -68,670 | | | — |
Net Income | | $ | 62,651 | | $ | 62,651 | | $ | — | | $ | 6,019 | | $ | -68,670 | | $ | 62,651 |
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COMBINING INCOME STATEMENT |
(unaudited) |
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(Thousands of dollars) | Three Months Ended September 30, 2013 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Petroleum product sales | | $ | — | | $ | 4,081,540 | | $ | — | | $ | — | | $ | -48,889 | | $ | 4,032,651 |
Merchandise sales | | | — | | | 556,835 | | | — | | | — | | | — | | | 556,835 |
Ethanol sales and other | | | — | | | 32,548 | | | — | | | 64,869 | | | — | | | 97,417 |
Total revenues | | $ | — | | $ | 4,670,923 | | $ | — | | $ | 64,869 | | $ | -48,889 | | $ | 4,686,903 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 3,951,931 | | | — | | | — | | | -48,889 | | | 3,903,042 |
Merchandise cost of goods sold | | | — | | | 483,513 | | | — | | | — | | | — | | | 483,513 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 57,415 | | | — | | | 57,415 |
Station and other operating expenses | | | — | | | 114,546 | | | — | | | 8,203 | | | — | | | 122,749 |
Depreciation and amortization | | | — | | | 18,108 | | | — | | | 20 | | | — | | | 18,128 |
Selling, general and administrative | | | — | | | 43,453 | | | — | | | 1,261 | | | — | | | 44,714 |
Accretion of asset retirement obligations | | | — | | | 274 | | | — | | | — | | | — | | | 274 |
Total costs and operating expenses | | | — | | | 4,611,825 | | | — | | | 66,899 | | | -48,889 | | | 4,629,835 |
Income from operations | | $ | — | | $ | 59,098 | | $ | — | | $ | -2,030 | | $ | — | | $ | 57,068 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 354 | | | — | | | — | | | — | | | 354 |
Interest expense | | | — | | | -4,698 | | | — | | | — | | | — | | | -4,698 |
Gain on sale of assets | | | — | | | 5,972 | | | — | | | — | | | — | | | 5,972 |
Other nonoperating income | | | — | | | 50 | | | — | | | — | | | — | | | 50 |
Total other income (expense) | | $ | — | | $ | 1,678 | | $ | — | | $ | — | | $ | — | | $ | 1,678 |
Income from continuing operations before income taxes | | | — | | | 60,776 | | | — | | | -2,030 | | | — | | | 58,746 |
Income tax expense | | | — | | | 23,489 | | | — | | | -724 | | | — | | | 22,765 |
Income from continuing operations | | | — | | | 37,287 | | | — | | | -1,306 | | | — | | | 35,981 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | 5,748 | | | — | | | 5,748 |
Equity earnings in affiliates, net of tax | | | — | | | — | | | — | | | — | | | — | | | — |
Net Income | | $ | — | | $ | 37,287 | | $ | — | | $ | 4,442 | | $ | — | | $ | 41,729 |
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CONSOLIDATING INCOME STATEMENT |
(unaudited) |
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(Thousands of dollars) | Nine Months Ended September 30, 2014 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Petroleum product sales | | $ | — | | $ | 11,889,819 | | $ | — | | $ | — | | $ | -138,372 | | $ | 11,751,447 |
Merchandise sales | | | — | | | 1,611,975 | | | — | | | — | | | — | | | 1,611,975 |
Ethanol sales and other | | | — | | | 68,591 | | | — | | | 169,045 | | | — | | | 237,636 |
Total revenues | | $ | — | | $ | 13,570,385 | | $ | — | | $ | 169,045 | | $ | -138,372 | | $ | 13,601,058 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 11,448,265 | | | — | | | — | | | -138,372 | | | 11,309,893 |
Merchandise cost of goods sold | | | — | | | 1,389,312 | | | — | | | — | | | — | | | 1,389,312 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 117,221 | | | — | | | 117,221 |
Station and other operating expenses | | | — | | | 361,183 | | | — | | | 26,404 | | | — | | | 387,587 |
Depreciation and amortization | | | — | | | 58,888 | | | — | | | 87 | | | — | | | 58,975 |
Selling, general and administrative | | | — | | | 86,625 | | | 1 | | | 1,248 | | | — | | | 87,874 |
Accretion of asset retirement obligations | | | — | | | 897 | | | — | | | — | | | — | | | 897 |
Total costs and operating expenses | | | — | | | 13,345,170 | | | 1 | | | 144,960 | | | -138,372 | | | 13,351,759 |
Income from operations | | $ | — | | $ | 225,215 | | $ | -1 | | $ | 24,085 | | $ | — | | $ | 249,299 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 41 | | | — | | | — | | | — | | | 41 |
Interest expense | | | — | | | -28,234 | | | — | | | — | | | — | | | -28,234 |
Gain on sale of assets | | | — | | | 170 | | | — | | | — | | | — | | | 170 |
Other nonoperating income | | | — | | | 321 | | | — | | | 800 | | | — | | | 1,121 |
Total other income (expense) | | $ | — | | $ | -27,702 | | $ | — | | $ | 800 | | $ | — | | $ | -26,902 |
Income from continuing operations before income taxes | | | — | | | 197,513 | | | -1 | | | 24,885 | | | — | | | 222,397 |
Income tax expense | | | — | | | 68,842 | | | — | | | 8,820 | | | — | | | 77,662 |
Income from continuing operations | | | — | | | 128,671 | | | -1 | | | 16,065 | | | — | | | 144,735 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | 781 | | | — | | | 781 |
Equity earnings in affiliates, net of tax | | | 253,092 | | | 85,467 | | | — | | | — | | | -338,559 | | | — |
Net Income | | $ | 253,092 | | $ | 214,138 | | $ | -1 | | $ | 16,846 | | $ | -338,559 | | $ | 145,516 |
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COMBINING INCOME STATEMENT |
(unaudited) |
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(Thousands of dollars) | Nine Months Ended September 30, 2013 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Petroleum product sales | | $ | — | | $ | 12,132,606 | | $ | — | | $ | — | | $ | -161,460 | | $ | 11,971,146 |
Merchandise sales | | | — | | | 1,625,673 | | | — | | | — | | | — | | | 1,625,673 |
Ethanol sales and other | | | — | | | 76,990 | | | — | | | 214,551 | | | — | | | 291,541 |
Total revenues | | $ | — | | $ | 13,835,269 | | $ | — | | $ | 214,551 | | $ | -161,460 | | $ | 13,888,360 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 11,711,220 | | | — | | | — | | | -161,460 | | | 11,549,760 |
Merchandise cost of goods sold | | | — | | | 1,414,772 | | | — | | | — | | | — | | | 1,414,772 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 188,029 | | | — | | | 188,029 |
Station and other operating expenses | | | — | | | 344,280 | | | — | | | 24,150 | | | — | | | 368,430 |
Depreciation and amortization | | | — | | | 54,683 | | | — | | | 51 | | | — | | | 54,734 |
Selling, general and administrative | | | — | | | 102,195 | | | 1 | | | 3,194 | | | — | | | 105,390 |
Accretion of asset retirement obligations | | | — | | | 821 | | | — | | | — | | | — | | | 821 |
Total costs and operating expenses | | | — | | | 13,627,971 | | | 1 | | | 215,424 | | | -161,460 | | | 13,681,936 |
Income from operations | | $ | — | | $ | 207,298 | | $ | -1 | | $ | -873 | | $ | — | | $ | 206,424 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 1,088 | | | — | | | — | | | — | | | 1,088 |
Interest expense | | | — | | | -4,840 | | | — | | | — | | | — | | | -4,840 |
Gain on sale of assets | | | — | | | 5,980 | | | — | | | — | | | — | | | 5,980 |
Other nonoperating income | | | — | | | 74 | | | — | | | — | | | — | | | 74 |
Total other income (expense) | | $ | — | | $ | 2,302 | | $ | — | | $ | — | | $ | — | | $ | 2,302 |
Income from continuing operations before income taxes | | | — | | | 209,600 | | | -1 | | | -873 | | | — | | | 208,726 |
Income tax expense | | | — | | | 82,133 | | | — | | | -260 | | | — | | | 81,873 |
Income from continuing operations | | | — | | | 127,467 | | | -1 | | | -613 | | | — | | | 126,853 |
Income from discontinued operations, net of taxes | | | — | | | — | | | — | | | 14,551 | | | — | | | 14,551 |
Equity earnings in affiliates, net of tax | | | — | | | — | | | — | | | — | | | — | | | — |
Net Income | | $ | — | | $ | 127,467 | | $ | -1 | | $ | 13,938 | | $ | — | | $ | 141,404 |
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Consolidating Statement Of Cash Flow | ' |
CONSOLIDATING STATEMENT OF CASH FLOW |
(unaudited) |
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(Thousands of dollars) | Nine Months Ended September 30, 2014 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income | | $ | 253,092 | | $ | 214,138 | | $ | -1 | | $ | 16,846 | | $ | -338,559 | | $ | 145,516 |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
Income from discontinued operations, net of tax | | | — | | | — | | | — | | | -781 | | | — | | | -781 |
Depreciation and amortization | | | — | | | 58,888 | | | — | | | 87 | | | — | | | 58,975 |
Amortization of deferred major repair costs | | | — | | | | | | — | | | 752 | | | — | | | 752 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -24,008 | | | — | | | 13,428 | | | — | | | -10,580 |
Accretion on discounted liabilities | | | — | | | 897 | | | — | | | — | | | — | | | 897 |
Pretax gains from sale of assets | | | — | | | -170 | | | — | | | — | | | — | | | -170 |
Net decrease (increase) in noncash operating working capital | | | — | | | 15,397 | | | — | | | -4,675 | | | — | | | 10,722 |
Equity in earnings | | | -253,092 | | | -85,467 | | | — | | | — | | | 338,559 | | | — |
Other operating activities-net | | | — | | | 10,985 | | | — | | | — | | | — | | | 10,985 |
Net cash provided by (required by) continuing operations | | | — | | | 190,660 | | | -1 | | | 25,657 | | | — | | | 216,316 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | 134 | | | — | | | 134 |
Net cash provided by (required by) operating activities | | | — | | | 190,660 | | | -1 | | | 25,791 | | | — | | | 216,450 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -84,355 | | | — | | | -332 | | | — | | | -84,687 |
Proceeds from sale of assets | | | — | | | 279 | | | — | | | — | | | — | | | 279 |
Expenditures for major repairs | | | — | | | — | | | — | | | -1,340 | | | — | | | -1,340 |
Purchase of intangible assets | | | — | | | -10,631 | | | — | | | — | | | — | | | -10,631 |
Other investing activities-net | | | — | | | — | | | — | | | — | | | — | | | — |
Investing activities of discontinued operations | | | | | | | | | | | | | | | | | | |
Sales proceeds | | | — | | | — | | | — | | | 1,097 | | | — | | | 1,097 |
Other | | | — | | | — | | | — | | | — | | | — | | | — |
Net cash required by investing activities | | | — | | | -94,707 | | | — | | | -575 | | | — | | | -95,282 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | -50,021 | | | — | | | — | | | — | | | — | | | -50,021 |
Repayments of long-term debt | | | — | | | -70,000 | | | — | | | — | | | — | | | -70,000 |
Additions to long-term debt | | | — | | | — | | | — | | | — | | | — | | | — |
Cash dividend to former parent | | | — | | | — | | | — | | | — | | | — | | | — |
Debt issuance costs | | | — | | | -950 | | | — | | | — | | | — | | | -950 |
Amounts related to share-based compensation activities | | | — | | | -674 | | | — | | | — | | | — | | | -674 |
Net distributions to parent | | | 50,021 | | | -26,004 | | | 1 | | | -24,018 | | | — | | | — |
Net cash provided by (required by) financing activities | | | — | | | -97,628 | | | 1 | | | -24,018 | | | — | | | -121,645 |
Net increase (decrease) in cash and cash equivalents | | | — | | | -1,675 | | | — | | | 1,198 | | | — | | | -477 |
Cash and cash equivalents at January 1 | | | — | | | 294,741 | | | — | | | — | | | — | | | 294,741 |
Cash and cash equivalents at September 30 | | $ | — | | $ | 293,066 | | $ | — | | $ | 1,198 | | $ | — | | $ | 294,264 |
|
COMBINING STATEMENT OF CASH FLOW |
(unaudited) |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | Nine Months Ended September 30, 2013 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Net income | | $ | — | | $ | 127,467 | | $ | -1 | | $ | 13,938 | | $ | — | | $ | 141,404 |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
Income from discontinued operations, net of tax | | | — | | | — | | | — | | | -14,551 | | | — | | | -14,551 |
Depreciation and amortization | | | — | | | 54,683 | | | — | | | 51 | | | — | | | 54,734 |
Amortization of deferred major repair costs | | | — | | | — | | | — | | | 400 | | | — | | | 400 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -15,771 | | | — | | | 2,414 | | | — | | | -13,357 |
Accretion on discounted liabilities | | | — | | | 821 | | | — | | | — | | | — | | | 821 |
Pretax gains from sale of assets | | | — | | | -5,980 | | | — | | | — | | | — | | | -5,980 |
Net decrease in noncash operating working capital | | | — | | | 129,970 | | | — | | | 28,585 | | | — | | | 158,555 |
Equity in earnings | | | — | | | — | | | — | | | — | | | — | | | — |
Other operating activities-net | | | — | | | 11,897 | | | — | | | — | | | — | | | 11,897 |
Net cash provided by (required by) continuing operations | | | — | | | 303,087 | | | -1 | | | 30,837 | | | — | | | 333,923 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | 36,033 | | | | | | 36,033 |
Net cash provided by (required by) operating activities | | | — | | | 303,087 | | | -1 | | | 66,870 | | | — | | | 369,956 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -120,439 | | | — | | | -1,156 | | | — | | | -121,595 |
Proceeds from sale of assets | | | — | | | 6,074 | | | — | | | — | | | — | | | 6,074 |
Expenditures for major repairs | | | — | | | — | | | — | | | -780 | | | — | | | -780 |
Purchase of intangible assets | | | — | | | — | | | — | | | — | | | — | | | — |
Other investing activities-net | | | — | | | 52 | | | — | | | — | | | — | | | 52 |
Investing activities of discontinued operations | | | | | | | | | | | | | | | | | | |
Sales proceeds | | | — | | | — | | | — | | | — | | | — | | | — |
Other | | | — | | | — | | | — | | | -754 | | | — | | | -754 |
Net cash required by investing activities | | | — | | | -114,313 | | | — | | | -2,690 | | | — | | | -117,003 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repayments of long-term debt | | | — | | | — | | | — | | | -34 | | | — | | | -34 |
Additions to long-term debt | | | — | | | 641,250 | | | — | | | — | | | — | | | 641,250 |
Cash dividend to former parent | | | — | | | -650,000 | | | — | | | — | | | — | | | -650,000 |
Debt issuance costs | | | — | | | -6,649 | | | — | | | — | | | — | | | -6,649 |
Amounts related to share-based compensation activities | | | — | | | — | | | — | | | — | | | — | | | — |
Net distributions to parent | | | — | | | 31,751 | | | 1 | | | -64,146 | | | — | | | -32,394 |
Net cash provided by (required by) financing activities | | | — | | | 16,352 | | | 1 | | | -64,180 | | | — | | | -47,827 |
Net increase in cash and cash equivalents | | | — | | | 205,126 | | | — | | | — | | | — | | | 205,126 |
Cash and cash equivalents at January 1 | | | — | | | 57,373 | | | — | | | — | | | — | | | 57,373 |
Cash and cash equivalents at September 30 | | $ | — | | $ | 262,499 | | $ | — | | $ | — | | $ | — | | $ | 262,499 |
|
|
Consolidating Statement Of Changes In Equity | ' |
CONSOLIDATING STATEMENT OF CHANGES IN EQUITY |
(unaudited) |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Nine Months Ended September 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 September 30, 2014 | | $ | 468 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 468 |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | 106 | | | — | | | — | | | — | | | — | | | 106 |
Repurchase of common stock | | | -50,021 | | | — | | | — | | | — | | | — | | | -50,021 |
Balance as of September 30, 2014 | | $ | -49,915 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | -49,915 |
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 | | | -106 | | | — | | | — | | | — | | | — | | | -106 |
Shares withheld to satisfy tax withholdings | | | — | | | -676 | | | — | | | — | | | — | | | -676 |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Share-based compensation expense | | | — | | | 7,384 | | | — | | | — | | | — | | | 7,384 |
Balance as of September 30, 2014 | | $ | 1,228,264 | | $ | 555,466 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 554,895 |
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 September 30, 2014 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | 38,954 | | $ | — | | $ | 68,622 | | $ | — | | $ | 107,576 |
Net income | | | 253,092 | | | 214,138 | | | -1 | | | 16,846 | | | -338,559 | | | 145,516 |
Balance as of September 30, 2014 | | $ | 253,092 | | $ | 253,092 | | $ | -1 | | $ | 85,468 | | $ | -338,559 | | $ | 253,092 |
| | | | | | | | | | | | | | | | | | |
|
COMBINING STATEMENT OF CHANGES IN EQUITY |
(unaudited) |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Nine Months Ended September 30, 2013 |
Statement of Stockholders' Equity/Net Parent Investment | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | 467 | | | 1 | | | 60 | | | — | | | -61 | | | 467 |
Balance as of September 30, 2013 | | $ | 467 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 467 |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repurchase of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of September 30, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
APIC | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of common stock | | | — | | | -467 | | | — | | | — | | | — | | | -467 |
Shares withheld to satisfy tax withholdings | | | — | | | — | | | — | | | — | | | — | | | — |
Reclassification of net parent investment to APIC | | | 1,228,370 | | | 549,526 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 549,061 |
Share-based compensation expense | | | — | | | 460 | | | — | | | — | | | — | | | 460 |
Balance as of September 30, 2013 | | $ | 1,228,370 | | $ | 549,519 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 549,054 |
Net Parent Investment | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | 1,123,467 | | $ | 53,895 | | $ | 117,550 | | $ | -190,461 | | $ | 1,104,451 |
Net income | | | — | | | 114,668 | | | — | | | 12,789 | | | — | | | 127,457 |
Dividend paid to former parent | | | — | | | -650,000 | | | — | | | — | | | — | | | -650,000 |
Net transfers to/between former parent | | | — | | | -32,847 | | | — | | | — | | | — | | | -32,847 |
Reclassification of net parent investment to APIC | | | — | | | -555,288 | | | -53,895 | | | -130,339 | | | 190,461 | | | -549,061 |
Balance as of September 30, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Net income | | | — | | | 12,228 | | | — | | | 1,719 | | | — | | | 13,947 |
Balance as of September 30, 2013 | | $ | — | | $ | 12,228 | | $ | — | | $ | 1,719 | | $ | — | | $ | 13,947 |
|
|