Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2014 |
Guarantor Subsidiaries [Abstract] | |
Consolidating Balance Sheet | CONSOLIDATING BALANCE SHEET |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | 31-Dec-14 |
Assets | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Current assets | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | $ | 327,163 | | $ | — | | $ | 942 | | $ | — | | $ | 328,105 |
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2014 | | | — | | | 138,466 | | | — | | | 1,625 | | | — | | | 140,091 |
Inventories, at lower of cost or market | | | — | | | 157,046 | | | — | | | 25,868 | | | — | | | 182,914 |
Prepaid expenses and other current assets | | | — | | | 11,710 | | | — | | | 3,062 | | | — | | | 14,772 |
Total current assets | | | — | | | 634,385 | | | — | | | 31,497 | | | — | | | 665,882 |
Property, plant and equipment, at cost less accumulated depreciation and amortization of $730,202 in 2014 | | | — | | | 1,248,081 | | | — | | | 5,043 | | | — | | | 1,253,124 |
Investments in subsidiaries | | | 1,580,277 | | | 177,263 | | | — | | | — | | | -1,757,540 | | | — |
Other assets | | | — | | | 14,736 | | | — | | | 515 | | | — | | | 15,251 |
Deferred tax assets | | | — | | | — | | | — | | | 19,273 | | | -19,273 | | | — |
Total assets | | $ | 1,580,277 | | $ | 2,074,465 | | $ | — | | $ | 56,328 | | $ | -1,776,813 | | $ | 1,934,257 |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Inter-company accounts payable | | | 51,348 | | | 82,528 | | | -52,077 | | | -81,799 | | | | | | — |
Trade accounts payable and accrued liabilities | | | — | | | 381,271 | | | — | | | 5,728 | | | — | | | 386,999 |
Income taxes payable | | | — | | | 18,348 | | | 14 | | | 7,238 | | | — | | | 25,600 |
Deferred income taxes | | | — | | | 522 | | | — | | | -41 | | | — | | | 481 |
Total current liabilities | | | 51,348 | | | 482,669 | | | -52,063 | | | -68,874 | | | — | | | 413,080 |
Long-term debt | | | — | | | 492,443 | | | — | | | — | | | — | | | 492,443 |
Deferred income taxes | | | — | | | 137,882 | | | — | | | — | | | -19,273 | | | 118,609 |
Asset retirement obligations | | | — | | | 22,245 | | | — | | | — | | | — | | | 22,245 |
Deferred credits and other liabilities | | | — | | | 29,175 | | | — | | | — | | | — | | | 29,175 |
Total liabilities | | | 51,348 | | | 1,164,414 | | | -52,063 | | | -68,874 | | | -19,273 | | | 1,075,552 |
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 December 31, 2014) | | | 468 | | | 1 | | | 60 | | | — | | | -61 | | | 468 |
Treasury stock (1,056,689 shares held at December 31, 2014) | | | -51,073 | | | — | | | — | | | — | | | — | | | -51,073 |
Additional paid in capital (APIC) | | | 1,228,095 | | | 558,611 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 557,871 |
Retained earnings | | | 351,439 | | | 351,439 | | | -1 | | | 89,525 | | | -440,963 | | | 351,439 |
Total stockholders' equity | | | 1,528,929 | | | 910,051 | | | 52,063 | | | 125,202 | | | -1,757,540 | | | 858,705 |
Total liabilities and stockholders' equity | | $ | 1,580,277 | | $ | 2,074,465 | | $ | — | | $ | 56,328 | | $ | -1,776,813 | | $ | 1,934,257 |
|
|
COMBINING BALANCE SHEET |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
(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 |
|
|
Consolidating Income Statement | CONSOLIDATING AND COMBINING INCOME STATEMENT |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2014 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Petroleum product sales | | $ | — | | $ | 14,911,658 | | $ | — | | $ | — | | $ | -183,131 | | $ | 14,728,527 |
Merchandise sales | | | — | | | 2,161,378 | | | — | | | — | | | — | | | 2,161,378 |
Ethanol sales and other | | | — | | | 96,109 | | | — | | | 223,905 | | | — | | | 320,014 |
Total revenues | | | — | | | 17,169,145 | | | — | | | 223,905 | | | -183,131 | | | 17,209,919 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 14,257,710 | | | — | | | — | | | -183,131 | | | 14,074,579 |
Merchandise cost of goods sold | | | — | | | 1,859,732 | | | — | | | — | | | — | | | 1,859,732 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 158,276 | | | — | | | 158,276 |
Station and other operating expenses | | | — | | | 486,762 | | | — | | | 34,764 | | | — | | | 521,526 |
Depreciation and amortization | | | — | | | 79,087 | | | — | | | 147 | | | — | | | 79,234 |
Impairment of properties | | | — | | | — | | | — | | | — | | | — | | | — |
Selling, general and administrative | | | — | | | 119,265 | | | 1 | | | 1,635 | | | — | | | 120,901 |
Accretion of asset retirement obligations | | | — | | | 1,200 | | | — | | | — | | | — | | | 1,200 |
Total costs and operating expenses | | | — | | | 16,803,756 | | | 1 | | | 194,822 | | | -183,131 | | | 16,815,448 |
Income from operations | | | — | | | 365,389 | | | -1 | | | 29,083 | | | — | | | 394,471 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 244 | | | — | | | — | | | — | | | 244 |
Interest expense | | | — | | | -36,646 | | | — | | | — | | | — | | | -36,646 |
Gain (loss) on sale of assets | | | — | | | 194 | | | — | | | — | | | — | | | 194 |
Other nonoperating income | | | — | | | 10,166 | | | — | | | 994 | | | — | | | 11,160 |
Total other income (expense) | | | — | | | -26,042 | | | — | | | 994 | | | — | | | -25,048 |
Income from continuing operations before income taxes | | | — | | | 339,347 | | | -1 | | | 30,077 | | | — | | | 369,423 |
Income tax expense | | | — | | | 116,386 | | | — | | | 9,955 | | | — | | | 126,341 |
Income from continuing operations | | | — | | | 222,961 | | | -1 | | | 20,122 | | | — | | | 243,082 |
Income (loss) from discontinued operations, net of income taxes | | | — | | | — | | | — | | | 781 | | | — | | | 781 |
Equity earnings in affiliates, net of tax | | | 351,439 | | | 89,524 | | | — | | | — | | | -440,963 | | | — |
Net Income | | $ | 351,439 | | $ | 312,485 | | $ | -1 | | $ | 20,903 | | $ | -440,963 | | $ | 243,863 |
|
|
COMBINING INCOME STATEMENT |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2013 |
Revenues | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Petroleum product sales | | $ | — | | $ | 15,766,752 | | $ | — | | $ | — | | $ | -206,435 | | $ | 15,560,317 |
Merchandise sales | | | — | | | 2,159,466 | | | — | | | — | | | — | | | 2,159,466 |
Ethanol sales and other | | | — | | | 94,298 | | | — | | | 269,254 | | | — | | | 363,552 |
Total revenues | | | — | | | 18,020,516 | | | — | | | 269,254 | | | -206,435 | | | 18,083,335 |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | — | | | 15,216,390 | | | — | | | — | | | -206,435 | | | 15,009,955 |
Merchandise cost of goods sold | | | — | | | 1,877,630 | | | — | | | — | | | — | | | 1,877,630 |
Ethanol cost of goods sold | | | — | | | — | | | — | | | 228,899 | | | — | | | 228,899 |
Station and other operating expenses | | | — | | | 460,476 | | | — | | | 33,227 | | | — | | | 493,703 |
Depreciation and amortization | | | — | | | 74,053 | | | — | | | 77 | | | — | | | 74,130 |
Impairment of properties | | | — | | | — | | | — | | | — | | | — | | | — |
Selling, general and administrative | | | — | | | 129,430 | | | 1 | | | 3,568 | | | — | | | 132,999 |
Accretion of asset retirement obligations | | | — | | | 1,096 | | | — | | | — | | | — | | | 1,096 |
Total costs and operating expenses | | | — | | | 17,759,075 | | | 1 | | | 265,771 | | | -206,435 | | | 17,818,412 |
Income from operations | | | — | | | 261,441 | | | -1 | | | 3,483 | | | — | | | 264,923 |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | 1,099 | | | — | | | — | | | — | | | 1,099 |
Interest expense | | | — | | | -14,509 | | | — | | | — | | | — | | | -14,509 |
Gain (loss) on sale of assets | | | — | | | 5,995 | | | — | | | — | | | — | | | 5,995 |
Other nonoperating income | | | — | | | 169 | | | — | | | — | | | — | | | 169 |
Total other income (expense) | | | — | | | -7,246 | | | — | | | — | | | — | | | -7,246 |
Income from continuing operations before income taxes | | | — | | | 254,195 | | | -1 | | | 3,483 | | | — | | | 257,677 |
Income tax expense | | | — | | | 100,059 | | | — | | | 1,292 | | | — | | | 101,351 |
Income from continuing operations | | | — | | | 154,136 | | | -1 | | | 2,191 | | | — | | | 156,326 |
Income (loss) from discontinued operations, net of income taxes | | | — | | | — | | | — | | | 78,707 | | | — | | | 78,707 |
Equity earnings in affiliates, net of tax | | | — | | | — | | | — | | | — | | | — | | | — |
Net Income | | $ | — | | $ | 154,136 | | $ | -1 | | $ | 80,898 | | $ | — | | $ | 235,033 |
|
|
COMBINING INCOME STATEMENT |
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2012 | | | |
Revenues | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined | | | |
Petroleum product sales | | $ | 17,071,126 | | $ | — | | $ | — | | $ | -216,141 | | $ | 16,854,985 | | | |
Merchandise sales | | | 2,144,347 | | | — | | | — | | | — | | | 2,144,347 | | | |
Ethanol sales and other | | | 11,708 | | | — | | | 290,268 | | | — | | | 301,976 | | | |
Total revenues | | | 19,227,181 | | | — | | | 290,268 | | | -216,141 | | | 19,301,308 | | | |
Costs and operating expenses | | | | | | | | | | | | | | | | | | |
Petroleum product cost of goods sold | | | 16,514,457 | | | — | | | — | | | -216,141 | | | 16,298,316 | | | |
Merchandise cost of goods sold | | | 1,855,641 | | | — | | | — | | | — | | | 1,855,641 | | | |
Ethanol cost of goods sold | | | — | | | — | | | 269,168 | | | — | | | 269,168 | | | |
Station and other operating expenses | | | 447,103 | | | — | | | 33,006 | | | — | | | 480,109 | | | |
Depreciation and amortization | | | 68,299 | | | — | | | 3,441 | | | — | | | 71,740 | | | |
Impairment of properties | | | — | | | — | | | 60,988 | | | — | | | 60,988 | | | |
Selling, general and administrative | | | 109,634 | | | 2 | | | 3,486 | | | — | | | 113,122 | | | |
Accretion of asset retirement obligations | | | 980 | | | — | | | — | | | — | | | 980 | | | |
Total costs and operating expenses | | | 18,996,114 | | | 2 | | | 370,089 | | | -216,141 | | | 19,150,064 | | | |
Income from operations | | | 231,067 | | | -2 | | | -79,821 | | | — | | | 151,244 | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | |
Interest income | | | 172 | | | — | | | — | | | — | | | 172 | | | |
Interest expense | | | -384 | | | — | | | — | | | — | | | -384 | | | |
Gain (loss) on sale of assets | | | -1,005 | | | — | | | — | | | — | | | -1,005 | | | |
Other nonoperating income | | | 92 | | | — | | | — | | | — | | | 92 | | | |
Total other income (expense) | | | -1,125 | | | — | | | — | | | — | | | -1,125 | | | |
Income from continuing operations before income taxes | | | 229,942 | | | -2 | | | -79,821 | | | — | | | 150,119 | | | |
Income tax expense | | | 91,525 | | | — | | | -27,820 | | | — | | | 63,705 | | | |
Income from continuing operations | | | 138,417 | | | -2 | | | -52,001 | | | — | | | 86,414 | | | |
Income from discontinued operations, net of income taxes | | | — | | | — | | | -2,846 | | | — | | | -2,846 | | | |
Equity earnings in affiliates, net of tax | | | — | | | — | | | — | | | — | | | — | | | |
Net Income | | $ | 138,417 | | $ | -2 | | $ | -54,847 | | $ | — | | $ | 83,568 | | | |
|
|
Consolidating Statement Of Cash Flow | CONSOLIDATING AND COMBINING STATEMENT OF CASH FLOW |
|
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2014 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Net income | | $ | 351,439 | | $ | 312,485 | | $ | -1 | | $ | 20,903 | | $ | -440,963 | | $ | 243,863 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
Income from discontinued operations, net of tax | | | — | | | — | | | — | | | -781 | | | — | | | -781 |
Depreciation and amortization | | | — | | | 79,087 | | | — | | | 147 | | | — | | | 79,234 |
Amortization of deferred major repair costs | | | — | | | — | | | — | | | 1,093 | | | — | | | 1,093 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -4,403 | | | — | | | 3,371 | | | — | | | -1,032 |
Impairment of properties | | | — | | | — | | | — | | | — | | | — | | | — |
Accretion on discounted liabilities | | | — | | | 1,200 | | | — | | | — | | | — | | | 1,200 |
Pretax gains from sale of assets | | | — | | | -194 | | | — | | | — | | | — | | | -194 |
Net decrease (increase) in noncash operating working capital | | | — | | | -36,475 | | | — | | | 4,009 | | | — | | | -32,466 |
Equity in earnings | | | -351,439 | | | -89,524 | | | — | | | — | | | 440,963 | | | — |
Other operating activities - net | | | — | | | 14,531 | | | — | | | — | | | — | | | 14,531 |
Net cash provided by (required by) continuing operations | | | — | | | 276,707 | | | -1 | | | 28,742 | | | — | | | 305,448 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | 134 | | | — | | | 134 |
Net cash provided by (required by) operating activities | | | — | | | 276,707 | | | -1 | | | 28,876 | | | — | | | 305,582 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -135,339 | | | — | | | -3,549 | | | — | | | -138,888 |
Proceeds from sale of assets | | | — | | | 376 | | | — | | | — | | | — | | | 376 |
Expenditures for major repairs | | | — | | | — | | | — | | | -1,369 | | | — | | | -1,369 |
Other investing activities - net | | | — | | | -10,631 | | | — | | | — | | | — | | | -10,631 |
Sales proceeds | | | — | | | — | | | — | | | 1,097 | | | — | | | 1,097 |
Other | | | — | | | — | | | — | | | — | | | — | | | — |
Net cash required by investing activities | | | — | | | -145,594 | | | — | | | -3,821 | | | — | | | -149,415 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | -51,348 | | | — | | | — | | | — | | | — | | | -51,348 |
Repayments of long-term debt | | | — | | | -70,000 | | | — | | | — | | | — | | | -70,000 |
Additions to long-term debt | | | — | | | — | | | — | | | — | | | — | | | — |
Cash dividend to former parent | | | — | | | — | | | — | | | — | | | — | | | — |
Debt issuance costs | | | — | | | -875 | | | — | | | — | | | — | | | -875 |
Amounts related to share-based compensation | | | — | | | -580 | | | — | | | — | | | — | | | -580 |
Net distributions to parent | | | 51,348 | | | -27,236 | | | 1 | | | -24,113 | | | — | | | — |
Net cash provided by (required by) financing activities | | | — | | | -98,691 | | | 1 | | | -24,113 | | | — | | | -122,803 |
Net increase in cash and cash equivalents | | | — | | | 32,422 | | | — | | | 942 | | | — | | | 33,364 |
Cash and cash equivalents at January 1 | | | — | | | 294,741 | | | — | | | — | | | — | | | 294,741 |
Cash and cash equivalents at December 31 | | $ | — | | $ | 327,163 | | $ | — | | $ | 942 | | $ | — | | $ | 328,105 |
|
|
COMBINING STATEMENT OF CASH FLOW |
|
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2013 |
Operating Activities | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated and Combined |
Net income (loss) | | $ | — | | $ | 154,136 | | $ | -1 | | $ | 80,898 | | $ | — | | $ | 235,033 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
Income from discontinued operations, net of tax | | | — | | | — | | | — | | | -78,707 | | | — | | | -78,707 |
Depreciation and amortization | | | — | | | 74,053 | | | — | | | 77 | | | — | | | 74,130 |
Amortization of deferred major repair costs | | | — | | | — | | | — | | | 575 | | | — | | | 575 |
Deferred and noncurrent income tax charges (credits) | | | — | | | -11,568 | | | — | | | 4,306 | | | — | | | -7,262 |
Impairment of properties | | | — | | | — | | | — | | | — | | | — | | | — |
Accretion on discounted liabilities | | | — | | | 1,096 | | | — | | | — | | | — | | | 1,096 |
Pretax gains from sale of assets | | | — | | | -5,995 | | | — | | | — | | | — | | | -5,995 |
Net decrease in noncash operating working capital | | | — | | | 51,204 | | | — | | | 23,661 | | | — | | | 74,865 |
Equity in earnings | | | — | | | — | | | — | | | — | | | — | | | — |
Other operating activities - net | | | — | | | 13,215 | | | — | | | — | | | — | | | 13,215 |
Net cash provided by (required by) continuing operations | | | — | | | 276,141 | | | -1 | | | 30,810 | | | — | | | 306,950 |
Net cash provided by discontinued operations | | | — | | | — | | | — | | | 49,748 | | | — | | | 49,748 |
Net cash provided by (required by) operating activities | | | — | | | 276,141 | | | -1 | | | 80,558 | | | — | | | 356,698 |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | — | | | -163,303 | | | — | | | -1,233 | | | — | | | -164,536 |
Proceeds from sale of assets | | | — | | | 6,113 | | | — | | | — | | | — | | | 6,113 |
Expenditures for major repairs | | | — | | | — | | | — | | | -726 | | | — | | | -726 |
Other investing activities - net | | | — | | | 52 | | | — | | | — | | | — | | | 52 |
Sales proceeds | | | — | | | — | | | — | | | 173,118 | | | — | | | 173,118 |
Other | | | — | | | — | | | — | | | -1,129 | | | — | | | -1,129 |
Net cash provided by (required by) investing activities | | | — | | | -157,138 | | | — | | | 170,030 | | | — | | | 12,892 |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repayments of long-term debt | | | — | | | -80,000 | | | — | | | -1,170 | | | — | | | -81,170 |
Additions to long-term debt | | | — | | | 641,250 | | | — | | | — | | | — | | | 641,250 |
Cash dividend to former parent | | | — | | | -650,000 | | | — | | | — | | | — | | | -650,000 |
Debt issuance costs | | | — | | | -6,693 | | | — | | | — | | | — | | | -6,693 |
Amounts related to share-based compensation | | | — | | | — | | | — | | | — | | | — | | | — |
Net distributions to parent | | | — | | | 213,808 | | | 1 | | | -249,418 | | | — | | | -35,609 |
Net cash provided by (required by) financing activities | | | — | | | 118,365 | | | 1 | | | -250,588 | | | — | | | -132,222 |
Net increase in cash and cash equivalents | | | — | | | 237,368 | | | — | | | — | | | — | | | 237,368 |
Cash and cash equivalents at January 1 | | | — | | | 57,373 | | | — | | | — | | | — | | | 57,373 |
Cash and cash equivalents at December 31 | | $ | — | | $ | 294,741 | | $ | — | | $ | — | | $ | — | | $ | 294,741 |
|
|
COMBINING STATEMENT OF CASH FLOW |
|
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2012 | | | |
Operating Activities | | Issuer | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined | | | |
Net income (loss) | | $ | 138,417 | | $ | -2 | | $ | -54,847 | | $ | — | | $ | 83,568 | | | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | | | | | | |
(Income) loss from discontinued operations, net of tax | | | — | | | — | | | 2,846 | | | — | | | 2,846 | | | |
Depreciation and amortization | | | 68,299 | | | — | | | 3,441 | | | — | | | 71,740 | | | |
Amortization of deferred major repair costs | | | — | | | — | | | 163 | | | — | | | 163 | | | |
Deferred and noncurrent income tax charges (credits) | | | 1,957 | | | — | | | -18,420 | | | — | | | -16,463 | | | |
Impairment of properties | | | — | | | — | | | 60,988 | | | — | | | 60,988 | | | |
Accretion on discounted liabilities | | | 980 | | | — | | | — | | | — | | | 980 | | | |
Pretax (gains) losses from sale of assets | | | 1,005 | | | — | | | — | | | — | | | 1,005 | | | |
Net decrease (increase) in noncash operating working capital | | | 62,493 | | | — | | | -29,940 | | | — | | | 32,553 | | | |
Equity in earnings | | | — | | | — | | | — | | | — | | | — | | | |
Other operating activities - net | | | -1,088 | | | — | | | — | | | — | | | -1,088 | | | |
Net cash provided by (required by) continuing operations | | | 272,063 | | | -2 | | | -35,769 | | | — | | | 236,292 | | | |
Net cash provided by discontinued operations | | | — | | | — | | | 1,135 | | | — | | | 1,135 | | | |
Net cash provided by (required by) operating activities | | | 272,063 | | | -2 | | | -34,634 | | | — | | | 237,427 | | | |
Investing Activities | | | | | | | | | | | | | | | | | | |
Property additions | | | -103,152 | | | — | | | -1,344 | | | — | | | -104,496 | | | |
Proceeds from sale of assets | | | 364 | | | — | | | — | | | — | | | 364 | | | |
Expenditures for major repairs | | | — | | | — | | | -250 | | | — | | | -250 | | | |
Other investing activities - net | | | — | | | — | | | — | | | — | | | — | | | |
Sales proceeds | | | — | | | — | | | — | | | — | | | — | | | |
Other | | | — | | | — | | | -7,706 | | | — | | | -7,706 | | | |
Net cash required by investing activities | | | -102,788 | | | — | | | -9,300 | | | — | | | -112,088 | | | |
Financing Activities | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | — | | | — | | | — | | | — | | | — | | | |
Repayments of long-term debt | | | — | | | — | | | -42 | | | — | | | -42 | | | |
Additions to long-term debt | | | — | | | — | | | — | | | — | | | — | | | |
Cash dividend to former parent | | | — | | | — | | | — | | | — | | | — | | | |
Debt issuance costs | | | — | | | — | | | — | | | — | | | — | | | |
Amounts related to share-based compensation | | | — | | | — | | | — | | | — | | | — | | | |
Net distributions to former parent | | | -148,789 | | | 2 | | | 43,976 | | | — | | | -104,811 | | | |
Net cash provided by (required by) financing activities | | | -148,789 | | | 2 | | | 43,934 | | | — | | | -104,853 | | | |
Net increase in cash and cash equivalents | | | 20,486 | | | — | | | — | | | — | | | 20,486 | | | |
Cash and cash equivalents at January 1 | | | 36,887 | | | — | | | — | | | — | | | 36,887 | | | |
Cash and cash equivalents at December 31 | | $ | 57,373 | | $ | — | | $ | — | | $ | — | | $ | 57,373 | | | |
|
|
Consolidating Statement Of Changes In Equity | CONSOLIDATING AND COMBINING STATEMENT OF CHANGES IN EQUITY |
|
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2014 |
Statement of Stockholders' Equity/Net Parent Investment | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | 467 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 467 |
Issuance of common stock | | | 1 | | | — | | | — | | | — | | | — | | | 1 |
Balance as of December 31, 2014 | | $ | 468 | | $ | 1 | | $ | 60 | | $ | — | | $ | -61 | | $ | 468 |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | | — | | | — | | | — | | | — | | | — | | | — |
Issuance of common stock | | | 275 | | | — | | | — | | | — | | | — | | | 275 |
Repurchase of common stock | | | -51,348 | | | — | | | — | | | — | | | — | | | -51,348 |
Balance as of December 31, 2014 | | $ | -51,073 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | -51,073 |
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 | | | -275 | | | — | | | — | | | — | | | — | | | -275 |
Shares withheld to satisfy tax withholdings | | | — | | | -582 | | | — | | | — | | | — | | | -582 |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Share-based compensation expense | | | — | | | 10,435 | | | — | | | — | | | — | | | 10,435 |
Balance as of December 31, 2014 | | $ | 1,228,095 | | $ | 558,611 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 557,871 |
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 December 31, 2014 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2013 | | $ | — | | $ | 38,954 | | $ | — | | $ | 68,622 | | $ | — | | $ | 107,576 |
Net income | | | 351,439 | | | 312,485 | | | -1 | | | 20,903 | | | -440,963 | | | 243,863 |
Balance as of December 31, 2014 | | $ | 351,439 | | $ | 351,439 | | $ | -1 | | $ | 89,525 | | $ | -440,963 | | $ | 351,439 |
| | | | | | | | | | | | | | | | | | |
|
|
COMBINING STATEMENTS OF CHANGES IN EQUITY |
|
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2013 |
Statement of Stockholders' Equity/Net Parent Investment | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of stock at the separation and distribution | | | 467 | | | 1 | | | 60 | | | — | | | -61 | | | 467 |
Balance as of December 31, 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 December 31, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
APIC | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of stock at the separation and distribution | | | | | | -467 | | | — | | | — | | | — | | | -467 |
Shares withheld to satisfy tax withholdings | | | — | | | — | | | — | | | — | | | — | | | — |
Reclassification of net parent investment to APIC | | | 1,228,370 | | | 546,311 | | | 52,004 | | | 35,677 | | | -1,316,516 | | | 545,846 |
Share-based compensation expense | | | — | | | 2,914 | | | — | | | — | | | — | | | 2,914 |
Balance as of December 31, 2013 | | $ | 1,228,370 | | $ | 548,758 | | $ | 52,004 | | $ | 35,677 | | $ | -1,316,516 | | $ | 548,293 |
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 | | | — | | | -36,062 | | | — | | | — | | | — | | | -36,062 |
Reclassification of net parent investment to APIC | | | — | | | -552,073 | | | -53,895 | | | -130,339 | | | 190,461 | | | -545,846 |
Balance as of December 31, 2013 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Net income | | | — | | | 38,954 | | | — | | | 68,622 | | | — | | | 107,576 |
Balance as of December 31, 2013 | | $ | — | | $ | 38,954 | | $ | — | | $ | 68,622 | | $ | — | | $ | 107,576 |
|
|
COMBINING STATEMENTS OF CHANGES IN EQUITY |
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
(Thousands of dollars) | | Year ended December 31, 2012 |
Statement of Stockholders' Equity/Net Parent Investment | | Parent Company | | Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Combined |
Common Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2011 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of stock at the separation and distribution | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Treasury Stock | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2011 | | | — | | | — | | | — | | | — | | | — | | | — |
Issuance of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Repurchase of common stock | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
APIC | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2011 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Issuance of stock at the separation and distribution | | | — | | | — | | | — | | | — | | | — | | | — |
Shares withheld to satisfy tax withholdings | | | — | | | — | | | — | | | — | | | — | | | — |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Share-based compensation expense | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Net Parent Investment | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2011 | | $ | — | | $ | 1,043,914 | | $ | 2,166 | | $ | 263,328 | | $ | -190,461 | | $ | 1,118,947 |
Net income | | | — | | | 138,416 | | | — | | | -54,848 | | | — | | | 83,568 |
Dividend paid to former parent | | | — | | | — | | | — | | | — | | | — | | | — |
Net transfers to/between former parent | | | — | | | -58,863 | | | 51,729 | | | -90,930 | | | — | | | -98,064 |
Reclassification of net parent investment to APIC | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of December 31, 2012 | | $ | — | | $ | 1,123,467 | | $ | 53,895 | | $ | 117,550 | | $ | -190,461 | | $ | 1,104,451 |
Retained Earnings | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2011 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Net income | | | — | | | — | | | — | | | — | | | — | | | — |
Balance as of December 31, 2012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
|
|