Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
Document Transition Report | false |
Entity File Number | 001-35914 |
Entity Registrant Name | MURPHY USA INC. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 46-2279221 |
Entity Address, Address Line One | 200 Peach Street |
Entity Address, City or Town | El Dorado, |
Entity Address, State or Province | AR |
Entity Address, Postal Zip Code | 71730-5836 |
City Area Code | 870 |
Local Phone Number | 875-7600 |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | MUSA |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 24,201,591 |
Amendment Flag | false |
Entity Central Index Key | 0001573516 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 356.2 | $ 256.4 |
Accounts receivable—trade, less allowance for doubtful accounts of $0.1 at 2022 and 2021 | 260.4 | 195.7 |
Inventories | 265.9 | 292.3 |
Prepaid expenses and other current assets | 28.3 | 23.4 |
Total current assets | 910.8 | 767.8 |
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,428.2 and $1,373.4 at 2022 and 2021, respectively | 2,391.6 | 2,378.4 |
Operating lease right of use assets, net | 420.5 | 419.2 |
Intangible assets, net of amortization | 140.6 | 140.7 |
Goodwill | 328 | 328 |
Other assets | 14.7 | 14.1 |
Total assets | 4,206.2 | 4,048.2 |
Current liabilities | ||
Current maturities of long-term debt | 14.9 | 15 |
Trade accounts payable and accrued liabilities | 790.8 | 660.3 |
Income taxes payable | 35.1 | 0 |
Total current liabilities | 840.8 | 675.3 |
Long-term debt, including capitalized lease obligations | 1,797.4 | 1,800.1 |
Deferred income taxes | 303.5 | 295.9 |
Asset retirement obligations | 39.3 | 39.2 |
Non current operating lease liabilities | 411.5 | 408.9 |
Deferred credits and other liabilities | 22.2 | 21.6 |
Total liabilities | 3,414.7 | 3,241 |
Stockholders' Equity | ||
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | 0 | 0 |
Common Stock, par $0.01, (authorized 200,000,000 shares, 46,767,164 shares issued at 2022 and 2021 respectively) | 0.5 | 0.5 |
Treasury stock (22,565,573 and 21,831,904 shares held at 2022 and 2021, respectively) | (1,982.3) | (1,839.3) |
Additional paid in capital (APIC) | 516.7 | 534.8 |
Retained earnings | 2,257.6 | 2,112.4 |
Accumulated other comprehensive income (loss) (AOCI) | (1) | (1.2) |
Total stockholders' equity | 791.5 | 807.2 |
Total liabilities and stockholders' equity | $ 4,206.2 | $ 4,048.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 0.1 | $ 0.1 |
Property, plant and equipment, accumulated depreciation and amortization | $ 1,428.2 | $ 1,373.4 |
Stockholders' Equity | ||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock shares issued (in shares) | 46,767,164 | 46,767,164 |
Treasury stock, shares held (in shares) | 22,565,573 | 21,831,904 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Operating Revenues | |||
Total operating revenues | $ 5,118.4 | $ 3,537.1 | |
Operating Expenses | |||
Depreciation and amortization | 55.4 | 51 | |
Selling, general and administrative | 46.2 | 44.3 | |
Accretion of asset retirement obligations | 0.7 | 0.6 | |
Acquisition related costs | 0.2 | 8.8 | |
Total operating expenses | 4,897.7 | 3,442.7 | |
Gain (loss) on sale of assets | 0 | 0.2 | |
Income (loss) from operations | 220.7 | 94.6 | |
Other income (expense) | |||
Interest expense | (19.6) | (21.3) | |
Other nonoperating income (expense) | (0.7) | 0 | |
Total other income (expense) | (20.3) | (21.3) | |
Income before income taxes | 200.4 | 73.3 | |
Income tax expense (benefit) | 48 | 18 | |
Net Income | $ 152.4 | $ 55.3 | |
Basic and Diluted Earnings Per Common Share | |||
Basic (in dollars per share) | $ 6.18 | $ 2.04 | |
Diluted (in dollars per share) | $ 6.08 | $ 2.01 | |
Weighted-Average Common Shares Outstanding (in thousands): | |||
Basic (in shares) | 24,655 | 27,131 | |
Diluted (in shares) | 25,074 | 27,488 | |
Supplemental information: | |||
Excise taxes | $ 514.1 | $ 469.6 | |
Petroleum product | |||
Operating Revenues | |||
Total operating revenues | [1] | 4,148.4 | 2,635.8 |
Operating Expenses | |||
Operating expenses | [1] | 3,856.2 | 2,476.1 |
Merchandise sales | |||
Operating Revenues | |||
Total operating revenues | 892 | 833.2 | |
Operating Expenses | |||
Operating expenses | 716.3 | 684.8 | |
Other operating revenues | |||
Operating Revenues | |||
Total operating revenues | 78 | 68.1 | |
Operating Expenses | |||
Store and other operating expenses | $ 222.7 | $ 177.1 | |
[1] | Includes excise taxes of $514.1 million and $469.6 million for the three months ended March 31, 2022 and 2021, respectively |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 152.4 | $ 55.3 |
Interest rate swap: | ||
Realized gain (loss) | 0 | (0.1) |
Unrealized gain (loss) | 0 | 0.1 |
Reclassifications: | ||
Realized gain reclassified to interest expense | 0 | 0.1 |
Amortization of unrealized (gain) loss to interest expense | 0.2 | 0.2 |
Total | 0.2 | 0.3 |
Deferred income tax (benefit) expense | 0 | 0.1 |
Other comprehensive income (loss) | 0.2 | 0.2 |
Comprehensive income | $ 152.6 | $ 55.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 152.4 | $ 55.3 | |
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities | |||
Depreciation and amortization | 55.4 | 51 | |
Deferred and noncurrent income tax charges (credits) | 7.5 | 3.7 | |
Accretion of asset retirement obligations | 0.7 | 0.6 | $ 2.5 |
(Gains) losses from sale of assets | 0 | (0.2) | |
Net (increase) decrease in noncash operating working capital | 118.9 | 108 | |
Other operating activities - net | 4.3 | 11.4 | |
Net cash provided by (required by) operating activities | 339.2 | 229.8 | |
Investing Activities | |||
Property additions | (64) | (53.6) | |
Payments for acquisition, net of cash acquired | 0 | (642.1) | |
Proceeds from sale of assets | 0 | 0.3 | |
Other investing activities - net | (0.4) | (0.9) | |
Net cash provided by (required by) investing activities | (64.4) | (696.3) | |
Financing Activities | |||
Purchase of treasury stock | (151.8) | (50) | |
Dividends paid | (7.2) | (6.8) | |
Borrowings of debt | 0 | 892.8 | |
Repayments of debt | (3.8) | (214.4) | |
Debt issuance costs | 0 | (8.8) | |
Amounts related to share-based compensation | (12.2) | (5.8) | |
Net cash provided by (required by) financing activities | (175) | 607 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 99.8 | 140.5 | |
Cash, cash equivalents, and restricted cash at beginning of period | 256.4 | 163.6 | 163.6 |
Cash, cash equivalents, and restricted cash at end of period | $ 356.2 | $ 304.1 | $ 256.4 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | APIC | Retained Earnings | AOCI |
Beginning balance (in shares) at Dec. 31, 2020 | 46,767,164 | |||||
Beginning balance at Dec. 31, 2020 | $ 784.1 | $ 0.5 | $ (1,490.9) | $ 533.3 | $ 1,743.1 | $ (1.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 55.3 | 55.3 | ||||
Amortization of unrealized loss on interest rate hedge, net of tax | 0.2 | 0.2 | ||||
Cash dividends declared ($0.29 per share) | (6.8) | (6.8) | ||||
Dividend equivalent units accrued | 0 | 0.1 | (0.1) | |||
Purchase of treasury stock | (50) | (50) | ||||
Issuance of treasury stock | 0 | 5.6 | (5.6) | |||
Amounts related to share-based compensation | (5.8) | (5.8) | ||||
Share-based compensation expense | 3.6 | 3.6 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 46,767,164 | |||||
Ending balance at Mar. 31, 2021 | 780.6 | $ 0.5 | (1,535.3) | 525.6 | 1,791.5 | (1.7) |
Beginning balance (in shares) at Dec. 31, 2021 | 46,767,164 | |||||
Beginning balance at Dec. 31, 2021 | 807.2 | $ 0.5 | (1,839.3) | 534.8 | 2,112.4 | (1.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 152.4 | 152.4 | ||||
Amortization of unrealized loss on interest rate hedge, net of tax | 0.2 | 0.2 | ||||
Cash dividends declared ($0.29 per share) | (7.2) | (7.2) | ||||
Purchase of treasury stock | (151.8) | (151.8) | ||||
Issuance of treasury stock | 0 | 8.8 | (8.8) | |||
Amounts related to share-based compensation | (12.2) | (12.2) | ||||
Share-based compensation expense | 2.9 | 2.9 | ||||
Ending balance (in shares) at Mar. 31, 2022 | 46,767,164 | |||||
Ending balance at Mar. 31, 2022 | $ 791.5 | $ 0.5 | $ (1,982.3) | $ 516.7 | $ 2,257.6 | $ (1) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared (in dollars per share) | $ 0.29 | $ 0.25 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of business — Murphy USA Inc. and its consolidated subsidiaries (“Murphy USA” or the “Company”) markets refined products through a network of retail gasoline stores and to unbranded wholesale customers. In addition, we operate non-fuel convenience stores in select markets. The Company owns and operates a chain of retail stores under the brand name of Murphy USA® which are almost all located in close proximity to Walmart stores, markets gasoline and other products at standalone stores under the Murphy Express brand, and also has a mix of convenience stores with and without retail gasoline that operate under the name of QuickChek®. At March 31, 2022, the Company had a total of 1,686 Company stores of which 1,151 were Murphy USA, 376 were Murphy Express and 159 were QuickChek. The Company also has certain product supply and wholesale assets, including product distribution terminals and pipeline positions. Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued 100 shares of common stock, par value $0.01 per share, to Murphy Oil Corporation (“Murphy Oil”) for $1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of 100% of the common stock of Murphy USA to holders of Murphy Oil stock. On January 29, 2021, the Company acquired 100% of QuickChek Corporation ("QuickChek"), a privately held convenience store chain. Murphy USA Inc., Murphy Oil USA, Inc. and certain of its subsidiaries operate on a calendar year basis, while the subsidiary QuickChek uses a weekly retail calendar where each quarter has 13 weeks. For the three month period ended March 31, 2022, the QuickChek results cover the period from January 1, 2022 to April 1, 2022 and for the three month period ended March 31, 2021, results cover the period January 29, 2021 to April 2, 2021. The difference in timing of the period ends is immaterial to the overall consolidated results. In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. Interim Financial Information — The interim period financial information presented in these consolidated financial statements is unaudited and includes all known accruals and adjustments, in the opinion of management, necessary for a fair presentation of the consolidated financial position of Murphy USA and its results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature. These interim consolidated financial statements should be read together with our audited financial statements for the years ended December 31, 2021, 2020 and 2019, included in our Annual Report on Form 10-K (File No. 001-35914), as filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934 on February 17, 2022. Recently Issued Accounting Standards — In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope". This standard extends certain of the optional expedients and exceptions in ASC 848 that apply to derivative contracts impacted by the discounting transition, including derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. The new standard applies to all entities and is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has determined this standard has not had a material impact on the Company's consolidated financial statements. In August 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. Under Topic 606, the acquirer applies the revenue model as if it had originated the contracts. This is a departure from the current requirement to measure contract assets and contract liabilities at fair value. This ASU is effective for the Company for the year beginning January 1, 2023, with early adoption permitted. The Company has determined this will not likely have a material impact on the Company's consolidated financial statements. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Revenue Recognition Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis. The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company continues to account for these transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income. The following tables disaggregate our revenues by major source for the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Millions of dollars) Marketing Corporate and Other Assets Consolidated Marketing Corporate and Other Assets Consolidated Petroleum product sales (at retail) 1 $ 3,728.4 — $ 3,728.4 $ 2,384.8 $ — $ 2,384.8 Petroleum product sales (at wholesale) 1 420.0 — 420.0 251.0 — 251.0 Total petroleum product sales 4,148.4 — 4,148.4 2,635.8 — 2,635.8 Merchandise sales 892.0 — 892.0 833.2 — 833.2 Other operating revenues: RINs 76.6 — 76.6 66.7 — 66.7 Other revenues 2 1.3 0.1 1.4 1.4 — 1.4 Total revenues $ 5,118.3 $ 0.1 $ 5,118.4 $ 3,537.1 $ — $ 3,537.1 1 Includes excise and sales taxes that remain eligible for inclusion under Topic 606 2 Primarily includes collection allowance on excise and sales taxes and other miscellaneous items Marketing segment Petroleum product sales (at retail). For our retail store locations, the revenue related to petroleum product sales is recognized as the fuel is pumped to our customers. The transaction price at the pump typically includes some portion of sales or excise taxes as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass-through basis are not recognized as revenue and they are recorded to a liability account until they are paid. Our customers typically use a mixture of cash, checks, credit cards and debit cards to pay for our products as they are received. We have accounts receivable from the various credit/debit card providers at any point in time related to product sales made on credit cards and debit cards. These receivables are typically collected in two providers. Payment fees retained by the credit/debit card providers are recorded as store and other operating expenses. Petroleum product sales (at wholesale). Our sales of petroleum products at wholesale are generally recorded as revenue when the deliveries have occurred and legal ownership of the product has transferred to the customer. Title transfer for bulk refined product sales typically occurs at pipeline custody points and upon trucks loading at product terminals. For bulk pipeline sales, we record receivables from customers that are generally collected within a week from custody transfer date. For our rack product sales, the majority of our customers' accounts are drafted by us within 10 days from product transfer. Merchandise sales. For our retail store locations, the revenue related to merchandise sales is recognized as the customer completes their purchase at our locations. The transaction price typically includes some portion of sales tax as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. As noted above, a mixture of payment types are used for these revenues and the same terms for credit/debit card receivables are realized. The most significant judgment with respect to merchandise sales revenue is determining whether we are the principal or agent for some categories of merchandise such as lottery tickets, lotto, newspapers and other small categories of merchandise. For scratch-off lottery tickets, we have determined we are the principal in the majority of the jurisdictions and therefore we record those sales on a gross basis. We have some categories of merchandise (such as lotto) where we are the agent and the revenues recorded for those transactions are our net commission only. The Company offers loyalty programs through its Murphy USA, Murphy Express, and QuickChek branded retail locations. The customers earn rewards based on their spending or other promotional activities. These programs create a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their rewards. The rewards may be redeemed for free or discounted merchandise or cash discounts at all stores and on fuel purchases at Murphy USA and Murphy Express stores. Earned rewards expire after an account is inactive for a period of 90 days at Murphy USA and Murphy Express, while certain QuickChek rewards require use within the month. We recognize loyalty revenue when a customer redeems an earned reward. Deferred revenue associated with both rewards programs are included in Trade accounts payable and accrued liabilities in our Consolidated Balance Sheet. The deferred revenue balances at March 31, 2022 and December 31, 2021 were immaterial. RINs sales. For the sale of RINs, we recognize revenue when the RIN is transferred to the counter-party and the sale is completed. Receivables from our counter-parties related to the RIN sales are typically collected within five days of the sale. Other revenues. Items reported as other operating revenues include collection allowances for excise and sales tax and other miscellaneous items and are recognized as revenue when the transaction is completed. Accounts receivable |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: (Millions of dollars) March 31, December 31, Petroleum products - FIFO basis $ 451.1 $ 339.8 Store merchandise for resale - FIFO basis 182.3 173.1 Less LIFO reserve (373.7) (228.0) Total petroleum products and store merchandise inventory 259.7 284.9 Materials and supplies 6.2 7.4 Total inventories $ 265.9 $ 292.3 |
Business Acquisition
Business Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisition | Business Acquisition On January 29, 2021, MUSA completed the previously announced transaction to acquire 100% of QuickChek, a privately-held convenience store chain with a regional brand which consisted of 156 stores located in New Jersey and New York, in an all-cash transaction. The acquisition was made to expand the MUSA network into the Northeast by adding stores that had an existing food and beverage model and is consistent with the Company's stated strategic priorities of developing enhanced food and beverage capabilities and accelerating its growth plans. The excess of the purchase price over the fair value of the net, identifiable assets acquired was recorded as goodwill. The factors contributing to the recognition of goodwill are a mixture of direct and reverse synergies that are expected to be realized by both QuickChek and Murphy USA as a result of this acquisition. The direct synergies include additional margin capture on the retail fuel side from the tactical pricing decisions and improved benefits from increased scale on the product acquisition side combined with other cost savings in both merchandise and store operations. The reverse synergies reflect management's ability to leverage QuickChek's product pricing and operational capabilities related to food and beverage sales to Murphy branded stores. All fair values were final as of December 31, 2021. The Company has determined that the trade name has an indefinite life, as there is no economic, contractual, or other factors that limit its useful life and expects to generate value as long as the trade name is utilized, and therefore is not subject to amortization. The fair value of intangible assets was based on widely-accepted valuation techniques, including discounted cash flows. The following table summarizes the fair value of the consideration transferred at the date of the acquisition, as well as the calculation of goodwill based on the excess of consideration over the fair value of net assets acquired: (Millions of dollars) Cash paid to shareholders $ 641.9 Less cash and cash equivalents acquired 0.8 Fair value of consideration transferred, net of cash acquired $ 641.1 (Millions of dollars) Assets acquired: Accounts receivable $ 8.0 Inventories 24.3 Prepaid expenses and other current assets 5.5 Property and equipment 447.1 Right of use assets 237.6 Other assets 5.4 Identified intangible assets 106.8 Liabilities assumed: Accounts payable and accrued expenses (68.4) Deferred income tax liabilities (58.5) Asset retirement obligation (1.2) Current and long term debt, including finance lease obligations (148.5) Deferred credits and other liabilities (7.4) Operating lease liabilities (237.6) Net assets acquired 313.1 Goodwill 328.0 Fair value of consideration transferred, net of cash and cash equivalents acquired $ 641.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company's goodwill is assigned to its Marketing segment and none of the goodwill is deductible for tax purposes. (Millions of dollars) March 31, December 31, Goodwill balance, at beginning of period $ 328.0 $ — QuickChek acquisition — 328.0 Goodwill balance, at end of period $ 328.0 $ 328.0 In connection with the acquisition of QuickChek on January 29, 2021, we recorded the following amount of intangible assets. January 29, Remaining Useful Life (Millions of dollars) Carrying Value (in years) Intangible assets subject to amortization: Intangible lease liability $ (9.1) 13.6 Intangible assets not subject to amortization: Trade name 115.4 n/a Liquor licenses 0.5 n/a Total intangible assets acquired $ 106.8 We amortize intangible assets subject to amortization on a straight-line basis based on the period for which the economic benefits of the asset or liability are expected to be realized. The intangible assets subject to amortization was in addition to the Company's existing intangible asset pipeline space, which is being amortized over a 40 year life. Intangible assets subject to amortization at March 31, 2022 and December 31, 2021 consisted of the following: Remaining Useful Life (in years) March 31, 2022 December 31, 2021 (Millions of dollars) Cost Net Cost Net Intangible assets subject to amortization: Pipeline space 33.4 $ 39.6 $ 33.4 $ 39.6 $ 33.7 Intangible lease liability 12.2 (9.1) (8.4) (9.1) (8.6) Total intangible assets subject to amortization 30.5 25.0 30.5 25.1 Intangible assets not subject to amortization, indefinite lives: Trade name 115.4 115.4 115.4 115.4 Liquor licenses 0.2 0.2 0.2 0.2 Total intangible assets not subject to amortization 115.6 115.6 115.6 115.6 Intangible assets, net of amortization $ 146.1 $ 140.6 $ 146.1 $ 140.7 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: (Millions of dollars) March 31, December 31, 5.625% senior notes due 2027 (net of unamortized discount of $1.9 at March 31, 2022 and $2.0 at December 2021) $ 298.1 $ 298.0 4.75% senior notes due 2029 (net of unamortized discount of $4.7 at March 31, 2022 and $4.8 at December 31, 2021) 495.3 495.2 3.75% senior notes due 2031 (net of unamortized discount of $5.5 at March 31, 2022 and $5.7 at December 31,2021) 494.5 494.3 Term loan due 2028 (effective interest rate of 2.27% at March 31, 2022 and December 31, 2021 and net of unamortized discount of $0.8 at March 31, 2022 and $0.9 at December 31, 2021) 396.2 397.1 Capitalized lease obligations, autos and equipment, due through 2025 2.3 2.7 Capitalized lease obligations, buildings, due through 2059 136.6 138.9 Less unamortized debt issuance costs (10.7) (11.1) Total long-term debt 1,812.3 1,815.1 Less current maturities 14.9 15.0 Total long-term debt, net of current $ 1,797.4 $ 1,800.1 Senior Notes On April 25, 2017, Murphy Oil USA, Inc., our primary operating subsidiary, issued $300 million of 5.625% Senior Notes due 2027 (the "2027 Senior Notes"). The 2027 Senior Notes are fully and unconditionally guaranteed by Murphy USA, and are guaranteed by certain 100% owned subsidiaries that guarantee our Credit Facilities, as defined herein. The indenture governing the 2027 Senior Notes contains restrictive covenants that limit, among other things, the ability of Murphy USA, Murphy Oil USA, Inc. and the restricted subsidiaries to incur additional indebtedness or liens, dispose of assets, make certain restricted payments or investments, enter into transactions with affiliates or merge with or into other entities. On September 13, 2019, Murphy Oil USA, Inc., issued $500 million of 4.75% Senior Notes due 2029 (the “2029 Senior Notes”). The net proceeds from the issuance of the 2029 Senior Notes were used to fund, in part, the tender offer and redemption of the prior note issuance. The 2029 Senior Notes are fully and unconditionally guaranteed by Murphy USA, and are guaranteed by certain 100% owned subsidiaries that guarantee our Credit Facilities. The indenture governing the 2029 Senior Notes contains restrictive covenants that are substantially similar to the covenants for the 2027 Senior Notes. On January 29, 2021, Murphy Oil USA, Inc., issued $500 million of 3.75% Senior Notes due 2031 (the “2031 Senior Notes” and, together with the 2027 Senior Notes and the 2029 Senior Notes, the "Senior Notes"). The net proceeds from the issuance of the 2031 Senior Notes were used, in part, to fund the acquisition of QuickChek and other obligations related to that transaction. The 2031 Senior Notes are fully and unconditionally guaranteed by the Company and by the Company's subsidiaries that guarantee our Credit facilities. The indenture governing the 2031 Senior Notes contains restrictive covenants that are substantially similar to the covenants for the 2027 and 2029 Senior Notes. The Senior Notes and the guarantees rank equally with all of our and the guarantors’ existing and future senior unsecured indebtedness and effectively junior to our and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the Credit Facilities) to the extent of the value of the assets securing such indebtedness. The Senior Notes are structurally subordinated to all of the existing and future third-party liabilities, including trade payables, of our existing and future subsidiaries that do not guarantee the Senior Notes. Revolving Credit Facility and Term Loan On January 29, 2021, the Company entered into a new credit agreement that consists of both a cash flow revolving credit facility and a senior secured term loan that replaced the Company's prior ABL facility and term loan. The credit agreement provides for a senior secured term loan in an aggregate principal amount of $400 million (the "Term Facility")(which was borrowed in full on January 29, 2021) and revolving credit commitments in an aggregate amount equal to $350 million (the "Revolving Facility", and together with the Term Facility, the "Credit Facilities"). The outstanding balance of the term loan was $397 million at March 31, 2022 and $398 million at December 31, 2021. The term loan is due January 2028 and we are required to make quarterly principal payments of $1 million, which began on July 1, 2021. As of March 31, 2022, we had no outstanding borrowings under the revolving facility while there were $4.1 million in outstanding letters of credit, which reduces the amount available to borrow. Interest payable on the Credit Facilities is based on either: • the London interbank offered rate, adjusted for statutory reserve requirements (the “Adjusted LIBO Rate”); or • the Alternate Base Rate, which is defined as the highest of (a) the rate of interest last quoted by The Wall Street Journal as the "Prime Rate", (b) the greater of the federal funds effective rate and the overnight bank funding rate determined by the Federal Reserve Bank of New York from time to time plus 0.50% per annum and (c) the one-month Adjusted LIBO Rate plus 1.00% per annum, plus, (A) in the case of Adjusted LIBO Rate borrowings, (i) with respect to the Revolving Facility, spreads ranging from 1.75% to 2.25% per annum depending on a total debt to EBITDA ratio or (ii) with respect to the Term Facility, a spread of 1.75% per annum and (B) in the case of Alternate Base Rate borrowings (i) with respect to the Revolving Facility, spreads ranging from 0.75% to 1.25% per annum depending on a total debt to EBITDA ratio or (ii) with respect to the Term Facility, a spread of 1.75% per annum. The Term Facility amortizes in quarterly installments starting with the first amortization payment being due on July 1, 2021 at a rate of 1.00% per annum. Murphy USA is also required to prepay the Term Facility with a portion of its excess cash flow, a portion of the net cash proceeds of certain asset sales and casualty events (subject to certain reinvestment rights) and the net cash proceeds of issuances of indebtedness not permitted under the Credit Agreement. The credit agreement allows Murphy USA to prepay, in whole or in part, the Term Facility outstanding thereunder, together with any accrued and unpaid interest, with prior notice but without premium or penalty other than breakage and redeployment costs. The credit agreement contains certain covenants that limit, among other things, the ability of the Company and certain of its subsidiaries to incur additional indebtedness or liens, to make certain investments, to enter into sale-leaseback transactions, to make certain restricted payments, to enter into consolidations, mergers or sales of material assets and other fundamental changes, to transact with affiliates, to enter into agreements restricting the ability of subsidiaries to incur liens or pay dividends, or to make certain accounting changes. The Revolving Facility credit agreement also impose total leverage ratio and secured net leverage ratio financial maintenance covenants which are tested quarterly. Pursuant to the total leverage ratio financial maintenance covenant, the Company must maintain a total leverage ratio of not more than 5.0 to 1.0 with an ability in certain circumstances to temporarily increase that limit to 5.5 to 1.0 and a maximum secured net leverage ratio of not more than 3.75 to 1.0 with an ability in certain circumstances to temporarily increase that limit to 4.25 to 1.0. The Credit Agreement also contains customary events of default. Pursuant to the credit agreement's covenant limiting certain restricted payments, certain payments in respect of our equity interests, including dividends, when the total leverage ratio, calculated on a pro forma basis, is greater than 3.0 to 1.0 could be limited. At March 31, 2022, our total leverage ratio was 1.90 to 1.0 which meant our ability at that date to make restricted payments was not limited. If our total leverage ratio, on a pro forma basis, exceeds 3.0 to 1.0, any restricted payments made following that time until the ratio is once again, on a pro forma basis, below 3.0 to 1.0 would be limited by the covenant, which contains certain exceptions, including an ability to make restricted payments in cash in an aggregate amount not to exceed the greater of $112.3 million or 4.50% of consolidated net tangible assets over the life of the credit agreement. All obligations under the credit agreement are guaranteed by Murphy USA and the subsidiary guarantors party thereto, and all obligations under the credit agreement, including the guarantees of those obligations, are secured by certain assets of Murphy USA, Murphy Oil USA, Inc. and the guarantors party to the guarantee and collateral agreement in respect thereof. |
Asset Retirement Obligations (A
Asset Retirement Obligations (ARO) | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations (ARO) | Asset Retirement Obligations (ARO) The majority of the ARO recognized by the Company at March 31, 2022 and December 31, 2021 is related to the estimated costs to dismantle and abandon certain of its retail gasoline stores. The Company has not recorded an ARO for certain of its marketing assets because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are consistently being upgraded and are expected to be operational into the foreseeable future. In these cases, the obligation will be initially recognized in the period in which sufficient information exists to estimate the obligation. A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table. (Millions of dollars) March 31, December 31, Balance at beginning of period $ 39.2 $ 35.1 Addition for acquisition — 1.2 Accretion expense 0.7 2.5 Settlements of liabilities (0.9) (1.0) Liabilities incurred 0.3 1.4 Balance at end of period $ 39.3 $ 39.2 The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the lack of availability of additional information. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three month periods ended March 31, 2022 and 2021, the Company’s approximate effective tax rates were as follows: 2022 2021 Three months ended March 31, 24.0% 24.6% In the three months ended March 31, 2022, the Company recognized approximately $1.5 million of excess tax benefits related to stock compensation for employees. For the three months ended March 31, 2021, the Company recognized approximately $0.9 million in excess tax benefits related to stock compensation and $1.0 million for other discrete tax items related to state deferred tax rate adjustments due to the QuickChek acquisition. As of March 31, 2022, the earliest years remaining open for federal audit and/or settlement are 2018 and 2016 for state purposes. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters. |
Incentive Plans
Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Plans | Incentive Plans 2013 Long-Term Incentive Plan Effective August 30, 2013, certain of our employees participate in the Murphy USA 2013 Long-Term Incentive Plan which was subsequently amended and restated effective as of February 8, 2017 (the “MUSA 2013 Plan”). The MUSA 2013 Plan authorizes the Executive Compensation Committee of our Board of Directors (“the Committee”) to grant non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted stock and restricted stock unit awards), cash awards, and performance awards to our employees. No more than 5.5 million shares of MUSA common stock may be delivered under the MUSA 2013 Plan and no more than 1 million shares of common stock may be awarded to any one employee, subject to adjustment for changes in capitalization. The maximum cash amount payable pursuant to any “performance-based” award to any participant in any calendar year is $5.0 million. Beginning with its initial quarterly dividend in December 2020, the Company issues dividend equivalent units ("DEU") on all outstanding, unvested equity awards (except stock options) in an amount commensurate with regular quarterly dividends paid on common stock. The terms of the DEU mirror the underlying awards and will only vest if the related award vests. DEUs issued are included with grants in each respective table as applicable. STOCK OPTIONS – The Committee fixes the option price of each option granted at no less than fair market value (FMV) on the date of the grant and fixes the option term at no more than 7 years from such date. In February 2022, the Committee granted nonqualified stock options to certain employees of the Company. The Black-Scholes valuation for these awards was $51.46 per option. Assumptions used to value awards: Dividend yield 0.64 % Expected volatility 32.2 % Risk-free interest rate 1.8 % Expected life (years) 4.7 Stock price at valuation date $ 181.18 Changes in options outstanding for Company employees during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions of Dollars) Outstanding at 12/31/2021 366,100 $ 90.44 Granted 55,150 $ 181.80 Exercised (2,200) $ 87.33 Forfeited (9,100) $ 119.43 Outstanding at 3/31/2022 409,950 $ 102.10 4.3 $ 40.1 Exercisable at 3/31/2022 246,450 $ 76.35 3.1 $ 30.5 RESTRICTED STOCK UNITS (MUSA 2013 Plan) – The Committee has granted time based restricted stock units (RSUs) as part of the compensation plan for its executives and certain other employees since its inception. The awards granted in the current year were under the MUSA 2013 Plan, are valued at the grant date fair value, and vest over 3 years. Changes in restricted stock units outstanding for Company employees during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Employee RSUs Number of units Weighted Average Grant Date Fair Value Total Fair Value (Millions of Dollars) Outstanding at 12/31/2021 175,627 $ 95.93 Granted 40,388 $ 186.61 Vested and issued (58,746) $ 79.38 $ 11.2 Forfeited (3,835) $ 111.27 Outstanding at 3/31/2022 153,434 $ 125.76 $ 30.7 PERFORMANCE-BASED RESTRICTED STOCK UNITS (MUSA 2013 Plan) – In February 2022, the Committee awarded performance-based restricted stock units (performance units or PSU) to certain employees. Half of the performance units vest based on a 3-year return on average capital employed ("ROACE") calculation and the other half vest based on a 3-year total shareholder return ("TSR") calculation that compares MUSA to a group of 18 peer companies. The portion of the awards that vest based on TSR qualify as a market condition and must be valued using a Monte Carlo valuation model. For the TSR portion of the awards, the fair value was determined to be $259.17 per unit. For the ROACE portion of the awards, the valuation will be based on the grant date fair value of $181.18 per unit and the number of awards will be periodically assessed to determine the probability of vesting. Changes in performance-based restricted stock units outstanding for Company employees during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Employee PSU's Number of Units Weighted Average Grant Date Fair Value Total Fair Value (Millions of Dollars) Outstanding at 12/31/2021 127,638 $ 117.59 Granted 78,586 $ 217.15 Vested and issued (94,226) $ 87.62 $ 17.1 Forfeited (6,360) $ 133.98 Outstanding at 3/31/2022 105,638 $ 159.63 $ 21.1 2013 Stock Plan for Non-employee Directors Effective August 8, 2013, Murphy USA adopted the 2013 Murphy USA Stock Plan for Non-employee Directors (the “Directors Plan”). The directors for Murphy USA are compensated with a mixture of cash payments and equity-based awards. Awards under the Directors Plan may be in the form of restricted stock, restricted stock units, stock options, or a combination thereof. An aggregate of 500,000 shares of common stock was reserved for issuance of grants under the Directors Plan. RESTRICTED STOCK UNITS (Directors Plan) – The Committee has also granted time based RSUs to the non-employee directors of the Company as part of their overall compensation package for being a member of the Board of Directors. These awards typically vest at the end of three years. Changes in restricted stock units outstanding for Company non-employee directors during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Director RSU's Number of Units Weighted Average Grant Date Fair Value Total Fair Value (Millions of Dollars) Outstanding at 12/31/2021 30,664 $ 100.23 Granted 7,902 $ 174.90 Vested and issued (11,735) $ 75.96 $ 2.1 Outstanding at 3/31/2022 26,831 $ 132.84 $ 5.4 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with credit worthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). For accounting purposes, the Company has not designated commodity derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statement of Income. Certain interest rate derivative contracts were accounted for as hedges and gain or loss associated with recording the fair value of these contracts was deferred in AOCI until the anticipated transactions occur. As of March 31, 2022, all current commodity derivative activity is immaterial. At March 31, 2022, there was $1.6 million cash deposit and at December 31, 2021 the cash deposit was $0.6 million related to commodity derivative contracts reported in Prepaid expenses and other current assets in the Consolidated Balance Sheets. These cash deposits have not been used to increase the reported net assets or reduce the reported net liabilities on the derivative contracts at March 31, 2022 or December 31, 2021. Interest Rate Risks |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive. On October 28, 2020, the Board of Directors approved a $500 million share repurchase program effective through December 2023. The 2020 program was completed in January 2022, and a new authorized program for up to $1 billion, approved in December 2021 to be executed by December 31, 2026, is now in effect. For the three months ended March 31, 2022, the Company repurchased 836,953 shares of common stock for an average price of $181.36 per share including brokerage fees. For the three months ended March 31, 2021, 397,882 shares were repurchased for an average price of $125.67 per share. The following table provides a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2022 and 2021: Three Months Ended (Millions of dollars, except share and per share amounts) 2022 2021 Earnings per common share: Net income per share - basic Net income attributable to common stockholders $ 152.4 $ 55.3 Weighted average common shares outstanding (in thousands) 24,655 27,131 Earnings per common share $ 6.18 $ 2.04 Earnings per common share - assuming dilution: Net income per share - diluted Net income attributable to common stockholders $ 152.4 $ 55.3 Weighted average common shares outstanding (in thousands) 24,655 27,131 Common equivalent shares: Dilutive share-based awards 419 357 Weighted average common shares outstanding - assuming dilution (in thousands) 25,074 27,488 Earnings per common share assuming dilution $ 6.08 $ 2.01 We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and are reported in the table below. Three Months Ended Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive 2022 2021 Stock Options 51,900 81,300 PSUs 14,673 20,491 Total anti-dilutive shares 66,573 101,791 |
Other Financial Information
Other Financial Information | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Information | Other Financial Information CASH FLOW DISCLOSURES — There were no cash income taxes paid nor refunds received for the three month periods ended March 31, 2022 and 2021, respectively. Interest paid, net of amounts capitalized, was $26.2 million and $18.4 million for the three month periods ended March 31, 2022 and 2021, respectively. CHANGES IN WORKING CAPITAL: Three Months Ended (Millions of dollars) 2022 2021 Accounts receivable $ (64.6) $ (5.3) Inventories 26.4 20.5 Prepaid expenses and other current assets (4.8) (3.3) Accounts payable and accrued liabilities 126.8 81.6 Income taxes payable 35.1 14.5 Net (increase) decrease in noncash operating working capital $ 118.9 $ 108.0 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measure at Fair Value | Assets and Liabilities Measured at Fair Value The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. At the balance sheet date, the fair value of commodity derivatives contracts was determined using NYMEX quoted values and the value of the Interest rate swap derivative was derived by using level 3 inputs, but the balances for each were immaterial. The carrying value of the Company’s Cash and cash equivalents, Accounts receivable-trade, Trade accounts payable, interest rate swap contracts and accrued liabilities approximates fair value. See also Note 10 "Financial Instruments and Risk Management" in these consolidated financial statements for the period ended March 31, 2022, for more information. The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2022 and December 31, 2021. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes Cash and cash equivalents, Accounts receivable-trade, Restricted cash, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities and these qualify as Level 1 inputs. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal. At March 31, 2022 At December 31, 2021 Carrying Carrying (Millions of dollars) Amount Fair Value Amount Fair Value Financial liabilities Current and long-term debt, excluding finance leases $ (1,673.4) $ (1,681.5) $ (1,673.5) $ (1,709.5) |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company’s operations and earnings have been and may be affected by various forms of governmental action. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; import and export controls; price controls; allocation of supplies of crude oil and petroleum products and other goods; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations, may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company. ENVIRONMENTAL MATTERS AND LEGAL MATTERS — Murphy USA is subject to numerous federal, state and local laws and regulations dealing with the environment. Violation of such environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and other sanctions. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury, property damage and other losses that might result. The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Although the Company believes it has used operating and disposal practices that were standard in the industry at the time, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where they have been taken for disposal. In addition, many of these properties have been operated by third parties whose management of hazardous substances was not under the Company’s control. Under existing laws, the Company could be required to remediate contaminated property (including contaminated groundwater) or to perform remedial actions to prevent future contamination. Certain of these contaminated properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any related liability and the availability of applicable defenses. With the sale of the U.S. refineries in 2011, Murphy Oil retained certain liabilities related to environmental matters. Murphy Oil also obtained insurance covering certain levels of environmental exposures. With respect to any remaining potential liabilities, the Company believes costs related to these properties will not have a material adverse effect on Murphy USA’s net income, financial condition or liquidity in a future period. Certain environmental expenditures are likely to be recovered by the Company from other sources, primarily environmental funds maintained by certain states. Since no assurance can be given that future recoveries from other sources will occur, the Company has not recorded a benefit for likely recoveries at March 31, 2022, however certain jurisdictions provide reimbursement for these expenses which have been considered in recording the net exposure. The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at one Superfund site. As to the site, the potential total cost to all parties to perform necessary remedial work at this site may be substantial. However, based on current negotiations and available information, the Company believes that it is a de minimis party as to ultimate responsibility at the Superfund site. Accordingly, the Company has not recorded a liability for remedial costs at the Superfund site at March 31, 2022. The Company could be required to bear a pro rata share of costs attributable to nonparticipating PRPs or could be assigned additional responsibility for remediation at this site or other Superfund sites. The Company believes that its share of the ultimate costs to clean-up this site will be immaterial and will not have a material adverse effect on its net income, financial condition or liquidity in a future period. Based on information currently available to the Company, the amount of future remediation costs to be incurred to address known contamination sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. However, there is the possibility that additional environmental expenditures could be required to address contamination, including as a result of discovering additional contamination or the imposition of new or revised requirements applicable to known contamination. Murphy USA is engaged in a number of other legal proceedings, all of which the Company considers routine and incidental to its business. Currently, the City of Charleston, South Carolina and the state of Delaware have filed lawsuits against energy companies, including the Company. These lawsuits allege damages as a result of climate change and the plaintiffs are seeking unspecified damages and abatement under various tort theories. At this early stage, the ultimate outcome of these matters remain uncertain, and neither the likelihood of an unfavorable outcome nor the ultimate liability, if any, can be determined. Based on information currently available to the Company, the ultimate resolution of those other legal matters is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period. INSURANCE — The Company maintains insurance coverage at levels that are customary and consistent with industry standards for companies of similar size. Murphy USA maintains statutory workers compensation insurance with a deductible of $1.0 million per occurrence, general liability insurance with a self-insured retention of $3.0 million per occurrence, and auto liability insurance with a deductible of $0.3 million per occurrence. As of March 31, 2022, there were a number of outstanding claims that are of a routine nature. The estimated incurred but unpaid liabilities relating to these claims are included in Trade account payables and accrued liabilities on the Consolidated Balance Sheets. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $40.9 million will be sufficient to cover the related liability for all insurance claims and that the ultimate disposition of these claims will have no material effect on the Company’s financial position and results of operations. The Company has obtained insurance coverage as appropriate for the business in which it is engaged, but may incur losses that are not covered by insurance or reserves, in whole or in part, and such losses could adversely affect our results of operations and financial position. TAX MATTERS — Murphy USA is subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, indirect taxes (excise/duty, sales/use and gross receipts taxes), payroll taxes, franchise taxes, withholding taxes and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Subsequent changes to our tax liabilities because of these audits may subject us to interest and penalties. OTHER MATTERS — In the normal course of its business, the Company is required under certain contracts with various governmental authorities and others to provide financial guarantees or letters of credit that may be drawn upon if the Company fails to perform under those contracts. At March 31, 2022, the Company had contingent liabilities of $10.1 million on outstanding letters of credit. The Company has not accrued a liability in its balance sheet related to these financial guarantees and letters of credit because it is believed that the likelihood of having these drawn is remote. |
Lease Accounting
Lease Accounting | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease Accounting | Lease AccountingThe Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 year to 35 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to store location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities. As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lessor — We have various arrangements for certain spaces for food service and vending equipment as well as subleases under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial. Lessee —We lease land for 412 stores, one terminal, a hangar and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 102 stores leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact. Leases are reflected in the following balance sheet accounts: (Millions of dollars) Classification March 31, December 31, Assets Operating (Right-of-use) Operating lease right-of-use assets, net $ 420.5 $ 419.2 Finance Property, plant, and equipment, at cost, less accumulated depreciation 133.4 137.3 Total leased assets $ 553.9 $ 556.5 Liabilities Current Operating Trade accounts payable and accrued liabilities $ 18.4 $ 18.1 Finance Current maturities of long-term debt 10.9 11.0 Noncurrent Operating Non current operating lease liabilities 411.5 408.9 Finance Long-term debt, including capitalized lease obligations 128.0 130.6 Total lease liabilities $ 568.8 $ 568.6 Lease Cost: Three Months Ended (Millions of dollars) Classification 2022 2021 Operating lease cost Store and other operating expenses $ 12.0 $ 8.9 Finance lease cost Amortization of leased assets Depreciation & amortization expense 4.0 2.6 Interest on lease liabilities Interest expense 2.3 1.4 Net lease costs $ 18.3 $ 12.9 Cash flow information: Three Months Ended (Millions of dollars) 2022 2021 Cash paid for amounts included in the measurement of liabilities Operating cash flows from operating leases $ 11.0 $ 8.2 Operating cash flows from finance leases $ 2.3 $ 1.4 Financing cash flows from finance leases $ 2.8 $ 1.8 Maturity of Lease Liabilities at March 31, 2022: (Millions of dollars) Operating leases Finance leases 2022 $ 33.9 $ 14.9 2023 44.8 18.5 2024 44.4 16.9 2025 43.4 15.9 2026 42.7 15.3 After 2026 507.8 137.1 Total lease payments 717.0 218.6 less: interest 287.1 79.7 Present value of lease liabilities $ 429.9 $ 138.9 Lease Term and Discount Rate: Three Months Ended 2022 Weighted average remaining lease term (years) Finance leases 13.5 Operating leases 16.0 Weighted average discount rate Finance leases 6.7 % Operating leases 6.3 % |
Lease Accounting | Lease AccountingThe Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 year to 35 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to store location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities. As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lessor — We have various arrangements for certain spaces for food service and vending equipment as well as subleases under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial. Lessee —We lease land for 412 stores, one terminal, a hangar and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 102 stores leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact. Leases are reflected in the following balance sheet accounts: (Millions of dollars) Classification March 31, December 31, Assets Operating (Right-of-use) Operating lease right-of-use assets, net $ 420.5 $ 419.2 Finance Property, plant, and equipment, at cost, less accumulated depreciation 133.4 137.3 Total leased assets $ 553.9 $ 556.5 Liabilities Current Operating Trade accounts payable and accrued liabilities $ 18.4 $ 18.1 Finance Current maturities of long-term debt 10.9 11.0 Noncurrent Operating Non current operating lease liabilities 411.5 408.9 Finance Long-term debt, including capitalized lease obligations 128.0 130.6 Total lease liabilities $ 568.8 $ 568.6 Lease Cost: Three Months Ended (Millions of dollars) Classification 2022 2021 Operating lease cost Store and other operating expenses $ 12.0 $ 8.9 Finance lease cost Amortization of leased assets Depreciation & amortization expense 4.0 2.6 Interest on lease liabilities Interest expense 2.3 1.4 Net lease costs $ 18.3 $ 12.9 Cash flow information: Three Months Ended (Millions of dollars) 2022 2021 Cash paid for amounts included in the measurement of liabilities Operating cash flows from operating leases $ 11.0 $ 8.2 Operating cash flows from finance leases $ 2.3 $ 1.4 Financing cash flows from finance leases $ 2.8 $ 1.8 Maturity of Lease Liabilities at March 31, 2022: (Millions of dollars) Operating leases Finance leases 2022 $ 33.9 $ 14.9 2023 44.8 18.5 2024 44.4 16.9 2025 43.4 15.9 2026 42.7 15.3 After 2026 507.8 137.1 Total lease payments 717.0 218.6 less: interest 287.1 79.7 Present value of lease liabilities $ 429.9 $ 138.9 Lease Term and Discount Rate: Three Months Ended 2022 Weighted average remaining lease term (years) Finance leases 13.5 Operating leases 16.0 Weighted average discount rate Finance leases 6.7 % Operating leases 6.3 % |
Business Segment
Business Segment | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment | Business Segment Our operations include the sale of retail motor fuel products and convenience merchandise along with the wholesale and bulk sale capabilities of our product supply and wholesale group. As the primary purpose of the product supply and wholesale group is to support our retail operations and provide fuel for their daily operation, the bulk and wholesale fuel sales are secondary to the group's support functions to our retail operations. As such, they are all treated as one segment for reporting purposes as they sell the same products and have similar economic characteristics. This Marketing segment contains essentially all of the revenue generating activities of the Company. Results not included in the reportable segment include Corporate and Other Assets. The reportable segment was determined based on information reviewed by the Chief Operating Decision Maker. Three Months Ended March 31, 2022 March 31, 2021 Total Assets at March 31, 2022 External Revenues Income (Loss) External Revenues Income (Loss) (Millions of dollars) Marketing $ 3,721.9 $ 5,118.3 $ 169.1 $ 3,537.1 $ 80.4 Corporate and other assets 484.3 0.1 (16.7) — (25.1) Total $ 4,206.2 $ 5,118.4 $ 152.4 $ 3,537.1 $ 55.3 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates. |
Recently Issued Accounting Standards | In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope". This standard extends certain of the optional expedients and exceptions in ASC 848 that apply to derivative contracts impacted by the discounting transition, including derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. The new standard applies to all entities and is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company has determined this standard has not had a material impact on the Company's consolidated financial statements. In August 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. Under Topic 606, the acquirer applies the revenue model as if it had originated the contracts. This is a departure from the current requirement to measure contract assets and contract liabilities at fair value. This ASU is effective for the Company for the year beginning January 1, 2023, with early adoption permitted. The Company has determined this will not likely have a material impact on the Company's consolidated financial statements. |
Revenue Recognition | Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis. The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company continues to account for these transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income. Petroleum product sales (at retail). For our retail store locations, the revenue related to petroleum product sales is recognized as the fuel is pumped to our customers. The transaction price at the pump typically includes some portion of sales or excise taxes as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass-through basis are not recognized as revenue and they are recorded to a liability account until they are paid. Our customers typically use a mixture of cash, checks, credit cards and debit cards to pay for our products as they are received. We have accounts receivable from the various credit/debit card providers at any point in time related to product sales made on credit cards and debit cards. These receivables are typically collected in two providers. Payment fees retained by the credit/debit card providers are recorded as store and other operating expenses. Petroleum product sales (at wholesale). Our sales of petroleum products at wholesale are generally recorded as revenue when the deliveries have occurred and legal ownership of the product has transferred to the customer. Title transfer for bulk refined product sales typically occurs at pipeline custody points and upon trucks loading at product terminals. For bulk pipeline sales, we record receivables from customers that are generally collected within a week from custody transfer date. For our rack product sales, the majority of our customers' accounts are drafted by us within 10 days from product transfer. Merchandise sales. For our retail store locations, the revenue related to merchandise sales is recognized as the customer completes their purchase at our locations. The transaction price typically includes some portion of sales tax as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. As noted above, a mixture of payment types are used for these revenues and the same terms for credit/debit card receivables are realized. The most significant judgment with respect to merchandise sales revenue is determining whether we are the principal or agent for some categories of merchandise such as lottery tickets, lotto, newspapers and other small categories of merchandise. For scratch-off lottery tickets, we have determined we are the principal in the majority of the jurisdictions and therefore we record those sales on a gross basis. We have some categories of merchandise (such as lotto) where we are the agent and the revenues recorded for those transactions are our net commission only. The Company offers loyalty programs through its Murphy USA, Murphy Express, and QuickChek branded retail locations. The customers earn rewards based on their spending or other promotional activities. These programs create a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their rewards. The rewards may be redeemed for free or discounted merchandise or cash discounts at all stores and on fuel purchases at Murphy USA and Murphy Express stores. Earned rewards expire after an account is inactive for a period of 90 days at Murphy USA and Murphy Express, while certain QuickChek rewards require use within the month. We recognize loyalty revenue when a customer redeems an earned reward. Deferred revenue associated with both rewards programs are included in Trade accounts payable and accrued liabilities in our Consolidated Balance Sheet. The deferred revenue balances at March 31, 2022 and December 31, 2021 were immaterial. RINs sales. For the sale of RINs, we recognize revenue when the RIN is transferred to the counter-party and the sale is completed. Receivables from our counter-parties related to the RIN sales are typically collected within five days of the sale. Other revenues. Items reported as other operating revenues include collection allowances for excise and sales tax and other miscellaneous items and are recognized as revenue when the transaction is completed. |
Derivative Instruments | DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices and interest rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with credit worthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). For accounting purposes, the Company has not designated commodity derivative contracts as hedges, and therefore, it recognizes all gains and losses on these derivative contracts in its Consolidated Statement of Income. Certain interest rate derivative contracts were accounted for as hedges and gain or loss associated with recording the fair value of these contracts was deferred in AOCI until the anticipated transactions occur. |
Lease Accounting | The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 year to 35 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to store location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities. As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lessor — We have various arrangements for certain spaces for food service and vending equipment as well as subleases under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables disaggregate our revenues by major source for the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Millions of dollars) Marketing Corporate and Other Assets Consolidated Marketing Corporate and Other Assets Consolidated Petroleum product sales (at retail) 1 $ 3,728.4 — $ 3,728.4 $ 2,384.8 $ — $ 2,384.8 Petroleum product sales (at wholesale) 1 420.0 — 420.0 251.0 — 251.0 Total petroleum product sales 4,148.4 — 4,148.4 2,635.8 — 2,635.8 Merchandise sales 892.0 — 892.0 833.2 — 833.2 Other operating revenues: RINs 76.6 — 76.6 66.7 — 66.7 Other revenues 2 1.3 0.1 1.4 1.4 — 1.4 Total revenues $ 5,118.3 $ 0.1 $ 5,118.4 $ 3,537.1 $ — $ 3,537.1 1 Includes excise and sales taxes that remain eligible for inclusion under Topic 606 2 Primarily includes collection allowance on excise and sales taxes and other miscellaneous items |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (Millions of dollars) March 31, December 31, Petroleum products - FIFO basis $ 451.1 $ 339.8 Store merchandise for resale - FIFO basis 182.3 173.1 Less LIFO reserve (373.7) (228.0) Total petroleum products and store merchandise inventory 259.7 284.9 Materials and supplies 6.2 7.4 Total inventories $ 265.9 $ 292.3 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Acquisition Preliminary Fair Value of Consideration Transferred | The following table summarizes the fair value of the consideration transferred at the date of the acquisition, as well as the calculation of goodwill based on the excess of consideration over the fair value of net assets acquired: (Millions of dollars) Cash paid to shareholders $ 641.9 Less cash and cash equivalents acquired 0.8 Fair value of consideration transferred, net of cash acquired $ 641.1 (Millions of dollars) Assets acquired: Accounts receivable $ 8.0 Inventories 24.3 Prepaid expenses and other current assets 5.5 Property and equipment 447.1 Right of use assets 237.6 Other assets 5.4 Identified intangible assets 106.8 Liabilities assumed: Accounts payable and accrued expenses (68.4) Deferred income tax liabilities (58.5) Asset retirement obligation (1.2) Current and long term debt, including finance lease obligations (148.5) Deferred credits and other liabilities (7.4) Operating lease liabilities (237.6) Net assets acquired 313.1 Goodwill 328.0 Fair value of consideration transferred, net of cash and cash equivalents acquired $ 641.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | (Millions of dollars) March 31, December 31, Goodwill balance, at beginning of period $ 328.0 $ — QuickChek acquisition — 328.0 Goodwill balance, at end of period $ 328.0 $ 328.0 |
Schedule of Intangible Assets | In connection with the acquisition of QuickChek on January 29, 2021, we recorded the following amount of intangible assets. January 29, Remaining Useful Life (Millions of dollars) Carrying Value (in years) Intangible assets subject to amortization: Intangible lease liability $ (9.1) 13.6 Intangible assets not subject to amortization: Trade name 115.4 n/a Liquor licenses 0.5 n/a Total intangible assets acquired $ 106.8 We amortize intangible assets subject to amortization on a straight-line basis based on the period for which the economic benefits of the asset or liability are expected to be realized. The intangible assets subject to amortization was in addition to the Company's existing intangible asset pipeline space, which is being amortized over a 40 year life. Intangible assets subject to amortization at March 31, 2022 and December 31, 2021 consisted of the following: Remaining Useful Life (in years) March 31, 2022 December 31, 2021 (Millions of dollars) Cost Net Cost Net Intangible assets subject to amortization: Pipeline space 33.4 $ 39.6 $ 33.4 $ 39.6 $ 33.7 Intangible lease liability 12.2 (9.1) (8.4) (9.1) (8.6) Total intangible assets subject to amortization 30.5 25.0 30.5 25.1 Intangible assets not subject to amortization, indefinite lives: Trade name 115.4 115.4 115.4 115.4 Liquor licenses 0.2 0.2 0.2 0.2 Total intangible assets not subject to amortization 115.6 115.6 115.6 115.6 Intangible assets, net of amortization $ 146.1 $ 140.6 $ 146.1 $ 140.7 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: (Millions of dollars) March 31, December 31, 5.625% senior notes due 2027 (net of unamortized discount of $1.9 at March 31, 2022 and $2.0 at December 2021) $ 298.1 $ 298.0 4.75% senior notes due 2029 (net of unamortized discount of $4.7 at March 31, 2022 and $4.8 at December 31, 2021) 495.3 495.2 3.75% senior notes due 2031 (net of unamortized discount of $5.5 at March 31, 2022 and $5.7 at December 31,2021) 494.5 494.3 Term loan due 2028 (effective interest rate of 2.27% at March 31, 2022 and December 31, 2021 and net of unamortized discount of $0.8 at March 31, 2022 and $0.9 at December 31, 2021) 396.2 397.1 Capitalized lease obligations, autos and equipment, due through 2025 2.3 2.7 Capitalized lease obligations, buildings, due through 2059 136.6 138.9 Less unamortized debt issuance costs (10.7) (11.1) Total long-term debt 1,812.3 1,815.1 Less current maturities 14.9 15.0 Total long-term debt, net of current $ 1,797.4 $ 1,800.1 |
Asset Retirement Obligations _2
Asset Retirement Obligations (ARO) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Reconciliation of Beginning and Ending Aggregate Carrying Amount of Asset Retirement Obligation | A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table. (Millions of dollars) March 31, December 31, Balance at beginning of period $ 39.2 $ 35.1 Addition for acquisition — 1.2 Accretion expense 0.7 2.5 Settlements of liabilities (0.9) (1.0) Liabilities incurred 0.3 1.4 Balance at end of period $ 39.3 $ 39.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rates | For the three month periods ended March 31, 2022 and 2021, the Company’s approximate effective tax rates were as follows: 2022 2021 Three months ended March 31, 24.0% 24.6% |
Incentive Plans (Tables)
Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule Valuation Assumptions | Assumptions used to value awards: Dividend yield 0.64 % Expected volatility 32.2 % Risk-free interest rate 1.8 % Expected life (years) 4.7 Stock price at valuation date $ 181.18 |
Summary of Changes in Stock Options Outstanding | Changes in options outstanding for Company employees during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions of Dollars) Outstanding at 12/31/2021 366,100 $ 90.44 Granted 55,150 $ 181.80 Exercised (2,200) $ 87.33 Forfeited (9,100) $ 119.43 Outstanding at 3/31/2022 409,950 $ 102.10 4.3 $ 40.1 Exercisable at 3/31/2022 246,450 $ 76.35 3.1 $ 30.5 |
Summary of Stock Unit Activity | Changes in restricted stock units outstanding for Company employees during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Employee RSUs Number of units Weighted Average Grant Date Fair Value Total Fair Value (Millions of Dollars) Outstanding at 12/31/2021 175,627 $ 95.93 Granted 40,388 $ 186.61 Vested and issued (58,746) $ 79.38 $ 11.2 Forfeited (3,835) $ 111.27 Outstanding at 3/31/2022 153,434 $ 125.76 $ 30.7 Changes in performance-based restricted stock units outstanding for Company employees during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Employee PSU's Number of Units Weighted Average Grant Date Fair Value Total Fair Value (Millions of Dollars) Outstanding at 12/31/2021 127,638 $ 117.59 Granted 78,586 $ 217.15 Vested and issued (94,226) $ 87.62 $ 17.1 Forfeited (6,360) $ 133.98 Outstanding at 3/31/2022 105,638 $ 159.63 $ 21.1 Changes in restricted stock units outstanding for Company non-employee directors during the period from December 31, 2021 to March 31, 2022 are presented in the following table: Director RSU's Number of Units Weighted Average Grant Date Fair Value Total Fair Value (Millions of Dollars) Outstanding at 12/31/2021 30,664 $ 100.23 Granted 7,902 $ 174.90 Vested and issued (11,735) $ 75.96 $ 2.1 Outstanding at 3/31/2022 26,831 $ 132.84 $ 5.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Basic and Diluted Earnings Per Share Computations | The following table provides a reconciliation of basic and diluted earnings per share computations for the three months ended March 31, 2022 and 2021: Three Months Ended (Millions of dollars, except share and per share amounts) 2022 2021 Earnings per common share: Net income per share - basic Net income attributable to common stockholders $ 152.4 $ 55.3 Weighted average common shares outstanding (in thousands) 24,655 27,131 Earnings per common share $ 6.18 $ 2.04 Earnings per common share - assuming dilution: Net income per share - diluted Net income attributable to common stockholders $ 152.4 $ 55.3 Weighted average common shares outstanding (in thousands) 24,655 27,131 Common equivalent shares: Dilutive share-based awards 419 357 Weighted average common shares outstanding - assuming dilution (in thousands) 25,074 27,488 Earnings per common share assuming dilution $ 6.08 $ 2.01 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method and are reported in the table below. Three Months Ended Potentially dilutive shares excluded from the calculation as their inclusion would be anti-dilutive 2022 2021 Stock Options 51,900 81,300 PSUs 14,673 20,491 Total anti-dilutive shares 66,573 101,791 |
Other Financial Information (Ta
Other Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Changes in Operating Working Capital | CHANGES IN WORKING CAPITAL: Three Months Ended (Millions of dollars) 2022 2021 Accounts receivable $ (64.6) $ (5.3) Inventories 26.4 20.5 Prepaid expenses and other current assets (4.8) (3.3) Accounts payable and accrued liabilities 126.8 81.6 Income taxes payable 35.1 14.5 Net (increase) decrease in noncash operating working capital $ 118.9 $ 108.0 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2022 and December 31, 2021. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes Cash and cash equivalents, Accounts receivable-trade, Restricted cash, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities and these qualify as Level 1 inputs. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal. At March 31, 2022 At December 31, 2021 Carrying Carrying (Millions of dollars) Amount Fair Value Amount Fair Value Financial liabilities Current and long-term debt, excluding finance leases $ (1,673.4) $ (1,681.5) $ (1,673.5) $ (1,709.5) |
Lease Accounting (Tables)
Lease Accounting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Leases Reflected on Balance Sheet | Leases are reflected in the following balance sheet accounts: (Millions of dollars) Classification March 31, December 31, Assets Operating (Right-of-use) Operating lease right-of-use assets, net $ 420.5 $ 419.2 Finance Property, plant, and equipment, at cost, less accumulated depreciation 133.4 137.3 Total leased assets $ 553.9 $ 556.5 Liabilities Current Operating Trade accounts payable and accrued liabilities $ 18.4 $ 18.1 Finance Current maturities of long-term debt 10.9 11.0 Noncurrent Operating Non current operating lease liabilities 411.5 408.9 Finance Long-term debt, including capitalized lease obligations 128.0 130.6 Total lease liabilities $ 568.8 $ 568.6 |
Schedule of Lease Cost | Lease Cost: Three Months Ended (Millions of dollars) Classification 2022 2021 Operating lease cost Store and other operating expenses $ 12.0 $ 8.9 Finance lease cost Amortization of leased assets Depreciation & amortization expense 4.0 2.6 Interest on lease liabilities Interest expense 2.3 1.4 Net lease costs $ 18.3 $ 12.9 Cash flow information: Three Months Ended (Millions of dollars) 2022 2021 Cash paid for amounts included in the measurement of liabilities Operating cash flows from operating leases $ 11.0 $ 8.2 Operating cash flows from finance leases $ 2.3 $ 1.4 Financing cash flows from finance leases $ 2.8 $ 1.8 Lease Term and Discount Rate: Three Months Ended 2022 Weighted average remaining lease term (years) Finance leases 13.5 Operating leases 16.0 Weighted average discount rate Finance leases 6.7 % Operating leases 6.3 % |
Schedule of Finance Lease Liability Maturity | Maturity of Lease Liabilities at March 31, 2022: (Millions of dollars) Operating leases Finance leases 2022 $ 33.9 $ 14.9 2023 44.8 18.5 2024 44.4 16.9 2025 43.4 15.9 2026 42.7 15.3 After 2026 507.8 137.1 Total lease payments 717.0 218.6 less: interest 287.1 79.7 Present value of lease liabilities $ 429.9 $ 138.9 |
Schedule of Operating Lease Liability Maturity | Maturity of Lease Liabilities at March 31, 2022: (Millions of dollars) Operating leases Finance leases 2022 $ 33.9 $ 14.9 2023 44.8 18.5 2024 44.4 16.9 2025 43.4 15.9 2026 42.7 15.3 After 2026 507.8 137.1 Total lease payments 717.0 218.6 less: interest 287.1 79.7 Present value of lease liabilities $ 429.9 $ 138.9 |
Business Segment (Tables)
Business Segment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Information by Business Segment | Three Months Ended March 31, 2022 March 31, 2021 Total Assets at March 31, 2022 External Revenues Income (Loss) External Revenues Income (Loss) (Millions of dollars) Marketing $ 3,721.9 $ 5,118.3 $ 169.1 $ 3,537.1 $ 80.4 Corporate and other assets 484.3 0.1 (16.7) — (25.1) Total $ 4,206.2 $ 5,118.4 $ 152.4 $ 3,537.1 $ 55.3 |
Description of Business and B_3
Description of Business and Basis of Presentation (Details) | Aug. 30, 2013 | Mar. 31, 2013USD ($)$ / sharesshares | Mar. 31, 2022store$ / shares | Dec. 31, 2021$ / shares | Jan. 29, 2021store |
Product Information [Line Items] | |||||
Number of stations | 1,686 | ||||
Common stock shares issued (in shares) | shares | 100 | ||||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Proceeds from issuance of common stock | $ | $ 1 | ||||
Percentage of shares of stock distributed (as a percent) | 100.00% | ||||
QuickChek | |||||
Product Information [Line Items] | |||||
Number of stations | 159 | 156 | |||
Percentage of equity interest acquired (as a percent) | 100.00% | ||||
Murphy USA | |||||
Product Information [Line Items] | |||||
Number of stations | 1,151 | ||||
Murphy Express | |||||
Product Information [Line Items] | |||||
Number of stations | 376 |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 5,118.4 | $ 3,537.1 | |
Total petroleum product sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | [1] | 4,148.4 | 2,635.8 |
Petroleum product sales (at retail) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,728.4 | 2,384.8 | |
Petroleum product sales (at wholesale) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 420 | 251 | |
Merchandise sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 892 | 833.2 | |
RINs | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 76.6 | 66.7 | |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1.4 | 1.4 | |
Marketing | Marketing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,118.3 | 3,537.1 | |
Marketing | Marketing | Total petroleum product sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,148.4 | 2,635.8 | |
Marketing | Marketing | Petroleum product sales (at retail) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,728.4 | 2,384.8 | |
Marketing | Marketing | Petroleum product sales (at wholesale) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 420 | 251 | |
Marketing | Marketing | Merchandise sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 892 | 833.2 | |
Marketing | Marketing | RINs | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 76.6 | 66.7 | |
Marketing | Marketing | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1.3 | 1.4 | |
Corporate and Other Assets | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0.1 | 0 | |
Corporate and Other Assets | Total petroleum product sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Corporate and Other Assets | Petroleum product sales (at retail) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Corporate and Other Assets | Petroleum product sales (at wholesale) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Corporate and Other Assets | Merchandise sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Corporate and Other Assets | RINs | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Corporate and Other Assets | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0.1 | $ 0 | |
[1] | Includes excise taxes of $514.1 million and $469.6 million for the three months ended March 31, 2022 and 2021, respectively |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Reward program expiration period (in days) | 90 days | |
Trade accounts receivable | $ 260.4 | $ 195.7 |
Trade Accounts Receivable | ||
Disaggregation of Revenue [Line Items] | ||
Trade accounts receivable | $ 165.1 | $ 111.8 |
Bulk pipelines sales | ||
Disaggregation of Revenue [Line Items] | ||
Collection period (in days) | 7 days | |
Petroleum product sales, rack sales | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Collection period (in days) | 10 days | |
RINs | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Collection period (in days) | 5 days | |
Minimum | Petroleum product sales (at retail) | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Collection period (in days) | 2 days | |
Maximum | Petroleum product sales (at retail) | Marketing | ||
Disaggregation of Revenue [Line Items] | ||
Collection period (in days) | 7 days |
Inventories (Summary of Invento
Inventories (Summary of Inventory) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Petroleum products - FIFO basis | $ 451.1 | $ 339.8 |
Store merchandise for resale - FIFO basis | 182.3 | 173.1 |
Less LIFO reserve | (373.7) | (228) |
Total petroleum products and store merchandise inventory | 259.7 | 284.9 |
Materials and supplies | 6.2 | 7.4 |
Inventories | $ 265.9 | $ 292.3 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Petroleum Products | ||
Inventory [Line Items] | ||
Replacement cost LIFO exceeded the carrying value | $ 373.2 | $ 227.5 |
Store Merchandise For Resale | ||
Inventory [Line Items] | ||
Replacement cost LIFO exceeded the carrying value | $ 0.5 | $ 0.5 |
Business Acquisition (Narrative
Business Acquisition (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)store | Mar. 31, 2021USD ($) | Jan. 29, 2021store | |
Business Acquisition [Line Items] | |||
Number of stations | store | 1,686 | ||
Acquisition related costs | $ | $ 0.2 | $ 8.8 | |
QuickChek | |||
Business Acquisition [Line Items] | |||
Percentage of equity interest acquired (as a percent) | 100.00% | ||
Number of stations | store | 159 | 156 | |
Acquisition related costs | $ | $ 0.2 | $ 8.8 |
Business Acquisition (Schedule
Business Acquisition (Schedule of Acquisition Preliminary Fair Value of Consideration Transferred) (Details) - USD ($) $ in Millions | Jan. 29, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Fair value of consideration transferred, net of cash acquired | $ 0 | $ 642.1 | |||
Liabilities assumed: | |||||
Goodwill | $ 328 | $ 328 | $ 0 | ||
QuickChek | |||||
Business Acquisition [Line Items] | |||||
Cash paid to shareholders | $ 641.9 | ||||
Less cash and cash equivalents acquired | 0.8 | ||||
Fair value of consideration transferred, net of cash acquired | 641.1 | ||||
Assets acquired: | |||||
Accounts receivable | 8 | ||||
Inventories | 24.3 | ||||
Prepaid expenses and other current assets | 5.5 | ||||
Property and equipment | 447.1 | ||||
Right of use assets | 237.6 | ||||
Other assets | 5.4 | ||||
Identified intangible assets | 106.8 | ||||
Liabilities assumed: | |||||
Accounts payable and accrued expenses | (68.4) | ||||
Deferred income tax liabilities | (58.5) | ||||
Asset retirement obligation | (1.2) | ||||
Current and long term debt, including finance lease obligations | (148.5) | ||||
Deferred credits and other liabilities | (7.4) | ||||
Operating lease liabilities | (237.6) | ||||
Net assets acquired | 313.1 | ||||
Goodwill | 328 | ||||
Fair value of consideration transferred, net of cash and cash equivalents acquired | $ 641.1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Changes in Goodwill) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Tax deductible goodwill | $ 0 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 328,000,000 | $ 0 |
QuickChek acquisition | 0 | 328,000,000 |
Goodwill, ending balance | $ 328,000,000 | $ 328,000,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | Jan. 29, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Intangible assets not subject to amortization: | |||
Intangible assets not subject to amortization: | $ 115.6 | $ 115.6 | |
Intangible assets, net of amortization | 146.1 | 146.1 | |
Trade name | |||
Intangible assets not subject to amortization: | |||
Intangible assets not subject to amortization: | 115.4 | 115.4 | |
Liquor licenses | |||
Intangible assets not subject to amortization: | |||
Intangible assets not subject to amortization: | 0.2 | 0.2 | |
Intangible lease liability | |||
Intangible assets not subject to amortization: | |||
Intangible lease liability | $ (9.1) | $ (9.1) | |
QuickChek | |||
Intangible assets not subject to amortization: | |||
Intangible assets, net of amortization | $ 106.8 | ||
QuickChek | Trade name | |||
Intangible assets not subject to amortization: | |||
Intangible assets not subject to amortization: | 115.4 | ||
QuickChek | Liquor licenses | |||
Intangible assets not subject to amortization: | |||
Intangible assets not subject to amortization: | 0.5 | ||
QuickChek | Intangible lease liability | |||
Intangible assets not subject to amortization: | |||
Intangible lease liability | $ (9.1) | ||
Remaining Useful Life (in years) | 13 years 7 months 6 days |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Narratives) (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Pipeline space | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Remaining Useful Life (in years) | 40 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Cost | ||
Total intangible assets subject to amortization | $ 30.5 | $ 30.5 |
Intangible assets not subject to amortization, indefinite lives: | 115.6 | 115.6 |
Intangible assets, net of amortization | 146.1 | 146.1 |
Net | ||
Total intangible assets subject to amortization | 25 | 25.1 |
Intangible assets not subject to amortization: | 115.6 | 115.6 |
Total intangible assets acquired | 140.6 | 140.7 |
Trade name | ||
Cost | ||
Intangible assets not subject to amortization, indefinite lives: | 115.4 | 115.4 |
Net | ||
Intangible assets not subject to amortization: | 115.4 | 115.4 |
Liquor licenses | ||
Cost | ||
Intangible assets not subject to amortization, indefinite lives: | 0.2 | 0.2 |
Net | ||
Intangible assets not subject to amortization: | $ 0.2 | 0.2 |
Pipeline space | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (in years) | 33 years 4 months 24 days | |
Cost | ||
Total intangible assets subject to amortization | $ 39.6 | 39.6 |
Net | ||
Pipeline space | $ 33.4 | 33.7 |
Intangible lease liability | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life (in years) | 12 years 2 months 12 days | |
Cost | ||
Intangible lease liability | $ (9.1) | (9.1) |
Net | ||
Intangible lease liability | $ (8.4) | $ (8.6) |
Long-Term Debt (Summary Of Long
Long-Term Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 29, 2021 | Sep. 13, 2019 | Apr. 25, 2017 |
Debt Instrument [Line Items] | |||||
Capitalized lease obligations, autos and equipment, due through 2025 | $ 138.9 | ||||
Less unamortized debt issuance costs | (10.7) | $ (11.1) | |||
Total long-term debt | 1,812.3 | 1,815.1 | |||
Less current maturities | 14.9 | 15 | |||
Total long-term debt, net of current | 1,797.4 | 1,800.1 | |||
Autos and Equipment | |||||
Debt Instrument [Line Items] | |||||
Capitalized lease obligations, autos and equipment, due through 2025 | 2.3 | 2.7 | |||
Buildings | |||||
Debt Instrument [Line Items] | |||||
Capitalized lease obligations, autos and equipment, due through 2025 | 136.6 | 138.9 | |||
Senior Notes | 5.625% senior notes due 2027 (net of unamortized discount of $1.9 at March 31, 2022 and $2.0 at December 2021) | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 298.1 | 298 | |||
Stated interest rate (as a percent) | 5.625% | 5.625% | |||
Unamortized discount | $ 1.9 | 2 | |||
Senior Notes | 4.75% senior notes due 2029 (net of unamortized discount of $4.7 at March 31, 2022 and $4.8 at December 31, 2021) | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 495.3 | 495.2 | |||
Stated interest rate (as a percent) | 4.75% | 4.75% | |||
Unamortized discount | $ 4.7 | 4.8 | |||
Senior Notes | 3.75% senior notes due 2031 (net of unamortized discount of $5.5 at March 31, 2022 and $5.7 at December 31,2021) | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 494.5 | 494.3 | |||
Stated interest rate (as a percent) | 3.75% | 3.75% | |||
Unamortized discount | $ 5.5 | 5.7 | |||
Secured Debt | Term loan due 2028 (effective interest rate of 2.27% at March 31, 2022 and December 31, 2021 and net of unamortized discount of $0.8 at March 31, 2022 and $0.9 at December 31, 2021) | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 396.2 | 397.1 | |||
Unamortized discount | $ 0.8 | $ 0.9 | |||
Effective interest rate (as a percent) | 2.27% | 2.27% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jan. 29, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 13, 2019 | Apr. 25, 2017 |
Debt Instrument [Line Items] | |||||
Outstanding letters of credit | $ 10,100,000 | ||||
Leverage ratio | 1.90 | ||||
Shortfall of net income and retained earnings | $ 112,300,000 | ||||
Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 0.50% | ||||
LIBOR | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 1.00% | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 1.75% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Outstanding under facility | $ 0 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 1.75% | ||||
Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 2.25% | ||||
Revolving Credit Facility | Alternate Base Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 0.75% | ||||
Revolving Credit Facility | Alternate Base Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 1.25% | ||||
Letters of credit | |||||
Debt Instrument [Line Items] | |||||
Outstanding letters of credit | 4,100,000 | ||||
Line of credit facility, sublimit (as a percent) | 4.50% | ||||
Senior Notes | Term Loan | |||||
Debt Instrument [Line Items] | |||||
Senior notes, principal amount | $ 400,000,000 | ||||
Proceeds from secured debt | $ 400,000,000 | ||||
Secured Debt | Term Loan | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Spread over variable rate (as a percent) | 1.00% | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | ||||
Outstanding balance | $ 397,000,000 | $ 398,000,000 | |||
Principal payment period | 1,000,000 | ||||
5.625% Senior Notes Due 2027 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, principal amount | $ 300,000,000 | ||||
Interest rate (as a percent) | 5.625% | 5.625% | |||
2029 Senior Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, principal amount | $ 500,000,000 | ||||
Interest rate (as a percent) | 4.75% | 4.75% | |||
2031 Senior Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, principal amount | $ 500,000,000 | ||||
Interest rate (as a percent) | 3.75% | 3.75% | |||
Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio | 3 | ||||
Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio | 5 | ||||
Temporary increase to leverage ratio | 5.5 | ||||
Secured net leverage ratio financial maintenance covenants | 3.75 | ||||
Temporary increase to secured net leverage ratio financial maintenance covenants | 4.25 |
Asset Retirement Obligations _3
Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Asset Retirement Obligation Roll Forward | |||
Balance at beginning of period | $ 39.2 | $ 35.1 | $ 35.1 |
Addition for acquisition | 0 | 1.2 | |
Accretion expense | 0.7 | $ 0.6 | 2.5 |
Settlements of liabilities | (0.9) | (1) | |
Liabilities incurred | 0.3 | 1.4 | |
Balance at end of period | $ 39.3 | $ 39.2 |
Income Taxes (Summary of Effect
Income Taxes (Summary of Effective Income Tax Rates) (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate (as a percent) | 24.00% | 24.60% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Total excess tax benefits | $ 1.5 | $ 0.9 |
Other discrete tax items | $ (1) |
Incentive Plans (Narrative) (De
Incentive Plans (Narrative) (Details) | Aug. 30, 2013USD ($)shares | Feb. 28, 2022$ / sharespeer_company | Mar. 31, 2022USD ($)$ / shares | Mar. 31, 2021USD ($) | Aug. 08, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $ | $ 2,900,000 | $ 3,600,000 | |||
2013 Long-Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for incentive plan (no more than) (in shares) | shares | 5,500,000 | ||||
Number of shares per employee (no more than) (in shares) | shares | 1,000,000 | ||||
2013 Long-Term Incentive Plan | PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum amount payable | $ | $ 5,000,000 | ||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ 217.15 | ||||
2013 Long-Term Incentive Plan | PSUs | ROACE | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ 181.18 | ||||
2013 Long-Term Incentive Plan | PSUs | TSR | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Number of companies in total shareholder return peer comparison group | peer_company | 18 | ||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ 259.17 | ||||
2013 Long-Term Incentive Plan | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Murphy Usa Two Thousand Thirteen Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award expiration period (in years) | 7 years | ||||
Shares granted, fair value (in dollars per share) | $ 51.46 | ||||
2013 Stock Plan for Non-Employee Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for incentive plan (no more than) (in shares) | shares | 500,000 | ||||
2013 Stock Plan for Non-Employee Directors | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Restricted stock units issued, weighted average grant date fair value (in dollars per share) | $ 174.90 |
Incentive Plans (Valuation Assu
Incentive Plans (Valuation Assumptions) (Details) - 2013 Long-Term Incentive Plan | 1 Months Ended |
Feb. 28, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.64% |
Expected volatility | 32.20% |
Risk-free interest rate | 1.80% |
Expected life (years) | 4 years 8 months 12 days |
Stock price at valuation date (in dollars per share) | $ 181.18 |
Incentive Plans (Summary of Cha
Incentive Plans (Summary of Changes in Stock Options Outstanding) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 366,100 |
Granted (in shares) | shares | 55,150 |
Exercised (in shares) | shares | (2,200) |
Forfeited (in shares) | shares | (9,100) |
Ending balance (in shares) | shares | 409,950 |
Exercisable (in shares) | shares | 246,450 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 90.44 |
Granted (in dollars per share) | $ / shares | 181.80 |
Exercised (in dollars per share) | $ / shares | 87.33 |
Forfeited (in dollars per share) | $ / shares | 119.43 |
Ending balance (in dollars per share) | $ / shares | 102.10 |
Exercisable (in dollars per share) | $ / shares | $ 76.35 |
Weighted Average Remaining Contractual Term (Years) | |
Outstanding (in years) | 4 years 3 months 18 days |
Exercisable (in years) | 3 years 1 month 6 days |
Aggregate Intrinsic Value (Millions of Dollars) | |
Outstanding, aggregate intrinsic value | $ | $ 40.1 |
Options exercisable, aggregate intrinsic value | $ | $ 30.5 |
Incentive Plans (Summary of Sto
Incentive Plans (Summary of Stock Unit Activity) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Time-Based Restricted Stock Units | |
Number of Shares (in shares) | |
Beginning balance (in shares) | shares | 175,627 |
Granted (in shares) | shares | 40,388 |
Vested and issued (in shares) | shares | (58,746) |
Forfeited (in shares) | shares | (3,835) |
Ending balance (in shares) | shares | 153,434 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 95.93 |
Granted (in dollars per share) | $ / shares | 186.61 |
Vested and issued (in dollars per share) | $ / shares | 79.38 |
Forfeited (in dollars per share) | $ / shares | 111.27 |
Ending balance (in dollars per share) | $ / shares | $ 125.76 |
Total Fair Value | |
Vested and issued | $ | $ 11.2 |
Outstanding | $ | $ 30.7 |
PSUs | 2013 Long-Term Incentive Plan | |
Number of Shares (in shares) | |
Beginning balance (in shares) | shares | 127,638 |
Granted (in shares) | shares | 78,586 |
Vested and issued (in shares) | shares | (94,226) |
Forfeited (in shares) | shares | (6,360) |
Ending balance (in shares) | shares | 105,638 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 117.59 |
Granted (in dollars per share) | $ / shares | 217.15 |
Vested and issued (in dollars per share) | $ / shares | 87.62 |
Forfeited (in dollars per share) | $ / shares | 133.98 |
Ending balance (in dollars per share) | $ / shares | $ 159.63 |
Total Fair Value | |
Vested and issued | $ | $ 17.1 |
Outstanding | $ | $ 21.1 |
RSUs | 2013 Stock Plan for Non-Employee Directors | |
Number of Shares (in shares) | |
Beginning balance (in shares) | shares | 30,664 |
Granted (in shares) | shares | 7,902 |
Vested and issued (in shares) | shares | (11,735) |
Ending balance (in shares) | shares | 26,831 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 100.23 |
Granted (in dollars per share) | $ / shares | 174.90 |
Vested and issued (in dollars per share) | $ / shares | 75.96 |
Ending balance (in dollars per share) | $ / shares | $ 132.84 |
Total Fair Value | |
Vested and issued | $ | $ 2.1 |
Outstanding | $ | $ 5.4 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Aug. 27, 2019 | |
Derivative [Line Items] | ||||
Cash deposits related to commodity derivative contracts | $ 1.6 | $ 0.6 | ||
Accumulated other comprehensive gain reclassified | 0 | $ 0.1 | ||
Amortization of unrealized (gain) loss to interest expense | 0.2 | 0.2 | ||
Unrealized gain (loss) | 0 | (0.1) | ||
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Notional amount | 90 | $ 150 | ||
Accumulated other comprehensive gain reclassified | 2.4 | |||
Amortization of unrealized (gain) loss to interest expense | 0.2 | $ 0.2 | ||
Unrealized gain (loss) | $ 1.3 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Oct. 28, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock, shares acquired (in shares) | 836,953 | 397,882 | ||
Stock repurchase program, average price per share (in dollars per share) | $ 181.36 | $ 125.67 | ||
October 2020 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, authorized amount (up to) | $ 1,000,000,000 | $ 500,000,000 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Basic and Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income per share - basic | ||
Net income attributable to common stockholders | $ 152.4 | $ 55.3 |
Weighted average common shares outstanding (in shares) | 24,655 | 27,131 |
Earnings per common share (in dollars per share) | $ 6.18 | $ 2.04 |
Net income per share - diluted | ||
Net income attributable to common stockholders | $ 152.4 | $ 55.3 |
Weighted average common shares outstanding (in shares) | 24,655 | 27,131 |
Common equivalent shares: | ||
Dilutive share-based awards (in shares) | 419 | 357 |
Weighted average common shares outstanding - assuming dilution (in shares) | 25,074 | 27,488 |
Earnings per common share assuming dilution (in dollars per share) | $ 6.08 | $ 2.01 |
Earnings Per Share (Potentially
Earnings Per Share (Potentially Dilutive Shares Excluded from Earnings Per Share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 66,573 | 101,791 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 51,900 | 81,300 |
PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 14,673 | 20,491 |
Other Financial Information (Na
Other Financial Information (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash income taxes paid (collected), net of refunds | $ 0 | $ 0 |
Interest paid, net of amounts capitalized | $ 26,200,000 | $ 18,400,000 |
Other Financial Information (Su
Other Financial Information (Summary of Changes in Operating Working Capital) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ (64.6) | $ (5.3) |
Inventories | 26.4 | 20.5 |
Prepaid expenses and other current assets | (4.8) | (3.3) |
Accounts payable and accrued liabilities | 126.8 | 81.6 |
Income taxes payable | 35.1 | 14.5 |
Net (increase) decrease in noncash operating working capital | $ 118.9 | $ 108 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Financial liabilities | ||
Current and long-term debt, excluding finance leases | $ (1,673.4) | $ (1,673.5) |
Fair Value | ||
Financial liabilities | ||
Current and long-term debt, excluding finance leases | $ (1,681.5) | $ (1,709.5) |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)superfund_site | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of Superfund sites for which company may be liable | superfund_site | 1 |
Workers' compensation deductible (per occurrence) | $ 1 |
General liability insurance deductible | 3 |
Auto liability insurance deductible | 0.3 |
Workers' compensation accrued liability | 40.9 |
Outstanding letters of credit | $ 10.1 |
Lease Accounting (Narrative) (D
Lease Accounting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2022contractextension_optionstore | |
Lessee, Lease, Description [Line Items] | |
Number of renewal options | extension_option | 1 |
Number of leases with restrictive covenants | store | 102 |
Land | |
Lessee, Lease, Description [Line Items] | |
Number of leases | 412 |
Terminal | |
Lessee, Lease, Description [Line Items] | |
Number of leases | 1 |
Hangar | |
Lessee, Lease, Description [Line Items] | |
Number of leases | 1 |
Various equipment | |
Lessee, Lease, Description [Line Items] | |
Number of leases | 1 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 1 year |
Lease renewal term (in years) | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 35 years |
Lease renewal term (in years) | 20 years |
Lease Accounting (Leases Reflec
Lease Accounting (Leases Reflected on Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Operating (Right-of-use) | $ 420.5 | $ 419.2 |
Finance | 133.4 | 137.3 |
Total leased assets | 553.9 | 556.5 |
Accumulated depreciation | 20.7 | 16.7 |
Current | ||
Operating | 18.4 | 18.1 |
Finance | 10.9 | 11 |
Noncurrent | ||
Operating | 411.5 | 408.9 |
Finance | 128 | 130.6 |
Total lease liabilities | $ 568.8 | $ 568.6 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,428.2 and $1,373.4 at 2022 and 2021, respectively | Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,428.2 and $1,373.4 at 2022 and 2021, respectively |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Trade accounts payable and accrued liabilities | Trade accounts payable and accrued liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current maturities of long-term debt | Current maturities of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, including capitalized lease obligations | Long-term debt, including capitalized lease obligations |
Lease Accounting (Lease Cost) (
Lease Accounting (Lease Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 12 | $ 8.9 |
Finance lease cost | ||
Amortization of leased assets | 4 | 2.6 |
Interest on lease liabilities | 2.3 | 1.4 |
Net lease costs | $ 18.3 | $ 12.9 |
Lease Accounting (Cash Flow Inf
Lease Accounting (Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amounts included in the measurement of liabilities | ||
Operating cash flows from operating leases | $ 11 | $ 8.2 |
Operating cash flows from finance leases | 2.3 | 1.4 |
Financing cash flows from finance leases | $ 2.8 | $ 1.8 |
Lease Accounting (Maturity of L
Lease Accounting (Maturity of Lease Liability) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Operating leases | |
2022 | $ 33.9 |
2023 | 44.8 |
2024 | 44.4 |
2025 | 43.4 |
2026 | 42.7 |
After 2026 | 507.8 |
Total lease payments | 717 |
less: interest | 287.1 |
Present value of lease liabilities | 429.9 |
Finance leases | |
2022 | 14.9 |
2023 | 18.5 |
2024 | 16.9 |
2025 | 15.9 |
2026 | 15.3 |
After 2026 | 137.1 |
Total lease payments | 218.6 |
less: interest | 79.7 |
Present value of lease liabilities | $ 138.9 |
Lease Accounting (Lease Term an
Lease Accounting (Lease Term and Discount Rate) (Details) | Mar. 31, 2022 |
Weighted average remaining lease term (years) | |
Finance leases | 13 years 6 months |
Operating leases | 16 years |
Weighted average discount rate | |
Finance leases (as a percent) | 6.70% |
Operating leases (as a percent) | 6.30% |
Business Segment (Narrative) (D
Business Segment (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Business Segment (Summary of In
Business Segment (Summary of Information by Business Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 4,206.2 | $ 4,048.2 | |
External Revenues | 5,118.4 | $ 3,537.1 | |
Income (Loss) | 152.4 | 55.3 | |
Corporate and other assets | |||
Segment Reporting Information [Line Items] | |||
Total assets | 484.3 | ||
External Revenues | 0.1 | 0 | |
Income (Loss) | (16.7) | (25.1) | |
Marketing | Marketing | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,721.9 | ||
External Revenues | 5,118.3 | 3,537.1 | |
Income (Loss) | $ 169.1 | $ 80.4 |