Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | 'S-4 |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Entity Registrant Name | 'Murphy USA Inc. |
Entity Central Index Key | '0001573516 |
Entity Filer Category | 'Non-accelerated Filer |
Current Fiscal Year End Date | '--12-31 |
Consolidated_And_Combined_Bala
Consolidated And Combined Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $294,741 | $57,373 | $36,887 | $56,714 |
Accounts receivable - trade, less allowance for doubtful accounts of $4,456 in 2013 and $4,576 in 2012 | 193,181 | 529,023 | ' | ' |
Inventories, at lower of cost or market | 179,055 | 217,394 | ' | ' |
Prepaid expenses and other current assets | 15,439 | 18,172 | ' | ' |
Total current assets | 682,416 | 821,962 | ' | ' |
Property, plant and equipment, at cost less accumulated depreciation and amortization of $655,360 in 2013 and $590,568 in 2012 | 1,190,723 | 1,169,960 | ' | ' |
Deferred charges and other assets | 8,103 | 543 | ' | ' |
Total assets | 1,881,242 | 1,992,465 | 1,784,983 | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 14,000 | 46 | ' | ' |
Trade accounts payable and accrued liabilities | 433,228 | 705,487 | ' | ' |
Income taxes payable | 72,146 | 15,605 | ' | ' |
Deferred income taxes | 7,143 | 12,771 | ' | ' |
Total current liabilities | 526,517 | 733,909 | ' | ' |
Long-term debt | 547,578 | 1,124 | ' | ' |
Deferred income taxes | 114,932 | 129,825 | ' | ' |
Asset retirement obligations | 17,130 | 15,401 | ' | ' |
Deferred credits and other liabilities | 18,749 | 7,755 | ' | ' |
Total liabilities | 1,224,906 | 888,014 | ' | ' |
Stockholders' Equity/Net Investment | ' | ' | ' | ' |
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | ' | ' | ' | ' |
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,743,633 shares issued and outstanding at December 31, 2013) | 467 | ' | ' | ' |
Additional paid in capital (APIC) | 548,293 | ' | ' | ' |
Net investment by parent | ' | 1,104,451 | ' | ' |
Retained earnings | 107,576 | ' | ' | ' |
Total stockholders' equity/net investment | 656,336 | 1,104,451 | 1,118,947 | 1,808,150 |
Total liabilities and stockholders' equity/net investment | $1,881,242 | $1,992,465 | ' | ' |
Consolidated_And_Combined_Bala1
Consolidated And Combined Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated And Combined Balance Sheets [Abstract] | ' | ' |
Accounts receivable - trade, allowance for doubtful accounts | $4,456 | $4,576 |
Property, plant and equipment, accumulated depreciation and amortization | $655,360 | $590,568 |
Preferred stock par value | $0.01 | ' |
Preferred stock shares authorized | 20,000,000 | ' |
Preferred stock shares outstanding | 0 | ' |
Common stock par value | $0.01 | ' |
Common stock shares authorized | 200,000,000 | ' |
Common stock shares issued | 46,743,633 | ' |
Common stock shares outstanding | 46,743,633 | ' |
Consolidated_And_Combined_Inco
Consolidated And Combined Income Statements (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | |||
Petroleum product sales | $15,560,317 | [1] | $16,854,985 | [1] | $16,586,845 | [1] |
Merchandise sales | 2,159,466 | 2,144,347 | 2,115,567 | |||
Ethanol sales and other | 363,552 | 301,976 | 216,804 | |||
Total revenues | 18,083,335 | 19,301,308 | 18,919,216 | |||
Costs and operating expenses | ' | ' | ' | |||
Petroleum product cost of goods sold | 15,009,955 | [1] | 16,298,316 | [1] | 15,910,606 | [1] |
Merchandise cost of goods sold | 1,877,630 | 1,855,641 | 1,851,867 | |||
Ethanol cost of goods sold | 228,899 | 269,168 | 225,197 | |||
Station and other operating expenses | 493,703 | 480,109 | 461,416 | |||
Depreciation and amortization | 74,130 | 71,740 | 64,879 | |||
Impairment of properties | ' | 60,988 | ' | |||
Selling, general and administrative | 132,999 | 113,122 | 93,133 | |||
Accretion of asset retirement obligation | 1,096 | 980 | 877 | |||
Total costs and operating expenses | 17,818,412 | 19,150,064 | 18,607,975 | |||
Income from operations | 264,923 | 151,244 | 311,241 | |||
Other income (expense) | ' | ' | ' | |||
Interest income | 1,099 | 172 | 32 | |||
Interest expense | -14,509 | -384 | -408 | |||
Gain (loss) on sale of assets | 5,995 | -1,005 | -363 | |||
Other nonoperating income | 169 | 92 | 311 | |||
Total other income (expense) | -7,246 | -1,125 | -428 | |||
Income from continuing operations before income taxes | 257,677 | 150,119 | 310,813 | |||
Income tax expense | 101,351 | 63,705 | 122,960 | |||
Income from continuing operations | 156,326 | 86,414 | 187,853 | |||
Income (loss) from discontinued operations, net of taxes | 78,707 | -2,846 | 136,167 | |||
Net Income | $235,033 | $83,568 | $324,020 | |||
Earnings per share - basic: | ' | ' | ' | |||
Income from continuing operations | $3.34 | $1.85 | $4.02 | |||
Income (loss) from discontinued operations | $1.68 | ($0.06) | $2.91 | |||
Net income - basic | $5.03 | $1.79 | $6.93 | |||
Earnings per share - diluted: | ' | ' | ' | |||
Income from continuing operations | $3.34 | $1.85 | $4.02 | |||
Income (loss) from discontinued operations | $1.68 | ($0.06) | $2.91 | |||
Net income - diluted | $5.02 | $1.79 | $6.93 | |||
Weighted-average shares outstanding: | ' | ' | ' | |||
Basic | 46,743 | 46,743 | 46,743 | |||
Diluted | 46,858 | 46,743 | 46,743 | |||
[1] | Includes excise taxes of: $1,884,035 $1,962,660 $1,831,550 |
Consolidated_And_Combined_Inco1
Consolidated And Combined Income Statements (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated And Combined Income Statements [Abstract] | ' | ' | ' |
Excise taxes | $1,884,035,000 | $1,962,660,000 | $1,831,550,000 |
Consolidated_And_Combined_Stat
Consolidated And Combined Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Activities | ' | ' | ' |
Net income | $235,033,000 | $83,568,000 | $324,020,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
(Income) loss from discontinued operations, net of taxes | -78,707,000 | 2,846,000 | -136,167,000 |
Depreciation and amortization | 74,130,000 | 71,740,000 | 64,879,000 |
Amortization of deferred major repair costs | 575,000 | 163,000 | ' |
Deferred and noncurrent income tax charges (credits) | -7,262,000 | -16,463,000 | 22,948,000 |
Impairment of properties | ' | 60,988,000 | ' |
Accretion on discounted liabilities | 1,096,000 | 980,000 | 879,000 |
Pretax (gains) losses from sale of assets | -5,995,000 | 1,005,000 | 363,000 |
Net decrease (increase) in noncash operating working capital | 74,865,000 | 32,553,000 | -271,046,000 |
Other operating activities - net | 13,215,000 | -1,088,000 | 2,673,000 |
Net cash provided by continuing operations | 306,950,000 | 236,292,000 | 8,549,000 |
Net cash provided by discontinued operations | 49,748,000 | 1,135,000 | 179,824,000 |
Net cash provided by operating activities | 356,698,000 | 237,427,000 | 188,373,000 |
Investing Activities | ' | ' | ' |
Property additions | -164,536,000 | -104,496,000 | -99,819,000 |
Proceeds from sale of assets | 6,113,000 | 364,000 | 363,000 |
Expenditures for major repairs | -726,000 | -250,000 | ' |
Other investing activities - net | 52,000 | ' | 2,453,000 |
Investing activities of discontinued operations | ' | ' | ' |
Sales proceeds | 173,118,000 | ' | 950,010,000 |
Other | -1,129,000 | -7,706,000 | -40,127,000 |
Net cash provided by (required by) investing activities | 12,892,000 | -112,088,000 | 812,880,000 |
Financing Activities | ' | ' | ' |
Repayments of long-term debt | -81,170,000 | -42,000 | -42,000 |
Additions to long-term debt | 641,250,000 | ' | ' |
Cash dividend to former parent | -650,000,000 | ' | ' |
Debt issuance costs | -6,693,000 | ' | ' |
Net distributions to former parent | -35,609,000 | -104,811,000 | -1,021,038,000 |
Net cash required by financing activities | -132,222,000 | -104,853,000 | -1,021,080,000 |
Net increase in cash and cash equivalents | 237,368,000 | 20,486,000 | -19,827,000 |
Cash and cash equivalents at January 1 | 57,373,000 | 36,887,000 | 56,714,000 |
Cash and cash equivalents at December 31 | $294,741,000 | $57,373,000 | $36,887,000 |
Consolidated_And_Combined_Stat1
Consolidated And Combined Statements Of Changes In Equity (USD $) | Common Stock [Member] | APIC [Member] | Net Parent Investment [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | ' | ' | $1,808,150 | ' | $1,808,150 |
Net income | ' | ' | 324,020 | ' | 324,020 |
Net transfers to/between former parent | ' | ' | -1,013,223 | ' | -1,013,223 |
Balance at Dec. 31, 2011 | ' | ' | 1,118,947 | ' | 1,118,947 |
Net income | ' | ' | 83,568 | ' | 83,568 |
Net transfers to/between former parent | ' | ' | -98,064 | ' | -98,064 |
Balance at Dec. 31, 2012 | ' | ' | 1,104,451 | ' | 1,104,451 |
Net income | ' | ' | 127,457 | 107,576 | 235,033 |
Dividend paid to former parent | ' | ' | -650,000 | ' | -650,000 |
Net transfers to/between former parent | ' | ' | -36,062 | ' | -36,062 |
Issuance of stock at the separation and distribution | 467 | -467 | ' | ' | ' |
Issuance of stock at the separation and distribution, shares | 46,743,316 | ' | ' | ' | 46,743,316 |
Reclassification of net parent to APIC | ' | 545,846 | -545,846 | ' | ' |
Issuance of common stock, shares | 317 | ' | ' | ' | ' |
Share-based compensation expense | ' | 2,914 | ' | ' | 2,914 |
Balance at Dec. 31, 2013 | $467 | $548,293 | ' | $107,576 | $656,336 |
Balance, shares at Dec. 31, 2013 | 46,743,633 | ' | ' | ' | ' |
Description_Of_Business_And_Ba
Description Of Business And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Description Of Business And Basis Of Presentation [Abstract] | ' |
Description Of Business And Basis Of Presentation | ' |
Note 1 — Description of Business and Basis of Presentation | |
Description of business — The business of Murphy USA Inc. (“Murphy USA” or the “Company”) and its subsidiaries primarily consists of the U.S. retail marketing business that was separated from its former parent company, Murphy Oil Corporation (“Murphy Oil” ), plus certain ethanol production facilities and other assets, liabilities and operating expenses of Murphy Oil that were associated with supporting the activities of the U.S. retail marketing operations. The separation was approved by the Murphy Oil board of directors on August 7, 2013, and was completed on August 30, 2013 through the distribution of 100% of the outstanding capital stock of Murphy USA to holders of Murphy Oil common stock on the record date of August 21, 2013. Murphy Oil stockholders of record received one share of Murphy USA common stock for every four shares of Murphy Oil common stock. The spin-off was completed in accordance with a separation and distribution agreement entered into between Murphy Oil and Murphy USA. Following the separation, Murphy USA is an independent, publicly traded company, and Murphy Oil retains no ownership interest in Murphy USA. | |
Murphy USA markets refined products through a network of retail gasoline stations and unbranded wholesale customers. Murphy USA’s owned retail stations are almost all located in close proximity to Walmart stores in 23 states and use the brand name Murphy USA®. Murphy USA also markets gasoline and other products at standalone stations under the Murphy Express brand. At December 31, 2013, Murphy USA had a total of 1,203 Company stations. In October 2009, Murphy USA acquired an ethanol production facility located in Hankinson, North Dakota. The facility was originally designed to produce 110 million gallons of corn-based ethanol per year. Expansion of the plant occurred during 2012, bringing the overall ethanol production capacity to 135 million gallons per year and the plant was sold in December 2013 with all its financial results now being presented as discontinued operations. The Company acquired a partially constructed ethanol production facility in Hereford, Texas, in late 2010. The Hereford facility is designed to produce 105 million gallons of corn-based ethanol per year, and it began operations near the end of the first quarter of 2011. | |
The contributed assets of Murphy Oil included in the Company’s financial statements also include buildings, real estate, an airplane and computer equipment and software that are used to support the operating activities of Murphy USA. | |
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 for $1.00. Murphy USA was formed solely in contemplation of the separation and until the separation was completed on August 30, 2013, it had not commenced operations and had no material assets, liabilities, or commitments. Accordingly the accompanying consolidated and combined financial statements reflect the combined historical results of operations, financial position and cash flows of the Murphy Oil subsidiaries and certain assets, liabilities and operating expenses of Murphy Oil that comprise Murphy USA, as described above, as if such companies and accounts had been combined for all periods presented prior to August 30, 2013. All significant intercompany transactions and accounts within the combined financial statements have been eliminated. | |
The assets and liabilities in these consolidated and combined financial statements at December 31, 2012 have been reflected on a historical basis, as if all of the assets and liabilities presented were 100 percent owned by Murphy Oil at December 31, 2012 and represented operations of Murphy USA prior to the separation. For the period prior to separation, the consolidated and combined statements of income also include expense allocations for certain corporate functions historically performed by Murphy Oil, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement and information technology. These allocations are based primarily on specific identification, headcount or computer utilization. Murphy USA’s management believes the assumptions underlying the consolidated and combined financial statements, including the assumptions regarding the allocation of general corporate expenses from Murphy Oil, are reasonable. However, these consolidated and combined financial statements may not include all of the actual expenses that would have been incurred had the Company been a stand-alone company during the period prior to separation and may not reflect the combined results of operations, financial position and cash flows had the Company been a stand-alone company during the entirety of the periods presented. | |
Actual costs that would have been incurred if Murphy USA had been a stand-alone company for the period prior to separation would depend upon multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. As a result, the consolidated and combined results of operations for the three years ended December 31, 2013, are not necessarily indicative of the results that may be experienced in the future. | |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 2 – Significant Accounting Policies | |
PRINCIPLES OF COMBINATION – These consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Murphy USA Inc. and selected subsidiaries, and certain assets, liabilities, and expenses of Murphy Oil Corporation for all periods prior to August 30, 2013. All significant intercompany accounts and transactions within the consolidated and combined entity have been eliminated. | |
REVENUE RECOGNITION – Revenues from sales of refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer, which may include related party sales to other subsidiaries of Murphy Oil. Title transfer for bulk refined products generally occur at pipeline custody points or upon truck loading at product terminals. Refined products sold at retail stations are recorded when the customer takes delivery at the pump. Merchandise revenues are recorded at the point of sale. Rebates from vendors are recognized as a reduction of cost of goods sold when the related inventory item is sold. Incentives that are derived from contractual provisions are accrued based on past experience, when estimable, and are recognized in cost of goods sold. | |
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 arrangement based on location or quality differences. The Company accounts for such transactions on a net basis in its Consolidated and Combined Income Statements. | |
SHIPPING AND HANDLING COSTS – Costs incurred for the shipping and handling of motor fuel are included in Petroleum product cost of goods sold in the income statement. Costs incurred for the shipping and handling of convenience store merchandise are included in Merchandise cost of goods sold in the income statement. | |
TAXES COLLECTED FROM CUSTOMERS AND REMITTED TO GOVERNMENT AUTHORITIES – Excise and other taxes collected on sales of refined products and remitted to governmental agencies are included in revenues and costs and operating expenses in the Combined Income Statements. Excise taxes on petroleum products collected and remitted were $1,884,035,000 in 2013, $1,962,660,000 in 2012, and $1,831,550,000 in 2011. | |
CASH EQUIVALENTS – Short-term investments, which include government securities, money market funds and other instruments with government securities as collateral, that have an original maturity of three months or less from the date of purchase are classified as cash equivalents. | |
MARKETABLE SECURITIES – The Company classifies investments in marketable securities as available-for-sale or held-to-maturity. The Company does not typically classify any investments as trading. Available-for-sale securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive income. Held-to-maturity securities are recorded at amortized cost. Premiums and discounts are amortized or accreted into earnings over the life of the related available-for-sale or held-to-maturity security. Dividend and interest income is recognized when earned. Unrealized losses considered to be other than temporary are recognized currently in earnings. The cost of securities sold is based on the specific identification method. The fair value of investment securities is determined by available market prices. | |
ACCOUNTS RECEIVABLE – The Company’s accounts receivable are recorded at the invoiced amount and do not bear interest. The accounts receivable primarily consists of amounts owed to the Company from credit card companies and by customers for sales of refined petroleum products and ethanol. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. | |
INVENTORIES – Inventories of most finished products are valued at the lower of cost, generally applied on a last-in, first-out (“LIFO”) basis, or market. Any increments to LIFO inventory volumes are valued based on the first purchase price for these volumes during the year. Merchandise inventories held for resale are carried at average cost. Materials and supplies are valued at the lower of average cost or estimated value. Distillers dried grain with solubles (“DDGS”), wet distillers grain with solubles (“WDGS”) and corn inventories are valued at the lower of cost, applied on a first-in, first-out (“FIFO”) basis, or market. | |
VENDOR ALLOWANCES AND REBATES – Murphy USA receives payments for vendor allowances, volume rebates and other related payments from various suppliers of its convenience store merchandise. Vendor allowances for price markdowns are credited to merchandise cost of goods sold during the period the related markdown is recognized. Volume rebates of merchandise are recorded as reductions to merchandise cost of goods sold when the merchandise qualifying for the rebate is sold. Slotting and stocking allowances received from a vendor are recorded as a reduction to cost of sales over the period covered by the agreement. | |
PROPERTY, PLANT AND EQUIPMENT – Additions to property, plant and equipment, including renewals and betterments, are capitalized and recorded at cost. Certain marketing facilities are primarily depreciated using the composite straight-line method with depreciable lives ranging from 16 to 25 years. Ethanol plants, gasoline stations and other assets are depreciated over 3 to 45 years by individual unit on the straight-line method. Gains and losses on asset disposals or retirements are included in income as a separate component of other income. | |
IMPAIRMENT OF ASSETS – Long-lived assets, which include property and equipment and finite-lived intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. | |
TURNAROUNDS – Primary processing units are scheduled for major maintenance activities known as turnarounds at periodic intervals at the Company’s ethanol plant. Turnaround work associated with various other less significant units at the Company’s facilities will vary depending on operating requirements and events. The Company defers turnaround costs incurred and amortizes such costs through Station and other operating expenses over the period until the next scheduled turnaround. All other maintenance and repairs are expensed as incurred. | |
ASSET RETIREMENT OBLIGATIONS – The Company records a liability for asset retirement obligations (“ARO”) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when the asset is placed in service. The ARO liability is estimated using existing regulatory requirements and anticipated future inflation rates. When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value, and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling service stations and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an asset retirement obligation and the recorded liability is recognized as a gain or loss in the Company’s earnings. | |
ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized. | |
INCOME TAXES – The Company accounts for income taxes using the asset and liability method as if Murphy USA was a separate tax payer rather than a member of Murphy Oil’s consolidated income tax return. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. | |
The Company’s results of operations were included in the consolidated federal income tax return of Murphy Oil prior to the separation, while in most cases, these results have been included in the various state tax returns of Murphy USA historically. For these financial statements, federal and state income taxes have been computed and recorded as if the Company filed separate federal and state income tax returns. Federal and state income tax benefits of operating losses generated are recognized to the extent that they could be expected to reduce federal income tax expense for the Company via a carryback to a previous year or carried forward for use in a subsequent year. The calculations of current and deferred income taxes, therefore, require use of certain assumptions, allocations and estimates that management believes are reasonable to reflect the Company’s income taxes as a stand-alone taxpayer. The Company has elected to classify any interest expense and penalties related to the underpayment of income taxes in Income tax expense in the Consolidated and Combined Income Statements. | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated and Combined Balance Sheets. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge, or decide that the contract is not a hedge, and therefore, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for use of the hedging instrument to manage the risk. Derivative instruments designated as fair value or cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Company assesses at inception and on an ongoing basis whether a derivative instrument used as a hedge is highly effective in offsetting changes in the fair value or cash flows of the hedged item. A derivative that is not a highly effective hedge does not qualify for hedge accounting. Changes in the fair value of a qualifying fair value hedge are recorded in earnings along with the gain or loss on the hedged item. Changes in the fair value of a qualifying cash flow hedge are recorded in other comprehensive income until the hedged item is recognized in earnings. When the income effect of the underlying cash flow hedged item is recognized in the Statement of Income, the fair value of the associated cash flow hedge is reclassified from other comprehensive income into earnings. Ineffective portions of a cash flow hedge derivative’s change in fair value are recognized currently in earnings. If a derivative instrument no longer qualifies as a cash flow hedge and the underlying forecasted transaction is no longer probable of occurring, hedge accounting is discontinued and the gain or loss recorded in other comprehensive income is recognized immediately in earnings. See Note 13 and Note 16 for further information about the Company’s derivatives. | |
STOCK-BASED COMPENSATION – The fair value of awarded stock options, restricted stock and restricted stock units is determined based on a combination of management assumptions for awards issued subsequent to the separation from Murphy Oil and the previously calculated fair market value of awards that were replaced with Murphy USA awards in connection with the separation. Murphy Oil used the Black-Scholes option pricing model for computing the fair value of stock options. The primary assumptions made by management included the expected life of the stock option award and the expected volatility of Murphy Oil’s common stock prices. Murphy Oil used both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of two or three years. Murphy Oil used a Monte Carlo valuation model to determine the fair value of performance-based restricted stock and restricted stock units and the related expense is recognized over the three-year vesting period. Management estimates the number of stock options and performance-based restricted stock and restricted stock units that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. See Note 11 for a discussion of the basis of allocation of such costs. | |
NET INVESTMENT BY FORMER PARENT– The Net investment by former parent represents a net balance reflecting Murphy Oil’s initial investment in the Company and subsequent adjustments resulting from the operations of the Company and various transactions between the Company and Murphy Oil. The balance is the result of the Company’s participation in Murphy Oil’s centralized cash management program under which all the Company’s cash receipts are remitted to Murphy Oil and all cash disbursements are funded by Murphy Oil. The net balance includes amounts due from or owed to Murphy Oil. Other transactions affecting the Net investment by Murphy Oil include general and administrative expenses incurred by Murphy Oil and allocated to the Company. There are no terms of settlement or interest charges associated with the Net investment by Murphy Oil balance. Changes in amounts owed to or due from Murphy Oil are included in financing activities in the Statements of Cash Flows. | |
USE OF ESTIMATES – In preparing the financial statements of the Company in conformity with U.S. GAAP, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. | |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related-Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Note 3 — Related-Party Transactions | |
Related-party transactions of the Company include the allocation of certain general and administrative costs from Murphy Oil to the Company and payment of interest expense to or receipt of interest income from Murphy Oil for intercompany payables balances. | |
General and administrative costs were charged by Murphy Oil to the Company based on management’s determination of such costs attributable to the operations of the Company. However, such related-party transactions cannot be presumed to be carried out on an arm’s length basis as the requisite conditions of competitive, free-market dealings may not exist. | |
Prior to the separation Murphy Oil provided cash management services to the Company. As a result, the Company generally remitted funds received to Murphy Oil, and Murphy Oil paid all operating and capital expenditures on behalf of the Company. Such cash transactions were reflected in the change in the Net Investment by Parent. | |
The Consolidated and Combined Income Statements include expense allocations for certain functions provided to the Company by Murphy Oil prior to the separation. If possible, these allocations were made on a specific identification basis. Otherwise, the expenses related to services provided to the Company by Murphy Oil were allocated to Murphy USA based on relative percentages of headcount or other appropriate methods depending on the nature of each type of cost to be allocated. | |
Charges for functions historically provided to the Company by Murphy Oil were primarily attributable to Murphy Oil’s performance of many shared services that the Company benefitted from, such as treasury, tax, accounting, risk management, legal, internal audit, procurement, human resources, investor relations and information technology. Murphy USA also participated in certain Murphy Oil insurance, benefit and incentive plans. The Consolidated and Combined Income Statements reflect charges from Murphy Oil and its other subsidiaries for these services of $53,161,000, $70,056,000 and $58,121,000 for the three years ended December 31, 2013, 2012 and 2011, respectively. Included in the charges above are amounts recognized for stock-based compensation expense (Note 11), as well as net periodic benefit expense associated with Murphy Oil’s retirement plans (Note 12). | |
Included in Interest income in the Consolidated and Combined Income Statements for the three years ended December 31, 2013, 2012 and 2011 was interest income from affiliates of $1,080,000, $156,000 and $0, respectively. These amounts were paid on balances that were previously intercompany prior to the separation from Murphy Oil and were settled in full at the separation date. | |
Transition Services Agreement | |
In conjunction with the separation, we entered into a Transition Services Agreement with Murphy Oil on August 30, 2013. This Transition Services Agreement sets forth the terms on which Murphy Oil provides to us, and we provide to Murphy Oil, on a temporary basis, certain services or functions that the companies have historically shared. Transition services include administrative, payroll, human resources, information technology and network transition services, tax, treasury and other support and corporate services. The Transition Services Agreement provides for the provision of specified transition services generally for a period of up to eighteen months, with a possible extension of six months, on a cost basis. We record the fee Murphy Oil charges us for these services as a component of general and administrative expenses. | |
We believe that the operating expenses and general and administrative expenses allocated to us and included in the accompanying consolidated and combined income statements were a reasonable approximation of the costs related to Murphy USA’s operations. However, such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Murphy USA was still a subsidiary of Murphy Oil. At December 31, 2013 Murphy USA had a current receivable from Murphy Oil of $3,361,000 and a payable to Murphy Oil of $1,048,000 related to the Transition Services Agreement. | |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations [Abstract] | ' | |||||||||
Discontinued Operations | ' | |||||||||
Note 4 – Discontinued Operations | ||||||||||
In July 2010, the Company announced that it planned to exit the U.S. refining business. On September 30, 2011, the Company sold the Superior, Wisconsin refinery and related assets for $214,000,000, plus certain capital expenditures between July 25 and the date of closing and the fair value of all associated hydrocarbon inventories at these locations. On October 1, 2011, the Company sold its Meraux, Louisiana refinery and related assets for $325,000,000, plus the fair value of associated hydrocarbon inventories. The Company has accounted for the results of the Superior, Wisconsin and Meraux, Louisiana refineries and associated marketing assets as discontinued operations for all periods presented. The after-tax gain from disposal of the two refineries netted to $18,724,000, made up of a gain on the Superior refinery (including associated inventories) of $77,585,000 and a loss on the Meraux refinery (including associated inventories) of $58,861,000. The gain on disposal was based on refinery selling prices, plus the sales of all associated inventories at fair value, which was significantly above the last-in, first-out (“LIFO”) carrying value of the inventories sold. The net gain on sale of the refineries included an after-tax benefit of $179,152,000 from liquidation of inventories carried mostly under the LIFO cost method. The Separation and Distribution Agreement provided for cross-indemnities designed to place financial responsibility for any liabilities arising out of the refineries and related facilities with Murphy Oil. | ||||||||||
The results of operations associated with the refinery discontinued operations are presented in the following table. | ||||||||||
(Thousands of dollars) | 2011 | |||||||||
Revenues | $ | 3,700,789 | ||||||||
Income from operations before income taxes | 188,531 | |||||||||
Gain on sale before income taxes | 9,904 | |||||||||
Total income from discontinued operations before taxes | 198,435 | |||||||||
Provision for income taxes | 79,688 | |||||||||
Income from discontinued operations | $ | 118,747 | ||||||||
In November 2013, the Company announced that it had entered into negotiations to sell its Hankinson, North Dakota ethanol production facility as part of management’s strategic plan to exit non-core businesses. On December 19, 2013, the Company sold its wholly-owned subsidiary Hankinson Renewable Energy, LLC which owned and operated an ethanol manufacturing facility in Hankinson, North Dakota, and its related assets for $170,000,000 plus working capital adjustments of approximately $3,118,000. The Company has accounted for all operations related to Hankinson Renewable, LLC as discontinued operations for all periods presented. The after-tax gain from disposal of the subsidiary (including associated inventories) was $52,542,000 in 2013. | ||||||||||
The major assets and liabilities related to the Hankinson subsidiary sale are presented in the following table: | ||||||||||
(Thousands of dollars) | 18-Dec-13 | |||||||||
Current assets: | ||||||||||
Accounts receivable | $ | 3,563 | ||||||||
Raw materials inventories | 6,692 | |||||||||
Finished inventories | 2,956 | |||||||||
Material and supplies inventories | 2,371 | |||||||||
Total current assets | $ | 15,582 | ||||||||
Noncurrent assets: | ||||||||||
Property, plant and equipment, net | $ | 80,705 | ||||||||
Total assets | $ | 96,287 | ||||||||
Liabilities: | ||||||||||
Current liabilities | $ | 5,051 | ||||||||
Long-term notes payable | 1,077 | |||||||||
Liabilities associated with assets sold | $ | 6,128 | ||||||||
The results of operations associated with the Hankinson discontinued operations are presented in the following table. | ||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Revenues | $ | 366,707 | $ | 354,128 | $ | 354,239 | ||||
Income (loss) from operations before income taxes | 40,130 | -4,377 | 26,744 | |||||||
Gain on sale before income taxes | 80,834 | - | - | |||||||
Total income (loss) from discontinued operations before taxes | 120,964 | -4,377 | 26,744 | |||||||
Provision for income taxes | 42,257 | -1,531 | 9,324 | |||||||
Income (loss) from discontinued operations | $ | 78,707 | $ | -2,846 | $ | 17,420 | ||||
Inventories
Inventories | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
Note 5 — Inventories | |||||||
Inventories consisted of the following: | |||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Crude oil and blendstocks | $ | - | $ | 1,191 | |||
Refined products and blendstocks | 64,825 | 75,128 | |||||
Store merchandise for resale | 97,058 | 96,473 | |||||
Corn based products | 12,447 | 38,923 | |||||
Materials and supplies | 4,725 | 5,679 | |||||
$ | 179,055 | $ | 217,394 | ||||
At December 31, 2013 and 2012, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded the LIFO carrying value by $307,706,000 and $303,344,000, respectively. Corn based products consisted primarily of corn, dried distillers’ grains with solubles (DDGS) and wet distillers’ grains with solubles (WDGS), and were all valued on a first-in, first-out (FIFO) basis. | |||||||
In 2013, inventories valued at LIFO incurred a decrement that resulted in a charge to earnings. The total LIFO impact to pretax income from continuing operations was a decrease of $13,472,000 and an increase of $2,526,000 at December 31, 2013 and 2012, respectively. | |||||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Property, Plant And Equipment [Abstract] | ' | |||||||||||||
Property, Plant And Equipment | ' | |||||||||||||
Note 6 – Property, Plant and Equipment | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
(Thousands of dollars) | Estimated Useful Life | Cost | Net | Cost | Net | |||||||||
Land | $ | 520,026 | 520,026 | 446,385 | 446,385 | |||||||||
Ethanol facilities | 20 years | 67,284 | 1,082 | 163,990 | 83,195 | |||||||||
Pipeline and terminal facilities | 16 to 25 years | 85,907 | 36,114 | 83,484 | 35,347 | |||||||||
Retail gasoline stations | 3 to 20 years | 1,110,340 | 611,132 | 1,029,608 | 594,377 | |||||||||
Buildings | 20 to 45 years | 17,829 | 8,608 | 3,869 | 2,867 | |||||||||
Other | 3 to 20 years | 44,697 | 13,761 | 33,192 | 7,789 | |||||||||
$ | 1,846,083 | 1,190,723 | 1,760,528 | 1,169,960 | ||||||||||
At year-end 2012, the Company wrote down its net investment in the ethanol production facility in Hereford, Texas, taking a pre-tax impairment charge of $60,988,000. The write down was required based on expected weak ethanol production margins at the plant in future periods. Fair value was determined using a discounted cash flow model for three years, plus an estimated terminal value based on a multiple of the last year’s cash flow. Certain key assumptions used in the cash flow model included use of available futures prices for corn and ethanol products. Additional key assumptions included estimated future ethanol and distillers’ grain production levels, estimated future operating expenses, and estimated sales prices for distillers’ grain. | ||||||||||||||
Accounts_Payable_And_Accrues_L
Accounts Payable And Accrues Liabilities | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accounts Payable And Accrued Liabilities [Abstract] | ' | ||||||
Accounts Payable And Accrued Liabilities | ' | ||||||
Note 7 – Accounts Payable and Accrued Liabilities | |||||||
Trade accounts payable and accrued liabilities consisted of the following: | |||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Trade accounts payable | $ | 311,397 | 612,755 | ||||
Excise taxes/withholdings payable | 55,882 | 65,349 | |||||
Accrued insurance obligations | 17,247 | 7,085 | |||||
Other | 48,702 | 20,298 | |||||
Accounts payable and accrued liabilities | $ | 433,228 | 705,487 | ||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Long-Term Debt | ' | ||||||
Note 8 — Long-Term Debt | |||||||
Long-term debt consisted of the following: | |||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Loan for electrical facilities at the Hankinson, North Dakota ethanol plant, 6.00%, due through 2028* | $ | - | $ | 1,170 | |||
6.00% senior notes due 2023 (net of unamortized discount of $8,422) | 491,578 | - | |||||
Term loan due 2016 (effective rate of 3.71% at December 31, 2013) | 70,000 | - | |||||
Less current maturities | -14,000 | -46 | |||||
Total long-term debt | $ | 547,578 | $ | 1,124 | |||
*In connection with the sale of Hankinson Renewable Energy, LLC to Guardian Hankinson, LLC on December 19, 2013, the electrical facilities loan payable including current maturities was assumed by the new owners per the sales agreement. | |||||||
Senior Notes | |||||||
On August 14, 2013, Murphy Oil USA, Inc., our primary operating subsidiary, issued 6.00% Senior Notes due 2023 (the “Senior Notes”) in an aggregate principal amount of $500 million. The 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 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. | |||||||
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 notes. | |||||||
We used the net proceeds of the Senior Notes, together with borrowings under the credit facilities, to finance a cash dividend of $650 million from Murphy Oil USA, Inc. to Murphy Oil paid in connection with the Separation. | |||||||
In addition, we are party to a registration rights agreement, which requires us to exchange the Senior Notes for notes eligible for public resale within 360 days of the issuance of the Senior Notes, or alternatively under certain circumstances, to file a shelf registration statement for public resales of the Senior Notes. | |||||||
Credit Facilities | |||||||
On August 30, 2013, we entered into a credit agreement, which provides for a committed $450 million asset-based loan (ABL) facility (with availability subject to the borrowing base described below) and a $150 million term facility. It also provides for a $200 million uncommitted incremental facility. The ABL facility is scheduled to mature on August 30, 2018, subject to the ability to extend for two additional one-year periods with the consent of the extending lenders. The term facility is scheduled to mature on August 30, 2016. On August 30, 2013, Murphy Oil USA, Inc. borrowed $150 million under the term facility, the proceeds of which were used, together with the net proceeds of the offering of the Senior Notes, to finance the $650 million cash dividend to Murphy Oil. | |||||||
The borrowing base is expected, at any time of determination, to be an amount (net of reserves) equal to the sum of: | |||||||
· | 100% of eligible cash at such time, plus | ||||||
· | 90% of eligible credit card receivables at such time, plus | ||||||
· | 90% of eligible investment grade accounts, plus | ||||||
· | 85% of eligible other accounts, plus | ||||||
· | 80% of eligible product supply/wholesale refined products inventory at such time, plus | ||||||
· | 75% of eligible retail refined products inventory at such time, plus | ||||||
the lesser of (i) 70% of the average cost of eligible retail merchandise inventory at such time and (ii) 85% of the net orderly liquidation value of eligible retail merchandise inventory at such time. | |||||||
The ABL facility includes a $75 million sublimit on swingline loans and a $200 million sublimit for the issuance of letters of credit. Swingline loans and letters of credit issued under the ABL facility reduce availability under the ABL facility. | |||||||
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 prime rate, (b) the federal funds effective rate 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 Adjusted LIBO Rate borrowings, (i) with respect to the ABL facility, spreads ranging from 1.50% to 2.00% per annum depending on the average availability under the ABL facility or (ii) with respect to the term facility, spreads ranging from 2.75% to 3.00% per annum depending on a secured debt to EBITDA ratio and (B) in the case of Alternate Base Rate borrowings, (i) with respect to the ABL facility, spreads ranging from 0.50% to 1.00% per annum depending on the average availability under the ABL facility or (ii) with respect to the term facility, spreads ranging from 1.75% to 2.00% per annum depending on a secured debt to EBITDA ratio. | |||||||
The interest rate period with respect to the Adjusted LIBO Rate interest rate option can be set at one-, two-, three-, or six-months as selected by us in accordance with the terms of the credit agreement. | |||||||
We are obligated to make quarterly principal payments on the outstanding principal amount of the term facility beginning on the first anniversary of the effective date of the credit agreement in amounts equal to 10% of the term loans made on such effective date, with the remaining balance payable on the scheduled maturity date of the term facility. Borrowings under the credit facilities are prepayable at our option without premium or penalty. On October 8, 2013, we elected to prepay $15,000,000 on the term facility with our excess available cash from operations. We are also required to prepay the term facility with the net cash proceeds of certain asset sales or casualty events, subject to certain exceptions. In accordance with the before-mentioned provision, we remitted $65,000,000 on December 23, 2013, with a portion of the proceeds received from the completed sale of the Hankinson, North Dakota ethanol plant. The credit agreement also includes certain customary mandatory prepayment provisions with respect to the ABL facility. | |||||||
The credit agreement contains certain covenants that limit, among other things, the ability of us and our 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. In addition, the credit agreement requires us to maintain a fixed charge coverage ratio of a minimum of 1.0 to 1.0 when availability for at least three consecutive business days is less than the greater of (a) 17.5% of the lesser of the aggregate ABL facility commitments and the borrowing base and (b) $70,000,000 (including as of the most recent fiscal quarter end on the first date when availability is less than such amount), as well as a maximum secured debt to EBITDA ratio of 4.5 to 1.0 at any time when term facility commitments or term loans thereunder are outstanding. As of December 31, 2013, our fixed charge coverage ratio and the secured leverage ratio were 1.18 and 0.20, respectively. | |||||||
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 thereto. | |||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligations [Abstract] | ' | ||||||
Asset Retirement Obligations | ' | ||||||
Note 9 — Asset Retirement Obligations (ARO) | |||||||
The majority of the ARO recognized by the Company at December 31, 2013 and 2012 related to the estimated costs to dismantle and abandon certain of its retail gasoline stations. 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. | |||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Balance at beginning of period | $ | 15,401 | 13,190 | ||||
Accretion expense | 1,096 | 980 | |||||
Liabilities incurred | 633 | 1,231 | |||||
Balance at end of period | $ | 17,130 | 15,401 | ||||
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 | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
Note 10 — Income Taxes | ||||||||||
The components of income from continuing operations before income taxes for each of the three years ended December 31, 2013 and income tax expense (benefit) attributable thereto were as follows: | ||||||||||
Years Ended December 31, | ||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Income (loss) from continuing operations before income taxes | $ | 257,677 | 150,119 | 310,813 | ||||||
Income tax expense (benefit) | ||||||||||
Federal - Current | $ | 89,700 | 64,059 | 75,946 | ||||||
Federal - Deferred | -4,761 | -17,098 | 17,716 | |||||||
State - Current and deferred | 16,412 | 16,744 | 29,298 | |||||||
Total | $ | 101,351 | 63,705 | 122,960 | ||||||
The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense. | ||||||||||
Years Ended December 31, | ||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Income tax expense based on the U.S. statutory tax rate | $ | 90,187 | 52,542 | 108,785 | ||||||
State income taxes, net of federal benefit | 10,668 | 10,884 | 19,044 | |||||||
Other, net | 496 | 279 | -4,869 | |||||||
Total | $ | 101,351 | 63,705 | 122,960 | ||||||
An analysis of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 showing the tax effects of significant temporary differences follows: | ||||||||||
Years Ended December 31, | ||||||||||
(Thousands of dollars) | 2013 | 2012 | ||||||||
Deferred tax assets | ||||||||||
Property costs | $ | 6,456 | 5,729 | |||||||
Asset retirement obligations | 5,844 | 6,187 | ||||||||
Other deferred tax assets | 9,479 | 5,507 | ||||||||
Total gross deferred tax assets | 21,779 | 17,423 | ||||||||
Less valuation allowance | - | - | ||||||||
Net deferred tax assets | 21,779 | 17,423 | ||||||||
Deferred tax liabilities | ||||||||||
Accumulated depreciation and amortization | -115,737 | -127,182 | ||||||||
Deferred turnaround costs | -84 | -137 | ||||||||
State deferred taxes | -16,423 | -13,789 | ||||||||
Other deferred tax liabilities | -11,610 | -18,911 | ||||||||
Total gross deferred tax liabilities | -143,854 | -160,019 | ||||||||
Net deferred tax liabilities | $ | -122,075 | -142,596 | |||||||
In management’s judgment, the net deferred tax assets in the preceding table will more likely than not be realized as reductions of future taxable income or by utilizing available tax planning strategies. | ||||||||||
Murphy Oil’s tax returns in multiple jurisdictions that include the Company are subject to audit by taxing authorities. These audits often take years to complete and settle. As of December 31, 2013, the earliest year remaining open for audit and/or settlement in the United States is 2010. 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. | ||||||||||
Under U.S. GAAP the financial statement recognition of the benefit for a tax position is dependent upon the benefit being more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company has not recorded any effect for unrecognized income tax benefits for the periods reported. | ||||||||||
Incentive_Plans
Incentive Plans | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Incentive Plans [Abstract] | ' | ||||||||||||||
Incentive Plans | ' | ||||||||||||||
Note 11 — Incentive Plans | |||||||||||||||
Prior to the separation, our employees participated in the Murphy Oil 2007 Long-Term Incentive Plan (the “2007 Plan”) and the Murphy Oil 2012 Long-Term Incentive Plan (the “2012 Plan”) and received Murphy Oil restricted stock awards and options to purchase shares of Murphy Oil common stock. While participating in these two plans, costs resulting from share-based payment transactions were allocated and recognized as an expense in the financial statements using a fair value-based measurement method over the periods that the awards vested. Certain employees of the Company have received annual grants in the form of Murphy Oil stock options, restricted stock units and other forms of share-based payments prior to the separation. Accordingly, the Company has accounted for expense for these plans in accordance with SAB Topic 1-B for periods prior to the separation. | |||||||||||||||
2013 Long-Term Incentive Plan | |||||||||||||||
Effective August 30, 2013, certain of our employees began to participate in the Murphy USA 2013 Long-Term Incentive Plan, which was subsequently amended and restated effective as of February 12, 2014 (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. Prior to the amendment and restatement of the MUSA 2013 Plan on February 12, 2014, 10 million shares of MUSA common stock were authorized to be delivered under the MUSA 2013 Plan over the life of the plan. Pursuant to the amendment and restatement of the plan effective as of February 12, 2014, this was reduced to 5.5 million shares of common stock. 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 million. | |||||||||||||||
In connection with the separation, stock compensation awards granted under the 2007 Plan and the 2012 Plan by Murphy Oil (pre-separation awards) were adjusted or substituted as follows: | |||||||||||||||
· | Vested stock options were equitably adjusted so that the grantee holds more options to purchase Murphy Oil common stock at a lower strike price. | ||||||||||||||
· | Unvested stock options and stock appreciation rights held by MUSA employees were replaced with substitute awards of options to purchase shares of MUSA common stock. | ||||||||||||||
· | Unvested restricted stock units will be replaced with adjusted, substitute awards for restricted stock units of MUSA common stock. The new awards of restricted stock are intended to generally preserve the intrinsic value of the original award determined as of the separation and distribution date. | ||||||||||||||
· | Vesting periods of awards were unaffected by the adjustment and substitution, except that for vested Murphy Oil stock options the MUSA employees have until the earlier of two years from the date of the separation or the stated expiration date of the option to exercise the award. | ||||||||||||||
Awards granted in connection with the adjustment and substitution of awards originally issued under the 2007 Plan and the 2012 Plan are a part of the MUSA 2013 Plan and reduce the maximum number of shares of common stock available for delivery under the MUSA 2013 Plan. During the period from August 30 to December 31, 2013, the Company granted a total of 977,623 awards from the MUSA 2013 Plan which leaves 4,522,377 remaining shares to be granted in future years (after consideration of the amendments made to the MUSA 2013 Plan in February 2014 by the Board of Directors). | |||||||||||||||
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 shall be available for issuance of grants under the Directors Plan. During 2013, 28,413 time-based restricted stock units were granted under the terms of the Directors Plan which leaves 471,587 shares available to be granted in the future. | |||||||||||||||
Amounts recognized in the financial statements by the Company with respect to all share-based plans are shown in the following table. All expense prior to August 30, 2013 was incurred under the 2007 Plan and the 2012 Plan while all amounts after August 30, 2013 were incurred in the MUSA 2013 Plan and the Directors Plan. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||||
Compensation charged against income before income tax benefit | $ | 9,391 | 8,416 | 10,506 | |||||||||||
Related income tax benefit recognized in income | 3,287 | 2,946 | 3,677 | ||||||||||||
As of December 31, 2013, there was $15,187,000 in compensation costs to be expensed over approximately the next 2.8 years related to unvested share-based compensation arrangements granted by the Company or its predecessor. Total income tax benefits realized by Murphy Oil from tax deductions related to stock option exercises under share-based payment arrangements previously issued by Murphy Oil Corporation were $625,000, $1,851,000, and $1,173,000 for the years ended December 31, 2013, 2012 and 2011, respectively. There were no stock option exercises under the MUSA 2013 Plan as no awards had vested as of December 31, 2013. | |||||||||||||||
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 seven years from such date. Each option granted to date under the MUSA 2013 Plan has been nonqualified and has been issued to replace awards of Murphy Oil that were previously granted to employees of the Company prior to the separation from Murphy Oil. The remaining term of each option granted mirrored the remaining term of the original award that it replaced and the exercise price was adjusted based on the terms of the Employee Matters Agreement entered into between the Company and Murphy Oil in connection with the separation. The only stock options issued post separation were to replace the unvested awards of Murphy Oil that were forfeited in conjunction with the separation. Therefore, the accounting for those awards was a continuation of the Murphy Oil fair value that was previously calculated using the Black-Scholes pricing model and used the following original assumptions to calculate the fair value used for expense purposes. Following are the assumptions used originally by Murphy Oil to value the original awards. | |||||||||||||||
Years ended December 31, | |||||||||||||||
2012 | 2011 | ||||||||||||||
Fair value per option grant | $12.37 - $17.74 | $ | |||||||||||||
20.34 | |||||||||||||||
Assumptions | |||||||||||||||
Dividend yield | 1.80% - 2.27% | 1.80% | |||||||||||||
Expected volatility | 39.00% - 39.62% | 37.00% | |||||||||||||
Risk-free interest rate | 0.55% - 0.77% | 2.10% | |||||||||||||
Expected life | 4.00 yrs. - 5.20 yrs. | 5.10 yrs. | |||||||||||||
As a result of the separation from Murphy Oil, the unvested Murphy Oil options were replaced with an appropriate number of Company options bearing an exercise price that was adjusted to preserve the intrinsic value near the date of the separation in connection with the terms of the Employee Matters Agreement. The grant date fair values of the options replaced with MUSA 2013 Plan awards range from $32.53 to $40.25. Because of these adjustments, no further Black-Scholes fair values were required to be calculated for the post separation period. The adjustment and substitution of the stock compensation awards occurred in conjunction with the distribution of MUSA common stock to Murphy Oil stockholders. As a result, no grant, exercise, or cancellation activity occurred on MUSA stock compensation awards during the years ended December 31, 2012 or 2011. | |||||||||||||||
Changes in options outstanding for Company employees during the period from August 30, 2013 to December 31, 2013 are presented in the following table: | |||||||||||||||
Number of Shares | Average Exercise Price | ||||||||||||||
Outstanding at December 31, 2012 | - | $ | - | ||||||||||||
Granted at FMV | 625,101 | 35.12 | |||||||||||||
Exercised | - | - | |||||||||||||
Forfeited | -3,952 | 33.92 | |||||||||||||
Outstanding at December 31, 2013 | 621,149 | 35.13 | |||||||||||||
Exercisable at December 31, 2013 | - | $ | - | ||||||||||||
Additional information about stock options outstanding at December 31, 2013 is shown below: | |||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||
Range of Exercise Prices per Option | No. of Options | Avg. Life Remaining in Years | Aggregate Intrinsic Value | No. of Options | Avg. Life Remaining in Years | Aggregate Intrinsic Value | |||||||||
$32.53 to $34.16 | 435,866 | 5.7 | $ | 3,539,804 | - | - | $ | - | |||||||
$37.07 to $40.25 | 185,283 | 5.4 | 455,094 | - | - | - | |||||||||
621,149 | 5.5 | $ | 3,994,898 | - | - | $ | - | ||||||||
RESTRICTED STOCK UNITS (MUSA 2013 Plan)– The Committee has granted time based restricted stock units (RSUs) as part of the replacement of previously unvested performance based RSUs, performance units, and time based RSU’s previously issued to employees of Murphy Oil. In addition, certain other employees have also received grants of time based RSUs that will vest over various periods of time. | |||||||||||||||
(Number of units) | 2013 | ||||||||||||||
Outstanding at December 31, 2012 | - | ||||||||||||||
Granted | 352,522 | ||||||||||||||
Vested and issued | -509 | ||||||||||||||
Forfeited | -4,915 | ||||||||||||||
Outstanding at December 31, 2013 | 347,098 | ||||||||||||||
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. | |||||||||||||||
(Number of units) | 2013 | ||||||||||||||
Outstanding at December 31, 2012 | - | ||||||||||||||
Granted | 28,413 | ||||||||||||||
Vested and issued | - | ||||||||||||||
Forfeited | - | ||||||||||||||
Outstanding at December 31, 2013 | 28,413 | ||||||||||||||
Employee_And_Retiree_Benefit_P
Employee And Retiree Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Employee And Retiree Benefit Plans [Abstract] | ' | ||||||||||||||||||
Employee And Retiree Benefit Plans | ' | ||||||||||||||||||
Note 12 — Employee and Retiree Benefit Plans | |||||||||||||||||||
PENSION AND POSTRETIREMENT PLANS — After separating from Murphy Oil, the Company no longer sponsors or participates in any defined benefit pension plan or post retirement benefit plan for its employees. Prior to the separation, Murphy Oil had defined benefit pension plans that were principally noncontributory and covered most full-time employees. Upon separation from Murphy Oil, all amounts for these plans that involved Murphy USA employees were frozen and retained by Murphy Oil. Therefore, the assets and liabilities related to Murphy USA employees in these plans are not included in these financial statements as Murphy USA was considered to be participating in multiple employer benefit plans due to co-mingling of various plan assets. However, the periodic benefit expense for each period prior to August 30, 2013 includes the expense of the U.S. benefit plans. All U.S. tax qualified plans meet the funding requirements of federal laws and regulations. | |||||||||||||||||||
The table that follows provides the components of net periodic benefit expense associated with Company employees for the three years ended December 31, 2013. The net periodic benefit expense ended on the separation date of August 30, 2013 and therefore no further expense was recorded in 2013 for these plans. | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
Other Postretirement | |||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
Service cost | $ | 3,401 | $ | 4,227 | $ | 5,482 | $ | 1,447 | $ | 1,770 | $ | 2,708 | |||||||
Interest cost | 2,717 | 4,252 | 6,535 | 983 | 1,454 | 3,023 | |||||||||||||
Expected return on plan assets | -2,794 | -3,860 | -5,840 | - | - | - | |||||||||||||
Amortization of prior service cost (benefits) | 53 | 90 | 166 | -7 | -10 | -73 | |||||||||||||
Recognized actuarial loss | 2,108 | 2,986 | 2,685 | 363 | 369 | 1,174 | |||||||||||||
Termination benefits expense | - | - | 695 | - | - | ||||||||||||||
Curtailment expense | - | - | 821 | - | -285 | ||||||||||||||
Net periodic benefit expense | $ | 5,485 | $ | 7,695 | $ | 10,544 | $ | 2,786 | $ | 3,583 | $ | 6,547 | |||||||
The following table provides the weighted-average assumptions used in the measurement of the net periodic benefit expense for the years ended December 31, 2012 and 2011. | |||||||||||||||||||
Net Periodic Benefit Expenses | |||||||||||||||||||
Pension Benefits Year | Postretirement Benefits Year | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Discount rate | 4.87% | 5.50% | 4.87% | 5.50% | |||||||||||||||
Expected return on plan assets | 6.50% | 6.50% | 0% | 0% | |||||||||||||||
Rate of compensation increase | 4.20% | 4.16% | 0% | 0% | |||||||||||||||
The discount rates used for purposes of determining the expense are based on the universe of high-quality corporate bonds that are available. Cash flow analyses are performed in which a spot yield curve is used to discount projected benefit payment streams for the most significant plans. The discounted cash flows are used to determine an equivalent single rate which is the basis for selecting the discount rate. Expected plan asset returns are based on long-term expectations for asset portfolios with similar investment mix characteristics. Expected compensation increases were based on anticipated future averages for Murphy Oil. | |||||||||||||||||||
U.S. Health Care Reform — In March 2010, the United States Congress enacted a health care reform law. Along with other provisions, the law (a) imposes a 40% excise tax on high-cost health plans as defined in the law beginning in 2018; (b) eliminated lifetime or annual coverage limits and required coverage for preventative health services beginning in September 2010; and (c) imposed a fee of $2 (subsequently adjusted for inflation) for each person covered by a health insurance policy beginning in September 2010. The new law did not significantly affect the Company’s consolidated and combined financial statements as of December 31, 2013 and 2012 and for the three years ended December 31, 2013. The Company continues to evaluate the various components of the law as guidance is issued and cannot predict with certainty all the ways it may impact the Company. However, based on the evaluation performed to date, the Company currently believes that the health care reform law will not have a material effect on its financial condition, results of operations, or cash flows in future periods. | |||||||||||||||||||
THRIFT PLAN – At the time of the spin-off, Murphy USA set up a new qualified defined contribution plan for full-time employees with an asset transfer from the Murphy Oil defined contribution plan. Most full-time employees of the Company may participate in savings plans by contributing up to a specified percentage of their base pay. The Company matches contributions at 100% of each employee’s contribution with a maximum match of 6%. In addition, the Company makes profit sharing contributions on an annual basis. Eligible employees receive a stated percentage of their base and incentive pay of 5%, 7%, or 9% determined on a formula that is based on a combination of age and years of service. The Company’s expenses related to this plan were $4,678,000 in 2013, $2,460,000 in 2012 and $1,794,000 in 2011. | |||||||||||||||||||
PROFIT SHARING PLAN – Eligible part-time employees may participate in the Company’s noncontributory profit sharing plan. Each year, the Company may make a discretionary employer contribution in an amount determined and authorized at the discretion of the Board of Directors. Eligible employees receive an allocation based on their compensation earned for the year the contribution is allocated. The Company’s expenses related to this plan were $1,861,000 in 2013, $1,627,000 in 2012 and $1,788,000 in 2011. | |||||||||||||||||||
Financial_Instruments_And_Risk
Financial Instruments And Risk Management | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Financial Instruments And Risk Management [Abstract] | ' | ||||||||||||||||||||
Financial Instruments And Risk Management | ' | ||||||||||||||||||||
Note 13 — Financial Instruments and Risk Management | |||||||||||||||||||||
DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices. 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 creditworthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). | |||||||||||||||||||||
The Company is subject to commodity price risk related to corn that it will purchase in the future for feedstock and DDGS and WDGS that it will sell in the future at its ethanol production facility. At December 31, 2013 and 2012, the Company had open physical delivery commitment contracts for purchase of approximately 3.1 million and 19.2 million bushels of corn, respectively, for processing at its ethanol plant. For the periods ended December 31, 2013 and 2012, the Company had open physical delivery commitment contracts for sale of approximately 0.5 million and 1.1 million equivalent bushels, respectively, of DDGS and WDGS. To manage the price risk associated with certain of these physical delivery commitments which have fixed prices, at December 31, 2013 and 2012, the Company had outstanding derivative contracts with a net short volume of approximately 0.5 million bushels and net short volume of 6.3 million bushels, respectively, that mature at future prices in effect on the expected date of delivery under the physical delivery commitment contracts. Additionally, at December 31, 2013, the Company had outstanding derivative contracts with a net short volume of 2.0 million bushels of corn to buy back when certain corn inventories are expected to be processed. The impact of marking to market these commodity derivative contracts decreased income before taxes by $0.1 million, increased income before taxes by $2.9 million, and decreased income before taxes by $0.3 million for the three years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
At December 31, 2013 and 2012, the fair value of derivative instruments not designated as hedging instruments are presented in the following table. | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Asset Derivatives | Liabilitiy Derivatives | Asset Derivatives | Liabilitiy Derivatives | ||||||||||||||||||
Balance | Balance | Balance | Balance | ||||||||||||||||||
Sheet | Fair | Sheet | Fair | Sheet | Fair | Sheet | Fair | ||||||||||||||
(Thousands of dollars) | Location | Value | Location | Value | Location | Value | Location | Value | |||||||||||||
Commodity derivative contracts | Accounts | Accounts | Accounts | Accounts | |||||||||||||||||
Receivable | $ | 224 | Payable | $ | 291 | Receivable | $ | 3,043 | Payable | $ | 102 | ||||||||||
For the years ended December 31, 2013 and 2012, the gains and losses recognized in the consolidated and combined Income Statements for derivative instruments not designated as hedging instruments are presented in the following table. | |||||||||||||||||||||
Amount of Gain (Loss) Recognized | |||||||||||||||||||||
in Income on Derivative | |||||||||||||||||||||
(Thousands of dollars) | Statement of Income | ||||||||||||||||||||
Type of Derivative Contract | Location | 2013 | 2012 | ||||||||||||||||||
Commodity | Fuel and ethanol costs | ||||||||||||||||||||
of goods sold | $ | 8,516 | $ | -38,283 | |||||||||||||||||
The Company offsets certain assets and liabilities related to derivative contracts when the legal right of offset exists. Derivative assets and liabilities which have offsetting positions at December 31, 2013 and 2012 are presented in the following tables: | |||||||||||||||||||||
Gross Amounts | Net Amounts of | ||||||||||||||||||||
Gross Amounts | Offset in the | Assets Presented in | |||||||||||||||||||
of Recognized | Combined | the Combined | |||||||||||||||||||
(Thousands of dollars) | Assets | Balance Sheet | Balance Sheet | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Commodity derivatives | $ | 233 | $ | -9 | $ | 224 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Commodity derivatives | $ | 6,727 | $ | -3,684 | $ | 3,043 | |||||||||||||||
Gross Amounts | Net Amounts of | ||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented | |||||||||||||||||||
of Recognized | Consolidated | in the Consolidated | |||||||||||||||||||
(Thousands of dollars) | Liabilities | Balance Sheet | Balance Sheet | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Commodity derivatives | $ | 300 | $ | -9 | $ | 291 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Commodity derivatives | $ | 3,786 | $ | -3,684 | $ | 102 | |||||||||||||||
All commodity derivatives above are corn-based contracts associated with the Company’s Hereford ethanol plant as all positions related to Hankinson were assumed by the buyer in conjunction with the sale. Net derivative assets are included in Accounts Receivable presented in the table on the prior page and are included in Accounts Receivable on the Consolidated and Combined Balance Sheets; likewise, net derivative liabilities in the above table are included in Accounts Payable in the table above and are included in Accounts Payable and Accrued Liabilities on the Consolidated and Combined Balance Sheets. These contracts permit net settlement and the Company generally avails itself of this right to settle net. At December 31, 2013 and 2012 cash deposits of $2.9 million and $12.3 million, respectively, related to commodity derivative contracts were reported in Prepaid Expenses in the Consolidated and Combined Balance Sheets. These cash deposits have not been used to reduce the reported net liabilities on the corn-based derivative contracts at December 31, 2013 and 2012. | |||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
Note 14 – 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 August 30, 2013, 46,743,316 shares of our common stock were distributed to the shareholders of Murphy Oil in connection with the separation. For comparative purposes, we have assumed this amount to be outstanding as of the beginning of each prior period prior to the separation presented in the calculation of weighted average shares outstanding. | ||||||||||
The following table provides a reconciliation of basic and diluted earnings per share computations for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share amounts): | ||||||||||
Years ended December 31, | ||||||||||
(Thousands of dollars except per share amounts) | 2013 | 2012 | 2011 | |||||||
Earnings per common share: | ||||||||||
Net income attributable to common stockholders | $ | 235,033 | $ | 83,568 | $ | 324,020 | ||||
Weighted average common shares outstanding (in thousands) | 46,743 | 46,743 | 46,743 | |||||||
Total earnings per share | $ | 5.03 | $ | 1.79 | $ | 6.93 | ||||
Earnings per common share - assuming dilution: | Years ended December 31, | |||||||||
2013 | 2012 | 2011 | ||||||||
Net income attributable to common stockholders | $ | 235,033 | $ | 83,568 | $ | 324,020 | ||||
Weighted average common shares outstanding (in thousands) | 46,743 | 46,743 | 46,743 | |||||||
Common equivalent shares: | ||||||||||
Dilutive options | 115 | - | - | |||||||
Weighted average common shares outstanding - assuming dilution (in thousands) | 46,858 | 46,743 | 46,743 | |||||||
Earnings per share - assuming dilution | $ | 5.02 | $ | 1.79 | $ | 6.93 | ||||
Other_Financial_Information
Other Financial Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Financial Information [Abstract] | ' | |||||||||
Other Financial Information | ' | |||||||||
Note 15 — Other Financial Information | ||||||||||
ETHANOL SALES AND OTHER – Ethanol sales and other revenue in the Consolidated and Combined Income Statements includes the following items: | ||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Sales of ethanol and related plant products | $ | 269,254 | $ | 290,158 | $ | 207,266 | ||||
Renewable Identification Numbers (RINs) sales | 91,391 | 8,830 | 2,924 | |||||||
Other | 2,907 | 2,988 | 6,614 | |||||||
Total ethanol sales and other revenue | $ | 363,552 | $ | 301,976 | $ | 216,804 | ||||
CASH FLOW DISCLOSURES — Cash income taxes paid (collected), net of refunds, were $47,757,000, $13,036,000 and $43,006,000 for the three years ended December 31, 2013, 2012 and 2011, respectively. Interest paid was $1,647,000, $479,000 and $452,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Noncash reductions (additions) to net parent investment related primarily to settlement of income taxes were $453,000, ($6,747,000) and $7,815,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Accounts receivable | $ | 331,679 | $ | -171,115 | $ | 244,828 | ||||
Inventories | 20,532 | -29,784 | 20,181 | |||||||
Prepaid expenses | -6,623 | -3,187 | -1,391 | |||||||
Deferred income tax assets | - | - | 3,128 | |||||||
Accounts payable and accrued liabilities | -272,371 | 230,704 | -452,491 | |||||||
Income taxes payable | 7,276 | 4,396 | -96,533 | |||||||
Current deferred income tax liabilities | -5,628 | 1,539 | 11,232 | |||||||
Net decrease (increase) in noncash operating working capital | $ | 74,865 | $ | 32,553 | $ | -271,046 | ||||
Assets_And_Liabilities_Measure
Assets And Liabilities Measured At Fair Value | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Assets And Liabilities Measured At Fair Value [Abstract] | ' | ||||||||||||
Assets And Liabilities Measure At Fair Value | ' | ||||||||||||
Note 16 — Assets and Liabilities Measured at Fair Value | |||||||||||||
The Company carries certain assets and liabilities at fair value in its Consolidated and Combined 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. | |||||||||||||
The Company carries certain assets and liabilities at fair value in its Consolidated and Combined Balance Sheets. The fair value measurements for these assets and liabilities at December 31, 2013 and 2012 are presented in the following table. | |||||||||||||
Fair Value Measurements | |||||||||||||
at Reporting Date Listing | |||||||||||||
Quoted Prices | |||||||||||||
In Active | |||||||||||||
Markets for | Significant | ||||||||||||
Fair | Identical | Other | Significant | ||||||||||
Value | Assets | Observable | Unobservable | ||||||||||
December 31, | (Liabilities) | Inputs | Inputs | ||||||||||
(Thousands of dollars) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets | |||||||||||||
Commodity derivative contracts | $ | 224 | - | $ | 224 | - | |||||||
Liabilities | |||||||||||||
Commodity derivative contracts | $ | -291 | - | $ | -291 | - | |||||||
Fair Value Measurements | |||||||||||||
at Reporting Date Listing | |||||||||||||
Quoted Prices | |||||||||||||
In Active | |||||||||||||
Markets for | Significant | ||||||||||||
Identical | Other | Significant | |||||||||||
Fair Value | Assets | Observable | Unobservable | ||||||||||
December 31, | (Liabilities) | Inputs | Inputs | ||||||||||
(Thousands of dollars) | 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets | |||||||||||||
Commodity derivative contracts | $ | 3,043 | - | $ | 3,043 | - | |||||||
Liabilities | |||||||||||||
Commodity derivative contracts | $ | -102 | - | $ | -102 | - | |||||||
At the balance sheet date the fair value of commodity derivatives contracts for corn was determined based on market quotes for No. 2 yellow corn. The change in fair value of commodity derivatives is recorded in Fuel and ethanol cost of goods sold. The carrying value of the Company’s Cash and cash equivalents, Accounts receivable-trade and Trade accounts payable approximates fair value. | |||||||||||||
The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at December 31, 2013 and 2012. 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, 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. 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 December 31, 2013 | At December 31, 2012 | ||||||||||||
Carrying | Carrying | ||||||||||||
(Thousands of dollars) | Amount | Fair Value | Amount | Fair Value | |||||||||
Financial liabilities | |||||||||||||
Current and long-term debt | $ | -561,578 | $ | -559,411 | $ | -1,170 | $ | -1,519 | |||||
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments | ' |
Note 17 – Commitments | |
The Company leases land, gasoline stations, and other facilities under operating leases. During the next five years, expected future rental payments under all operating leases are approximately $10,461,000 in 2014, $10,454,000 in 2015, $9,729,000 in 2016, $9,134,000 in 2017, and $8,188,000 in 2018. Rental expense for noncancelable operating leases, including contingent payments when applicable, was $9,691,000 in 2013, $6,093,000 in 2012 and $6,869,000 in 2011. Operating lease expense related to discontinued operations was $7,089,000, $3,380,000, and $5,091,000 in 2013, 2012, and 2011, respectively. | |
Commitments for capital expenditures were approximately $143,999,000 at December 31, 2013, including $89,689,000 for construction of future Murphy USA and Murphy Express gasoline stations (including land) in process at year-end, along with $5,684,000 for improvements of existing stations, to be financed with our operating cash flow and/or incurrence of indebtedness. | |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Contingencies | ' |
Note 18 — 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 the previously owned refinery properties, Murphy Oil retained those liabilities in the Separation and Distribution agreement that was entered into related to the separation on August 30, 2013. With respect to any remaining potential liabilities, the Company believes costs related to these sites 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 December 31, 2013, 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 two Superfund sites. For one of these two sites, the Company is being indemnified as to any exposure by Murphy Oil. As to the second 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 either of the Superfund sites at December 31, 2013. 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. | |
Since the beginning of fiscal 2007, numerous class action lawsuits have been filed in federal courts across the country against petroleum companies and significant retailers in the petroleum industry, in which the plaintiffs generally allege that they received less motor fuel than the defendants agreed to deliver because the defendants measured the amount of motor fuel they delivered in non-temperature adjusted gallons which, at higher temperatures, contain less energy. Murphy USA’s subsidiary, Murphy Oil USA, Inc., was a defendant in eight of these cases. However, on February 10, 2014, Murphy Oil USA, Inc. was dismissed from all cases with prejudice. | |
Murphy USA is engaged in a number of other legal proceedings, all of which the Company considers routine and incidental to its business. 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 $0.5 million per occurrence. As of December 31, 2013, 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 and Combined Balance Sheets. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $3.6 million will be sufficient to cover the related liability 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 was insured under Murphy Oil’s insurance policies for occurrences prior to the completion of the separation. The specifications and insured limits under those policies, however, were at a level consistent with Murphy Oil as a whole. Following the separation, 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 December 31, 2013, the Company had contingent liabilities of $18.6 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. | |
Recent_Accounting_And_Reportin
Recent Accounting And Reporting Rules | 12 Months Ended |
Dec. 31, 2013 | |
Recent Accounting And Reporting Rules [Abstract] | ' |
Recent Accounting And Reporting Rules | ' |
Note 19 — Recent Accounting and Reporting Rules | |
In December 2011, the Financial Accounting Standards Board (FASB) issued an accounting standards update that requires enhanced disclosures about financial instruments and derivative instruments that are either offset in the balance sheet or are subject to an enforceable master netting arrangement or similar agreement. The guidance was effective for all interim and annual periods beginning on or after January 1, 2013. These disclosures are presented in Note 13. | |
In February 2013, the FASB issued an accounting standards update that requires additional disclosures for reclassification adjustments from accumulated other comprehensive income (AOCI). These additional disclosures include changes in AOCI balances by component and significant items reclassified out of AOCI. These disclosures must be presented either on the face of the affected financial statement or in the notes to the financial statements. The disclosures were effective for the Company beginning in the first quarter of 2013 and are to be provided on a prospective basis. The adoption of this standard did not have any impact on the Company’s consolidated and combined financial statements. | |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Segments [Abstract] | ' | |||||||||||||
Business Segments | ' | |||||||||||||
Note 20 — Business Segments | ||||||||||||||
During the fourth quarter of 2013, the Company sold its Hankinson, North Dakota ethanol plant. This was the largest of the two ethanol plants that were owned by the Company. Because of this sale, the Company was required to reevaluate its operating segments for reporting purposes. After reviewing the quantitative and qualitative aspects of the Company’s segments, it was determined that the remaining ethanol assets did not warrant separate segment presentation. Therefore, the segments for the Company were restated for the current period and all prior periods to reflect one remaining operating segment, Marketing. The remaining ethanol assets were recast into the category with the prior Corporate assets and renamed “Corporate and other assets”. In addition, due to the sale of the Hankinson entity, the Company also shows discontinued operations for all periods presented for the prior Hankinson activity. Segment information is as follows: | ||||||||||||||
Segment Information | Corporate and | Discontinued | ||||||||||||
(Thousands of dollars) | Marketing | Other Assets | Operations | Consolidated | ||||||||||
Year ended December 31, 2013 | ||||||||||||||
Segment income (loss) | $ | 164,013 | -7,687 | 78,707 | $ | 235,033 | ||||||||
Revenues from external customers | 17,814,081 | 269,254 | - | 18,083,335 | ||||||||||
Interest income | - | 1,099 | - | 1,099 | ||||||||||
Interest expense | - | -14,509 | - | -14,509 | ||||||||||
Income tax expense (benefit) | 106,223 | -4,872 | - | 101,351 | ||||||||||
Significant noncash charges (credits) | ||||||||||||||
Depreciation and amortization | 71,253 | 2,877 | - | 74,130 | ||||||||||
Accretion of asset retirement obligations | 1,096 | - | - | 1,096 | ||||||||||
Impairment of properties | - | - | - | - | ||||||||||
Deferred and noncurrent income taxes (benefits) | -9,796 | 2,534 | - | -7,262 | ||||||||||
Additions to property, plant and equipment | 162,051 | 9,402 | 519 | 171,972 | ||||||||||
Total assets at year-end | $ | 1,527,125 | 354,117 | - | $ | 1,881,242 | ||||||||
Segment Information | Corporate and | Discontinued | ||||||||||||
(Thousands of dollars) | Marketing | Other Assets | Operations | Consolidated | ||||||||||
Year ended December 31, 2012 | ||||||||||||||
Segment income (loss) | $ | 139,583 | -53,169 | -2,846 | $ | 83,568 | ||||||||
Revenues from external customers | 19,011,040 | 290,268 | - | 19,301,308 | ||||||||||
Interest income | - | 172 | - | 172 | ||||||||||
Interest expense | - | -384 | - | -384 | ||||||||||
Income tax expense (benefit) | 92,059 | -28,354 | - | 63,705 | ||||||||||
Significant noncash charges (credits) | ||||||||||||||
Depreciation and amortization | 66,913 | 4,827 | - | 71,740 | ||||||||||
Accretion of asset retirement obligations | 980 | - | - | 980 | ||||||||||
Impairment of properties | - | 60,988 | - | 60,988 | ||||||||||
Deferred and noncurrent income taxes (benefits) | 3,393 | -19,856 | - | -16,463 | ||||||||||
Additions to property, plant and equipment | 103,096 | 1,400 | 7,097 | 111,593 | ||||||||||
Total assets at year-end | 1,765,020 | 111,025 | 116,420 | 1,992,465 | ||||||||||
Year ended December 31, 2011 | ||||||||||||||
Segment income (loss) | $ | 188,907 | -1,054 | 136,167 | $ | 324,020 | ||||||||
Revenues from external customers | 18,702,720 | 216,496 | - | 18,919,216 | ||||||||||
Interest income | - | 32 | - | 32 | ||||||||||
Interest expense | - | -408 | - | -408 | ||||||||||
Income tax expense (benefit) | 123,618 | -658 | - | 122,960 | ||||||||||
Significant noncash charges (credits) | ||||||||||||||
Depreciation and amortization | 61,135 | 3,744 | - | 64,879 | ||||||||||
Accretion of asset retirement obligations | 877 | - | - | 877 | ||||||||||
Impairment of properties | - | - | - | - | ||||||||||
Deferred and noncurrent income taxes (benefits) | 22,686 | 262 | - | 22,948 | ||||||||||
Additions to property, plant and equipment | 77,394 | 22,575 | 48,432 | 148,401 | ||||||||||
Total assets at year-end | $ | 1,524,898 | 150,403 | 109,682 | $ | 1,784,983 | ||||||||
Guarantor_Subsidiaries
Guarantor Subsidiaries | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||
Guarantor Subsidiaries | ' | ||||||||||||||||||
Note 21 – Guarantor Subsidiaries | |||||||||||||||||||
Certain of the Company’s 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee, on a joint and several basis, certain of the outstanding indebtedness of the Company, including the 6.00% senior notes due 2023. The following consolidating and combining schedules present financial information on a consolidated and combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(d): | |||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Assets | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 294,741 | $ | - | $ | - | $ | - | $ | 294,741 | |||||||
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2013 | - | 191,904 | - | 1,277 | - | 193,181 | |||||||||||||
Inventories, at lower of cost or market | - | 157,795 | - | 21,260 | - | 179,055 | |||||||||||||
Prepaid expenses and other current assets | - | 12,217 | - | 3,222 | - | 15,439 | |||||||||||||
Total current assets | - | 656,657 | - | 25,759 | - | 682,416 | |||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization | - | 1,189,082 | - | 1,641 | - | 1,190,723 | |||||||||||||
Investments in subsidiaries | 1,228,837 | - | -1,228,837 | - | |||||||||||||||
Deferred charges and other assets | - | 95,604 | - | 239 | -87,740 | 8,103 | |||||||||||||
Total assets | $ | 1,228,837 | $ | 1,941,343 | $ | - | $ | 27,639 | $ | -1,316,577 | $ | 1,881,242 | |||||||
Liabilities and Stockholders' Equity/Net Investment | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | 14,000 | $ | - | $ | - | $ | - | $ | 14,000 | |||||||
Inter-company accounts payable | 119,366 | -52,107 | -67,259 | - | |||||||||||||||
Trade accounts payable and accrued liabilities | - | 429,763 | - | 3,465 | - | 433,228 | |||||||||||||
Income taxes payable | - | 71,450 | 43 | 653 | - | 72,146 | |||||||||||||
Deferred income taxes | - | 7,143 | - | - | - | 7,143 | |||||||||||||
Total current liabilities | - | 641,722 | -52,064 | -63,141 | - | 526,517 | |||||||||||||
Long-term debt | - | 547,578 | - | - | - | 547,578 | |||||||||||||
Deferred income taxes | - | 128,451 | - | -13,519 | - | 114,932 | |||||||||||||
Asset retirement obligations | - | 17,130 | - | - | - | 17,130 | |||||||||||||
Deferred credits and other liabilities | - | 18,749 | - | - | - | 18,749 | |||||||||||||
Total liabilities | - | 1,353,630 | -52,064 | -76,660 | - | 1,224,906 | |||||||||||||
Stockholders' Equity/Net Investment | |||||||||||||||||||
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | - | - | - | - | - | - | |||||||||||||
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,746,633 shares issued and outstanding at December 31, 2013) | 467 | 1 | 60 | - | -61 | 467 | |||||||||||||
Additional paid in capital (APIC) | 1,228,370 | 548,758 | 52,004 | 35,677 | -1,316,516 | 548,293 | |||||||||||||
Net investment by parent | - | - | - | - | - | - | |||||||||||||
Retained earnings | - | 38,954 | - | 68,622 | - | 107,576 | |||||||||||||
Total stockholders' equity/net investment | 1,228,837 | 587,713 | 52,064 | 104,299 | -1,316,577 | 656,336 | |||||||||||||
Total liabilities and stockholders' equity/net investment | $ | 1,228,837 | $ | 1,941,343 | $ | - | $ | 27,639 | $ | -1,316,577 | $ | 1,881,242 | |||||||
COMBINING BALANCE SHEET | |||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||
Assets | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 57,373 | $ | - | $ | - | $ | - | $ | 57,373 | |||||||||
Accounts receivable—trade, less allowance for doubtful accounts of $4,576 in 2012 | 516,968 | - | 12,055 | - | 529,023 | ||||||||||||||
Inventories, at lower of cost or market | 161,806 | - | 55,588 | - | 217,394 | ||||||||||||||
Prepaid expenses and other current assets | 4,461 | - | 13,711 | - | 18,172 | ||||||||||||||
Total current assets | 740,608 | - | 81,354 | - | 821,962 | ||||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 1,084,684 | - | 85,276 | - | 1,169,960 | ||||||||||||||
Investments in subsidiaries | |||||||||||||||||||
Deferred charges and other assets | 86,199 | - | 104,805 | -190,461 | 543 | ||||||||||||||
Total assets | $ | 1,911,491 | $ | - | $ | 271,435 | $ | -190,461 | $ | 1,992,465 | |||||||||
Liabilities and Stockholders' Equity/Net Investment | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 46 | $ | - | $ | 46 | |||||||||
Inter-company accounts payable | -84,410 | -53,934 | 138,344 | - | - | ||||||||||||||
Trade accounts payable and accrued liabilities | 687,622 | - | 17,865 | - | 705,487 | ||||||||||||||
Income taxes payable | 15,296 | 39 | 270 | - | 15,605 | ||||||||||||||
Deferred income taxes | 12,771 | - | - | - | 12,771 | ||||||||||||||
Total current liabilities | 631,279 | -53,895 | 156,525 | - | 733,909 | ||||||||||||||
Long-term debt | - | - | 1,124 | - | 1,124 | ||||||||||||||
Deferred income taxes | 133,589 | - | -3,764 | - | 129,825 | ||||||||||||||
Asset retirement obligations | 15,401 | - | - | - | 15,401 | ||||||||||||||
Deferred credits and other liabilities | 7,755 | - | - | - | 7,755 | ||||||||||||||
Total liabilities | 788,024 | -53,895 | 153,885 | - | 888,014 | ||||||||||||||
Stockholders' Equity/Net Investment | |||||||||||||||||||
Preferred Stock, par $0.01 | - | - | - | - | - | ||||||||||||||
Common Stock, par $0.01 | - | - | - | - | - | ||||||||||||||
Additional paid in capital (APIC) | - | - | - | - | - | ||||||||||||||
Net investment by parent | 1,123,467 | 53,895 | 117,550 | -190,461 | 1,104,451 | ||||||||||||||
Retained earnings | - | - | - | - | - | ||||||||||||||
Total stockholders' equity/net investment | 1,123,467 | 53,895 | 117,550 | -190,461 | 1,104,451 | ||||||||||||||
Total liabilities and stockholders' equity/net investment | $ | 1,911,491 | $ | - | $ | 271,435 | $ | -190,461 | $ | 1,992,465 | |||||||||
CONSOLIDATING AND COMBINING INCOME STATEMENT | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||
Revenues | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||
Petroleum product sales | $ | - | $ | 15,766,752 | $ | - | $ | - | $ | -206,435 | $ | 15,560,317 | |||||||
Merchandise sales | - | 2,159,466 | - | - | - | 2,159,466 | |||||||||||||
Ethanol sales and other | - | 94,298 | - | 269,254 | - | 363,552 | |||||||||||||
Total revenues | - | 18,020,516 | - | 269,254 | -206,435 | 18,083,335 | |||||||||||||
Costs and operating expenses | |||||||||||||||||||
Petroleum product cost of goods sold | - | 15,216,390 | - | - | -206,435 | 15,009,955 | |||||||||||||
Merchandise cost of goods sold | - | 1,877,630 | - | - | - | 1,877,630 | |||||||||||||
Ethanol cost of goods sold | - | - | - | 228,899 | - | 228,899 | |||||||||||||
Station and other operating expenses | - | 460,476 | - | 33,227 | - | 493,703 | |||||||||||||
Depreciation and amortization | - | 74,053 | - | 77 | - | 74,130 | |||||||||||||
Impairment of properties | - | - | - | - | - | - | |||||||||||||
Selling, general and administrative | - | 129,430 | 1 | 3,568 | - | 132,999 | |||||||||||||
Accretion of asset retirement obligations | - | 1,096 | - | - | - | 1,096 | |||||||||||||
Total costs and operating expenses | - | 17,759,075 | 1 | 265,771 | -206,435 | 17,818,412 | |||||||||||||
Income from operations | - | 261,441 | -1 | 3,483 | - | 264,923 | |||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | - | 1,099 | - | - | - | 1,099 | |||||||||||||
Interest expense | - | -14,509 | - | - | - | -14,509 | |||||||||||||
Gain (loss) on sale of assets | - | 5,995 | - | - | - | 5,995 | |||||||||||||
Other nonoperating income | - | 169 | - | - | - | 169 | |||||||||||||
Total other income (expense) | - | -7,246 | - | - | - | -7,246 | |||||||||||||
Income from continuing operations before income taxes | - | 254,195 | -1 | 3,483 | - | 257,677 | |||||||||||||
Income tax expense | - | 100,059 | - | 1,292 | - | 101,351 | |||||||||||||
Income from continuing operations | - | 154,136 | -1 | 2,191 | - | 156,326 | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | - | - | - | 78,707 | - | 78,707 | |||||||||||||
Net Income | $ | - | $ | 154,136 | $ | -1 | $ | 80,898 | $ | - | $ | 235,033 | |||||||
COMBINING INCOME STATEMENT | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2012 | ||||||||||||||||||
Revenues | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||
Petroleum product sales | $ | 17,071,126 | $ | - | $ | - | $ | -216,141 | $ | 16,854,985 | |||||||||
Merchandise sales | 2,144,347 | - | - | - | 2,144,347 | ||||||||||||||
Ethanol sales and other | 11,708 | - | 290,268 | - | 301,976 | ||||||||||||||
Total revenues | 19,227,181 | - | 290,268 | -216,141 | 19,301,308 | ||||||||||||||
Costs and operating expenses | |||||||||||||||||||
Petroleum product cost of goods sold | 16,514,457 | - | - | -216,141 | 16,298,316 | ||||||||||||||
Merchandise cost of goods sold | 1,855,641 | - | - | - | 1,855,641 | ||||||||||||||
Ethanol cost of goods sold | - | - | 269,168 | - | 269,168 | ||||||||||||||
Station and other operating expenses | 447,103 | - | 33,006 | - | 480,109 | ||||||||||||||
Depreciation and amortization | 68,299 | - | 3,441 | - | 71,740 | ||||||||||||||
Impairment of properties | - | - | 60,988 | - | 60,988 | ||||||||||||||
Selling, general and administrative | 109,634 | 2 | 3,486 | - | 113,122 | ||||||||||||||
Accretion of asset retirement obligations | 980 | - | - | - | 980 | ||||||||||||||
Total costs and operating expenses | 18,996,114 | 2 | 370,089 | -216,141 | 19,150,064 | ||||||||||||||
Income from operations | 231,067 | -2 | -79,821 | - | 151,244 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 172 | - | - | - | 172 | ||||||||||||||
Interest expense | -384 | - | - | - | -384 | ||||||||||||||
Gain (loss) on sale of assets | -1,005 | - | - | - | -1,005 | ||||||||||||||
Other nonoperating income | 92 | - | - | - | 92 | ||||||||||||||
Total other income (expense) | -1,125 | - | - | - | -1,125 | ||||||||||||||
Income from continuing operations before income taxes | 229,942 | -2 | -79,821 | - | 150,119 | ||||||||||||||
Income tax expense | 91,525 | - | -27,820 | - | 63,705 | ||||||||||||||
Income from continuing operations | 138,417 | -2 | -52,001 | - | 86,414 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | - | - | -2,846 | - | -2,846 | ||||||||||||||
Net Income | $ | 138,417 | $ | -2 | $ | -54,847 | $ | - | $ | 83,568 | |||||||||
COMBINING INCOME STATEMENT | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2011 | ||||||||||||||||||
Revenues | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||
Petroleum product sales | $ | 16,755,071 | $ | - | $ | - | $ | -168,226 | $ | 16,586,845 | |||||||||
Merchandise sales | 2,115,567 | - | - | - | 2,115,567 | ||||||||||||||
Ethanol sales and other | 9,538 | - | 207,266 | - | 216,804 | ||||||||||||||
Total revenues | 18,880,176 | - | 207,266 | -168,226 | 18,919,216 | ||||||||||||||
Costs and operating expenses | |||||||||||||||||||
Petroleum product cost of goods sold | 16,078,832 | - | - | -168,226 | 15,910,606 | ||||||||||||||
Merchandise cost of goods sold | 1,851,867 | - | - | - | 1,851,867 | ||||||||||||||
Ethanol cost of goods sold | - | - | 225,197 | - | 225,197 | ||||||||||||||
Station and other operating expenses | 433,821 | - | 27,595 | - | 461,416 | ||||||||||||||
Depreciation and amortization | 62,396 | - | 2,483 | - | 64,879 | ||||||||||||||
Impairment of properties | - | - | - | - | - | ||||||||||||||
Selling, general and administrative | 90,977 | 13 | 2,143 | - | 93,133 | ||||||||||||||
Accretion of asset retirement obligations | 877 | - | - | - | 877 | ||||||||||||||
Total costs and operating expenses | 18,518,770 | 13 | 257,418 | -168,226 | 18,607,975 | ||||||||||||||
Income from operations | 361,406 | -13 | -50,152 | - | 311,241 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 32 | - | - | - | 32 | ||||||||||||||
Interest expense | -408 | - | - | - | -408 | ||||||||||||||
Gain (loss) on sale of assets | -363 | - | - | - | -363 | ||||||||||||||
Other nonoperating income | 311 | - | - | - | 311 | ||||||||||||||
Total other income (expense) | -428 | - | - | - | -428 | ||||||||||||||
Income from continuing operations before income taxes | 360,978 | -13 | -50,152 | - | 310,813 | ||||||||||||||
Income tax expense | 122,595 | - | 365 | - | 122,960 | ||||||||||||||
Income from continuing operations | 238,383 | -13 | -50,517 | - | 187,853 | ||||||||||||||
Income from discontinued operations, net of income taxes | 118,747 | - | 17,420 | - | 136,167 | ||||||||||||||
Net Income | $ | 357,130 | $ | -13 | $ | -33,097 | $ | - | $ | 324,020 | |||||||||
CONSOLIDATING AND COMBINING STATEMENT OF CASH FLOW | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||
Operating Activities | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||
Net income | $ | - | $ | 154,136 | $ | -1 | $ | 80,898 | $ | - | $ | 235,033 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||
(Income) loss from discontinued operations, net of tax | - | - | - | -78,707 | - | -78,707 | |||||||||||||
Depreciation and amortization | - | 74,053 | - | 77 | - | 74,130 | |||||||||||||
Amortization of deferred major repair costs | - | - | - | 575 | - | 575 | |||||||||||||
Deferred and noncurrent income tax charges (credits) | - | -11,568 | - | 4,306 | - | -7,262 | |||||||||||||
Impairment of properties | - | - | - | - | - | - | |||||||||||||
Accretion on discounted liabilities | - | 1,096 | - | - | - | 1,096 | |||||||||||||
Pretax (gains) losses from sale of assets | - | -5,995 | - | - | - | -5,995 | |||||||||||||
Net decrease (increase) in noncash operating working capital | - | 51,204 | - | 23,661 | - | 74,865 | |||||||||||||
Other operating activities-net | - | 13,215 | - | - | - | 13,215 | |||||||||||||
Net cash provided by (required by) continuing operations | - | 276,141 | -1 | 30,810 | - | 306,950 | |||||||||||||
Net cash provided by discontinued operations | - | - | - | 49,748 | - | 49,748 | |||||||||||||
Net cash provided by (required by) operating activities | - | 276,141 | -1 | 80,558 | - | 356,698 | |||||||||||||
Investing Activities | |||||||||||||||||||
Property additions | - | -163,303 | - | -1,233 | - | -164,536 | |||||||||||||
Proceeds from sale of assets | - | 6,113 | - | - | - | 6,113 | |||||||||||||
Expenditures for major repairs | - | - | - | -726 | - | -726 | |||||||||||||
Other investing activities - net | - | 52 | - | - | - | 52 | |||||||||||||
Investing activities of discontinued operations | |||||||||||||||||||
Sales proceeds | - | - | - | 173,118 | - | 173,118 | |||||||||||||
Other | - | - | - | -1,129 | - | -1,129 | |||||||||||||
Net cash provided by (required by) investing activities | - | -157,138 | - | 170,030 | - | 12,892 | |||||||||||||
Financing Activities | |||||||||||||||||||
Repayments of long-term debt | - | -80,000 | - | -1,170 | - | -81,170 | |||||||||||||
Additions to long-term debt | - | 641,250 | - | - | - | 641,250 | |||||||||||||
Cash dividend to former parent | - | -650,000 | - | - | - | -650,000 | |||||||||||||
Debt issuance costs | - | -6,693 | - | - | - | -6,693 | |||||||||||||
Net distributions to former parent | - | 213,808 | 1 | -249,418 | - | -35,609 | |||||||||||||
Net cash provided by (required by) financing activities | - | 118,365 | 1 | -250,588 | - | -132,222 | |||||||||||||
Net increase in cash and cash equivalents | - | 237,368 | - | - | - | 237,368 | |||||||||||||
Cash and cash equivalents at January 1 | - | 57,373 | - | - | - | 57,373 | |||||||||||||
Cash and cash equivalents at December 31 | $ | - | $ | 294,741 | $ | - | $ | - | $ | - | $ | 294,741 | |||||||
COMBINING STATEMENT OF CASH FLOW | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2012 | ||||||||||||||||||
Operating Activities | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | ||||||||||||||
Net income (loss) | $ | 138,417 | $ | -2 | $ | -54,847 | $ | - | $ | 83,568 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||
(Income) loss from discontinued operations | - | - | 2,846 | - | 2,846 | ||||||||||||||
Depreciation and amortization | 68,299 | - | 3,441 | - | 71,740 | ||||||||||||||
Amortization of deferred major repair costs | - | - | 163 | - | 163 | ||||||||||||||
Deferred and noncurrent income tax charges (credits) | 1,957 | - | -18,420 | - | -16,463 | ||||||||||||||
Impairment of properties | - | - | 60,988 | - | 60,988 | ||||||||||||||
Accretion on discounted liabilities | 980 | - | - | - | 980 | ||||||||||||||
Pretax (gains) losses from sale of assets | 1,005 | - | - | - | 1,005 | ||||||||||||||
Net decrease (increase) in noncash operating working capital | 62,493 | - | -29,940 | - | 32,553 | ||||||||||||||
Other operating activities-net | -1,088 | - | - | - | -1,088 | ||||||||||||||
Net cash provided by (required by) continuing operations | 272,063 | -2 | -35,769 | - | 236,292 | ||||||||||||||
Net cash provided by discontinued operations | - | - | 1,135 | - | 1,135 | ||||||||||||||
Net cash provided by (required by) operating activities | 272,063 | -2 | -34,634 | - | 237,427 | ||||||||||||||
Investing Activities | |||||||||||||||||||
Property additions | -103,152 | - | -1,344 | - | -104,496 | ||||||||||||||
Proceeds from sale of assets | 364 | - | - | - | 364 | ||||||||||||||
Expenditures for major repairs | - | - | -250 | - | -250 | ||||||||||||||
Other investing activities | - | - | - | - | - | ||||||||||||||
Investing activities of discontinued operations | |||||||||||||||||||
Sales proceeds | - | - | - | - | - | ||||||||||||||
Other | - | - | -7,706 | - | -7,706 | ||||||||||||||
Net cash provided by (required by) investing activities | -102,788 | - | -9,300 | - | -112,088 | ||||||||||||||
Financing Activities | |||||||||||||||||||
Repayments of long-term debt | - | - | -42 | - | -42 | ||||||||||||||
Additions to long-term debt | - | - | - | - | - | ||||||||||||||
Cash dividend to former parent | - | - | - | - | - | ||||||||||||||
Debt issuance costs | - | - | - | - | - | ||||||||||||||
Net distributions to former parent | -148,789 | 2 | 43,976 | - | -104,811 | ||||||||||||||
Net cash provided by (required by) financing activities | -148,789 | 2 | 43,934 | - | -104,853 | ||||||||||||||
Net increase in cash and cash equivalents | 20,486 | - | - | - | 20,486 | ||||||||||||||
Cash and cash equivalents at January 1 | 36,887 | - | - | - | 36,887 | ||||||||||||||
Cash and cash equivalents at December 31 | $ | 57,373 | $ | - | $ | - | $ | - | $ | 57,373 | |||||||||
COMBINING STATEMENT OF CASH FLOW | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2011 | ||||||||||||||||||
Operating Activities | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | ||||||||||||||
Net income (loss) | $ | 357,130 | $ | -13 | $ | -33,097 | $ | - | $ | 324,020 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||
(Income) loss from discontinued operations | -118,747 | - | -17,420 | - | -136,167 | ||||||||||||||
Depreciation and amortization | 62,396 | - | 2,483 | - | 64,879 | ||||||||||||||
Amortization of deferred major repair costs | - | - | - | - | - | ||||||||||||||
Deferred and noncurrent income tax charges (credits) | 22,417 | - | 531 | - | 22,948 | ||||||||||||||
Impairment of properties | - | - | - | - | - | ||||||||||||||
Accretion on discounted liabilities | 879 | - | - | - | 879 | ||||||||||||||
Pretax (gains) losses from sale of assets | 363 | - | - | - | 363 | ||||||||||||||
Net decrease (increase) in noncash operating working capital | -257,013 | - | -14,033 | - | -271,046 | ||||||||||||||
Other operating activities-net | 2,673 | - | - | - | 2,673 | ||||||||||||||
Net cash provided by (required by) continuing operations | 70,098 | -13 | -61,536 | - | 8,549 | ||||||||||||||
Net cash provided by discontinued operations | 145,510 | - | 34,314 | - | 179,824 | ||||||||||||||
Net cash provided by (required by) operating activities | 215,608 | -13 | -27,222 | - | 188,373 | ||||||||||||||
Investing Activities | |||||||||||||||||||
Property additions | -77,481 | - | -22,338 | - | -99,819 | ||||||||||||||
Proceeds from sale of assets | 363 | - | - | - | 363 | ||||||||||||||
Expenditures for major repairs | - | - | - | - | - | ||||||||||||||
Other investing activities | 2,453 | - | - | - | 2,453 | ||||||||||||||
Investing activities of discontinued operations | |||||||||||||||||||
Sales proceeds | 950,010 | - | - | - | 950,010 | ||||||||||||||
Other | -39,425 | - | -702 | - | -40,127 | ||||||||||||||
Net cash provided by (required by) investing activities | 835,920 | - | -23,040 | - | 812,880 | ||||||||||||||
Financing Activities | |||||||||||||||||||
Repayments of long-term debt | - | - | -42 | - | -42 | ||||||||||||||
Additions to long-term debt | - | - | - | - | - | ||||||||||||||
Cash dividend to former parent | - | - | - | - | - | ||||||||||||||
Debt issuance costs | - | - | - | - | - | ||||||||||||||
Net distributions to former parent | -1,071,355 | 13 | 50,304 | - | -1,021,038 | ||||||||||||||
Net cash provided by (required by) financing activities | -1,071,355 | 13 | 50,262 | - | -1,021,080 | ||||||||||||||
Net decrease in cash and cash equivalents | -19,827 | - | - | - | -19,827 | ||||||||||||||
Cash and cash equivalents at January 1 | 56,714 | - | - | - | 56,714 | ||||||||||||||
Cash and cash equivalents at December 31 | $ | 36,887 | $ | - | $ | - | $ | - | $ | 36,887 | |||||||||
CONSOLIDATING AND COMBINING STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||
Statement of Stockholders' Equity/Net Parent Investment | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||
Common Stock | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | 467 | 1 | 60 | - | -61 | 467 | |||||||||||||
Balance as of December 31, 2013 | $ | 467 | $ | 1 | $ | 60 | $ | - | $ | -61 | $ | 467 | |||||||
APIC | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | -467 | - | - | - | -467 | ||||||||||||||
Reclassification of net parent investment to APIC | 1,228,370 | 546,311 | 52,004 | 35,677 | -1,316,516 | 545,846 | |||||||||||||
Share-based compensation expense | - | 2,914 | - | - | - | 2,914 | |||||||||||||
Balance as of December 31, 2013 | $ | 1,228,370 | $ | 548,758 | $ | 52,004 | $ | 35,677 | $ | -1,316,516 | $ | 548,293 | |||||||
Net Parent Investment | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | 1,123,467 | $ | 53,895 | $ | 117,550 | $ | -190,461 | $ | 1,104,451 | |||||||
Net income | - | 114,668 | - | 12,789 | - | 127,457 | |||||||||||||
Dividend paid to former parent | - | -650,000 | - | - | - | -650,000 | |||||||||||||
Net transfers to/between former parent | - | -36,062 | - | - | - | -36,062 | |||||||||||||
Reclassification of net parent investment to APIC | - | -552,073 | -53,895 | -130,339 | 190,461 | -545,846 | |||||||||||||
Balance as of December 31, 2013 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Retained Earnings | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net income | - | 38,954 | - | 68,622 | - | 107,576 | |||||||||||||
Balance as of December 31, 2013 | $ | - | $ | 38,954 | $ | - | $ | 68,622 | $ | - | $ | 107,576 | |||||||
COMBINING STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2012 | ||||||||||||||||||
Statement of Stockholders' Equity/Net Parent Investment | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||
Common Stock | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
APIC | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Share-based compensation expense | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net Parent Investment | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | 1,043,914 | $ | 2,166 | $ | 263,328 | $ | -190,461 | $ | 1,118,947 | |||||||
Net income | - | 138,416 | - | -54,848 | - | 83,568 | |||||||||||||
Dividend paid to former parent | - | - | - | - | - | - | |||||||||||||
Net transfers to/between former parent | - | -58,863 | 51,729 | -90,930 | - | -98,064 | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | 1,123,467 | $ | 53,895 | $ | 117,550 | $ | -190,461 | $ | 1,104,451 | |||||||
Retained Earnings | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net income | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
COMBINING STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2011 | ||||||||||||||||||
Statement of Stockholders' Equity/Net Parent Investment | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||
Common Stock | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
APIC | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Share-based compensation expense | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net Parent Investment | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | 1,788,796 | $ | -46,108 | $ | 255,923 | $ | -190,461 | $ | 1,808,150 | |||||||
Net income | - | 306,327 | 234 | 17,459 | - | 324,020 | |||||||||||||
Dividend paid to former parent | - | - | - | - | - | - | |||||||||||||
Net transfers to/between former parent | - | -1,051,209 | 48,040 | -10,054 | - | -1,013,223 | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | 1,043,914 | $ | 2,166 | $ | 263,328 | $ | -190,461 | $ | 1,118,947 | |||||||
Retained Earnings | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net income | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Supplemental_Quarterly_Informa
Supplemental Quarterly Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Supplemental Quarterly Information [Abstract] | ' | |||||||||||||||
Supplemental Quarterly Information | ' | |||||||||||||||
Murphy USA Inc. and Consolidated Subsidiaries | ||||||||||||||||
Supplemental Quarterly Information (Unaudited) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(Millions of dollars except per share amounts) | Quarter | Quarter | Quarter | Quarter | Year | |||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Sales and other operating revenues | $ | 4,358.0 | $ | 4,843.4 | $ | 4,686.9 | $ | 4,195.0 | $ | 18,083.3 | ||||||
Income from continuing operations before income taxes | $ | 34.5 | $ | 114.9 | $ | 59.3 | $ | 49.0 | $ | 257.7 | ||||||
Income from continuing operations | $ | 20.3 | $ | 70.2 | $ | 36.3 | $ | 29.5 | $ | 156.3 | ||||||
Net income | $ | 22.1 | $ | 77.6 | $ | 41.7 | $ | 93.6 | $ | 235.0 | ||||||
Income from continuing operations (per Common share) | ||||||||||||||||
Basic | $ | 0.43 | $ | 1.50 | $ | 0.78 | $ | 0.63 | $ | 3.34 | ||||||
Diluted | $ | 0.43 | $ | 1.50 | $ | 0.78 | $ | 0.63 | $ | 3.34 | ||||||
Net income (per Common share) | ||||||||||||||||
Basic | $ | 0.47 | $ | 1.66 | $ | 0.89 | $ | 2.00 | $ | 5.03 | ||||||
Diluted | $ | 0.47 | $ | 1.66 | $ | 0.89 | $ | 2.00 | $ | 5.02 | ||||||
Market price of Common stock 1 | ||||||||||||||||
High | $ | - | $ | - | $ | 41.58 | $ | 46.91 | $ | 46.91 | ||||||
Low | $ | - | $ | - | $ | 36.12 | $ | 39.27 | $ | 36.12 | ||||||
Year Ended December 31, 2012 | ||||||||||||||||
Sales and other operating revenues | $ | 4,621.7 | $ | 4,915.0 | $ | 4,867.4 | $ | 4,897.2 | $ | 19,301.3 | ||||||
Income (loss) from continuing operations before income taxes | $ | -17.2 | $ | 110.0 | $ | 23.4 | $ | 33.9 | $ | 150.1 | ||||||
Income (loss) from continuing operations | $ | -11.4 | $ | 66.4 | $ | 13.4 | $ | 18.1 | $ | 86.5 | ||||||
Net income (loss) | $ | -12.7 | $ | 66.2 | $ | 11.0 | $ | 19.1 | $ | 83.6 | ||||||
Income (Loss) from continuing operations (per Common share) | ||||||||||||||||
Basic | $ | -0.24 | $ | 1.42 | $ | 0.29 | $ | 0.39 | $ | 1.85 | ||||||
Diluted | $ | -0.24 | $ | 1.42 | $ | 0.29 | $ | 0.39 | $ | 1.85 | ||||||
Net income (per Common share) | ||||||||||||||||
Basic | $ | -0.27 | $ | 1.42 | $ | 0.24 | $ | 0.41 | $ | 1.79 | ||||||
Diluted | $ | -0.27 | $ | 1.42 | $ | 0.24 | $ | 0.41 | $ | 1.79 | ||||||
Market price of Common stock 1 | ||||||||||||||||
High | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Low | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
1 Prices as quoted on the New York Stock Exchange. Stock first traded September 3, 2013. | ||||||||||||||||
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Schedule II - Valuation And Qualifying Accounts [Abstract] | ' | |||||
Schedule II - Valuation And Qualifying Accounts | ' | |||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED AND COMBINED) | ||||||
Murphy USA Inc. | ||||||
Valuation Accounts and Reserves | ||||||
(Thousands of dollars) | Balance at January 1, | Charged (Credited) to Expense | Deductions | Balance at December 31, | ||
2013 | ||||||
Deducted from assets accounts | ||||||
Allowance for doubtful accounts | $ | 4,576 | - | -120 | 4,456 | |
2012 | ||||||
Deducted from assets accounts | ||||||
Allowance for doubtful accounts | $ | 5,835 | - | -1,259 | 4,576 | |
2011 | ||||||
Deducted from assets accounts | ||||||
Allowance for doubtful accounts | $ | 5,835 | - | - | 5,835 | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Description Of Business And Basis Of Presentation [Abstract] | ' |
Principles Of Combination | ' |
PRINCIPLES OF COMBINATION – These consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Murphy USA Inc. and selected subsidiaries, and certain assets, liabilities, and expenses of Murphy Oil Corporation for all periods prior to August 30, 2013. All significant intercompany accounts and transactions within the consolidated and combined entity have been eliminated. | |
Revenue Recognition | ' |
REVENUE RECOGNITION – Revenues from sales of refined petroleum products are recorded when deliveries have occurred and legal ownership of the commodity transfers to the customer, which may include related party sales to other subsidiaries of Murphy Oil. Title transfer for bulk refined products generally occur at pipeline custody points or upon truck loading at product terminals. Refined products sold at retail stations are recorded when the customer takes delivery at the pump. Merchandise revenues are recorded at the point of sale. Rebates from vendors are recognized as a reduction of cost of goods sold when the related inventory item is sold. Incentives that are derived from contractual provisions are accrued based on past experience, when estimable, and are recognized in cost of goods sold. | |
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 arrangement based on location or quality differences. The Company accounts for such transactions on a net basis in its Consolidated and Combined Income Statements. | |
Shipping And Handling Costs | ' |
SHIPPING AND HANDLING COSTS – Costs incurred for the shipping and handling of motor fuel are included in Petroleum product cost of goods sold in the income statement. Costs incurred for the shipping and handling of convenience store merchandise are included in Merchandise cost of goods sold in the income statement. | |
Taxes Collected From Customers And Remitted To Government Authorities | ' |
TAXES COLLECTED FROM CUSTOMERS AND REMITTED TO GOVERNMENT AUTHORITIES – Excise and other taxes collected on sales of refined products and remitted to governmental agencies are included in revenues and costs and operating expenses in the Combined Income Statements. Excise taxes on petroleum products collected and remitted were $1,884,035,000 in 2013, $1,962,660,000 in 2012, and $1,831,550,000 in 2011. | |
Cash Equivalents | ' |
CASH EQUIVALENTS – Short-term investments, which include government securities, money market funds and other instruments with government securities as collateral, that have an original maturity of three months or less from the date of purchase are classified as cash equivalents. | |
Marketable Securities | ' |
MARKETABLE SECURITIES – The Company classifies investments in marketable securities as available-for-sale or held-to-maturity. The Company does not typically classify any investments as trading. Available-for-sale securities are carried at fair value with the unrealized gain or loss, net of tax, reported in other comprehensive income. Held-to-maturity securities are recorded at amortized cost. Premiums and discounts are amortized or accreted into earnings over the life of the related available-for-sale or held-to-maturity security. Dividend and interest income is recognized when earned. Unrealized losses considered to be other than temporary are recognized currently in earnings. The cost of securities sold is based on the specific identification method. The fair value of investment securities is determined by available market prices. | |
Accounts Receivable | ' |
ACCOUNTS RECEIVABLE – The Company’s accounts receivable are recorded at the invoiced amount and do not bear interest. The accounts receivable primarily consists of amounts owed to the Company from credit card companies and by customers for sales of refined petroleum products and ethanol. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses on these receivables. The Company reviews this allowance for adequacy at least quarterly and bases its assessment on a combination of current information about its customers and historical write-off experience. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. | |
Inventories | ' |
INVENTORIES – Inventories of most finished products are valued at the lower of cost, generally applied on a last-in, first-out (“LIFO”) basis, or market. Any increments to LIFO inventory volumes are valued based on the first purchase price for these volumes during the year. Merchandise inventories held for resale are carried at average cost. Materials and supplies are valued at the lower of average cost or estimated value. Distillers dried grain with solubles (“DDGS”), wet distillers grain with solubles (“WDGS”) and corn inventories are valued at the lower of cost, applied on a first-in, first-out (“FIFO”) basis, or market. | |
Vendor Allowances And Rebates | ' |
VENDOR ALLOWANCES AND REBATES – Murphy USA receives payments for vendor allowances, volume rebates and other related payments from various suppliers of its convenience store merchandise. Vendor allowances for price markdowns are credited to merchandise cost of goods sold during the period the related markdown is recognized. Volume rebates of merchandise are recorded as reductions to merchandise cost of goods sold when the merchandise qualifying for the rebate is sold. Slotting and stocking allowances received from a vendor are recorded as a reduction to cost of sales over the period covered by the agreement. | |
Property, Plant and Equipment | ' |
PROPERTY, PLANT AND EQUIPMENT – Additions to property, plant and equipment, including renewals and betterments, are capitalized and recorded at cost. Certain marketing facilities are primarily depreciated using the composite straight-line method with depreciable lives ranging from 16 to 25 years. Ethanol plants, gasoline stations and other assets are depreciated over 3 to 45 years by individual unit on the straight-line method. Gains and losses on asset disposals or retirements are included in income as a separate component of other income. | |
Impairment Of Assets | ' |
IMPAIRMENT OF ASSETS – Long-lived assets, which include property and equipment and finite-lived intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. | |
Turnarounds | ' |
TURNAROUNDS – Primary processing units are scheduled for major maintenance activities known as turnarounds at periodic intervals at the Company’s ethanol plant. Turnaround work associated with various other less significant units at the Company’s facilities will vary depending on operating requirements and events. The Company defers turnaround costs incurred and amortizes such costs through Station and other operating expenses over the period until the next scheduled turnaround. All other maintenance and repairs are expensed as incurred. | |
Asset Retirement Obligations | ' |
ASSET RETIREMENT OBLIGATIONS – The Company records a liability for asset retirement obligations (“ARO”) equal to the fair value of the estimated cost to retire an asset. The ARO liability is initially recorded in the period in which the obligation meets the definition of a liability, which is generally when the asset is placed in service. The ARO liability is estimated using existing regulatory requirements and anticipated future inflation rates. When the liability is initially recorded, the Company increases the carrying amount of the related long-lived asset by an amount equal to the original liability. The liability is increased over time to reflect the change in its present value, and the capitalized cost is depreciated over the useful life of the related long-lived asset. The Company reevaluates the adequacy of its recorded ARO liability at least annually. Actual costs of asset retirements such as dismantling service stations and site restoration are charged against the related liability. Any difference between costs incurred upon settlement of an asset retirement obligation and the recorded liability is recognized as a gain or loss in the Company’s earnings. | |
Environmental Liabilities | ' |
ENVIRONMENTAL LIABILITIES – A liability for environmental matters is established when it is probable that an environmental obligation exists and the cost can be reasonably estimated. If there is a range of reasonably estimated costs, the most likely amount will be recorded, or if no amount is most likely, the minimum of the range is used. Related expenditures are charged against the liability. Environmental remediation liabilities have not been discounted for the time value of future expected payments. Environmental expenditures that have future economic benefit are capitalized. | |
Income Taxes | ' |
INCOME TAXES – The Company accounts for income taxes using the asset and liability method as if Murphy USA was a separate tax payer rather than a member of Murphy Oil’s consolidated income tax return. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are assumed will be in effect when the differences reverse. | |
The Company’s results of operations were included in the consolidated federal income tax return of Murphy Oil prior to the separation, while in most cases, these results have been included in the various state tax returns of Murphy USA historically. For these financial statements, federal and state income taxes have been computed and recorded as if the Company filed separate federal and state income tax returns. Federal and state income tax benefits of operating losses generated are recognized to the extent that they could be expected to reduce federal income tax expense for the Company via a carryback to a previous year or carried forward for use in a subsequent year. The calculations of current and deferred income taxes, therefore, require use of certain assumptions, allocations and estimates that management believes are reasonable to reflect the Company’s income taxes as a stand-alone taxpayer. The Company has elected to classify any interest expense and penalties related to the underpayment of income taxes in Income tax expense in the Consolidated and Combined Income Statements. | |
Derivative Instruments And Hedging Activities | ' |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES – The fair value of a derivative instrument is recognized as an asset or liability in the Company’s Consolidated and Combined Balance Sheets. Upon entering into a derivative contract, the Company may designate the derivative as either a fair value hedge or a cash flow hedge, or decide that the contract is not a hedge, and therefore, recognize changes in the fair value of the contract in earnings. The Company documents the relationship between the derivative instrument designated as a hedge and the hedged items as well as its objective for risk management and strategy for use of the hedging instrument to manage the risk. Derivative instruments designated as fair value or cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Company assesses at inception and on an ongoing basis whether a derivative instrument used as a hedge is highly effective in offsetting changes in the fair value or cash flows of the hedged item. A derivative that is not a highly effective hedge does not qualify for hedge accounting. Changes in the fair value of a qualifying fair value hedge are recorded in earnings along with the gain or loss on the hedged item. Changes in the fair value of a qualifying cash flow hedge are recorded in other comprehensive income until the hedged item is recognized in earnings. When the income effect of the underlying cash flow hedged item is recognized in the Statement of Income, the fair value of the associated cash flow hedge is reclassified from other comprehensive income into earnings. Ineffective portions of a cash flow hedge derivative’s change in fair value are recognized currently in earnings. If a derivative instrument no longer qualifies as a cash flow hedge and the underlying forecasted transaction is no longer probable of occurring, hedge accounting is discontinued and the gain or loss recorded in other comprehensive income is recognized immediately in earnings. See Note 13 and Note 16 for further information about the Company’s derivatives. | |
Stock-Based Compensation | ' |
STOCK-BASED COMPENSATION – The fair value of awarded stock options, restricted stock and restricted stock units is determined based on a combination of management assumptions for awards issued subsequent to the separation from Murphy Oil and the previously calculated fair market value of awards that were replaced with Murphy USA awards in connection with the separation. Murphy Oil used the Black-Scholes option pricing model for computing the fair value of stock options. The primary assumptions made by management included the expected life of the stock option award and the expected volatility of Murphy Oil’s common stock prices. Murphy Oil used both historical data and current information to support its assumptions. Stock option expense is recognized on a straight-line basis over the respective vesting period of two or three years. Murphy Oil used a Monte Carlo valuation model to determine the fair value of performance-based restricted stock and restricted stock units and the related expense is recognized over the three-year vesting period. Management estimates the number of stock options and performance-based restricted stock and restricted stock units that will not vest and adjusts its compensation expense accordingly. Differences between estimated and actual vested amounts are accounted for as an adjustment to expense when known. See Note 11 for a discussion of the basis of allocation of such costs. | |
Net Investment By Parent | ' |
NET INVESTMENT BY FORMER PARENT– The Net investment by former parent represents a net balance reflecting Murphy Oil’s initial investment in the Company and subsequent adjustments resulting from the operations of the Company and various transactions between the Company and Murphy Oil. The balance is the result of the Company’s participation in Murphy Oil’s centralized cash management program under which all the Company’s cash receipts are remitted to Murphy Oil and all cash disbursements are funded by Murphy Oil. The net balance includes amounts due from or owed to Murphy Oil. Other transactions affecting the Net investment by Murphy Oil include general and administrative expenses incurred by Murphy Oil and allocated to the Company. There are no terms of settlement or interest charges associated with the Net investment by Murphy Oil balance. Changes in amounts owed to or due from Murphy Oil are included in financing activities in the Statements of Cash Flows. | |
Use Of Estimates | ' |
USE OF ESTIMATES – In preparing the financial statements of the Company in conformity with U.S. GAAP, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. | |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||
Summary Of Major Assets And Liabilities Of Discontinued Operations | ' | |||||||||
(Thousands of dollars) | 18-Dec-13 | |||||||||
Current assets: | ||||||||||
Accounts receivable | $ | 3,563 | ||||||||
Raw materials inventories | 6,692 | |||||||||
Finished inventories | 2,956 | |||||||||
Material and supplies inventories | 2,371 | |||||||||
Total current assets | $ | 15,582 | ||||||||
Noncurrent assets: | ||||||||||
Property, plant and equipment, net | $ | 80,705 | ||||||||
Total assets | $ | 96,287 | ||||||||
Liabilities: | ||||||||||
Current liabilities | $ | 5,051 | ||||||||
Long-term notes payable | 1,077 | |||||||||
Liabilities associated with assets sold | $ | 6,128 | ||||||||
Superior, Wisconsin And Meraux, Louisiana Refineries [Member] | ' | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||
Summary Of Results Of Operations Of Discontinued Operations | ' | |||||||||
(Thousands of dollars) | 2011 | |||||||||
Revenues | $ | 3,700,789 | ||||||||
Income from operations before income taxes | 188,531 | |||||||||
Gain on sale before income taxes | 9,904 | |||||||||
Total income from discontinued operations before taxes | 198,435 | |||||||||
Provision for income taxes | 79,688 | |||||||||
Income from discontinued operations | $ | 118,747 | ||||||||
Hankinson Renewable Energy, LLC [Member] | ' | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||
Summary Of Results Of Operations Of Discontinued Operations | ' | |||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Revenues | $ | 366,707 | $ | 354,128 | $ | 354,239 | ||||
Income (loss) from operations before income taxes | 40,130 | -4,377 | 26,744 | |||||||
Gain on sale before income taxes | 80,834 | - | - | |||||||
Total income (loss) from discontinued operations before taxes | 120,964 | -4,377 | 26,744 | |||||||
Provision for income taxes | 42,257 | -1,531 | 9,324 | |||||||
Income (loss) from discontinued operations | $ | 78,707 | $ | -2,846 | $ | 17,420 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Summary Of Inventory | ' | ||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Crude oil and blendstocks | $ | - | $ | 1,191 | |||
Refined products and blendstocks | 64,825 | 75,128 | |||||
Store merchandise for resale | 97,058 | 96,473 | |||||
Corn based products | 12,447 | 38,923 | |||||
Materials and supplies | 4,725 | 5,679 | |||||
$ | 179,055 | $ | 217,394 | ||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Property, Plant And Equipment [Abstract] | ' | |||||||||||||
Summary Of Property, Plant And Equipment | ' | |||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
(Thousands of dollars) | Estimated Useful Life | Cost | Net | Cost | Net | |||||||||
Land | $ | 520,026 | 520,026 | 446,385 | 446,385 | |||||||||
Ethanol facilities | 20 years | 67,284 | 1,082 | 163,990 | 83,195 | |||||||||
Pipeline and terminal facilities | 16 to 25 years | 85,907 | 36,114 | 83,484 | 35,347 | |||||||||
Retail gasoline stations | 3 to 20 years | 1,110,340 | 611,132 | 1,029,608 | 594,377 | |||||||||
Buildings | 20 to 45 years | 17,829 | 8,608 | 3,869 | 2,867 | |||||||||
Other | 3 to 20 years | 44,697 | 13,761 | 33,192 | 7,789 | |||||||||
$ | 1,846,083 | 1,190,723 | 1,760,528 | 1,169,960 | ||||||||||
Accounts_Payable_And_Accrued_L
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Accounts Payable And Accrued Liabilities [Abstract] | ' | ||||||
Schedule Of Accounts Payable And Accrued Liabilities | ' | ||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Trade accounts payable | $ | 311,397 | 612,755 | ||||
Excise taxes/withholdings payable | 55,882 | 65,349 | |||||
Accrued insurance obligations | 17,247 | 7,085 | |||||
Other | 48,702 | 20,298 | |||||
Accounts payable and accrued liabilities | $ | 433,228 | 705,487 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Long-Term Debt [Abstract] | ' | ||||||
Summary Of Long-Term Debt | ' | ||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Loan for electrical facilities at the Hankinson, North Dakota ethanol plant, 6.00%, due through 2028* | $ | - | $ | 1,170 | |||
6.00% senior notes due 2023 (net of unamortized discount of $8,422) | 491,578 | - | |||||
Term loan due 2016 (effective rate of 3.71% at December 31, 2013) | 70,000 | - | |||||
Less current maturities | -14,000 | -46 | |||||
Total long-term debt | $ | 547,578 | $ | 1,124 | |||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligations [Abstract] | ' | ||||||
Reconciliation Of Beginning And Ending Aggregate Carrying Amount Of Asset Retirement Obligation | ' | ||||||
December 31, | |||||||
(Thousands of dollars) | 2013 | 2012 | |||||
Balance at beginning of period | $ | 15,401 | 13,190 | ||||
Accretion expense | 1,096 | 980 | |||||
Liabilities incurred | 633 | 1,231 | |||||
Balance at end of period | $ | 17,130 | 15,401 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule Of Components Of Income From Continuing Operations Before Income Taxes And Income Tax Expense (Benefit) | ' | |||||||||
Years Ended December 31, | ||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Income (loss) from continuing operations before income taxes | $ | 257,677 | 150,119 | 310,813 | ||||||
Income tax expense (benefit) | ||||||||||
Federal - Current | $ | 89,700 | 64,059 | 75,946 | ||||||
Federal - Deferred | -4,761 | -17,098 | 17,716 | |||||||
State - Current and deferred | 16,412 | 16,744 | 29,298 | |||||||
Total | $ | 101,351 | 63,705 | 122,960 | ||||||
Schedule Of Reconciliation Of Income Taxes To Statutory Rate | ' | |||||||||
Years Ended December 31, | ||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Income tax expense based on the U.S. statutory tax rate | $ | 90,187 | 52,542 | 108,785 | ||||||
State income taxes, net of federal benefit | 10,668 | 10,884 | 19,044 | |||||||
Other, net | 496 | 279 | -4,869 | |||||||
Total | $ | 101,351 | 63,705 | 122,960 | ||||||
Summary Of Deferred Tax Assets And Deferred Tax Liabilities | ' | |||||||||
Years Ended December 31, | ||||||||||
(Thousands of dollars) | 2013 | 2012 | ||||||||
Deferred tax assets | ||||||||||
Property costs | $ | 6,456 | 5,729 | |||||||
Asset retirement obligations | 5,844 | 6,187 | ||||||||
Other deferred tax assets | 9,479 | 5,507 | ||||||||
Total gross deferred tax assets | 21,779 | 17,423 | ||||||||
Less valuation allowance | - | - | ||||||||
Net deferred tax assets | 21,779 | 17,423 | ||||||||
Deferred tax liabilities | ||||||||||
Accumulated depreciation and amortization | -115,737 | -127,182 | ||||||||
Deferred turnaround costs | -84 | -137 | ||||||||
State deferred taxes | -16,423 | -13,789 | ||||||||
Other deferred tax liabilities | -11,610 | -18,911 | ||||||||
Total gross deferred tax liabilities | -143,854 | -160,019 | ||||||||
Net deferred tax liabilities | $ | -122,075 | -142,596 | |||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||
Summary Of Amounts Recognized In Financial Statements With Respect To Share-Based Plans | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | ||||||||||||
Compensation charged against income before income tax benefit | $ | 9,391 | 8,416 | 10,506 | |||||||||||
Related income tax benefit recognized in income | 3,287 | 2,946 | 3,677 | ||||||||||||
Summary Of Valuation Assumptions | ' | ||||||||||||||
Years ended December 31, | |||||||||||||||
2012 | 2011 | ||||||||||||||
Fair value per option grant | $12.37 - $17.74 | $ | |||||||||||||
20.34 | |||||||||||||||
Assumptions | |||||||||||||||
Dividend yield | 1.80% - 2.27% | 1.80% | |||||||||||||
Expected volatility | 39.00% - 39.62% | 37.00% | |||||||||||||
Risk-free interest rate | 0.55% - 0.77% | 2.10% | |||||||||||||
Expected life | 4.00 yrs. - 5.20 yrs. | 5.10 yrs. | |||||||||||||
Summary Of Changes In Stock Options Outstanding | ' | ||||||||||||||
Number of Shares | Average Exercise Price | ||||||||||||||
Outstanding at December 31, 2012 | - | $ | - | ||||||||||||
Granted at FMV | 625,101 | 35.12 | |||||||||||||
Exercised | - | - | |||||||||||||
Forfeited | -3,952 | 33.92 | |||||||||||||
Outstanding at December 31, 2013 | 621,149 | 35.13 | |||||||||||||
Exercisable at December 31, 2013 | - | $ | - | ||||||||||||
Summary Of Additional Stock Option Information | ' | ||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||
Range of Exercise Prices per Option | No. of Options | Avg. Life Remaining in Years | Aggregate Intrinsic Value | No. of Options | Avg. Life Remaining in Years | Aggregate Intrinsic Value | |||||||||
$32.53 to $34.16 | 435,866 | 5.7 | $ | 3,539,804 | - | - | $ | - | |||||||
$37.07 to $40.25 | 185,283 | 5.4 | 455,094 | - | - | - | |||||||||
621,149 | 5.5 | $ | 3,994,898 | - | - | $ | - | ||||||||
MUSA 2013 Plan [Member] | ' | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||
Summary Of Restricted Stock Unit Activity | ' | ||||||||||||||
(Number of units) | 2013 | ||||||||||||||
Outstanding at December 31, 2012 | - | ||||||||||||||
Granted | 352,522 | ||||||||||||||
Vested and issued | -509 | ||||||||||||||
Forfeited | -4,915 | ||||||||||||||
Outstanding at December 31, 2013 | 347,098 | ||||||||||||||
2013 Stock Plan For Non-Employee Directors [Member] | ' | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||
Summary Of Restricted Stock Unit Activity | ' | ||||||||||||||
(Number of units) | 2013 | ||||||||||||||
Outstanding at December 31, 2012 | - | ||||||||||||||
Granted | 28,413 | ||||||||||||||
Vested and issued | - | ||||||||||||||
Forfeited | - | ||||||||||||||
Outstanding at December 31, 2013 | 28,413 | ||||||||||||||
Employee_And_Retiree_Benefit_P1
Employee And Retiree Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Employee And Retiree Benefit Plans [Abstract] | ' | ||||||||||||||||||
Summary Of Components Of Net Periodic Benefit Expense | ' | ||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
Other Postretirement | |||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
Service cost | $ | 3,401 | $ | 4,227 | $ | 5,482 | $ | 1,447 | $ | 1,770 | $ | 2,708 | |||||||
Interest cost | 2,717 | 4,252 | 6,535 | 983 | 1,454 | 3,023 | |||||||||||||
Expected return on plan assets | -2,794 | -3,860 | -5,840 | - | - | - | |||||||||||||
Amortization of prior service cost (benefits) | 53 | 90 | 166 | -7 | -10 | -73 | |||||||||||||
Recognized actuarial loss | 2,108 | 2,986 | 2,685 | 363 | 369 | 1,174 | |||||||||||||
Termination benefits expense | - | - | 695 | - | - | ||||||||||||||
Curtailment expense | - | - | 821 | - | -285 | ||||||||||||||
Net periodic benefit expense | $ | 5,485 | $ | 7,695 | $ | 10,544 | $ | 2,786 | $ | 3,583 | $ | 6,547 | |||||||
Summary Of Weighted-Average Assumptions Used In The Measurement Of Net Periodic Benefit Expense | ' | ||||||||||||||||||
Net Periodic Benefit Expenses | |||||||||||||||||||
Pension Benefits Year | Postretirement Benefits Year | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Discount rate | 4.87% | 5.50% | 4.87% | 5.50% | |||||||||||||||
Expected return on plan assets | 6.50% | 6.50% | 0% | 0% | |||||||||||||||
Rate of compensation increase | 4.20% | 4.16% | 0% | 0% | |||||||||||||||
Financial_Instruments_And_Risk1
Financial Instruments And Risk Management (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Financial Instruments And Risk Management [Abstract] | ' | ||||||||||||||||||||
Fair Value Of Derivative Instruments Not Designated As Hedging Instruments | ' | ||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Asset Derivatives | Liabilitiy Derivatives | Asset Derivatives | Liabilitiy Derivatives | ||||||||||||||||||
Balance | Balance | Balance | Balance | ||||||||||||||||||
Sheet | Fair | Sheet | Fair | Sheet | Fair | Sheet | Fair | ||||||||||||||
(Thousands of dollars) | Location | Value | Location | Value | Location | Value | Location | Value | |||||||||||||
Commodity derivative contracts | Accounts | Accounts | Accounts | Accounts | |||||||||||||||||
Receivable | $ | 224 | Payable | $ | 291 | Receivable | $ | 3,043 | Payable | $ | 102 | ||||||||||
Recognized Gains And Losses For Derivative Instruments Not Designated As Hedging Instruments | ' | ||||||||||||||||||||
Amount of Gain (Loss) Recognized | |||||||||||||||||||||
in Income on Derivative | |||||||||||||||||||||
(Thousands of dollars) | Statement of Income | ||||||||||||||||||||
Type of Derivative Contract | Location | 2013 | 2012 | ||||||||||||||||||
Commodity | Fuel and ethanol costs | ||||||||||||||||||||
of goods sold | $ | 8,516 | $ | -38,283 | |||||||||||||||||
Summary Of Offsetting Assets | ' | ||||||||||||||||||||
Gross Amounts | Net Amounts of | ||||||||||||||||||||
Gross Amounts | Offset in the | Assets Presented in | |||||||||||||||||||
of Recognized | Combined | the Combined | |||||||||||||||||||
(Thousands of dollars) | Assets | Balance Sheet | Balance Sheet | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Commodity derivatives | $ | 233 | $ | -9 | $ | 224 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Commodity derivatives | $ | 6,727 | $ | -3,684 | $ | 3,043 | |||||||||||||||
Summary Of Offsetting Liabilities | ' | ||||||||||||||||||||
Gross Amounts | Net Amounts of | ||||||||||||||||||||
Gross Amounts | Offset in the | Liabilities Presented | |||||||||||||||||||
of Recognized | Consolidated | in the Consolidated | |||||||||||||||||||
(Thousands of dollars) | Liabilities | Balance Sheet | Balance Sheet | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Commodity derivatives | $ | 300 | $ | -9 | $ | 291 | |||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Commodity derivatives | $ | 3,786 | $ | -3,684 | $ | 102 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Reconciliation of Basic And Diluted Earnings Per Share Computations | ' | |||||||||
Years ended December 31, | ||||||||||
(Thousands of dollars except per share amounts) | 2013 | 2012 | 2011 | |||||||
Earnings per common share: | ||||||||||
Net income attributable to common stockholders | $ | 235,033 | $ | 83,568 | $ | 324,020 | ||||
Weighted average common shares outstanding (in thousands) | 46,743 | 46,743 | 46,743 | |||||||
Total earnings per share | $ | 5.03 | $ | 1.79 | $ | 6.93 | ||||
Earnings per common share - assuming dilution: | Years ended December 31, | |||||||||
2013 | 2012 | 2011 | ||||||||
Net income attributable to common stockholders | $ | 235,033 | $ | 83,568 | $ | 324,020 | ||||
Weighted average common shares outstanding (in thousands) | 46,743 | 46,743 | 46,743 | |||||||
Common equivalent shares: | ||||||||||
Dilutive options | 115 | - | - | |||||||
Weighted average common shares outstanding - assuming dilution (in thousands) | 46,858 | 46,743 | 46,743 | |||||||
Earnings per share - assuming dilution | $ | 5.02 | $ | 1.79 | $ | 6.93 | ||||
Other_Financial_Information_Ta
Other Financial Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Financial Information [Abstract] | ' | |||||||||
Schedule Of Ethanol Sales And Other Revenue | ' | |||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Sales of ethanol and related plant products | $ | 269,254 | $ | 290,158 | $ | 207,266 | ||||
Renewable Identification Numbers (RINs) sales | 91,391 | 8,830 | 2,924 | |||||||
Other | 2,907 | 2,988 | 6,614 | |||||||
Total ethanol sales and other revenue | $ | 363,552 | $ | 301,976 | $ | 216,804 | ||||
Summary Of Changes In Operating Working Capital | ' | |||||||||
(Thousands of dollars) | 2013 | 2012 | 2011 | |||||||
Accounts receivable | $ | 331,679 | $ | -171,115 | $ | 244,828 | ||||
Inventories | 20,532 | -29,784 | 20,181 | |||||||
Prepaid expenses | -6,623 | -3,187 | -1,391 | |||||||
Deferred income tax assets | - | - | 3,128 | |||||||
Accounts payable and accrued liabilities | -272,371 | 230,704 | -452,491 | |||||||
Income taxes payable | 7,276 | 4,396 | -96,533 | |||||||
Current deferred income tax liabilities | -5,628 | 1,539 | 11,232 | |||||||
Net decrease (increase) in noncash operating working capital | $ | 74,865 | $ | 32,553 | $ | -271,046 | ||||
Assets_And_Liabilities_Measure1
Assets And Liabilities Measured At Fair Value (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Assets And Liabilities Measured At Fair Value [Abstract] | ' | ||||||||||||
Schedule Of Fair Value Of Assets And Liabilities | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
at Reporting Date Listing | |||||||||||||
Quoted Prices | |||||||||||||
In Active | |||||||||||||
Markets for | Significant | ||||||||||||
Fair | Identical | Other | Significant | ||||||||||
Value | Assets | Observable | Unobservable | ||||||||||
December 31, | (Liabilities) | Inputs | Inputs | ||||||||||
(Thousands of dollars) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets | |||||||||||||
Commodity derivative contracts | $ | 224 | - | $ | 224 | - | |||||||
Liabilities | |||||||||||||
Commodity derivative contracts | $ | -291 | - | $ | -291 | - | |||||||
Fair Value Measurements | |||||||||||||
at Reporting Date Listing | |||||||||||||
Quoted Prices | |||||||||||||
In Active | |||||||||||||
Markets for | Significant | ||||||||||||
Identical | Other | Significant | |||||||||||
Fair Value | Assets | Observable | Unobservable | ||||||||||
December 31, | (Liabilities) | Inputs | Inputs | ||||||||||
(Thousands of dollars) | 2012 | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets | |||||||||||||
Commodity derivative contracts | $ | 3,043 | - | $ | 3,043 | - | |||||||
Liabilities | |||||||||||||
Commodity derivative contracts | $ | -102 | - | $ | -102 | - | |||||||
Schedule Of Carrying Amounts And Estimated Fair Value Of Financial Instruments | ' | ||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||
Carrying | Carrying | ||||||||||||
(Thousands of dollars) | Amount | Fair Value | Amount | Fair Value | |||||||||
Financial liabilities | |||||||||||||
Current and long-term debt | $ | -561,578 | $ | -559,411 | $ | -1,170 | $ | -1,519 | |||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Segments [Abstract] | ' | |||||||||||||
Summary Of Information By Business Segment | ' | |||||||||||||
Segment Information | Corporate and | Discontinued | ||||||||||||
(Thousands of dollars) | Marketing | Other Assets | Operations | Consolidated | ||||||||||
Year ended December 31, 2013 | ||||||||||||||
Segment income (loss) | $ | 164,013 | -7,687 | 78,707 | $ | 235,033 | ||||||||
Revenues from external customers | 17,814,081 | 269,254 | - | 18,083,335 | ||||||||||
Interest income | - | 1,099 | - | 1,099 | ||||||||||
Interest expense | - | -14,509 | - | -14,509 | ||||||||||
Income tax expense (benefit) | 106,223 | -4,872 | - | 101,351 | ||||||||||
Significant noncash charges (credits) | ||||||||||||||
Depreciation and amortization | 71,253 | 2,877 | - | 74,130 | ||||||||||
Accretion of asset retirement obligations | 1,096 | - | - | 1,096 | ||||||||||
Impairment of properties | - | - | - | - | ||||||||||
Deferred and noncurrent income taxes (benefits) | -9,796 | 2,534 | - | -7,262 | ||||||||||
Additions to property, plant and equipment | 162,051 | 9,402 | 519 | 171,972 | ||||||||||
Total assets at year-end | $ | 1,527,125 | 354,117 | - | $ | 1,881,242 | ||||||||
Segment Information | Corporate and | Discontinued | ||||||||||||
(Thousands of dollars) | Marketing | Other Assets | Operations | Consolidated | ||||||||||
Year ended December 31, 2012 | ||||||||||||||
Segment income (loss) | $ | 139,583 | -53,169 | -2,846 | $ | 83,568 | ||||||||
Revenues from external customers | 19,011,040 | 290,268 | - | 19,301,308 | ||||||||||
Interest income | - | 172 | - | 172 | ||||||||||
Interest expense | - | -384 | - | -384 | ||||||||||
Income tax expense (benefit) | 92,059 | -28,354 | - | 63,705 | ||||||||||
Significant noncash charges (credits) | ||||||||||||||
Depreciation and amortization | 66,913 | 4,827 | - | 71,740 | ||||||||||
Accretion of asset retirement obligations | 980 | - | - | 980 | ||||||||||
Impairment of properties | - | 60,988 | - | 60,988 | ||||||||||
Deferred and noncurrent income taxes (benefits) | 3,393 | -19,856 | - | -16,463 | ||||||||||
Additions to property, plant and equipment | 103,096 | 1,400 | 7,097 | 111,593 | ||||||||||
Total assets at year-end | 1,765,020 | 111,025 | 116,420 | 1,992,465 | ||||||||||
Year ended December 31, 2011 | ||||||||||||||
Segment income (loss) | $ | 188,907 | -1,054 | 136,167 | $ | 324,020 | ||||||||
Revenues from external customers | 18,702,720 | 216,496 | - | 18,919,216 | ||||||||||
Interest income | - | 32 | - | 32 | ||||||||||
Interest expense | - | -408 | - | -408 | ||||||||||
Income tax expense (benefit) | 123,618 | -658 | - | 122,960 | ||||||||||
Significant noncash charges (credits) | ||||||||||||||
Depreciation and amortization | 61,135 | 3,744 | - | 64,879 | ||||||||||
Accretion of asset retirement obligations | 877 | - | - | 877 | ||||||||||
Impairment of properties | - | - | - | - | ||||||||||
Deferred and noncurrent income taxes (benefits) | 22,686 | 262 | - | 22,948 | ||||||||||
Additions to property, plant and equipment | 77,394 | 22,575 | 48,432 | 148,401 | ||||||||||
Total assets at year-end | $ | 1,524,898 | 150,403 | 109,682 | $ | 1,784,983 | ||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||
Consolidating And Combining Balance Sheets | ' | ||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Assets | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 294,741 | $ | - | $ | - | $ | - | $ | 294,741 | |||||||
Accounts receivable—trade, less allowance for doubtful accounts of $4,456 in 2013 | - | 191,904 | - | 1,277 | - | 193,181 | |||||||||||||
Inventories, at lower of cost or market | - | 157,795 | - | 21,260 | - | 179,055 | |||||||||||||
Prepaid expenses and other current assets | - | 12,217 | - | 3,222 | - | 15,439 | |||||||||||||
Total current assets | - | 656,657 | - | 25,759 | - | 682,416 | |||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization | - | 1,189,082 | - | 1,641 | - | 1,190,723 | |||||||||||||
Investments in subsidiaries | 1,228,837 | - | -1,228,837 | - | |||||||||||||||
Deferred charges and other assets | - | 95,604 | - | 239 | -87,740 | 8,103 | |||||||||||||
Total assets | $ | 1,228,837 | $ | 1,941,343 | $ | - | $ | 27,639 | $ | -1,316,577 | $ | 1,881,242 | |||||||
Liabilities and Stockholders' Equity/Net Investment | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | 14,000 | $ | - | $ | - | $ | - | $ | 14,000 | |||||||
Inter-company accounts payable | 119,366 | -52,107 | -67,259 | - | |||||||||||||||
Trade accounts payable and accrued liabilities | - | 429,763 | - | 3,465 | - | 433,228 | |||||||||||||
Income taxes payable | - | 71,450 | 43 | 653 | - | 72,146 | |||||||||||||
Deferred income taxes | - | 7,143 | - | - | - | 7,143 | |||||||||||||
Total current liabilities | - | 641,722 | -52,064 | -63,141 | - | 526,517 | |||||||||||||
Long-term debt | - | 547,578 | - | - | - | 547,578 | |||||||||||||
Deferred income taxes | - | 128,451 | - | -13,519 | - | 114,932 | |||||||||||||
Asset retirement obligations | - | 17,130 | - | - | - | 17,130 | |||||||||||||
Deferred credits and other liabilities | - | 18,749 | - | - | - | 18,749 | |||||||||||||
Total liabilities | - | 1,353,630 | -52,064 | -76,660 | - | 1,224,906 | |||||||||||||
Stockholders' Equity/Net Investment | |||||||||||||||||||
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | - | - | - | - | - | - | |||||||||||||
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,746,633 shares issued and outstanding at December 31, 2013) | 467 | 1 | 60 | - | -61 | 467 | |||||||||||||
Additional paid in capital (APIC) | 1,228,370 | 548,758 | 52,004 | 35,677 | -1,316,516 | 548,293 | |||||||||||||
Net investment by parent | - | - | - | - | - | - | |||||||||||||
Retained earnings | - | 38,954 | - | 68,622 | - | 107,576 | |||||||||||||
Total stockholders' equity/net investment | 1,228,837 | 587,713 | 52,064 | 104,299 | -1,316,577 | 656,336 | |||||||||||||
Total liabilities and stockholders' equity/net investment | $ | 1,228,837 | $ | 1,941,343 | $ | - | $ | 27,639 | $ | -1,316,577 | $ | 1,881,242 | |||||||
COMBINING BALANCE SHEET | |||||||||||||||||||
(Thousands of dollars) | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||
Assets | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 57,373 | $ | - | $ | - | $ | - | $ | 57,373 | |||||||||
Accounts receivable—trade, less allowance for doubtful accounts of $4,576 in 2012 | 516,968 | - | 12,055 | - | 529,023 | ||||||||||||||
Inventories, at lower of cost or market | 161,806 | - | 55,588 | - | 217,394 | ||||||||||||||
Prepaid expenses and other current assets | 4,461 | - | 13,711 | - | 18,172 | ||||||||||||||
Total current assets | 740,608 | - | 81,354 | - | 821,962 | ||||||||||||||
Property, plant and equipment, at cost less accumulated depreciation and amortization | 1,084,684 | - | 85,276 | - | 1,169,960 | ||||||||||||||
Investments in subsidiaries | |||||||||||||||||||
Deferred charges and other assets | 86,199 | - | 104,805 | -190,461 | 543 | ||||||||||||||
Total assets | $ | 1,911,491 | $ | - | $ | 271,435 | $ | -190,461 | $ | 1,992,465 | |||||||||
Liabilities and Stockholders' Equity/Net Investment | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Current maturities of long-term debt | $ | - | $ | - | $ | 46 | $ | - | $ | 46 | |||||||||
Inter-company accounts payable | -84,410 | -53,934 | 138,344 | - | - | ||||||||||||||
Trade accounts payable and accrued liabilities | 687,622 | - | 17,865 | - | 705,487 | ||||||||||||||
Income taxes payable | 15,296 | 39 | 270 | - | 15,605 | ||||||||||||||
Deferred income taxes | 12,771 | - | - | - | 12,771 | ||||||||||||||
Total current liabilities | 631,279 | -53,895 | 156,525 | - | 733,909 | ||||||||||||||
Long-term debt | - | - | 1,124 | - | 1,124 | ||||||||||||||
Deferred income taxes | 133,589 | - | -3,764 | - | 129,825 | ||||||||||||||
Asset retirement obligations | 15,401 | - | - | - | 15,401 | ||||||||||||||
Deferred credits and other liabilities | 7,755 | - | - | - | 7,755 | ||||||||||||||
Total liabilities | 788,024 | -53,895 | 153,885 | - | 888,014 | ||||||||||||||
Stockholders' Equity/Net Investment | |||||||||||||||||||
Preferred Stock, par $0.01 | - | - | - | - | - | ||||||||||||||
Common Stock, par $0.01 | - | - | - | - | - | ||||||||||||||
Additional paid in capital (APIC) | - | - | - | - | - | ||||||||||||||
Net investment by parent | 1,123,467 | 53,895 | 117,550 | -190,461 | 1,104,451 | ||||||||||||||
Retained earnings | - | - | - | - | - | ||||||||||||||
Total stockholders' equity/net investment | 1,123,467 | 53,895 | 117,550 | -190,461 | 1,104,451 | ||||||||||||||
Total liabilities and stockholders' equity/net investment | $ | 1,911,491 | $ | - | $ | 271,435 | $ | -190,461 | $ | 1,992,465 | |||||||||
Consolidating And Combining Statements Of Income And Comprehensive Income | ' | ||||||||||||||||||
CONSOLIDATING AND COMBINING INCOME STATEMENT | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||
Revenues | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||
Petroleum product sales | $ | - | $ | 15,766,752 | $ | - | $ | - | $ | -206,435 | $ | 15,560,317 | |||||||
Merchandise sales | - | 2,159,466 | - | - | - | 2,159,466 | |||||||||||||
Ethanol sales and other | - | 94,298 | - | 269,254 | - | 363,552 | |||||||||||||
Total revenues | - | 18,020,516 | - | 269,254 | -206,435 | 18,083,335 | |||||||||||||
Costs and operating expenses | |||||||||||||||||||
Petroleum product cost of goods sold | - | 15,216,390 | - | - | -206,435 | 15,009,955 | |||||||||||||
Merchandise cost of goods sold | - | 1,877,630 | - | - | - | 1,877,630 | |||||||||||||
Ethanol cost of goods sold | - | - | - | 228,899 | - | 228,899 | |||||||||||||
Station and other operating expenses | - | 460,476 | - | 33,227 | - | 493,703 | |||||||||||||
Depreciation and amortization | - | 74,053 | - | 77 | - | 74,130 | |||||||||||||
Impairment of properties | - | - | - | - | - | - | |||||||||||||
Selling, general and administrative | - | 129,430 | 1 | 3,568 | - | 132,999 | |||||||||||||
Accretion of asset retirement obligations | - | 1,096 | - | - | - | 1,096 | |||||||||||||
Total costs and operating expenses | - | 17,759,075 | 1 | 265,771 | -206,435 | 17,818,412 | |||||||||||||
Income from operations | - | 261,441 | -1 | 3,483 | - | 264,923 | |||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | - | 1,099 | - | - | - | 1,099 | |||||||||||||
Interest expense | - | -14,509 | - | - | - | -14,509 | |||||||||||||
Gain (loss) on sale of assets | - | 5,995 | - | - | - | 5,995 | |||||||||||||
Other nonoperating income | - | 169 | - | - | - | 169 | |||||||||||||
Total other income (expense) | - | -7,246 | - | - | - | -7,246 | |||||||||||||
Income from continuing operations before income taxes | - | 254,195 | -1 | 3,483 | - | 257,677 | |||||||||||||
Income tax expense | - | 100,059 | - | 1,292 | - | 101,351 | |||||||||||||
Income from continuing operations | - | 154,136 | -1 | 2,191 | - | 156,326 | |||||||||||||
Income (loss) from discontinued operations, net of income taxes | - | - | - | 78,707 | - | 78,707 | |||||||||||||
Net Income | $ | - | $ | 154,136 | $ | -1 | $ | 80,898 | $ | - | $ | 235,033 | |||||||
COMBINING INCOME STATEMENT | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2012 | ||||||||||||||||||
Revenues | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||
Petroleum product sales | $ | 17,071,126 | $ | - | $ | - | $ | -216,141 | $ | 16,854,985 | |||||||||
Merchandise sales | 2,144,347 | - | - | - | 2,144,347 | ||||||||||||||
Ethanol sales and other | 11,708 | - | 290,268 | - | 301,976 | ||||||||||||||
Total revenues | 19,227,181 | - | 290,268 | -216,141 | 19,301,308 | ||||||||||||||
Costs and operating expenses | |||||||||||||||||||
Petroleum product cost of goods sold | 16,514,457 | - | - | -216,141 | 16,298,316 | ||||||||||||||
Merchandise cost of goods sold | 1,855,641 | - | - | - | 1,855,641 | ||||||||||||||
Ethanol cost of goods sold | - | - | 269,168 | - | 269,168 | ||||||||||||||
Station and other operating expenses | 447,103 | - | 33,006 | - | 480,109 | ||||||||||||||
Depreciation and amortization | 68,299 | - | 3,441 | - | 71,740 | ||||||||||||||
Impairment of properties | - | - | 60,988 | - | 60,988 | ||||||||||||||
Selling, general and administrative | 109,634 | 2 | 3,486 | - | 113,122 | ||||||||||||||
Accretion of asset retirement obligations | 980 | - | - | - | 980 | ||||||||||||||
Total costs and operating expenses | 18,996,114 | 2 | 370,089 | -216,141 | 19,150,064 | ||||||||||||||
Income from operations | 231,067 | -2 | -79,821 | - | 151,244 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 172 | - | - | - | 172 | ||||||||||||||
Interest expense | -384 | - | - | - | -384 | ||||||||||||||
Gain (loss) on sale of assets | -1,005 | - | - | - | -1,005 | ||||||||||||||
Other nonoperating income | 92 | - | - | - | 92 | ||||||||||||||
Total other income (expense) | -1,125 | - | - | - | -1,125 | ||||||||||||||
Income from continuing operations before income taxes | 229,942 | -2 | -79,821 | - | 150,119 | ||||||||||||||
Income tax expense | 91,525 | - | -27,820 | - | 63,705 | ||||||||||||||
Income from continuing operations | 138,417 | -2 | -52,001 | - | 86,414 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | - | - | -2,846 | - | -2,846 | ||||||||||||||
Net Income | $ | 138,417 | $ | -2 | $ | -54,847 | $ | - | $ | 83,568 | |||||||||
COMBINING INCOME STATEMENT | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2011 | ||||||||||||||||||
Revenues | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||
Petroleum product sales | $ | 16,755,071 | $ | - | $ | - | $ | -168,226 | $ | 16,586,845 | |||||||||
Merchandise sales | 2,115,567 | - | - | - | 2,115,567 | ||||||||||||||
Ethanol sales and other | 9,538 | - | 207,266 | - | 216,804 | ||||||||||||||
Total revenues | 18,880,176 | - | 207,266 | -168,226 | 18,919,216 | ||||||||||||||
Costs and operating expenses | |||||||||||||||||||
Petroleum product cost of goods sold | 16,078,832 | - | - | -168,226 | 15,910,606 | ||||||||||||||
Merchandise cost of goods sold | 1,851,867 | - | - | - | 1,851,867 | ||||||||||||||
Ethanol cost of goods sold | - | - | 225,197 | - | 225,197 | ||||||||||||||
Station and other operating expenses | 433,821 | - | 27,595 | - | 461,416 | ||||||||||||||
Depreciation and amortization | 62,396 | - | 2,483 | - | 64,879 | ||||||||||||||
Impairment of properties | - | - | - | - | - | ||||||||||||||
Selling, general and administrative | 90,977 | 13 | 2,143 | - | 93,133 | ||||||||||||||
Accretion of asset retirement obligations | 877 | - | - | - | 877 | ||||||||||||||
Total costs and operating expenses | 18,518,770 | 13 | 257,418 | -168,226 | 18,607,975 | ||||||||||||||
Income from operations | 361,406 | -13 | -50,152 | - | 311,241 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 32 | - | - | - | 32 | ||||||||||||||
Interest expense | -408 | - | - | - | -408 | ||||||||||||||
Gain (loss) on sale of assets | -363 | - | - | - | -363 | ||||||||||||||
Other nonoperating income | 311 | - | - | - | 311 | ||||||||||||||
Total other income (expense) | -428 | - | - | - | -428 | ||||||||||||||
Income from continuing operations before income taxes | 360,978 | -13 | -50,152 | - | 310,813 | ||||||||||||||
Income tax expense | 122,595 | - | 365 | - | 122,960 | ||||||||||||||
Income from continuing operations | 238,383 | -13 | -50,517 | - | 187,853 | ||||||||||||||
Income from discontinued operations, net of income taxes | 118,747 | - | 17,420 | - | 136,167 | ||||||||||||||
Net Income | $ | 357,130 | $ | -13 | $ | -33,097 | $ | - | $ | 324,020 | |||||||||
Consolidating And Combining Statement Of Cash Flows | ' | ||||||||||||||||||
CONSOLIDATING AND COMBINING STATEMENT OF CASH FLOW | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||
Operating Activities | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||
Net income | $ | - | $ | 154,136 | $ | -1 | $ | 80,898 | $ | - | $ | 235,033 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||
(Income) loss from discontinued operations, net of tax | - | - | - | -78,707 | - | -78,707 | |||||||||||||
Depreciation and amortization | - | 74,053 | - | 77 | - | 74,130 | |||||||||||||
Amortization of deferred major repair costs | - | - | - | 575 | - | 575 | |||||||||||||
Deferred and noncurrent income tax charges (credits) | - | -11,568 | - | 4,306 | - | -7,262 | |||||||||||||
Impairment of properties | - | - | - | - | - | - | |||||||||||||
Accretion on discounted liabilities | - | 1,096 | - | - | - | 1,096 | |||||||||||||
Pretax (gains) losses from sale of assets | - | -5,995 | - | - | - | -5,995 | |||||||||||||
Net decrease (increase) in noncash operating working capital | - | 51,204 | - | 23,661 | - | 74,865 | |||||||||||||
Other operating activities-net | - | 13,215 | - | - | - | 13,215 | |||||||||||||
Net cash provided by (required by) continuing operations | - | 276,141 | -1 | 30,810 | - | 306,950 | |||||||||||||
Net cash provided by discontinued operations | - | - | - | 49,748 | - | 49,748 | |||||||||||||
Net cash provided by (required by) operating activities | - | 276,141 | -1 | 80,558 | - | 356,698 | |||||||||||||
Investing Activities | |||||||||||||||||||
Property additions | - | -163,303 | - | -1,233 | - | -164,536 | |||||||||||||
Proceeds from sale of assets | - | 6,113 | - | - | - | 6,113 | |||||||||||||
Expenditures for major repairs | - | - | - | -726 | - | -726 | |||||||||||||
Other investing activities - net | - | 52 | - | - | - | 52 | |||||||||||||
Investing activities of discontinued operations | |||||||||||||||||||
Sales proceeds | - | - | - | 173,118 | - | 173,118 | |||||||||||||
Other | - | - | - | -1,129 | - | -1,129 | |||||||||||||
Net cash provided by (required by) investing activities | - | -157,138 | - | 170,030 | - | 12,892 | |||||||||||||
Financing Activities | |||||||||||||||||||
Repayments of long-term debt | - | -80,000 | - | -1,170 | - | -81,170 | |||||||||||||
Additions to long-term debt | - | 641,250 | - | - | - | 641,250 | |||||||||||||
Cash dividend to former parent | - | -650,000 | - | - | - | -650,000 | |||||||||||||
Debt issuance costs | - | -6,693 | - | - | - | -6,693 | |||||||||||||
Net distributions to former parent | - | 213,808 | 1 | -249,418 | - | -35,609 | |||||||||||||
Net cash provided by (required by) financing activities | - | 118,365 | 1 | -250,588 | - | -132,222 | |||||||||||||
Net increase in cash and cash equivalents | - | 237,368 | - | - | - | 237,368 | |||||||||||||
Cash and cash equivalents at January 1 | - | 57,373 | - | - | - | 57,373 | |||||||||||||
Cash and cash equivalents at December 31 | $ | - | $ | 294,741 | $ | - | $ | - | $ | - | $ | 294,741 | |||||||
COMBINING STATEMENT OF CASH FLOW | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2012 | ||||||||||||||||||
Operating Activities | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | ||||||||||||||
Net income (loss) | $ | 138,417 | $ | -2 | $ | -54,847 | $ | - | $ | 83,568 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||||||||||
(Income) loss from discontinued operations | - | - | 2,846 | - | 2,846 | ||||||||||||||
Depreciation and amortization | 68,299 | - | 3,441 | - | 71,740 | ||||||||||||||
Amortization of deferred major repair costs | - | - | 163 | - | 163 | ||||||||||||||
Deferred and noncurrent income tax charges (credits) | 1,957 | - | -18,420 | - | -16,463 | ||||||||||||||
Impairment of properties | - | - | 60,988 | - | 60,988 | ||||||||||||||
Accretion on discounted liabilities | 980 | - | - | - | 980 | ||||||||||||||
Pretax (gains) losses from sale of assets | 1,005 | - | - | - | 1,005 | ||||||||||||||
Net decrease (increase) in noncash operating working capital | 62,493 | - | -29,940 | - | 32,553 | ||||||||||||||
Other operating activities-net | -1,088 | - | - | - | -1,088 | ||||||||||||||
Net cash provided by (required by) continuing operations | 272,063 | -2 | -35,769 | - | 236,292 | ||||||||||||||
Net cash provided by discontinued operations | - | - | 1,135 | - | 1,135 | ||||||||||||||
Net cash provided by (required by) operating activities | 272,063 | -2 | -34,634 | - | 237,427 | ||||||||||||||
Investing Activities | |||||||||||||||||||
Property additions | -103,152 | - | -1,344 | - | -104,496 | ||||||||||||||
Proceeds from sale of assets | 364 | - | - | - | 364 | ||||||||||||||
Expenditures for major repairs | - | - | -250 | - | -250 | ||||||||||||||
Other investing activities | - | - | - | - | - | ||||||||||||||
Investing activities of discontinued operations | |||||||||||||||||||
Sales proceeds | - | - | - | - | - | ||||||||||||||
Other | - | - | -7,706 | - | -7,706 | ||||||||||||||
Net cash provided by (required by) investing activities | -102,788 | - | -9,300 | - | -112,088 | ||||||||||||||
Financing Activities | |||||||||||||||||||
Repayments of long-term debt | - | - | -42 | - | -42 | ||||||||||||||
Additions to long-term debt | - | - | - | - | - | ||||||||||||||
Cash dividend to former parent | - | - | - | - | - | ||||||||||||||
Debt issuance costs | - | - | - | - | - | ||||||||||||||
Net distributions to former parent | -148,789 | 2 | 43,976 | - | -104,811 | ||||||||||||||
Net cash provided by (required by) financing activities | -148,789 | 2 | 43,934 | - | -104,853 | ||||||||||||||
Net increase in cash and cash equivalents | 20,486 | - | - | - | 20,486 | ||||||||||||||
Cash and cash equivalents at January 1 | 36,887 | - | - | - | 36,887 | ||||||||||||||
Cash and cash equivalents at December 31 | $ | 57,373 | $ | - | $ | - | $ | - | $ | 57,373 | |||||||||
COMBINING STATEMENT OF CASH FLOW | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2011 | ||||||||||||||||||
Operating Activities | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | ||||||||||||||
Net income (loss) | $ | 357,130 | $ | -13 | $ | -33,097 | $ | - | $ | 324,020 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||
(Income) loss from discontinued operations | -118,747 | - | -17,420 | - | -136,167 | ||||||||||||||
Depreciation and amortization | 62,396 | - | 2,483 | - | 64,879 | ||||||||||||||
Amortization of deferred major repair costs | - | - | - | - | - | ||||||||||||||
Deferred and noncurrent income tax charges (credits) | 22,417 | - | 531 | - | 22,948 | ||||||||||||||
Impairment of properties | - | - | - | - | - | ||||||||||||||
Accretion on discounted liabilities | 879 | - | - | - | 879 | ||||||||||||||
Pretax (gains) losses from sale of assets | 363 | - | - | - | 363 | ||||||||||||||
Net decrease (increase) in noncash operating working capital | -257,013 | - | -14,033 | - | -271,046 | ||||||||||||||
Other operating activities-net | 2,673 | - | - | - | 2,673 | ||||||||||||||
Net cash provided by (required by) continuing operations | 70,098 | -13 | -61,536 | - | 8,549 | ||||||||||||||
Net cash provided by discontinued operations | 145,510 | - | 34,314 | - | 179,824 | ||||||||||||||
Net cash provided by (required by) operating activities | 215,608 | -13 | -27,222 | - | 188,373 | ||||||||||||||
Investing Activities | |||||||||||||||||||
Property additions | -77,481 | - | -22,338 | - | -99,819 | ||||||||||||||
Proceeds from sale of assets | 363 | - | - | - | 363 | ||||||||||||||
Expenditures for major repairs | - | - | - | - | - | ||||||||||||||
Other investing activities | 2,453 | - | - | - | 2,453 | ||||||||||||||
Investing activities of discontinued operations | |||||||||||||||||||
Sales proceeds | 950,010 | - | - | - | 950,010 | ||||||||||||||
Other | -39,425 | - | -702 | - | -40,127 | ||||||||||||||
Net cash provided by (required by) investing activities | 835,920 | - | -23,040 | - | 812,880 | ||||||||||||||
Financing Activities | |||||||||||||||||||
Repayments of long-term debt | - | - | -42 | - | -42 | ||||||||||||||
Additions to long-term debt | - | - | - | - | - | ||||||||||||||
Cash dividend to former parent | - | - | - | - | - | ||||||||||||||
Debt issuance costs | - | - | - | - | - | ||||||||||||||
Net distributions to former parent | -1,071,355 | 13 | 50,304 | - | -1,021,038 | ||||||||||||||
Net cash provided by (required by) financing activities | -1,071,355 | 13 | 50,262 | - | -1,021,080 | ||||||||||||||
Net decrease in cash and cash equivalents | -19,827 | - | - | - | -19,827 | ||||||||||||||
Cash and cash equivalents at January 1 | 56,714 | - | - | - | 56,714 | ||||||||||||||
Cash and cash equivalents at December 31 | $ | 36,887 | $ | - | $ | - | $ | - | $ | 36,887 | |||||||||
Consolidating And Combining Statement Of Changes In Equity | ' | ||||||||||||||||||
CONSOLIDATING AND COMBINING STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2013 | ||||||||||||||||||
Statement of Stockholders' Equity/Net Parent Investment | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||
Common Stock | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | 467 | 1 | 60 | - | -61 | 467 | |||||||||||||
Balance as of December 31, 2013 | $ | 467 | $ | 1 | $ | 60 | $ | - | $ | -61 | $ | 467 | |||||||
APIC | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | -467 | - | - | - | -467 | ||||||||||||||
Reclassification of net parent investment to APIC | 1,228,370 | 546,311 | 52,004 | 35,677 | -1,316,516 | 545,846 | |||||||||||||
Share-based compensation expense | - | 2,914 | - | - | - | 2,914 | |||||||||||||
Balance as of December 31, 2013 | $ | 1,228,370 | $ | 548,758 | $ | 52,004 | $ | 35,677 | $ | -1,316,516 | $ | 548,293 | |||||||
Net Parent Investment | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | 1,123,467 | $ | 53,895 | $ | 117,550 | $ | -190,461 | $ | 1,104,451 | |||||||
Net income | - | 114,668 | - | 12,789 | - | 127,457 | |||||||||||||
Dividend paid to former parent | - | -650,000 | - | - | - | -650,000 | |||||||||||||
Net transfers to/between former parent | - | -36,062 | - | - | - | -36,062 | |||||||||||||
Reclassification of net parent investment to APIC | - | -552,073 | -53,895 | -130,339 | 190,461 | -545,846 | |||||||||||||
Balance as of December 31, 2013 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Retained Earnings | |||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net income | - | 38,954 | - | 68,622 | - | 107,576 | |||||||||||||
Balance as of December 31, 2013 | $ | - | $ | 38,954 | $ | - | $ | 68,622 | $ | - | $ | 107,576 | |||||||
COMBINING STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2012 | ||||||||||||||||||
Statement of Stockholders' Equity/Net Parent Investment | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||
Common Stock | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
APIC | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Share-based compensation expense | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net Parent Investment | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | 1,043,914 | $ | 2,166 | $ | 263,328 | $ | -190,461 | $ | 1,118,947 | |||||||
Net income | - | 138,416 | - | -54,848 | - | 83,568 | |||||||||||||
Dividend paid to former parent | - | - | - | - | - | - | |||||||||||||
Net transfers to/between former parent | - | -58,863 | 51,729 | -90,930 | - | -98,064 | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | 1,123,467 | $ | 53,895 | $ | 117,550 | $ | -190,461 | $ | 1,104,451 | |||||||
Retained Earnings | |||||||||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net income | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2012 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
COMBINING STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||
(Thousands of dollars) | Year ended December 31, 2011 | ||||||||||||||||||
Statement of Stockholders' Equity/Net Parent Investment | Parent Company | Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||
Common Stock | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
APIC | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Issuance of stock at the separation and distribution | - | - | - | - | - | - | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Share-based compensation expense | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net Parent Investment | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | 1,788,796 | $ | -46,108 | $ | 255,923 | $ | -190,461 | $ | 1,808,150 | |||||||
Net income | - | 306,327 | 234 | 17,459 | - | 324,020 | |||||||||||||
Dividend paid to former parent | - | - | - | - | - | - | |||||||||||||
Net transfers to/between former parent | - | -1,051,209 | 48,040 | -10,054 | - | -1,013,223 | |||||||||||||
Reclassification of net parent investment to APIC | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | 1,043,914 | $ | 2,166 | $ | 263,328 | $ | -190,461 | $ | 1,118,947 | |||||||
Retained Earnings | |||||||||||||||||||
Balance as of December 31, 2010 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Net income | - | - | - | - | - | - | |||||||||||||
Balance as of December 31, 2011 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||
Supplemental_Quarterly_Informa1
Supplemental Quarterly Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Supplemental Quarterly Information [Abstract] | ' | |||||||||||||||
Schedule Of Quarterly Financial Information | ' | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(Millions of dollars except per share amounts) | Quarter | Quarter | Quarter | Quarter | Year | |||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Sales and other operating revenues | $ | 4,358.0 | $ | 4,843.4 | $ | 4,686.9 | $ | 4,195.0 | $ | 18,083.3 | ||||||
Income from continuing operations before income taxes | $ | 34.5 | $ | 114.9 | $ | 59.3 | $ | 49.0 | $ | 257.7 | ||||||
Income from continuing operations | $ | 20.3 | $ | 70.2 | $ | 36.3 | $ | 29.5 | $ | 156.3 | ||||||
Net income | $ | 22.1 | $ | 77.6 | $ | 41.7 | $ | 93.6 | $ | 235.0 | ||||||
Income from continuing operations (per Common share) | ||||||||||||||||
Basic | $ | 0.43 | $ | 1.50 | $ | 0.78 | $ | 0.63 | $ | 3.34 | ||||||
Diluted | $ | 0.43 | $ | 1.50 | $ | 0.78 | $ | 0.63 | $ | 3.34 | ||||||
Net income (per Common share) | ||||||||||||||||
Basic | $ | 0.47 | $ | 1.66 | $ | 0.89 | $ | 2.00 | $ | 5.03 | ||||||
Diluted | $ | 0.47 | $ | 1.66 | $ | 0.89 | $ | 2.00 | $ | 5.02 | ||||||
Market price of Common stock 1 | ||||||||||||||||
High | $ | - | $ | - | $ | 41.58 | $ | 46.91 | $ | 46.91 | ||||||
Low | $ | - | $ | - | $ | 36.12 | $ | 39.27 | $ | 36.12 | ||||||
Year Ended December 31, 2012 | ||||||||||||||||
Sales and other operating revenues | $ | 4,621.7 | $ | 4,915.0 | $ | 4,867.4 | $ | 4,897.2 | $ | 19,301.3 | ||||||
Income (loss) from continuing operations before income taxes | $ | -17.2 | $ | 110.0 | $ | 23.4 | $ | 33.9 | $ | 150.1 | ||||||
Income (loss) from continuing operations | $ | -11.4 | $ | 66.4 | $ | 13.4 | $ | 18.1 | $ | 86.5 | ||||||
Net income (loss) | $ | -12.7 | $ | 66.2 | $ | 11.0 | $ | 19.1 | $ | 83.6 | ||||||
Income (Loss) from continuing operations (per Common share) | ||||||||||||||||
Basic | $ | -0.24 | $ | 1.42 | $ | 0.29 | $ | 0.39 | $ | 1.85 | ||||||
Diluted | $ | -0.24 | $ | 1.42 | $ | 0.29 | $ | 0.39 | $ | 1.85 | ||||||
Net income (per Common share) | ||||||||||||||||
Basic | $ | -0.27 | $ | 1.42 | $ | 0.24 | $ | 0.41 | $ | 1.79 | ||||||
Diluted | $ | -0.27 | $ | 1.42 | $ | 0.24 | $ | 0.41 | $ | 1.79 | ||||||
Market price of Common stock 1 | ||||||||||||||||
High | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
Low | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
1 Prices as quoted on the New York Stock Exchange. Stock first traded September 3, 2013. | ||||||||||||||||
Description_Of_Business_And_Ba1
Description Of Business And Basis Of Presentation (Details) (USD $) | 0 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||
Aug. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | |
store | North Dakota [Member] | North Dakota [Member] | Texas [Member] | ||||
state | gal | gal | gal | ||||
Description Of Business And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares of stock distributed | 100.00% | ' | ' | ' | ' | ' | ' |
Stock conversion ratio | 0.25 | ' | ' | ' | ' | ' | ' |
Number of states in which entity operates | ' | ' | 23 | ' | ' | ' | ' |
Number of stations | ' | ' | 1,203 | ' | ' | ' | ' |
Per annum production capacity of facility | ' | ' | ' | ' | 110,000,000 | 135,000,000 | 105,000,000 |
Common stock shares issued | ' | 100 | 46,743,633 | ' | ' | ' | ' |
Common stock par value | ' | $0.01 | $0.01 | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | $1 | ' | ' | ' | ' | ' |
Ownership percentage by parent | ' | ' | ' | 100.00% | ' | ' | ' |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Excise taxes | $1,884,035,000 | $1,962,660,000 | $1,831,550,000 |
Restricted Stock And Restricted Stock Units [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Award vesting period | '2 years | ' | ' |
Minimum [Member] | Marketing Facilities [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciable life | '16 years | ' | ' |
Minimum [Member] | Ethanol Plants, Gas Stations And Other Assets [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciable life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Maximum [Member] | Marketing Facilities [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciable life | '25 years | ' | ' |
Maximum [Member] | Ethanol Plants, Gas Stations And Other Assets [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciable life | '45 years | ' | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related-Party Transactions [Abstract] | ' | ' | ' |
Insurance, benefits and incentive plan expenses, related party | $53,161,000 | $70,056,000 | $58,121,000 |
Interest income, related party | 1,080,000 | 156,000 | 0 |
Transition services agreement period | '18 months | ' | ' |
Transition services agreement extension period | '6 months | ' | ' |
Due from related party | 3,361,000 | ' | ' |
Due to related party | $1,048,000 | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | |
item | Superior, Wisconsin Refinery [Member] | Superior, Wisconsin Refinery [Member] | Meraux, Louisiana Refinery [Member] | Hankinson Renewable Energy, LLC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Sales proceeds | $325,000,000 | $173,118,000 | ' | $950,010,000 | $214,000,000 | ' | ' | $170,000,000 |
Number of refineries sold | ' | ' | ' | 2 | ' | ' | ' | ' |
After-tax gain (loss) from disposal of refineries | ' | ' | ' | 18,724,000 | ' | 77,585,000 | -58,861,000 | 52,542,000 |
Net gain on liquidation of inventories | ' | -13,472,000 | 2,526,000 | 179,152,000 | ' | ' | ' | ' |
Working capital adjustments | ' | ' | ' | ' | ' | ' | ' | $3,118,000 |
Discontinued_Operations_Summar
Discontinued Operations (Summary Of Results Of Operations Of Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Income (loss) from discontinued operations | $78,707 | ($2,846) | $136,167 |
Hankinson Renewable Energy, LLC [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenues | 366,707 | 354,128 | 354,239 |
Income (loss) from operations before income taxes | 40,130 | -4,377 | 26,744 |
Gain on sale before income taxes | 80,834 | ' | ' |
Total income (loss) from discontinued operations before taxes | 120,964 | -4,377 | 26,744 |
Provision for income taxes | 42,257 | -1,531 | 9,324 |
Income (loss) from discontinued operations | 78,707 | -2,846 | 17,420 |
Superior, Wisconsin And Meraux, Louisiana Refineries [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenues | ' | ' | 3,700,789 |
Income (loss) from operations before income taxes | ' | ' | 188,531 |
Gain on sale before income taxes | ' | ' | 9,904 |
Total income (loss) from discontinued operations before taxes | ' | ' | 198,435 |
Provision for income taxes | ' | ' | 79,688 |
Income (loss) from discontinued operations | ' | ' | $118,747 |
Discontinued_Operations_Summar1
Discontinued Operations (Summary Of Major Assets And Liabilities Of Discontinued Operations) (Details) (USD $) | Dec. 18, 2013 |
In Thousands, unless otherwise specified | |
Discontinued Operations [Abstract] | ' |
Accounts receivable | $3,563 |
Raw materials inventories | 6,692 |
Finished inventories | 2,956 |
Material and supplies inventories | 2,371 |
Total current assets | 15,582 |
Property, plant and equipment, net | 80,705 |
Total assets | 96,287 |
Current liabilities | 5,051 |
Long-term notes payable | 1,077 |
Liabilities associated with assets sold | $6,128 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Inventories [Abstract] | ' | ' | ' |
Excess of LIFO replacement cost over carrying value | $307,706,000 | $303,344,000 | ' |
Net gain (loss) on liquidation of inventories | ($13,472,000) | $2,526,000 | $179,152,000 |
Inventories_Summary_Of_Invento
Inventories (Summary Of Inventory) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Crude oil and blendstocks | ' | $1,191 |
Refined products and blendstocks | 64,825 | 75,128 |
Store merchandise for resale | 97,058 | 96,473 |
Corn based products | 12,447 | 38,923 |
Materials and supplies | 4,725 | 5,679 |
Total inventory | $179,055 | $217,394 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Land [Member] | Land [Member] | Ethanol Facilities [Member] | Ethanol Facilities [Member] | Pipeline And Terminal Facilities [Member] | Pipeline And Terminal Facilities [Member] | Retail Gasoline Stations [Member] | Retail Gasoline Stations [Member] | Buildings [Member] | Buildings [Member] | Other [Member] | Other [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
Pipeline And Terminal Facilities [Member] | Retail Gasoline Stations [Member] | Buildings [Member] | Other [Member] | Pipeline And Terminal Facilities [Member] | Retail Gasoline Stations [Member] | Buildings [Member] | Other [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '16 years | '3 years | '20 years | '3 years | '25 years | '20 years | '45 years | '20 years |
Cost | $1,760,528 | $1,846,083 | $520,026 | $446,385 | $67,284 | $163,990 | $85,907 | $83,484 | $1,110,340 | $1,029,608 | $17,829 | $3,869 | $44,697 | $33,192 | ' | ' | ' | ' | ' | ' | ' | ' |
Net | 1,169,960 | 1,190,723 | 520,026 | 446,385 | 1,082 | 83,195 | 36,114 | 35,347 | 611,132 | 594,377 | 8,608 | 2,867 | 13,761 | 7,789 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of properties | $60,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Payable_And_Accrued_L1
Accounts Payable And Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities [Abstract] | ' | ' |
Trade accounts payable | $311,397 | $612,755 |
Excise taxes/withholdings payable | 55,882 | 65,349 |
Accrued insurance obligations | 17,247 | 7,085 |
Other | 48,702 | 20,298 |
Accounts payable and accrued liabilities | $433,228 | $705,487 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 14, 2013 | Dec. 31, 2013 | Dec. 23, 2013 | Oct. 08, 2013 | Aug. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Asset-Based Loan Facility [Member] | Term Facility [Member] | Term Facility [Member] | Term Facility [Member] | Term Facility [Member] | Incremental Facility [Member] | Swing Line [Member] | Letter Of Credit [Member] | Cash [Member] | Credit Card Receivables [Member] | Investment Grade Accounts [Member] | Other Accounts [Member] | Midstream Refined Products Inventory [Member] | Refined Retail Products Inventory [Member] | Retail Merchandise Inventory [Member] | Federal Funds Rate [Member] | LIBO Rate [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Term 1 [Member] | Term 2 [Member] | Term 3 [Member] | Term 4 [Member] | |||||
item | LIBO Rate [Member] | LIBO Rate [Member] | Alternative Base Rate [Member] | Alternative Base Rate [Member] | LIBO Rate [Member] | LIBO Rate [Member] | Alternative Base Rate [Member] | Alternative Base Rate [Member] | LIBO Rate [Member] | LIBO Rate [Member] | LIBO Rate [Member] | LIBO Rate [Member] | |||||||||||||||||||||||
Asset-Based Loan Facility [Member] | Term Facility [Member] | Asset-Based Loan Facility [Member] | Term Facility [Member] | Asset-Based Loan Facility [Member] | Term Facility [Member] | Asset-Based Loan Facility [Member] | Term Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | $491,578,000 | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid to former parent | 650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period for registration as public debt | '360 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | 150,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | 30-Aug-18 | ' | ' | ' | 30-Aug-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extension periods | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds borrowed from credit facility | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend to former parent | 650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of asset available to borrow against | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 90.00% | 90.00% | 85.00% | 80.00% | 75.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net orderly liquidation value available to borrow against | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, sublimit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread over variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | 1.50% | 2.75% | 0.50% | 1.75% | ' | 2.00% | 3.00% | 1.00% | 2.00% | ' | ' | ' | ' |
Interest period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | '2 months | '3 months | '6 months |
Quarterly principal payment | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | 81,170,000 | 42,000 | 42,000 | ' | ' | 65,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | 118.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for fixed charge coverage ratio threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio threshold, percentage of aggregate facility commitments and borrowing base | 17.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio threshold, amount of aggregate facility commitments and borrowing base | $70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt to EBITDA ratio | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450.00% | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_Of_LongT
Long-Term Debt (Summary Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Aug. 14, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ' | |
Loan for electrical facilities at the Hakinson, North Dakota ethanol plant, 6.00%, due through 2028 | ' | ' | $1,170 | [1] |
6.00% senior notes due 2023 (net of unamortized discount of $8,422) | 491,578 | 500,000 | ' | |
Term loan due 2016 (effective rate of 3.71% at December 31, 2013) | 70,000 | ' | ' | |
Less current maturities | -14,000 | ' | -46 | |
Total long-term debt | 547,578 | ' | 1,124 | |
Interest rate | ' | 6.00% | ' | |
Effective rate | 3.71% | ' | ' | |
Loans Payable [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest rate | 6.00% | ' | ' | |
Senior Notes [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Interest rate | 6.00% | ' | ' | |
Unamortized discount | $8,422 | ' | ' | |
[1] | In connection with the sale of Hankinson Renewable Energy, LLC to Guardian Hankinson, LLC on December 19, 2013, the electrical facilities loan payable including current maturities was assumed by the new owners per the sales agreement. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligations [Abstract] | ' | ' | ' |
Balance at beginning of period | $15,401 | $13,190 | ' |
Accretion expense | 1,096 | 980 | 877 |
Liabilities incurred | 633 | 1,231 | ' |
Balance at end of period | $17,130 | $15,401 | $13,190 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Income Taxes [Abstract] | ' |
Earliest year remaining open for audit and/or settlement in major taxing jurisdictions | '2010 |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income From Continuing Operations Before Income Taxes And Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations before income taxes | $49,000 | $59,300 | $114,900 | $34,500 | $33,900 | $23,400 | $110,000 | ($17,200) | $257,677 | $150,119 | $310,813 |
Federal - Current | ' | ' | ' | ' | ' | ' | ' | ' | 89,700 | 64,059 | 75,946 |
Federal - Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -4,761 | -17,098 | 17,716 |
State - Current and deferred | ' | ' | ' | ' | ' | ' | ' | ' | 16,412 | 16,744 | 29,298 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | $101,351 | $63,705 | $122,960 |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciliation Of Income Taxes To Statutory Rate) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Income tax expense based on the U.S. statutory tax rate | $90,187 | $52,542 | $108,785 |
State income taxes, net of federal benefit | 10,668 | 10,884 | 19,044 |
Other, net | 496 | 279 | -4,869 |
Total | $101,351 | $63,705 | $122,960 |
Income_Taxes_Summary_Of_Deferr
Income Taxes (Summary Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Property costs | $6,456 | $5,729 |
Asset retirement obligations | 5,844 | 6,187 |
Other deferred tax assets | 9,479 | 5,507 |
Total gross deferred tax assets | 21,779 | 17,423 |
Net deferred tax assets | 21,779 | 17,423 |
Accumulated depreciation and amortization | -115,737 | -127,182 |
Deferred turnaround costs | -84 | -137 |
State deferred taxes | -16,423 | -13,789 |
Other deferred tax liabilities | -11,610 | -18,911 |
Total gross deferred tax liabilities | -143,854 | -160,019 |
Net deferred tax liabilities | ($122,075) | ($142,596) |
Incentive_Plans_Narrative_Deta
Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | 4 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 12, 2014 | Aug. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | Minimum [Member] | Maximum [Member] | 2013 Long-Term Incentive Plan [Member] | 2013 Long-Term Incentive Plan [Member] | 2013 Long-Term Incentive Plan [Member] | 2013 Long-Term Incentive Plan [Member] | 2013 Stock Plan For Non-Employee Directors [Member] | MUSA 2013 Plan [Member] | Murphy Oil [Member] | Murphy Oil [Member] | Murphy Oil [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share based compensation plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares authorized for incentive plan | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | 10,000,000 | 500,000 | ' | ' | ' | ' |
Maximum number of shares per employee | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum amount payable | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | '2 years | '3 years | ' | ' | ' | ' | '3 years | ' | '2 years | ' | ' |
Shares granted | 625,101 | ' | ' | ' | ' | 977,623 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | ' | ' | ' | ' | 4,522,377 | 4,522,377 | ' | ' | 471,587 | ' | ' | ' | ' |
Restricted stock units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,413 | 352,522 | ' | ' | ' |
Minimum grant date fair value of options replaced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.53 | ' | ' |
Maximum grant date fair value of options replaced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40.25 | ' | ' |
Unrecognized compensation cost related to stock option awards | 15,187,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock option awards, weighted average period for recognition | '2 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefits realized from stock option exercises | $3,287,000 | $2,946,000 | $3,677,000 | ' | ' | ' | ' | ' | ' | ' | ' | $625,000 | $1,851,000 | $1,173,000 |
Stock option exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Stock options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Incentive_Plans_Schedule_Of_Sh
Incentive Plans (Schedule Of Share-Based Plan Amounts Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Incentive Plans [Abstract] | ' | ' | ' |
Compensation charged against income before income tax benefit | $9,391 | $8,416 | $10,506 |
Related income tax benefitrecognized in income | $3,287 | $2,946 | $3,677 |
Incentive_Plans_Summary_Of_Val
Incentive Plans (Summary Of Valuation Assumptions) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Fair value per option grant | ' | $20.34 |
Dividend yield | ' | 1.80% |
Expected volatility, minimum | 39.00% | ' |
Expected volatility, maximum | 39.62% | ' |
Expected volatility | ' | 37.00% |
Risk-free interest rate | ' | 2.10% |
Expected life | ' | '5 years 1 month 6 days |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Fair value per option grant | 12.37 | ' |
Dividend yield | 1.80% | ' |
Risk-free interest rate, minimum | 0.55% | ' |
Expected life | '4 years | ' |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Fair value per option grant | 17.74 | ' |
Dividend yield | 2.27% | ' |
Risk-free interest rate, maximum | 0.77% | ' |
Expected life | '5 years 2 months 12 days | ' |
Incentive_Plans_Summary_Of_Cha
Incentive Plans (Summary Of Changes In Stock Options Outstanding) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Incentive Plans [Abstract] | ' |
Number of Shares, Granted at FMV | 625,101 |
Number of Shares, Forfeited | -3,952 |
Number of Shares, Outstanding, Ending Balance | 621,149 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $35.12 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $33.92 |
Average Exercise Price, Outstanding, Ending Balance | $35.13 |
Incentive_Plans_Summary_Of_Add
Incentive Plans (Summary Of Additional Stock Option Information) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, No. of Options, | 621,149 |
Options Outstanding, Avg. Life Remaining in Years | '5 years 6 months |
Options Outstanding, Aggregate Intrinsic Value | $3,994,898 |
Options Exercisable, Avg. Remaining Life in Years | '0 years |
$32.53 - $34.16 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, No. of Options, | 435,866 |
Options Outstanding, Avg. Life Remaining in Years | '5 years 8 months 12 days |
Options Outstanding, Aggregate Intrinsic Value | 3,539,804 |
Options Exercisable, Avg. Remaining Life in Years | '0 years |
Range of Exercise Price per Option, Lower Range Limit | $32.53 |
Range of Exercise Price per Option, Upper Range Limit | $34.16 |
$37.07 - $40.25 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, No. of Options, | 185,283 |
Options Outstanding, Avg. Life Remaining in Years | '5 years 4 months 24 days |
Options Outstanding, Aggregate Intrinsic Value | $455,094 |
Options Exercisable, Avg. Remaining Life in Years | '0 years |
Range of Exercise Price per Option, Lower Range Limit | $37.07 |
Range of Exercise Price per Option, Upper Range Limit | $40.25 |
Incentive_Plans_Summary_Of_Res
Incentive Plans (Summary Of Restricted Stock Unit Activity) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
MUSA 2013 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Stock Units, Granted | 352,522 |
Restricted Stock Units, Vested and Issued | -509 |
Restricted Stock Units, Forfeited | -4,915 |
Restricted Stock Units, Outstanding, Ending Balance | 347,098 |
2013 Stock Plan For Non-Employee Directors [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Stock Units, Granted | 28,413 |
Restricted Stock Units, Outstanding, Ending Balance | 28,413 |
Employee_And_Retiree_Benefit_P2
Employee And Retiree Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Thrift Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company matching contribution | 100.00% | ' | ' |
Employee's maximum contribution matched by Company | 6.00% | ' | ' |
Profit sharing percentage 1 | 5.00% | ' | ' |
Profit sharing percentage 2 | 7.00% | ' | ' |
Profit sharing percentage 3 | 9.00% | ' | ' |
Profit sharing contributions | $4,678,000 | $2,460,000 | $1,794,000 |
Profit Sharing Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Profit sharing contributions | $1,861,000 | $1,627,000 | $1,788,000 |
Employee_And_Retiree_Benefit_P3
Employee And Retiree Benefit Plans (Summary Of Components Of Net Periodic Benefit Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $3,401 | $4,227 | $5,482 |
Interest cost | 2,717 | 4,252 | 6,535 |
Expected return on plan assets | -2,794 | -3,860 | -5,840 |
Amortization of prior service cost | 53 | 90 | 166 |
Recognized actuarial loss | 2,108 | 2,986 | 2,685 |
Termination benefits expense | ' | ' | 695 |
Curtailment expense | ' | ' | 821 |
Net periodic benefit expense | 5,485 | 7,695 | 10,544 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 1,447 | 1,770 | 2,708 |
Interest cost | 983 | 1,454 | 3,023 |
Amortization of prior service cost | -7 | -10 | -73 |
Recognized actuarial loss | 363 | 369 | 1,174 |
Curtailment expense | ' | ' | -285 |
Net periodic benefit expense | $2,786 | $3,583 | $6,547 |
Employee_And_Retiree_Benefit_P4
Employee And Retiree Benefit Plans (Summary Of Weighted-Average Assumptions Used In The Measurement Of Net Periodic Benefit Expense) (Details) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.87% | 5.50% |
Expencted return on plan assets | 6.50% | 6.50% |
Rate of compensation increase | 4.20% | 4.16% |
Other Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.87% | 5.50% |
Expencted return on plan assets | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% |
Financial_Instruments_And_Risk2
Financial Instruments And Risk Management (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
bu | bu | ||
Derivative [Line Items] | ' | ' | ' |
Purchase commitment contracts of bushels of corn | 3,100,000 | 19,200,000 | ' |
Sale commitment contracts of bushels of wet and dried grain with solubles | 500,000 | 1,100,000 | ' |
Increase (decrease) in income before taxes due to the impact of marking to market of derivative contracts | ($0.10) | $2.90 | ($0.30) |
Cash deposits related to commodity derivative contracts | $2.90 | $12.30 | ' |
Price Risk Derivative [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Outstanding derivative contracts to sell bushels of corn | 500,000 | 6,300,000 | ' |
Repurchase Agreement [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Outstanding derivative contracts to sell bushels of corn | 2,000,000 | ' | ' |
Financial_Instruments_And_Risk3
Financial Instruments And Risk Management (Summary Of Fair Value And Recognized Gains And Losses Of Derivative Instruments Not Designated As Hedging Instruments) (Details) (Commodity Contract [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Derivative contracts | $233 | $6,727 |
Derivative contracts | 300 | 3,786 |
Accounts Receivable [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative contracts | 224 | 3,043 |
Accounts Payable [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative contracts | 291 | 102 |
Fuel And Ethanol Costs Of Goods Sold [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (Loss) | $8,516 | ($38,283) |
Financial_Instruments_And_Risk4
Financial Instruments And Risk Management (Summary Of Offsetting Assets) (Details) (Commodity Contract [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity Contract [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | $233 | $6,727 |
Gross Amounts Offset in the Combined Balance Sheet | -9 | -3,684 |
Net Amount of Assets Presented in the Combined Balance Sheet | $224 | $3,043 |
Financial_Instruments_And_Risk5
Financial Instruments And Risk Management (Summary Of Offsetting Liabilities) (Details) (Commodity Contract [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity Contract [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | $300 | $3,786 |
Gross Amounts Offset in the Consolidated Balance Sheet | -9 | -3,684 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | $291 | $102 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Issuance of stock at the separation and distribution, shares | 46,743,316 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation of Basic And Diluted Earnings Per Share Computations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common stockholders | $93,600 | $41,700 | $77,600 | $22,100 | $19,100 | $11,000 | $66,200 | ($12,700) | $235,033 | $83,568 | $324,020 |
Weighted average common shares outstanding (in thousands) | ' | ' | ' | ' | ' | ' | ' | ' | 46,743 | 46,743 | 46,743 |
Total earnings per share | $2 | $0.89 | $1.66 | $0.47 | $0.41 | $0.24 | $1.42 | ($0.27) | $5.03 | $1.79 | $6.93 |
Common share equivalents: Dilutive options | ' | ' | ' | ' | ' | ' | ' | ' | 115 | ' | ' |
Weighted average common shares outstanding - assuming dilution (in thousands) | ' | ' | ' | ' | ' | ' | ' | ' | 46,858 | 46,743 | 46,743 |
Earnings per share - assuming dilution | $2 | $0.89 | $1.66 | $0.47 | $0.41 | $0.24 | $1.42 | ($0.27) | $5.02 | $1.79 | $6.93 |
Other_Financial_Information_Na
Other Financial Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Financial Information [Abstract] | ' | ' | ' |
Income taxes paid (collected), net of refunds | $47,757,000 | $13,036,000 | $43,006,000 |
Interest paid | 1,647,000 | 479,000 | 452,000 |
Noncash reduction (additions) to net parent investment related to settlement of income taxes | $453,000 | ($6,747,000) | $7,815,000 |
Other_Financial_Information_Sc
Other Financial Information (Schedule Of Ethanol Sales And Other Revenue) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Financial Information [Abstract] | ' | ' | ' |
Sales of ethanol and related plant products | $269,254 | $290,158 | $207,266 |
Renewable Identification Numbers (RINs) sales | 91,391 | 8,830 | 2,924 |
Other | 2,907 | 2,988 | 6,614 |
Total ethanol sales and other revenue | $363,552 | $301,976 | $216,804 |
Other_Financial_Information_Su
Other Financial Information (Summary Of Changes In Operating Working Capital) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Financial Information [Abstract] | ' | ' | ' |
Accounts receivable | $331,679 | ($171,115) | $244,828 |
Inventories | 20,532 | -29,784 | 20,181 |
Prepaid expenses | -6,623 | -3,187 | -1,391 |
Deferred income tax assets | ' | ' | 3,128 |
Accounts payable and accrued liabilities | -272,371 | 230,704 | -452,491 |
Income taxes payable | 7,276 | 4,396 | -96,533 |
Current deferred income tax liabilities | -5,628 | 1,539 | 11,232 |
Net (increase) decrease in noncash operating working capital | $74,865 | $32,553 | ($271,046) |
Assets_And_Liabilities_Measure2
Assets And Liabilities Measured At Fair Value (Schedule Of Fair Value Of Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | $224 | $3,043 |
Liabilities | -291 | -102 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets | 224 | 3,043 |
Liabilities | ($291) | ($102) |
Assets_And_Liabilities_Measure3
Assets And Liabilities Measured At Fair Value (Schedule Of Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets And Liabilities Measured At Fair Value [Abstract] | ' | ' |
Current and long-term debt, Carrying Amount | ($561,578) | ($1,170) |
Current and long-term debt. Fair Value | ($559,411) | ($1,519) |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Expected future rental payments under operating leases in 2014 | $10,461,000 | ' | ' |
Expected future rental payments under operating leases in 2015 | 10,454,000 | ' | ' |
Expected future rental payments under operating leases in 2016 | 9,729,000 | ' | ' |
Expected future rental payments under operating leases in 2017 | 9,134,000 | ' | ' |
Expected future rental payments under operating leases in 2018 | 8,188,000 | ' | ' |
Rental expense for noncancelable operating leases | 9,691,000 | 6,093,000 | 6,869,000 |
Operating lease expense related to discontinued operations | 7,089,000 | 3,380,000 | 5,091,000 |
Commitments for capital expenditures | 143,999,000 | ' | ' |
Construction In Process [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Commitments for capital expenditures | 89,689,000 | ' | ' |
Building Improvements [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Commitments for capital expenditures | $5,684,000 | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | 84 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
site | lawsuit | |
Commitments And Contingencies [Line Items] | ' | ' |
Number of Superfund sites for which company may be liable | 2 | ' |
Workers' compensation deductible (per occurence) | 500,000 | 500,000 |
Workers' compensation accrued liability | 3.6 | 3.6 |
Outstanding contingent liabilities | 18.6 | 18.6 |
Murphy Oil USA, Inc. [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Number of indemnified Superfund sites | 1 | ' |
Number of lawsuits | ' | 8 |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 18, 2013 | |
segment | item | |
Business Segments [Abstract] | ' | ' |
Number of ethanol plants | ' | 2 |
Number of operating segments | 1 | ' |
Business_Segments_Summary_Of_I
Business Segments (Summary Of Information By Business Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment income (loss) | $93,600 | $41,700 | $77,600 | $22,100 | $19,100 | $11,000 | $66,200 | ($12,700) | $235,033 | $83,568 | $324,020 |
Revenues from external customers | 4,195,000 | 4,686,900 | 4,843,400 | 4,358,000 | 4,897,200 | 4,867,400 | 4,915,000 | 4,621,700 | 18,083,335 | 19,301,308 | 18,919,216 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | 172 | 32 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -14,509 | -384 | -408 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 101,351 | 63,705 | 122,960 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 74,130 | 71,740 | 64,879 |
Accretion of asset retirement obligation | ' | ' | ' | ' | ' | ' | ' | ' | 1,096 | 980 | 877 |
Impairment of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,988 | ' |
Deferred and noncurrent income taxes (benefits) | ' | ' | ' | ' | ' | ' | ' | ' | -7,262 | -16,463 | 22,948 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 171,972 | 111,593 | 148,401 |
Total assets at year-end | 1,881,242 | ' | ' | ' | 1,992,465 | ' | ' | ' | 1,881,242 | 1,992,465 | 1,784,983 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets at year-end | 1,228,837 | ' | ' | ' | ' | ' | ' | ' | 1,228,837 | ' | ' |
Marketing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 164,013 | 139,583 | 188,907 |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 17,814,081 | 19,011,040 | 18,702,720 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 106,223 | 92,059 | 123,618 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 71,253 | 66,913 | 61,135 |
Accretion of asset retirement obligation | ' | ' | ' | ' | ' | ' | ' | ' | 1,096 | 980 | 877 |
Deferred and noncurrent income taxes (benefits) | ' | ' | ' | ' | ' | ' | ' | ' | -9,796 | 3,393 | 22,686 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 162,051 | 103,096 | 77,394 |
Total assets at year-end | 1,527,125 | ' | ' | ' | 1,765,020 | ' | ' | ' | 1,527,125 | 1,765,020 | 1,524,898 |
Corporate And Other Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,687 | -53,169 | -1,054 |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 269,254 | 290,268 | 216,496 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | 172 | 32 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -14,509 | -384 | -408 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -4,872 | -28,354 | -658 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,877 | 4,827 | 3,744 |
Impairment of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,988 | ' |
Deferred and noncurrent income taxes (benefits) | ' | ' | ' | ' | ' | ' | ' | ' | 2,534 | -19,856 | 262 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 9,402 | 1,400 | 22,575 |
Total assets at year-end | 354,117 | ' | ' | ' | 111,025 | ' | ' | ' | 354,117 | 111,025 | 150,403 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 78,707 | -2,846 | 136,167 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 519 | 7,097 | 48,432 |
Total assets at year-end | ' | ' | ' | ' | $116,420 | ' | ' | ' | ' | $116,420 | $109,682 |
Guarantor_Subsidiaries_Consoli
Guarantor Subsidiaries (Consolidating And Combining Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $294,741 | $57,373 | $36,887 | $56,714 |
Accounts receivable - trade, less allowance for doubtful accounts of $4,456 in 2013 and $4,576 in 2012 | 193,181 | 529,023 | ' | ' |
Inventories, at lower of cost or market | 179,055 | 217,394 | ' | ' |
Prepaid expenses and other current assets | 15,439 | 18,172 | ' | ' |
Total current assets | 682,416 | 821,962 | ' | ' |
Property, plant and equipment, at cost less accumulated depreciation and amortization | 1,190,723 | 1,169,960 | ' | ' |
Deferred charges and other assets | 8,103 | 543 | ' | ' |
Total assets | 1,881,242 | 1,992,465 | 1,784,983 | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 14,000 | 46 | ' | ' |
Trade accounts payable and accrued liabilities | 433,228 | 705,487 | ' | ' |
Income taxes payable | 72,146 | 15,605 | ' | ' |
Deferred income taxes | 7,143 | 12,771 | ' | ' |
Total current liabilities | 526,517 | 733,909 | ' | ' |
Long-term debt | 547,578 | 1,124 | ' | ' |
Deferred income taxes | 114,932 | 129,825 | ' | ' |
Asset retirement obligations | 17,130 | 15,401 | ' | ' |
Deferred credits and other liabilities | 18,749 | 7,755 | ' | ' |
Total liabilities | 1,224,906 | 888,014 | ' | ' |
Stockholders' Equity/Net Investment | ' | ' | ' | ' |
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | ' | ' | ' | ' |
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,743,633 shares issued and outstanding at December 31, 2013) | 467 | ' | ' | ' |
Additional paid in capital (APIC) | 548,293 | ' | ' | ' |
Net investment by parent | ' | 1,104,451 | ' | ' |
Retained earnings | 107,576 | ' | ' | ' |
Total stockholders' equity/net investment | 656,336 | 1,104,451 | 1,118,947 | 1,808,150 |
Total liabilities and stockholders' equity/net investment | 1,881,242 | 1,992,465 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Investments in subsidiaries | -1,228,837 | ' | ' | ' |
Deferred charges and other assets | -87,740 | -190,461 | ' | ' |
Total assets | -1,316,577 | -190,461 | ' | ' |
Stockholders' Equity/Net Investment | ' | ' | ' | ' |
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | ' | ' | ' | ' |
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,743,633 shares issued and outstanding at December 31, 2013) | -61 | ' | ' | ' |
Additional paid in capital (APIC) | -1,316,516 | ' | ' | ' |
Net investment by parent | ' | -190,461 | ' | ' |
Total stockholders' equity/net investment | -1,316,577 | -190,461 | ' | ' |
Total liabilities and stockholders' equity/net investment | -1,316,577 | -190,461 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Investments in subsidiaries | 1,228,837 | ' | ' | ' |
Total assets | 1,228,837 | ' | ' | ' |
Stockholders' Equity/Net Investment | ' | ' | ' | ' |
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | ' | ' | ' | ' |
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,743,633 shares issued and outstanding at December 31, 2013) | 467 | ' | ' | ' |
Additional paid in capital (APIC) | 1,228,370 | ' | ' | ' |
Total stockholders' equity/net investment | 1,228,837 | ' | ' | ' |
Total liabilities and stockholders' equity/net investment | 1,228,837 | ' | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 294,741 | 57,373 | 36,887 | 56,714 |
Accounts receivable - trade, less allowance for doubtful accounts of $4,456 in 2013 and $4,576 in 2012 | 191,904 | 516,968 | ' | ' |
Inventories, at lower of cost or market | 157,795 | 161,806 | ' | ' |
Prepaid expenses and other current assets | 12,217 | 4,461 | ' | ' |
Total current assets | 656,657 | 740,608 | ' | ' |
Property, plant and equipment, at cost less accumulated depreciation and amortization | 1,189,082 | 1,084,684 | ' | ' |
Deferred charges and other assets | 95,604 | 86,199 | ' | ' |
Total assets | 1,941,343 | 1,911,491 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 14,000 | ' | ' | ' |
Inter-company accounts payable | 119,366 | -84,410 | ' | ' |
Trade accounts payable and accrued liabilities | 429,763 | 687,622 | ' | ' |
Income taxes payable | 71,450 | 15,296 | ' | ' |
Deferred income taxes | 7,143 | 12,771 | ' | ' |
Total current liabilities | 641,722 | 631,279 | ' | ' |
Long-term debt | 547,578 | ' | ' | ' |
Deferred income taxes | 128,451 | 133,589 | ' | ' |
Asset retirement obligations | 17,130 | 15,401 | ' | ' |
Deferred credits and other liabilities | 18,749 | 7,755 | ' | ' |
Total liabilities | 1,353,630 | 788,024 | ' | ' |
Stockholders' Equity/Net Investment | ' | ' | ' | ' |
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | ' | ' | ' | ' |
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,743,633 shares issued and outstanding at December 31, 2013) | 1 | ' | ' | ' |
Additional paid in capital (APIC) | 548,758 | ' | ' | ' |
Net investment by parent | ' | 1,123,467 | ' | ' |
Retained earnings | 38,954 | ' | ' | ' |
Total stockholders' equity/net investment | 587,713 | 1,123,467 | ' | ' |
Total liabilities and stockholders' equity/net investment | 1,941,343 | 1,911,491 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' |
Inter-company accounts payable | -52,107 | -53,934 | ' | ' |
Income taxes payable | 43 | 39 | ' | ' |
Total current liabilities | -52,064 | -53,895 | ' | ' |
Total liabilities | -52,064 | -53,895 | ' | ' |
Stockholders' Equity/Net Investment | ' | ' | ' | ' |
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | ' | ' | ' | ' |
Common Stock, par $0.01, (authorized 200,000,000 shares at December 31, 2013, 46,743,633 shares issued and outstanding at December 31, 2013) | 60 | ' | ' | ' |
Additional paid in capital (APIC) | 52,004 | ' | ' | ' |
Net investment by parent | ' | 53,895 | ' | ' |
Total stockholders' equity/net investment | 52,064 | 53,895 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Accounts receivable - trade, less allowance for doubtful accounts of $4,456 in 2013 and $4,576 in 2012 | 1,277 | 12,055 | ' | ' |
Inventories, at lower of cost or market | 21,260 | 55,588 | ' | ' |
Prepaid expenses and other current assets | 3,222 | 13,711 | ' | ' |
Total current assets | 25,759 | 81,354 | ' | ' |
Property, plant and equipment, at cost less accumulated depreciation and amortization | 1,641 | 85,276 | ' | ' |
Deferred charges and other assets | 239 | 104,805 | ' | ' |
Total assets | 27,639 | 271,435 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | ' | 46 | ' | ' |
Inter-company accounts payable | -67,259 | 138,344 | ' | ' |
Trade accounts payable and accrued liabilities | 3,465 | 17,865 | ' | ' |
Income taxes payable | 653 | 270 | ' | ' |
Total current liabilities | -63,141 | 156,525 | ' | ' |
Long-term debt | ' | 1,124 | ' | ' |
Deferred income taxes | -13,519 | -3,764 | ' | ' |
Total liabilities | -76,660 | 153,885 | ' | ' |
Stockholders' Equity/Net Investment | ' | ' | ' | ' |
Preferred Stock, par $0.01, (authorized 20,000,000 shares, none outstanding) | ' | ' | ' | ' |
Additional paid in capital (APIC) | 35,677 | ' | ' | ' |
Net investment by parent | ' | 117,550 | ' | ' |
Retained earnings | 68,622 | ' | ' | ' |
Total stockholders' equity/net investment | 104,299 | 117,550 | ' | ' |
Total liabilities and stockholders' equity/net investment | $27,639 | $271,435 | ' | ' |
Guarantor_Subsidiaries_Consoli1
Guarantor Subsidiaries (Consolidating And Combining Statements Of Income And Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Petroleum product sales | ' | ' | ' | ' | ' | ' | ' | ' | $15,560,317 | [1] | $16,854,985 | [1] | $16,586,845 | [1] |
Merchandise sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,159,466 | 2,144,347 | 2,115,567 | |||
Ethanol sales and other | ' | ' | ' | ' | ' | ' | ' | ' | 363,552 | 301,976 | 216,804 | |||
Total revenues | 4,195,000 | 4,686,900 | 4,843,400 | 4,358,000 | 4,897,200 | 4,867,400 | 4,915,000 | 4,621,700 | 18,083,335 | 19,301,308 | 18,919,216 | |||
Costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Petroleum product cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 15,009,955 | [1] | 16,298,316 | [1] | 15,910,606 | [1] |
Merchandise cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,877,630 | 1,855,641 | 1,851,867 | |||
Ethanol cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 228,899 | 269,168 | 225,197 | |||
Station and other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 493,703 | 480,109 | 461,416 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 74,130 | 71,740 | 64,879 | |||
Impairment of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,988 | ' | |||
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 132,999 | 113,122 | 93,133 | |||
Accretion of asset retirement obligation | ' | ' | ' | ' | ' | ' | ' | ' | 1,096 | 980 | 877 | |||
Total costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17,818,412 | 19,150,064 | 18,607,975 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 264,923 | 151,244 | 311,241 | |||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | 172 | 32 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -14,509 | -384 | -408 | |||
Gain (loss) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 5,995 | -1,005 | -363 | |||
Other nonoperating income | ' | ' | ' | ' | ' | ' | ' | ' | 169 | 92 | 311 | |||
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -7,246 | -1,125 | -428 | |||
Income from continuing operations before income taxes | 49,000 | 59,300 | 114,900 | 34,500 | 33,900 | 23,400 | 110,000 | -17,200 | 257,677 | 150,119 | 310,813 | |||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 101,351 | 63,705 | 122,960 | |||
Income from continuing operations | 29,500 | 36,300 | 70,200 | 20,300 | 18,100 | 13,400 | 66,400 | -11,400 | 156,326 | 86,414 | 187,853 | |||
Income (loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 78,707 | -2,846 | 136,167 | |||
Net Income | 93,600 | 41,700 | 77,600 | 22,100 | 19,100 | 11,000 | 66,200 | -12,700 | 235,033 | 83,568 | 324,020 | |||
Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Petroleum product sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,766,752 | 17,071,126 | 16,755,071 | |||
Merchandise sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,159,466 | 2,144,347 | 2,115,567 | |||
Ethanol sales and other | ' | ' | ' | ' | ' | ' | ' | ' | 94,298 | 11,708 | 9,538 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 18,020,516 | 19,227,181 | 18,880,176 | |||
Costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Petroleum product cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 15,216,390 | 16,514,457 | 16,078,832 | |||
Merchandise cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,877,630 | 1,855,641 | 1,851,867 | |||
Station and other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 460,476 | 447,103 | 433,821 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 74,053 | 68,299 | 62,396 | |||
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 129,430 | 109,634 | 90,977 | |||
Accretion of asset retirement obligation | ' | ' | ' | ' | ' | ' | ' | ' | 1,096 | 980 | 877 | |||
Total costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17,759,075 | 18,996,114 | 18,518,770 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 261,441 | 231,067 | 361,406 | |||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | 172 | 32 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -14,509 | -384 | -408 | |||
Gain (loss) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 5,995 | -1,005 | -363 | |||
Other nonoperating income | ' | ' | ' | ' | ' | ' | ' | ' | 169 | 92 | 311 | |||
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -7,246 | -1,125 | -428 | |||
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 254,195 | 229,942 | 360,978 | |||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 100,059 | 91,525 | 122,595 | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 154,136 | 138,417 | 238,383 | |||
Income (loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,747 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 154,136 | 138,417 | 357,130 | |||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 13 | |||
Total costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 13 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -13 | |||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -13 | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -13 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -13 | |||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ethanol sales and other | ' | ' | ' | ' | ' | ' | ' | ' | 269,254 | 290,268 | 207,266 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 269,254 | 290,268 | 207,266 | |||
Costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ethanol cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 228,899 | 269,168 | 225,197 | |||
Station and other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 33,227 | 33,006 | 27,595 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 77 | 3,441 | 2,483 | |||
Impairment of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,988 | ' | |||
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 3,568 | 3,486 | 2,143 | |||
Total costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 265,771 | 370,089 | 257,418 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,483 | -79,821 | -50,152 | |||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,483 | -79,821 | -50,152 | |||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,292 | -27,820 | 365 | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,191 | -52,001 | -50,517 | |||
Income (loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 78,707 | -2,846 | 17,420 | |||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 80,898 | -54,847 | -33,097 | |||
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Petroleum product sales | ' | ' | ' | ' | ' | ' | ' | ' | -206,435 | -216,141 | -168,226 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -206,435 | -216,141 | -168,226 | |||
Costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Petroleum product cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -206,435 | -216,141 | -168,226 | |||
Total costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ($206,435) | ($216,141) | ($168,226) | |||
[1] | Includes excise taxes of: $1,884,035 $1,962,660 $1,831,550 |
Guarantor_Subsidiaries_Consoli2
Guarantor Subsidiaries (Consolidating And Combining Statement Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Activities | ' | ' | ' |
Net income | $235,033,000 | $83,568,000 | $324,020,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Income from discontinued operations | -78,707,000 | 2,846,000 | -136,167,000 |
Depreciation and amortization | 74,130,000 | 71,740,000 | 64,879,000 |
Amortization of deferred major repair costs | 575,000 | 163,000 | ' |
Deferred and noncurrent income tax charges (credits) | -7,262,000 | -16,463,000 | 22,948,000 |
Impairment of properties | ' | 60,988,000 | ' |
Accretion on discounted liabilities | 1,096,000 | 980,000 | 879,000 |
Pretax (gains) losses from sale of assets | -5,995,000 | 1,005,000 | 363,000 |
Net decrease (increase) in noncash operating working capital | 74,865,000 | 32,553,000 | -271,046,000 |
Other operating activities - net | 13,215,000 | -1,088,000 | 2,673,000 |
Net cash provided by continuing operations | 306,950,000 | 236,292,000 | 8,549,000 |
Net cash provided by discontinued operations | 49,748,000 | 1,135,000 | 179,824,000 |
Net cash provided by operating activities | 356,698,000 | 237,427,000 | 188,373,000 |
Investing Activities | ' | ' | ' |
Property additions | -164,536,000 | -104,496,000 | -99,819,000 |
Proceeds from sale of assets | 6,113,000 | 364,000 | 363,000 |
Expenditures for major repairs | -726,000 | -250,000 | ' |
Other investing activities - net | 52,000 | ' | 2,453,000 |
Investing activities of discontinued operations | ' | ' | ' |
Sales proceeds | 173,118,000 | ' | 950,010,000 |
Other | -1,129,000 | -7,706,000 | -40,127,000 |
Net cash provided by (required by) investing activities | 12,892,000 | -112,088,000 | 812,880,000 |
Financing Activities | ' | ' | ' |
Repayments of long-term debt | -81,170,000 | -42,000 | -42,000 |
Additions to long-term debt | 641,250,000 | ' | ' |
Cash dividend to former parent | -650,000,000 | ' | ' |
Debt issuance costs | -6,693,000 | ' | ' |
Net distributions to former parent | -35,609,000 | -104,811,000 | -1,021,038,000 |
Net cash required by financing activities | -132,222,000 | -104,853,000 | -1,021,080,000 |
Net increase in cash and cash equivalents | 237,368,000 | 20,486,000 | -19,827,000 |
Cash and cash equivalents at January 1 | 57,373,000 | 36,887,000 | 56,714,000 |
Cash and cash equivalents at December 31 | 294,741,000 | 57,373,000 | 36,887,000 |
Issuer [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | 154,136,000 | 138,417,000 | 357,130,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Income from discontinued operations | ' | ' | -118,747,000 |
Depreciation and amortization | 74,053,000 | 68,299,000 | 62,396,000 |
Deferred and noncurrent income tax charges (credits) | -11,568,000 | 1,957,000 | 22,417,000 |
Accretion on discounted liabilities | 1,096,000 | 980,000 | 879,000 |
Pretax (gains) losses from sale of assets | -5,995,000 | 1,005,000 | 363,000 |
Net decrease (increase) in noncash operating working capital | 51,204,000 | 62,493,000 | -257,013,000 |
Other operating activities - net | 13,215,000 | -1,088,000 | 2,673,000 |
Net cash provided by continuing operations | 276,141,000 | 272,063,000 | 70,098,000 |
Net cash provided by discontinued operations | ' | ' | 145,510,000 |
Net cash provided by operating activities | 276,141,000 | 272,063,000 | 215,608,000 |
Investing Activities | ' | ' | ' |
Property additions | -163,303,000 | -103,152,000 | -77,481,000 |
Proceeds from sale of assets | 6,113,000 | 364,000 | 363,000 |
Other investing activities - net | 52,000 | ' | 2,453,000 |
Investing activities of discontinued operations | ' | ' | ' |
Sales proceeds | ' | ' | 950,010,000 |
Other | ' | ' | -39,425,000 |
Net cash provided by (required by) investing activities | -157,138,000 | -102,788,000 | 835,920,000 |
Financing Activities | ' | ' | ' |
Repayments of long-term debt | -80,000,000 | ' | ' |
Additions to long-term debt | 641,250,000 | ' | ' |
Cash dividend to former parent | -650,000,000 | ' | ' |
Debt issuance costs | -6,693,000 | ' | ' |
Net distributions to former parent | 213,808,000 | -148,789,000 | -1,071,355,000 |
Net cash required by financing activities | 118,365,000 | -148,789,000 | -1,071,355,000 |
Net increase in cash and cash equivalents | 237,368,000 | 20,486,000 | -19,827,000 |
Cash and cash equivalents at January 1 | 57,373,000 | 36,887,000 | 56,714,000 |
Cash and cash equivalents at December 31 | 294,741,000 | 57,373,000 | 36,887,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | -1,000 | -2,000 | -13,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Net cash provided by continuing operations | -1,000 | -2,000 | -13,000 |
Net cash provided by operating activities | -1,000 | -2,000 | -13,000 |
Financing Activities | ' | ' | ' |
Net distributions to former parent | 1,000 | 2,000 | 13,000 |
Net cash required by financing activities | 1,000 | 2,000 | 13,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | 80,898,000 | -54,847,000 | -33,097,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Income from discontinued operations | -78,707,000 | 2,846,000 | -17,420,000 |
Depreciation and amortization | 77,000 | 3,441,000 | 2,483,000 |
Amortization of deferred major repair costs | 575,000 | 163,000 | ' |
Deferred and noncurrent income tax charges (credits) | 4,306,000 | -18,420,000 | 531,000 |
Impairment of properties | ' | 60,988,000 | ' |
Net decrease (increase) in noncash operating working capital | 23,661,000 | -29,940,000 | -14,033,000 |
Net cash provided by continuing operations | 30,810,000 | -35,769,000 | -61,536,000 |
Net cash provided by discontinued operations | 49,748,000 | 1,135,000 | 34,314,000 |
Net cash provided by operating activities | 80,558,000 | -34,634,000 | -27,222,000 |
Investing Activities | ' | ' | ' |
Property additions | -1,233,000 | -1,344,000 | -22,338,000 |
Expenditures for major repairs | -726,000 | -250,000 | ' |
Investing activities of discontinued operations | ' | ' | ' |
Sales proceeds | 173,118,000 | ' | ' |
Other | -1,129,000 | -7,706,000 | -702,000 |
Net cash provided by (required by) investing activities | 170,030,000 | -9,300,000 | -23,040,000 |
Financing Activities | ' | ' | ' |
Repayments of long-term debt | -1,170,000 | -42,000 | -42,000 |
Net distributions to former parent | -249,418,000 | 43,976,000 | 50,304,000 |
Net cash required by financing activities | ($250,588,000) | $43,934,000 | $50,262,000 |
Guarantor_Subsidiaries_Consoli3
Guarantor Subsidiaries (Consolidating And Combining Statement Of Changes In Equity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Common Stock [Member] | APIC [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Retained Earnings [Member] | Eliminations [Member] | Eliminations [Member] | Eliminations [Member] | Eliminations [Member] | Eliminations [Member] | Eliminations [Member] | Eliminations [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Issuer [Member] | Issuer [Member] | Issuer [Member] | Issuer [Member] | Issuer [Member] | Issuer [Member] | Issuer [Member] | Issuer [Member] | Issuer [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||
Common Stock [Member] | APIC [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Common Stock [Member] | APIC [Member] | Common Stock [Member] | APIC [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Retained Earnings [Member] | Common Stock [Member] | APIC [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | APIC [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Net Parent Investment [Member] | Retained Earnings [Member] | ||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | ' | ' | $1,104,451 | ' | ' | ' | $1,118,947 | $1,104,451 | $1,118,947 | $1,808,150 | ' | ' | $1,104,451 | $1,118,947 | $1,808,150 | ' | ($1,316,577) | ($190,461) | ' | ' | ($190,461) | ($190,461) | ($190,461) | $1,228,837 | ' | ' | $1,123,467 | ' | ' | ' | ' | $1,123,467 | $1,043,914 | $1,788,796 | ' | $53,895 | ' | ' | ' | ' | $53,895 | $2,166 | ($46,108) | $117,550 | ' | ' | ' | $117,550 | $263,328 | $255,923 | ' |
Net income | 93,600 | 41,700 | 77,600 | 22,100 | 19,100 | 11,000 | 66,200 | -12,700 | 235,033 | 83,568 | 324,020 | ' | ' | 127,457 | 83,568 | 324,020 | 107,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,136 | 138,417 | 357,130 | ' | ' | 114,668 | 138,416 | 306,327 | 38,954 | -1 | -2 | -13 | ' | ' | ' | ' | 234 | 80,898 | -54,847 | -33,097 | ' | 12,789 | -54,848 | 17,459 | 68,622 |
Dividend paid to former parent | ' | ' | ' | ' | ' | ' | ' | ' | -650,000 | ' | ' | ' | ' | -650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net transfers to/between former parent | ' | ' | ' | ' | ' | ' | ' | ' | -36,062 | -98,064 | -1,013,223 | ' | ' | -36,062 | -98,064 | -1,013,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36,062 | -58,863 | -1,051,209 | ' | ' | ' | ' | ' | ' | ' | 51,729 | 48,040 | ' | ' | ' | ' | ' | -90,930 | -10,054 | ' |
Issuance of stock at the separation and distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 467 | -467 | ' | ' | ' | ' | ' | ' | -61 | ' | ' | ' | ' | ' | 467 | ' | ' | ' | ' | 1 | -467 | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of net parent to APIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 545,846 | -545,846 | ' | ' | ' | ' | ' | ' | -1,316,516 | 190,461 | ' | ' | ' | ' | 1,228,370 | ' | ' | ' | ' | 546,311 | -552,073 | ' | ' | ' | ' | ' | ' | ' | 52,004 | -53,895 | ' | ' | ' | ' | ' | 35,677 | -130,339 | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,914 | ' | ' | ' | 2,914 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,914 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | $656,336 | ' | ' | ' | $1,104,451 | ' | ' | ' | $656,336 | $1,104,451 | $1,118,947 | $467 | $548,293 | ' | $1,104,451 | $1,118,947 | $107,576 | ($1,316,577) | ($190,461) | ($61) | ($1,316,516) | ' | ($190,461) | ($190,461) | $1,228,837 | $467 | $1,228,370 | $587,713 | $1,123,467 | ' | $1 | $548,758 | ' | $1,123,467 | $1,043,914 | $38,954 | $52,064 | $53,895 | ' | $60 | $52,004 | ' | $53,895 | $2,166 | $104,299 | $117,550 | ' | $35,677 | ' | $117,550 | $263,328 | $68,622 |
Balance, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,743,633 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Quarterly_Informa2
Supplemental Quarterly Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Quarterly Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and other operating revenues | $4,195,000 | $4,686,900 | $4,843,400 | $4,358,000 | $4,897,200 | $4,867,400 | $4,915,000 | $4,621,700 | $18,083,335 | $19,301,308 | $18,919,216 |
Income (loss) from continuing operations before income taxes | 49,000 | 59,300 | 114,900 | 34,500 | 33,900 | 23,400 | 110,000 | -17,200 | 257,677 | 150,119 | 310,813 |
Income (loss) from continuing operations | 29,500 | 36,300 | 70,200 | 20,300 | 18,100 | 13,400 | 66,400 | -11,400 | 156,326 | 86,414 | 187,853 |
Net income | $93,600 | $41,700 | $77,600 | $22,100 | $19,100 | $11,000 | $66,200 | ($12,700) | $235,033 | $83,568 | $324,020 |
Income (loss) from continuing operations (per Common share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.63 | $0.78 | $1.50 | $0.43 | $0.39 | $0.29 | $1.42 | ($0.24) | $3.34 | $1.85 | $4.02 |
Diluted | $0.63 | $0.78 | $1.50 | $0.43 | $0.39 | $0.29 | $1.42 | ($0.24) | $3.34 | $1.85 | $4.02 |
Net income (per Common share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $2 | $0.89 | $1.66 | $0.47 | $0.41 | $0.24 | $1.42 | ($0.27) | $5.03 | $1.79 | $6.93 |
Diluted | $2 | $0.89 | $1.66 | $0.47 | $0.41 | $0.24 | $1.42 | ($0.27) | $5.02 | $1.79 | $6.93 |
Market price of Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High | $46.91 | $41.58 | ' | ' | ' | ' | ' | ' | $46.91 | ' | ' |
Low | $39.27 | $36.12 | ' | ' | ' | ' | ' | ' | $36.12 | ' | ' |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning balance | $4,576 | $5,835 | $5,835 |
Deductions | -120 | -1,259 | ' |
Ending balance | $4,456 | $4,576 | $5,835 |