10-Q Filing

CROSSAMERICA PARTNERS LP CIK: 1538849 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-22-008609`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	capl-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 42 Cash Flow Statement 53 Stockholders Equity 23

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Account receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$458.00K	USD	Point-in-time
Account receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$499.00K	USD	Point-in-time
Shares issued	`LimitedPartnersCapitalAccountUnitsIssued`	37.90M	shares	Point-in-time
Shares issued	`LimitedPartnersCapitalAccountUnitsIssued`	37.91M	shares	Point-in-time
Shares outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	37.91M	shares	Point-in-time
Shares outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	37.90M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.65M	USD	Point-in-time
Accounts receivable, net of allowances of $499 and $458, respectively	`AccountsReceivableNetCurrent`	$34.39M	USD	Point-in-time
Accounts receivable, net of allowances of $499 and $458, respectively	`AccountsReceivableNetCurrent`	$33.33M	USD	Point-in-time
Accounts receivable from related parties	`AccountsReceivableRelatedPartiesCurrent`	$1.15M	USD	Point-in-time
Accounts receivable from related parties	`AccountsReceivableRelatedPartiesCurrent`	$951.00K	USD	Point-in-time
Inventory	`InventoryNet`	$46.10M	USD	Point-in-time
Inventory	`InventoryNet`	$52.68M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$4.91M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$4.17M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.18M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$106.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$122.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$757.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$755.45M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$165.60M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$169.33M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$114.19M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$105.51M	USD	Point-in-time
Goodwill	`Goodwill`	$99.41M	USD	Point-in-time
Goodwill	`Goodwill`	$100.46M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$24.39M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$30.05M	USD	Point-in-time
Total assets	`Assets`	$1.27B	USD	Point-in-time
Total assets	`Assets`	$1.28B	USD	Point-in-time
Current portion of debt and finance lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.77M	USD	Point-in-time
Current portion of debt and finance lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$10.94M	USD	Point-in-time
Current portion of operating lease obligations	`OperatingLeaseLiabilityCurrent`	$34.83M	USD	Point-in-time
Current portion of operating lease obligations	`OperatingLeaseLiabilityCurrent`	$34.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$80.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$67.17M	USD	Point-in-time
Accounts payable to related parties	`DueToRelatedPartiesCurrent`	$7.68M	USD	Point-in-time
Accounts payable to related parties	`DueToRelatedPartiesCurrent`	$7.92M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$20.97M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$20.68M	USD	Point-in-time
Motor fuel and sales taxes payable	`SalesAndExciseTaxPayableCurrent`	$22.20M	USD	Point-in-time
Motor fuel and sales taxes payable	`SalesAndExciseTaxPayableCurrent`	$22.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$163.89M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$168.66M	USD	Point-in-time
Debt and finance lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$799.03M	USD	Point-in-time
Debt and finance lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$810.63M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$136.48M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$140.15M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$10.30M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$12.34M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$45.37M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$45.88M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$45.63M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$41.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.21B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.21B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred membership interests	`MembersEquityAttributableToNoncontrollingInterest`	$24.50M	USD	Point-in-time
Common units-37,912,710 and 37,896,556 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`LimitedPartnersCapitalAccount`	$38.96M	USD	Point-in-time
Common units-37,912,710 and 37,896,556 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`LimitedPartnersCapitalAccount`	$53.53M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.35M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$3.03M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$56.56M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$50.31M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$87.41M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$109.67M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.28B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.27B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.09B	USD	1 Quarter
Operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$657.28M	USD	1 Quarter
Costs of sales	`CostOfGoodsAndServicesSold`	$602.42M	USD	1 Quarter
Costs of sales	`CostOfGoodsAndServicesSold`	$1.01B	USD	1 Quarter
Gross profit	`GrossProfit`	$78.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$54.87M	USD	1 Quarter
Operating expenses	`OperatingCostsAndExpenses`	$42.11M	USD	1 Quarter
Operating expenses	`OperatingCostsAndExpenses`	$29.40M	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.48M	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.65M	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$18.03M	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$20.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$68.87M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$55.08M	USD	1 Quarter
Loss on dispositions and lease terminations, net	`GainLossOnDispositionOfAssetsAndLeaseTerminations`	$-648.00K	USD	1 Quarter
Loss on dispositions and lease terminations, net	`GainLossOnDispositionOfAssetsAndLeaseTerminations`	$-244.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-864.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$9.72M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$130.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$88.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.66M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.19M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.27M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-306.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.86M	USD	1 Quarter
Net income (loss) available to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$-3.97M	USD	1 Quarter
Net income (loss) available to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$5.05M	USD	1 Quarter
Basic and diluted earnings per common unit	`NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted`	$-0.10	USD	1 Quarter
Basic and diluted earnings per common unit	`NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted`	$0.13	USD	1 Quarter
Basic common units	`WeightedAverageLimitedPartnershipUnitsOutstanding`	37.87M	shares	1 Quarter
Basic common units	`WeightedAverageLimitedPartnershipUnitsOutstanding`	37.90M	shares	1 Quarter
Diluted common units	`WeightedAverageNumberOfLimitedPartnershipUnitsIncludingAntidilutiveSecurities`	37.96M	shares	1 Quarter
Diluted common units	`WeightedAverageNumberOfLimitedPartnershipUnitsIncludingAntidilutiveSecurities`	37.89M	shares	1 Quarter
(a) includes excise taxes of:	`ExciseAndSalesTaxes`	$66.86M	USD	1 Quarter
(a) includes excise taxes of:	`ExciseAndSalesTaxes`	$43.70M	USD	1 Quarter
(a) Includes rent income of:	`OperatingLeaseLeaseIncome`	$20.63M	USD	1 Quarter
(a) Includes rent income of:	`OperatingLeaseLeaseIncome`	$20.47M	USD	1 Quarter
(b) excludes depreciation, amortization and accretion and includes rent expense of:	`DepreciationAmortizationAndAccretionAndRentExpense`	$5.84M	USD	1 Quarter
(b) excludes depreciation, amortization and accretion and includes rent expense of:	`DepreciationAmortizationAndAccretionAndRentExpense`	$5.91M	USD	1 Quarter
(c) includes rent expense of:	`OperatingLeaseExpenseRent`	$3.71M	USD	1 Quarter
(c) includes rent expense of:	`OperatingLeaseExpenseRent`	$3.20M	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$5.05M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-3.97M	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$18.03M	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$20.27M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$260.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$680.00K	USD	1 Quarter
Credit loss expense	`ProvisionForDoubtfulAccounts`	$31.00K	USD	1 Quarter
Credit loss expense	`ProvisionForDoubtfulAccounts`	$45.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-590.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-2.04M	USD	1 Quarter
Equity-based employee and director compensation expense	`ShareBasedCompensation`	$732.00K	USD	1 Quarter
Equity-based employee and director compensation expense	`ShareBasedCompensation`	$368.00K	USD	1 Quarter
Loss on dispositions and lease terminations, net	`GainLossOnDispositionsAndLeaseTerminationsNet`	$-648.00K	USD	1 Quarter
Loss on dispositions and lease terminations, net	`GainLossOnDispositionsAndLeaseTerminationsNet`	$-244.00K	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$-2.89M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$-3.41M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$17.67M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$28.39M	USD	1 Quarter
Principal payments received on notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$47.00K	USD	1 Quarter
Principal payments received on notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$33.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$931.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.46M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.93M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.62M	USD	1 Quarter
Cash paid in connection with acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.89M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.64M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.33M	USD	1 Quarter
Borrowings under revolving credit facilities	`ProceedsFromLinesOfCredit`	$34.50M	USD	1 Quarter
Borrowings under revolving credit facilities	`ProceedsFromLinesOfCredit`	$30.60M	USD	1 Quarter
Repayments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$26.57M	USD	1 Quarter
Repayments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$21.54M	USD	1 Quarter
Borrowings under the Term Loan Facility	`ProceedsFromIssuanceOfOtherLongTermDebt`	$1.12M	USD	1 Quarter
Repayments on the Term Loan Facility	`RepaymentsOfLongTermDebt`	$24.60M	USD	1 Quarter
Net proceeds from issuance of preferred membership interests	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$24.50M	USD	1 Quarter
Payments of finance lease obligations	`FinanceLeasePrincipalPayments`	$658.00K	USD	1 Quarter
Payments of finance lease obligations	`FinanceLeasePrincipalPayments`	$633.00K	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfFinancingCosts`	$6.00K	USD	1 Quarter
Distributions paid on distribution equivalent rights	`PaymentsOfCapitalDistribution`	$46.00K	USD	1 Quarter
Distributions paid on distribution equivalent rights	`PaymentsOfCapitalDistribution`	$31.00K	USD	1 Quarter
Distributions paid on common units	`PaymentsOfDividendsCommonStock`	$19.90M	USD	1 Quarter
Distributions paid on common units	`PaymentsOfDividendsCommonStock`	$19.88M	USD	1 Quarter
Net cash provided used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.58M	USD	1 Quarter
Net cash provided used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.56M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$441.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.50M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.65M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$513.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$954.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.65M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$513.00K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$954.00K	USD	Point-in-time

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$56.56M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$50.31M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$87.41M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$109.67M	USD	Point-in-time
Net income (loss)	`ProfitLoss`	$5.05M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-3.97M	USD	1 Quarter
Unrealized gain on interest rate swap contracts	`UnrealizedGainLossOnDerivatives`	$2.02M	USD	1 Quarter
Unrealized gain on interest rate swap contracts	`UnrealizedGainLossOnDerivatives`	$8.11M	USD	1 Quarter
Realized loss on interest rate swap contracts reclassified from AOCI into interest expense	`InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet`	$231.00K	USD	1 Quarter
Realized loss on interest rate swap contracts reclassified from AOCI into interest expense	`InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet`	$206.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$8.32M	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$2.25M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$13.37M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-1.72M	USD	1 Quarter
Issuance of units related to Bonus Plan	`PartnersCapitalAccountSaleOfUnits`	$126.00K	USD	1 Quarter
Issuance of units related to Bonus Plan	`PartnersCapitalAccountSaleOfUnits`	$327.00K	USD	1 Quarter
Tax effect from intra-entity transfer of assets	`TaxEffectFromIntraEntityTransferOfAssets`	$757.00K	USD	1 Quarter
Distributions paid	`PartnersCapitalAccountDistributions`	$19.91M	USD	1 Quarter
Distributions paid	`PartnersCapitalAccountDistributions`	$19.94M	USD	1 Quarter
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$56.56M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$50.31M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$87.41M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$109.67M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.