10-Q Filing

CROSSAMERICA PARTNERS LP CIK: 1538849 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-022123`
Period End Date	20200331
Filing Date	20200507
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	capl-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 46 Cash Flow Statement 50 Stockholders Equity 17

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Account receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$557.00K	USD	Point-in-time
Account receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$642.00K	USD	Point-in-time
Shares issued	`LimitedPartnersCapitalAccountUnitsIssued`	37.02M	shares	Point-in-time
Shares issued	`LimitedPartnersCapitalAccountUnitsIssued`	34.49M	shares	Point-in-time
Shares outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	34.49M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.91M	USD	Point-in-time
Shares outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	37.02M	shares	Point-in-time
Accounts receivable, net of allowances of $642 and $557, respectively	`AccountsReceivableNetCurrent`	$28.04M	USD	Point-in-time
Accounts receivable, net of allowances of $642 and $557, respectively	`AccountsReceivableNetCurrent`	$38.05M	USD	Point-in-time
Accounts receivable from related parties	`AccountsReceivableRelatedPartiesCurrent`	$1.69M	USD	Point-in-time
Accounts receivable from related parties	`AccountsReceivableRelatedPartiesCurrent`	$4.30M	USD	Point-in-time
Motor fuel inventory	`InventoryNet`	$6.23M	USD	Point-in-time
Motor fuel inventory	`InventoryNet`	$4.95M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$16.33M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$13.23M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.27M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$69.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$65.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$565.92M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$574.58M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$123.83M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$120.77M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$79.33M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$45.00M	USD	Point-in-time
Goodwill	`Goodwill`	$88.76M	USD	Point-in-time
Goodwill	`Goodwill`	$88.76M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.32M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.18M	USD	Point-in-time
Total assets	`Assets`	$952.87M	USD	Point-in-time
Total assets	`Assets`	$911.15M	USD	Point-in-time
Current portion of debt and finance lease obligations	`LongTermDebtAndFinanceLeaseObligationsCurrent`	$2.52M	USD	Point-in-time
Current portion of debt and finance lease obligations	`LongTermDebtAndFinanceLeaseObligationsCurrent`	$2.47M	USD	Point-in-time
Current portion of operating lease obligations	`OperatingLeaseLiabilityCurrent`	$23.48M	USD	Point-in-time
Current portion of operating lease obligations	`OperatingLeaseLiabilityCurrent`	$25.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$46.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$57.39M	USD	Point-in-time
Accounts payable to related parties	`DueToRelatedPartiesCurrent`	$999.00K	USD	Point-in-time
Accounts payable to related parties	`DueToRelatedPartiesCurrent`	$431.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$16.38M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$14.89M	USD	Point-in-time
Motor fuel taxes payable	`SalesAndExciseTaxPayableCurrent`	$12.47M	USD	Point-in-time
Motor fuel taxes payable	`SalesAndExciseTaxPayableCurrent`	$10.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$100.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$112.64M	USD	Point-in-time
Debt and finance lease obligations, less current portion	`LongTermDebtAndFinanceLeaseObligations`	$534.86M	USD	Point-in-time
Debt and finance lease obligations, less current portion	`LongTermDebtAndFinanceLeaseObligations`	$526.98M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$100.06M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$104.01M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$19.23M	USD	Point-in-time
Deferred tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$19.37M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$36.65M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$35.59M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$34.06M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$30.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$832.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$821.46M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common units(37,023,114 and 34,494,441 units issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	`LimitedPartnersCapitalAccount`	$78.40M	USD	Point-in-time
Common units(37,023,114 and 34,494,441 units issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	`LimitedPartnersCapitalAccount`	$132.21M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-797.00K	USD	Point-in-time
Total equity	`PartnersCapital`	$78.40M	USD	Point-in-time
Total equity	`PartnersCapital`	$131.42M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$911.15M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$952.87M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$391.69M	USD	1 Quarter
Operating revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$471.79M	USD	1 Quarter
Costs of sales	`CostOfGoodsAndServicesSold`	$434.71M	USD	1 Quarter
Costs of sales	`CostOfGoodsAndServicesSold`	$355.97M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$35.73M	USD	1 Quarter
Income from CST Fuel Supply equity interests	`IncomeLossFromEquityMethodInvestments`	$3.20M	USD	1 Quarter
Income from CST Fuel Supply equity interests	`IncomeLossFromEquityMethodInvestments`	$3.43M	USD	1 Quarter
Operating expenses	`OperatingCostsAndExpenses`	$10.72M	USD	1 Quarter
Operating expenses	`OperatingCostsAndExpenses`	$15.35M	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.48M	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.42M	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$13.06M	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$17.23M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$32.43M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$32.83M	USD	1 Quarter
Gain (loss) on dispositions and lease terminations, net	`GainLossOnDispositionOfAssetsAndLeaseTerminations`	$-59.00K	USD	1 Quarter
Gain (loss) on dispositions and lease terminations, net	`GainLossOnDispositionOfAssetsAndLeaseTerminations`	$70.93M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$77.43M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.61M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$137.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$86.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.54M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$361.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$72.03M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$149.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-32.00K	USD	1 Quarter
Net income	`ProfitLoss`	$72.06M	USD	1 Quarter
Net income	`ProfitLoss`	$212.00K	USD	1 Quarter
IDR distributions	`IncentiveDistributionDistributionPerYear`	$133.00K	USD	1 Quarter
IDR distributions	`IncentiveDistributionDistributionPerYear`	$133.00K	USD	1 Quarter
Net income available to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$71.93M	USD	1 Quarter
Net income available to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$79.00K	USD	1 Quarter
Basic and diluted earnings per common unit	`NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per common unit	`NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted`	$2.00	USD	1 Quarter
Basic common units	`WeightedAverageLimitedPartnershipUnitsOutstanding`	35.99M	shares	1 Quarter
Basic common units	`WeightedAverageLimitedPartnershipUnitsOutstanding`	34.44M	shares	1 Quarter
Diluted common units	`WeightedAverageNumberOfLimitedPartnershipUnitsIncludingAntidilutiveSecurities`	34.46M	shares	1 Quarter
Diluted common units	`WeightedAverageNumberOfLimitedPartnershipUnitsIncludingAntidilutiveSecurities`	36.00M	shares	1 Quarter
(a) Includes excise taxes of:	`ExciseAndSalesTaxes`	$14.94M	USD	1 Quarter
(a) Includes excise taxes of:	`ExciseAndSalesTaxes`	$20.44M	USD	1 Quarter
(a) Includes rent income of:	`OperatingLeasesIncomeStatementLeaseRevenue`	$21.64M	USD	1 Quarter
(a) Includes rent income of:	`OperatingLeasesIncomeStatementLeaseRevenue`	$22.69M	USD	1 Quarter
(b) Includes rent expense of:	`OperatingLeaseExpense`	$6.92M	USD	1 Quarter
(b) Includes rent expense of:	`OperatingLeaseExpense`	$6.66M	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$72.06M	USD	1 Quarter
Net income	`ProfitLoss`	$212.00K	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$13.06M	USD	1 Quarter
Depreciation, amortization and accretion expense	`DepreciationDepletionAndAmortization`	$17.23M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$290.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$261.00K	USD	1 Quarter
Credit loss expense	`ProvisionForDoubtfulAccounts`	$49.00K	USD	1 Quarter
Credit loss expense	`ProvisionForDoubtfulAccounts`	$91.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-136.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-666.00K	USD	1 Quarter
Equity-based employee and director compensation expense	`ShareBasedCompensation`	$31.00K	USD	1 Quarter
Equity-based employee and director compensation expense	`ShareBasedCompensation`	$202.00K	USD	1 Quarter
(Gain) loss on dispositions and lease terminations, net	`GainLossOnDispositionOfAssetsAndLeaseTerminations`	$-59.00K	USD	1 Quarter
(Gain) loss on dispositions and lease terminations, net	`GainLossOnDispositionOfAssetsAndLeaseTerminations`	$70.93M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$2.21M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$810.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$17.79M	USD	1 Quarter
Principal payments received on notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$87.00K	USD	1 Quarter
Principal payments received on notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$85.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.03M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.38M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.08M	USD	1 Quarter
Net cash provided by (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.99M	USD	1 Quarter
Net cash provided by (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$15.67M	USD	1 Quarter
Borrowings under the revolving credit facility	`ProceedsFromLinesOfCredit`	$19.00M	USD	1 Quarter
Borrowings under the revolving credit facility	`ProceedsFromLinesOfCredit`	$31.83M	USD	1 Quarter
Repayments on the revolving credit facility	`RepaymentsOfLinesOfCredit`	$13.33M	USD	1 Quarter
Repayments on the revolving credit facility	`RepaymentsOfLinesOfCredit`	$26.50M	USD	1 Quarter
Payments of long-term debt and finance lease obligations	`PaymentOfLongTermDebtAndFinanceLeaseObligationFinancingActivities`	$595.00K	USD	1 Quarter
Payments of long-term debt and finance lease obligations	`PaymentOfLongTermDebtAndFinanceLeaseObligationFinancingActivities`	$552.00K	USD	1 Quarter
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$613.00K	USD	1 Quarter
Distributions paid on distribution equivalent rights	`PaymentsOfCapitalDistribution`	$1.00K	USD	1 Quarter
Distributions paid on distribution equivalent rights	`PaymentsOfCapitalDistribution`	$16.00K	USD	1 Quarter
Distributions paid to holders of the IDRs	`DistributionPaidToIncentiveDistributionRightsHolders`	$133.00K	USD	1 Quarter
Distributions paid to holders of the IDRs	`DistributionPaidToIncentiveDistributionRightsHolders`	$133.00K	USD	1 Quarter
Distributions paid on common units	`PaymentsOfDividendsCommonStock`	$18.08M	USD	1 Quarter
Distributions paid on common units	`PaymentsOfDividendsCommonStock`	$18.11M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.34M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-897.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.11M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.13M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.91M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.19M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.91M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.30M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$78.40M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$121.81M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$131.42M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$110.93M	USD	Point-in-time
Transition adjustment upon adoption of ASC 842, net of tax	`NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification`	$28.90M	USD	1 Quarter
Net income (loss) and comprehensive income (loss)	`ProfitLoss`	$72.06M	USD	1 Quarter
Net income (loss) and comprehensive income (loss)	`ProfitLoss`	$212.00K	USD	1 Quarter
Unrealized loss on interest rate swap contract	`UnrealizedGainLossOnDerivatives`	$-786.00K	USD	1 Quarter
Realized gain on interest rate swap contract reclassified from AOCI into interest expense	`InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet`	$-11.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-797.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$71.26M	USD	1 Quarter
Distributions paid	`PartnersCapitalAccountDistributions`	$18.23M	USD	1 Quarter
Distributions paid	`PartnersCapitalAccountDistributions`	$18.24M	USD	1 Quarter
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$78.40M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$121.81M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$131.42M	USD	Point-in-time
Balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$110.93M	USD	Point-in-time

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