XML 106 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2013
Segment Reporting  
Summary of financial information for the reportable segments

Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands):

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Wholesale Segment:

 

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

Gasoline and gasoline blendstocks

 

$

1,959,686

 

$

2,043,385

 

$

4,161,155

 

$

3,895,370

 

Other oils and related products (1)

 

1,709,322

 

836,794

 

4,025,841

 

2,265,117

 

Total

 

$

3,669,008

 

$

2,880,179

 

$

8,186,996

 

$

6,160,487

 

Net product margin

 

 

 

 

 

 

 

 

 

Gasoline and gasoline blendstocks

 

$

16,043

 

$

6,718

 

$

25,656

 

$

25,457

 

Other oils and related products (1)

 

30,102

 

28,002

 

71,669

 

42,455

 

Total

 

$

46,145

 

$

34,720

 

$

97,325

 

$

67,912

 

Gasoline Distribution and Station Operations Segment:

 

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

Gasoline

 

$

833,121

 

$

807,108

 

$

1,578,711

 

$

1,273,585

 

Station operations (2)

 

37,313

 

35,405

 

68,921

 

55,046

 

Total

 

$

870,434

 

$

842,513

 

$

1,647,632

 

$

1,328,631

 

Net product margin

 

 

 

 

 

 

 

 

 

Gasoline

 

$

38,897

 

$

43,525

 

$

67,090

 

$

55,728

 

Station operations (2)

 

19,939

 

18,734

 

37,775

 

29,694

 

Total

 

$

58,836

 

$

62,259

 

$

104,865

 

$

85,422

 

Commercial Segment:

 

 

 

 

 

 

 

 

 

Sales

 

$

232,314

 

$

193,371

 

$

526,318

 

$

402,426

 

Net product margin

 

$

6,170

 

$

3,179

 

$

16,595

 

$

9,379

 

Combined sales and net product margin:

 

 

 

 

 

 

 

 

 

Sales

 

$

4,771,756

 

$

3,916,063

 

$

10,360,946

 

$

7,891,544

 

Net product margin (3)

 

$

111,151

 

$

100,158

 

$

218,785

 

$

162,713

 

Depreciation allocated to cost of sales

 

(13,294

)

(9,483

)

(25,076

)

(16,719

)

Combined gross profit

 

$

97,857

 

$

90,675

 

$

193,709

 

$

145,994

 

 

(1)          Other oils and related products primarily consist of distillates, residual oil and crude oil and include the February 2013 acquisitions of Basin Transload and Cascade Kelly (see Note 2).

(2)          Station operations primarily consist of convenience store sales at the Partnership’s directly operated stores and rental income from dealer leased or commission agent leased gasoline stations.

(3)          Net product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess the Partnership’s business.  The table above includes a reconciliation of net product margin on a combined basis to gross profit, a directly comparable GAAP measure.

Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements

A reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements is as follows (in thousands):

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Combined gross profit

 

$

97,857

 

$

90,675

 

$

193,709

 

$

145,994

 

Operating costs and expenses not allocated to operating segments:

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

27,077

 

24,036

 

53,837

 

46,503

 

Operating expenses

 

47,367

 

37,138

 

90,707

 

60,496

 

Amortization expense

 

5,677

 

2,288

 

10,053

 

3,862

 

Total operating costs and expenses

 

80,121

 

63,462

 

154,597

 

110,861

 

Operating income

 

17,736

 

27,213

 

39,112

 

35,133

 

Interest expense

 

(9,024

)

(9,148

)

(17,940

)

(18,468

)

Income tax benefit

 

 

450

 

1,875

 

450

 

Net income

 

8,712

 

18,515

 

23,047

 

17,115

 

Net loss attributable to noncontrolling interest

 

(18

)

 

472

 

 

Net income attributable to Global Partners LP

 

$

8,694

 

$

18,515

 

$

23,519

 

$

17,115