Sale and Disposition of Assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale and Disposition of Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale and Dispositions of Assets | Note 7. Sale and Disposition of Assets The following table provides the Partnership’s (gain) loss on sale and dispositions of assets for the years ended December 31 (in thousands):
Periodic Divestiture of Gasoline Stations As part of the routine course of operations in the GDSO segment, the Partnership may periodically divest certain gasoline stations. The gain or loss on the sale, representing cash proceeds less net book value of assets and recognized liabilities at disposition, net of settlement and dispositions costs, is recorded in net loss (gain) on sale and disposition of assets in the accompanying consolidated statements of operations and amounted to ($1.0 million), ($2.5 million) and ($0.3 million) for the years ended December 31, 2020, 2019 and 2018, respectively. Strategic Asset Divestiture Program The Partnership identified certain non-strategic GDSO sites that are part of its Strategic Asset Divestiture Program (the “Divestiture Program”). The gain or loss on the sales of these sites, representing cash proceeds less net book value of assets and recognized liabilities at disposition, net of settlement and dispositions costs, is recorded in in the accompanying consolidated statements of operations.Real Estate Firm Coordinated Sales—The Partnership retained a real estate firm to coordinate the continuing sale of non-strategic GDSO sites. The Partnership sold 5 sites during the year ended December 31, 2020. The Partnership recognized a gain of ($0.3 million) on the sales of these sites for the year ended December 31, 2020, including the derecognition of $0.9 million of GDSO goodwill. The Partnership recognized a (gain) loss of ($2.0 million) and $1.0 million on the sales of sites for the years ended December 31, 2019 and 2018, respectively, including the derecognition of $2.9 million and $3.9 million of GDSO goodwill for these respective periods. Loss on Assets Held for Sale In conjunction with the periodic divestiture of gasoline stations and the sale of sites within the Divestiture Program, the Partnership may classify certain gasoline station assets as held for sale. Impairment charges related to assets held for sale are included in net loss (gain) on sale and disposition of assets in the accompanying consolidated statements of operations. The Partnership classified 4 sites as held for sale at December 31, 2020 associated with the periodic divestiture of gasoline station sites and the real estate firm coordinated sales discussed above. The Partnership recorded impairment charges related to these assets held for sale in the amount of $1.0 million for the year ended December 31, 2020. The Partnership recorded impairment charges related to assets held for sale associated with the periodic divestiture of gasoline station sites and the real estate firm coordinated sales in the amount of $1.7 million and $4.7 million for the years ended December 31, 2019 and 2018, respectively. Assets held for sale of $1.7 million and $4.6 million at December 31, 2020 and 2019, respectively, are included in property and equipment in the accompanying consolidated balance sheets. Assets held for sale are expected to be sold within the next 12 months. Other The Partnership recognizes gains and losses on the sale and disposition of other assets, including vehicles, fixtures and equipment, and the gain or loss on such other assets are included in other in the aforementioned table. |