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Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2024
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,

    

2024

    

2023

    

2024

2023

Wholesale Segment:

Sales

Gasoline and gasoline blendstocks

$

1,745,666

$

1,423,454

$

3,119,258

$

2,599,077

Distillates and other oils (1)

 

917,022

 

683,256

 

2,182,778

 

1,967,056

Total

$

2,662,688

$

2,106,710

$

5,302,036

$

4,566,133

Product margin

Gasoline and gasoline blendstocks

$

70,412

$

39,023

$

100,173

$

59,409

Distillates and other oils (1)

 

21,453

 

20,699

 

41,112

 

53,446

Total

$

91,865

$

59,722

$

141,285

$

112,855

Gasoline Distribution and Station Operations Segment:

Sales

Gasoline

$

1,316,548

$

1,350,354

$

2,413,825

$

2,536,220

Station operations (2)

 

149,525

 

148,100

 

279,693

 

275,266

Total

$

1,466,073

$

1,498,454

$

2,693,518

$

2,811,486

Product margin

Gasoline

$

147,313

$

127,883

$

268,943

$

248,699

Station operations (2)

 

74,154

 

71,196

 

140,241

 

133,926

Total

$

221,467

$

199,079

$

409,184

$

382,625

Commercial Segment:

Sales

$

280,937

$

226,526

$

559,536

$

484,398

Product margin

$

6,222

$

6,757

$

13,190

$

14,884

Combined sales and Product margin:

Sales

$

4,409,698

$

3,831,690

$

8,555,090

$

7,862,017

Product margin (3)

$

319,554

$

265,558

$

563,659

$

510,364

Depreciation allocated to cost of sales

 

(31,670)

 

(22,899)

 

(60,640)

 

(45,641)

Combined gross profit

$

287,884

$

242,659

$

503,019

$

464,723

(1)Distillates and other oils (primarily residual oil and crude oil).
(2)Station operations consist of convenience store and prepared food sales, rental income and sundries.
(3)Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of 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,

 

    

2024

    

2023

    

2024

2023

 

Combined gross profit

$

287,884

$

242,659

$

503,019

$

464,723

Operating costs and expenses not allocated to operating segments:

Selling, general and administrative expenses

 

72,370

 

66,696

 

142,151

 

128,952

Operating expenses

 

129,959

 

110,379

 

250,109

 

218,732

Amortization expense

1,989

2,018

3,858

4,102

Net (gain) loss on sale and disposition of assets

(303)

884

(2,804)

(1,244)

Total operating costs and expenses

 

204,015

 

179,977

 

393,314

 

350,542

Operating income

 

83,869

 

62,682

 

109,705

 

114,181

(Loss) income from equity method investments

(346)

1,204

(1,725)

1,204

Interest expense

 

(35,531)

 

(21,806)

 

(65,227)

 

(43,874)

Income tax expense

 

(1,843)

 

(691)

 

(2,206)

 

(1,091)

Net income

$

46,149

$

41,389

$

40,547

$

70,420

Schedule of total assets by reportable segment

The table below presents total assets by reportable segment at June 30, 2024 and December 31, 2023 (in thousands):

 

Wholesale

 

Commercial

 

GDSO

 

Unallocated (1)

 

Total

June 30, 2024

   

$

1,256,420

   

$

   

$

1,897,897

   

$

674,427

   

$

3,828,744

December 31, 2023

   

$

862,850

   

$

   

$

1,910,058

   

$

673,103

   

$

3,446,011

(1)Includes the Partnership’s proportional share of assets related to its equity method investments (see Note 11).