| Business Segments |
Business Segments We identify reportable segments based on how we manage the company's operations. Our operations include the sale of retail motor fuel products and convenience merchandise along with the wholesale and bulk sale capabilities of our fuel supply group. As the primary purpose of the fuel supply group is to support our retail operations and provide fuel for their daily operation, the bulk and wholesale fuel sales are secondary to the support functions played by these groups. As such, they are all treated as one segment for reporting purposes as they sell the same products and have similar economic characteristics. This Marketing segment contains essentially all of the revenue generating activities of the Company. Results not included in the reportable segment are included in Corporate and Other Assets. The reportable segment was determined based on information reviewed by the Chief Operating Decision Maker (CODM), who is the Chief Executive Officer.
The CODM evaluates performance and allocates resources for its reportable segment using segment income or loss. This metric is used to evaluate the overall financial performance of the Marketing segment, make operational and strategic decisions, prepare our annual plan, and allocate resources.
The accounting policies for the Marketing segment are consistent with those described in the summary of significant accounting policies. No eliminations are required for the presentation below as virtually all corporate and other costs are allocated to the Marketing segment. | | | | | | | | | | | | | | | | Marketing Segment Information | | Three Months Ended
June 30, | | (Millions of dollars) | | 2026 | | 2025 | | Revenues from external customers | | $ | 6,806.0 | | | $ | 5,005.0 | | | | | | | | Reconciliation of revenue | | | | | Other revenues1 | | 0.1 | | | — | | | Total consolidated revenue | | $ | 6,806.1 | | | $ | 5,005.0 | | | | | | | Less:2 | | | | | | Cost of goods sold | | 6,059.6 | | | 4,392.9 | | | Store and other operating expenses | | 308.6 | | | 275.2 | | | Selling, general and administrative | | 60.5 | | | 50.9 | | | Depreciation and amortization | | 65.8 | | | 59.6 | | Other segment items3 | | 0.2 | | | 0.8 | | | Interest expense | | 1.9 | | | 2.0 | | | | | | | | Segment income before income taxes | | $ | 309.4 | | | $ | 223.6 | | | | | | | | Reconciliation of income before income taxes | | | | | | Income before income taxes | | $ | 277.6 | | | $ | 192.5 | | Other (revenues)1 | | (0.1) | | | — | | | Other operating expenses | | 0.1 | | | — | | | Depreciation and amortization | | 6.4 | | | 6.4 | | | | | | | | | | | | | Investment (income) loss | | (1.0) | | | (0.1) | | | Interest expense | | 27.4 | | | 25.8 | | | | | | | | Other nonoperating (income) expense | | (1.0) | | | (1.0) | | | | | | | | Segment income before income taxes | | $ | 309.4 | | | $ | 223.6 | | | | | | | 1Revenues from corporate and other assets not included in the reportable segment results. | 2The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. | 3Other segment items includes: accretion of asset retirement obligations, impairment of properties, (gain) loss on sale of assets and other nonoperating (income) expense |
| | | | | | | | | | | | | | | | | | | | | | Other specified segment disclosures | | (Millions of dollars) | | Marketing
Totals | | Reconciling Items4 | | Consolidated
Totals | | Three Months Ended June 30, 2026 | | | | | Accretion of asset retirement obligations | | $ | 0.9 | | | $ | — | | | $ | 0.9 | | | | | | | | | | Deferred and noncurrent income taxes (benefits) | | $ | 8.3 | | | $ | (1.9) | | | $ | 6.4 | | | Additions to property, plant and equipment | | $ | 122.4 | | | $ | 5.9 | | | $ | 128.3 | | | | | | | | | | (Millions of dollars) | | Marketing
Totals | | Reconciling Items4 | | Consolidated
Totals | | Three Months Ended June 30, 2025 | | | | | Accretion of asset retirement obligations | | $ | 0.8 | | | $ | — | | | $ | 0.8 | | | | | | | | | | Deferred and noncurrent income taxes (benefits) | | $ | 1.8 | | | $ | (0.5) | | | $ | 1.3 | | | Additions to property, plant and equipment | | $ | 108.0 | | | $ | 4.6 | | | $ | 112.6 | | 4Corporate and other assets not included in the reportable segment results. |
| | | | | | | | | | | | | | | | Marketing Segment Information | | Six Months Ended
June 30, | | (Millions of dollars) | | 2026 | | 2025 | | Revenues from external customers | | $ | 11,625.3 | | | $ | 9,530.3 | | | | | | | | Reconciliation of revenue | | | | | Other revenues1 | | 0.1 | | | 0.1 | | | Total consolidated revenue | | $ | 11,625.4 | | | $ | 9,530.4 | | | | | | | Less:2 | | | | | | Cost of goods sold | | 10,264.6 | | | 8,434.7 | | | Store and other operating expenses | | 588.4 | | | 541.2 | | | Selling, general and administrative | | 117.1 | | | 111.0 | | | Depreciation and amortization | | 131.7 | | | 121.1 | | Other segment items3 | | 0.8 | | | 2.0 | | | Interest expense | | 3.9 | | | 3.9 | | | | | | | | Segment income before income taxes | | $ | 518.8 | | | $ | 316.4 | | | | | | | | Reconciliation of income before income taxes | | | | | | Income before income taxes | | $ | 453.8 | | | $ | 254.4 | | | | | | | Other (revenues)1 | | (0.1) | | | (0.1) | | | Other operating expenses | | 0.1 | | | 0.1 | | | Depreciation and amortization | | 12.6 | | | 13.1 | | | | | | | | | | | | | Investment (income) loss | | (1.3) | | | — | | | Interest expense | | 54.4 | | | 49.3 | | | | | | | | Other nonoperating (income) expense | | (0.7) | | | (0.4) | | | | | | | | Segment income before income taxes | | $ | 518.8 | | | $ | 316.4 | | | | | | | 1Revenues from corporate and other assets not included in the reportable segment results. | 2The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. | 3Other segment items includes: accretion of asset retirement obligations, impairment of properties, (gain) loss on sale of assets and other nonoperating (income) expense |
| | | | | | | | | | | | | | | | | | | | | | Other specified segment disclosures | | (Millions of dollars) | | Marketing
Totals | | Reconciling items4 | | Consolidated
Totals | | Six Months Ended June 30, 2026 | | | | | Accretion of asset retirement obligations | | $ | 1.8 | | | $ | — | | | $ | 1.8 | | | | | | | | | | Deferred and noncurrent income taxes (benefits) | | $ | 21.0 | | | $ | (5.3) | | | $ | 15.7 | | | Additions to property, plant and equipment | | $ | 209.3 | | | $ | 9.9 | | | $ | 219.2 | | | | | | | | | | (Millions of dollars) | | Marketing
Totals | | Reconciling items4 | | Consolidated
Totals | | Six Months Ended June 30, 2025 | | | | | Accretion of asset retirement obligations | | $ | 1.7 | | | $ | — | | | $ | 1.7 | | | | | | | | | | Deferred and noncurrent income taxes (benefits) | | $ | (0.2) | | | $ | 0.1 | | | $ | (0.1) | | | Additions to property, plant and equipment | | $ | 168.8 | | | $ | 7.8 | | | $ | 176.6 | | 4Corporate and other assets not included in the reportable segment results. |
| | | | | | | | | | | | | | | | Reconciliation of Assets | | | June 30, | | December 31, | | (Millions of dollars) | | 2026 | | 2025 | | Assets | | | | | | Marketing assets | | $ | 4,738.6 | | | $ | 4,534.6 | | All other assets4 | | 346.4 | | | 191.2 | | | Total consolidated assets | | $ | 5,085.0 | | | $ | 4,725.8 | | 4Corporate and other assets not included in the reportable segment results. |
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