Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Summary of Significant Accounting Policies  
Schedule of inventories (in thousands)

 

 

 

 

 

 

 

 

 

 

2016

    

2015

 

Distillates: home heating oil, diesel and kerosene

 

$
180,272

 

$
156,411

 

Gasoline

 

 
101,368

 

 
62,467

 

Gasoline blendstocks

 

 
54,582

 

 
32,542

 

Crude oil

 

 
136,113

 

 
102,253

 

Residual oil

 

 
29,536

 

 
12,895

 

Propane and other

 

 
3,167

 

 
1,469

 

Renewable identification numbers (RINs)

 

 
631

 

 
803

 

Convenience store inventory

 

 
16,209

 

 
20,112

 

Total

 

$
521,878

 

$
388,952

 

 

Schedule of estimated useful lives of property and equipment

 

 

 

 

 

Gasoline station buildings, improvements and storage tanks

    

15-25

years

 

Buildings, docks, terminal facilities and improvements

 

5-25

years

 

Gasoline station equipment

 
7

years

 

Fixtures, equipment and capitalized internal use software

 

3-7

years

 

 

Schedule of Goodwill and Long-Lived Asset Impairment Charges (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

    

2016

    

2015

    

2014

    

Goodwill impairment

 

$
121,752

 

$

 —

 

$

 —

 

Long-lived asset impairment

 

 
28,220

 

 

 —

 

 

 —

 

Total

 

$
149,972

 

$

 —

 

$

 —

 

 

Schedule of product sales and logistics revenue as a percentage of total revenues

The following table presents the Partnership’s product sales and other revenues as a percentage of the consolidated sales for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

2016

    

2015

    

2014

 

Gasoline sales: gasoline and gasoline blendstocks (such as ethanol)

 
64

%  
59

%  
60

%  

Crude oil sales and crude oil logistics revenue

 
7

%  
12

%  
14

%  

Distillates (home heating oil, diesel and kerosene), residual oil, natural gas and propane sales

 
24

%  
25

%  
25

%  

Convenience store sales, rental income and sundry sales

 
5

%  
4

%  
1

%  

Total

 
100

%  
100

%  
100

%  

 

The following table presents the Partnership’s product margin by segment as a percentage of the consolidated product margin for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

2016

    

2015

    

2014

 

Wholesale segment

 
23

%  
30

%  
48

%  

GDSO segment

 
73

%  
66

%  
47

%  

Commercial segment

 
4

%  
4

%  
5

%  

Total

 
100

%  
100

%  
100

%  

 

Reconciliation of net income and the assumed allocation of net income to the limited partners' interest for purposes of computing net income per limited partner unit (in thousands, except per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2016

 

 

 

 

 

  

Limited

  

General

  

 

 

 

 

 

 

 

 

Partner

 

Partner

 

 

 

 

Numerator:

 

Total

 

Interest

 

Interest

 

IDRs

 

Net loss attributable to Global Partners LP (1)

 

$
(199,412)

 

$
(198,076)

 

$
(1,336)

 

$

 —

 

Declared distribution

 

$
63,316

 

$
62,892

 

$
424

 

$

 —

 

Assumed allocation of undistributed net loss

 

 
(262,728)

 

 
(260,968)

 

 
(1,760)

 

 

 —

 

Assumed allocation of net loss

 

$
(199,412)

 

$
(198,076)

 

$
(1,336)

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average limited partner units outstanding

 

 

 

 

 
33,525

 

 

 

 

 

 

 

Dilutive effect of phantom units

 

 

 

 

 

 —

 

 

 

 

 

 

 

Diluted weighted average limited partner units outstanding

 

 

 

 

 
33,525

 

 

 

 

 

 

 

Basic net loss per limited partner unit

 

 

 

 

$
(5.91)

 

 

 

 

 

 

 

Diluted net loss per limited partner unit (2)

 

 

 

 

$
(5.91)

 

 

 

 

 

 

 

 

(1)

The general partner interest was 0.67% for the year ended December 31, 2016.

(2)

Basic units were used to calculate diluted net loss per limited partner unit for the year ended December 31, 2016, as using the effects of phantom units would have an anti-dilutive effect on net loss per limited partner unit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2015

 

 

 

 

    

Limited

    

General

    

 

 

 

 

 

 

 

Partner

 

Partner

 

 

 

Numerator:

 

Total

 

Interest

 

Interest

 

IDRs

Net income attributable to Global Partners LP (3)

 

$
43,563

 

$
35,896

 

$
7,667

 

$

—

Declared distribution

 

$
92,059

 

$
84,055

 

$
582

 

$
7,422

Assumed allocation of undistributed net loss

 

 
(48,496)

 

 
(48,159)

 

 
(337)

 

 

—

Assumed allocation of net income

 

$
43,563

 

$
35,896

 

$
245

 

$
7,422

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average limited partner units outstanding

 

 

 

 

 
32,178

 

 

 

 

 

 

Dilutive effect of phantom units

 

 

 

 

 
145

 

 

 

 

 

 

Diluted weighted average limited partner units outstanding

 

 

 

 

 
32,323

 

 

 

 

 

 

Basic net income per limited partner unit

 

 

 

 

$
1.12

 

 

 

 

 

 

Diluted net income per limited partner unit

 

 

 

 

$
1.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

 

 

 

    

Limited

    

General

    

 

 

 

 

 

 

 

Partner

 

Partner

 

 

 

Numerator:

 

Total

 

Interest

 

Interest

 

IDRs

Net income attributable to Global Partners LP (4)

 

$
114,709

 

$
108,728

 

$
5,981

 

$

—

Declared distribution

 

$
78,771

 

$
73,143

 

$
593

 

$
5,035

Assumed allocation of undistributed net income

 

 
35,938

 

 
35,585

 

 
353

 

 

 —

Assumed allocation of net income

 

$
114,709

 

$
108,728

 

$
946

 

$
5,035

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average limited partner units outstanding

 

 

 

 

 
27,420

 

 

 

 

 

 

Dilutive effect of phantom units

 

 

 

 

 
82

 

 

 

 

 

 

Diluted weighted average limited partner units outstanding

 

 

 

 

 
27,502

 

 

 

 

 

 

Basic net income per limited partner unit

 

 

 

 

$
3.97

 

 

 

 

 

 

Diluted net income per limited partner unit

 

 

 

 

$
3.95

 

 

 

 

 

 

(3)

As a result of the June 2015 issuance of 3,000,000 common units (see Note 16), the general partner interest was reduced to 0.67% from 0.74% and was, based on a weighted average, approximately 0.70% for the year ended December 31, 2015. 

(4)

As a result of the December 2014 issuance of 3,565,000 common units (see Note 16), the general partner interest was 0.74%.
Quarterly cash distributions by board of General Partner

 

 

 

 

 

 

 

 

 

    

Per Unit Cash

 

 

Distribution Declared for the

 

Cash Distribution Declaration Date

  

Distribution Declared

 

 

Quarterly Period Ended

 

April 26, 2016

 

$
0.4625

 

 

March 31, 2016

 

July 27, 2016

 

$
0.4625

 

 

June 30, 2016

 

October 26, 2016

 

$
0.4625

 

 

September 30, 2016

 

January 30, 2017

 

$
0.4625

 

 

December 31, 2016