SEC Info - Murphy USA Inc. - ‘10-Q’ for 9/30/19

Page	(sequential)		(alphabetic)	↑Top
		Alternative Formats (Word, et al.) Consolidated Balance Sheets as of September, 2019 (unaudited) and December 31, 2018 Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited) Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2019 and 2018 (unaudited) Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018 (unaudited) Controls and Procedures Exhibits Financial Information Financial Statements (Unaudited) Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Consolidated Financial Statements (unaudited) Other Information Part I -- Financial Information Part II -- Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Signatures Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Part I -- Financial Information
"	Item 1. Financial Statements (Unaudited)
"	Consolidated Balance Sheets as of September, 2019 (unaudited) and December 31, 2018
"	Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)
"	Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)
"	Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2019 and 2018 (unaudited)
"	Notes to Consolidated Financial Statements (unaudited)
"	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3. Quantitative and Qualitative Disclosures About Market Risk
"	Item 4. Controls and Procedures
"	Part II -- Other Information
"	Item 1. Legal Proceedings
"	Item 1A. Risk Factors
"	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
"	Item 6. Exhibits
"	Signatures

i false i --12-31 i Q3 i 2019 i 0001573516 i P2D i P7D i P3D i P1M i P3M i P2M i 2200000 i P5Y i 1 i 974200000 i 1074800000 i 1100000 i 1200000 i 0.01 i 0.01 i 200000000 i 200000000 i 46767164 i 46767164 i 0.0500 i 0.0457 i 0.0475 i 0.05625 i 0.06 i P4Y i 3100000 i 4100000 i 6200000 i 2800000 i 1000000 i The credit agreement contains restrictions on certain payments, including dividends, when availability under the credit agreement is less than or equal to the greater of $100 million and 25% of the lesser of the revolving commitments and the borrowing base and our fixed charge coverage ratio is less than 1.0 to 1.0 (unless availability under the credit agreement is greater than $100 million and 40% of the lesser of the revolving commitments and the borrowing base). As of September 30, 2019 and December 31, 2018, our ability to make restricted payments was not limited as our fixed charge coverage ratio was greater than 1.0 to 1.0. i 0.01 i 0.01 i 20000000 i 20000000 i 0 i 0 i P2Y i 14505681 i 16007513Includes excise taxes of $498.9 for the three months ended June 30, 2019, $464.1 for the three months ended June 30, 2018, $1,452.5 for the six months ended June 30, 2019 and $1,364.8 for the six months ended June 30, 2018. 0001573516 2019-01-01 2019-09-30 0001573516 2019-09-30 0001573516 2018-12-31 0001573516 musa:MerchandiseMember 2018-07-01 2018-09-30 0001573516 musa:MerchandiseMember 2019-07-01 2019-09-30 0001573516 2018-07-01 2018-09-30 0001573516 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0001573516 2018-01-01 2018-09-30 0001573516 2019-07-01 2019-09-30 0001573516 musa:MerchandiseMember 2019-01-01 2019-09-30 0001573516 us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0001573516 musa:MerchandiseMember 2018-01-01 2018-09-30 0001573516 us-gaap:ProductMember 2018-07-01 2018-09-30 0001573516 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0001573516 us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0001573516 us-gaap:ProductMember 2019-07-01 2019-09-30 0001573516 us-gaap:ProductMember 2018-01-01 2018-09-30 0001573516 us-gaap:ProductMember 2019-01-01 2019-09-30 0001573516 2017-12-31 0001573516 2018-09-30 0001573516 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0001573516 us-gaap:CommonStockMember 2018-12-31 0001573516 us-gaap:CommonStockMember 2019-09-30 0001573516 2019-01-01 2019-03-31 0001573516 2019-04-01 2019-06-30 0001573516 us-gaap:RetainedEarningsMember 2019-03-31 0001573516 us-gaap:CommonStockMember 2019-03-31 0001573516 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001573516 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001573516 us-gaap:CommonStockMember 2019-06-30 0001573516 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001573516 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001573516 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001573516 us-gaap:TreasuryStockMember 2019-07-01 2019-09-30 0001573516 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001573516 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001573516 us-gaap:TreasuryStockMember 2018-12-31 0001573516 us-gaap:TreasuryStockMember 2019-03-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001573516 us-gaap:TreasuryStockMember 2019-06-30 0001573516 us-gaap:RetainedEarningsMember 2018-12-31 0001573516 us-gaap:RetainedEarningsMember 2019-09-30 0001573516 2019-03-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001573516 2019-06-30 0001573516 us-gaap:RetainedEarningsMember 2019-06-30 0001573516 us-gaap:TreasuryStockMember 2019-09-30 0001573516 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001573516 us-gaap:TreasuryStockMember 2018-04-01 2018-06-30 0001573516 us-gaap:TreasuryStockMember 2018-06-30 0001573516 2018-06-30 0001573516 us-gaap:TreasuryStockMember 2018-03-31 0001573516 2018-04-01 2018-06-30 0001573516 us-gaap:RetainedEarningsMember 2018-09-30 0001573516 us-gaap:CommonStockMember 2018-06-30 0001573516 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001573516 2018-03-31 0001573516 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001573516 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001573516 us-gaap:CommonStockMember 2018-03-31 0001573516 us-gaap:CommonStockMember 2017-12-31 0001573516 us-gaap:TreasuryStockMember 2018-07-01 2018-09-30 0001573516 us-gaap:TreasuryStockMember 2017-12-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001573516 us-gaap:TreasuryStockMember 2018-09-30 0001573516 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001573516 2018-01-01 2018-03-31 0001573516 us-gaap:RetainedEarningsMember 2018-06-30 0001573516 us-gaap:CommonStockMember 2018-09-30 0001573516 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001573516 us-gaap:RetainedEarningsMember 2017-12-31 0001573516 us-gaap:RetainedEarningsMember 2018-03-31 0001573516 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001573516 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001573516 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001573516 musa:OwnedRetailStationsMember 2019-09-30 0001573516 2013-03-01 2013-03-31 0001573516 musa:StandaloneStationsMember 2019-09-30 0001573516 2013-08-30 2013-08-30 0001573516 2013-03-31 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:MerchandiseMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RevenueOtherMember musa:MarketingSegmentMember 2019-01-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RenewableIdentificationNumbersMember musa:MarketingSegmentMember 2018-01-01 2018-09-30 0001573516 musa:RenewableIdentificationNumbersMember 2018-01-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumWholesaleMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumWholesaleMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MarketingSegmentMember 2019-01-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RenewableIdentificationNumbersMember musa:MarketingSegmentMember 2019-01-01 2019-09-30 0001573516 musa:ProductSalesPetroleumWholesaleMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumMember 2018-01-01 2018-09-30 0001573516 musa:ProductSalesPetroleumRetailMember 2019-01-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MerchandiseMember musa:MarketingSegmentMember 2018-01-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RenewableIdentificationNumbersMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:MerchandiseMember 2019-01-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumRetailMember musa:MarketingSegmentMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RevenueOtherMember musa:MarketingSegmentMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumRetailMember musa:MarketingSegmentMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumRetailMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumMember musa:MarketingSegmentMember 2018-01-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-09-30 0001573516 musa:ProductSalesPetroleumMember 2018-01-01 2018-09-30 0001573516 musa:ProductSalesPetroleumMember 2019-01-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MarketingSegmentMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumWholesaleMember musa:MarketingSegmentMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MerchandiseMember musa:MarketingSegmentMember 2019-01-01 2019-09-30 0001573516 musa:RenewableIdentificationNumbersMember 2019-01-01 2019-09-30 0001573516 musa:ProductSalesPetroleumWholesaleMember 2018-01-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumMember musa:MarketingSegmentMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumRetailMember 2019-01-01 2019-09-30 0001573516 musa:RevenueOtherMember 2018-01-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RevenueOtherMember 2019-01-01 2019-09-30 0001573516 musa:ProductSalesPetroleumRetailMember 2018-01-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RenewableIdentificationNumbersMember 2018-01-01 2018-09-30 0001573516 musa:RevenueOtherMember 2019-01-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumWholesaleMember musa:MarketingSegmentMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RevenueOtherMember 2018-01-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumWholesaleMember 2019-07-01 2019-09-30 0001573516 musa:ProductSalesPetroleumRetailMember 2018-07-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember 2019-07-01 2019-09-30 0001573516 musa:RevenueOtherMember 2018-07-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumWholesaleMember musa:MarketingSegmentMember 2019-07-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumWholesaleMember musa:MarketingSegmentMember 2018-07-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumWholesaleMember 2018-07-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RenewableIdentificationNumbersMember musa:MarketingSegmentMember 2019-07-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumRetailMember musa:MarketingSegmentMember 2018-07-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RevenueOtherMember musa:MarketingSegmentMember 2019-07-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RenewableIdentificationNumbersMember 2018-07-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RevenueOtherMember musa:MarketingSegmentMember 2018-07-01 2018-09-30 0001573516 musa:RenewableIdentificationNumbersMember 2019-07-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumRetailMember 2019-07-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:RenewableIdentificationNumbersMember musa:MarketingSegmentMember 2018-07-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember 2018-07-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumMember 2019-07-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MerchandiseMember musa:MarketingSegmentMember 2019-07-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MarketingSegmentMember 2018-07-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumMember musa:MarketingSegmentMember 2019-07-01 2019-09-30 0001573516 musa:ProductSalesPetroleumWholesaleMember 2018-07-01 2018-09-30 0001573516 musa:RenewableIdentificationNumbersMember 2018-07-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MarketingSegmentMember 2019-07-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:MerchandiseMember 2019-07-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RenewableIdentificationNumbersMember 2019-07-01 2019-09-30 0001573516 musa:RevenueOtherMember 2019-07-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumRetailMember 2018-07-01 2018-09-30 0001573516 musa:ProductSalesPetroleumRetailMember 2019-07-01 2019-09-30 0001573516 musa:ProductSalesPetroleumMember 2019-07-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumMember musa:MarketingSegmentMember 2018-07-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:ProductSalesPetroleumMember 2018-07-01 2018-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RevenueOtherMember 2019-07-01 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:ProductSalesPetroleumRetailMember musa:MarketingSegmentMember 2019-07-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:RevenueOtherMember 2018-07-01 2018-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MerchandiseMember musa:MarketingSegmentMember 2018-07-01 2018-09-30 0001573516 musa:ProductSalesPetroleumMember 2018-07-01 2018-09-30 0001573516 musa:ProductSalesPetroleumWholesaleMember 2019-07-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember musa:MerchandiseMember 2018-07-01 2018-09-30 0001573516 musa:TradeAccountsReceivableCustomerMember 2018-12-31 0001573516 musa:ProductSalesPetroleumWholesaleRackSalesMember 2019-01-01 2019-09-30 0001573516 musa:TradeAccountsReceivableCustomerMember 2019-09-30 0001573516 musa:ProductSalesPetroleumRetailMember srt:MaximumMember 2019-01-01 2019-09-30 0001573516 musa:ProductSalesPetroleumWholesaleBulkPipelineSalesMember 2019-01-01 2019-09-30 0001573516 musa:ProductSalesPetroleumRetailMember srt:MinimumMember 2019-01-01 2019-09-30 0001573516 musa:SeniorNotes6PercentDue2023Member us-gaap:SeniorNotesMember 2019-09-30 0001573516 musa:SeniorNotes5.625PercentDue2027Member us-gaap:SeniorNotesMember 2018-12-31 0001573516 musa:TermFacilityMember musa:TermCreditAgreementDue2023Member us-gaap:SecuredDebtMember 2019-09-30 0001573516 us-gaap:LineOfCreditMember musa:SeniorNotes4.75Due2029Member us-gaap:SecuredDebtMember 2019-09-30 0001573516 musa:SeniorNotes5.625PercentDue2027Member us-gaap:SeniorNotesMember 2019-09-30 0001573516 us-gaap:LineOfCreditMember musa:SeniorNotes4.75Due2029Member us-gaap:SecuredDebtMember 2018-12-31 0001573516 musa:TermFacilityMember musa:TermCreditAgreementMember us-gaap:SecuredDebtMember 2019-09-30 0001573516 musa:TermFacilityMember musa:TermCreditAgreementDue2023Member us-gaap:SecuredDebtMember 2018-12-31 0001573516 musa:TermFacilityMember musa:TermCreditAgreementMember us-gaap:SecuredDebtMember 2018-12-31 0001573516 musa:SeniorNotes6PercentDue2023Member us-gaap:SeniorNotesMember 2018-12-31 0001573516 musa:SeniorNotes4.75Due2029Member us-gaap:SeniorNotesMember 2019-09-13 0001573516 srt:MaximumMember 2019-09-30 0001573516 musa:AdditionalTermLoanAvailableUntilDecember2019Member 2019-08-31 0001573516 srt:MinimumMember musa:TermFacilityMember us-gaap:BaseRateMember 2019-01-01 2019-09-30 0001573516 musa:SeniorNotes5.625PercentDue2027Member us-gaap:SeniorNotesMember 2017-04-25 0001573516 musa:SeniorNotes6PercentDue2023Member us-gaap:SeniorNotesMember 2019-09-13 0001573516 musa:RetailMerchandiseInventoryMember 2019-09-30 0001573516 srt:MinimumMember 2019-09-30 0001573516 srt:MaximumMember us-gaap:SecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001573516 us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001573516 us-gaap:LetterOfCreditMember 2019-09-30 0001573516 musa:TermFacilityMember 2019-08-27 2019-08-27 0001573516 us-gaap:InvestmentsMember 2019-09-30 0001573516 srt:MaximumMember musa:TermFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001573516 srt:MinimumMember musa:TermFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001573516 srt:MinimumMember us-gaap:SecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001573516 us-gaap:OtherAssetsMember 2019-09-30 0001573516 us-gaap:SecuredDebtMember 2019-08-31 0001573516 us-gaap:CreditCardReceivablesMember 2019-09-30 0001573516 us-gaap:CashMember 2019-09-30 0001573516 musa:IncrementalFacilityMember 2019-08-31 0001573516 srt:MinimumMember us-gaap:SecuredDebtMember us-gaap:BaseRateMember 2019-01-01 2019-09-30 0001573516 us-gaap:SecuredDebtMember musa:AssetBasedLoanFacilityMember us-gaap:SecuredDebtMember 2019-09-30 0001573516 musa:MidstreamRefinedProductsInventoryMember 2019-09-30 0001573516 srt:MaximumMember musa:TermFacilityMember us-gaap:BaseRateMember 2019-01-01 2019-09-30 0001573516 musa:SeniorNotes6PercentDue2023Member us-gaap:SeniorNotesMember 2019-09-13 2019-09-13 0001573516 musa:TermFacilityMember 2019-09-30 0001573516 musa:RefinedRetailProductsInventoryMember 2019-09-30 0001573516 musa:FederalFundsRateMember 2019-01-01 2019-09-30 0001573516 musa:TermFacilityMember 2019-08-31 0001573516 srt:MaximumMember us-gaap:SecuredDebtMember us-gaap:BaseRateMember 2019-01-01 2019-09-30 0001573516 srt:MinimumMember 2019-01-01 2019-09-30 0001573516 2018-01-01 2018-12-31 0001573516 musa:NonqualifiedStockOptionsMember musa:TwoThousandThirteenLongTermIncentivePlanMember 2019-02-06 2019-02-06 0001573516 us-gaap:RestrictedStockUnitsRSUMember musa:TwoThousandThirteenStockPlanForNonEmployeeDirectorsMember 2019-01-01 2019-03-31 0001573516 musa:TwoThousandThirteenLongTermIncentivePlanMember 2013-08-30 2013-08-30 0001573516 us-gaap:RestrictedStockUnitsRSUMember musa:TwoThousandThirteenLongTermIncentivePlanRestrictedStockUnitGrantOneMember 2019-02-06 2019-02-06 0001573516 us-gaap:PerformanceSharesMember musa:TwoThousandThirteenLongTermIncentivePlanMember 2019-02-06 2019-02-06 0001573516 musa:ReturnOnAverageCapitalEmployedPerformanceUnitsMember musa:TwoThousandThirteenLongTermIncentivePlanMember 2019-02-06 2019-02-06 0001573516 musa:TwoThousandThirteenLongTermIncentivePlanMember 2013-08-30 0001573516 musa:TotalShareholderReturnPerformanceUnitsMember musa:TwoThousandThirteenLongTermIncentivePlanMember 2019-02-06 2019-02-06 0001573516 musa:TotalShareholderReturnPerformanceUnitsMember musa:TwoThousandThirteenLongTermIncentivePlanMember 2019-02-06 0001573516 us-gaap:RestrictedStockUnitsRSUMember musa:TwoThousandThirteenLongTermIncentivePlanRestrictedStockUnitGrantTwoMember 2019-03-26 2019-03-26 0001573516 us-gaap:PerformanceSharesMember musa:TwoThousandThirteenLongTermIncentivePlanMember 2013-08-30 2013-08-30 0001573516 musa:TwoThousandThirteenStockPlanForNonEmployeeDirectorsMember 2013-08-08 0001573516 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2019-09-30 0001573516 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2018-12-31 0001573516 musa:January2016ShareRepurchaseProgramMember 2019-01-01 2019-09-30 0001573516 musa:January2016ShareRepurchaseProgramMember 2018-01-01 2018-09-30 0001573516 2019-07-24 0001573516 2019-07-24 2019-07-24 0001573516 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001573516 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001573516 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0001573516 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0001573516 musa:WorkersCompensationInsuranceClaimsMember 2019-09-30 0001573516 musa:GeneralLiabilityInsuranceClaimsMember 2019-09-30 0001573516 us-gaap:InsuranceClaimsMember 2019-09-30 0001573516 musa:AutoLiabilityInsuranceClaimsMember 2019-09-30 0001573516 musa:TerminalMember 2019-01-01 2019-09-30 0001573516 us-gaap:LandMember 2019-01-01 2019-09-30 0001573516 srt:MaximumMember 2019-01-01 2019-09-30 0001573516 musa:HangarMember 2019-01-01 2019-09-30 0001573516 us-gaap:CorporateNonSegmentMember 2019-09-30 0001573516 us-gaap:OperatingSegmentsMember musa:MarketingSegmentMember 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-09-30 0001573516 srt:ConsolidationEliminationsMember 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-12-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001573516 srt:ConsolidationEliminationsMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-07-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-07-01 2018-09-30 0001573516 srt:ConsolidationEliminationsMember musa:MerchandiseMember 2018-07-01 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-07-01 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-07-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-07-01 2018-09-30 0001573516 srt:ConsolidationEliminationsMember 2018-07-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductMember 2018-07-01 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-07-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-07-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-07-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember musa:MerchandiseMember 2019-01-01 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember 2019-01-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-01-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-01-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-01-01 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-01-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductMember 2019-01-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-01-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-01-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-01-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-01-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2018-12-31 0001573516 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2018-12-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-06-30 0001573516 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2019-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2019-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-12-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2019-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2019-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2019-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2018-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2019-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2019-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2017-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001573516 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2017-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2018-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2017-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2017-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2017-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2017-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2017-12-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-03-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2018-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2018-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:TreasuryStockMember 2017-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2017-12-31 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-03-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2017-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-04-01 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2018-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-06-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2017-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2017-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:RetainedEarningsMember 2017-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-06-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-07-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-06-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2017-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:CommonStockMember 2017-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:CommonStockMember 2018-06-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-03-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:TreasuryStockMember 2018-03-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001573516 srt:ConsolidationEliminationsMember 2018-01-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2017-12-31 0001573516 srt:ConsolidationEliminationsMember 2017-12-31 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-09-30 0001573516 srt:ConsolidationEliminationsMember 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2017-12-31 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2017-12-31 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2017-12-31 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductMember 2018-01-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-01-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-01-01 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-01-01 2018-09-30 0001573516 srt:ConsolidationEliminationsMember musa:MerchandiseMember 2018-01-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-01-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-01-01 2018-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-01-01 2018-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2018-01-01 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2018-01-01 2018-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-07-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember 2019-07-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember us-gaap:ProductMember 2019-07-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-07-01 2019-09-30 0001573516 srt:ConsolidationEliminationsMember musa:MerchandiseMember 2019-07-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0001573516 srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-07-01 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-07-01 2019-09-30 0001573516 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember musa:MerchandiseMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0001573516 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-07-01 2019-09-30 0001573516 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ProductMember 2019-07-01 2019-09-30 musa:site musa:contract musa:company musa:state iso4217:USD iso4217:USD xbrli:shares xbrli:shares musa:station xbrli:pure musa:segment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

i ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended i September 30, 2019

i ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



i Delaware		i 46-2279221
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
i 200 Peach Street
i El Dorado,	i Arkansas	i 71730-5836
(Address of principal executive offices)		(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
i Common Stock, $0.01 Par Value	i MUSA	i New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ i Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ i Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

i Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company i ☐ Emerging growth company i ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). i ☐ Yes ☑ No

Number of shares of Common Stock, $0.01 par value, outstanding at September 30, 2019 was i 30,759,651.

MURPHY USA INC.

TABLE OF CONTENTS

ITEM 1. FINANCIAL STATEMENTS

Consolidated Balance Sheets



	September 30,			December 31,
(Millions of dollars, except share amounts)	2019			2018
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	i 247.7		$	i 184.5
Accounts receivable—trade, less allowance for doubtful accounts of $1.2 in 2019 and $1.1 in 2018	i 164.3			i 138.8
Inventories, at lower of cost or market	i 233.8			i 221.5
Prepaid expenses and other current assets	i 19.1			i 25.3
Total current assets	i 664.9			i 570.1
Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,074.8 in 2019 and $974.2 in 2018	i 1,789.3			i 1,748.2
Other assets	i 162.5			i 42.5
Total assets	$	i 2,616.7		$	i 2,360.8

Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	i 21.3		$	i 21.2
Trade accounts payable and accrued liabilities	i 495.6			i 456.9
Total current liabilities	i 516.9			i 478.1

Long-term debt, including capitalized lease obligations	i 966.4			i 842.1
Deferred income taxes	i 199.0			i 192.2
Asset retirement obligations	i 32.3			i 30.7
Deferred credits and other liabilities	i 123.1			i 10.4
Total liabilities	i 1,837.7			i 1,553.5
Stockholders' Equity
Preferred Stock, par $0.01 (authorized 20,000,000 shares,
none outstanding)	i —			i —
Common Stock, par $0.01 (authorized 200,000,000 shares,
46,767,164 shares issued at 2019 and 2018, respectively)	i 0.5			i 0.5
Treasury stock (16,007,513 and 14,505,681 shares held at
2019 and 2018, respectively)	( i 1,073.2		)	( i 940.3		)
Additional paid in capital (APIC)	i 536.4			i 539.0
Retained earnings	i 1,315.3			i 1,208.1
Total stockholders' equity	i 779.0			i 807.3
Total liabilities and stockholders' equity	$	i 2,616.7		$	i 2,360.8

See notes to consolidated financial statements.

Consolidated Statements of Income

Three Months Ended
September 30,

Nine Months Ended
September 30,

(Millions of dollars, except share and per share amounts)

2019

2018

2019

2018

Operating Revenues

Petroleum product sales (a)

i 2,965.5

i 3,151.5

i 8,595.0

i 8,982.8

Merchandise sales

i 681.1

i 623.7

i 1,946.1

i 1,807.5

Other operating revenues

i 11.0

i 12.8

i 33.3

i 70.9

Total operating revenues

i 3,657.6

i 3,788.0

i 10,574.4

i 10,861.2

Operating Expenses

Petroleum product cost of goods sold (a)

i 2,749.6

i 2,991.3

i 8,104.8

i 8,584.9

Merchandise cost of goods sold

i 569.9

i 519.2

i 1,631.9

i 1,509.2

Station and other operating expenses

i 143.4

i 139.7

i 421.8

i 401.9

Depreciation and amortization

i 37.6

i 34.2

i 113.8

i 99.0

Selling, general and administrative

i 36.0

i 32.6

i 105.7

i 102.3

Accretion of asset retirement obligations

i 0.6

i 0.5

i 1.6

i 1.5

Total operating expenses

i 3,537.1

i 3,717.5

i 10,379.6

i 10,698.8

Net settlement proceeds

i —

i 0.1

i 50.4

Gain (loss) on sale of assets

i 0.2

( i 0.5

)

i 0.1

( i 0.7

)

Income (loss) from operations

i 120.7

i 70.0

i 195.0

i 212.1

Other income (expense)

Interest income

i 0.8

i 0.2

i 2.4

i 0.8

Interest expense

( i 15.3

)

( i 13.2

)

( i 42.1

)

( i 39.6

)

Loss on early debt extinguishment

( i 14.8

)

i —

( i 14.8

)

i —

Other nonoperating income (expense)

( i 0.1

)

i —

i 0.1

Total other income (expense)

( i 29.4

)

( i 13.0

)

( i 54.5

)

( i 38.7

)

Income (loss) before income taxes

i 91.3

i 57.0

i 140.5

i 173.4

Income tax expense (benefit)

i 22.1

i 12.0

i 33.3

i 37.3

Net Income (Loss)

i 69.2

i 45.0

i 107.2

i 136.1

Basic and Diluted Earnings Per Common Share

Basic

i 2.20

i 1.40

i 3.35

i 4.15

Diluted

i 2.18

i 1.38

i 3.33

i 4.11

Weighted-Average Common Shares Outstanding (in thousands):

Basic

i 31,447

i 32,213

i 31,961

i 32,815

Diluted

i 31,704

i 32,536

i 32,189

i 33,142

Supplemental information:

(a) Includes excise taxes of:

i 498.9

i 464.1

i 1,452.5

i 1,364.8

See notes to consolidated financial statements.

Consolidated Statements of Cash Flows

(unaudited)



(Millions of dollars)	Nine Months Ended September 30,
	2019			2018
Operating Activities
Net income (loss)	$	i 107.2		$	i 136.1
Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities
Depreciation and amortization	i 113.8			i 99.0
Deferred and noncurrent income tax charges (credits)	i 6.9			i 13.9
Accretion of asset retirement obligations	i 1.6			i 1.5
Pretax (gains) losses from sale of assets	( i 0.1		)	i 0.7
Net (increase) decrease in noncash operating working capital	( i 3.7		)	( i 15.8		)
Loss on early debt extinguishment	i 14.8			i —
Other operating activities - net	i 11.1			i 6.0
Net cash provided by (required by) operating activities	i 251.6			i 241.4
Investing Activities
Property additions	( i 153.7		)	( i 163.0		)
Proceeds from sale of assets	i 2.4			i 1.2
Other investing activities - net	( i 0.7		)	( i 5.9		)
Net cash provided by (required by) investing activities	( i 152.0		)	( i 167.7		)
Financing Activities
Purchase of treasury stock	( i 139.1		)	( i 144.4		)
Borrowings of debt	i 693.7			i —
Repayments of debt	( i 573.1		)	( i 15.9		)
Debt issuance costs	( i 3.1		)	i —
Early debt extinguishment costs	( i 10.4		)	i —
Amounts related to share-based compensation	( i 4.4		)	( i 8.0		)
Net cash provided by (required by) financing activities	( i 36.4		)	( i 168.3		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	i 63.2			( i 94.6		)
Cash, cash equivalents, and restricted cash at beginning of period	i 184.5			i 170.0
Cash, cash equivalents, and restricted cash at end of period	$	i 247.7		$	i 75.4

Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	$	i 184.5		$	i 170.0
Restricted cash at beginning of period	i —			i —
Cash, cash equivalents, and restricted cash at beginning of period	$	i 184.5		$	i 170.0

Cash and cash equivalents at end of period	$	i 247.7		$	i 75.4
Restricted cash at end of period	i —			i —
Cash, cash equivalents, and restricted cash at end of period	$	i 247.7		$	i 75.4

See notes to consolidated financial statements.

Consolidated Statements of Changes in Equity

Common Stock

(Millions of dollars, except share amounts)

Par

Treasury Stock

APIC

Retained Earnings

Total

Balance as of December 31, 2017

i 46,767,164

i 0.5

( i 806.5

)

i 549.9

i 994.5

i 738.4

Net income (loss)

—

i 39.3

Purchase of treasury stock

—

( i 71.7

)

—

( i 71.7

)

Issuance of treasury stock

—

i 4.4

( i 4.4

)

—

i —

Amounts related to share-based compensation

—

( i 2.9

)

—

( i 2.9

)

Share-based compensation expense

—

i 2.2

—

i 2.2

Balance as of March 31, 2018

i 46,767,164

i 0.5

( i 873.8

)

i 544.8

i 1,033.8

i 705.3

Net income (loss)

—

i 51.8

Purchase of treasury stock

—

( i 72.7

)

—

( i 72.7

)

Issuance of treasury stock

—

i 0.6

( i 0.6

)

—

i —

Amounts related to share-based compensation

—

( i 0.5

)

—

( i 0.5

)

Share-based compensation expense

—

i 2.4

—

i 2.4

Balance as of June 30, 2018

i 46,767,164

i 0.5

( i 945.9

)

i 546.1

i 1,085.6

i 686.3

Net income (loss)

—

i 45.0

Purchase of treasury stock

—

i —

—

i —

Issuance of treasury stock

—

i 4.3

( i 4.3

)

—

i —

Amounts related to share-based compensation

—

( i 4.6

)

—

( i 4.6

)

Share-based compensation expense

—

i 2.2

—

i 2.2

Balance as of September 30, 2018

i 46,767,164

i 0.5

( i 941.6

)

i 539.4

i 1,130.6

i 728.9

See notes to consolidated financial statements.

Consolidated Statements of Changes in Equity

Common Stock

(Millions of dollars, except share amounts)

Par

Treasury Stock

APIC

Retained Earnings

Total

Balance as of December 31, 2018

i 46,767,164

i 0.5

( i 940.3

)

i 539.0

i 1,208.1

i 807.3

Net income (loss)

—

i 5.3

Purchase of treasury stock

—

( i 13.3

)

—

( i 13.3

)

Issuance of treasury stock

—

i 5.6

( i 5.6

)

—

i —

Amounts related to share-based compensation

—

( i 4.1

)

—

( i 4.1

)

Share-based compensation expense

—

i 2.6

—

i 2.6

Balance as of March 31, 2019

i 46,767,164

i 0.5

( i 948.0

)

i 531.9

i 1,213.4

i 797.8

Net income (loss)

—

i 32.7

Purchase of treasury stock

—

( i 16.8

)

—

( i 16.8

)

Issuance of treasury stock

—

i 0.1

( i 0.1

)

—

i —

Amounts related to share-based compensation

—

( i 0.2

)

—

( i 0.2

)

Share-based compensation expense

—

i 2.8

—

i 2.8

Balance as of June 30, 2019

i 46,767,164

i 0.5

( i 964.7

)

i 534.4

i 1,246.1

i 816.3

Net income (loss)

—

i 69.2

Purchase of treasury stock

—

( i 109.0

)

—

( i 109.0

)

Issuance of treasury stock

—

i 0.5

( i 0.5

)

—

i —

Amounts related to share-based compensation

—

( i 0.1

)

—

( i 0.1

)

Share-based compensation expense

—

i 2.6

—

i 2.6

Balance as of September 30, 2019

i 46,767,164

i 0.5

( i 1,073.2

)

i 536.4

i 1,315.3

i 779.0

See notes to consolidated financial statements.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 — i Description of Business and Basis of Presentation

Description of business — Murphy USA Inc. and its consolidated subsidiaries (“Murphy USA” or the “Company”) markets refined products through a network of retail gasoline stations and to unbranded wholesale customers. Murphy USA’s owned retail stations are almost all located in close proximity to Walmart stores in i 26 states and use the brand name Murphy USA®. Murphy USA also markets gasoline and other products at standalone stations under the Murphy Express brand. At September 30, 2019, Murphy USA had a total of i 1,479 Company stations of which i 1,160 were Murphy USA and i 319 were Murphy Express.

Basis of Presentation — Murphy USA was incorporated in March 2013 and, in connection with its incorporation, Murphy USA issued i 100 shares of common stock, par value $ i 0.01 per share, to Murphy Oil Corporation (“Murphy Oil”) for $ i 1.00. On August 30, 2013, Murphy USA was separated from Murphy Oil through the distribution of i 100% of the common stock of Murphy USA to holders of Murphy Oil stock.

In preparing the financial statements of Murphy USA in conformity with accounting principles generally accepted in the United States, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results may differ from these estimates.

Interim Financial Information — The interim period financial information presented in these consolidated financial statements is unaudited and includes all known accruals and adjustments, in the opinion of management, necessary for a fair presentation of the consolidated financial position of Murphy USA and its results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature.

These interim consolidated financial statements should be read together with our audited financial statements for the years ended December 31, 2018, 2017 and 2016, included in our Annual Report on Form 10-K (File No. 001-35914), as filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934 on February 19, 2019.

Recently Issued Accounting Standards—

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current GAAP. ASU 2016-02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. We adopted ASU 2016-02 as of January 1, 2019, using the modified retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Our election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that renewal options would not be reasonably certain in determining the expected lease term. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $ i 110.4 million and $ i 110.7 million, respectively. The standard did not materially impact our consolidated net earnings and had no impact on cash flows. See Note 13 "Lease Accounting" for further details.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract". This ASU aligns the accounting treatment for capitalizing implementation costs incurred by customers in cloud computing arrangements in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for the Company on January 1, 2020. Early adoption is permitted. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the effect that this ASU will have on our financial position, results of operations, and disclosures but does not expect this update to have a material impact on the Company's consolidated financial statements.

Note 2 — i Revenues

Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our petroleum products, convenience merchandise, Renewable Identification Numbers ("RINs") and other assets to our third-party customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Excise and sales tax that we collect where we have determined we are the principal in the transaction have been recorded as revenue on a jurisdiction-by-jurisdiction basis.

The Company enters into buy/sell and similar arrangements when petroleum products are held at one location but are needed at a different location. The Company often pays or receives funds related to the buy/sell arrangements based on location or quality differences. The Company continues to account for these transactions as non-monetary exchanges under existing accounting guidance and typically reports these on a net basis in the Consolidated Statements of Income.

The following tables disaggregates our revenue by major source for the three and nine months ended September 30, 2019 and 2018, respectively:

Three Months Ended September 30, 2019

Three Months Ended September 30, 2018

(Millions of dollars)

Marketing

Corporate and Other Assets

Consolidated

Marketing

Corporate and Other Assets

Consolidated

Petroleum product sales (at retail) ¹

i 2,660.8

i —

i 2,660.8

i 2,770.1

i —

i 2,770.1

Petroleum product sales (at wholesale)

i 304.7

i —

i 304.7

i 381.4

i —

i 381.4

Total petroleum product sales

i 2,965.5

i —

i 2,965.5

i 3,151.5

i —

i 3,151.5

Merchandise sales

i 681.1

i —

i 681.1

i 623.7

i —

i 623.7

Other operating revenues:

RINs

i 8.6

i —

i 8.6

i 11.6

i —

i 11.6

Other revenues ²

i 2.4

i —

i 2.4

i 1.2

i —

i 1.2

Total revenues

i 3,657.6

i —

i 3,657.6

i 3,788.0

i —

i 3,788.0

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Nine Months Ended September 30, 2019

Nine Months Ended September 30, 2018

(Millions of dollars)

Marketing

Corporate and Other Assets

Consolidated

Marketing

Corporate and Other Assets

Consolidated

Petroleum product sales (at retail) ¹

i 7,717.7

i —

i 7,717.7

i 7,910.6

i —

i 7,910.6

Petroleum product sales (at wholesale)

i 877.3

i —

i 877.3

i 1,072.2

i —

i 1,072.2

Total petroleum product sales

i 8,595.0

i —

i 8,595.0

i 8,982.8

i —

i 8,982.8

Merchandise sales

i 1,946.1

i —

i 1,946.1

i 1,807.5

i —

i 1,807.5

Other operating revenues:

RINs

i 28.6

i —

i 28.6

i 67.3

i —

i 67.3

Other revenues ²

i 4.6

i 0.1

i 4.7

i 3.1

i 0.5

i 3.6

Total revenues

i 10,574.3

i 0.1

i 10,574.4

i 10,860.7

i 0.5

i 10,861.2

¹ Includes excise and sales taxes that remain eligible for inclusion under Topic 606

² Primarily includes collection allowance on excise and sales taxes and other miscellaneous items

Petroleum product sales (at retail). For our retail store locations, the revenue related to petroleum product sales is recognized as the fuel is pumped to our customers. The transaction price at the pump typically includes some portion of sales or excise taxes as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. Our customers typically use a mixture of cash, checks, credit cards and debit cards to pay for our products as they are received. We have accounts receivable from the various credit/debit card providers at any point in time related to product sales made on credit cards and debit cards. These receivables are typically collected in two to i seven days, depending on the terms with the particular credit/debit card providers. Payment fees retained by the credit/debit card providers are recorded as station and other operating expenses.

Petroleum product sales (at wholesale). Our sales of petroleum products at wholesale are generally recorded as revenue when the deliveries have occurred and legal ownership of the product has transferred to the customer. Title transfer for bulk refined product sales typically occurs at pipeline custody points and upon trucks loading at product terminals. For bulk pipeline sales, we record receivables from customers that are generally collected within a week from custody transfer date. For our rack product sales, the majority of our customers' accounts are drafted by us within i 10 days from product transfer.

Merchandise sales. For our retail store locations, the revenue related to merchandise sales is recognized as the customer completes their purchase at our locations. The transaction price typically includes some portion of sales tax as levied in the respective jurisdictions. Those taxes that are collected for remittance to governmental entities on a pass through basis are not recognized as revenue and they are recorded to a liability account until they are paid. As noted above, a mixture of payment types are used for these revenues and the same terms for credit/debit card receivables are realized.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The most significant judgment with respect to merchandise sales revenue is determining whether we are the principal or agent for some categories of merchandise such as lottery tickets, lotto tickets, newspapers and other small categories of merchandise. For scratch-off lottery tickets, we have determined we are the principal in the majority of the jurisdictions and therefore we record those sales on a gross basis. We have some categories of merchandise (such as lotto tickets) where we are the agent and the revenues recorded for those transactions are our net commission only.

In June 2018, the Company initiated a loyalty pilot program through a limited number of its retail locations. The customers earn rewards based on their spending or other promotional activities. This program creates a performance obligation which requires us to defer a portion of sales revenue to the loyalty program participants until they redeem their rewards. The rewards may be redeemed for merchandise or cash discounts on fuel purchases. The program was rolled out chain-wide in March 2019. The deferred revenues recorded in the three and nine months ended September 30, 2019 were immaterial.

RINs sales. For the sale of RINs, we recognize revenue when the RIN is transferred to the counter-party and the sale is completed. Receivables from our counter-parties related to the RIN sales are typically collected within i five days of the sale.

Other revenues. Items reported as other operating revenues include collection allowances for excise and sales tax and other miscellaneous items and are recognized as revenue when the transaction is completed.

Trade accounts receivable on the balance sheet represents both receivables related to contracts with customers and other trade receivables. At September 30, 2019 and December 31, 2018, we had $ i 96.2 million and $ i 79.4 million of receivables, respectively, related to contracts with customers recorded. All of the trade accounts receivable related to contracts with customers outstanding at the end of each period were collected during the succeeding quarter. These receivables were generally related to credit and debit card transactions along with short term bulk and wholesale sales to our customers, which have a very short settlement window.

Note 3 — i Inventories

Inventories consisted of the following:



(Millions of dollars)	September 30, 2019			December 31, 2018
Finished products - First-In, First-Out ("FIFO") basis	$	i 276.6		$	i 219.4
Less: Last-In, First-Out ("LIFO") reserve - finished products	( i 162.9		)	( i 115.5		)
Finished products - LIFO basis	i 113.7			i 103.9
Store merchandise for resale	i 113.5			i 107.2
Materials and supplies	i 6.6			i 10.4
Total inventories	$	i 233.8		$	i 221.5

At September 30, 2019 and December 31, 2018, the replacement cost (market value) of LIFO inventories exceeded the LIFO carrying value by $ i 162.9 million and $ i 115.5 million, respectively.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4 — i Long-Term Debt

Long-term debt consisted of the following:



(Millions of dollars)	September 30, 2019			December 31, 2018
6.00% senior notes due 2023 (net of unamortized discount of $4.1 at December 2018)	$	i —		$	i 495.9
5.625% senior notes due 2027 (net of unamortized discount of $2.8 at September 30, 2019 and $3.1 at December 2018)	i 297.1			i 296.9
4.75% senior notes due 2029 (net of unamortized discount of $6.2 at September 30, 2019)	i 493.8			i —
Term loan due 2023 (effective interest rate of 4.57% at September 30, 2019)	i 200.0			i —
Term loan due 2020 (effective interest rate of 5.0% at December 31,2018)	i —			i 72.0
Capitalized lease obligations, vehicles, due through 2022	i 2.5			i 2.3
Less unamortized debt issuance costs	( i 5.7		)	( i 3.8		)
Total long-term debt	i 987.7			i 863.3
Less current maturities	i 21.3			i 21.2
Total long-term debt, net of current	$	i 966.4		$	i 842.1

On April 25, 2017, Murphy Oil USA, Inc., our primary operating subsidiary, issued $ i 300 million of i 5.625% Senior Notes due 2027 (the "2027 Senior Notes") under its existing shelf registration statement. The 2027 Senior Notes are fully and unconditionally guaranteed by Murphy USA, and are guaranteed by certain 100% owned subsidiaries that guarantee our credit facilities. The indenture governing the 2027 Senior Notes contains restrictive covenants that limit, among other things, the ability of Murphy USA, Murphy Oil USA, Inc. and the restricted subsidiaries to incur additional indebtedness or liens, dispose of assets, make certain restricted payments or investments, enter into transactions with affiliates or merge with or into other entities.

On September 13, 2019, Murphy Oil USA, Inc., consummated a partial tender offer on its i 6.00% $ i 500 million Senior Notes due 2023 (the “2023 Senior Notes”). Following the completion of the tender offer, Murphy Oil USA, Inc. called the remaining 2023 Senior Notes and satisfied and discharged the indenture governing the 2023 Senior Notes. We paid a total of $ i 514.5 million which included a call premium and all applicable accrued and unpaid interest. The call premium and unamortized debt discount and issuance costs were reported as Loss on early debt extinguishment in the consolidated income statements for the period ended September 30, 2019.

On September 13, 2019, Murphy Oil USA, Inc., issued $ i 500 million of i 4.75% Senior Notes due 2029 (the “2029 Senior Notes”). The net proceeds from the issuance of the 2029 Senior Notes were used to fund, in part, the tender offer and redemption of the 2023 Senior Notes. The 2029 Senior Notes are fully and unconditionally guaranteed by Murphy USA, and are guaranteed by certain 100% owned subsidiaries that guarantee our credit facilities. The indenture governing the 2029 Senior Notes contains restrictive covenants that are essentially identical to the covenants for the 2027 Senior Notes.

The 2027 and 2029 Senior Notes and the guarantees rank equally with all of our and the guarantors’ existing and future senior unsecured indebtedness and effectively junior to our and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the credit facilities) to the extent of the value of the assets securing such indebtedness. The 2027 and 2029 Senior Notes are structurally subordinated to all of the existing and future third-party liabilities, including trade payables, of our existing and future subsidiaries that do not guarantee the notes.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Credit Facilities and Term Loan

In August 2019, we amended and extended our existing credit agreement. The effective date of the agreement was extended to August, 2024. The credit agreement provides for a committed $ i 325 million asset-based loan (ABL) facility (with availability subject to the borrowing base described below) and a $ i 200 million term loan facility with an additional $ i 50 million available until December 31, 2019. It also provides for a $ i 150 million uncommitted incremental facility. On August 27, 2019, Murphy Oil USA, Inc. borrowed $ i 200 million under the term loan facility that has a four-year term with a current outstanding principal of $ i 200 million and prepaid the remaining balance of the prior term loan of $ i 57 million. As of September 30, 2019, we have i zero outstanding under our ABL facility.

The borrowing base is, at any time of determination, the amount (net of reserves) equal to the sum of:

• i 100% of eligible cash at such time, plus

• i 90% of eligible credit card receivables at such time, plus

• i 90% of eligible investment grade accounts, plus

• i 85% of eligible other accounts, plus

• i 80% of eligible midstream refined products inventory at such time, plus

• i 75% of eligible retail refined products inventory at such time, plus

the lesser of (i) i 70% of the average cost of eligible retail merchandise inventory at such time and (ii) i 85% of the net orderly liquidation value of eligible retail merchandise inventory at such time.

The ABL facility includes a $ i 100 million sublimit for the issuance of letters of credit. Letters of credit issued under the ABL facility reduce availability under the ABL facility.

Interest payable on the credit facilities is based on either:

the London interbank offered rate, adjusted for statutory reserve requirements (the “Adjusted LIBO Rate”);

the Alternate Base Rate, which is defined as the highest of (a) the prime rate, (b) the greater of the federal funds effective rate and the overnight bank funding rate determined by the Federal Reserve Bank of New York from time to time plus i 0.50% per annum and (c) the one-month Adjusted LIBO Rate plus i 1.00% per annum,

plus, (A) in the case of Adjusted LIBO Rate borrowings, (i) with respect to the ABL facility, spreads ranging from i 1.50% to i 2.00% per annum depending on a total debt to EBITDA ratio under the ABL facility or (ii) with respect to the term loan facility, spreads ranging from i 2.50% to i 2.75% per annum depending on a total debt to EBITDA ratio and (B) in the case of Alternate Base Rate borrowings, (i) with respect to the ABL facility, spreads ranging from i 0.50% to i 1.00% per annum depending on a total debt to EBITDA ratio or (ii) with respect to the term loan facility, spreads ranging from i 1.50% to i 1.75% per annum depending on a total debt to EBITDA ratio.

The interest rate period with respect to the Adjusted LIBO Rate interest rate option can be set at one, two, three, or i six months as selected by us in accordance with the terms of the credit agreement.

The credit agreement contains certain covenants that limit, among other things, the ability of us and our subsidiaries to incur additional indebtedness or liens, to make certain investments, to enter into sale-leaseback transactions, to make certain restricted payments, to enter into consolidations, mergers or sales of material assets and other fundamental changes, to transact with affiliates, to enter into agreements restricting the ability of subsidiaries to incur liens or pay dividends, or to make certain accounting changes. In addition, the credit agreement requires us to maintain a minimum fixed charge coverage ratio of i 1.0 to 1.0 when availability for at least three consecutive business days is less than the greater of (a) i 17.5% of the lesser of the aggregate ABL facility commitments and the borrowing base and (b) $ i 70 million (including as of the most recent fiscal quarter end on the first date when availability is less than such amount), as well as a maximum secured total debt to EBITDA ratio of i 4.5 to 1.0 at any time when term facility commitments or term loans are outstanding. As of September 30, 2019, our fixed charge coverage ratio was i 1.1. Our secured debt to EBITDA ratio as of September 30, 2019 was i 0.43 to 1.0.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The credit agreement contains restrictions on certain payments, including dividends, when availability under the credit agreement is less than or equal to the greater of $ i 100 million and i 25% of the lesser of the revolving commitments and the borrowing base and our fixed charge coverage ratio is less than i 1.0 to 1.0 (unless availability under the credit agreement is greater than $ i 100 million and i 40% of the lesser of the revolving commitments and the borrowing base). As of September 30, 2019 and December 31, 2018, our ability to make restricted payments was not limited as our fixed charge coverage ratio was greater than i 1.0 to 1.0.

All obligations under the credit agreement are guaranteed by Murphy USA and the subsidiary guarantors party thereto, and all obligations under the credit agreement, including the guarantees of those obligations, are secured by certain assets of Murphy USA, Murphy Oil USA, Inc. and the guarantors party thereto.

Note 5 — i Asset Retirement Obligations (ARO)

The majority of the ARO recognized by the Company at September 30, 2019 and December 31, 2018 is related to the estimated costs to dismantle and abandon certain of its retail gasoline stations. The Company has not recorded an ARO for certain of its marketing assets because sufficient information is presently not available to estimate a range of potential settlement dates for the obligation. These assets are consistently being upgraded and are expected to be operational into the foreseeable future. In these cases, the obligation will be initially recognized in the period in which sufficient information exists to estimate the obligation.

A reconciliation of the beginning and ending aggregate carrying amount of the ARO is shown in the following table.



(Millions of dollars)	September 30, 2019			December 31, 2018
Balance at beginning of period	$	i 30.7		$	i 28.2
Accretion expense	i 1.6			i 2.0
Settlements of liabilities	( i 0.2		)	( i 0.3		)
Liabilities incurred	i 0.2			i 0.8
Balance at end of period	$	i 32.3		$	i 30.7

The estimation of future ARO is based on a number of assumptions requiring professional judgment. The Company cannot predict the type of revisions to these assumptions that may be required in future periods due to the lack of availability of additional information.

Note 6 — i Income Taxes

The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). i For the three and nine month periods ended September 30, 2019 and 2018, the Company’s approximate effective tax rates were as follows:



	2019	2018
Three months ended September 30,	i 24.2%	i 21.1%
Nine months ended September 30,	i 23.7%	i 21.5%

In the nine months ended September 30, 2019, the Company recognized approximately $ i 0.9 million of excess tax benefits related to stock compensation for employees. For the nine months ended September 30, 2018, the Company recognized a tax benefit of approximately $ i 2.8 million of excess tax benefits related to stock compensation and a tax benefit of approximately $ i 2.7 million related to the settlement of prior year state uncertain tax positions.

The Company was included in Murphy Oil’s tax returns for the periods prior to the separation. The statute of several jurisdictions remains subject to audit by taxing authorities. As of September 30, 2019, the earliest year

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

remaining open for federal examination is 2016 and for certain states it ranges from 2013-2017. In addition to the pre-separation state returns being open under statute, certain federal and state tax returns post separation are also open under statute for examination. Although the Company believes that recorded liabilities for uncertain tax positions are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters.

Note 7 — i Incentive Plans

2013 Long-Term Incentive Plan

Effective August 30, 2013, certain of our employees participate in the Murphy USA 2013 Long-Term Incentive Plan which was subsequently amended and restated effective as of February 8, 2017 (the “MUSA 2013 Plan”). The MUSA 2013 Plan authorizes the Executive Compensation Committee of our Board of Directors (“the Committee”) to grant non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted stock and restricted stock unit awards), cash awards, and performance awards to our employees. No more than i 5.5 million shares of MUSA common stock may be delivered under the MUSA 2013 Plan and no more than i 1 million shares of common stock may be awarded to any one employee, subject to adjustment for changes in capitalization. The maximum cash amount payable pursuant to any “performance-based” award to any participant in any calendar year is $ i 5.0 million.

On February 6, 2019, the Committee granted nonqualified stock options for i 99,400 shares at an exercise price of $ i 76.15 per share under the terms of the MUSA 2013 Plan. The Black-Scholes valuation for these awards is $ i 20.48 per option. The Committee also awarded time-based restricted stock units and performance-based restricted stock units (performance units) to certain employees on the same date. There were i 26,550 time-based restricted units granted at a grant date fair value of $ i 76.15 along with i 53,100 performance units. Half of the performance units vest based on a i 3-year return on average capital employed (ROACE) calculation and the other half vest based on a i 3-year total shareholder return (TSR) calculation that compares MUSA to a group of i 16 peer companies. The portion of the awards that vest based on TSR qualify as a market condition and must be valued using a Monte Carlo valuation model. For the TSR portion of the awards, the fair value was determined to be $ i 100.65 per unit. For the ROACE portion of the awards, the valuation will be based on the grant date fair value of $ i 76.15 per unit and the number of awards will be periodically assessed to determine the probability of vesting.

On March 26, 2019, the Committee also granted i 46,725 time-based restricted stock units granted to certain employees with a grant date fair value of $ i 82.84 per unit.

2013 Stock Plan for Non-employee Directors

Effective August 8, 2013, Murphy USA adopted the 2013 Murphy USA Stock Plan for Non-employee Directors (the “Directors Plan”). The directors for Murphy USA are compensated with a mixture of cash payments and equity-based awards. Awards under the Directors Plan may be in the form of restricted stock, restricted stock units, stock options, or a combination thereof. An aggregate of i 500,000 shares of common stock shall be available for issuance of grants under the Directors Plan.

During the first quarter of 2019, the Company issued i 13,086 restricted stock units to its non-employee directors at a grant date fair value of $ i 76.63 per share. These shares vest in i three years from the grant date.

For the nine months ended September 30, 2019 and 2018, share-based compensation was $ i 8.0 million and $ i 6.8 million, respectively. The income tax benefit realized for the tax deductions from options exercised for the nine months ended September 30, 2019 and 2018 was $ i 0.1 million and $ i 2.1 million, respectively.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 8— i Financial Instruments and Risk Management

DERIVATIVE INSTRUMENTS — The Company makes limited use of derivative instruments to manage certain risks related to commodity prices. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by the Company’s senior management. The Company does not hold any derivatives for speculative purposes and it does not use derivatives with leveraged or complex features. Derivative instruments are traded primarily with credit worthy major financial institutions or over national exchanges such as the New York Mercantile Exchange (“NYMEX”). As of September 30, 2019, all current derivative activity is immaterial.

At September 30, 2019 and December 31, 2018, cash deposits of $ i 1.0 million related to commodity derivative contracts were reported in Prepaid expenses and other current assets in the Consolidated Balance Sheets, respectively. These cash deposits have not been used to increase the reported net assets or reduce the reported net liabilities on the derivative contracts at September 30, 2019 or December 31, 2018, respectively.

Note 9 – i Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.

On July 24, 2019, the Board of Directors approved an up to $ i 400 million share repurchase program to be executed over the two-year period ending July 2021. Purchases may be effected in the open market, through privately negotiated transactions, through one or more accelerated stock repurchase programs, through a combination of the foregoing or in any other manner in the discretion of management. Purchases will be made subject to available cash, market conditions and compliance with our financing arrangements at any time during the period of authorization. We may use cash from operations as well as draws under our credit facilities to effect purchases.

Prior to the July authorization, the Company had continued to conduct share repurchases under quarterly allocations in line with its past practice, subject to market conditions and cash availability. For the nine months ended September 30, 2019, the Company acquired i 1,597,731 shares of common stock for an average price of $ i 87.09 per share including brokerage fees and for the nine months ended September 30, 2018, i 1,994,632 shares were repurchased for an average price of $ i 72.39 per share.

The following table provides a reconciliation of basic and diluted earnings per share computations for the three and nine months ended September 30, 2019 and 2018:

Three Months Ended
September 30,

Nine Months Ended
September 30,

(Millions of dollars, except share and per share amounts)

2019

2018

2019

2018

Earnings per common share:

Net income per share - basic

Net income attributable to common stockholders

i 69.2

i 45.0

i 107.2

i 136.1

Weighted average common shares outstanding (in thousands)

i 31,447

i 32,213

i 31,961

i 32,815

Earnings per common share

i 2.20

i 1.40

i 3.35

i 4.15

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

(Millions of dollars, except share and per share amounts)

2019

2018

2019

2018

Earnings per common share - assuming dilution:

Net income per share - diluted

Net income attributable to common stockholders

i 69.2

i 45.0

i 107.2

i 136.1

Weighted average common shares outstanding (in thousands)

i 31,447

i 32,213

i 31,961

i 32,815

Common equivalent shares:

Dilutive share-based awards

i 257

i 323

i 228

i 327

Weighted average common shares outstanding - assuming dilution (in thousands)

i 31,704

i 32,536

i 32,189

i 33,142

Earnings per common share assuming dilution

i 2.18

i 1.38

i 3.33

i 4.11

We have excluded from the earnings-per-share calculation certain stock options and shares that are considered to be anti-dilutive under the treasury stock method. For the reported periods, the number of time-based restricted stock units, performance based units and non-qualified stock options that are excluded due to their anti-dilutive nature is immaterial.

Note 10 — i Other Financial Information

CASH FLOW DISCLOSURES — Cash income taxes paid (collected), net of refunds, were $ i 16.2 million and $ i 12.0 million for the nine month periods ended September 30, 2019 and 2018, respectively. Interest paid, net of amounts capitalized, was $ i 46.0 million and $ i 41.0 million for the nine month periods ended September 30, 2019 and 2018, respectively.

CHANGES IN WORKING CAPITAL:



	Nine Months Ended September 30,
(Millions of dollars)	2019			2018
Accounts receivable	$	( i 25.4	)	$	( i 6.0	)
Inventories	( i 12.3		)	( i 32.6		)
Prepaid expenses and other current assets	i 6.8			i 17.1
Accounts payable and accrued liabilities	i 27.2			i 5.7
Net (increase) decrease in noncash operating working capital	$	( i 3.7	)	$	( i 15.8	)

Note 11 — i Assets and Liabilities Measured at Fair Value

The Company carries certain assets and liabilities at fair value in its Consolidated Balance Sheets. The fair value hierarchy is based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included within Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants.

At the balance sheet date, the fair value of derivative contracts was determined using NYMEX quoted values but was immaterial.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at September 30, 2019 and December 31, 2018. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes Cash and cash equivalents, Accounts receivable-trade, Restricted cash, and Trade accounts payable and accrued liabilities, all of which had fair values approximating carrying amounts. The fair value of Current and Long-term debt was estimated based on rates offered to the Company at that time for debt of the same maturities. The Company has off-balance sheet exposures relating to certain financial guarantees and letters of credit. The fair value of these, which represents fees associated with obtaining the instruments, was nominal.

At September 30, 2019

At December 31, 2018

Carrying

(Millions of dollars)

Amount

Fair Value

Amount

Fair Value

Financial liabilities

Current and long-term debt

( i 987.7

)

( i 1,011.6

)

( i 863.3

)

( i 866.7

)

Note 12 — i Contingencies

The Company’s operations and earnings have been and may be affected by various forms of governmental action. Examples of such governmental action include, but are by no means limited to: tax increases and retroactive tax claims; import and export controls; price controls; allocation of supplies of crude oil and petroleum products and other goods; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment; governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees, suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations, may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions may have on the Company.

ENVIRONMENTAL MATTERS AND LEGAL MATTERS — Murphy USA is subject to numerous federal, state and local laws and regulations dealing with the environment. Violation of such environmental laws, regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and other sanctions. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners and other third parties for any personal injury, property damage and other losses that might result.

The Company currently owns or leases, and has in the past owned or leased, properties at which hazardous substances have been or are being handled. Although the Company believes it has used operating and disposal practices that were standard in the industry at the time, hazardous substances may have been disposed of or released on or under the properties owned or leased by the Company or on or under other locations where they have been taken for disposal. In addition, many of these properties have been operated by third parties whose management of hazardous substances was not under the Company’s control. Under existing laws the Company could be required to remediate contaminated property (including contaminated groundwater) or to perform remedial actions to prevent future contamination. Certain of these contaminated properties are in various stages of negotiation, investigation, and/or cleanup, and the Company is investigating the extent of any related liability and the availability of applicable defenses. With the sale of the U.S. refineries in 2011, Murphy Oil retained certain liabilities related to environmental matters. Murphy Oil also obtained insurance covering certain levels of environmental exposures. The Company believes costs related to these sites will not have a material adverse effect on Murphy USA’s net income, financial condition or liquidity in a future period.

Certain environmental expenditures are likely to be recovered by the Company from other sources, primarily environmental funds maintained by certain states. Since no assurance can be given that future recoveries from other sources will occur, the Company has not recorded a benefit for likely recoveries at September 30, 2019, however certain jurisdictions provide reimbursement for these expenses which have been considered in recording the net exposure.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at i one Superfund site. The potential total cost to all parties to perform necessary remedial work at this site may be substantial. However, based on current negotiations and available information, the Company believes that it is a de minimis party as to ultimate responsibility at the Superfund site. Accordingly, the Company has not recorded a liability for remedial costs at the Superfund site at September 30, 2019. The Company could be required to bear a pro rata share of costs attributable to nonparticipating PRPs or could be assigned additional responsibility for remediation at this site or other Superfund sites. The Company believes that its share of the ultimate costs to clean-up this site will be immaterial and will not have a material adverse effect on its net income, financial condition or liquidity in a future period.

Based on information currently available to the Company, the amount of future remediation costs to be incurred to address known contamination sites is not expected to have a material adverse effect on the Company’s future net income, cash flows or liquidity. However, there is the possibility that additional environmental expenditures could be required to address contamination, including as a result of discovering additional contamination or the imposition of new or revised requirements applicable to known contamination.

Other than as noted above, Murphy USA is engaged in a number of other legal proceedings, all of which the Company considers routine and incidental to its business. Based on information currently available to the Company, the ultimate resolution of those other legal matters is not expected to have a material adverse effect on the Company’s net income, financial condition or liquidity in a future period.

INSURANCE — The Company maintains insurance coverage at levels that are customary and consistent with industry standards for companies of similar size. Murphy USA maintains statutory workers compensation insurance with a deductible of $ i 1.0 million per occurrence, general liability insurance with a self-insured retention of $ i 3.0 million per occurrence, and auto liability insurance with a deductible of $ i 0.3 million per occurrence. As of September 30, 2019, there were a number of outstanding claims that are of a routine nature. The estimated incurred but unpaid liabilities relating to these claims are included in Trade account payables and accrued liabilities on the Consolidated Balance Sheets. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $ i 21.3 million will be sufficient to cover the related liability for all insurance claims and that the ultimate disposition of these claims will have no material effect on the Company’s financial position and results of operations.

The Company has obtained insurance coverage as appropriate for the business in which it is engaged, but may incur losses that are not covered by insurance or reserves, in whole or in part, and such losses could adversely affect our results of operations and financial position.

TAX MATTERS — Murphy USA is subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, indirect taxes (excise/duty, sales/use and gross receipts taxes), payroll taxes, franchise taxes, withholding taxes and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Subsequent changes to our tax liabilities because of these audits may subject us to interest and penalties.

OTHER MATTERS — In the normal course of its business, the Company is required under certain contracts with various governmental authorities and others to provide financial guarantees or letters of credit that may be drawn upon if the Company fails to perform under those contracts. At September 30, 2019, the Company had contingent liabilities of $ i 17.0 million on outstanding letters of credit. The Company has not accrued a liability in its balance sheet related to these financial guarantees and letters of credit because it is believed that the likelihood of having these drawn is remote.

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 13 — i i Lease Accounting /

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. i Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately i 1 year to i 20 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from five to i 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to station location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities.

As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lessor — We have various arrangements for certain spaces for food service and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial.

Lessee —We lease land for i 216 stations, i one terminal, a hangar and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately i 102 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact.

Leases are reflected in the following balance sheet accounts:



(Millions of dollars)	Classification	September 30, 2019
Assets
Operating (Right-of-use)	Other Assets	$	i 118.1
Finance	Property, plant, and equipment, at cost, less accumulated depreciation of $2.2 million	i 3.1
Total leased assets		$	i 121.2

Liabilities
Current
Operating	Trade accounts payable and accrued liabilities	$	i 6.5
Finance	Current maturities of long-term debt	i 1.3
Noncurrent
Operating	Deferred credits and other liabilities	i 112.5
Finance	Long-term debt, including capitalized lease obligations	i 1.2
Total lease liabilities		$	i 121.5

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)



		Three Months Ended September 30,		Nine Months Ended September 30,
(Millions of dollars)	Classification	2019		2019
Operating lease cost	Station and other operating expenses	$	i 3.7	$	i 10.8
Finance lease cost
Amortization of leased assets	Depreciation & amortization expense	i 0.3		i 0.9
Interest on lease liabilities	Interest expense	i —		i 0.1
Net lease costs		$	i 4.0	$	i 11.8

Cash flow information:



	Nine Months Ended September 30,
(Millions of dollars)	2019
Cash paid for amounts included in the measurement of liabilities
Operating cash flows from operating leases	$	i 10.2
Operating cash flows from finance leases	$	i 0.1
Financing cash flows from finance leases	$	i 1.1

Maturity of Lease Liabilities:



(Millions of dollars)	Operating leases		Finance leases
2019	$	i 7.1	$	i 0.8
2020	i 14.3		i 1.3
2021	i 13.5		i 0.8
2022	i 12.7		i 0.2
2023	i 12.1		i —
After 2023	i 146.4		i —
Total lease payments	i 206.1		i 3.1
less: interest	i 87.1		i 0.5
Present value of lease liabilities	$	i 119.0	$	i 2.6

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The Company adopted ASU 2016-02 on January 1, 2019, and as required, the following disclosure is provided for periods prior to adoption. i i Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows: /



(Millions of dollars)	Operating leases		Capital leases
2019	$	i 13.7	$	i 1.5
2020	i 13.3		i 1.1
2021	i 12.5		i 0.6
2022	i 11.7		i 0.1
2023	i 11.1		i —
After 2023	i 122.6		i —
Total lease payments	i 184.9		i 3.3
less: interest	—		i 0.2
Present value of minimum payments	$	i 184.9	$	i 3.1

Lease Term and Discount Rate:



	Nine Months Ended September 30,
	2019
Weighted average remaining lease term (years)
Finance leases	i 2.1
Operating leases	i 15.5
Weighted average discount rate
Finance leases	i 4.9	%
Operating leases	i 6.1	%

Note 14 — i Business Segment

The Company's operations have i one reportable segment which is Marketing. The operations include the sale of retail motor fuel products and convenience merchandise along with the wholesale and bulk sale capabilities of our Product Supply and Wholesale ("PS&W") group. As the primary purpose of the PS&W 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 performed by these groups. As such, they are all treated as i one segment for reporting purposes as they sell the same products. This Marketing segment contains essentially all of the revenue generating functions of the Company. Results not included in the reportable segment include Corporate and Other Assets. Net settlement proceeds from litigation are included in Corporate and other assets operating income. The reportable segment was determined based on information reviewed by the Chief Operating Decision Maker (CODM).

Three Months Ended

September 30, 2019

September 30, 2018

Total Assets at

External

Income

External

Income

(Millions of dollars)

September 30, 2019

Revenues

(Loss)

Revenues

(Loss)

Marketing

i 2,199.7

i 3,657.6

i 94.0

i 3,788.0

i 54.6

Corporate and other assets

i 417.0

i —

( i 24.8

)

i —

( i 9.6

)

Total

i 2,616.7

i 3,657.6

i 69.2

i 3,788.0

i 45.0

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Nine Months Ended

September 30, 2019

September 30, 2018

External

Income

External

Income

(Millions of dollars)

Revenues

(Loss)

Revenues

(Loss)

Marketing

i 10,574.3

i 154.7

i 10,860.7

i 126.1

Corporate and other assets

i 0.1

( i 47.5

)

i 0.5

i 10.0

Total

i 10,574.4

i 107.2

i 10,861.2

i 136.1

Note 15 – i Guarantor Subsidiaries

Murphy USA Inc. ("Parent Company") and certain of the Company’s 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee, on a joint and several basis, certain of the outstanding indebtedness of Murphy Oil USA, Inc. (the "Issuer"), including the i 4.75% senior notes due 2029 and the i 5.625% senior notes due 2027. The following consolidating schedules present financial information on a consolidated basis in conformity with the SEC’s Regulation S-X Rule 3-10(d):

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONSOLIDATING BALANCE SHEET

(Millions of dollars, except share amounts)

September 30, 2019

Assets

Parent Company

Issuer

Guarantor Subsidiaries

Non-Guarantor Subsidiaries

Eliminations

Consolidated

Current assets

Cash and cash equivalents

i —

i 246.9

i 0.8

i —

i 247.7

Accounts receivable—trade, less allowance for doubtful accounts of $1.2 in 2019

i —

i 164.4

( i 0.1

)

i —

i 164.3

Inventories, at lower of cost or market

i —

i 233.8

i —

i 233.8

Prepaid expenses and other current assets

i —

i 18.9

i 0.2

i —

i 19.1

Total current assets

i —

i 664.0

i 0.9

i —

i 664.9

Property, plant and equipment, at cost less accumulated depreciation and amortization of $1,074.8 in 2019

i —

i 1,782.6

i 6.7

i —

i 1,789.3

Investments in subsidiaries

i 2,544.2

i 144.0

i —

( i 2,688.2

)

i —

Other assets

i —

i 162.5

i —

i 162.5

Total assets

i 2,544.2

i 2,753.1

i 7.6

i —

( i 2,688.2

)

i 2,616.7

Liabilities and Stockholders' Equity

Current liabilities

Current maturities of long-term debt

i —

i 21.3

i —

i 21.3

Inter-company accounts payable

i 139.0

i 58.9

( i 43.6

)

( i 154.3

)

i —

Trade accounts payable and accrued liabilities

i —

i 495.6

i —

i 495.6

Total current liabilities

i 139.0

i 575.8

( i 43.6

)

( i 154.3

)

i —

i 516.9

Long-term debt, including capitalized lease obligations

i —

i 966.4

i —

i 966.4

Deferred income taxes

i —

i 199.0

i —

i 199.0

Asset retirement obligations

i —

i 32.3

i —

i 32.3

Deferred credits and other liabilities

i —

i 123.1

i —

i 123.1

Total liabilities

i 139.0

i 1,896.6

( i 43.6

)

( i 154.3

)

i —

i 1,837.7

Stockholders' Equity

Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)

i —

Common Stock, par 0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at September 30, 2019)

i 0.5

i —

i 0.1

i —

( i 0.1

)

i 0.5

Treasury Stock (16,007,513 shares held at September 30, 2019)

( i 1,073.2

)

i —

( i 1,073.2

)

Additional paid in capital (APIC)

i 1,188.9

i 576.4

i 52.0

i 87.5

( i 1,368.4

)

i 536.4

Retained earnings

i 2,289.0

i 280.1

( i 0.9

)

i 66.8

( i 1,319.7

)

i 1,315.3

Total stockholders' equity

i 2,405.2

i 856.5

i 51.2

i 154.3

( i 2,688.2

)

i 779.0

Total liabilities and stockholders' equity

i 2,544.2

i 2,753.1

i 7.6

i —

( i 2,688.2

)

i 2,616.7

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONSOLIDATING BALANCE SHEET

(Millions of dollars, except share amounts)

December 31, 2018

Assets

Parent Company

Issuer

Guarantor Subsidiaries

Non-Guarantor Subsidiaries

Eliminations

Consolidated

Current assets

Cash and cash equivalents

i —

i 184.0

i 0.5

i —

i 184.5

Accounts receivable—trade, less allowance for doubtful accounts of $1.1 in 2018

i —

i 138.8

i —

i 138.8

Inventories, at lower of cost or market

i —

i 221.5

i —

i 221.5

Prepaid expenses and other current assets

i —

i 25.1

i 0.2

i —

i 25.3

Total current assets

i —

i 569.4

i 0.7

i —

i 570.1

Property, plant and equipment, at cost less accumulated depreciation and amortization of $974.2 in 2018

i —

i 1,745.9

i 2.3

i —

i 1,748.2

Investments in subsidiaries

i 2,437.0

i 144.4

i —

( i 2,581.4

)

i —

Other assets

i —

i 42.5

i —

i 42.5

Total assets

i 2,437.0

i 2,502.2

i 3.0

i —

( i 2,581.4

)

i 2,360.8

Liabilities and Stockholders' Equity

Current liabilities

Current maturities of long-term debt

i —

i 21.2

i —

i 21.2

Inter-company accounts payable

( i 0.1

)

i 203.0

( i 48.6

)

( i 154.3

)

i —

Trade accounts payable and accrued liabilities

i —

i 456.9

i —

i 456.9

Total current liabilities

( i 0.1

)

i 681.1

( i 48.6

)

( i 154.3

)

i —

i 478.1

Long-term debt, including capitalized lease obligations

i —

i 842.1

i —

i 842.1

Deferred income taxes

i —

i 192.2

i —

i 192.2

Asset retirement obligations

i —

i 30.7

i —

i 30.7

Deferred credits and other liabilities

i —

i 10.4

i —

i 10.4

Total liabilities

( i 0.1

)

i 1,756.5

( i 48.6

)

( i 154.3

)

i —

i 1,553.5

Stockholders' Equity

Preferred Stock, par $0.01 (authorized 20,000,000 shares, none outstanding)

i —

Common Stock, par $0.01 (authorized 200,000,000 shares, 46,767,164 shares issued at December 31, 2018)

i 0.5

i —

i 0.1

i —

( i 0.1

)

i 0.5

Treasury Stock (14,505,681 shares held at December 31, 2018)

( i 940.3

)

i —

( i 940.3

)

Additional paid in capital (APIC)

i 1,195.1

i 572.8

i 52.0

i 87.5

( i 1,368.4

)

i 539.0

Retained earnings

i 2,181.8

i 172.9

( i 0.5

)

i 66.8

( i 1,212.9

)

i 1,208.1

Total stockholders' equity

i 2,437.1

i 745.7

i 51.6

i 154.3

( i 2,581.4

)

i 807.3

Total liabilities and stockholders' equity

i 2,437.0

i 2,502.2

i 3.0

i —

( i 2,581.4

)

i 2,360.8

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONSOLIDATING INCOME STATEMENT

(Millions of dollars)

Three Months Ended September 30, 2019

Operating Revenues

Parent Company

Issuer

Guarantor Subsidiaries

Non-Guarantor Subsidiaries

Eliminations

Consolidated

Petroleum product sales

i —

i 2,965.5

i —

i 2,965.5

Merchandise sales

i —

i 681.1

i —

i 681.1

Other operating revenues

i —

i 11.0

i —

i 11.0

Total operating revenues

i —

i 3,657.6

i —

i 3,657.6

Operating Expenses

Petroleum product cost of goods sold

i —

i 2,749.6

i —

i 2,749.6

Merchandise cost of goods sold

i —

i 569.9

i —

i 569.9

Station and other operating expenses

i —

i 143.4

i —

i 143.4

Depreciation and amortization

i —

i 37.6

i —

i 37.6

Selling, general and administrative

i —

i 36.0

i —

i 36.0

Accretion of asset retirement obligations

i —

i 0.6

i —

i 0.6

Total operating expenses

i —

i 3,537.1

i —

i 3,537.1

Net settlement proceeds

i —

Gain (loss) on sale of assets

i —

i 0.2

i —

i 0.2

Income (loss) from operations

i —

i 120.7

i —

i 120.7

Other income (expense)

Interest income

i —

i 0.8

i —

i 0.8

Interest expense

i —

( i 15.3

)

i —

( i 15.3

)

Loss on early debt extinguishment

i —

( i 14.8

)

i —

( i 14.8

)

Other nonoperating income

i —

( i 0.1

)

i —

( i 0.1

)

Total other income (expense)

i —

( i 29.3

)

( i 0.1

)

i —

( i 29.4

)

Income (loss) before income taxes

i —

i 91.4

( i 0.1

)

i —

i 91.3

Income tax expense

i —

i 22.1

i —

i 22.1

Income (loss)

i —

i 69.3

( i 0.1

)

i —

i 69.2

Equity earnings in affiliates, net of tax

i 69.2

( i 0.1

)

i —

( i 69.1

)

i —

Net Income (Loss)

i 69.2

( i 0.1

)

i —

( i 69.1

)

i 69.2

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONSOLIDATING INCOME STATEMENT

(Millions of dollars)

Three Months Ended September 30, 2018

Operating Revenues

Parent Company

Issuer

Guarantor Subsidiaries

Non-Guarantor Subsidiaries

Eliminations

Consolidated

Petroleum product sales

i —

i 3,151.5

i —

i 3,151.5

Merchandise sales

i —

i 623.7

i —

i 623.7

Other operating revenues

i —

i 12.8

i —

i 12.8

Total operating revenues

i —

i 3,788.0

i —

i 3,788.0

Operating Expenses

Petroleum product cost of goods sold

i —

i 2,991.3

i —

i 2,991.3

Merchandise cost of goods sold

i —

i 519.2

i —

i 519.2

Station and other operating expenses

i —

i 139.7

i —

i 139.7

Depreciation and amortization

i —

i 34.2

i —

i 34.2

Selling, general and administrative

i —

i 32.6

i —

i 32.6

Accretion of asset retirement obligations

i —

i 0.5

i —

i 0.5

Total operating expenses

i —

i 3,717.5

i —

i 3,717.5

Net settlement proceeds

i —

Gain (loss) on sale of assets

i —

( i 0.5

)

i —

( i 0.5

)

Income (loss) from operations

i —

i 70.0

i —

i 70.0

Other income (expense)

Interest income

i —

i 0.2

i —

i 0.2

Interest expense

i —

( i 13.2

)

i —

( i 13.2

)

Other nonoperating income

i —

Total other income (expense)

i —

( i 13.0

)

i —

( i 13.0

)

Income (loss) before income taxes

i —

i 57.0

i —

i 57.0

Income tax expense

i —

i 12.0

i —

i 12.0

Income (loss)

i —

i 45.0

i —

i 45.0

Equity earnings in affiliates, net of tax

i 45.0

i —

( i 45.0

)

i —

Net Income (Loss)

i 45.0

i —

( i 45.0

)

i 45.0

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONSOLIDATING INCOME STATEMENT

(Millions of dollars)

Nine Months Ended September 30, 2019

Operating Revenues

Parent Company

Issuer

Guarantor Subsidiaries

Non-Guarantor Subsidiaries

Eliminations

Consolidated

Petroleum product sales

i —

i 8,595.0

i —

i 8,595.0

Merchandise sales

i —

i 1,946.1

i —

i 1,946.1

Other operating revenues

i —

i 33.3

i —

i 33.3

Total operating revenues

i —

i 10,574.4

i —

i 10,574.4

Operating Expenses

Petroleum product cost of goods sold

i —

i 8,104.8

i —

i 8,104.8

Merchandise cost of goods sold

i —

i 1,631.9

i —

i 1,631.9

Station and other operating expenses

i —

i 421.8

i —

i 421.8

Depreciation and amortization

i —

i 113.8

i —

i 113.8

Selling, general and administrative

i —

i 105.7

i —

i 105.7

Accretion of asset retirement obligations

i —

i 1.6

i —

i 1.6

Total operating expenses

i —

i 10,379.6

i —

i 10,379.6

Net settlement proceeds

i —

i 0.1

i —

i 0.1

Gain (loss) on sale of assets

i —

i 0.1

i —

i 0.1

Income (loss) from operations

i —

i 195.0

i —

i 195.0

Other income (expense)

Interest income

i —

i 2.4

i —

i 2.4

Interest expense

i —

( i 42.1

)

i —

( i 42.1

)

Loss on early debt extinguishment

i —

( i 14.8

)

i —

( i 14.8

)

Other nonoperating income

i —

i 0.5

( i 0.5

)

i —

Total other income (expense)

i —

( i 54.0

)

( i 0.5

)

i —

( i 54.5

)

Income (loss) before income taxes

i —

i 141.0

( i 0.5

)

i —

i 140.5

Income tax expense

i —

i 33.4

( i 0.1

)

i —

i 33.3

Income (loss)

i —

i 107.6

( i 0.4

)

i —

i 107.2

Equity earnings in affiliates, net of tax

i 107.2

( i 0.4

)

i —

( i 106.8

)

i —

Net Income (Loss)

i 107.2

( i 0.4

)

i —

( i 106.8

)

i 107.2

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONSOLIDATING INCOME STATEMENT

(Millions of dollars)

Nine Months Ended September 30, 2018

Operating Revenues

Parent Company

Issuer

Guarantor Subsidiaries

Non-Guarantor Subsidiaries

Eliminations

Consolidated

Petroleum product sales

i —

i 8,982.8

i —

i 8,982.8

Merchandise sales

i —

i 1,807.5

i —

i 1,807.5

Other operating revenues

i —

i 70.9

i —

i 70.9

Total operating revenues

i —

i 10,861.2

i —

i 10,861.2

Operating Expenses

Petroleum product cost of goods sold

i —

i 8,584.9

i —

i 8,584.9

Merchandise cost of goods sold

i —

i 1,509.2

i —

i 1,509.2

Station and other operating expenses

i —

i 401.9

i —

i 401.9

Depreciation and amortization

i —

i 99.0

i —

i 99.0

Selling, general and administrative

i —

i 102.3

i —

i 102.3

Accretion of asset retirement obligations

i —

i 1.5

i —

i 1.5

Total operating expenses

i —

i 10,698.8

i —

i 10,698.8

Net settlement proceeds

i —

i 50.4

i —

i 50.4

Gain (loss) on sale of assets

i —

( i 0.7

)

i —

( i 0.7

)

Income (loss) from operations

i —

i 212.1

i —

i 212.1

Other income (expense)

Interest income

i —

i 0.8

i —

i 0.8

Interest expense

i —

( i 39.6

)

i —

( i 39.6

)

Other nonoperating income

i —

i 0.2

( i 0.1

)

i —

i 0.1

Total other income (expense)

i —

( i 38.6

)

( i 0.1

)

i —

( i 38.7

)

Income (loss) before income taxes

i —

i 173.5

( i 0.1

)

i —

i 173.4

Income tax expense

i —

i 37.3

i —

i 37.3

Income (loss)

i —

i 136.2

( i 0.1

)

i —

i 136.1

Equity earnings in affiliates, net of tax

i 136.1

( i 0.1

)

i —

( i 136.0

)

i —

Net Income (Loss)

i 136.1

( i 0.1

)

i —

( i 136.0

)

i 136.1

Murphy USA Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

CONSOLIDATING STATEMENT OF CASH FLOW

(Millions of dollars)

Nine Months Ended September 30, 2019

Operating Activities

Parent Company

Issuer

Guarantor Subsidiaries

Non-Guarantor Subsidiaries

Eliminations

Consolidated

Net income (loss)

i 107.2

( i 0.4

)

i —

( i 106.8

)

i 107.2

Adjustments to reconcile net income (loss) to net cash provided by (required by) operating activities

Depreciation and amortization

i —

i 113.8

i —

i 113.8

Deferred and noncurrent income tax charges (credits)

i —

i 6.9

i —

i 6.9

Accretion of asset retirement obligations

i —

i 1.6

i —

i 1.6

(Gain) loss on sale of assets

i —

( i 0.1

)

i —

( i 0.1

)

Net (increase) decrease in noncash operating working capital

i —

( i 3.6

)

( i 0.1

)

i —

( i 3.7

)

Equity in earnings of affiliates

( i 107.2

)

i 0.4

i —

i 106.8

i —

Loss on early debt extinguishment

i —

i 14.8

i —

i 14.8

Other operating activities - net

i —

i 11.1

i —

i 11.1

Net cash provided by (required by) operating activities

i —

i 252.1

( i 0.5

)

i —

i 251.6

Investing Activities

Property additions

i —

( i 149.3

)

( i 4.4

)

i —

( i 153.7

)

Proceeds from sale of assets

i —

i 2.4

i —

i 2.4

Other investing activities - net

i —

( i 0.7

)

i —

( i 0.7

)

Net cash provided by (required by) investing activities

i —

( i 147.6

)

( i 4.4

)

i —

( i 152.0

)

Financing Activities

Purchase of treasury stock

( i 139.1

)

i —

( i 139.1

)

Borrowings of debt

i —

i 693.7

i —

i 693.7

Repayments of debt

i —

( i 573.1

)

i —

( i 573.1

)

Debt issuance costs

i —

( i 3.1

)

i —

( i 3.1

)

Early debt extinguishment costs

i —

( i 10.4

)

i —

( i 10.4

)

Amounts related to share-based compensation

i —

( i 4.4

)

i —

( i 4.4

)

Net distributions to parent

i 139.1

( i 144.3

)

i 5.2

i —

Net cash provided by (required by) financing activities

i —

( i 41.6

)

i 5.2

i —

( i 36.4

)

Net increase (decrease) in cash and cash equivalents

i —

i 62.9

i 0.3

i —

i 63.2

Cash, cash equivalents, and restricted cash at January 1

i —

i 184.0

i 0.5

i —

i 184.5

Cash, cash equivalents, and restricted cash at September 30

i —

i 246.9

i 0.8

i —

i 247.7

Reconciliation of Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents at beginning of period

i —

i 184.0

i 0.5

i —

i 184.5

Restricted cash at beginning of period

i —

Cash, cash equivalents, and restricted cash at beginning of period

i —

i 184.0

i 0.5

i —

i 184.5

Cash and cash equivalents at end of period

i —

i 246.9

i 0.8

i —

i 247.7

Restricted cash at end of period

i —

Cash, cash equivalents, and restricted cash at end of period

i —

i 246.9

i 0.8

i —

i 247.7



(Millions of dollars, except revenue per store month (in thousands) and store counts)	Three Months Ended September 30,				Nine Months Ended September 30,
Marketing Segment	2019		2018		2019		2018

Total tobacco sales revenue same store sales^1,2	$	112.3	$	104.7	$	106.0	$	100.7
Total non-tobacco sales revenue same store sales^1,2	42.0		40.0		41.3		39.3
Total merchandise sales revenue same store sales^1,2	$	154.3	$	144.7	$	147.3	$	140.0
¹2018 amounts not revised for 2018 raze-and-rebuild activity
²SSS metric does not reflect loyalty program activity. See Note 2 "Revenues" in the consolidated financial statements of this Form 10-Q



Store count at end of period	1,479	1,461	1,479	1,461
Total store months during the period	4,398	4,327	13,185	12,974



	Three Months Ended September 30,				Nine Months Ended September 30,
Key Operating Metrics	2019		2018		2019		2018
Total retail fuel contribution ($ Millions)	$	206.4	$	151.4	$	446.3	$	375.5
Total PS&W contribution ($ Millions)	10.7		9.7		46.6		24.7
RINs and other (included in Other operating revenues on Consolidated Income Statement) ($ Millions)	8.5		11.6		28.6		67.3
Total fuel contribution ($ Millions)	$	225.6	$	172.7	$	521.5	$	467.5
Retail fuel volume - chain (Million gal)	1,120.6		1,064.2		3,302.6		3,143.4
Retail fuel volume - per site (K gal APSM)	254.8		245.9		250.5		242.3
Retail fuel volume - per site (K gal SSS)*	249.5		243.7		245.9		241.4
Total fuel contribution (including retail, PS&W and RINs) (cpg)	20.1		16.2		15.8		14.9
Retail fuel margin (cpg)	18.4		14.2		13.5		11.9
PS&W including RINs contribution (cpg)	1.7		2.0		2.3		3.0
*2018 amounts not revised for 2019 raze-and-rebuild activity



	Three Months Ended September 30,						Nine Months Ended September 30,
Key Operating Metrics	2019			2018			2019			2018
Total merchandise contribution ($ Millions)	$	111.2		$	104.5		$	314.2		$	298.3
Total merchandise sales ($ Millions)	$	681.1		$	623.7		$	1,946.1		$	1,807.5
Total merchandise sales ($K SSS)^1,2	$	154.3		$	144.7		$	147.3		$	140.0
Merchandise unit margin (%)	16.3		%	16.8		%	16.1		%	16.5		%
Tobacco contribution ($K SSS)^1,2	$	15.5		$	14.2		$	14.4		$	13.6
Non-tobacco contribution ($K SSS)^1,2	$	10.2		$	10.2		$	9.8		$	9.6
Total merchandise contribution ($K SSS)^1,2	$	25.7		$	24.4		$	24.2		$	23.2
¹2018 amounts not revised for 2019 raze-and-rebuild activity
²SSS metric does not reflect loyalty program activity. See Note 2 "Revenues" in the consolidated financial statements of this Form 10-Q



	Issuer Purchases of Equity Securities
				Total Number	Approximate
				of Shares	Dollar Value of
				Purchased as	Shares That May
	Total Number	Average		Part of Publicly	Yet Be Purchased
	of Shares	Price Paid		Announced Plans	Under the Plans
Period Duration	Purchased	Per Share		or Programs	or Programs 1, 2
July 1, 2019 to July 31, 2019	105,703	$	85.34	105,703	$	—
August 1, 2019 to August 31, 2019	851,191	90.25		851,191	324,822,861
September 1, 2019 to September 30, 2019	261,083	88.81		261,083	301,636,488
Three Months Ended September 30, 2019	1,217,977	$	89.51	1,217,977	$	301,636,488

Murphy USA Inc. – ‘10-Q’ for 9/30/19

On: Thursday, 10/31/19, at 4:38pm ET · For: 9/30/19 · Accession #: 1573516-19-56 · File #: 1-35914

Previous ‘10-Q’: ‘10-Q’ on 8/8/19 for 6/30/19 · Next: ‘10-Q’ on 4/30/20 for 3/31/20 · Latest: ‘10-Q’ on 11/2/23 for 9/30/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference



Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3. Quantitative and Qualitative Disclosures About Market Risk	46
Item 4. Controls and Procedures	47

Part II – Other Information
Item 1. Legal Proceedings	47
Item 1A. Risk Factors	47
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 5. Other Information	48
Item 6. Exhibits	48
Signatures	49


•	Executive Overview—This section provides an overview of our business and the results of operations and financial condition for the periods presented. It includes information on the basis of presentation with respect to the amounts presented in the Management’s Discussion and Analysis and a discussion of the trends affecting our business.


•	Results of Operations—This section provides an analysis of our results of operations, including the results of our operating segment for the three and nine months ended September 30, 2019 and 2018.


•	Capital Resources and Liquidity—This section provides a discussion of our financial condition and cash flows as of and for the three and nine months ended September 30, 2019 and 2018. It also includes a discussion of our capital structure and available sources of liquidity.


•	Critical Accounting Policies—This section describes the accounting policies and estimates that we consider most important for our business and that require significant judgment.


•	Results for 2018 included net settlement proceeds of $37.7 million (after tax) from the 2010 Deepwater Horizon oil spill recorded in Corporate and other assets compared to none in the current year



	Variance from prior year				Variance from prior year
	Three months ended				Nine months ended
	September 30, 2019				September 30, 2019
	SSS*		APSM		SSS*		APSM
Fuel gallons per month	2.7	%	3.6	%	2.8	%	3.4	%

Merchandise sales	7.2	%	7.4	%	6.2	%	5.9	%
Tobacco sales	8.7	%	8.5	%	7.1	%	6.4	%
Non-tobacco sales	3.3	%	5.4	%	4.0	%	5.7	%

Merchandise margin	6.0	%	4.7	%	5.3	%	3.6	%
Tobacco margin	10.8	%	9.5	%	8.2	%	6.7	%
Non-tobacco margin	(0.5	)%	1.4	%	1.2	%	3.0	%
^SSS metric does not reflect loyalty program activity. See Note 2 "Revenues"* in the consolidated financial statements of this Form 10-Q



Net settlement proceeds	—			—		(0.1		)	(50.4		)
Accretion of asset retirement obligations	0.6			0.5		1.6			1.5
(Gain) loss on sale of assets	(0.2		)	0.5		(0.1		)	0.7
Loss on early debt extinguishment	14.8			—		14.8			—
Other nonoperating (income) expense	0.1			—		—			(0.1		)
Adjusted EBITDA	$	158.7		$	105.2	$	310.2		$	262.9



	EXHIBIT INDEX
Exhibit Number	Description

4.1	Indenture dated as of September 13, 2019 amount Murphy Oil USA, Inc., Murphy USA Inc., as a guarantor, the other guarantor party thereto and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.1 to Murphy USA's Current Report on Form 8-K filed September 13, 2019)
10.1	Amended and Restated Credit Agreement, dated as of August 27, 2019, among Murphy Oil USA, Inc.as borrower, Murphy USA Inc., certain subsidiaries of Murphy Oil USA, Inc. as borrowing subsidiaries, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to Murphy USA's Current Report on Form 8-K as filed August 29, 2019)
31.1*	Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Principal Executive Officer
31.2*	Certification required by Rule 13a-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Principal Financial Officer
32.1*	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Principal Executive Officer
32.2*	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Principal Financial Officer
101. INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101. SCH*	Inline XBRL Taxonomy Extension Schema Document
101. CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101. LAB*	Inline XBRL Taxonomy Extension Labels Linkbase Document
101. PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

This ‘10-Q’ Filing	Date	Other Filings

	7/31/21
	1/1/20
	12/31/19	10-K, 11-K, 5
Filed on:	10/31/19
For Period end:	9/30/19
	9/13/19	8-K
	9/1/19
	8/31/19
	8/27/19	8-K
	8/1/19
	7/31/19	8-K
	7/24/19
	7/1/19
	6/30/19	10-Q
	3/31/19	10-Q
	3/26/19
	2/19/19	10-K
	2/6/19	4, SC 13G/A
	1/1/19
	12/31/18	10-K, 11-K, 5
	9/30/18	10-Q
	6/30/18	10-Q
	3/31/18	10-Q
	1/1/18
	12/31/17	10-K, 11-K, 5
	4/25/17	8-K
	2/8/17	4
	8/30/13	4, 4/A
	8/8/13
		List all Filings

Murphy USA Inc. – ‘10-Q’ for 9/30/19

On: Thursday, 10/31/19, at 4:38pm ET · For: 9/30/19 · Accession #: 1573516-19-56 · File #: 1-35914

Previous ‘10-Q’: ‘10-Q’ on 8/8/19 for 6/30/19 · Next: ‘10-Q’ on 4/30/20 for 3/31/20 · Latest: ‘10-Q’ on 11/2/23 for 9/30/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents