2016 Q4 Form 10-Q Financial Statement

#000153884916000126 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $501.5M $488.0M $627.8M
YoY Change 7.18% -22.28% -24.16%
Cost Of Revenue $462.7M $448.8M $576.8M
YoY Change 8.03% -22.19% -27.12%
Gross Profit $38.72M $39.14M $50.97M
YoY Change -2.2% -23.21% 40.43%
Gross Profit Margin 7.72% 8.02% 8.12%
Selling, General & Admin $6.100M $6.142M $8.443M
YoY Change -37.11% -27.25% 20.82%
% of Gross Profit 15.75% 15.69% 16.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.80M $13.43M $13.43M
YoY Change 15.97% 0.01% 60.49%
% of Gross Profit 35.64% 34.32% 26.35%
Operating Expenses $31.60M $33.80M $42.24M
YoY Change -1.25% -19.99% 51.87%
Operating Profit $6.901M $9.993M $14.83M
YoY Change -13.15% -32.62% 75.92%
Interest Expense -$6.400M $5.634M $4.867M
YoY Change 39.13% 15.76% -5.71%
% of Operating Profit -92.74% 56.38% 32.82%
Other Income/Expense, Net $500.0K -$59.00K $87.00K
YoY Change 400.0% -167.82% -5.43%
Pretax Income $1.000M $4.300M $10.05M
YoY Change -70.59% -57.21% 199.11%
Income Tax -$1.300M $1.308M -$134.0K
% Of Pretax Income -130.0% 30.42% -1.33%
Net Earnings $2.322M $2.989M $10.16M
YoY Change -44.9% -70.59% 144.13%
Net Earnings / Revenue 0.46% 0.61% 1.62%
Basic Earnings Per Share $0.04 $0.06 $0.29
Diluted Earnings Per Share $0.04 $0.06 $0.29
COMMON SHARES
Basic Shares Outstanding 33.51M shares 33.40M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $2.900M $1.900M
YoY Change 16.67% 52.63% -42.42%
Cash & Equivalents $1.350M $2.897M $1.860M
Short-Term Investments
Other Short-Term Assets $6.556M $7.262M $9.501M
YoY Change 32.61% -23.57% 8.31%
Inventory $13.16M $12.64M $17.37M
Prepaid Expenses
Receivables $29.25M $22.48M $30.35M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $65.41M $62.35M $70.65M
YoY Change 12.54% -11.74% -14.03%
LONG-TERM ASSETS
Property, Plant & Equipment $677.3M $677.7M $632.2M
YoY Change 7.76% 7.19% 83.69%
Goodwill $89.11M $89.11M $80.19M
YoY Change 10.25% 11.13% 169.84%
Intangibles $80.76M $84.68M $83.87M
YoY Change -1.89% 0.96% 13.87%
Long-Term Investments
YoY Change
Other Assets $19.38M $20.08M $15.84M
YoY Change 66.74% 26.8% 60.8%
Total Long-Term Assets $866.6M $871.6M $812.1M
YoY Change 7.87% 7.32% 74.2%
TOTAL ASSETS
Total Short-Term Assets $65.41M $62.35M $70.65M
Total Long-Term Assets $866.6M $871.6M $812.1M
Total Assets $932.0M $933.9M $882.8M
YoY Change 8.19% 5.8% 60.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.90M $34.78M $47.69M
YoY Change 7.14% -27.08% 14.21%
Accrued Expenses $15.71M $14.48M $19.18M
YoY Change -5.08% -24.52% 47.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.100M $2.852M $8.276M
YoY Change -72.4% -65.54% -68.53%
Total Short-Term Liabilities $75.13M $71.35M $86.22M
YoY Change 0.31% -17.24% -8.5%
LONG-TERM LIABILITIES
Long-Term Debt $465.1M $506.0M $428.4M
YoY Change 8.0% 18.12% 192.53%
Other Long-Term Liabilities $100.3M $48.92M $38.25M
YoY Change 112.39% 27.89% 140.29%
Total Long-Term Liabilities $100.3M $48.92M $466.6M
YoY Change -79.02% -89.52% 187.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.13M $71.35M $86.22M
Total Long-Term Liabilities $100.3M $48.92M $466.6M
Total Liabilities $711.2M $697.4M $597.8M
YoY Change 20.01% 16.66% 77.02%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $221.0M $236.8M $285.1M
YoY Change
Total Liabilities & Shareholders Equity $932.0M $933.9M $882.8M
YoY Change 8.19% 5.8% 60.97%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $2.322M $2.989M $10.16M
YoY Change -44.9% -70.59% 144.13%
Depreciation, Depletion And Amortization $13.80M $13.43M $13.43M
YoY Change 15.97% 0.01% 60.49%
Cash From Operating Activities $15.70M $26.70M $32.40M
YoY Change 0.64% -17.59% 449.15%
INVESTING ACTIVITIES
Capital Expenditures -$9.200M -$6.100M -$6.800M
YoY Change -246.03% -10.29% -283.78%
Acquisitions
YoY Change
Other Investing Activities $2.600M -$23.70M -$178.0M
YoY Change -137.68% -86.69% 2968.97%
Cash From Investing Activities -$6.600M -$29.80M -$184.7M
YoY Change 1000.0% -83.87% 8695.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.70M 2.800M 149.6M
YoY Change -31.41% -98.13% -10785.71%
NET CHANGE
Cash From Operating Activities 15.70M 26.70M 32.40M
Cash From Investing Activities -6.600M -29.80M -184.7M
Cash From Financing Activities -10.70M 2.800M 149.6M
Net Change In Cash -1.600M -300.0K -2.700M
YoY Change 166.67% -88.89% -212.5%
FREE CASH FLOW
Cash From Operating Activities $15.70M $26.70M $32.40M
Capital Expenditures -$9.200M -$6.100M -$6.800M
Free Cash Flow $24.90M $32.80M $39.20M
YoY Change 167.74% -16.33% 1681.82%

Facts In Submission

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0.23
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.18
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2015Q4 us-gaap Environmental Exit Costs Assets Previously Disposed Liability For Remediation
EnvironmentalExitCostsAssetsPreviouslyDisposedLiabilityForRemediation
7000000 USD
CY2016Q3 us-gaap Environmental Exit Costs Assets Previously Disposed Liability For Remediation
EnvironmentalExitCostsAssetsPreviouslyDisposedLiabilityForRemediation
6500000 USD
CY2015Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
28224000 USD
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
75448000 USD
CY2016Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
19698000 USD
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
59902000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
40452000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
50829000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
122767000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
135507000 USD
CY2015Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1907000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
2359000 USD
CY2016Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
631000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
525000 USD
us-gaap Gain Loss On Sale Of Capital Leases Net
GainLossOnSaleOfCapitalLeasesNet
25000 USD
us-gaap Gain Loss On Sale Of Capital Leases Net
GainLossOnSaleOfCapitalLeasesNet
0 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
2359000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
525000 USD
CY2015Q4 us-gaap Goodwill
Goodwill
80821000 USD
CY2016Q3 us-gaap Goodwill
Goodwill
89109000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
8288000 USD
us-gaap Goodwill Transfers
GoodwillTransfers
0 USD
CY2015Q3 us-gaap Gross Profit
GrossProfit
50969000 USD
us-gaap Gross Profit
GrossProfit
129867000 USD
CY2016Q3 us-gaap Gross Profit
GrossProfit
39138000 USD
us-gaap Gross Profit
GrossProfit
116843000 USD
CY2015Q3 us-gaap Incentive Distribution Distribution Per Year
IncentiveDistributionDistributionPerYear
428000 USD
us-gaap Incentive Distribution Distribution Per Year
IncentiveDistributionDistributionPerYear
793000 USD
CY2016Q3 us-gaap Incentive Distribution Distribution Per Year
IncentiveDistributionDistributionPerYear
877000 USD
us-gaap Incentive Distribution Distribution Per Year
IncentiveDistributionDistributionPerYear
2456000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10050000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4519000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4300000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9242000 USD
CY2015Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4198000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6473000 USD
CY2016Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4022000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
12318000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-134000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2722000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1308000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
851000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
970000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1366000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
407000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2055000 USD
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-811000 USD
CY2015Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
8867000 USD
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
1021000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3904000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
941000 USD
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-768000 USD
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-2281000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
6286000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1644000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
397000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-1117000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
5156000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-69000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6867000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5424000 USD
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-156000 USD
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-3197000 USD
us-gaap Increase Decrease In Other Current Assets And Liabilities Net
IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
156000 USD
us-gaap Increase Decrease In Other Current Assets And Liabilities Net
IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
3197000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
584000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-3484000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1122000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-3339000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2534000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1249000 USD
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
82315000 USD
CY2016Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
84678000 USD
CY2015Q3 us-gaap Interest Expense
InterestExpense
4867000 USD
us-gaap Interest Expense
InterestExpense
13888000 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
5634000 USD
us-gaap Interest Expense
InterestExpense
16403000 USD
us-gaap Interest Paid
InterestPaid
12604000 USD
us-gaap Interest Paid
InterestPaid
15355000 USD
CY2015Q4 us-gaap Inventory Crude Oil Products And Merchandise
InventoryCrudeOilProductsAndMerchandise
4385000 USD
CY2016Q3 us-gaap Inventory Crude Oil Products And Merchandise
InventoryCrudeOilProductsAndMerchandise
3673000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
15739000 USD
CY2016Q3 us-gaap Inventory Net
InventoryNet
12641000 USD
CY2015Q4 us-gaap Land
Land
251632000 USD
CY2016Q3 us-gaap Land
Land
276251000 USD
CY2016Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
10116000 USD
CY2015Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
16000000 USD
CY2016Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4300000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
592588000 USD
CY2016Q3 us-gaap Liabilities
Liabilities
697381000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
861444000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
933946000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
74898000 USD
CY2016Q3 us-gaap Liabilities Current
LiabilitiesCurrent
71351000 USD
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.196
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
358400000 USD
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
358412000 USD
CY2016Q3 us-gaap Line Of Credit
LineOfCredit
454500000 USD
CY2016Q3 us-gaap Line Of Credit
LineOfCredit
454500000 USD
CY2016Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
550000000 USD
CY2016Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
57000000 USD
us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
2465000 USD
us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
0 USD
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
436038000 USD
CY2016Q3 us-gaap Long Term Debt
LongTermDebt
510276000 USD
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
430632000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
505976000 USD
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
444380000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
513128000 USD
CY2015Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
8342000 USD
CY2016Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
2852000 USD
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo
57000 USD
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
454500000 USD
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
765000 USD
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
14000 USD
CY2015Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
140264000 USD
CY2016Q3 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
167307000 USD
us-gaap Management Fee Expense
ManagementFeeExpense
856000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
248731000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
28295000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-310941000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-90288000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
48900000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
63698000 USD
CY2015Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
9735000 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
6434000 USD
CY2016Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
2112000 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
5926000 USD
CY2015Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
10163000 USD
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
7227000 USD
CY2016Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
2989000 USD
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
8382000 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
21000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14000 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
9000 USD
CY2015Q3 us-gaap Net Income Loss Per Outstanding General Partnership Unit Net Of Tax
NetIncomeLossPerOutstandingGeneralPartnershipUnitNetOfTax
0.26
us-gaap Net Income Loss Per Outstanding General Partnership Unit Net Of Tax
NetIncomeLossPerOutstandingGeneralPartnershipUnitNetOfTax
0.10
CY2016Q3 us-gaap Net Income Loss Per Outstanding General Partnership Unit Net Of Tax
NetIncomeLossPerOutstandingGeneralPartnershipUnitNetOfTax
0.03
us-gaap Net Income Loss Per Outstanding General Partnership Unit Net Of Tax
NetIncomeLossPerOutstandingGeneralPartnershipUnitNetOfTax
0.07
CY2015Q4 us-gaap Notes Payable
NotesPayable
876000 USD
CY2016Q3 us-gaap Notes Payable
NotesPayable
836000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2015Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
20370000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
57781000 USD
CY2016Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
14224000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
45754000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
42244000 USD
us-gaap Operating Expenses
OperatingExpenses
120628000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
33798000 USD
us-gaap Operating Expenses
OperatingExpenses
104416000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14830000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
18071000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
9993000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
25270000 USD
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4387000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
12317000 USD
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
5103000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
14870000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
4944000 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
7262000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11625000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
20080000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
20284000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
48919000 USD
CY2015Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
26250000 USD
CY2016Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
0 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
87000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
336000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-59000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
375000 USD
CY2015Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
144000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1172000 USD
CY2016Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
671000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1447000 USD
CY2015Q4 us-gaap Partners Capital
PartnersCapital
268991000 USD
CY2016Q3 us-gaap Partners Capital
PartnersCapital
236776000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
62228000 USD
us-gaap Partners Capital Account Exchanges And Conversions
PartnersCapitalAccountExchangesAndConversions
0 USD
us-gaap Partners Capital Account Return Of Capital
PartnersCapitalAccountReturnOfCapital
18200000 USD
us-gaap Partners Capital Account Treasury Units Purchases
PartnersCapitalAccountTreasuryUnitsPurchases
3252000 USD
CY2016Q1 us-gaap Partners Capital Account Treasury Units Reissued
PartnersCapitalAccountTreasuryUnitsReissued
2752240 USD
CY2016Q2 us-gaap Partners Capital Account Treasury Units Reissued
PartnersCapitalAccountTreasuryUnitsReissued
500413 USD
CY2016Q3 us-gaap Partners Capital Account Treasury Units Reissued
PartnersCapitalAccountTreasuryUnitsReissued
0 USD
us-gaap Partners Capital Account Treasury Units Reissued
PartnersCapitalAccountTreasuryUnitsReissued
3252653 USD
CY2016Q1 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
7525000 shares
CY2016Q1 us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
112492 shares
CY2016Q2 us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
20971 shares
CY2016Q3 us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
0 shares
us-gaap Partners Capital Account Units Treasury
PartnersCapitalAccountUnitsTreasury
133463 shares
CY2015Q4 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
-135000 USD
CY2016Q3 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
-211000 USD
CY2015Q4 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
268856000 USD
CY2016Q3 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
236565000 USD
us-gaap Partners Capital Other
PartnersCapitalOther
-429000 USD
us-gaap Payment For Management Fee
PaymentForManagementFee
-5417000 USD
us-gaap Payment For Management Fee
PaymentForManagementFee
-7600000 USD
us-gaap Payments For Postemployment Benefits
PaymentsForPostemploymentBenefits
1809000 USD
us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
0 USD
us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
-335000 USD
us-gaap Payments For Rent
PaymentsForRent
1800000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3252000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
2900000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
793000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
2456000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
89000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
85000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
45361000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
59687000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
167778000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
94174000 USD
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
141925000 USD
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
2900000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7605000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11567000 USD
CY2015Q4 us-gaap Postemployment Benefits Liability Current And Noncurrent
PostemploymentBenefitsLiabilityCurrentAndNoncurrent
1665000 USD
CY2016Q3 us-gaap Postemployment Benefits Liability Current And Noncurrent
PostemploymentBenefitsLiabilityCurrentAndNoncurrent
187000 USD
us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
331000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1931000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
215000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
17528000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
144873000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
334652000 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
178270000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4436000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
610000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
10184000 USD
us-gaap Profit Loss
ProfitLoss
7241000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
2992000 USD
us-gaap Profit Loss
ProfitLoss
8391000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
722959000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
799516000 USD
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
-1333000 USD
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
0 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
628564000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
677730000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
462000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
93000 USD
CY2016Q3 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
5700000 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
14700000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
185052000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
82182000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1964000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2313000 USD
CY2015Q4 us-gaap Retail Related Inventory
RetailRelatedInventory
11354000 USD
CY2016Q3 us-gaap Retail Related Inventory
RetailRelatedInventory
8968000 USD
CY2015Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
126932000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
365072000 USD
CY2016Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
99891000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
280330000 USD
CY2015Q3 us-gaap Revenues
Revenues
627802000 USD
us-gaap Revenues
Revenues
1758395000 USD
CY2016Q3 us-gaap Revenues
Revenues
487950000 USD
us-gaap Revenues
Revenues
1368334000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
627802000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1758395000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
487950000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1368334000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8443000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26503000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6142000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18068000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3840000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2597000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
11476 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
155000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
102000 shares
CY2016Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
145137 shares
CY2016Q2 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
83218 shares
CY2016Q3 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
101087 shares
us-gaap Share Based Goods And Nonemployee Services Transaction Stockholders Equity
ShareBasedGoodsAndNonemployeeServicesTransactionStockholdersEquity
4352000 USD
us-gaap Share Based Goods And Nonemployee Services Transaction Stockholders Equity
ShareBasedGoodsAndNonemployeeServicesTransactionStockholdersEquity
8290000 USD
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000 USD
CY2016Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
18644689 USD
CY2016Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
18144276 USD
CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
18144276 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
9818000 USD
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
10935000 USD
CY2016Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.47
CY2016Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.86
CY2016Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.00
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.37
CY2016Q3 us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
100000 USD
us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
300000 USD
CY2015Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
25518876 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
20043565 shares
CY2016Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
33366380 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
31714462 shares
CY2015Q3 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
7525000 shares
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
7525000 shares
CY2016Q3 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
0 shares
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
1537956 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration Risk</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we distributed approximately </font><font style="font-family:inherit;font-size:10pt;">16%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">17%</font><font style="font-family:inherit;font-size:10pt;"> of our total wholesale distribution volumes to DMS and DMS accounted for approximately </font><font style="font-family:inherit;font-size:10pt;">25%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">27%</font><font style="font-family:inherit;font-size:10pt;"> of our rental income, respectively. For more information regarding transactions with DMS, see Note </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> of the Condensed Notes to Consolidated Financial Statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valero supplied substantially all of the motor fuel purchased by CST Fuel Supply during all periods presented. During the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, CST Fuel Supply purchased approximately </font><font style="font-family:inherit;font-size:10pt;">0.5 billion</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">1.4 billion</font><font style="font-family:inherit;font-size:10pt;"> gallons, respectively, of motor fuel from Valero.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we distributed </font><font style="font-family:inherit;font-size:10pt;">8%</font><font style="font-family:inherit;font-size:10pt;"> of our total wholesale distribution volume to CST convenience stores that are not supplied by CST Fuel Supply and received </font><font style="font-family:inherit;font-size:10pt;">21%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">22%</font><font style="font-family:inherit;font-size:10pt;"> of our rental income from CST, respectively.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we received </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of our rental income from a third party dealer that operates certain of the sites acquired through the PMI and One Stop acquisitions.</font></div></div>
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table shows the purchases during the </font><font style="font-family:inherit;font-size:10pt;">nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.42300194931774%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:34%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total Number of Units Purchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Average Price Paid per Unit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total Cost of Units Purchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Amount Remaining under the Program</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 1 - March 31, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112,492</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24.47</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,752,240</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,644,689</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 1 - June 30, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,971</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23.86</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500,413</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,144,276</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July 1 - September 30, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,144,276</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 1 - September 30, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">133,463</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24.37</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,252,653</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,144,276</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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