$MUSA
Murphy USA Inc

2016 Q2 Form 10-Q Financial Statement

#000157351616000066 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $3.006B $3.468B
YoY Change -13.33% -26.12%
Cost Of Revenue $496.8M $488.5M
YoY Change 1.69% -89.04%
Gross Profit $2.509B $2.979B
YoY Change -15.79% 892.82%
Gross Profit Margin 83.47% 85.91%
Selling, General & Admin $32.32M $32.89M
YoY Change -1.72% 10.73%
% of Gross Profit 1.29% 1.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.70M $21.30M
YoY Change 11.27% 8.67%
% of Gross Profit 0.94% 0.71%
Operating Expenses $32.32M $32.89M
YoY Change -1.72% -82.02%
Operating Profit $83.97M $51.99M
YoY Change 61.53% -55.64%
Interest Expense $10.21M $8.329M
YoY Change 22.58% -179.32%
% of Operating Profit 12.16% 16.02%
Other Income/Expense, Net -$9.875M -$13.19M
YoY Change -25.14% -1565.67%
Pretax Income $74.10M $38.80M
YoY Change 90.98% -58.68%
Income Tax $27.79M $13.98M
% Of Pretax Income 37.5% 36.02%
Net Earnings $46.30M $26.20M
YoY Change 76.72% -64.21%
Net Earnings / Revenue 1.54% 0.76%
Basic Earnings Per Share $1.18 $0.59
Diluted Earnings Per Share $1.17 $0.59
COMMON SHARES
Basic Shares Outstanding 39.36M shares 44.08M shares
Diluted Shares Outstanding 39.72M shares 44.41M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $254.2M $121.4M
YoY Change 109.39% -53.34%
Cash & Equivalents $254.2M $120.5M
Short-Term Investments
Other Short-Term Assets $17.10M $27.50M
YoY Change -37.82% 51.93%
Inventory $152.5M $207.6M
Prepaid Expenses $17.07M
Receivables $148.2M $172.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $572.0M $529.0M
YoY Change 8.12% -24.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.431B $1.299B
YoY Change 10.13% 7.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.20M $13.80M
YoY Change 97.07% 133.9%
Total Long-Term Assets $1.512B $1.313B
YoY Change 15.15% 8.52%
TOTAL ASSETS
Total Short-Term Assets $572.0M $529.0M
Total Long-Term Assets $1.512B $1.313B
Total Assets $2.084B $1.842B
YoY Change 13.13% -3.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $401.1M $454.1M
YoY Change -11.67% -13.37%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.40M $100.0K
YoY Change 30300.0%
Total Short-Term Liabilities $455.7M $472.0M
YoY Change -3.45% -19.19%
LONG-TERM LIABILITIES
Long-Term Debt $648.3M $489.3M
YoY Change 32.5% -0.55%
Other Long-Term Liabilities $25.00M $23.20M
YoY Change 7.76% 28.18%
Total Long-Term Liabilities $673.3M $512.5M
YoY Change 31.38% 0.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $455.7M $472.0M
Total Long-Term Liabilities $673.3M $512.5M
Total Liabilities $1.326B $1.123B
YoY Change 18.1% -7.7%
SHAREHOLDERS EQUITY
Retained Earnings $660.0M
YoY Change
Common Stock $468.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $454.5M
YoY Change
Treasury Stock Shares 7.604M shares
Shareholders Equity $757.9M $719.3M
YoY Change
Total Liabilities & Shareholders Equity $2.084B $1.842B
YoY Change 13.13% -3.55%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $46.30M $26.20M
YoY Change 76.72% -64.21%
Depreciation, Depletion And Amortization $23.70M $21.30M
YoY Change 11.27% 8.67%
Cash From Operating Activities $91.70M $43.40M
YoY Change 111.29% 68.22%
INVESTING ACTIVITIES
Capital Expenditures -$69.30M -$59.10M
YoY Change 17.26% 101.71%
Acquisitions
YoY Change
Other Investing Activities $63.50M $0.00
YoY Change
Cash From Investing Activities -$5.800M -$59.10M
YoY Change -90.19% 101.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.40M -150.5M
YoY Change -81.79% 42.52%
NET CHANGE
Cash From Operating Activities 91.70M 43.40M
Cash From Investing Activities -5.800M -59.10M
Cash From Financing Activities -27.40M -150.5M
Net Change In Cash 58.50M -166.2M
YoY Change -135.2% 52.34%
FREE CASH FLOW
Cash From Operating Activities $91.70M $43.40M
Capital Expenditures -$69.30M -$59.10M
Free Cash Flow $161.0M $102.5M
YoY Change 57.07% 86.03%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Contingencies</font><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company&#8217;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&#8217;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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">ENVIRONMENTAL MATTERS AND LEGAL MATTERS &#8212; 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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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&#8217;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&#8217;s net income, financial condition or liquidity in a future period.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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 </font><font style="font-family:Arial;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:Arial;font-size:10pt;">, however certain jurisdictions provide reimbursement for these expenses which have been considered in recording the net exposure. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at </font><font style="font-family:Arial;font-size:10pt;">one</font><font style="font-family:Arial;font-size:10pt;"> 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 </font><font style="font-family:Arial;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:Arial;font-size:10pt;">. 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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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&#8217;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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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&#8217;s net income, financial condition or liquidity in a future period.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">INSURANCE &#8212; 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 </font><font style="font-family:Arial;font-size:10pt;">$1.0 million</font><font style="font-family:Arial;font-size:10pt;"> per occurrence and other insurance programs for general and auto liability. As of </font><font style="font-family:Arial;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:Arial;font-size:10pt;">, 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 </font><font style="font-family:Arial;font-size:10pt;">$18.8 million</font><font style="font-family:Arial;font-size:10pt;"> 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&#8217;s financial position and results of operations.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">TAX MATTERS &#8212; 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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">OTHER MATTERS &#8212; 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 </font><font style="font-family:Arial;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:Arial;font-size:10pt;">, the Company had contingent liabilities of </font><font style="font-family:Arial;font-size:10pt;">$17.8 million</font><font style="font-family:Arial;font-size:10pt;"> 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.</font></div></div>

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