2019 Q4 Form 10-K Financial Statement

#000157351620000007 Filed on February 18, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $3.460B $3.502B $3.788B
YoY Change -1.19% 3.62% 17.05%
Cost Of Revenue $3.171B $3.180B $3.511B
YoY Change -0.25% 2.23% 591.15%
Gross Profit $288.8M $322.2M $277.5M
YoY Change -10.37% 19.6% -89.83%
Gross Profit Margin 8.35% 9.2% 7.33%
Selling, General & Admin $42.60M $33.90M $32.60M
YoY Change 25.66% -15.25% 3.49%
% of Gross Profit 14.75% 10.52% 11.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.40M $35.00M $34.20M
YoY Change 9.71% 4.48% 17.93%
% of Gross Profit 13.3% 10.86% 12.32%
Operating Expenses $215.3M $208.8M $3.718B
YoY Change 3.11% 2.2% 19.22%
Operating Profit $73.50M $113.4M $70.00M
YoY Change -35.19% 74.19% -40.68%
Interest Expense -$12.00M -$12.60M $13.20M
YoY Change -4.76% 2.44% 3.94%
% of Operating Profit -16.33% -11.11% 18.86%
Other Income/Expense, Net $400.0K $100.0K -$13.00M
YoY Change 300.0% -109.09% 39.78%
Pretax Income $61.90M $100.5M $57.00M
YoY Change -38.41% 96.29% -47.56%
Income Tax $14.30M $23.00M $12.00M
% Of Pretax Income 23.1% 22.89% 21.05%
Net Earnings $47.60M $77.50M $45.00M
YoY Change -38.58% -37.95% -33.73%
Net Earnings / Revenue 1.38% 2.21% 1.19%
Basic Earnings Per Share $1.56 $2.40 $1.40
Diluted Earnings Per Share $1.54 $2.38 $1.38
COMMON SHARES
Basic Shares Outstanding 32.21M shares
Diluted Shares Outstanding 32.54M shares

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $280.3M $184.5M $75.40M
YoY Change 51.92% 8.53% -55.38%
Cash & Equivalents $280.3M $184.5M $75.40M
Short-Term Investments
Other Short-Term Assets $30.00M $25.30M $19.60M
YoY Change 18.58% -30.68% 45.19%
Inventory $227.6M $221.5M $215.1M
Prepaid Expenses $30.00M $25.30M $19.60M
Receivables $172.9M $138.8M $231.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $710.8M $570.1M $541.3M
YoY Change 24.68% -7.18% -5.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.807B $1.748B $1.742B
YoY Change 3.38% 4.09% 4.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $169.1M $42.50M $42.40M
YoY Change 297.88% 13.94% -4.37%
Total Long-Term Assets $1.976B $1.791B $1.784B
YoY Change 10.37% 4.3% 4.73%
TOTAL ASSETS
Total Short-Term Assets $710.8M $570.1M $541.3M
Total Long-Term Assets $1.976B $1.791B $1.784B
Total Assets $2.687B $2.361B $2.326B
YoY Change 13.83% 1.28% 2.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $280.8M $456.9M $519.6M
YoY Change -38.54% 34.54% 14.42%
Accrued Expenses $185.4M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $38.80M $21.20M $21.20M
YoY Change 83.02% 6.53% 7.61%
Total Short-Term Liabilities $505.0M $478.1M $540.8M
YoY Change 5.63% -10.35% 11.27%
LONG-TERM LIABILITIES
Long-Term Debt $999.3M $842.1M $846.6M
YoY Change 18.67% -2.18% -2.13%
Other Long-Term Liabilities $151.3M $30.70M $30.00M
YoY Change 392.83% 8.87% 9.09%
Total Long-Term Liabilities $1.151B $872.8M $876.6M
YoY Change 31.83% -1.83% -1.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $505.0M $478.1M $540.8M
Total Long-Term Liabilities $1.151B $872.8M $876.6M
Total Liabilities $1.884B $1.554B $1.597B
YoY Change 21.29% -2.46% -1.1%
SHAREHOLDERS EQUITY
Retained Earnings $1.363B $1.208B $1.131B
YoY Change 12.81% 21.48% 30.0%
Common Stock $500.0K $500.0K $500.0K
YoY Change 0.0% 0.0% 6.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.100B $940.3M $941.6M
YoY Change 16.96% 16.59% 25.04%
Treasury Stock Shares 16.31M shares 14.51M shares 14.53M shares
Shareholders Equity $803.0M $807.3M $728.9M
YoY Change
Total Liabilities & Shareholders Equity $2.687B $2.361B $2.326B
YoY Change 13.83% 1.28% 2.02%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $47.60M $77.50M $45.00M
YoY Change -38.58% -37.95% -33.73%
Depreciation, Depletion And Amortization $38.40M $35.00M $34.20M
YoY Change 9.71% 4.48% 17.93%
Cash From Operating Activities $61.70M $157.3M $75.10M
YoY Change -60.78% 34.22% -40.4%
INVESTING ACTIVITIES
Capital Expenditures -$51.10M -$41.30M -$60.70M
YoY Change 23.73% -27.29% -9.81%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K -$1.000M
YoY Change -100.0% 100.0%
Cash From Investing Activities -$51.10M -$41.40M -$61.70M
YoY Change 23.43% -26.98% -9.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.00M -6.800M -9.900M
YoY Change -423.53% -88.59% -88.5%
NET CHANGE
Cash From Operating Activities 61.70M 157.3M 75.10M
Cash From Investing Activities -51.10M -41.40M -61.70M
Cash From Financing Activities 22.00M -6.800M -9.900M
Net Change In Cash 32.60M 109.1M 3.500M
YoY Change -70.12% 12022.22% -112.54%
FREE CASH FLOW
Cash From Operating Activities $61.70M $157.3M $75.10M
Capital Expenditures -$51.10M -$41.30M -$60.70M
Free Cash Flow $112.8M $198.6M $135.8M
YoY Change -43.2% 14.14% -29.75%

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OciBeforeReclassificationsBeforeTaxAttributableToParent
900000 USD
CY2018 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
0 USD
CY2017 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
0 USD
CY2019 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
200000 USD
CY2018 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
0 USD
CY2017 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
0 USD
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
700000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0 USD
CY2019 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
155500000 USD
CY2018 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
213600000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
245300000 USD
CY2019 us-gaap Net Income Loss
NetIncomeLoss
154800000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
213600000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
245300000 USD
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
152200000 USD
CY2018 us-gaap Depreciation And Amortization
DepreciationAndAmortization
134000000.0 USD
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
116900000 USD
CY2019 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
23700000 USD
CY2018 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
37900000 USD
CY2017 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-50400000 USD
CY2019 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-14800000 USD
CY2018 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2019 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2100000 USD
CY2018 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2000000.0 USD
CY2017 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1800000 USD
CY2019 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
100000 USD
CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1100000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-3900000 USD
CY2019 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
48700000 USD
CY2018 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-2300000 USD
CY2017 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
36900000 USD
CY2019 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
14500000 USD
CY2018 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
7800000 USD
CY2017 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
3000000.0 USD
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
313300000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
398700000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
283600000 USD
CY2019 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
204800000 USD
CY2018 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
204300000 USD
CY2017 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
258300000 USD
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2500000 USD
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1200000 USD
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
900000 USD
CY2019 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
800000 USD
CY2018 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
6000000.0 USD
CY2017 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
4700000 USD
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-203100000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-209100000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-262100000 USD
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
165800000 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
144400000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
206000000.0 USD
CY2019 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
573400000 USD
CY2018 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
21300000 USD
CY2017 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
131400000 USD
CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
743800000 USD
CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2017 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
338800000 USD
CY2019 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
10400000 USD
CY2018 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2017 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2019 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4100000 USD
CY2018 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2017 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1100000 USD
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4500000 USD
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9400000 USD
CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5600000 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14400000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-175100000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5300000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
95800000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14500000 USD
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
16200000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
184500000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
170000000.0 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153800000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
280300000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
184500000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
170000000.0 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
184500000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
170000000.0 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
153800000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
184500000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
170000000.0 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153800000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
280300000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
184500000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
170000000.0 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
280300000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
184500000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
170000000.0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
697000000.0 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
245300000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
206000000.0 USD
CY2017 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
0 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
100000 USD
CY2017 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
5600000 USD
CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7600000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
738400000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
213600000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
144400000 USD
CY2018 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
0 USD
CY2018 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
9400000 USD
CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9100000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
807300000 USD
CY2019 us-gaap Net Income Loss
NetIncomeLoss
154800000 USD
CY2019 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
700000 USD
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
165800000 USD
CY2019 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
0 USD
CY2019 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4500000 USD
CY2019 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10500000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
803000000.0 USD
CY2013Q3 musa Percentage Of Shares Of Stock Distributed
PercentageOfSharesOfStockDistributed
1
CY2013Q3 us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0
CY2019Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
26 state
CY2019Q4 us-gaap Number Of Stores
NumberOfStores
1489 store
CY2019 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
1900000000 USD
CY2018 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
1800000000 USD
CY2017 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
2000000000.0 USD
CY2019 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1400000 USD
CY2018 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2200000 USD
CY2017 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3800000 USD
CY2019 musa Likekind Exchange Transaction Required Termto Facilitate Forward Agreement Before Proceedsare Reclassifiedas Available Cash
LikekindExchangeTransactionRequiredTermtoFacilitateForwardAgreementBeforeProceedsareReclassifiedasAvailableCash
P180D
CY2019 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="line-height:120%;padding-top:12px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">IMPAIRMENT OF ASSETS – Long-lived assets, which include property and equipment and finite-lived intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods.</span></div>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
USE OF ESTIMATES – In preparing the financial statements of the Company in conformity with U.S. GAAP, management has made a number of estimates and assumptions related to the reporting of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from the estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14034600000 USD
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14362900000 USD
CY2017 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12826600000 USD
CY2019 musa Contract With Customer Loyalty Program Expiration Period
ContractWithCustomerLoyaltyProgramExpirationPeriod
P90D
CY2019Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
259200000 USD
CY2018Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
219400000 USD
CY2019Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
160800000 USD
CY2018Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
115500000 USD
CY2019Q4 us-gaap Lifo Inventory Amount
LIFOInventoryAmount
98400000 USD
CY2018Q4 us-gaap Lifo Inventory Amount
LIFOInventoryAmount
103900000 USD
CY2019Q4 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
123000000.0 USD
CY2018Q4 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
107200000 USD
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
6200000 USD
CY2018Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
10400000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
227600000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
221500000 USD
CY2019Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
160800000 USD
CY2018Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
115500000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2886500000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1807300000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2722400000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1748200000 USD
CY2019 us-gaap Depreciation
Depreciation
151200000 USD
CY2018 us-gaap Depreciation
Depreciation
132500000 USD
CY2017 us-gaap Depreciation
Depreciation
115000000.0 USD
CY2019Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
280800000 USD
CY2018Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
274900000 USD
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
86200000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
89700000 USD
CY2019Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
24400000 USD
CY2018Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
21800000 USD
CY2019Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
25600000 USD
CY2018Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
26600000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49200000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
43900000 USD
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
466200000 USD
CY2018Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
456900000 USD
CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
32800000 USD
CY2018Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
30700000 USD
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
2400000 USD
CY2018Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
2300000 USD
CY2019Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5500000 USD
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3800000 USD
CY2019Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1038100000 USD
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
863300000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
38800000 USD
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
21200000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
999300000 USD
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
842100000 USD
CY2019Q4 musa Debt Instrument Covenant Compliance Fixed Charge Coverage Ratio Threshold Percentage Of Aggregate Facility Commitments And Borrowing Base
DebtInstrumentCovenantComplianceFixedChargeCoverageRatioThresholdPercentageOfAggregateFacilityCommitmentsAndBorrowingBase
0.175
CY2019 musa Debt Instrument Covenant Compliance Fixed Charge Coverage Ratio Threshold Amount Of Aggregate Facility Commitments And Borrowing Base
DebtInstrumentCovenantComplianceFixedChargeCoverageRatioThresholdAmountOfAggregateFacilityCommitmentsAndBorrowingBase
70000000 USD
CY2019Q4 musa Debt Instrument Covenant Compliance Fixed Charge Coverage Ratio
DebtInstrumentCovenantComplianceFixedChargeCoverageRatio
0.93
CY2019Q4 musa Debt Instrument Covenant Compliance Secured Leverage Ratio
DebtInstrumentCovenantComplianceSecuredLeverageRatio
0.58
CY2019Q4 musa Line Of Credit Facility Dividend Restriction Shortfall Of Net Income And Retained Earnings
LineOfCreditFacilityDividendRestrictionShortfallOfNetIncomeAndRetainedEarnings
30600000 USD
CY2018Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
30700000 USD
CY2017Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
28200000 USD
CY2019 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2100000 USD
CY2018 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2000000.0 USD
CY2019 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
400000 USD
CY2018 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
300000 USD
CY2019 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
400000 USD
CY2018 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
800000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
202400000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
273900000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
240100000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
15600000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
18400000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
39200000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
21700000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
31000000.0 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-50700000 USD
CY2019 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
10300000 USD
CY2018 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
10900000 USD
CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
6300000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47600000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
60300000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5200000 USD
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
42500000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
57500000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
84000000.0 USD
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
8600000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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8300000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3000000.0 USD
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0 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
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0 USD
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
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CY2019 us-gaap Income Tax Reconciliation Tax Credits
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2300000 USD
CY2018 us-gaap Income Tax Reconciliation Tax Credits
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2000000.0 USD
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IncomeTaxReconciliationTaxCredits
1000000.0 USD
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-1200000 USD
CY2018 us-gaap Income Tax Reconciliation Other Reconciling Items
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-3500000 USD
CY2017 us-gaap Income Tax Reconciliation Other Reconciling Items
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-2300000 USD
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47600000 USD
CY2018 us-gaap Income Tax Expense Benefit
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60300000 USD
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3300000 USD
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6100000 USD
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6300000 USD
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25000000.0 USD
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2100000 USD
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2600000 USD
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36900000 USD
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12200000 USD
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191200000 USD
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171600000 USD
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27900000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Tax Deferred Income
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25900000 USD
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6900000 USD
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CY2018Q4 us-gaap Deferred Income Tax Liabilities
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CY2019Q4 us-gaap Deferred Tax Liabilities
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CY2018Q4 us-gaap Deferred Tax Liabilities
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700000 USD
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4400000 USD
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500000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
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UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
200000 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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600000 USD
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3900000 USD
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0 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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0 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
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600000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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700000 USD
CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2018 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
1600000 USD
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
400000 USD
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10500000 USD
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9200000 USD
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7500000 USD
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2200000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1900000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2600000 USD
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14100000 USD
CY2019 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y9M18D
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100000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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2100000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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600000 USD
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65.71
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99400 shares
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
76.15
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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56.63
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4800 shares
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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76.15
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392300 shares
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68.52
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P4Y3M18D
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19000000.0 USD
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174300 shares
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64.00
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P3Y
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9200000 USD
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392300 shares
CY2019 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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P4Y3M18D
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174300 shares
CY2019 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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P3Y
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1000000.0 USD
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CY2019 us-gaap Treasury Stock Shares Acquired
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1898023 shares
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
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165800000 USD
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87.35
CY2017Q4 us-gaap Treasury Stock Shares Acquired
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379054 shares
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77.20
CY2018 us-gaap Treasury Stock Shares Acquired
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1994632 shares
CY2018 us-gaap Treasury Stock Acquired Average Cost Per Share
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72.39
CY2019 us-gaap Net Income Loss
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154800000 USD
CY2018 us-gaap Net Income Loss
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213600000 USD
CY2017 us-gaap Net Income Loss
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245300000 USD
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31594000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32674000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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35816000 shares
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4.90
CY2018 us-gaap Earnings Per Share Basic
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6.54
CY2017 us-gaap Earnings Per Share Basic
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6.85
CY2019 us-gaap Net Income Loss
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154800000 USD
CY2018 us-gaap Net Income Loss
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213600000 USD
CY2017 us-gaap Net Income Loss
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245300000 USD
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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31594000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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32674000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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35816000 shares
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
264000 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
309000 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
340000 shares
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31858000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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32983000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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36156000 shares
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4.86
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6.48
CY2017 us-gaap Earnings Per Share Diluted
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6.78
CY2019 us-gaap Income Taxes Paid Net
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26900000 USD
CY2018 us-gaap Income Taxes Paid Net
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17400000 USD
CY2017 us-gaap Income Taxes Paid Net
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51700000 USD
CY2019 us-gaap Interest Paid Net
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56600000 USD
CY2018 us-gaap Interest Paid Net
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50400000 USD
CY2017 us-gaap Interest Paid Net
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41500000 USD
CY2019 us-gaap Increase Decrease In Accounts Receivable
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33400000 USD
CY2018 us-gaap Increase Decrease In Accounts Receivable
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-86600000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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41700000 USD
CY2019 us-gaap Increase Decrease In Inventories
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6100000 USD
CY2018 us-gaap Increase Decrease In Inventories
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39000000.0 USD
CY2017 us-gaap Increase Decrease In Inventories
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16300000 USD
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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3300000 USD
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-11400000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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5200000 USD
CY2019 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-5900000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-56700000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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26900000 USD
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0 USD
CY2018 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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0 USD
CY2017 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-600000 USD
CY2019 us-gaap Increase Decrease In Operating Capital
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48700000 USD
CY2018 us-gaap Increase Decrease In Operating Capital
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-2300000 USD
CY2017 us-gaap Increase Decrease In Operating Capital
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36900000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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14900000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14300000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
13500000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
13000000.0 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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12200000 USD
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
21600000 USD
CY2018 us-gaap Operating Leases Rent Expense Net
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15200000 USD
CY2017 us-gaap Operating Leases Rent Expense Net
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14000000.0 USD
CY2019 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies<span style="font-family:Arial;font-size:10pt;"> </span><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"> </span></div><div style="line-height:120%;font-size:10pt;"><span 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’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. With respect to the previously owned refinery properties, Murphy Oil retained those liabilities in the Separation and Distribution agreement that was entered into related to the separation on August 30, 2013.  With respect to any remaining potential liabilities, the Company believes costs related to these sites will not have a material adverse effect on Murphy USA’s net income, financial position or liquidity in a future period.</span></div><div style="line-height:120%;text-indent:60px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;font-size:10pt;"><span 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 </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, however certain jurisdictions provide reimbursement for these expenses which have been considered in recording the net exposure. The U.S. Environmental Protection Agency (EPA) currently considers the Company a Potentially Responsible Party (PRP) at </span><span style="font-family:Arial;font-size:10pt;"><span>one</span></span><span style="font-family:Arial;font-size:10pt;"> Superfund site.  As to the 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 </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span 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 position or liquidity in a future period.</span></div><div style="line-height:120%;font-size:10pt;"><span 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’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.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">  </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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 </span><span style="font-family:Arial;font-size:10pt;"><span>$1.0 million</span></span><span style="font-family:Arial;font-size:10pt;"> per occurrence, general liability insurance with a deductible of </span><span style="font-family:Arial;font-size:10pt;"><span>$3.0 million</span></span><span style="font-family:Arial;font-size:10pt;"> per occurrence, and auto liability insurance with a deductible of </span><span style="font-family:Arial;font-size:10pt;"><span>$0.3 million</span></span><span style="font-family:Arial;font-size:10pt;"> per occurrence. As of </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span 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 </span><span style="font-family:Arial;font-size:10pt;"><span>$21.8 million</span></span><span style="font-family:Arial;font-size:10pt;"> will be sufficient to cover the related liability and that the ultimate disposition of these claims will have no material effect on the Company’s financial position and results of operations.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span 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.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"> </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">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 </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">, the Company had contingent liabilities of </span><span style="font-family:Arial;font-size:10pt;"><span>$17.0 million</span></span><span 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.</span></div>
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