2024 Q1 Form 10-Q Financial Statement

#000157351624000036 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q1
Revenue $4.844B
YoY Change -4.6%
Cost Of Revenue $4.365B
YoY Change -4.27%
Gross Profit $478.5M
YoY Change -7.54%
Gross Profit Margin 9.88%
Selling, General & Admin $62.10M
YoY Change 5.25%
% of Gross Profit 12.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.70M
YoY Change 4.08%
% of Gross Profit 12.27%
Operating Expenses $373.7M
YoY Change 533.39%
Operating Profit $104.8M
YoY Change -35.63%
Interest Expense -$23.70M
YoY Change -195.18%
% of Operating Profit -22.61%
Other Income/Expense, Net $400.0K
YoY Change -101.68%
Pretax Income $81.90M
YoY Change -41.08%
Income Tax $15.90M
% Of Pretax Income 19.41%
Net Earnings $66.00M
YoY Change -37.91%
Net Earnings / Revenue 1.36%
Basic Earnings Per Share $3.17
Diluted Earnings Per Share $3.12
COMMON SHARES
Basic Shares Outstanding 20.81M shares
Diluted Shares Outstanding 21.16M shares

Balance Sheet

Concept 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.80M
YoY Change -45.67%
Cash & Equivalents $56.70M
Short-Term Investments $6.100M
Other Short-Term Assets $31.70M
YoY Change 15.69%
Inventory $292.7M
Prepaid Expenses $31.70M
Receivables $380.5M
Other Receivables $0.00
Total Short-Term Assets $767.7M
YoY Change 7.93%
LONG-TERM ASSETS
Property, Plant & Equipment $3.047B
YoY Change 4.35%
Goodwill $328.0M
YoY Change 0.0%
Intangibles $139.7M
YoY Change -0.43%
Long-Term Investments $4.500M
YoY Change 2.27%
Other Assets $20.60M
YoY Change 31.21%
Total Long-Term Assets $3.539B
YoY Change 3.86%
TOTAL ASSETS
Total Short-Term Assets $767.7M
Total Long-Term Assets $3.539B
Total Assets $4.307B
YoY Change 4.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $830.0M
YoY Change 13.19%
Accrued Expenses $22.20M
YoY Change 6.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $15.30M
YoY Change 4.08%
Total Short-Term Liabilities $884.7M
YoY Change 14.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.783B
YoY Change -0.35%
Other Long-Term Liabilities $497.9M
YoY Change 3.06%
Total Long-Term Liabilities $2.281B
YoY Change 0.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $884.7M
Total Long-Term Liabilities $2.281B
Total Liabilities $3.525B
YoY Change 3.62%
SHAREHOLDERS EQUITY
Retained Earnings $3.335B
YoY Change 16.89%
Common Stock $500.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $781.6M
YoY Change
Total Liabilities & Shareholders Equity $4.307B
YoY Change 4.56%

Cashflow Statement

Concept 2024 Q1
OPERATING ACTIVITIES
Net Income $66.00M
YoY Change -37.91%
Depreciation, Depletion And Amortization $58.70M
YoY Change 4.08%
Cash From Operating Activities $136.0M
YoY Change -9.15%
INVESTING ACTIVITIES
Capital Expenditures $76.20M
YoY Change 4.81%
Acquisitions
YoY Change
Other Investing Activities $1.300M
YoY Change 62.5%
Cash From Investing Activities -$74.90M
YoY Change 8.55%
FINANCING ACTIVITIES
Cash Dividend Paid $8.800M
YoY Change 8.64%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -122.2M
YoY Change 212.53%
NET CHANGE
Cash From Operating Activities 136.0M
Cash From Investing Activities -74.90M
Cash From Financing Activities -122.2M
Net Change In Cash -61.10M
YoY Change -246.88%
FREE CASH FLOW
Cash From Operating Activities $136.0M
Capital Expenditures $76.20M
Free Cash Flow $59.80M
YoY Change -22.34%

Facts In Submission

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CY2024Q1 musa Indefinite Lived Intangible Assets Excluding Goodwill And Liabilities
IndefiniteLivedIntangibleAssetsExcludingGoodwillAndLiabilities
139700000 usd
CY2023Q4 musa Indefinite Lived Intangible Assets And Liabilities Excluding Goodwill
IndefiniteLivedIntangibleAssetsAndLiabilitiesExcludingGoodwill
145900000 usd
CY2023Q4 musa Indefinite Lived Intangible Assets Excluding Goodwill And Liabilities
IndefiniteLivedIntangibleAssetsExcludingGoodwillAndLiabilities
139800000 usd
CY2024Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
6700000 usd
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7100000 usd
CY2024Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1798400000 usd
CY2023Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1799700000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
15300000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
15000000.0 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1783100000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1784700000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
46100000 usd
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
43300000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
800000 usd
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
3000000.0 usd
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
1300000 usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
3100000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
200000 usd
CY2023 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
2900000 usd
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
45800000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
46100000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.194
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-4200000 usd
CY2024Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-100000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-2100000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-200000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0042
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.329
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.043
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M18D
CY2024Q1 us-gaap Share Price
SharePrice
391.54
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
291050 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
139.07
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
33010 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
393.03
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
19100 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
92.53
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
304960 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
169.48
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y1M6D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
76200000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
205825 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
114.62
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y2M12D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
62700000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5600000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4900000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
500000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
100000 usd
CY2024Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
100000 usd
CY2023Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
1000000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
66000000.0 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
106300000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20814000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21739000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.17
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.89
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
66000000.0 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
106300000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20814000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21739000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
348000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
394000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21162000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22133000 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.12
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.80
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22437 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
50867 shares
CY2024Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
100000 usd
CY2023Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
300000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
30400000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
29200000 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
45700000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-16500000 usd
CY2024Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-48600000 usd
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-15500000 usd
CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5700000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-20400000 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-9300000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-85900000 usd
CY2024Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
16300000 usd
CY2023Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
3100000 usd
CY2024Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-4200000 usd
CY2023Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
30400000 usd
CY2024Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, based on information currently available to the Company, the Company believes costs related to these properties will not have a material adverse effect on Murphy USA’s net income, financial condition or liquidity in a future period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While it is possible that certain environmental expenditures could be recovered by the Company from other sources, primarily environmental funds maintained by certain states, no assurance can be given that future </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">recoveries from other sources will occur. As such, the Company has not recorded a benefit for likely recoveries at March 31, 2024, 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 one 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 March 31, 2024. 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. Based on information currently available to the Company, 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Murphy USA is engaged in a number of other legal proceedings, all of which the Company considers routine and incidental to its business. Currently, the City of Charleston, South Carolina, and the State of Delaware have filed lawsuits against energy companies, including the Company. These lawsuits allege damages as a result of climate change and the plaintiffs are seeking unspecified damages and abatement under various tort theories. At this early stage, the ultimate outcome of these matters remain uncertain, and neither the likelihood of an unfavorable outcome nor the ultimate liability, if any, can be determined. Based on information currently available to the Company, the ultimate resolution of these 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="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 $1.0 million per occurrence, general liability insurance with a self-insured retention of $3.0 million per occurrence, and auto liability insurance with a deductible of $0.3 million per occurrence. As of March 31, 2024, 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 $47.9 million will be sufficient to cover the related liability for all insurance claims and that the ultimate disposition of these claims will have no material effect on the Company’s financial position and results of operations.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 March 31, 2024, the Company had contingent liabilities of $10.2 million on outstanding letters of credit. The Company has not accrued a liability in its balance sheet related to these financial guarantees and letters of credit because it is believed that the likelihood of having these drawn is remote.</span></div>
CY2024Q1 musa Number Of Superfund Sites For Which Company May Be Liable
NumberOfSuperfundSitesForWhichCompanyMayBeLiable
1 superfund_site
CY2024Q1 musa Workers Compensation Insurance Deductible
WorkersCompensationInsuranceDeductible
1000000 usd
CY2024Q1 musa General Liability Insurance Deductible
GeneralLiabilityInsuranceDeductible
3000000 usd
CY2024Q1 musa Auto Liability Insurance Deductible
AutoLiabilityInsuranceDeductible
300000 usd
CY2024Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
47900000 usd
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
10200000 usd
CY2024Q1 musa Lease Number Of Renewal Options
LeaseNumberOfRenewalOptions
1 extensionoption
CY2024Q1 musa Lessee Operating Lease Number Of Contracts With Restrictive Covenants
LesseeOperatingLeaseNumberOfContractsWithRestrictiveCovenants
102 lease
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
452800000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
452100000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
46100000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
42600000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
111900000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
113800000 usd
CY2024Q1 musa Lease Rightof Use Asset
LeaseRightofUseAsset
564700000 usd
CY2023Q4 musa Lease Rightof Use Asset
LeaseRightofUseAsset
565900000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
22200000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
22100000 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
11300000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
11000000.0 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
452100000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
450300000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
114200000 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
115700000 usd
CY2024Q1 musa Lease Liability
LeaseLiability
599800000 usd
CY2023Q4 musa Lease Liability
LeaseLiability
599100000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
14100000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
13400000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3700000 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3800000 usd
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2100000 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2400000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
19900000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
19600000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
13100000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
12300000 usd
CY2024Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2100000 usd
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2400000 usd
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2900000 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2800000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
66000000.0 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5077200000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
106300000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
40100000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
14600000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
53200000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
18500000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
52500000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
17400000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
51700000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
16300000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
51200000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
15600000 usd
CY2024Q1 musa Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
550000000.0 usd
CY2024Q1 musa Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
106900000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
798700000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
189300000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
324400000 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
63800000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
474300000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
125500000 usd
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.068
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q1 us-gaap Assets
Assets
4307000000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4843700000 usd

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