CST BRANDS, LLC

CIK:0001562039|SEC Filings

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Operating revenues(a)	$ 2,796	$ 2,371
Cost of sales(b)	2,463	2,034
Gross profit	333	337
Operating expenses:
Operating expenses	207	204
General and administrative expenses	50	46
Depreciation, amortization and accretion expense	64	61
Total operating expenses	321	311
Operating Income	12	26
Other income, net	2	10
Interest expense	(18)	(15)
Income (loss) before income tax expense	(4)	21
Income tax expense (benefit)	(1)	9
Consolidated net income (loss)	(3)	12
Net loss attributable to noncontrolling interest	6	7
Net income attributable to CST stockholders	$ 3	$ 19
Earnings per common share
Basic earnings per common share	$ 0.04	$ 0.24
Weighted-average common shares outstanding (in thousands)	75,813	75,498
Earnings per common share – assuming dilution
Diluted earnings per common share	$ 0.04	$ 0.24
Weighted-average common shares outstanding - assuming dilution (in thousands)	76,468	75,965
Dividends per common share	$ 0.0000	$ 0.0625
Supplemental information:
(a) Includes excise taxes of:	$ 482	$ 549
(a) Includes revenues from fuel sales to related parties of:	54	50
(a) Includes income from rentals of:	17	15
(b) Includes expenses from fuel sales to related parties of:	53	48
(b) Includes expenses from rentals of:	$ 5	$ 5

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Consolidated net income (loss)	$ (3)	$ 12
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation expense	8	6
Depreciation, amortization and accretion expense	64	61
Deferred income tax (benefit)	(3)	(1)
Changes in working capital, net of acquisitions	3	10
Net cash provided by operating activities	69	88
Cash flows from investing activities:
Capital expenditures	(43)	(66)
Proceeds from the sale of assets	2	0
CST acquisitions, net of cash acquired	0	(448)
CrossAmerica acquisitions, net of cash acquired	0	(53)
Net cash used in investing activities	(41)	(567)
Cash flows from financing activities:
Borrowings under the CST revolving credit facility	65	367
Payments on the CST revolving credit facility	(20)	(55)
Payments on the CST term loan facility	(19)	(13)
CST debt issuance cost	0	(1)
Borrowings under the CrossAmerica revolving credit facility	31	91
Payments on the CrossAmerica revolving credit facility	(24)	(26)
CrossAmerica repurchases of common units	0	(3)
Payments of capital lease obligations	0	(1)
CST dividends paid	0	(5)
CrossAmerica distributions paid	(16)	(16)
Net cash provided by financing activities	17	338
Effect of foreign currency translation changes on cash	0	(6)
Net increase (decrease) in cash	45	(147)
Cash at beginning of period	(137)	(314)
Cash at end of period	$ 182	$ 167

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash (CrossAmerica: $6 and $1, respectively)	$ 182	$ 137
Restricted cash	22	22
Accounts receivables, net of allowances of $1 and $1, at March 31, 2017 and December 31, 2016, respectively (CrossAmerica: $31 and $37, respectively)	174	195
Inventories (CrossAmerica: $13 and $13, respectively)	235	250
Prepaid Taxes (CrossAmerica: $1 and $1, respectively)	7	3
Prepaid expenses and other (CrossAmerica: $6 and $8, respectively)	22	20
Total current assets	642	627
Property and equipment, at cost (CrossAmerica: $826 and $822, respectively)	3,579	3,565
Accumulated depreciation (CrossAmerica: $110 and $96, respectively)	(973)	(923)
Property and equipment, net (CrossAmerica: $716 and $726, respectively)	2,606	2,642
Intangible assets, net (CrossAmerica: $312 and $321, respectively)	347	357
Goodwill (CrossAmerica: $391 and $391, respectively)	619	619
Deferred income taxes	62	62
Other assets, net (CrossAmerica: $19 and $18, respectively)	33	53
Total assets	4,309	4,360
Current liabilities:
Current portion of debt and capital lease obligations (CrossAmerica: $2 and $2, respectively)	78	78
Accounts payable (CrossAmerica: $32 and $35, respectively)	182	223
Accounts payable to Valero	174	181
Accrued expenses (CrossAmerica: $15 and $16, respectively)	73	70
Taxes other than income taxes (CrossAmerica: $13 and $12, respectively)	53	61
Income taxes payable	1	2
Total current liabilities	561	615
Debt and capital lease obligations, less current portion (CrossAmerica: $473 and $465, respectively)	1,463	1,427
Deferred income taxes (CrossAmerica: $48 and $52, respectively)	252	274
Asset retirement obligations (CrossAmerica: $28 and $28, respectively)	131	129
Other long-term liabilities (CrossAmerica: $100 and $100, respectively)	132	136
Total liabilities	2,539	2,581
Commitments and contingencies (Note 7)
CST Brands, Inc. stockholders’ equity:
Common stock, 250,000,000 shares authorized at $0.01 par value; 78,129,071 and 77,935,731 shares issued as of March 31, 2017 and December 31, 2016, respectively	1	1
Additional paid-in capital (APIC)	639	629
Treasury stock, at cost: 2,208,436 and 2,186,617 common shares as of March 31, 2017 and December 31, 2016, respectively	(91)	(89)
Retained earnings	716	713
Accumulated other comprehensive income (loss) (AOCI)	(21)	(25)
Total CST Brands, Inc. stockholders’ equity	1,244	1,229
Noncontrolling interest	526	550
Total stockholders' equity	1,770	1,779
Total liabilities and stockholders’ equity	$ 4,309	$ 4,360