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SEC Filings
S-4/A
SUSSER HOLDINGS CORP filed this Form S-4/A on 08/16/2016
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Table of Contents
Index to Financial Statements

PHILADELPHIA ENERGY SOLUTIONS LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands, except unit and volume data)

 

Taxes

The Company is a limited liability company, taxed as a partnership under Subchapter K of the Internal Revenue Code of 1986, for federal and state income tax purposes. Therefore, federal and state income taxes are assessed at the member level. For further information, see Note 5, Taxes.

Share-Based Compensation

The Company accounts for the compensation cost of equity-based awards at fair value and reports the related expense in the consolidated statements of operations and comprehensive income (loss). Compensation cost for awards of incentive units is derived from the fair market value of common units on the grant date using a Black-Sholes valuation pricing model. The Company recognizes incentive unit compensation expense on a straight-line basis over the requisite service period in operating expenses and general and administrative expenses in the consolidated statements of operations (loss).

Fair Value Measurements

The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As required, the Company utilizes valuation techniques that maximize the use of observable inputs (Levels 1 and 2) and minimize the use of unobservable inputs (Level 3) within the fair value hierarchy included in current accounting guidance. The “market approach” is generally used to determine fair value when available. This method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities.

Revision of Previously Issued Financial Statements

The Company has revised its audited consolidated financial statements and certain footnote disclosures as of and for the year ended December 31, 2014 primarily to correct amounts previously reported related to the intermediation agreement with MLC. The following table presents the effect of the revision on the consolidated balance sheet as of December 31, 2014 and the consolidated statement of operations and comprehensive (loss) and consolidated statement of cash flows for the year ended December 31, 2014.

 

     As reported     Adjustment     Revised  

Consolidated balance sheet:

      

Inventories

   $ 927,087      $ (21,707   $ 905,380   

Accrued liabilities

     626,004        227,247        853,251   

Deferred revenue

     414,986        (248,954     166,032   

Consolidated statement of operations and comprehensive income:

      

Net sales

   $ 13,250,883      $ 68,162      $ 13,319,045   

Cost of sales

     12,393,541        68,162        12,461,703   

Consolidated statement of cash flows:

      

Adjustments to reconcile net income to net cash provided by operating activities:

      

Inventories

   $ (367,129   $ 248,954      $ (118,175

Deferred revenue

     414,986        (248,954     166,032   

Total members’ equity, net income, and net cash flows provided by operating activities were not impacted by these revisions.

 

F-30

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