Docoh
Loading...

CORE Core-Mark Hldg

Cover

Cover - shares9 Months Ended
Sep. 30, 2020Nov. 02, 2020
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 30,
2020
Document Transition Reportfalse
Entity File Number000-51515
Entity Registrant NameCore-Mark Holding Company, Inc.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number20-1489747
Entity Address, Address Line One1500 Solana Boulevard, Suite 3400
Entity Address, Postal Zip Code76262
Entity Address, City or TownWestlake,
Entity Address, State or ProvinceTX
City Area Code940
Local Phone Number293-8600
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Trading SymbolCORE
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding44,921,547
Entity Central Index Key0001318084
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ3
Amendment Flagfalse

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsSep. 30, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 11.7 $ 14.1
Accounts receivable, net of allowance for credit losses of $15.2 and $14.5 as of September 30, 2020 and December 31, 2019, respectively387.3 402.9
Other receivables, net110.1 96.2
Inventories, net (Note 3)832.2 670.9
Deposits and prepayments86.4 116
Total current assets1,427.7 1,300.1
Property and equipment, net269.1 249.9
Operating lease right-of-use assets174.7 199.8
Goodwill72.8 72.8
Other intangible assets, net42.4 47.2
Other non-current assets, net25.3 28.6
Total assets2,012 1,898.4
Current liabilities:
Accounts payable242.7 192.2
Book overdrafts43.3 23.9
Cigarette and tobacco taxes payable225.2 280.1
Operating lease liabilities33.3 39.5
Accrued liabilities176.6 151
Total current liabilities721.1 686.7
Long-term debt (Note 4)444.7 382.1
Deferred income taxes22.9 22.6
Long-term operating lease liabilities151.4 173.4
Other long-term liabilities15.9 5.6
Claims liabilities37.4 36.1
Total liabilities1,393.4 1,306.5
Contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.01 par value (150,000,000 shares authorized; 52,916,459 and 52,702,551 shares issued; 45,092,286 and 45,113,722 shares outstanding at September 30, 2020 and December 31, 2019, respectively)0.5 0.5
Additional paid-in capital294.8 290.6
Treasury stock at cost (7,824,173 and 7,588,829 shares of common stock at September 30, 2020 and December 31, 2019, respectively)(118)(112.6)
Retained earnings446.6 418.5
Accumulated other comprehensive loss(5.3)(5.1)
Total stockholders’ equity618.6 591.9
Total liabilities and stockholders’ equity $ 2,012 $ 1,898.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in MillionsSep. 30, 2020Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts $ 15.2 $ 14.5
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares)150,000,000 150,000,000
Common stock, shares issued (in shares)52,916,459 52,702,551
Common stock, shares outstanding (in shares)45,092,286 45,113,722
Treasury stock, shares (in shares)7,824,173 7,588,829

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Income Statement [Abstract]
Net sales $ 4,502.6 $ 4,422.6 $ 12,705.8 $ 12,515.7
Cost of goods sold4,267.6 4,176 12,039.3 11,822
Gross profit235 246.6 666.5 693.7
Warehousing and distribution expenses140.4 148.6 408.3 426
Selling, general and administrative expenses57.3 61.8 181 192.3
Amortization of intangible assets2.5 2.3 7.2 7.7
Total operating expenses200.2 212.7 596.5 626
Income from operations34.8 33.9 70 67.7
Interest expense, net(2.1)(4.2)(8.4)(10.8)
Foreign currency transaction (losses) gains, net(0.5)0.9 (0.7)(0.3)
Income before income taxes32.2 30.6 60.9 56.6
Provision for income taxes(9.2)(8.1)(16.7)(15.1)
Net income $ 23 $ 22.5 $ 44.2 $ 41.5
Basic earnings per share (in dollars per share) (Note 6) $ 0.51 $ 0.49 $ 0.98 $ 0.91
Diluted earnings per share (in dollars per share) (Note 6) $ 0.51 $ 0.49 $ 0.98 $ 0.90
Basic weighted-average shares (in shares) (Note 6)45.1 45.8 45.1 45.8
Diluted weighted-average shares (in shares) (Note 6)45.4 46.1 45.3 46.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income $ 23 $ 22.5 $ 44.2 $ 41.5
Foreign currency translation gains (losses), net1.2 (1.5)(0.2)1.5
Comprehensive income $ 24.2 $ 21 $ 44 $ 43

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in MillionsTotalCommon Stock IssuedAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2018 $ 567 $ 0.5 $ 283.3 $ (90.6) $ 381.6 $ (7.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes(2.2)
Stock-based compensation expense7.2
Repurchase of common stock(8.1)
Net income41.5 41.5
Dividends declared(15.3)
Other comprehensive gains (losses)1.5
Ending balance at Sep. 30, 2019 $ 591.6 $ 0.5 288.3 $ (98.7)407.8 (6.3)
Beginning balance (in shares) at Dec. 31, 201852.5 6.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)0.2
Repurchase of common stock (in shares)(0.3)
Ending balance (in shares) at Sep. 30, 201945.6 52.7 7.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share) $ 0.33
Beginning balance at Jun. 30, 2019 $ 580.8 $ 0.5 285.3 $ (90.6)390.4 (4.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes(0.1)
Stock-based compensation expense3.1
Repurchase of common stock(8.1)
Net income22.5 22.5
Dividends declared(5.1)
Other comprehensive gains (losses)(1.5)
Ending balance at Sep. 30, 2019 $ 591.6 $ 0.5 288.3 $ (98.7)407.8 (6.3)
Beginning balance (in shares) at Jun. 30, 201952.7 6.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)0
Repurchase of common stock (in shares)(0.3)
Ending balance (in shares) at Sep. 30, 201945.6 52.7 7.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share) $ 0.11
Beginning balance at Dec. 31, 2019 $ 591.9 $ 0.5 290.6 $ (112.6)418.5 (5.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes(2.5)
Stock-based compensation expense6.7
Repurchase of common stock(5.4)
Net income44.2 44.2
Dividends declared(16.1)
Other comprehensive gains (losses)(0.2)
Ending balance at Sep. 30, 2020 $ 618.6 $ 0.5 294.8 $ (118)446.6 (5.3)
Beginning balance (in shares) at Dec. 31, 201952.7 7.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)0.2
Repurchase of common stock (in shares)(0.2)
Ending balance (in shares) at Sep. 30, 202045.1 52.9 7.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share) $ 360,000
Beginning balance at Jun. 30, 2020 $ 597 $ 0.5 292.3 $ (118)428.7 (6.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued, net of shares withheld for employee taxes(0.1)
Stock-based compensation expense2.6
Repurchase of common stock0
Net income23 23
Dividends declared(5.1)
Other comprehensive gains (losses)1.2
Ending balance at Sep. 30, 2020 $ 618.6 $ 0.5 $ 294.8 $ (118) $ 446.6 $ (5.3)
Beginning balance (in shares) at Jun. 30, 202052.9 7.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock based instruments, net of shares withheld for employee taxes (in shares)0
Repurchase of common stock (in shares)0
Ending balance (in shares) at Sep. 30, 202045.1 52.9 7.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share) $ 120,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash flows from operating activities:
Net income $ 44.2 $ 41.5
Adjustments to reconcile net income to net cash used in operating activities:
LIFO and inventory provisions21.6 21.4
Amortization of debt issuance costs0.6 0.6
Stock-based compensation expense6.7 7.2
Credit loss expense, net5.7 5.4
Impairment charge and other0.3 0
Loss on disposals0.1 0.1
Depreciation and amortization48.9 45.8
Foreign currency losses, net0.7 0.3
Deferred income taxes0.3 0.5
Changes in operating assets and liabilities:
Accounts receivable, net9.1 (29.9)
Other receivables, net(14.1)(21.6)
Inventories, net(185.4)(199.5)
Deposits, prepayments and other non-current assets23.3 (22.9)
Accounts payable51.2 74.2
Cigarette and tobacco taxes payable(53.6)(61.3)
Claims, accrued and other long-term liabilities32.7 27.1
Net cash used in operating activities(7.7)(111.1)
Cash flows from investing activities:
Acquisition of business0 (2.5)
Additions to property and equipment, net(17.9)(15.3)
Capitalization of software and related development costs(2.7)(3.3)
Proceeds from sale of property and equipment, net0 0.2
Proceeds from sale of other non-current assets1.1 0
Net cash used in investing activities(19.5)(20.9)
Cash flows from financing activities:
Borrowings under the Credit Facility1,424.5 1,334.6
Repayments under the Credit Facility(1,386.3)(1,166.6)
Payments on finance leases(8.9)(3.6)
Dividends paid(16.5)(15.2)
Repurchases of common stock(5.4)(8.1)
Tax withholdings related to net share settlements of restricted stock units(2.5)(2.2)
Increase (decrease) in book overdrafts19.4 (7.7)
Net cash provided by financing activities24.3 131.2
Effects of changes in foreign exchange rates0.5 (0.5)
Change in cash and cash equivalents(2.4)(1.3)
Cash and cash equivalents, beginning of period14.1 27.3
Cash and cash equivalents, end of period11.7 26
Cash (paid) received during the period for:
Income taxes, net(22.3)(13.6)
Interest(8.2)(9.1)
Operating lease liabilities arising from obtaining new right-of-use assets5.2 7
Finance lease liabilities arising from obtaining new right-of-use assets36.9 29.3
Non-cash transactions between other non-current assets and other long-term liabilities $ 0 $ 4.7

Summary of Company Information

Summary of Company Information and Basis of Presentation9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Company Information and Basis of PresentationSummary of Company Information and Basis of Presentation Business Core-Mark Holding Company, Inc., and its subsidiaries (collectively referred to herein as the “Company” or “Core-Mark”), are one of the largest marketers of fresh, food and broad-line supply solutions to the convenience retail industry in North America. The Company offers a full range of products, marketing programs and technology solutions to approximately 41,000 customer locations in the United States (“U.S.”) and Canada. The Company’s customers include traditional convenience stores, drug stores, mass merchants, grocery stores, liquor stores and other specialty and small format stores that carry convenience products. The Company’s product offering includes cigarettes, other tobacco products (“OTP”), alternative nicotine products, candy, snacks, fast food, groceries, fresh products, dairy, bread, beverages, general merchandise and health and beauty care products. The Company operates a network of thirty-two distribution centers in the U.S. and Canada (excluding two distribution facilities it operates as a third-party logistics provider). Twenty-seven distribution centers are located in the U.S. and five are located in Canada. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated balance sheet as of September 30, 2020, the unaudited condensed consolidated statements of operations and comprehensive income, the unaudited condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2020 and 2019, and the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, certain footnotes and other financial information that are normally required by generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements, which are included in its 2019 Annual Report on Form 10-K, filed with the SEC on March 2, 2020. The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended December 31, 2019. The unaudited condensed consolidated interim financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated results of operations, financial position, comprehensive income, changes in stockholders’ equity and cash flows. Results for the interim periods are not necessarily indicative of results to be expected for the full year or any other future periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting PoliciesSummary of Significant Accounting Policies Adoption of Accounting Pronouncements On June 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The Company adopted this pronouncement on a modified retrospective basis effective January 1, 2020. The new guidance replaces the incurred loss impairment approach with a methodology that incorporates all expected credit loss estimates, resulting in more timely recognition of losses. The adoption of ASU 2016-13 and all subsequent amendments did not have a material impact on the Company’s consolidated financial statements. On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The Company adopted this pronouncement on a prospective basis effective January 1, 2020. The new guidance simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. Accordingly, the Company has amended its methodology for determining any goodwill impairment calculations. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Standards or Updates Not Yet Effective On August 28, 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans -General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The new guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for defined benefit pension and other post-retirement benefit plans. ASU 2018-14 requires retrospective application and is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company has determined that ASU 2018-14 will not have a material impact on its consolidated financial statements. On December 18, 2019 the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The new guidance enhances and simplifies various aspects of the income tax accounting guidance, including requirements pertaining to hybrid tax regimes, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company has determined that ASU 2019-12 will not have a material impact on its consolidated financial statements. Concentration of Credit Risks Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash investments, accounts receivable and other receivables. The Company places its cash and cash equivalents in short-term instruments with high-quality financial institutions and limits the amount of credit exposure in any one financial instrument. A credit review is completed for new customers and ongoing credit evaluations of each customer’s financial condition are performed periodically, with an allowance recognized for expected credit losses. Credit limits given to customers are based on a risk assessment of their ability to pay and other factors. Accounts receivable are typically not collateralized, but the Company may require prepayments or other guarantees whenever deemed necessary. Murphy U.S.A., the Company’s largest customer, accounted for approximately 13% and 14% of the Company’s net sales for the three and nine months ended September 30, 2020, respectively, and approximately 13% of the Company’s net sales for the three and nine months ended September 30, 2019. No other customer individually accounted for more than 10% of sales for these periods. No si ngle customer individually accounted for 10% or more o f the Company’s accounts receivable as of September 30, 2020 or December 31, 2019.

Inventories, Net

Inventories, Net9 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories, NetInventories, Net Inventories consist of the following (in millions): September 30, December 31, Inventories at FIFO, net of reserves $ 1,058.4 $ 875.6 Less: LIFO reserve (226.2) (204.7) Total inventories, net of reserves $ 832.2 $ 670.9 Cost of goods sold reflects the application of the last-in, first-out (“LIFO”) method of valuing inventories in the U.S. based upon estimated annual producer price indexes. Inventories in Canada are valued on a first-in, first-out (“FIFO”) basis, as LIFO is not a permitted inventory valuation method in Canada. During periods of rising prices, the LIFO method of costing inventories generally results in higher current costs being charged against income while lower costs are retained in inventories. Conversely, during periods of decreasing prices, the LIFO method of costing inventories generally results in lower current costs being charged against income and higher stated inventories. If the FIFO method had been used for valuing inventories in the U.S., inventories would have been approximately $226.2 million and $204.7 million higher as of September 30, 2020 and December 31, 2019, respectively. The Company recorded LIFO expense of $5.4 million and $7.3 million for the three months ended September 30, 2020 and 2019, respectively, and $21.5 million and $21.7 million for the nine months ended September 30, 2020 and 2019, respectively.

Long-term Debt

Long-term Debt9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]
Long-term DebtLong-Term Debt Long-term debt consists of the following (in millions): September 30, December 31, Amounts borrowed (Credit Facility) $ 363.0 $ 324.8 Obligations under finance leases 81.7 57.3 Total long-term debt $ 444.7 $ 382.1 The Company has a revolving credit facility (the “Credit Facility”) with a capacity of $750.0 million as of September 30, 2020, limited by a borrowing base consisting of eligible accounts receivables and inventories. The Credit Facility expires in March 2022 and has an expansion feature which permits an increase of $200.0 million, subject to borrowing base requirements. All obligations under the Credit Facility are secured by first-priority liens on substantially all of the Company’s present and future assets. The terms of the Credit Facility permit prepayment without penalty at any time (subject to customary breakage costs with respect to London Interbank Offered Rate (“LIBOR”) or Canadian Dollar Offered Rate (“CDOR”) based loans prepaid prior to the end of an interest period). Amounts related to the Credit Facility are as follows (in millions, except interest rate data): September 30, December 31, Amounts borrowed, net $ 363.0 $ 324.8 Outstanding letters of credit 19.4 16.7 Amounts available to borrow (1) 352.1 341.7 Unamortized debt issuance costs 1.1 1.7 ___________________________________________ (1) Subject to borrowing base limitations, and excluding expansion feature of $200.0 million. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Average borrowings $ 163.4 $ 371.1 $ 284.2 $ 295.0 Range of borrowings 69.0 - 401.0 252.8 - 489.0 69.0 - 499.3 141.7 - 489.0 Unused Credit Facility and letter of credit participation fees (1) 0.4 0.3 1.0 0.9 Amortization of debt issuance costs (1) 0.2 0.2 0.6 0.6 Weighted-average interest rate (2) 1.4 % 3.5 % 1.9 % 3.6 % ___________________________________________ (1) Included in interest expense, net. (2) Calculated based on the daily cost of borrowing, reflecting a blend of prime and LIBOR rates.

Contingencies

Contingencies9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
ContingenciesContingencies Litigation The Company is subject to certain legal proceedings, claims, investigations and administrative proceedings in the ordinary course of its business. The Company records a provision for a liability when it is probable that the liability has been incurred and the amount of the liability can be reasonably estimated. These provisions, if any, are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. In the opinion of management, the outcome of pending litigation is not expected to have a material effect on the Company’s results of operations, financial condition or liquidity.

Earnings Per Share

Earnings Per Share9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share The following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Earnings Net income $ 23.0 $ 22.5 $ 44.2 $ 41.5 Shares Weighted-average common shares outstanding (basic shares) 45.1 45.8 45.1 45.8 Adjustment for assumed dilution: Restricted stock units 0.2 0.2 0.1 0.2 Performance shares 0.1 0.1 0.1 0.1 Weighted-average shares assuming dilution (diluted shares) 45.4 46.1 45.3 46.1 Earnings per share Basic (1) $ 0.51 $ 0.49 $ 0.98 $ 0.91 Diluted (1) $ 0.51 $ 0.49 $ 0.98 $ 0.90 ___________________________________________ (1) Basic and diluted earnings per share are calculated based on unrounded actual amounts. The number of common shares that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive were 10,279 and 263,983 for the three and nine months ended September 30, 2020, respectively, and 10,279 and 205,748, for the same periods in 2019, respectively.

Stock-Based Compensation Plans

Stock-Based Compensation Plans9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation PlansStock-Based Compensation Plans 2019 Long-Term Incentive Plan On May 21, 2019, the Company’s stockholders approved the 2019 Long-Term Incentive Plan (“2019 LTIP”) which, among other things, replaces the Company’s 2010 Long-Term Incentive Plan (as amended, the “2010 LTIP”) and reserves for awards an aggregate of up to 4,236,959 shares. As of September 30, 2020, the total number of shares available for issuance under the 2019 LTIP was 3,136,192 . The 2019 LTIP allows the Company to grant, among other things, time-vesting and performance-based restricted stock unit awards. Awards may be made under the 2019 LTIP through May 21, 2029. Grant Activities During the nine months ended September 30, 2020 and 2019, the Company granted 280,325 and 230,235, respectively, of time-vesting restricted stock units to certain of its employees and non-employee directors at a weighted-average grant date fair value of $25.38 and $29.67, respectively. During the nine months ended September 30, 2020, the Company granted 154,363 performance-based restricted stock units to certain of its employees at a weighted-average grant date fair value of $25.48 . The 154,363 performance-based restricted stock units represent the maximum number that can be earned. The number of performance-based restricted stock units that employees ultimately earn will be based on the Company’s achievement of certain specified performance targets for the full year of 2020. During the nine months ended September 30, 2019, the Company granted 154,511 performance-based restricted stock units to certain of its employees at a weighted-average grant date fair value of $29.90 , all of which were ultimately earned, based upon 2019 performance criteria achieved. Stock-Based Compensation Cost Total stock-based compensation cost included in selling, general and administrative expenses was $2.6 million and $3.1 million for the three months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020 and 2019, the Company recognized stock-based compensation cost of $6.7 million and $7.2 million, respectively. Total unrecognized stock-based compensation cost related to unvested share-based compensation arrangements was $14.1 million at September 30, 2020, which is expected to be recognized over a weighted-average period of 1.6 years. Total unrecognized stock-based compensation cost is adjusted for any unearned or estimated not to be earned performance-based restricted stock units or forfeited shares.

Stockholders' Equity

Stockholders' Equity9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Stockholders' EquityStockholders’ Equity Dividends The Board of Directors approved the following cash dividends in 2020 (in millions, except per share data): Declaration Date Dividend Per Share Record Date Cash Payment Amount Payment Date February 24, 2020 $0.12 March 16, 2020 $5.5 March 27, 2020 May 7, 2020 $0.12 May 22, 2020 $5.4 June 19, 2020 August 6, 2020 $0.12 August 21, 2020 $5.4 September 18, 2020 November 5, 2020 $0.13 November 20, 2020 N/A (1) December 18, 2020 ___________________________________________ (1) Amount will be determined based on common stock outstanding as of the record date. Repurchase of Common Stock On February 24, 2020, the Company’s Board of Directors authorized a $60.0 million stock repurchase program (the “Program”), replacing the Company’s prior stock repurchase program. At the time of approval, the Company had funds totaling $0.4 million remaining under the prior stock repurchase program, which were subsequently retired unused. The timing, price and volume of purchases under the Program are based on market conditions, cash and liquidity requirements, relevant securities laws and other factors. The Program may be discontinued or amended at any time. The Program has no expiration date and terminates when the amount authorized has been expended or the Board of Directors withdraws its authorization.

Segment and Geographic Informat

Segment and Geographic Information9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]
Segment and Geographic InformationSegment and Geographic Information The Company identifies its operating segments based primarily on the way the Chief Operating Decision Maker (“CODM”) evaluates performance and makes decisions. The Chief Executive Officer of the Company has been identified as the CODM. From the perspective of the CODM, the Company is engaged primarily in the business of distributing packaged consumer products to convenience retail stores in the U.S. and Canada (collectively “North America”), each of which consists of customers that have similar characteristics. Therefore, the Company has determined that it has two operating segments, U.S. and Canada, which aggregate to one reportable segment. Additionally, the Company presents its segment reporting information based on business operations for each of the two geographic areas in which it operates and also by major product category. Information about the Company’s business operations based on geographic areas is as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net sales: United States $ 4,059.1 $ 3,999.3 $ 11,498.7 $ 11,348.2 Canada 431.6 415.7 1,174.6 1,132.4 Corporate (1) 11.9 7.6 32.5 35.1 Total $ 4,502.6 $ 4,422.6 $ 12,705.8 $ 12,515.7 Income before income taxes: United States $ 42.9 $ 33.5 $ 78.2 $ 74.1 Canada 5.0 3.8 9.2 7.7 Corporate (2) (15.7) (6.7) (26.5) (25.2) Total $ 32.2 $ 30.6 $ 60.9 $ 56.6 Interest expense, net: (3) United States $ 14.1 $ 15.6 $ 44.0 $ 41.4 Canada 0.1 0.2 0.4 1.0 Corporate (4) (12.1) (11.6) (36.0) (31.6) Total $ 2.1 $ 4.2 $ 8.4 $ 10.8 Depreciation and amortization: United States $ 12.1 $ 10.6 $ 33.9 $ 32.0 Canada 0.9 0.7 2.5 1.9 Corporate (5) 3.5 3.6 12.5 11.9 Total $ 16.5 $ 14.9 $ 48.9 $ 45.8 Capital expenditures: United States $ 7.9 $ 5.4 $ 16.1 $ 13.9 Canada 0.2 0.7 1.8 1.4 Total $ 8.1 $ 6.1 $ 17.9 $ 15.3 ___________________________________________ (1) Consists primarily of external sales made by the Company’s consolidating warehouses, management service fee revenue, allowance for sales returns and certain other sales adjustments. (2) Consists primarily of expenses and other income, such as corporate incentives and salaries, LIFO expense, health care costs, insurance and workers’ compensation adjustments, elimination of overhead allocations and foreign exchange gains or losses. (3) Includes $0.1 million and $0.2 million of interest income for the three and nine months ended September 30, 2020, respectively. Includes $0.1 million and $0.3 million of interest income for the three and nine months ended September 30, 2019, respectively. (4) Consists primarily of intercompany eliminations for interest. (5) Consists primarily of depreciation for the consolidation centers and amortization of intangible assets. Identifiable assets by geographic area are as follows (in millions): September 30, December 31, Identifiable assets: United States $ 1,870.2 $ 1,741.4 Canada 141.8 157.0 Total $ 2,012.0 $ 1,898.4 The net sales mix for the Company’s primary product categories is as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, Product Category 2020 2019 2020 2019 Cigarettes $ 3,000.2 $ 2,880.0 $ 8,475.5 $ 8,181.5 Food 424.3 476.8 1,186.8 1,314.6 Fresh 139.4 135.8 381.8 376.1 Candy 259.1 269.7 759.3 782.8 OTP 403.6 370.4 1,154.5 1,068.9 Health, beauty & general 212.5 226.0 594.8 630.3 Beverages 64.1 63.9 153.2 160.2 Equipment/other (0.6) — (0.1) 1.3 Total food/non-food products 1,502.4 1,542.6 4,230.3 4,334.2 Total net sales $ 4,502.6 $ 4,422.6 $ 12,705.8 $ 12,515.7

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated balance sheet as of September 30, 2020, the unaudited condensed consolidated statements of operations and comprehensive income, the unaudited condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2020 and 2019, and the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, certain footnotes and other financial information that are normally required by generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements, which are included in its 2019 Annual Report on Form 10-K, filed with the SEC on March 2, 2020. The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended December 31, 2019. The unaudited condensed consolidated interim financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated results of operations, financial position, comprehensive income, changes in stockholders’ equity and cash flows. Results for the interim periods are not necessarily indicative of results to be expected for the full year or any other future periods.
Principles of ConsolidationBasis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated balance sheet as of September 30, 2020, the unaudited condensed consolidated statements of operations and comprehensive income, the unaudited condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2020 and 2019, and the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, certain footnotes and other financial information that are normally required by generally accepted accounting principles in the U.S. (“GAAP”) have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements, which are included in its 2019 Annual Report on Form 10-K, filed with the SEC on March 2, 2020. The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements in its Annual Report on Form 10-K, for the year ended December 31, 2019. The unaudited condensed consolidated interim financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated results of operations, financial position, comprehensive income, changes in stockholders’ equity and cash flows. Results for the interim periods are not necessarily indicative of results to be expected for the full year or any other future periods.
Adoption of Accounting Pronouncements and Recent Accounting Standards or Updates Not Yet EffectiveAdoption of Accounting Pronouncements On June 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The Company adopted this pronouncement on a modified retrospective basis effective January 1, 2020. The new guidance replaces the incurred loss impairment approach with a methodology that incorporates all expected credit loss estimates, resulting in more timely recognition of losses. The adoption of ASU 2016-13 and all subsequent amendments did not have a material impact on the Company’s consolidated financial statements. On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The Company adopted this pronouncement on a prospective basis effective January 1, 2020. The new guidance simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of its goodwill. Accordingly, the Company has amended its methodology for determining any goodwill impairment calculations. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Standards or Updates Not Yet Effective On August 28, 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans -General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The new guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for defined benefit pension and other post-retirement benefit plans. ASU 2018-14 requires retrospective application and is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company has determined that ASU 2018-14 will not have a material impact on its consolidated financial statements. On December 18, 2019 the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The new guidance enhances and simplifies various aspects of the income tax accounting guidance, including requirements pertaining to hybrid tax regimes, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company has determined that ASU 2019-12 will not have a material impact on its consolidated financial statements.
Concentration of Credit RisksConcentration of Credit Risks Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash investments, accounts receivable and other receivables. The Company places its cash and cash equivalents in short-term instruments with high-quality financial institutions and limits the amount of credit exposure in any one financial instrument. A credit review is completed for new customers and ongoing credit evaluations of each customer’s financial condition are performed periodically, with an allowance recognized for expected credit losses. Credit limits given to customers are based on a risk assessment of their ability to pay and other factors. Accounts receivable are typically not collateralized, but the Company may require prepayments or other guarantees whenever deemed necessary.

Inventories, Net (Tables)

Inventories, Net (Tables)9 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of InventoriesInventories consist of the following (in millions): September 30, December 31, Inventories at FIFO, net of reserves $ 1,058.4 $ 875.6 Less: LIFO reserve (226.2) (204.7) Total inventories, net of reserves $ 832.2 $ 670.9

Long-term Debt (Tables)

Long-term Debt (Tables)9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term DebtLong-term debt consists of the following (in millions): September 30, December 31, Amounts borrowed (Credit Facility) $ 363.0 $ 324.8 Obligations under finance leases 81.7 57.3 Total long-term debt $ 444.7 $ 382.1 Amounts related to the Credit Facility are as follows (in millions, except interest rate data): September 30, December 31, Amounts borrowed, net $ 363.0 $ 324.8 Outstanding letters of credit 19.4 16.7 Amounts available to borrow (1) 352.1 341.7 Unamortized debt issuance costs 1.1 1.7 ___________________________________________ (1) Subject to borrowing base limitations, and excluding expansion feature of $200.0 million. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Average borrowings $ 163.4 $ 371.1 $ 284.2 $ 295.0 Range of borrowings 69.0 - 401.0 252.8 - 489.0 69.0 - 499.3 141.7 - 489.0 Unused Credit Facility and letter of credit participation fees (1) 0.4 0.3 1.0 0.9 Amortization of debt issuance costs (1) 0.2 0.2 0.6 0.6 Weighted-average interest rate (2) 1.4 % 3.5 % 1.9 % 3.6 % ___________________________________________ (1) Included in interest expense, net. (2) Calculated based on the daily cost of borrowing, reflecting a blend of prime and LIBOR rates.

Earnings Per Share (Tables)

Earnings Per Share (Tables)9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income Per Common ShareThe following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Earnings Net income $ 23.0 $ 22.5 $ 44.2 $ 41.5 Shares Weighted-average common shares outstanding (basic shares) 45.1 45.8 45.1 45.8 Adjustment for assumed dilution: Restricted stock units 0.2 0.2 0.1 0.2 Performance shares 0.1 0.1 0.1 0.1 Weighted-average shares assuming dilution (diluted shares) 45.4 46.1 45.3 46.1 Earnings per share Basic (1) $ 0.51 $ 0.49 $ 0.98 $ 0.91 Diluted (1) $ 0.51 $ 0.49 $ 0.98 $ 0.90 ___________________________________________ (1) Basic and diluted earnings per share are calculated based on unrounded actual amounts.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Schedule of DividendsThe Board of Directors approved the following cash dividends in 2020 (in millions, except per share data): Declaration Date Dividend Per Share Record Date Cash Payment Amount Payment Date February 24, 2020 $0.12 March 16, 2020 $5.5 March 27, 2020 May 7, 2020 $0.12 May 22, 2020 $5.4 June 19, 2020 August 6, 2020 $0.12 August 21, 2020 $5.4 September 18, 2020 November 5, 2020 $0.13 November 20, 2020 N/A (1) December 18, 2020 ___________________________________________

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Business Operations Based on Geographic AreaInformation about the Company’s business operations based on geographic areas is as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net sales: United States $ 4,059.1 $ 3,999.3 $ 11,498.7 $ 11,348.2 Canada 431.6 415.7 1,174.6 1,132.4 Corporate (1) 11.9 7.6 32.5 35.1 Total $ 4,502.6 $ 4,422.6 $ 12,705.8 $ 12,515.7 Income before income taxes: United States $ 42.9 $ 33.5 $ 78.2 $ 74.1 Canada 5.0 3.8 9.2 7.7 Corporate (2) (15.7) (6.7) (26.5) (25.2) Total $ 32.2 $ 30.6 $ 60.9 $ 56.6 Interest expense, net: (3) United States $ 14.1 $ 15.6 $ 44.0 $ 41.4 Canada 0.1 0.2 0.4 1.0 Corporate (4) (12.1) (11.6) (36.0) (31.6) Total $ 2.1 $ 4.2 $ 8.4 $ 10.8 Depreciation and amortization: United States $ 12.1 $ 10.6 $ 33.9 $ 32.0 Canada 0.9 0.7 2.5 1.9 Corporate (5) 3.5 3.6 12.5 11.9 Total $ 16.5 $ 14.9 $ 48.9 $ 45.8 Capital expenditures: United States $ 7.9 $ 5.4 $ 16.1 $ 13.9 Canada 0.2 0.7 1.8 1.4 Total $ 8.1 $ 6.1 $ 17.9 $ 15.3 ___________________________________________ (1) Consists primarily of external sales made by the Company’s consolidating warehouses, management service fee revenue, allowance for sales returns and certain other sales adjustments. (2) Consists primarily of expenses and other income, such as corporate incentives and salaries, LIFO expense, health care costs, insurance and workers’ compensation adjustments, elimination of overhead allocations and foreign exchange gains or losses. (3) Includes $0.1 million and $0.2 million of interest income for the three and nine months ended September 30, 2020, respectively. Includes $0.1 million and $0.3 million of interest income for the three and nine months ended September 30, 2019, respectively. (4) Consists primarily of intercompany eliminations for interest. (5) Consists primarily of depreciation for the consolidation centers and amortization of intangible assets. Identifiable assets by geographic area are as follows (in millions): September 30, December 31, Identifiable assets: United States $ 1,870.2 $ 1,741.4 Canada 141.8 157.0 Total $ 2,012.0 $ 1,898.4
Schedule of Net Sales Mix for Primary Product CategoriesThe net sales mix for the Company’s primary product categories is as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, Product Category 2020 2019 2020 2019 Cigarettes $ 3,000.2 $ 2,880.0 $ 8,475.5 $ 8,181.5 Food 424.3 476.8 1,186.8 1,314.6 Fresh 139.4 135.8 381.8 376.1 Candy 259.1 269.7 759.3 782.8 OTP 403.6 370.4 1,154.5 1,068.9 Health, beauty & general 212.5 226.0 594.8 630.3 Beverages 64.1 63.9 153.2 160.2 Equipment/other (0.6) — (0.1) 1.3 Total food/non-food products 1,502.4 1,542.6 4,230.3 4,334.2 Total net sales $ 4,502.6 $ 4,422.6 $ 12,705.8 $ 12,515.7

Summary of Company Informatio_2

Summary of Company Information and Basis of Presentation (Details) location in ThousandsSep. 30, 2020facilitycenterlocation
Revenue from External Customer [Line Items]
Number of customer locations | location41
Number of distribution centers32
Number of distribution facilities operating as a third party logistics provider | facility2
United States
Revenue from External Customer [Line Items]
Number of distribution centers27
Canada
Revenue from External Customer [Line Items]
Number of distribution centers5

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Net sales | Customer concentration risk | Murphy USA
Concentration Risk [Line Items]
Major customer percentage of net sales13.00%13.00%14.00%13.00%

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
Inventory [Line Items]
Inventories at FIFO, net of reserves $ 1,058.4 $ 1,058.4 $ 875.6
Less: LIFO reserve(226.2)(226.2)(204.7)
Total inventories, net of reserves832.2 832.2 670.9
LIFO expense5.4 $ 7.3 21.5 $ 21.7
United States
Inventory [Line Items]
Less: LIFO reserve $ (226.2) $ (226.2) $ (204.7)

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
Debt Instrument [Line Items]
Total long-term debt $ 444,700,000 $ 444,700,000 $ 382,100,000
Amortization of debt issuance costs600,000 $ 600,000
Revolving credit facility
Debt Instrument [Line Items]
Unamortized debt issuance costs1,100,000 1,100,000 1,700,000
Revolving credit facility, expansion feature200,000,000 200,000,000
Average borrowings163,400,000 $ 371,100,000 284,200,000 295,000,000
Unused Credit Facility and letter of credit participation fees400,000 300,000 1,000,000 900,000
Amortization of debt issuance costs $ 200,000 $ 200,000 $ 600,000 $ 600,000
Weighted-average interest rate1.40%3.50%1.90%3.60%
Revolving credit facility
Debt Instrument [Line Items]
Total long-term debt $ 363,000,000 $ 363,000,000 324,800,000
Outstanding letters of credit19,400,000 19,400,000 16,700,000
Amounts available to borrow352,100,000 352,100,000 341,700,000
Obligations under capital leases
Debt Instrument [Line Items]
Total long-term debt81,700,000 81,700,000 $ 57,300,000
Minimum | Revolving credit facility
Debt Instrument [Line Items]
Average borrowings69,000,000 $ 252,800,000 69,000,000 $ 141,700,000
Maximum | Revolving credit facility
Debt Instrument [Line Items]
Average borrowings $ 401,000,000 $ 489,000,000 $ 499,300,000 $ 489,000,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - Revolving credit facilitySep. 30, 2020USD ($)
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity $ 750,000,000
Revolving credit facility, expansion feature $ 200,000,000

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Earnings
Net income $ 23 $ 22.5 $ 44.2 $ 41.5
Shares
Weighted-average common shares outstanding (basic shares)45.1 45.8 45.1 45.8
Adjustment for assumed dilution:
Weighted-average shares assuming dilution (diluted shares)45.4 46.1 45.3 46.1
Earnings per share
Basic (in dollars per share) $ 0.51 $ 0.49 $ 0.98 $ 0.91
Diluted (in dollars per share) $ 0.51 $ 0.49 $ 0.98 $ 0.90
Restricted stock units
Adjustment for assumed dilution:
Incremental common shares attributable to share-based payment arrangements (in shares)0.2 0.2 0.1 0.2
Performance shares
Adjustment for assumed dilution:
Incremental common shares attributable to share-based payment arrangements (in shares)0.1 0.1 0.1 0.1

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive securities not included in the computation of diluted earnings per share (in shares)10,279 10,279 263,983 205,748

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019May 21, 2019
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Number of shares authorized (in shares)4,236,959
Shares available for issuance (in shares)3,136,192 3,136,192
Stock-based compensation cost $ 2.6 $ 3.1 $ 6.7 $ 7.2
Total unrecognized compensation cost related to non-vested share-based compensation arrangements $ 14.1 $ 14.1
Compensation cost not yet recognized, period for recognition1 year 7 months 6 days
Performance-Based Restricted Stock Units
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Granted, number of shares (in shares)154,363 154,511
Grants in period, weighted average grant date fair value (in dollars per share) $ 25.48 $ 29.90
2010 LTIP | Restricted Stock Units
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items]
Granted, number of shares (in shares)280,325 230,235
Grants in period, weighted average grant date fair value (in dollars per share) $ 25.38 $ 29.67

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in MillionsNov. 05, 2020Sep. 18, 2020Aug. 06, 2020Jun. 19, 2020May 07, 2020Mar. 27, 2020Feb. 24, 2020Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Class of Stock [Line Items]
Dividends per share (in dollars per share) $ 0.12 $ 0.12 $ 0.12 $ 120,000 $ 0.11 $ 360,000 $ 0.33
Cash Payment Amount $ 5.4 $ 5.4 $ 5.5 $ 16.5 $ 15.2
Subsequent Event
Class of Stock [Line Items]
Dividends per share (in dollars per share) $ 0.13

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Feb. 24, 2020
Equity, Class of Treasury Stock [Line Items]
Authorized increase to stock repurchase plan $ 60,000,000
Total repurchase costs $ 5,400,000
Number of shares repurchased (in shares)0 250,925 235,344 250,925
2017 Program
Equity, Class of Treasury Stock [Line Items]
Common stock available for future share repurchases, amount $ 400,000
2020 Program
Equity, Class of Treasury Stock [Line Items]
Common stock available for future share repurchases, amount $ 54,600,000 $ 54,600,000

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details)9 Months Ended
Sep. 30, 2020SegmentArea
Segment Reporting [Abstract]
Number of operating segments2
Number of reportable segments1
Number of geographic operating areas | Area2

Segment and Geographic Inform_4

Segment and Geographic Information - Information by Geographic Areas (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Segment Reporting Information [Line Items]
Net sales $ 4,502.6 $ 4,422.6 $ 12,705.8 $ 12,515.7
Income before income taxes32.2 30.6 60.9 56.6
Interest expense, net2.1 4.2 8.4 10.8
Depreciation and amortization16.5 14.9 48.9 45.8
Capital expenditures:8.1 6.1 17.9 15.3
Interest income0.1 0.1 0.2 0.3
Operating Segment | United States
Segment Reporting Information [Line Items]
Net sales4,059.1 3,999.3 11,498.7 11,348.2
Income before income taxes42.9 33.5 78.2 74.1
Interest expense, net14.1 15.6 44 41.4
Depreciation and amortization12.1 10.6 33.9 32
Capital expenditures:7.9 5.4 16.1 13.9
Operating Segment | Canada
Segment Reporting Information [Line Items]
Net sales431.6 415.7 1,174.6 1,132.4
Income before income taxes5 3.8 9.2 7.7
Interest expense, net0.1 0.2 0.4 1
Depreciation and amortization0.9 0.7 2.5 1.9
Capital expenditures:0.2 0.7 1.8 1.4
Corporate
Segment Reporting Information [Line Items]
Net sales11.9 7.6 32.5 35.1
Income before income taxes(15.7)(6.7)(26.5)(25.2)
Interest expense, net(12.1)(11.6)(36)(31.6)
Depreciation and amortization $ 3.5 $ 3.6 $ 12.5 $ 11.9

Segment and Geographic Inform_5

Segment and Geographic Information - Identifiable Assets (Details) - USD ($) $ in MillionsSep. 30, 2020Dec. 31, 2019
Identifiable assets:
Total $ 2,012 $ 1,898.4
United States
Identifiable assets:
Total1,870.2 1,741.4
Canada
Identifiable assets:
Total $ 141.8 $ 157

Segment and Geographic Inform_6

Segment and Geographic Information - Net Sales Mix By Primary Product Categories (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Revenue from External Customer [Line Items]
Net sales $ 4,502.6 $ 4,422.6 $ 12,705.8 $ 12,515.7
Cigarettes
Revenue from External Customer [Line Items]
Net sales3,000.2 2,880 8,475.5 8,181.5
Food
Revenue from External Customer [Line Items]
Net sales424.3 476.8 1,186.8 1,314.6
Fresh
Revenue from External Customer [Line Items]
Net sales139.4 135.8 381.8 376.1
Candy
Revenue from External Customer [Line Items]
Net sales259.1 269.7 759.3 782.8
OTP
Revenue from External Customer [Line Items]
Net sales403.6 370.4 1,154.5 1,068.9
Health, beauty & general
Revenue from External Customer [Line Items]
Net sales212.5 226 594.8 630.3
Beverages
Revenue from External Customer [Line Items]
Net sales64.1 63.9 153.2 160.2
Equipment/other
Revenue from External Customer [Line Items]
Net sales(0.6)0 (0.1)1.3
Total food/non-food products
Revenue from External Customer [Line Items]
Net sales $ 1,502.4 $ 1,542.6 $ 4,230.3 $ 4,334.2