Murphy USA Inc.MUSA
Murphy USA Inc. Segments Disclosure
Business Segments
We identify reportable segments based on how we manage the company's operations. Our operations include the sale of retail motor fuel products and convenience merchandise along with the wholesale and bulk sale capabilities of our product supply and wholesale group. As the primary purpose of the product supply and wholesale group is to support our retail operations and provide fuel for their daily operation, the bulk and wholesale fuel sales are secondary to the support functions played by these groups. As such, they are all treated as one segment for reporting purposes as they sell the same products and have similar economic characteristics. This Marketing segment contains essentially all of the revenue generating activities of the Company. Results not included in the reportable segment are included in Corporate and Other Assets. The reportable segment was determined based on information reviewed by the Chief Operating Decision Maker (CODM), who is the Chief Executive Officer.
The CODM evaluates performance and allocates resources for its reportable segment using segment income (loss). This metric is used to evaluate the overall financial performance of the Marketing segment, make operational and strategic decisions, prepare our annual plan, and allocate resources.
The accounting policies for the Marketing segment are consistent with those described in the summary of significant accounting policies. No eliminations are required for the presentation below because virtually all corporate and other costs are allocated to the Marketing segment.
| Marketing Segment Information | Years ended December 31, | |||||||||||||||||||
| (Millions of dollars) | 2025 | 2024 | 2023 | |||||||||||||||||
| Revenues from external customers | $ | 19,383.5 | $ | 20,243.7 | $ | 21,528.9 | ||||||||||||||
| Reconciliation of revenue | ||||||||||||||||||||
Other revenues1 | 0.5 | 0.6 | 0.5 | |||||||||||||||||
| Total consolidated revenue | $ | 19,384.0 | $ | 20,244.3 | $ | 21,529.4 | ||||||||||||||
Less:2 | ||||||||||||||||||||
| Cost of goods sold | 17,024.6 | 17,937.5 | 19,215.6 | |||||||||||||||||
| Store and other operating expenses | 1,108.3 | 1,064.4 | 1,014.6 | |||||||||||||||||
| Selling, general and administrative | 231.5 | 235.4 | 240.5 | |||||||||||||||||
| Depreciation and amortization | 250.8 | 229.8 | 211.9 | |||||||||||||||||
Other segment items3 | 11.2 | 16.0 | 3.5 | |||||||||||||||||
| Interest expense | 8.0 | 8.4 | 8.9 | |||||||||||||||||
| Segment income before income taxes | $ | 749.1 | $ | 752.2 | $ | 833.9 | ||||||||||||||
| Reconciliation of income before income taxes | ||||||||||||||||||||
| Income before income taxes | $ | 609.2 | $ | 651.6 | $ | 734.4 | ||||||||||||||
Other (revenues)1 | (0.5) | (0.6) | (0.5) | |||||||||||||||||
| Other operating expenses | 0.2 | 0.2 | 0.2 | |||||||||||||||||
| Depreciation and amortization | 26.0 | 18.2 | 16.8 | |||||||||||||||||
| Restructuring expenses | 12.6 | — | — | |||||||||||||||||
| (Gain) loss on sale of assets | 0.3 | (0.1) | 0.1 | |||||||||||||||||
| Investment (income) loss | (0.2) | (6.4) | (6.9) | |||||||||||||||||
| Interest expense | 102.9 | 88.7 | 89.6 | |||||||||||||||||
| Other nonoperating (income) expense | (1.4) | 0.6 | 0.2 | |||||||||||||||||
| Segment income before income taxes | $ | 749.1 | $ | 752.2 | $ | 833.9 | ||||||||||||||
1Revenues from corporate and other assets not included in the reportable segment results. | ||||||||||||||||||||
2The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. | ||||||||||||||||||||
3Other segment items includes: accretion of asset retirement obligations, impairment of properties, (gain) loss on sale of assets and other nonoperating (income) expense | ||||||||||||||||||||
| Other specified segment disclosures | ||||||||||||||||||||
| (Millions of dollars) | Marketing Totals | Reconciling Items4 | Consolidated Totals | |||||||||||||||||
| Year ended December 31, 2025 | ||||||||||||||||||||
| Accretion of asset retirement obligations | $ | 3.4 | $ | — | $ | 3.4 | ||||||||||||||
| Deferred and noncurrent income taxes (benefits) | $ | 58.4 | $ | (13.3) | $ | 45.1 | ||||||||||||||
| Additions to property, plant and equipment | $ | 414.6 | $ | 17.8 | $ | 432.4 | ||||||||||||||
| Total assets at year-end | $ | 4,534.6 | $ | 191.2 | $ | 4,725.8 | ||||||||||||||
| (Millions of dollars) | Marketing Totals | Reconciling Items4 | Consolidated Totals | |||||||||||||||||
| Year ended December 31, 2024 | ||||||||||||||||||||
| Accretion of asset retirement obligations | $ | 3.2 | $ | — | $ | 3.2 | ||||||||||||||
| Deferred and noncurrent income taxes (benefits) | $ | 17.6 | $ | (3.6) | $ | 14.0 | ||||||||||||||
| Additions to property, plant and equipment | $ | 464.1 | $ | 38.9 | $ | 503.0 | ||||||||||||||
| Total assets at year-end | $ | 4,326.8 | $ | 214.8 | $ | 4,541.6 | ||||||||||||||
| (Millions of dollars) | Marketing Totals | Reconciling Items4 | Consolidated Totals | |||||||||||||||||
| Year ended December 31, 2023 | ||||||||||||||||||||
| Accretion of asset retirement obligations | $ | 3.0 | $ | — | $ | 3.0 | ||||||||||||||
| Deferred and noncurrent income taxes (benefits) | $ | (4.5) | $ | 6.5 | $ | 2.0 | ||||||||||||||
| Additions to property, plant and equipment | $ | 289.5 | $ | 54.6 | $ | 344.1 | ||||||||||||||
| Total assets at year-end | $ | 4,061.7 | $ | 278.4 | $ | 4,340.1 | ||||||||||||||
4Corporate and other assets not included in the reportable segment results. | ||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.