Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 159

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 159
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 increased since that time.The fair value of these interest rate swap contracts was reported as a separate line item within current assets, noncurrent assets and noncurrent liabilities, as applicable. See Note 17 for additional information on the fair value of the interest rate swap contracts.We report the unrealized gains and losses on our interest rate swap contracts designated as highly effective cash flow hedges as a component of other comprehensive income and reclassify such gains and losses into earnings (interest expense on our statement of income) in the same period during which the hedged interest expense is recorded. We recognized a net realized gain from settlements of the interest rate swap contracts of $10.4 million, $17.0 million and $3.9 million for 2024, 2023 and 2022, respectively. We currently estimate that a net gain of $2.8 million will be reclassified from accumulated other comprehensive income into interest expense during the next 12 months; however, the actual amount that will be reclassified will vary based on changes in interest rates.

Note 13. OPERATING LEASESOperating Leases of Sites as LesseeWe lease 434 sites from third parties under certain non-cancelable operating leases that expire from time to time through 2044. The weighted-average remaining lease term was 3.9 years as of December 31, 2024. Lease expense was classified in the consolidated statements of income as follows (in thousands): 

        Year Ended December 31,

        2024

        2023

        2022

        Cost of sales
         
        $
        20,651

        $
        22,338

        $
        23,457

        Operating expenses

        17,440

        15,460

        15,254

        General and administrative expenses

        1,179

        995

        931

        Total
         
        $
        39,270

        $
        38,793

        $
        39,642

       Variable lease payments based on inflation or fuel volume included in the table above totaled $4.6 million, $4.6 million and $4.4 million for 2024, 2023 and 2022, respectively. Short-term lease payments included in the table above that are excluded from the lease liability amounted to $0.3 million, $0.2 million and $0.2 million for 2024, 2023 and