Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 149

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 149
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 suppliers, respectively.For 2024, 2023 and 2022, approximately 22%, 24% and 23% of our motor fuel gallons sold were delivered by our top two carriers, respectively.For 2024, 2023 and 2022, approximately 19%, 29% and 33% of our rent income was from our top five multi-site operators, respectively.For 2024, 2023 and 2022, approximately 50%, 49% and 49% of our merchandise was purchased from one supplier, respectively.New Accounting Guidance Pending AdoptionIn December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” The amendments in this new guidance require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. This new guidance also requires certain new disclosures such as income taxes paid disaggregated by federal, state and foreign taxes and further disaggregated by individual jurisdictions in which income taxes paid exceeds a quantitative threshold. This new guidance also eliminates certain previously required disclosures. We adopted this new guidance effective January 1, 2025 and will present the new disclosures as required in our future filings.In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses.”  The amendments in this new guidance require disclosure, in the notes to financial statements, of specified information about certain costs and expenses, including with respect to purchases of inventory, employee compensation, depreciation and intangible asset amortization. These new disclosures will be required in our Annual Report on Form 10-K for the year ending December 31, 2027 and interim and annual reports thereafter. Although we do not anticipate the impact of adopting this guidance will be material, it will affect our disclosures.

Note 3. ACQUISITIONSApplegreen Acquisition and Lease TerminationOn January 26, 2024, we entered into an agreement (the “Applegreen Purchase Agreement”) to acquire certain assets from Applegreen Midwest, LLC and Applegreen Florida, LLC (collectively, the “Sellers”) (the “Applegreen Acquisition”). The assets were acquired via the termination of the Partnership’s existing lease agreements with the Sellers at 59 locations, for total consideration of $16.9 million. The transaction closed on a rolling basis by site beginning in the first quarter of