CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 110,327	$ 152,506	$ 362,207
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	139,685	110,090	104,796
Amortization of deferred financing fees	7,449	5,651	5,432
Bad debt expense	(20)	855	131
Unit-based compensation expense	15,492	10,605	2,700
Write-off of financing fees	1,440	482
Net gain on sale and disposition of assets	(9,494)	(2,626)	(79,873)
Long-lived asset impairment	492	0	0
Deferred income taxes	(5,361)	2,509	9,583
Loss (income) from equity method investments	1,514	(2,503)
Dividends received on equity method investments	204	1,375
Changes in operating assets and liabilities:
Accounts receivable	79,193	(73,782)	(67,774)
Accounts receivable-affiliate	1,892	(5,762)	(1,241)
Inventories	(200,412)	172,112	(52,086)
Broker margin deposits	(7,356)	10,652	10,227
Prepaid expenses, all other current assets and other assets	(2,165)	(19,196)	14,043
Accounts payable	(138,742)	117,777	177,644
Trustee taxes payable	(645)	24,426	(1,251)
Change in derivatives	5,064	(10,501)	(22,170)
Accrued expenses, all other current liabilities and other long-term liabilities	33,043	17,771	17,628
Net cash provided by operating activities	31,600	512,441	479,996
Cash flows from investing activities
Acquisitions of terminals	(215,085)	(313,174)
Acquisitions		(1,500)	(256,246)
Equity method investments	(19,125)	(95,301)
Capital expenditures	(103,298)	(88,847)	(106,797)
Seller note issuances, net	(7,046)	(8,495)	(1,664)
Dividends received of equity method investments	19,052	2,075
Proceeds from sale of property and equipment, net	48,631	12,862	128,514
Net cash used in investing activities	(276,871)	(492,380)	(236,193)
Cash flows from financing activities
Proceeds from senior notes, net	441,301
Redemption of Series A preferred units	(69,000)
Repurchase of common units	(14,173)	(3,521)	(2,898)
LTIP units withheld for tax obligations	(1,818)	(469)	(1,559)
Distribution equivalent rights	(566)	(149)
Distributions to limited partners and general partner	(121,607)	(144,720)	(100,455)
Net cash provided by (used in) financing activities	233,837	(4,459)	(250,612)
Cash and cash equivalents
Decrease (increase) in cash and cash equivalents	(11,434)	15,602	(6,809)
Cash and cash equivalents at beginning of year	19,642	4,040	10,849
Cash and cash equivalents at end of year	8,208	19,642	4,040
Supplemental information
Cash paid during the year for interest	94,693	65,259	60,910
Net cash paid during the year for income taxes	9,296	2,904	8,053
Working Capital Facility
Cash flows from financing activities
Net borrowings from (payments on) working capital revolving credit facility	212,700	(136,600)	(201,300)
Non Working Capital Facility
Cash flows from financing activities
Net borrowings from (payments on) working capital revolving credit facility	$ (213,000)	$ 281,000	$ 55,600

GLOBAL PARTNERS LP 10-K