as an essential business providing motor fuels , the safety of our employees and the continued operation of our assets are our top priorities and we will continue to operate in accordance with federal and state health guidelines and safety protocols . we have implemented several new policies and provided employee training to help maintain the health and safety of our workforce . the future impact of the outbreak is highly uncertain and we can not predict the impact on our volume demand , gross profit or collections from customers . we can not assure you that covid-19 will not have other material adverse impacts on the partnership 's future results . see part i . `` item 1a . risk factors `` for further discussion . on january 15 , 2021 , we repurchased the remaining outstanding portion of our 2023 notes , discussed in the below paragraph . on november 9 , 2020 , we completed a private offering of $ 800 million in aggregate principal amount of 4.500 % senior notes due 2029 ( the “ 2029 notes ” ) . we used the proceeds to fund the repurchase of a portion of our 4.875 % senior notes due 2023 ( the “ 2023 notes ” ) . approximately $ 564 million aggregate principal amount , or 56 % , of the then-outstanding 2023 notes were tendered . in connection with our issuance of the 2029 notes , we entered into a registration rights agreement with the initial purchasers pursuant to which we agreed to complete an offer to exchange the 2029 notes for an issue of registered notes with terms substantively identical to the 2029 notes and evidencing the same indebtedness as the 2029 notes on or before november 9 , 2021. acquisition on december 15 , 2020 , we acquired a terminal in new york for approximately $ 12 million plus working capital adjustments . market and industry trends and outlook we expect that certain trends and economic or industry-wide factors will continue to affect our business , both in the short-term and long-term . we base our expectations on information currently available to us and assumptions made by us . to the extent our underlying assumptions about or interpretation of available information prove to be incorrect , our actual results may vary materially from our expected results . read “ item 1a . risk factors ” included herein for additional information about the risks associated with purchasing our common units . seasonality our business exhibits some seasonality due to our customers ' increased demand for motor fuel during the late spring and summer months , as compared to the fall and winter months . travel , recreation , and construction activities typically increase in these months , driving up the demand for motor fuel sales . our gallons sold are typically somewhat higher in the second and third quarters of our fiscal years due to this seasonality . results of operations may therefore vary from period to period . key measures used to evaluate and assess our business management uses a variety of financial measurements to analyze business performance , including the following key measures : motor fuel gallons sold . one of the primary drivers of our business is the total volume of motor fuel sold through our channels . fuel distribution contracts with our customers generally provide that we distribute motor fuel at a fixed , volume-based profit margin or at an agreed upon level of price support . as a result , gross profit is directly tied to the volume of motor fuel that we distribute . total motor fuel gross profit dollars earned from the product of gross profit per gallon and motor fuel gallons sold are used by management to evaluate business performance . gross profit per gallon . gross profit per gallon is calculated as the gross profit on motor fuel ( excluding non-cash inventory adjustments ) divided by the number of gallons sold , and is typically expressed as cents per gallon . our gross profit per gallon varies amongst our third-party relationships and is impacted by the availability of certain discounts and rebates from suppliers . retail gross profit per gallon is heavily impacted by volatile pricing and intense competition from retail stores , supermarkets , club stores and other retail formats , which varies based on the market . adjusted ebitda . adjusted ebitda , as used throughout this document , is defined as earnings before net interest expense , income taxes , depreciation , amortization and accretion expense , allocated non-cash unit-based compensation expense , unrealized gains and losses on commodity derivatives and inventory adjustments , and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations , such as gain or loss on disposal of assets and non-cash impairment charges . inventory adjustments that are excluded from the calculation of adjusted ebitda represent changes in lower of cost or market reserves on the partnership 's inventory . these amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period . 37 adjusted ebitda is a non-gaap financial measure . for a reconciliation of adjusted ebitda to the most directly comparable financial measure calculated and presented in accordance with gaap , read “ key operating metrics and results of operations ” below . story_separator_special_tag we periodically enter into derivatives , such as futures and options , to manage our fuel price risk on inventory in the distribution system . fuel hedging positions are not significant to our operations . on a consolidated basis , the partnership had a position of 1.3 million barrels with an aggregated unrealized loss of $ 6.0 million at december 31 , 2020 . 46 off-balance sheet arrangements we do not maintain any off-balance sheet arrangements for the purpose of credit enhancement , hedging transactions or other financial or investment purposes . impact of inflation inflation has a minimal impact on our results of operations , because we are generally able to pass along energy cost increases in the form of increased sales prices to our customers . inflation in energy prices impacts our sales and cost of motor fuel products and working capital requirements . increased fuel prices may also require us to post additional letters of credit or other collateral if our fuel purchases exceed unsecured credit limits extended to us by our suppliers . although we believe we have historically been able to pass on increased costs through price increases and maintain adequate liquidity to support any increased collateral requirements , there can be no assurance that we will be able to do so in the future . critical accounting estimates we prepare our consolidated financial statements in conformity with gaap . the preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities , revenues , expenses and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . actual results could differ from those estimates . critical accounting policies are those we believe are both most important to the portrayal of our financial condition and results of operations , and require our most difficult , subjective or complex judgments , often as a result of the need to make estimates about the effects of matters that are inherently uncertain . judgments and uncertainties affecting the application of those policies may result in materially different amounts being reported under different conditions or using different assumptions . we believe the following policies will be the most critical in understanding the judgments that are involved in preparation of our consolidated financial statements . impairments of goodwill , intangible assets and long-lived assets . our recorded identifiable intangible assets primarily include the estimated value assigned to certain customer related and contract-based assets . identifiable intangible assets with finite lives are amortized over their estimated useful lives , which is the period over which the asset is expected to contribute directly or indirectly to our future cash flows . supply agreements are amortized on a straight-line basis over the remaining terms of the agreements , which generally range from five to fifteen years . the determination of the fair market value of the intangible asset and the estimated useful life are based on an analysis of all pertinent factors including ( 1 ) the use of widely-accepted valuation approaches , the income approach or the cost approach , ( 2 ) the expected use of the asset by us , ( 3 ) the expected useful life of related assets , ( 4 ) any legal , regulatory or contractual provisions , including renewal or extension periods that would cause substantial costs or modifications to existing agreements , and ( 5 ) the effects of obsolescence , demand , competition , and other economic factors . should any of the underlying assumptions indicate that the value of the intangible assets might be impaired , we may be required to reduce the carrying value and subsequent useful life of the asset . if the underlying assumptions governing the amortization of an intangible asset were later determined to have significantly changed , we may be required to adjust the amortization period of such asset to reflect any new estimate of its useful life . any write-down of the value or unfavorable change in the useful life of an intangible asset would increase expense at that time . customer relations and supply agreements are amortized over a weighted average period of approximately 5 to 20 years . non-competition agreements are amortized over the terms of the respective agreements . loan origination costs are amortized over the life of the underlying debt as an increase to interest expense . at december 31 , 2020 , we had goodwill recorded in conjunction with past business acquisitions and “ push down ” accounting totaling $ 1.6 billion . under gaap , goodwill is not amortized . instead , goodwill is subject to annual reviews on the first day of the fourth fiscal quarter for impairment at a reporting unit level . the reporting unit or units used to evaluate and measure goodwill for impairment are determined primarily from the manner in which the business is managed or operated . a reporting unit is an operating segment or a component that is one level below an operating segment . we have assessed the reporting unit definitions and determined that we have three reporting units that are appropriate for testing goodwill impairment . long-lived assets are required to be tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable . goodwill and intangibles with indefinite lives must be tested for impairment annually or more frequently if events or changes in circumstances indicate that the related asset might be impaired . an impairment loss should be recognized only if the carrying amount of the asset/goodwill is not recoverable and exceeds its fair value . during the fourth quarter of 2020 , management performed the annual impairment tests on our indefinite-lived intangible assets and goodwill for its reporting units . impairment testing involved qualitative assessments for the reporting units . no impairments were

loss on extinguishment of debt . loss on extinguishment of debt of $ 13 million in 2020 was related to the repurchase of approximately $ 564 million aggregate principal amount , or 56 % , of the partnership 's outstanding 2023 notes , pursuant to the previously-disclosed tender offer . unrealized gain ( loss ) on commodity derivatives . the unrealized gains and losses on our commodity derivatives represent the changes in fair value of our commodity derivatives . the change in unrealized gains and losses between periods is impacted by the notional amounts and commodity price changes on our commodity derivatives . additional information on commodity derivatives is included in “ item 7a . quantitative and qualitative disclosures about market risk ” below . 40 inventory adjustments . inventory adjustments represent changes in lower of cost or market reserves on the partnership 's inventory . these amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period . for 2020 , a decline in fuel prices increased lower of cost or market reserve requirements for the period by $ 82 million , creating an adverse impact to net income . for 2019 , an increase in fuel prices reduced lower of cost or market reserve requirements for the period by $ 79 million , creating a favorable impact to net income . income tax expense/ ( benefit ) . income tax expense for 2020 was $ 24 million , an increase of $ 41 million from income tax benefit of $ 17 million in 2019. this increase is primarily attributable to higher earnings from the partnership 's consolidated corporate subsidiaries in 2020 and a change to the state income tax estimate in 2019. the following table sets forth , for the periods indicated , information concerning key measures we rely on to gauge our operating performance : replace_table_token_7_th _ ( 1 ) excludes depreciation , amortization and accretion . ( 2 ) we define adjusted ebitda , which is a non-gaap financial measure , as described above under “ key measures used to evaluate and assess our business. ” ( 3 ) includes amounts from discontinued operations in 2018 .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```loss on extinguishment of debt . loss on extinguishment of debt of $ 13 million in 2020 was related to the repurchase of approximately $ 564 million aggregate principal amount , or 56 % , of the partnership 's outstanding 2023 notes , pursuant to the previously-disclosed tender offer . unrealized gain ( loss ) on commodity derivatives . the unrealized gains and losses on our commodity derivatives represent the changes in fair value of our commodity derivatives . the change in unrealized gains and losses between periods is impacted by the notional amounts and commodity price changes on our commodity derivatives . additional information on commodity derivatives is included in “ item 7a . quantitative and qualitative disclosures about market risk ” below . 40 inventory adjustments . inventory adjustments represent changes in lower of cost or market reserves on the partnership 's inventory . these amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period . for 2020 , a decline in fuel prices increased lower of cost or market reserve requirements for the period by $ 82 million , creating an adverse impact to net income . for 2019 , an increase in fuel prices reduced lower of cost or market reserve requirements for the period by $ 79 million , creating a favorable impact to net income . income tax expense/ ( benefit ) . income tax expense for 2020 was $ 24 million , an increase of $ 41 million from income tax benefit of $ 17 million in 2019. this increase is primarily attributable to higher earnings from the partnership 's consolidated corporate subsidiaries in 2020 and a change to the state income tax estimate in 2019. the following table sets forth , for the periods indicated , information concerning key measures we rely on to gauge our operating performance : replace_table_token_7_th _ ( 1 ) excludes depreciation , amortization and accretion . ( 2 ) we define adjusted ebitda , which is a non-gaap financial measure , as described above under “ key measures used to evaluate and assess our business. ” ( 3 ) includes amounts from discontinued operations in 2018 .
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 Suspicious Activity Report : as an essential business providing motor fuels , the safety of our employees and the continued operation of our assets are our top priorities and we will continue to operate in accordance with federal and state health guidelines and safety protocols . we have implemented several new policies and provided employee training to help maintain the health and safety of our workforce . the future impact of the outbreak is highly uncertain and we can not predict the impact on our volume demand , gross profit or collections from customers . we can not assure you that covid-19 will not have other material adverse impacts on the partnership 's future results . see part i . `` item 1a . risk factors `` for further discussion . on january 15 , 2021 , we repurchased the remaining outstanding portion of our 2023 notes , discussed in the below paragraph . on november 9 , 2020 , we completed a private offering of $ 800 million in aggregate principal amount of 4.500 % senior notes due 2029 ( the “ 2029 notes ” ) . we used the proceeds to fund the repurchase of a portion of our 4.875 % senior notes due 2023 ( the “ 2023 notes ” ) . approximately $ 564 million aggregate principal amount , or 56 % , of the then-outstanding 2023 notes were tendered . in connection with our issuance of the 2029 notes , we entered into a registration rights agreement with the initial purchasers pursuant to which we agreed to complete an offer to exchange the 2029 notes for an issue of registered notes with terms substantively identical to the 2029 notes and evidencing the same indebtedness as the 2029 notes on or before november 9 , 2021. acquisition on december 15 , 2020 , we acquired a terminal in new york for approximately $ 12 million plus working capital adjustments . market and industry trends and outlook we expect that certain trends and economic or industry-wide factors will continue to affect our business , both in the short-term and long-term . we base our expectations on information currently available to us and assumptions made by us . to the extent our underlying assumptions about or interpretation of available information prove to be incorrect , our actual results may vary materially from our expected results . read “ item 1a . risk factors ” included herein for additional information about the risks associated with purchasing our common units . seasonality our business exhibits some seasonality due to our customers ' increased demand for motor fuel during the late spring and summer months , as compared to the fall and winter months . travel , recreation , and construction activities typically increase in these months , driving up the demand for motor fuel sales . our gallons sold are typically somewhat higher in the second and third quarters of our fiscal years due to this seasonality . results of operations may therefore vary from period to period . key measures used to evaluate and assess our business management uses a variety of financial measurements to analyze business performance , including the following key measures : motor fuel gallons sold . one of the primary drivers of our business is the total volume of motor fuel sold through our channels . fuel distribution contracts with our customers generally provide that we distribute motor fuel at a fixed , volume-based profit margin or at an agreed upon level of price support . as a result , gross profit is directly tied to the volume of motor fuel that we distribute . total motor fuel gross profit dollars earned from the product of gross profit per gallon and motor fuel gallons sold are used by management to evaluate business performance . gross profit per gallon . gross profit per gallon is calculated as the gross profit on motor fuel ( excluding non-cash inventory adjustments ) divided by the number of gallons sold , and is typically expressed as cents per gallon . our gross profit per gallon varies amongst our third-party relationships and is impacted by the availability of certain discounts and rebates from suppliers . retail gross profit per gallon is heavily impacted by volatile pricing and intense competition from retail stores , supermarkets , club stores and other retail formats , which varies based on the market . adjusted ebitda . adjusted ebitda , as used throughout this document , is defined as earnings before net interest expense , income taxes , depreciation , amortization and accretion expense , allocated non-cash unit-based compensation expense , unrealized gains and losses on commodity derivatives and inventory adjustments , and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations , such as gain or loss on disposal of assets and non-cash impairment charges . inventory adjustments that are excluded from the calculation of adjusted ebitda represent changes in lower of cost or market reserves on the partnership 's inventory . these amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period . 37 adjusted ebitda is a non-gaap financial measure . for a reconciliation of adjusted ebitda to the most directly comparable financial measure calculated and presented in accordance with gaap , read “ key operating metrics and results of operations ” below . story_separator_special_tag we periodically enter into derivatives , such as futures and options , to manage our fuel price risk on inventory in the distribution system . fuel hedging positions are not significant to our operations . on a consolidated basis , the partnership had a position of 1.3 million barrels with an aggregated unrealized loss of $ 6.0 million at december 31 , 2020 . 46 off-balance sheet arrangements we do not maintain any off-balance sheet arrangements for the purpose of credit enhancement , hedging transactions or other financial or investment purposes . impact of inflation inflation has a minimal impact on our results of operations , because we are generally able to pass along energy cost increases in the form of increased sales prices to our customers . inflation in energy prices impacts our sales and cost of motor fuel products and working capital requirements . increased fuel prices may also require us to post additional letters of credit or other collateral if our fuel purchases exceed unsecured credit limits extended to us by our suppliers . although we believe we have historically been able to pass on increased costs through price increases and maintain adequate liquidity to support any increased collateral requirements , there can be no assurance that we will be able to do so in the future . critical accounting estimates we prepare our consolidated financial statements in conformity with gaap . the preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities , revenues , expenses and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . actual results could differ from those estimates . critical accounting policies are those we believe are both most important to the portrayal of our financial condition and results of operations , and require our most difficult , subjective or complex judgments , often as a result of the need to make estimates about the effects of matters that are inherently uncertain . judgments and uncertainties affecting the application of those policies may result in materially different amounts being reported under different conditions or using different assumptions . we believe the following policies will be the most critical in understanding the judgments that are involved in preparation of our consolidated financial statements . impairments of goodwill , intangible assets and long-lived assets . our recorded identifiable intangible assets primarily include the estimated value assigned to certain customer related and contract-based assets . identifiable intangible assets with finite lives are amortized over their estimated useful lives , which is the period over which the asset is expected to contribute directly or indirectly to our future cash flows . supply agreements are amortized on a straight-line basis over the remaining terms of the agreements , which generally range from five to fifteen years . the determination of the fair market value of the intangible asset and the estimated useful life are based on an analysis of all pertinent factors including ( 1 ) the use of widely-accepted valuation approaches , the income approach or the cost approach , ( 2 ) the expected use of the asset by us , ( 3 ) the expected useful life of related assets , ( 4 ) any legal , regulatory or contractual provisions , including renewal or extension periods that would cause substantial costs or modifications to existing agreements , and ( 5 ) the effects of obsolescence , demand , competition , and other economic factors . should any of the underlying assumptions indicate that the value of the intangible assets might be impaired , we may be required to reduce the carrying value and subsequent useful life of the asset . if the underlying assumptions governing the amortization of an intangible asset were later determined to have significantly changed , we may be required to adjust the amortization period of such asset to reflect any new estimate of its useful life . any write-down of the value or unfavorable change in the useful life of an intangible asset would increase expense at that time . customer relations and supply agreements are amortized over a weighted average period of approximately 5 to 20 years . non-competition agreements are amortized over the terms of the respective agreements . loan origination costs are amortized over the life of the underlying debt as an increase to interest expense . at december 31 , 2020 , we had goodwill recorded in conjunction with past business acquisitions and “ push down ” accounting totaling $ 1.6 billion . under gaap , goodwill is not amortized . instead , goodwill is subject to annual reviews on the first day of the fourth fiscal quarter for impairment at a reporting unit level . the reporting unit or units used to evaluate and measure goodwill for impairment are determined primarily from the manner in which the business is managed or operated . a reporting unit is an operating segment or a component that is one level below an operating segment . we have assessed the reporting unit definitions and determined that we have three reporting units that are appropriate for testing goodwill impairment . long-lived assets are required to be tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable . goodwill and intangibles with indefinite lives must be tested for impairment annually or more frequently if events or changes in circumstances indicate that the related asset might be impaired . an impairment loss should be recognized only if the carrying amount of the asset/goodwill is not recoverable and exceeds its fair value . during the fourth quarter of 2020 , management performed the annual impairment tests on our indefinite-lived intangible assets and goodwill for its reporting units . impairment testing involved qualitative assessments for the reporting units . no impairments were

