DOCUMENT AND ENTITY INFORMATION - shares |
3 Months Ended | |
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Mar. 31, 2018 |
May 04, 2018 |
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Document Information [Line Items] | ||
Entity Registrant Name | Ciner Resources LP | |
Entity Central Index Key | 0001575051 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document and Entity Information | Q1 | |
Amendment Flag | false | |
Common Unitholders | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 19,723,797 | |
General Partner | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 399,000 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
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General partner units issued (in shares) | 0.4 | 0.4 |
General partner units outstanding (in shares) | 0.4 | 0.4 |
Common Unitholders | ||
Common units issued (in shares) | 19.7 | 19.7 |
Common units outstanding (in shares) | 19.7 | 19.7 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions |
Total |
Accumulated Other Comprehensive Loss |
Partners’ Capital Attributable to Ciner Resources LP Equity |
Non-controlling Interests |
Common Unitholders
Partnership units
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General Partner
Partnership units
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Beginning balance at Dec. 31, 2016 | $ 259.2 | $ (1.6) | $ 153.3 | $ 105.9 | $ 151.0 | $ 3.9 |
Increase (decrease) in shareholders' equity | ||||||
Net income | 22.4 | 10.9 | 11.5 | 10.7 | 0.2 | |
Other comprehensive income/(loss) | (2.3) | (1.2) | (1.2) | (1.1) | ||
Distributions | (23.6) | (11.4) | (12.2) | (11.2) | (0.2) | |
Ending balance at Mar. 31, 2017 | 255.7 | (2.8) | 151.6 | 104.1 | 150.5 | 3.9 |
Beginning balance at Dec. 31, 2017 | 248.2 | (3.7) | 148.4 | 99.8 | 148.3 | 3.8 |
Increase (decrease) in shareholders' equity | ||||||
Net income | 20.9 | 10.1 | 10.8 | 9.9 | 0.2 | |
Other comprehensive income/(loss) | (2.2) | (1.1) | (1.1) | (1.1) | ||
Equity-based compensation plan activity | (0.1) | (0.1) | (0.1) | |||
Distributions | (23.6) | (11.3) | (12.3) | (11.1) | (0.2) | |
Ending balance at Mar. 31, 2018 | $ 243.2 | $ (4.8) | $ 146.0 | $ 97.2 | $ 147.0 | $ 3.8 |
CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
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Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The unaudited condensed consolidated financial statements are composed of Ciner Resources LP (the “Partnership,” “CINR,” “Ciner Resources,” “we,” “us,” or “our”), a publicly traded Delaware limited partnership, and its consolidated subsidiary, Ciner Wyoming LLC (“Ciner Wyoming”), which is in the business of mining trona ore to produce soda ash. The Partnership’s operations consist solely of its investment in Ciner Wyoming. The Partnership was formed in April 2013 by Ciner Wyoming Holding Co. (“Ciner Holdings”), a wholly-owned subsidiary of Ciner Resources Corporation (“Ciner Corp”). Ciner Corp is a direct wholly-owned subsidiary of Ciner Enterprises Inc. (“Ciner Enterprises”), which is a direct wholly-owned subsidiary of WE Soda Ltd., a U.K. corporation (“WE Soda”). WE Soda is a direct wholly-owned subsidiary of KEW Soda Ltd., a U.K. corporation (“KEW Soda”), which is a direct wholly-owned subsidiary of Akkan Enerji ve Madencilik Anonim Şirketi (“Akkan”). Akkan is directly and wholly owned by Turgay Ciner, the Chairman of the Ciner Group (“Ciner Group”), a Turkish conglomerate of companies engaged in energy and mining (including soda ash mining), media and shipping markets. The Partnership owns a controlling interest comprised of 51.0% membership interest in Ciner Wyoming. All our soda ash processed is currently sold to various domestic and international customers including ANSAC and CIDT, both of which are affiliates for export sales. All mining and processing activities take place in one facility located in the Green River Basin of Wyoming. Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments, consisting of normal recurring accruals, which are necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented. All significant intercompany transactions, balances, revenue and expenses have been eliminated in consolidation. The results of operations for the period ended March 31, 2018 and 2017 are not necessarily indicative of the operating results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Annual Report”). As of March 31, 2018 we have adopted the guidance outlined in Accounting Standards Codification No. 606, Revenue from Contracts with Customers. For further information on the Partnership’s adoption of this standard, refer to “Recently Issued Accounting Pronouncements” below as well as Footnote 6. There have been no other material changes in the significant accounting policies followed by us during the three month period ended March 31, 2018 from those disclosed in the 2017 Annual Report. Non-controlling interests NRP Trona LLC, a wholly-owned subsidiary of Natural Resource Partners L.P. ("NRP"), currently owns a 49.0% membership interest in Ciner Wyoming. Use of Estimates The preparation of these unaudited condensed consolidated financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events We have evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. The Partnership has applied the provisions of this ASU and believes our adoption of ASU 2014-09 does not materially change the amount or timing of revenues recognized by us, nor does it materially affect our financial position. The majority of our revenues generated are recognized upon delivery and transfer of title to the product to our customers. The time at which delivery and transfer of title occurs, for the majority of our contracts with customers, is the point when the product leaves our facility, thereby rendering our performance obligation fulfilled. The FASB issued various amendments to ASU 2014-09, one of which includes allowing entities to elect to account for shipping and handling activities performed after the control of a good has been transferred to the customer as a fulfillment cost versus an obligation of a promised service. The Partnership has made an accounting policy election to account for shipping and handling activities as fulfillment costs, which does not have a material impact on our financial statements. The Partnership adopted this ASU effective January 1, 2018, as permitted by the ASU, using the modified retrospective method and we have not made any adjustment to opening retained earnings. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The update amends existing standards for accounting for leases by lessees, with accounting for leases by lessors remaining largely unchanged from current guidance. The update requires that lessees recognize a lease liability and a right of use asset for all leases (with the exception of short-term leases) at the commencement date of the lease and disclose key information about leasing arrangements. The update is effective for interim and annual periods beginning after December 15, 2018 and must be adopted using a modified retrospective transition. The ASU No. 2016-02 provides for certain practical expedients and early adoption is permitted. The Partnership is evaluating the potential impact the adoption of ASU No. 2016-02 will have on its consolidated financial statements. In August 2017, FASB issued ASU 2017-12, Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities. This ASU aims to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, this ASU make certain targeted improvements to simplify the application of the existing hedge accounting guidance. This ASU is effective for us beginning in the first quarter of 2019, with early application permitted. The Partnership is evaluating the effect the standard will have on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09–Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The Partnership adopted this ASU effective January 1, 2018 and notes that there is no material impact to the Partnership’s consolidated financial statements. |
NET INCOME PER UNIT AND CASH DISTRIBUTION |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME PER UNIT AND CASH DISTRIBUTION | NET INCOME PER UNIT AND CASH DISTRIBUTION Allocation of Net Income Net income per unit applicable to limited partners is computed by dividing limited partners’ interest in net income attributable to Ciner Corp, after deducting the general partner’s interest and any incentive distributions, by the weighted average number of outstanding common and subordinated units. Our net income is allocated to the general partner and limited partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to our general partner, pursuant to our partnership agreement. Earnings in excess of distributions are allocated to the general partner and limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. In addition to the common units, we have also identified the general partner interest and incentive distribution rights (“IDRs”) as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Potentially dilutive and anti-dilutive units outstanding were immaterial for both the three months ended March 31, 2018 and 2017. The net income attributable to limited partner unitholders and the weighted average units for calculating basic and diluted net income per limited partner units were as follows:
The calculation of limited partners’ interest in net income is as follows:
Quarterly Distribution On April 26, 2018, the Partnership declared its first quarter 2018 quarterly cash distribution of $0.5670 per unit. The quarterly cash distribution is payable on May 21, 2018 to unitholders of record on May 7, 2018. Our general partner has considerable discretion in determining the amount of available cash, the amount of distributions and the decision to make any distribution. Although our partnership agreement requires that we distribute all of our available cash quarterly, there is no guarantee that we will make quarterly cash distributions to our unitholders at our current quarterly distribution level, at the minimum quarterly distribution level or at any other rate, and we have no legal obligation to do so. However, our partnership agreement does contain provisions intended to motivate our general partner to make steady, increasing and sustainable distributions over time. General Partner Interest and Incentive Distribution Rights Our partnership agreement provides that our general partner initially will be entitled to 2.0% of all distributions that we make prior to our liquidation. Our general partner has the right, but not the obligation, to contribute up to a proportionate amount of capital to us in order to maintain its 2.0% general partner interest if we issue additional units. Our general partner’s approximate 2.0% interest, and the percentage of our cash distributions to which our general partner is entitled from such approximate 2.0% interest, will be proportionately reduced if we issue additional units in the future (other than the issuance of common units upon a reset of the IDRs), and our general partner does not contribute a proportionate amount of capital to us in order to maintain its approximate 2.0% general partner interest. Our partnership agreement does not require that our general partner fund its capital contribution with cash. It may, instead, fund its capital contribution by contributing to us common units or other property. IDRs represent the right to receive increasing percentages (13.0%, 23.0% and 48.0%) of quarterly distributions from operating surplus after we have achieved the minimum quarterly distribution and the target distribution levels. Our general partner currently holds the IDRs, but may transfer these rights separately from its general partner interest, subject to certain restrictions in our partnership agreement. Percentage Allocations of Distributions from Operating Surplus The following table illustrates the percentage allocations of distributions from operating surplus between the unitholders and our general partner based on the specified target distribution levels. The amounts set forth under the column heading “Marginal Percentage Interest in Distributions” are the percentage interests of our general partner and the unitholders in any distributions from operating surplus we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution per Unit Target Amount.” The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution also apply to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner (1) include its 2.0% general partner interest, (2) assume that our general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest, (3) assume that our general partner has not transferred its IDRs and (4) assume there are no arrearages on common units.
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INVENTORY |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORY | INVENTORY Inventory consisted of the following:
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Long-term debt consisted of the following:
On August 1, 2017, Ciner Wyoming entered into a Credit Agreement (the “Ciner Wyoming Credit Facility”). Such facility consists of a $225.0 million senior unsecured revolving credit facility with a maturity date of August 1, 2022. Loans under the Ciner Wyoming Credit Facility bear interest at Ciner Wyoming’s option at either a Base Rate or a Eurodollar Rate. Each Eurodollar Rate Loan bears interest at a Eurodollar Rate plus an applicable margin. Each Base Rate Loan bears interest at a Base Rate plus an applicable margin. The Base Rate equals the highest of (i) the federal funds rate in effect on such day plus 0.50%, (ii) the administrative agent’s prime rate in effect on such day or (iii) one-month London Interbank Offered Rate “LIBOR” plus 1.0%.The Ciner Wyoming Credit Facility also requires quarterly maintenance of a consolidated leverage ratio (as defined in the Ciner Wyoming Credit Facility) of not more than 3.00 to 1.00 and a consolidated interest coverage ratio (as defined in the Ciner Wyoming Credit Facility) of not less than 3.00 to 1.00. The Ciner Wyoming Credit Facility replaces the former Credit Facility, dated as of July 18, 2013, by and among Ciner Wyoming, which was terminated on August 1, 2017 upon entry into the new Ciner Wyoming Credit Facility. This arrangement was accounted for as a modification of debt in accordance with Accounting Standards Codification (“ASC”) 470-50. Aggregate maturities required on long-term debt at March 31, 2018 are due in future years as follows:
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OTHER NON-CURRENT LIABILITIES |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES Other non-current liabilities consisted of the following:
A reconciliation of the Partnership’s reclamation reserve liability is as follows:
(1) The reclamation adjustments are primarily a result of changes in the self-bond agreement with the Wyoming Department of Environmental Quality. See Note 10. “Commitments and Contingencies” for additional information on our reclamation reserve. |
REVENUE |
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Revenue from Contract with Customer [Abstract] | |||||||||||||
REVENUE | REVENUE The Partnership has one reportable segment and our revenue is derived from the sale of soda ash which is our sole and primary good and service. We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which we adopted on January 1, 2018, using the modified retrospective method. Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, we assess the goods and services promised in contacts with customers and identify performance obligations for each promise to transfer to the customer, a good or service that is distinct. To identify the performance obligations, the Partnership considers all goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. From its analysis, the Partnership determined that the sale of soda ash is currently its only performance obligation. Many of our customer volume commitments are short-term and our performance obligations for the sale of soda ash are generally limited to single purchase orders. When performance obligations are satisfied. Substantially all of our revenue is recognized at a point-in-time when control of goods transfers to the customer. Transfer of Goods. The Partnership uses standard shipping terms across each customer contract with very few exceptions. Shipments to customers are made with terms stated as Free on Board (“FOB”) Shipping Point. Control typically transfers when goods are delivered to the carrier for shipment, which is the point at which the customer has the ability to direct the use of and obtain substantially all remaining benefits from the asset. Payment Terms. Our payment terms vary by the type and location of our customers and the products or services offered. The term between invoicing and when payment is due is not significant and consistent with typical terms in the industry. Variable Consideration. We recognize revenue as the amount of consideration that we expect to receive in exchange for transferring promised goods or services to customers. We do not adjust the transaction price for the effects of a significant financing component, as the time period between control transfer of goods and services and expected payment is one year or less. At the time of sale, we estimate provisions for different forms of variable consideration (discounts, rebates, and pricing adjustments) based on historical experience, current conditions and contractual obligations, as applicable. The estimated transaction price is typically not subject to significant reversals. We adjust these estimates when the most likely amount of consideration we expect to receive changes, although these changes are typically immaterial. Returns, Refunds and Warranties. In the normal course of business, the Partnership does not accept returns, nor does it typically provide customers with the right to a refund. Freight. In accordance with ASC 606, the Partnership made a policy election to treat freight and related costs that occur after control of the related good transfers to the customer as fulfillment activities instead of separate performance obligations. Therefore freight is recognized at the point in which control of soda ash has transfered to the customer. Revenue disaggregation. In accordance with ASC 606-10-50, the Partnership disaggregates revenue from contracts with customers into geographical regions. The Partnership determined that disaggregating revenue into these categories achieved the disclosure objectives to depict how the nature, timing, amount and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 12, “Major Customers and Segment Reporting” for revenue disaggregated into geographical regions. Contract Balances. The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities). Contract Assets. At the point of shipping, the Partnership has an unconditional right to payment that is only dependent on the passage of time. In general, customers are billed and a receivable is recorded as goods are shipped. These billed receivables are reported as “Accounts Receivable, net” on the Condensed Consolidated Balance Sheet as of March 31, 2018. There were no contract assets as of March 31, 2018 and the date of adoption of ASC 606. Contract Liabilities. There may be situations where customers are required to prepay for freight and insurance prior to shipment. The Partnership has elected the practical expedient for its treatment of freight and therefore, such prepayments are considered a part of the single obligation to provide soda ash. In such instances, a contact liability for prepaid freight will be recorded. For the three months ended March 31, 2018, there were no customers that required prepaid freight. There were no contract liabilities as of March 31, 2018 and the date of adoption of ASC 606. Practical and Expedients Exceptions Incremental costs of obtaining contracts. We generally expense costs related to sales, including sales force salaries and marketing expenses, when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. Unsatisfied performance obligations. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
EMPLOYEE COMPENSATION |
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Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE COMPENSATION | EMPLOYEE COMPENSATION The Partnership participates in various benefit plans offered and administered by Ciner Corp and is allocated its portions of the annual costs related thereto. The specific plans are as follows: Retirement Plans - Benefits provided under the pension plan for salaried employees and pension plan for hourly employees (collectively, the “Retirement Plans”) are based upon years of service and average compensation for the highest 60 consecutive months of the employee’s last 120 months of service, as defined. Each plan covers substantially all full-time employees hired before May 1, 2001. The funding policy is to contribute an amount within the range of the minimum required and the maximum tax-deductible contribution. The Partnership’s allocated portion of the Retirement Plan’s net periodic pension costs for both the three months ended March 31, 2018 and 2017 were $0.2 million and $0.4 million, respectively. The decrease in pension costs during the three months ended March 31, 2018 of $0.2 million was driven by improved discount rates. Savings Plan - The 401(k) retirement plan (the “401(k) Plan”) covers all eligible hourly and salaried employees. Eligibility is limited to all domestic residents and any foreign expatriates who are in the United States indefinitely. The plan permits employees to contribute specified percentages of their compensation, while the Partnership makes contributions based upon specified percentages of employee contributions. Participants hired on or subsequent to May 1, 2001, will receive an additional contribution from the Partnership based on a percentage of the participant’s base pay. Contributions made to the 401(k) Plan for the three months ended March 31, 2018 and 2017, were $1.3 million and $2.1 million, respectively. The decrease during the three months ended March 31, 2018 was primarily due to the additional profit sharing contributions made during 2017. Postretirement Benefits - Most of the Partnership’s employees are eligible for postretirement benefits other than pensions if they reach retirement age while still employed. The postretirement benefits are accounted for by Ciner Corp. on an accrual basis over an employee’s period of service. The postretirement plan, excluding pensions, are not funded, and Ciner Corp has the right to modify or terminate the plan. The post-retirement benefits had a benefits obligation of $10.4 million and $11.5 million at March 31, 2018 and December 31, 2017, respectively. The decrease in the obligation as of March 31, 2018 as compared to December 31, 2017 is due to the Partnership amending its postretirement benefit plan during 2017 to increase eligibility requirements at which participants may begin receiving benefits, implemented a subsidy rather than a premium for the benefit plan, and eliminating plan eligibility for individuals hired after December 31, 2016. The result of these changes have resulted in a postretirement (benefit) cost being amortized to the liability recorded at Ciner Corp. during the latter half of 2017 and into the first quarter of 2018. The Partnership’s allocated portion of postretirement (benefit) costs for the three months ended March 31, 2018 and 2017, were $(0.7) million and $(0.6) million, respectively. |
EQUITY - BASED COMPENSATION |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY - BASED COMPENSATION | EQUITY - BASED COMPENSATION We grant various types of equity-based awards to participants, including time restricted unit awards and total return restricted performance unit awards (“TR Performance Unit Awards”). The key terms of our restricted unit awards and TR Performance Unit Awards, including all financial disclosures, are set forth in our 2017 Annual Report. All employees, officers, consultants and non-employee directors of us and our parents and subsidiaries are eligible to be selected to participate in the Ciner Resource Partners LLC 2013 Long-Term Incentive Plan (the “Plan” or “LTIP”). As of March 31, 2018, subject to further adjustment as provided in the Plan, a total of 0.7 million common units were available for awards under the Plan. Any common units tendered by a participant in payment of the tax liability with respect to an award, including common units withheld from any such award, will not be available for future awards under the Plan. Common units awarded under the Plan may be reserved or made available from our authorized and unissued common units or from common units reacquired (through open market transactions or otherwise). Any common units issued under the Plan through the assumption or substitution of outstanding grants from an acquired company will not reduce the number of common units available for awards under the Plan. If any common units subject to an award under the Plan are forfeited, those forfeited units will again be available for awards under the Plan. Non-employee Director Awards There were no grants of non-employee director awards during the three months ended March 31, 2018 or 2017. Time Restricted Unit Awards We grant restricted unit awards in the form of common units to certain employees which vest over a specified period of time, usually between one to three years, with vesting based on continued employment as of each applicable vesting date. Award recipients are entitled to distributions subject to the same restrictions as the underlying common unit. The awards are classified as equity awards, and are accounted for at fair value at grant date. The following table presents a summary of activity on the Time Restricted Unit Awards:
(1) Determined by dividing the aggregate grant date fair value of awards by the number of units. Total Return Performance Unit Awards We grant TR Performance Unit Awards to certain employees. The TR Performance Unit Awards represent the right to receive a number of common units at a future date based on the achievement of market-based performance requirements in accordance with the TR Unit Performance Award agreement, and also include Distribution Equivalent Rights (“DERs”). DERs are the right to receive an amount equal to the accumulated cash distributions made during the period with respect to each common unit issued upon vesting. The TR Performance Unit Awards vest at the end of the performance period, usually between two to three years from the date of the grant. Performance is measured on the achievement of a specified level of total return, or TR, relative to the TR of a peer group comprised of other limited partnerships. The potential payout ranges from 0-200% of the grant target quantity and is adjusted based on our TR performance relative to the peer group. We utilized a Monte Carlo simulation model to estimate the grant date fair value of TR Performance Unit Awards, with market conditions, granted to employees. This type of award requires the input of highly subjective assumptions, including expected volatility and expected distribution yield. Historical and implied volatilities were used in estimating the fair value of these awards. The following table presents a summary of activity on the TR Performance Unit Awards:
(1)Determined by dividing the aggregate grant date fair value of awards by the number of units. Unrecognized Compensation Expense A summary of the Partnership’s unrecognized compensation expense for its unvested restricted time and performance based units, and the weighted-average periods over which the compensation expense is expected to be recognized are as following:
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ACCUMULATED OTHER COMPREHENSIVE LOSS |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive loss Accumulated other comprehensive loss, attributable to Ciner Resources, includes unrealized gains and losses on derivative financial instruments. Amounts recorded in accumulated other comprehensive loss as of March 31, 2018 and December 31, 2017, and changes within the period, consisted of the following:
Other Comprehensive Loss Other comprehensive income/(loss), including the portion attributable to non-controlling interest, is derived from adjustments to reflect the unrealized gains/(loss) on derivative financial instruments. The components of other comprehensive income/(loss) consisted of the following:
Reclassifications for the period The components of other comprehensive loss, attributable to Ciner Resources, that have been reclassified consisted of the following:
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COMMITMENTS AND CONTINGENCIES |
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Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES From time to time we are party to various claims and legal proceedings related to our business. Although the outcome of these proceedings cannot be predicted with certainty, management does not currently expect any of the legal proceedings we are involved in to have a material effect on our business, financial condition and results of operations. We cannot predict the nature of any future claims or proceedings, nor the ultimate size or outcome of existing claims and legal proceedings and whether any damages resulting from them will be covered by insurance. Off-Balance Sheet Arrangements We have a self-bond agreement with the Wyoming Department of Environmental Quality under which we commit to pay directly for reclamation costs. The amount of the bond was $32.9 million as of March 31, 2018 and December 31, 2017, which is the amount we would need to pay the State of Wyoming for reclamation costs if we cease mining operations currently. The amount of this self-bond is subject to change upon periodic re-evaluation by the Land Quality Division. Ciner Wyoming’s revenue bonds require it to maintain stand-by letters of credit totaling $11.6 million as of March 31, 2018 and December 31, 2017. |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES | AGREEMENTS AND TRANSACTIONS WITH AFFILIATES Ciner Corp is the exclusive sales agent for the Partnership and through its membership in ANSAC, Ciner Corp is responsible for promoting and increasing the use and sale of soda ash and other refined or processed sodium products produced. ANSAC operates on a cooperative service-at-cost basis to its members such that typically any annual profit or loss is passed through to the members. In the event an ANSAC member exits or the ANSAC cooperative is dissolved, the exiting members are obligated for their respective portion of the residual net assets or deficit of the cooperative. All actual sales and marketing costs incurred by Ciner Corp are charged directly to the Partnership. Selling, general and administrative expenses also include amounts charged to the Partnership by its affiliates principally consisting of salaries, benefits, office supplies, professional fees, travel, rent and other costs of certain assets used by the Partnership. On October 23, 2015 the Partnership entered into a Services Agreement (the “Services Agreement”), among the Partnership, our general partner and Ciner Corp. Pursuant to the Services Agreement, Ciner Corp has agreed to provide the Partnership with certain corporate, selling, marketing, and general and administrative services, in return for which the Partnership has agreed to pay Ciner Corp an annual management fee and reimburse Ciner Corp for certain third-party costs incurred in connection with providing such services. In addition, under the limited liability company agreement governing Ciner Wyoming, Ciner Wyoming reimburses us for employees who operate our assets and for support provided to Ciner Wyoming. These transactions do not necessarily represent arm's length transactions and may not represent all costs if the Company operated on a standalone basis. The total costs charged to the Partnership by affiliates for each period presented were as follows:
(1) ANSAC allocates its expenses to its members using a pro-rata calculation based on sales. Cost of products sold includes freight costs charged by ANSAC. For the three months ended March 31, 2018 and 2017, these costs were zero and $8.6 million, respectively. The decrease in freight costs charged by ANSAC was due to a decrease in non-ANSAC international sales, to CIDT, during the three months ended March 31, 2018 compared to 2017. When we elect to use ANSAC to provide freight services for our other non-ANSAC international sales, ANSAC separately and directly charges the Partnership for such services. There were no sales to CIDT during the three months ended March 31, 2018, as the previous contract concluded in the 2017 year. Net sales to affiliates were as follows:
The Partnership had accounts receivable from affiliates and due to affiliates as follows:
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MAJOR CUSTOMERS AND SEGMENT REPORTING |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR CUSTOMERS AND SEGMENT REPORTING | MAJOR CUSTOMERS AND SEGMENT REPORTING Our operations are similar in geography, nature of products we provide, and type of customers we serve. As the Partnership earns substantially all of its revenues through the sale of soda ash mined at a single location, we have concluded that we have one operating segment for reporting purposes. The net sales by geographic area are as follows:
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Partnership measures certain financial and non-financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. A three-level valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows:
Financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value because of the nature of such instruments. Our derivative financial instruments are measured at their fair value with Level 2 inputs based on quoted market values for similar but not identical financial instruments. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative Financial Instruments We have interest rate swap contracts, designated as cash flow hedges, to mitigate our exposure to possible increases in interest rates. These contracts are for periods consistent with the exposure being hedged and will mature on July 18, 2018. These contracts had an aggregate notional value of $69.5 million and $70.0 million at March 31, 2018 and December 31, 2017, respectively. We enter into natural gas forward contracts, designated as cash flow hedges, to mitigate volatility in the price of natural gas related to a portion of the natural gas we consume. These contracts generally have various maturities through 2023. These contracts had an aggregate notional value of $40.0 million and $37.0 million at March 31, 2018 and December 31, 2017, respectively. The following table presents the fair value of derivative assets and liability derivatives and the respective locations on our unaudited condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017:
Financial Assets and Liabilities not Measured at Fair Value The carrying value of our long-term debt materially reflects the fair value of our long-term debt as its key terms are similar to indebtedness with similar amounts, durations and credit risks. See Note 4 “Debt” for additional information on our debt arrangements. |
SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On May 1, 2018, the members of the Board of Managers of Ciner Wyoming LLC, approved a cash distribution to the members of Ciner Wyoming in the aggregate amount of $25.0 million. This distribution is payable on May 8, 2018. On April 26, 2018, the Partnership declared a cash distribution approved by the board of directors of its general partner. The cash distribution for the first quarter of 2018 of $0.5670 per unit will be paid on May 21, 2018 to unitholders of record on May 7, 2018. |
CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The unaudited condensed consolidated financial statements are composed of Ciner Resources LP (the “Partnership,” “CINR,” “Ciner Resources,” “we,” “us,” or “our”), a publicly traded Delaware limited partnership, and its consolidated subsidiary, Ciner Wyoming LLC (“Ciner Wyoming”), which is in the business of mining trona ore to produce soda ash. The Partnership’s operations consist solely of its investment in Ciner Wyoming. The Partnership was formed in April 2013 by Ciner Wyoming Holding Co. (“Ciner Holdings”), a wholly-owned subsidiary of Ciner Resources Corporation (“Ciner Corp”). Ciner Corp is a direct wholly-owned subsidiary of Ciner Enterprises Inc. (“Ciner Enterprises”), which is a direct wholly-owned subsidiary of WE Soda Ltd., a U.K. corporation (“WE Soda”). WE Soda is a direct wholly-owned subsidiary of KEW Soda Ltd., a U.K. corporation (“KEW Soda”), which is a direct wholly-owned subsidiary of Akkan Enerji ve Madencilik Anonim Şirketi (“Akkan”). Akkan is directly and wholly owned by Turgay Ciner, the Chairman of the Ciner Group (“Ciner Group”), a Turkish conglomerate of companies engaged in energy and mining (including soda ash mining), media and shipping markets. The Partnership owns a controlling interest comprised of 51.0% membership interest in Ciner Wyoming. All our soda ash processed is currently sold to various domestic and international customers including ANSAC and CIDT, both of which are affiliates for export sales. All mining and processing activities take place in one facility located in the Green River Basin of Wyoming. |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments, consisting of normal recurring accruals, which are necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented. All significant intercompany transactions, balances, revenue and expenses have been eliminated in consolidation. The results of operations for the period ended March 31, 2018 and 2017 are not necessarily indicative of the operating results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Annual Report”). As of March 31, 2018 we have adopted the guidance outlined in Accounting Standards Codification No. 606, Revenue from Contracts with Customers. For further information on the Partnership’s adoption of this standard, refer to “Recently Issued Accounting Pronouncements” below as well as Footnote 6. There have been no other material changes in the significant accounting policies followed by us during the three month period ended March 31, 2018 from those disclosed in the 2017 Annual Report. |
Non-controlling Interests | Non-controlling interests NRP Trona LLC, a wholly-owned subsidiary of Natural Resource Partners L.P. ("NRP"), currently owns a 49.0% membership interest in Ciner Wyoming. |
Use of Estimates | Use of Estimates The preparation of these unaudited condensed consolidated financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. The Partnership has applied the provisions of this ASU and believes our adoption of ASU 2014-09 does not materially change the amount or timing of revenues recognized by us, nor does it materially affect our financial position. The majority of our revenues generated are recognized upon delivery and transfer of title to the product to our customers. The time at which delivery and transfer of title occurs, for the majority of our contracts with customers, is the point when the product leaves our facility, thereby rendering our performance obligation fulfilled. The FASB issued various amendments to ASU 2014-09, one of which includes allowing entities to elect to account for shipping and handling activities performed after the control of a good has been transferred to the customer as a fulfillment cost versus an obligation of a promised service. The Partnership has made an accounting policy election to account for shipping and handling activities as fulfillment costs, which does not have a material impact on our financial statements. The Partnership adopted this ASU effective January 1, 2018, as permitted by the ASU, using the modified retrospective method and we have not made any adjustment to opening retained earnings. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The update amends existing standards for accounting for leases by lessees, with accounting for leases by lessors remaining largely unchanged from current guidance. The update requires that lessees recognize a lease liability and a right of use asset for all leases (with the exception of short-term leases) at the commencement date of the lease and disclose key information about leasing arrangements. The update is effective for interim and annual periods beginning after December 15, 2018 and must be adopted using a modified retrospective transition. The ASU No. 2016-02 provides for certain practical expedients and early adoption is permitted. The Partnership is evaluating the potential impact the adoption of ASU No. 2016-02 will have on its consolidated financial statements. In August 2017, FASB issued ASU 2017-12, Derivatives and Hedging – Targeted Improvements to Accounting for Hedging Activities. This ASU aims to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, this ASU make certain targeted improvements to simplify the application of the existing hedge accounting guidance. This ASU is effective for us beginning in the first quarter of 2019, with early application permitted. The Partnership is evaluating the effect the standard will have on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09–Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The Partnership adopted this ASU effective January 1, 2018 and notes that there is no material impact to the Partnership’s consolidated financial statements. |
NET INCOME PER UNIT AND CASH DISTRIBUTION (Tables) |
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Calculation of Net Income Per Unit | The net income attributable to limited partner unitholders and the weighted average units for calculating basic and diluted net income per limited partner units were as follows:
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Calculation of Limited Partners' Interest in Net Income | The calculation of limited partners’ interest in net income is as follows:
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Percentage Allocations of Distributions From Operating Surplus | The following table illustrates the percentage allocations of distributions from operating surplus between the unitholders and our general partner based on the specified target distribution levels. The amounts set forth under the column heading “Marginal Percentage Interest in Distributions” are the percentage interests of our general partner and the unitholders in any distributions from operating surplus we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution per Unit Target Amount.” The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution also apply to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner (1) include its 2.0% general partner interest, (2) assume that our general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest, (3) assume that our general partner has not transferred its IDRs and (4) assume there are no arrearages on common units.
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INVENTORY (Tables) |
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Schedule of Inventory | Inventory consisted of the following:
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DEBT (Tables) |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Long-term Debt | Long-term debt consisted of the following:
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Aggregate Maturities on Long-term Debt | Aggregate maturities required on long-term debt at March 31, 2018 are due in future years as follows:
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OTHER NON-CURRENT LIABILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Non-current Liabilities | Other non-current liabilities consisted of the following:
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Reconciliation of Partnership's Reclamation Reserve Liability | A reconciliation of the Partnership’s reclamation reserve liability is as follows:
(1) The reclamation adjustments are primarily a result of changes in the self-bond agreement with the Wyoming Department of Environmental Quality. See Note 10. “Commitments and Contingencies” for additional information on our reclamation reserve. |
EQUITY - BASED COMPENSATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Time Restricted Unit Award Activity | The following table presents a summary of activity on the Time Restricted Unit Awards:
(1) Determined by dividing the aggregate grant date fair value of awards by the number of units. |
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Schedule of Time Restricted Performance Unit Award Activity | The following table presents a summary of activity on the TR Performance Unit Awards:
(1)Determined by dividing the aggregate grant date fair value of awards by the number of units. |
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Schedule of Unrecognized Compensation Expense for Unvested Awards | A summary of the Partnership’s unrecognized compensation expense for its unvested restricted time and performance based units, and the weighted-average periods over which the compensation expense is expected to be recognized are as following:
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | Amounts recorded in accumulated other comprehensive loss as of March 31, 2018 and December 31, 2017, and changes within the period, consisted of the following:
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Components of Other Comprehensive Income/(Loss) | The components of other comprehensive income/(loss) consisted of the following:
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Schedule of Reclassifications Out of Other Comprehensive Loss, Attributable to Ciner Resources | The components of other comprehensive loss, attributable to Ciner Resources, that have been reclassified consisted of the following:
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AGREEMENTS AND TRANSACTIONS WITH AFFILIATES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Charged by Affiliates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions with Affiliates | The total costs charged to the Partnership by affiliates for each period presented were as follows:
(1) ANSAC allocates its expenses to its members using a pro-rata calculation based on sales. |
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Net Sales to Affiliates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions with Affiliates | Net sales to affiliates were as follows:
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Receivables and Payables with Affiliates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions with Affiliates | The Partnership had accounts receivable from affiliates and due to affiliates as follows:
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MAJOR CUSTOMERS AND SEGMENT REPORTING (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Sales By Geographic Area | The net sales by geographic area are as follows:
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FAIR VALUE MEASUREMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Assets and Liabilities | The following table presents the fair value of derivative assets and liability derivatives and the respective locations on our unaudited condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017:
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CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) |
Mar. 31, 2018 |
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Noncontrolling Interest [Line Items] | |
Membership interest | 51.00% |
Ciner Wyoming | |
Noncontrolling Interest [Line Items] | |
Membership interest attributable to noncontrolling interest | 49.00% |
INVENTORY (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 12.2 | $ 10.1 |
Finished goods | 4.0 | 3.2 |
Stores inventory | 6.4 | 6.5 |
Total | $ 22.6 | $ 19.8 |
DEBT - Components of long-term debt (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt | ||
Total | $ 131.9 | $ 149.4 |
Current portion of long-term debt | 11.4 | 11.4 |
Total long-term debt | $ 120.5 | $ 138.0 |
Variable Rate Demand Revenue Bonds | Principal due October 1, 2018 | ||
Debt | ||
Interest rate (as a percent) | 1.72% | 1.82% |
Total | $ 11.4 | $ 11.4 |
Ciner Wyoming Credit Facility | Line of Credit | Revolving credit facility | ||
Debt | ||
Interest rate (as a percent) | 3.19% | 3.08% |
Total | $ 120.5 | $ 138.0 |
DEBT - Narrative (Details) - Ciner Wyoming Credit Facility - Line of Credit - Ciner Wyoming LLC - Revolving credit facility |
Aug. 01, 2017
USD ($)
|
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Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 225,000,000.0 |
Leverage ratio | 3.00 |
Interest coverage ratio | 3.00 |
Federal funds rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 0.50% |
LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.00% |
DEBT - Maturities of long-term debt (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Disclosure [Abstract] | ||
2018 | $ 11.4 | |
2019, 2020, 2021 | 0.0 | |
2022 | 120.5 | |
Total | $ 131.9 | $ 149.4 |
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2018 |
Dec. 31, 2017 |
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Asset Retirement Obligation Disclosure [Abstract] | ||||
Reclamation reserve | $ 5.1 | $ 5.5 | $ 5.2 | $ 5.1 |
Derivative instruments and hedges, fair value liabilities | 6.9 | 5.3 | ||
Total | $ 12.1 | $ 10.4 | ||
Reclamation reserve | ||||
Beginning reclamation reserve balance | 5.1 | 5.5 | ||
Accretion expense | 0.1 | 0.3 | ||
Reclamation adjustments | 0.0 | (0.7) | ||
Ending reclamation reserve balance | $ 5.2 | $ 5.1 |
REVENUE (Details) |
3 Months Ended |
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Mar. 31, 2018
segment
| |
Revenue from Contract with Customer [Abstract] | |
Number of operating segments | 1 |
EMPLOYEE COMPENSATION (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
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Defined Benefit Plan Disclosure [Line Items] | |||
Average compensation period | 60 months | ||
Period of last service | 120 months | ||
Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic pension cost | $ 0.2 | $ 0.4 | |
Decrease in pension costs | 0.2 | ||
Savings Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions made by employer | 1.3 | 2.1 | |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic pension cost | (0.7) | $ (0.6) | |
Benefit obligation | $ 10.4 | $ 11.5 |
EQUITY - BASED COMPENSATION - Schedule of Restricted Unit Award Activity (Details) - Restricted Stock Units (RSUs) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Number of Units | ||
Unvested at the beginning of period (shares) | 94,791 | 39,170 |
Granted (shares) | 3,907 | 0 |
Vested (shares) | (42,892) | (13,055) |
Forfeited (shares) | (396) | (6,583) |
Unvested at the end of the period (shares) | 55,410 | 19,532 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of period (dollars per share) | $ 27.22 | $ 22.50 |
Granted (dollars per share) | 26.84 | 0.00 |
Vested (dollars per share) | 25.73 | 22.50 |
Forfeited (dollars per share) | 28.46 | 22.13 |
Unvested at the end of the period (dollars per share) | $ 28.33 | $ 22.62 |
EQUITY - BASED COMPENSATION - Schedule of Total Return Performance Unit Award Activity (Details) - TR Performance Unit Awards - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Number of Units | ||
Unvested at the beginning of period (shares) | 26,177 | 5,787 |
Forfeited (shares) | 0 | (1,021) |
Unvested at the end of the period (shares) | 26,177 | 4,766 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of period (dollars per share) | $ 42.93 | $ 43.93 |
Forfeited (dollars per share) | 0.00 | 43.93 |
Unvested at the end of the period (dollars per share) | $ 42.93 | $ 43.93 |
EQUITY - BASED COMPENSATION - Unrecognized Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Unrecognized compensation expense | $ 2.2 | $ 0.5 |
Time-Based Units | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Unrecognized compensation expense | $ 1.5 | $ 0.3 |
Weighted average to be recognized (in years) | 1 year 11 months 18 days | 1 year 3 months 35 days |
Performance-Based Units | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Unrecognized compensation expense | $ 0.7 | $ 0.2 |
Weighted average to be recognized (in years) | 1 year 8 months 24 days | 1 year 10 months 4 days |
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive loss (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 248.2 | $ 259.2 |
Amounts reclassified from accumulated other comprehensive loss | (0.4) | (0.2) |
Ending balance | 243.2 | $ 255.7 |
Gains and (Losses) on Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3.7) | |
Other comprehensive loss before reclassification | (1.5) | |
Amounts reclassified from accumulated other comprehensive loss | 0.4 | |
Net current period other comprehensive loss | (1.1) | |
Ending balance | $ (4.8) |
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gain (loss) on derivative financial instruments | $ (2.2) | $ (2.3) |
Interest Rate Swap Contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gain (loss) on derivative financial instruments | 0.1 | 0.2 |
Natural Gas Forward Contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gain (loss) on derivative financial instruments | $ (2.3) | $ (2.5) |
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Self-bond agreement for reclamation costs | ||
Other Commitments [Line Items] | ||
Off balance sheet commitment | $ 32.9 | $ 32.9 |
Standby Letters of Credit | Ciner Wyoming LLC | Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Long-term line of credit | $ 11.6 | $ 11.6 |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Costs charged by affiliates (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Related Party Transaction [Line Items] | ||
Total selling, general and administrative expenses - Affiliates | $ 4.9 | $ 4.0 |
Ciner Corp | ||
Related Party Transaction [Line Items] | ||
Total selling, general and administrative expenses - Affiliates | 4.1 | 3.7 |
ANSAC | ||
Related Party Transaction [Line Items] | ||
Total selling, general and administrative expenses - Affiliates | $ 0.8 | $ 0.3 |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Related Party Transaction [Line Items] | ||
Net sales to affiliates | $ 65,900,000 | $ 77,500,000 |
ANSAC | ||
Related Party Transaction [Line Items] | ||
Cost of products sold | 0 | 8,600,000 |
Net sales to affiliates | 65,900,000 | 41,200,000 |
Ciner IC ve Dis Ticaret Anomin Sirketi [Member] | ||
Related Party Transaction [Line Items] | ||
Net sales to affiliates | $ 0 | $ 36,300,000 |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Net sales to affiliates (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Related Party Transaction [Line Items] | ||
Net sales to affiliates | $ 65,900,000 | $ 77,500,000 |
ANSAC | ||
Related Party Transaction [Line Items] | ||
Net sales to affiliates | 65,900,000 | 41,200,000 |
CIDT | ||
Related Party Transaction [Line Items] | ||
Net sales to affiliates | $ 0 | $ 36,300,000 |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Receivables from or payables to affiliates (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | $ 89.0 | $ 98.3 |
Due to affiliates | 3.9 | 3.0 |
ANSAC | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 51.5 | 57.7 |
Due to affiliates | 1.3 | 1.3 |
CIDT | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 28.4 | 32.9 |
Due to affiliates | 0.0 | 0.0 |
Ciner Corp | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 9.1 | 7.7 |
Due to affiliates | $ 2.6 | $ 1.7 |
MAJOR CUSTOMERS AND SEGMENT REPORTING - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2018
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
MAJOR CUSTOMERS AND SEGMENT REPORTING - Sales by geographic area (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Sales by geographical area | ||
Sales | $ 121.2 | $ 126.6 |
Domestic | ||
Sales by geographical area | ||
Revenue by major product line | 55.3 | 49.1 |
International | ||
Sales by geographical area | ||
Revenue by major product line | 65.9 | 77.5 |
International | ANSAC | ||
Sales by geographical area | ||
Revenue by major product line | 65.9 | 41.2 |
International | CIDT | ||
Sales by geographical area | ||
Revenue by major product line | $ 0.0 | $ 36.3 |
FAIR VALUE MEASUREMENTS - Narrative (Details) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Interest Rate Swap Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative aggregate notional value | $ 69.5 | $ 70.0 |
Natural Gas Forward Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative aggregate notional value | $ 40.0 | $ 37.0 |
FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Derivative Assets and Liability (Details) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives designated as hedging instruments | $ 0.1 | $ 0.0 | |
Total derivatives designated as hedging instruments | 9.6 | 7.2 | |
Other current assets | Interest Rate Swap Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset, current | 0.1 | 0.0 | |
Accrued Expenses | Natural Gas Forward Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability, current | 2.6 | $ 1.9 | |
Other non-current liabilities | Natural Gas Forward Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability, noncurrent | $ 7.0 | $ 5.3 |
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
May 01, 2018 |
Apr. 26, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Subsequent Event [Line Items] | ||||
Distributions declared per unit for the period (dollars per share) | $ 0.5670 | $ 0.567 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash distribution approved | $ 25.0 | |||
Distributions declared per unit for the period (dollars per share) | $ 0.5670 |