| DEBT
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Three Months Ended March 31, | ||||||||
(In millions, except per unit data) | 2017 | 2016 | ||||||
Numerator: | ||||||||
Net income attributable to Ciner Resources LP | $ | 10.9 | $ | 10.1 | ||||
Less: General partner’s interest in net income | 0.2 | 0.2 | ||||||
Total limited partners’ interest in net income | $ | 10.7 | $ | 9.9 | ||||
Denominator: | ||||||||
Weighted average limited parter units outstanding: | ||||||||
Common - Public and Ciner Holdings (basic and diluted) | 19.7 | 9.8 | ||||||
Subordinated - Ciner Holdings (basic and diluted) | — | 9.8 | ||||||
Weighted average limited partner units outstanding | 19.7 | 19.6 | ||||||
Net income per limited partner units: | ||||||||
Common - Public and Ciner Holdings (basic and diluted) | $ | 0.54 | $ | 0.51 | ||||
Subordinated - Ciner Holdings (basic and diluted) | $ | — | $ | 0.51 | ||||
Net income per limited partner units (basic and diluted) | $ | 0.54 | $ | 0.51 |
Three Months Ended March 31, | ||||||||
(In millions, except per unit data) | 2017 | 2016 | ||||||
Net income attributable to common unitholders: | ||||||||
Distributions(1) | $ | 11.1 | $ | 5.6 | ||||
Distributions in excess of net income | (0.4 | ) | (0.6 | ) | ||||
Common unitholders’ interest in net income | $ | 10.7 | $ | 5.0 | ||||
Net income attributable to subordinated unitholders: | ||||||||
Distributions(1) | $ | — | $ | 5.5 | ||||
Distributions in excess of net income | — | (0.6 | ) | |||||
Subordinated unitholders’ interest in net income | $ | — | $ | 4.9 | ||||
(1) Distributions declared per unit for the period | $0.567 | $ | 0.564 |
Marginal Percentage Interest in Distributions | |||||||
Total Quarterly Distribution per Unit Target Amount | Unitholders | General Partner | |||||
Minimum Quarterly Distribution | $0.5000 | 98.0 | % | 2.0 | % | ||
First Target Distribution | above $0.5000 up to $0.5750 | 98.0 | % | 2.0 | % | ||
Second Target Distribution | above $0.5750 up to $0.6250 | 85.0 | % | 15.0 | % | ||
Third Target Distribution | above $0.6250 up to $0.7500 | 75.0 | % | 25.0 | % | ||
Thereafter | above $0.7500 | 50.0 | % | 50.0 | % |
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As of | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Raw materials | $ | 9.5 | $ | 7.7 | |||
Finished goods | 4.2 | 5.8 | |||||
Stores inventory | 5.5 | 5.5 | |||||
Total | $ | 19.2 | $ | 19.0 |
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As of | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing an interest rate of 1.06% at March 31, 2017 and 0.87% December 31, 2016 | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing an interest rate of 1.06% at March 31, 2017 and 0.87% December 31, 2016 | 8.6 | 8.6 | |||||
Ciner Wyoming credit facility, unsecured principal expiring on July 18, 2018, variable interest rate was a weighted average of 2.60% at March 31, 2017 and 2.36% at December 31, 2016 | 88.5 | 78.0 | |||||
Total debt | 108.5 | 98.0 | |||||
Current portion of long-term debt | 8.6 | 8.6 | |||||
Total long-term debt | $ | 99.9 | $ | 89.4 |
(In millions) | Amount | ||
2017 | $ | 8.6 | |
2018 | 99.9 | ||
Total | $ | 108.5 |
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As of | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Reclamation reserve | $ | 5.6 | $ | 5.5 | |||
Derivative instruments and hedges, fair value liabilities | 5.1 | 3.4 | |||||
Other | — | 0.1 | |||||
Total | $ | 10.7 | $ | 9.0 |
For the period ended | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Beginning reclamation reserve balance | $ | 5.5 | $ | 4.5 | |||
Accretion expense | 0.1 | 0.2 | |||||
Reclamation adjustments (1) | — | 0.8 | |||||
Ending reclamation reserve balance | $ | 5.6 | $ | 5.5 |
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Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of period | 39,170 | $ | 22.50 | — | $ | — | |||||||
Granted | — | — | 33,383 | 21.27 | |||||||||
Vested | (13,055 | ) | 22.50 | — | — | ||||||||
Forfeited | (6,583 | ) | 22.13 | — | — | ||||||||
Unvested at the end of the period | 19,532 | $ | 22.62 | 33,383 | $ | 21.27 |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit(1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of period | 5,787 | $ | 43.93 | — | $ | — | |||||||
Forfeited | (1,021 | ) | 43.93 | — | — | ||||||||
Unvested at the end of the period | 4,766 | $ | 43.93 | — | $ | — |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||
Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | ||||||||
Time-based units | $ | 0.3 | 1.35 | $ | 0.7 | 1.96 | |||||
Performance-based units | 0.2 | 1.84 | — | N/A | |||||||
Total | $ | 0.5 | $ | 0.7 |
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(In millions) | Gains and Losses on Cash Flow Hedges | |||
Balance at December 31, 2016 | $ | (1.6 | ) | |
Other comprehensive loss before reclassification | (1.4 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.2 | |||
Net current period other comprehensive loss | (1.2 | ) | ||
Balance at March 31, 2017 | $ | (2.8 | ) |
Three Months Ended March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Unrealized loss on derivatives: | ||||||||
Mark to market adjustment on interest rate swap contracts | $ | 0.2 | $ | (0.5 | ) | |||
Mark to market adjustment on natural gas forward contracts | (2.5 | ) | (0.4 | ) | ||||
Mark to market adjustment on foreign exchange forward contracts | — | (0.2 | ) | |||||
Loss on derivative financial instruments | $ | (2.3 | ) | $ | (1.1 | ) |
Three Months Ended March 31, | Affected Line Items on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income | |||||||||
(In millions) | 2017 | 2016 | ||||||||
Details about other comprehensive loss components: | ||||||||||
Gains and losses on cash flow hedges: | ||||||||||
Interest rate swap contracts | $ | 0.1 | $ | 0.1 | Interest expense | |||||
Natural gas forward contracts | 0.1 | 0.2 | Cost of products sold | |||||||
Total reclassifications for the period | $ | 0.2 | $ | 0.3 |
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Three Months Ended March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Ciner Corp | $ | 3.7 | $ | 3.9 | ||||
ANSAC (1) | 0.3 | 0.7 | ||||||
Total selling, general and administrative expenses - Affiliates | $ | 4.0 | $ | 4.6 |
Three Months Ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
ANSAC | $ | 41.2 | $ | 63.4 | |||
CIDT | 36.3 | — | |||||
Total | $ | 77.5 | $ | 63.4 |
As of | |||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||
(In millions) | Accounts receivable from affiliates | Due to affiliates | |||||||||||||
ANSAC | $ | 31.0 | $ | 46.5 | $ | — | $ | — | |||||||
CIDT | 43.0 | 9.0 | — | — | |||||||||||
Ciner Corp | 4.8 | 3.9 | 1.5 | 1.7 | |||||||||||
Ciner Resources Europe NV | — | 2.2 | 0.9 | — | |||||||||||
Other | — | — | 1.8 | 2.5 | |||||||||||
Total | $ | 78.8 | $ | 61.6 | $ | 4.2 | $ | 4.2 |
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Three Months Ended March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Domestic | $ | 49.1 | $ | 47.9 | ||||
International | ||||||||
ANSAC | 41.2 | 63.4 | ||||||
CIDT | 36.3 | — | ||||||
Other | — | 3.1 | ||||||
Total international | 77.5 | 66.5 | ||||||
Total net sales | $ | 126.6 | $ | 114.4 |
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| Level 1-inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. |
| Level 2-inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. |
| Level 3-inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. |
Assets | Liabilities | ||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Interest rate swap contracts - current | $ | — | $ | — | Accrued Expenses | $ | 0.3 | Accrued Expenses | $ | 0.4 | |||||||||||||
Natural gas forward contracts - current | — | Other current assets | 0.6 | Accrued Expenses | 0.2 | Accrued Expenses | — | ||||||||||||||||
Natural gas forward contracts - non-current | — | — | Other non-current liabilities | 5.1 | Other non-current liabilities | 3.4 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 0.6 | $ | 5.6 | $ | 3.8 |
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Three Months Ended March 31, | ||||||||
(In millions, except per unit data) | 2017 | 2016 | ||||||
Numerator: | ||||||||
Net income attributable to Ciner Resources LP | $ | 10.9 | $ | 10.1 | ||||
Less: General partner’s interest in net income | 0.2 | 0.2 | ||||||
Total limited partners’ interest in net income | $ | 10.7 | $ | 9.9 | ||||
Denominator: | ||||||||
Weighted average limited parter units outstanding: | ||||||||
Common - Public and Ciner Holdings (basic and diluted) | 19.7 | 9.8 | ||||||
Subordinated - Ciner Holdings (basic and diluted) | — | 9.8 | ||||||
Weighted average limited partner units outstanding | 19.7 | 19.6 | ||||||
Net income per limited partner units: | ||||||||
Common - Public and Ciner Holdings (basic and diluted) | $ | 0.54 | $ | 0.51 | ||||
Subordinated - Ciner Holdings (basic and diluted) | $ | — | $ | 0.51 | ||||
Net income per limited partner units (basic and diluted) | $ | 0.54 | $ | 0.51 |
Three Months Ended March 31, | ||||||||
(In millions, except per unit data) | 2017 | 2016 | ||||||
Net income attributable to common unitholders: | ||||||||
Distributions(1) | $ | 11.1 | $ | 5.6 | ||||
Distributions in excess of net income | (0.4 | ) | (0.6 | ) | ||||
Common unitholders’ interest in net income | $ | 10.7 | $ | 5.0 | ||||
Net income attributable to subordinated unitholders: | ||||||||
Distributions(1) | $ | — | $ | 5.5 | ||||
Distributions in excess of net income | — | (0.6 | ) | |||||
Subordinated unitholders’ interest in net income | $ | — | $ | 4.9 | ||||
(1) Distributions declared per unit for the period | $0.567 | $ | 0.564 |
Marginal Percentage Interest in Distributions | |||||||
Total Quarterly Distribution per Unit Target Amount | Unitholders | General Partner | |||||
Minimum Quarterly Distribution | $0.5000 | 98.0 | % | 2.0 | % | ||
First Target Distribution | above $0.5000 up to $0.5750 | 98.0 | % | 2.0 | % | ||
Second Target Distribution | above $0.5750 up to $0.6250 | 85.0 | % | 15.0 | % | ||
Third Target Distribution | above $0.6250 up to $0.7500 | 75.0 | % | 25.0 | % | ||
Thereafter | above $0.7500 | 50.0 | % | 50.0 | % |
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As of | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Raw materials | $ | 9.5 | $ | 7.7 | |||
Finished goods | 4.2 | 5.8 | |||||
Stores inventory | 5.5 | 5.5 | |||||
Total | $ | 19.2 | $ | 19.0 |
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As of | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing an interest rate of 1.06% at March 31, 2017 and 0.87% December 31, 2016 | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing an interest rate of 1.06% at March 31, 2017 and 0.87% December 31, 2016 | 8.6 | 8.6 | |||||
Ciner Wyoming credit facility, unsecured principal expiring on July 18, 2018, variable interest rate was a weighted average of 2.60% at March 31, 2017 and 2.36% at December 31, 2016 | 88.5 | 78.0 | |||||
Total debt | 108.5 | 98.0 | |||||
Current portion of long-term debt | 8.6 | 8.6 | |||||
Total long-term debt | $ | 99.9 | $ | 89.4 |
(In millions) | Amount | ||
2017 | $ | 8.6 | |
2018 | 99.9 | ||
Total | $ | 108.5 |
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As of | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Reclamation reserve | $ | 5.6 | $ | 5.5 | |||
Derivative instruments and hedges, fair value liabilities | 5.1 | 3.4 | |||||
Other | — | 0.1 | |||||
Total | $ | 10.7 | $ | 9.0 |
For the period ended | |||||||
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Beginning reclamation reserve balance | $ | 5.5 | $ | 4.5 | |||
Accretion expense | 0.1 | 0.2 | |||||
Reclamation adjustments (1) | — | 0.8 | |||||
Ending reclamation reserve balance | $ | 5.6 | $ | 5.5 |
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Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of period | 39,170 | $ | 22.50 | — | $ | — | |||||||
Granted | — | — | 33,383 | 21.27 | |||||||||
Vested | (13,055 | ) | 22.50 | — | — | ||||||||
Forfeited | (6,583 | ) | 22.13 | — | — | ||||||||
Unvested at the end of the period | 19,532 | $ | 22.62 | 33,383 | $ | 21.27 |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit(1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of period | 5,787 | $ | 43.93 | — | $ | — | |||||||
Forfeited | (1,021 | ) | 43.93 | — | — | ||||||||
Unvested at the end of the period | 4,766 | $ | 43.93 | — | $ | — |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||
Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | ||||||||
Time-based units | $ | 0.3 | 1.35 | $ | 0.7 | 1.96 | |||||
Performance-based units | 0.2 | 1.84 | — | N/A | |||||||
Total | $ | 0.5 | $ | 0.7 |
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(In millions) | Gains and Losses on Cash Flow Hedges | |||
Balance at December 31, 2016 | $ | (1.6 | ) | |
Other comprehensive loss before reclassification | (1.4 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.2 | |||
Net current period other comprehensive loss | (1.2 | ) | ||
Balance at March 31, 2017 | $ | (2.8 | ) |
Three Months Ended March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Unrealized loss on derivatives: | ||||||||
Mark to market adjustment on interest rate swap contracts | $ | 0.2 | $ | (0.5 | ) | |||
Mark to market adjustment on natural gas forward contracts | (2.5 | ) | (0.4 | ) | ||||
Mark to market adjustment on foreign exchange forward contracts | — | (0.2 | ) | |||||
Loss on derivative financial instruments | $ | (2.3 | ) | $ | (1.1 | ) |
Three Months Ended March 31, | Affected Line Items on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income | |||||||||
(In millions) | 2017 | 2016 | ||||||||
Details about other comprehensive loss components: | ||||||||||
Gains and losses on cash flow hedges: | ||||||||||
Interest rate swap contracts | $ | 0.1 | $ | 0.1 | Interest expense | |||||
Natural gas forward contracts | 0.1 | 0.2 | Cost of products sold | |||||||
Total reclassifications for the period | $ | 0.2 | $ | 0.3 |
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Three Months Ended March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Ciner Corp | $ | 3.7 | $ | 3.9 | ||||
ANSAC (1) | 0.3 | 0.7 | ||||||
Total selling, general and administrative expenses - Affiliates | $ | 4.0 | $ | 4.6 |
Three Months Ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
ANSAC | $ | 41.2 | $ | 63.4 | |||
CIDT | 36.3 | — | |||||
Total | $ | 77.5 | $ | 63.4 |
As of | |||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||
(In millions) | Accounts receivable from affiliates | Due to affiliates | |||||||||||||
ANSAC | $ | 31.0 | $ | 46.5 | $ | — | $ | — | |||||||
CIDT | 43.0 | 9.0 | — | — | |||||||||||
Ciner Corp | 4.8 | 3.9 | 1.5 | 1.7 | |||||||||||
Ciner Resources Europe NV | — | 2.2 | 0.9 | — | |||||||||||
Other | — | — | 1.8 | 2.5 | |||||||||||
Total | $ | 78.8 | $ | 61.6 | $ | 4.2 | $ | 4.2 |
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Three Months Ended March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Domestic | $ | 49.1 | $ | 47.9 | ||||
International | ||||||||
ANSAC | 41.2 | 63.4 | ||||||
CIDT | 36.3 | — | ||||||
Other | — | 3.1 | ||||||
Total international | 77.5 | 66.5 | ||||||
Total net sales | $ | 126.6 | $ | 114.4 |
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Assets | Liabilities | ||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2017 | December 31, 2016 | ||||||||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Interest rate swap contracts - current | $ | — | $ | — | Accrued Expenses | $ | 0.3 | Accrued Expenses | $ | 0.4 | |||||||||||||
Natural gas forward contracts - current | — | Other current assets | 0.6 | Accrued Expenses | 0.2 | Accrued Expenses | — | ||||||||||||||||
Natural gas forward contracts - non-current | — | — | Other non-current liabilities | 5.1 | Other non-current liabilities | 3.4 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 0.6 | $ | 5.6 | $ | 3.8 |
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