OCI RESOURCES LP, 10-K filed on 3/14/2014
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2013
Jun. 30, 2013
Mar. 10, 2014
Common Unitholders
Mar. 10, 2014
Subordinated Units
Mar. 10, 2014
General Partner
Document and Entity Information
 
 
 
 
 
Entity Registrant Name
OCI Resources LP. 
 
 
 
 
Entity Central Index Key
0001575051 
 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
 
Entity Filer Category
Non-accelerated Filer 
 
 
 
 
Document Type
10-K 
 
 
 
 
Document Period End Date
Dec. 31, 2013 
 
 
 
 
Document Fiscal Year Focus
2013 
 
 
 
 
Document Fiscal Period Focus
FY 
 
 
 
 
Amendment Flag
false 
 
 
 
 
Entity Well-known Seasoned Issuer
No 
 
 
 
 
Entity Voluntary Filers
No 
 
 
 
 
Entity Current Reporting Status
Yes 
 
 
 
 
Entity Public Float
 
$ 0 
 
 
 
Entity Common Stock, Shares Outstanding
 
 
9,775,500 
9,775,500 
399,000 
CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Current assets:
 
 
Cash and cash equivalents
$ 46.9 
$ 22.7 
Accounts receivable - net
34.4 
35.2 
Accounts receivable - ANSAC
58.1 
 
Due from affiliates - net
20.4 
 
Inventory
41.7 
42.1 
Other current assets
1.2 
 
Total current assets
202.7 
 
Property, plant and equipment - net
238.0 
244.5 
Other non-current assets
1.3 
 
Total assets
442.0 
 
Current liabilities:
 
 
Current portion of long-term debt
0 
4.0 
Accounts payable
13.2 
 
Due to affiliates
2.3 
 
Accrued expenses
26.4 
 
Total current liabilities
41.9 
 
Long-term debt
155.0 
 
Reclamation reserve
3.8 
3.6 
Deferred income taxes
0 
 
Total liabilities
200.7 
 
Commitments and Contingencies (See Note 13)
   
 
Equity:
 
 
Predecessor's net equity
0 
 
General partner unitholders - OCI Resource Partners LLC (0.4 million units issued and outstanding at December 31, 2013)
3.8 
 
Accumulated other comprehensive loss—interest rate swap
(0.3)
 
Partners' capital attributable to OCI Resources LP/Predecessor's net equity
144.6 
 
Non-controlling interests
96.7 
 
Total equity
241.3 
272.3 
Total liabilities and partners'/predecessor's net equity
442.0 
 
Common Units
 
 
Equity:
 
 
Common and subordinated unitholders
104.5 
 
Subordinated Unitholders - OCI Holdings
 
 
Equity:
 
 
Common and subordinated unitholders
36.6 
 
Predecessor
 
 
Current assets:
 
 
Cash and cash equivalents
 
22.7 
Accounts receivable - net
 
35.2 
Accounts receivable - ANSAC
 
53.8 
Due from affiliates - net
 
26.6 
Inventory
 
42.1 
Other current assets
 
0.7 
Total current assets
 
181.1 
Property, plant and equipment - net
 
244.5 
Other non-current assets
 
0 
Total assets
 
425.6 
Current liabilities:
 
 
Current portion of long-term debt
 
4.0 
Accounts payable
 
13.1 
Due to affiliates
 
22.3 
Accrued expenses
 
26.2 
Total current liabilities
 
65.6 
Long-term debt
 
48.0 
Reclamation reserve
 
3.6 
Deferred income taxes
 
36.1 
Total liabilities
 
153.3 
Commitments and Contingencies (See Note 13)
 
   
Equity:
 
 
Predecessor's net equity
 
130.0 
General partner unitholders - OCI Resource Partners LLC (0.4 million units issued and outstanding at December 31, 2013)
 
0 
Accumulated other comprehensive loss—interest rate swap
 
(0.2)
Partners' capital attributable to OCI Resources LP/Predecessor's net equity
 
129.8 
Non-controlling interests
 
142.5 
Total equity
 
272.3 
Total liabilities and partners'/predecessor's net equity
 
425.6 
Predecessor |
Common Units
 
 
Equity:
 
 
Common and subordinated unitholders
 
0 
Predecessor |
Subordinated Unitholders - OCI Holdings
 
 
Equity:
 
 
Common and subordinated unitholders
 
$ 0 
CONSOLIDATED BALANCE SHEETS (Parenthetical)
Dec. 31, 2013
General Partners' Capital Account, Units Issued
399,000 
General Partners' Capital Account, Units Outstanding
399,000 
Common Units
 
Common and subordinated units issued
9,775,500 
Common and subordinated units outstanding
9,775,500 
Subordinated Unitholders - OCI Holdings
 
Common and subordinated units issued
9,775,500 
Common and subordinated units outstanding
9,775,500 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net sales:
 
 
 
Sales—Affiliates
$ 211.6 
$ 236.9 
$ 168.6 
Sales
230.5 
 
 
Total net sales
442.1 
462.6 
421.9 
Cost of products sold:
 
 
 
Cost of products sold
202.4 
 
 
Depreciation, depletion and amortization expense
23.9 
23.7 
23.4 
Freight costs
122.7 
 
 
Total cost of products sold
349.0 
 
 
Gross profit
93.1 
 
 
Operating expenses:
 
 
 
Selling, general and administrative expenses
0.7 
 
0.1 
Selling, general and administrative expenses—Affiliates
12.5 
11.1 
10.8 
Total operating expenses
13.2 
 
 
Operating income
79.9 
 
 
Other income/(expenses):
 
 
 
Interest income
0 
 
 
Interest expense
(2.9)
 
 
Other - net
0.7 
 
 
Total other income/(expense) - net
(2.2)
 
 
Income before provision for income taxes
77.7 
 
 
Provision for income taxes
7.1 
 
 
Net income
70.6 
101.0 
86.7 
Net income attributable to non-controlling interest
44.3 
 
 
Net income attributable to OCI Resources LP/Predecessor
26.3 
 
 
Less: Predecessor net income prior to initial public offering on September 18, 2013
13.3 
 
 
Net income attributable to OCI Resources LP subsequent to initial public offering
13.0 
 
 
Other comprehensive loss:
 
 
 
Interest rate swap - net of tax
0 
 
 
Comprehensive income
70.6 
 
 
Comprehensive income attributable to non-controlling interest
44.3 
 
 
Comprehensive income attributable to OCI Resources LP/Predecessor
26.3 
 
 
Less: Predecessor comprehensive income prior to initial public offering on September 18, 2013
13.1 
 
 
Comprehensive income attributable to OCI Resources LP subsequent to initial public offering
13.2 
 
 
Cash distribution per unit
$ 0.5707 
 
 
Common unit
 
 
 
Other comprehensive loss:
 
 
 
Net income per common and subordinated unit (basic and diluted) (dollars per share)
$ 0.65 
 
 
Weighted average common and subordinated units outstanding (basic and diluted) (shares)
9.8 
 
 
Subordinated unit
 
 
 
Other comprehensive loss:
 
 
 
Net income per common and subordinated unit (basic and diluted) (dollars per share)
$ 0.65 
 
 
Weighted average common and subordinated units outstanding (basic and diluted) (shares)
9.8 
 
 
Predecessor
 
 
 
Net sales:
 
 
 
Sales—Affiliates
 
236.9 
168.6 
Sales
 
225.7 
253.3 
Total net sales
 
462.6 
421.9 
Cost of products sold:
 
 
 
Cost of products sold
 
197.7 
179.3 
Depreciation, depletion and amortization expense
 
23.7 
23.4 
Freight costs
 
110.1 
105.7 
Total cost of products sold
 
331.5 
308.4 
Gross profit
 
131.1 
113.5 
Operating expenses:
 
 
 
Selling, general and administrative expenses
 
0.7 
 
Selling, general and administrative expenses—Affiliates
 
11.1 
 
Total operating expenses
 
11.8 
10.9 
Operating income
 
119.3 
102.6 
Other income/(expenses):
 
 
 
Interest income
 
0.2 
0.2 
Interest expense
 
(1.5)
(1.5)
Other - net
 
(0.6)
0 
Total other income/(expense) - net
 
(1.9)
(1.3)
Income before provision for income taxes
 
117.4 
101.3 
Provision for income taxes
 
16.4 
14.6 
Net income
 
101.0 
86.7 
Net income attributable to non-controlling interest
 
65.9 
58.2 
Net income attributable to OCI Resources LP/Predecessor
 
35.1 
28.5 
Other comprehensive loss:
 
 
 
Interest rate swap - net of tax
 
0 
(0.5)
Comprehensive income
 
101.0 
86.2 
Comprehensive income attributable to non-controlling interest
 
65.9 
57.9 
Comprehensive income attributable to OCI Resources LP/Predecessor
 
$ 35.1 
$ 28.3 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:
 
 
 
Net income
$ 70.6 
$ 101.0 
$ 86.7 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
23.9 
23.7 
23.4 
Deferred income taxes
0.3 
 
 
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(0.8)
 
 
Accounts receivable - ANSAC
(4.2)
 
 
Inventory
0 
 
 
Other current and other non-current assets
(2.0)
 
 
Due from affiliates
5.5 
 
 
Increase/(decrease) in:
 
 
 
Accounts payable
0.1 
 
 
Due to affiliates
(5.6)
 
 
Accrued expenses and other liabilities
(0.3)
 
 
Net cash provided by operating activities
100.3 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures
(16.2)
 
 
Net cash used in investing activities
(16.2)
 
 
Cash flows from financing activities:
 
 
 
Proceeds from issuance of common units, net of offering costs
83.3 
 
 
Distribution of IPO proceeds to Predecessor and its affiliate
(83.3)
 
 
Proceeds from issuance of revolving credit facility
135.0 
 
 
Proceeds from issuance of long-term debt
0 
 
 
Repayments of long-term debt
(32.0)
 
 
Distributions to Predecessor
(72.9)
 
 
Distributions to non-controlling interest
(90.0)
 
 
Net cash used in financing activities
(59.9)
 
 
Net increase/(decrease) in cash and cash equivalents
24.2 
 
 
Cash and cash equivalents at beginning of year
22.7 
 
 
Cash and cash equivalents at end of year
46.9 
22.7 
 
Supplemental disclosure of cash flow information:
 
 
 
Interest paid during the year
2.3 
 
 
Supplemental disclosure of non-cash operating activities:
 
 
 
Predecessor net liabilities not assumed by the Partnership
61.5 
 
 
Supplemental disclosure of non-cash investing activities:
 
 
 
Increase in capital expenditures on account
0.8 
 
 
Predecessor
 
 
 
Cash flows from operating activities:
 
 
 
Net income
 
101.0 
86.7 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
 
23.7 
23.4 
Deferred income taxes
 
(0.2)
2.7 
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
 
3.5 
2.5 
Accounts receivable - ANSAC
 
(6.0)
(27.1)
Inventory
 
(10.0)
(0.9)
Other current and other non-current assets
 
0.2 
(0.3)
Due from affiliates
 
(13.5)
5.0 
Increase/(decrease) in:
 
 
 
Accounts payable
 
(1.6)
4.0 
Due to affiliates
 
(16.9)
6.9 
Accrued expenses and other liabilities
 
(5.2)
6.0 
Net cash provided by operating activities
 
101.8 
90.1 
Cash flows from investing activities:
 
 
 
Capital expenditures
 
(27.4)
(25.8)
Net cash used in investing activities
 
(27.4)
(25.8)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of common units, net of offering costs
 
0 
0 
Distribution of IPO proceeds to Predecessor and its affiliate
 
0 
0 
Proceeds from issuance of revolving credit facility
 
0 
0 
Proceeds from issuance of long-term debt
 
0 
0 
Repayments of long-term debt
 
(4.0)
(4.0)
Distributions to Predecessor
 
(30.5)
(10.2)
Distributions to non-controlling interest
 
(44.0)
(34.1)
Net cash used in financing activities
 
(78.5)
(48.3)
Net increase/(decrease) in cash and cash equivalents
 
(4.1)
16.0 
Cash and cash equivalents at beginning of year
22.7 
26.8 
10.8 
Cash and cash equivalents at end of year
 
22.7 
26.8 
Supplemental disclosure of cash flow information:
 
 
 
Interest paid during the year
 
1.5 
0 
Supplemental disclosure of non-cash operating activities:
 
 
 
Predecessor net liabilities not assumed by the Partnership
 
0 
0 
Supplemental disclosure of non-cash investing activities:
 
 
 
Increase in capital expenditures on account
 
$ 0.8 
$ 1.9 
CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions, unless otherwise specified
Total
Subordinated Units
Predecessor
Partnership units
Common Units
Partnership units
Subordinated Units
Partnership units
General Partner
Accumulated Other Comprehensive Loss
Partners' Capital Attributable to OCIR and Predecessor's Net Equity
Noncontrolling Interests
BALANCE, beginning of period at Dec. 31, 2010
$ 203.9 
 
$ 107.1 
    
    
    
    
$ 107.1 
$ 96.8 
Increase (decrease) in shareholders' equity
 
 
 
 
 
 
 
 
 
Net income
86.7 
 
28.5 
   
   
   
   
28.5 
58.2 
Distributions
(44.3)
 
(10.2)
   
   
   
   
(10.2)
(34.1)
Interest rate swap adjustment
(0.5)
 
   
   
   
   
(0.2)
(0.2)
(0.3)
BALANCE, end of period at Dec. 31, 2011
245.8 
 
125.4 
   
   
   
(0.2)
125.2 
120.6 
Increase (decrease) in shareholders' equity
 
 
 
 
 
 
 
 
 
Net income
101.0 
 
35.1 
   
   
   
   
35.1 
65.9 
Distributions
(74.5)
 
(30.5)
   
   
   
   
(30.5)
(44.0)
BALANCE, end of period at Dec. 31, 2012
272.3 
 
130.0 
   
   
   
(0.2)
129.8 
142.5 
Increase (decrease) in shareholders' equity
 
 
 
 
 
 
 
 
 
Net income
44.1 
 
13.3 
   
   
   
   
13.3 
30.8 
Distributions
(162.9)
 
(72.9)
   
   
   
   
(72.9)
(90.0)
BALANCE, end of period at Sep. 18, 2013
153.5 
 
70.4 
   
   
   
(0.2)
70.2 
83.3 
Increase (decrease) in shareholders' equity
 
 
 
 
 
 
 
 
 
Net income
26.5 
 
   
6.3 
6.4 
0.3 
   
13.0 
13.5 
Net liabilities not assumed by the Partnership
61.3 
 
61.5 
   
   
   
(0.1)
61.4 
(0.1)
Allocation of net Predecessor investment to unitholders
   
 
(131.9)
42.2 
86.2 
3.5 
   
   
   
Proceeds from initial public offering, net
83.3 
   
   
83.3 
 
   
   
83.3 
   
Distribution of IPO proceeds to Predecessor and its affiliate
(83.3)
 
   
(27.3)
(56.0)
   
   
(83.3)
   
BALANCE, end of period at Dec. 31, 2013
$ 241.3 
 
    
$ 104.5 
$ 36.6 
$ 3.8 
$ (0.3)
$ 144.6 
$ 96.7 
GENERAL
GENERAL
GENERAL
Nature of Operations
As used in this report, the terms "OCI Resources LP, "the “Partnership,” "OCIR," "we," "us," or "our" may refer to OCI Resources LP, which is a Delaware limited partnership formed on April 22, 2013 by OCI Wyoming Holding Company ("OCI Holdings"), a wholly-owned subsidiary of OCI Chemical Corporation ("OCI Chemical"). On September 18, 2013, the Partnership completed the initial public offering (“IPO”) of its common units representing limited partner interests (the "Common Units"). The Partnership owns a controlling interest comprised of 40.98% general partner interest and 10.02% limited partner interest in OCI Wyoming, L.P. ("OCI Wyoming"). The Partnership’s operations consist solely of its investment in OCI Wyoming, which is in the business of mining trona ore to produce soda ash. All soda ash processed is sold through OCI Wyoming's sales agent, OCI Chemical, to various domestic and European customers and to American Natural Soda Ash Corporation ("ANSAC") which is a related party for export. All mining and processing activities take place in one facility located in the Green River Basin of Wyoming.
Natural Resource Partners LP ("NRP") currently indirectly owns 39.37% general partner interest and 9.63% limited partner interest in OCI Wyoming. NRP acquired its interest in OCI Wyoming in January 2013 from Anadarko Holding Company ("Anadarko").
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
OCI Resources completed its IPO of common units representing limited partner interests on September 18, 2013. Reported results of operations for the year ended December 31, 2013 include the results of OCI Wyoming Holding Co. and its subsidiary (the "Predecessor" or "OCI Holdings") through September 17, 2013. Therefore, results of operations for the year ended December 31, 2013 are the combined results of the Predecessor through September 17, 2013 and the Partnership for the period from September 18, 2013 through December 31, 2013. The accompanying consolidated financial statements as of December 31, 2012 and 2011 are derived from the audited consolidated financial statements of the Predecessor, and unless otherwise noted, financial information for the Predecessor and the Partnership is presented before non-controlling interest. All significant intercompany balances have been eliminated in consolidation.
Reorganization and Restructuring
Prior to the IPO, OCI Wyoming's general partner interests were owned 50.49% and 48.51% by the Predecessor and NRP, respectively, with the 1% limited partner interests in OCI Wyoming being held by OCI Wyoming Company ("Wyoming Co."). The Predecessor and Wyoming Co. are commonly controlled by OCI Chemical. In connection with the IPO, the following transactions (the "Restructuring") were completed:
•
The Predecessor contributed its 50.49% general partner interest in OCI Wyoming to the Partnership.
•
Through a series of transactions between OCI Chemical, its commonly controlled subsidiaries and NRP, the 1% limited partner interest in OCI Wyoming owned by Wyoming Co. was restructured resulting in the Partnership's and NRP's general partnership interest in OCI Wyoming being reduced to 40.98% and 39.37%, respectively, and Wyoming Co. and NRP owning a 10.02% and 9.63% limited partner interest in OCI Wyoming, respectively.
•
Wyoming Co. contributed its 10.02% limited partner interest to the Partnership in exchange for approximately $65.3 million paid from the net proceeds of the IPO.
•
At the conclusion of the restructuring, the Partnership owned a 40.98% general partner interest and a 10.02% limited partner interest in OCI Wyoming. NRP owned a 39.37% general partner interest and a 9.63% limited partner interest in OCI Wyoming.
The restructuring has been accounted for as a reorganization of entities under common control. As a result, the consolidated financial statements of the Predecessor, for all periods presented, have been restated to reflect the combination of the ownership interests in OCI Wyoming previously held by the Predecessor and Wyoming Co. adjusted for certain push-down accounting effects of the restructuring. In addition, prior to the restructuring of the 1% limited partner interest, the distributions included cumulative annual priority returns, however, as of the close of the IPO, all priority return distributions have been paid.
Due to a change in reporting entity that resulted from the Restructuring, Wyoming Co.’s accounting basis has been pushed down to the Company effective on the date of the Restructuring, September 18, 2013. The accompanying consolidated balance sheets, statement of operations and comprehensive income, cash flows and statements of equity present the results of the Company’s operations and cash flows for the periods preceding the Restructuring as Predecessor and for the periods subsequent to the Restructuring as Successor.
Non-controlling interests
Prior to the Restructuring and completion of the IPO, non-controlling interests in the consolidated financial statements of the Predecessor represented the 1% limited partner interest in OCI Wyoming owned by Wyoming Co. and the 48.51% general partner interest in OCI Wyoming owned by Anadarko, and subsequently acquired by NRP. Subsequent to the Restructuring and IPO, non-controlling interests in the consolidated financial statements of the Partnership consists of 39.37% general partner interest and 9.63% limited partner interest in OCI Wyoming owned by NRP.
Use of Estimates
The preparation of consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition
We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs upon shipment to the customer, or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed, determinable or reasonably estimated sales price has been agreed with the customer; and (4) collectability is reasonably assured.  Customer rebates are accounted for as sales deductions and are held in liability accounts until payments are made to the customers.
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services.
Freight Costs
The Partnership includes freight costs billed to customers for shipments administered by the Partnership in gross sales. The related freight costs along with cost of products sold are deducted from gross sales to determine gross profit.
Cash and Cash Equivalents
The Partnership considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of money market mutual funds and certificates of deposit.
Accounts Receivable
Accounts receivable are carried at the original invoice amount less an estimate for doubtful receivables. The allowance for doubtful accounts is based on specifically identified amounts that the Partnership believes to be uncollectible. An additional allowance is recorded based on certain percentages of aged receivables, which are determined based on management's assessment of the general financial conditions affecting the Partnership's customer base. If actual collection experience changes, revisions to the allowance may be required. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received.
Inventory
Inventory is carried at the lower of standard cost or market determined on a first-in, first-out basis. Costs include raw materials, direct labor and manufacturing overhead. Market is based on current replacement cost for raw materials and stores inventory, and finished goods is based on net realizable value.
•
Raw material inventory includes material and natural resources being used in the mining and refining process.
•
Finished goods inventory is the finished product soda ash.
•
Stores inventory includes materials and supplies currently available for future use.

Property, Plant, and Equipment
Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of depreciable assets, principally using the straight-line method. The estimated useful lives applied to depreciable assets range from 3 to 20 years for machinery and equipment and 20 to 39 years for buildings and improvements. When property, plant, and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations for the year.
The excess of the purchase price paid by OCI Chemical over the appraised fair value of the intangible net assets in the 1996 acquisition of its interest in OCI Wyoming has been allocated to mining reserves and is being amortized on a straight line basis over the mining reserves estimated useful life. As a result of a revised mine reserve study, effective January 1, 2014, the mining reserve will be amortized over a remaining life of 66 years. During 2013, 2012 and 2011, the remaining life was 67, 69 and 65 years, respectively. Amortization expense totaled approximately $0.7 million, $0.4 million and $0.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. The aggregate carrying amount of mining reserves is reported as a separate component of property, plant, and equipment (see Note 7).
The Partnership's policy is to evaluate property, plant, and equipment for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset.
Derivative Instruments and Hedging Activities
The Partnership may enter into derivative contracts from time to time to manage exposure to the risk of exchange rate changes on its foreign currency transactions, and the risk of the variability in interest rates on borrowings. Gains and losses on derivative contracts are reported as a component of the underlying transactions. The Partnership follows hedge accounting for its hedging activities. All derivative instruments are recorded on the balance sheet at their fair values. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. The Partnership designates its derivatives based upon criteria established by hedge accounting. For a derivative designated as a fair value hedge, the gain or loss is recognized in earnings in the period of change together with the offsetting gain or loss on the hedged item attributed to the risk being hedged. For a derivative designated as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged exposure affects earnings. Any ineffective portion of the gain or loss is reported in earnings immediately. For derivatives not designated as hedges, the gain or loss is reported in earnings in the period of change as a component of the underlying transactions.
Income Tax
We are organized as a pass-through entity for federal income tax purposes. As a result, our partners are responsible for federal income taxes based on their respective share of taxable income. Net income for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the partnership agreement.
The Partnership is a limited partnership and generally is not subject to federal or certain state income taxes. The Predecessor was subject to income tax and was included in the consolidated income tax returns of OCI Enterprises. Income taxes were allocated to the Predecessor based on separate-company computations of income or loss. The income tax expense for the years ended December 31, 2012 and 2011 are those of the Predecessor. For the year ended December 31, 2013, included in income tax expense is the expense of the Predecessor through September 17, 2013.
Reclamation Costs
The Partnership is obligated to return the land beneath its refinery and tailings ponds to its natural condition upon completion of operations and is required to return the land beneath its rail yard to its natural condition upon termination of the various lease agreements.
The Partnership accounts for its land reclamation liability as an asset retirement obligation, which requires that obligations associated with the retirement of a tangible long-lived asset be recorded as a liability when those obligations are incurred, with the amount of the liability initially measured at fair value. Upon initially recognizing a liability for an asset retirement obligation, an entity must capitalize the cost by recognizing an increase in the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss upon settlement.
The estimated original liability calculated in 1996 for the refinery and tailing ponds was calculated based on the estimated useful life of the mine, which was 80 years, and on external and internal estimates as to the cost to restore the land in the future and state regulatory requirements. As a result of a revised mine reserve study, effective January 1, 2014, the mining reserve will be amortized over a remaining life of 66 years. During 2013, 2012 and 2011, the remaining life was 67, 69 and 65 years, respectively. The extension of remaining life by four years in 2012 from 2011, resulted in the addition of a new asset retirement obligation layer. The original liability and the new liability added because of the mine life study were discounted using credit-adjusted, risk-free rates of 7% and 4.25%, respectively, and both are being accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding entry being recorded to interest expense.
During 2011, the Partnership constructed a rail yard to facilitate loading and switching of rail cars. The Partnership is required to restore the land on which the rail yard is constructed to its natural conditions. The estimated liability for restoring the rail yard to its natural condition is calculated based on the land lease life of 30 years and on external and internal estimates as to the cost to restore the land in the future. The liability is discounted using a credit-adjusted risk-free rate of 4.25% and will be accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding entry being recorded to interest expense.
The Partnership recorded accretion expense for reclamation of its two liabilities of $0.2 million, $0.1 million and $0.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, these reclamation liabilities had a balance of $3.8 million and $3.6 million (including $1.0 million initial retirement liability), respectively (see Note 10).
Fair Value of Financial Instruments
Fair value is determined using a valuation hierarchy, generally by reference to an active trading market, quoted market prices or model-derived valuations for same or similar financial instruments. As of December 31, 2013 and 2012 the interest rate swap contract was measured at fair value on a recurring basis using Level 2 inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. See Note 16, "Fair Value Measurements," for more information.
Net Income Per Unit
Net income per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income attributable to OCI Resources LP, 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. Net income per unit is only calculated for the Partnership subsequent to the IPO as no units were outstanding prior to September 18, 2013. 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 and subordinated 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. Basic and diluted net income per unit applicable to limited partners are the same because we do not have any potentially dilutive units outstanding. For the year ended ended December 31, 2013, the weighted-average number of units outstanding equals the total number of units outstanding.
Reclassifications - Certain amounts reported in the previous year have been reclassified to conform to the current year presentation.
Subsequent Events
We have evaluated subsequent events through the filing of this Annual Report on Form 10-K.
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements
We believe recently issued accounting standards had no material effect on our financial statements as of and for the year ended December 2013.
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING
Contribution Agreement

On September 18, 2013, in anticipation of the closing of the IPO, the Partnership entered into a Contribution, Assignment and Assumption Agreement by and among the Partnership, the General Partner, Wyoming Co., OCI Holdings and OCI Chemical (the “Contribution Agreement”). Pursuant to the Contribution Agreement, in connection with the closing of the IPO, (i) Wyoming Co. contributed its 10.02% limited partner interest in OCI Wyoming to the Partnership in exchange for a cash payment to Wyoming Co. of approximately $65.3 million paid from the proceeds of the IPO, (ii) the Partnership issued to OCI Holdings 4,775,500 common units (750,000 common units were issued to OCI Holdings on October 14, 2013 at the expiration of the underwriters' option to purchase additional common units after the underwriters chose not to exercise the option) and 9,775,500 subordinated units representing a recapitalized 72.9% ownership interest in the Partnership, and the Partnership distributed approximately $18.0 million to OCI Holdings from the proceeds of the IPO, (iii) the Partnership issued to the General Partner 399,000 general partner units, in part representing a continuation of the General Partner’s 2.0% general partner interest in the Partnership and in part on behalf of OCI Holdings, and the Incentive Distribution Rights ("IDRs"), in the Partnership (as defined in the Partnership Agreement), and (iv) the Partnership redeemed the initial interests of the General Partner and OCI Holding and refunded OCI Holding’s initial contribution of $1,000.00 and any interest or other profit that may have resulted from the investment or other use of such initial capital contribution to OCI Holdings.


Omnibus Agreement
    
On September 18, 2013, in connection with the closing of the IPO, the Partnership entered into an Omnibus Agreement (the “Omnibus Agreement”) by and among the Partnership, the General Partner and OCI Enterprises Inc. ("OCI Enterprises" or "Enterprises"), the Predecessor's parent.

Pursuant to the Omnibus Agreement, the Partnership has agreed to reimburse OCI Enterprises and its affiliates for certain direct operating expenses they pay on behalf of the Partnership, and for providing corporate, general and administrative services. Additionally, pursuant to the Omnibus Agreement, OCI Enterprises has agreed to indemnify the Partnership for (i) certain preclosing environmental liabilities, (ii) certain title and rights-of-way matters, (iii) the Partnership’s failure to have certain necessary governmental consents and permits; (iv) certain preclosing tax liabilities; (v) the use of the name “OCI” and other trademarks; and (vi) assets retained by OCI Enterprises and its affiliates. The Partnership has agreed to indemnify OCI Enterprises for certain events relating to the Partnership’s ownership or operation of its assets after the closing of the IPO. Further, as part of the Omnibus Agreement, OCI Enterprises has agreed to grant the Partnership a royalty-free right and sublicense to use “OCI” as part of its name and as a trademark and service mark or as a part of a trademark or a service mark for its products and services.
At the closing of the IPO, the Partnership sold 5,000,000 common units, representing a 25.1% partnership interest in us, at a price of $19.00 per common unit to the public. We are traded on the New York Stock Exchange under the symbol OCIR.

Use of proceeds    
We received net proceeds from the sale of the common units of approximately $83.3 million, after deducting underwriters’ discount of approximately $5.7 million and expenses, including a structuring fee, of approximately $6.0 million in the aggregate. Approximately $65.3 million of the IPO proceeds was paid to Wyoming Co. in exchange for the contribution of its 10.02% limited partner interest in OCI Wyoming to the Partnership and approximately $18.0 million was distributed to OCI Chemical, via OCI Holdings.
The following is a summary of cash flow for the year ended December 31, 2013 disaggregated between the Predecessor and the Partnership:    
 
Year ended December 31, 2013
 
OCI Holdings Co. (Predecessor)
 
OCI Resources LP
 
 
($ in millions)
Through September 17, 2013
 
From September 18, 2013
 
Total
Cash flows from operating activities:
 
 
 
 
 
Net cash provided by operating activities
$
70.2

 
$
30.1

 
$
100.3

Cash flows from investing activities:
 
 
 
 
 
Capital expenditures
(10.7
)
 
(5.5
)
 
(16.2
)
Net cash used in investing activities
(10.7
)
 
(5.5
)
 
(16.2
)
Cash flows from financing activities:
 
 
 
 
 
Proceeds from issuance of common units, net of offering costs
—

 
83.3

 
83.3

Proceeds from issuance of revolving credit facility
135.0

 
—

 
135.0

Repayments of long-term debt
(32.0
)
 
—

 
(32.0
)
Distribution of IPO proceeds to Predecessor and its affiliate
—

 
(83.3
)
 
(83.3
)
Distributions to Predecessor
(72.9
)
 
—

 
(72.9
)
Distributions to non-controlling interest
(90.0
)
 
—

 
(90.0
)
Net cash used in financing activities
(59.9
)
 
—

 
(59.9
)
Net increase/(decrease) in cash and cash equivalents
(0.4
)
 
24.6

 
24.2

Cash and cash equivalents at beginning of period
22.7

 
22.3

 
22.7

Cash and cash equivalents at end of period
$
22.3

 
$
46.9

 
$
46.9

 
 
 
 
 
 
NET INCOME PER UNIT AND CASH DISTRIBUTION
NET INCOME PER UNIT AND CASH DISTRIBUTION
NET INCOME PER UNIT AND CASH DISTRIBUTION
The following is a summary of net income for the year ended December 31, 2013, disaggregated between the Predecessor and the Partnership:
 
Year ended December 31, 2013
 
OCI Holdings Co. (Predecessor)
 
OCI Resources LP
 
 
($ in millions)
Through September 17, 2013
 
From September 18, 2013
 
Total
Net Sales
 
 
 
 
 
Sales—Affiliates
$
143.1

 
$
68.5

 
$
211.6

Sales
166.6

 
63.9

 
230.5

Total net sales
309.7

 
132.4

 
442.1

Operating costs and expenses:
 
 
 
 
 
Cost of products sold
144.8

 
57.6

 
202.4

Depreciation, depletion and amortization expense
17.2

 
6.7

 
23.9

Freight costs
86.8

 
35.9

 
122.7

Total cost of sales
248.8

 
100.2

 
349.0

Gross profit
60.9

 
32.2

 
93.1

Selling, general, and administrative expenses
—

 
0.7

 
0.7

Selling, general and administrative expenses—Affiliates
9.1

 
3.4

 
12.5

Total operating expenses
9.1

 
4.1

 
13.2

Operating income
51.8

 
28.1

 
79.9

Other income/(expenses):
 
 
 
 
 
Interest expense
(1.6
)
 
(1.3
)
 
(2.9
)
Other, net
1.0

 
(0.3
)
 
0.7

Total other income/(expense), net
(0.6
)
 
(1.6
)
 
(2.2
)
Income before provision for income taxes
51.2

 
26.5

 
77.7

Provision for income taxes
7.1

 
—

 
7.1

Net income
$
44.1

 
$
26.5

 
$
70.6

Net income attributable to non-controlling interest
30.8

 
13.5

 
44.3

Net income attributable to Predecessor/OCI Resources LP
$
13.3

 
$
13.0

 
$
26.3

Comprehensive income attributable to Predecessor/OCI Resources LP
$
13.1

 
$
13.2

 
$
26.3


The calculation of net income per unit is as follows:
($ and unit data in millions, except per unit data)
 
Year Ended 
 December 31, 2013
Net income attributable to OCI Resources, LP subsequent to initial public offering
 
$
13.0

Less: General partner's interest in net income subsequent to initial public offering
 
0.2

Limited partners' interest in net income subsequent to initial public offering
 
$
12.8

 
 
 
Weighted average limited partner units outstanding:
 
 
Common - Public and OCI Holdings (basic and diluted)
 
9.8
Subordinated - OCI Holdings (basic and diluted)
 
9.8
 
 
 
Net income per limited partner unit subsequent to initial public offering:
 
 
Common - Public and OCI Holdings (basic and diluted)
 
$
0.65

Subordinated - OCI Holdings (basic and diluted)
 
$
0.65




Allocation of Net Income
The calculation of net income allocated to the partners is as follows:
($ in millions, except per unit data)
Year Ended 
 December 31, 2013
Net income attributable to common unitholders subsequent to initial public offering:
 
    Distributions (a)
$
5.6

    Undistributed earnings
0.8

Limited partners' interest in net income subsequent to initial public offering
$
6.4

 
 
Net income attributable to subordinated unitholders subsequent to initial public offering:
 
    Distributions (a)
$
5.6

    Undistributed earnings
0.8

Limited partners' interest in net income subsequent to initial public offering
$
6.4

(a) Distributions declared per unit $0.5707 which includes the stub period from September 18, 2013 through September 30, 3013 of $0.0707
Intent to Distribute the Minimum Quarterly Distribution
Beginning with the quarter ending December 31, 2013, on or about the 15th day of each of February, May, August and November, we intend to distribute to the holders of record of common and subordinated units on or about the first day of each such month at least the minimum quarterly distribution of $0.5000 per unit, or $2.00 on an annualized basis, to the extent we have sufficient cash after establishment of cash reserves and payment of fees and expenses, including payments to our general partner and its affiliates. The initial minimum quarterly distribution period was from September 18, 2013 through December 31, 2013.
On January 17, 2014, OCI Resources declared its first cash distribution approved by the board of directors of its general partner. The total cash distribution of $0.5707 was comprised of the quarterly distribution of $0.5000 for the fourth quarter 2013, plus the $0.0707 third quarter 2013 distribution, after prorating its quarterly distribution of $0.5000 for the 13 days of operation from September 18, 2013 to September 30, 2013. The cash distribution was paid on February 14, 2014 to unitholders of record on January 30, 2014.
Even if we do not modify or terminate our cash distribution policy, the amount of distributions and the decision to make any distribution will be made by our general partner. Our partnership agreement does not contain a requirement for us to pay distributions to our unitholders, and we do not guarantee that we will pay the minimum quarterly distribution or any distribution on the units in any quarter. However, our partnership agreement does contain provisions intended to motivate our general partner to make steady, increasing and sustainable distributions over time.
Distributions from Operating Surplus During the Subordination Period
If we make a distribution from operating surplus for any quarter during the subordination period (beginning on September 18, 2013 and expiring on the first business day after the distribution to unitholders in respect of any quarter, beginning with the quarter ending September 30, 2016), our partnership agreement requires that we make the distribution in the following manner:
•
first, 98.0% to the common unitholders, pro rata, and 2.0% to our general partner, until we distribute for each common unit an amount equal to the minimum quarterly distribution for that quarter;
•
second, 98.0% to the common unitholders, pro rata, and 2.0% to our general partner, until we distribute for each outstanding common unit an amount equal to any arrearages in the payment of the minimum quarterly distribution on the common units with respect to any prior quarters;
•
third, 98.0% to the subordinated unitholders, pro rata, and 2.0% to our general partner, until we distribute for each subordinated unit an amount equal to the minimum quarterly distribution for that quarter; and
•
thereafter, in the manner described in - "General Partner Interest and Incentive Distribution Rights" below.
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 2.0% interest, and the percentage of our cash distributions to which our general partner is entitled from such 2.0% interest, will be proportionately reduced if we issue additional units in the future (other than (1) the issuance of common units upon conversion of outstanding subordinated units or (2) 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 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 incentive distribution rights and (4) assume there are no arrearages on common units.
 
 
 
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
%
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE
Accounts receivable as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Trade receivables
$
23.9

 
$
26.2

Other receivables
10.5

 
9.7

 
34.4

 
35.9

Allowance for doubtful accounts
—

 
(0.7
)
Total
$
34.4

 
$
35.2

INVENTORY
INVENTORY
INVENTORY
Inventory as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Raw materials
$
5.7

 
$
5.3

Finished goods
10.5

 
13.5

Stores inventory
25.5

 
23.3

Total
$
41.7

 
$
42.1

PROPERTY, PLANT AND EQUIPMENT (Notes)
PROPERTY, PLANT AND EQUIPMENT
 PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Land and land improvements
$
0.3

 
$
0.3

Depletable assets
2.0

 
2.0

Buildings and building improvements
128.9

 
129.9

Internal-use computer software
4.1

 
2.0

Machinery and equipment
594.6

 
586.0

Mining reserves
65.2

 
65.2

 
795.1

 
785.4

Less accumulated depreciation, depletion and amortization
(580.0
)
 
(557.9
)
Property, plant, and equipment—net
215.1

 
227.5

Construction in progress
22.9

 
17.0

Total net book value
$
238.0

 
$
244.5


Depreciation, depletion and amortization expense on property, plant, and equipment was $23.9 million, $23.7 million and $23.4 million for the years ended December 31, 2013, 2012 and 2011, respectively.
ACCRUED EXPENSES
ACCRUED EXPENSES
ACCRUED EXPENSES
Accrued expenses as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Accrued freight
$
0.5

 
$
3.3

Accrued energy
6.1

 
5.4

Accrued royalty
4.0

 
4.4

Accrued employee compensation
5.2

 
5.3

Accrued other taxes
4.3

 
4.1

Accrued derivatives
1.1

 
0.7

Other accruals
5.2

 
3.0

Total
$
26.4

 
$
26.2

DEBT
DEBT
DEBT

Long-term debt as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing interest of 0.16% (2013) and 0.28% (2012)
$
11.4

 
$
11.4

Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing interest of 0.16% (2013) and 0.28% (2012)
8.6

 
8.6

Note payable to Comerica Bank, principal due quarterly installments of $1,000 beginning in 2011, interest payable quarterly, bearing variable interest of 1.86% (2012)
—

 
32.0

OCI Wyoming credit facility, floating interest rate expiring July 18, 2018
135.0

 
—

Total debt
155.0

 
$
52.0

Current portion of long-term debt
—

 
(4.0
)
Total long-term debt
$
155.0

 
$
48.0




OCI Wyoming Demand Revenue Bonds
The above revenue bonds require OCI Wyoming to maintain standby letters of credit totaling $20.3 million at December 31, 2013 and December 31, 2012. These letters of credit require compliance with certain covenants, including minimum net worth, maximum debt to net worth, and interest coverage ratios. As of December 31, 2013 and December 31, 2012, OCI Wyoming was in compliance with these debt covenants.
OCI Wyoming Credit Facility
On July 18, 2013, OCI Wyoming entered into a $190.0 million senior unsecured revolving credit facility, the "OCI Wyoming Credit Facility", with Bank of America, N.A., as administrative agent, and a syndicate of lenders, which will mature on the fifth anniversary of the closing date of such credit facility. The OCI Wyoming Credit Facility provides for revolving loans to fund working capital requirements, capital expenditures, to consummate permitted acquisitions and for all other lawful partnership purposes. As of December 31, 2013, OCI Wyoming had borrowings outstanding in the amount of $135.0 million under the OCI Wyoming Credit Facility that were used to repay $30.0 million of an existing credit facility, fund an $11.5 million special distribution to Wyoming Co., and a $91.5 million aggregate special distribution to NRP and OCI Holdings, and to pay approximately $1.3 million of debt issuance costs. The OCI Wyoming Credit Facility has an accordion feature that allows OCI Wyoming to increase the available revolving borrowings under the facility by up to an additional $75.0 million, subject to OCI Wyoming receiving increased commitments from existing lenders or new commitments from new lenders and the satisfaction of certain other conditions. In addition, the OCI Wyoming Credit Facility includes a sublimit up to $20.0 million for same-day swing line advances and a sublimit up to $40.0 million for letters of credit. OCI Wyoming's obligations under the OCI Wyoming Credit Facility are unsecured.
The OCI Wyoming Credit Facility contains various covenants and restrictive provisions that limit (subject to certain exceptions) OCI Wyoming's ability to:
•
make distributions on or redeem or repurchase units;
•
incur or guarantee additional debt;
•
make certain investments and acquisitions;
•
incur certain liens or permit them to exist;
•
enter into certain types of transactions with affiliates of OCI Wyoming;
•
merge or consolidate with another company; and
•
transfer, sell or otherwise dispose of assets.
The OCI Wyoming Credit Facility also requires quarterly maintenance of a consolidated leverage ratio (as defined in the OCI Wyoming Credit Facility) of not more than 3.00 to 1.00 and a consolidated fixed charge coverage ratio (as defined in the OCI Wyoming Credit Facility) of not less than 1.00 to 1.00.
In addition, the OCI Wyoming Credit Facility contains events of default customary for transactions of this nature, including (i) failure to make payments required under the OCI Wyoming Credit Facility, (ii) events of default resulting from failure to comply with covenants and financial ratios in the OCI Wyoming Credit Facility, (iii) the occurrence of a change of control, (iv) the institution of insolvency or similar proceedings against OCI Wyoming and (v) the occurrence of a default under any other material indebtedness OCI Wyoming may have. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the OCI Wyoming Credit Facility, the lenders may terminate all outstanding commitments under the OCI Wyoming Credit Facility and may declare any outstanding principal of the OCI Wyoming Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable.
Under the OCI Wyoming Credit Facility, a change of control is triggered if OCI Chemical and its wholly-owned subsidiaries, directly or indirectly, cease to own all of the equity interests, or cease to have the ability to elect a majority of the board of directors (or similar governing body) of the general partner of OCIR (or any entity that performs the functions of the general partner of OCIR). In addition, a change of control would be triggered if OCIR ceases to own at least 50.1% of the economic interests in OCI Wyoming or cease to have the ability to elect a majority of the members of the OCI Wyoming's partnership committee.
Loans under the OCI Wyoming Credit Facility bear interest at OCI Wyoming's option at either:
•
a Base Rate, which 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 and (iii) one-month LIBOR plus 1.0%, in each case, plus an applicable margin; or
•
a LIBOR Rate plus an applicable margin.
The unused portion of the OCI Wyoming Credit Facility is subject to an unused line fee ranging from 0.275% to 0.350% per annum based on OCI Wyoming's then current consolidated leverage ratio.
OCI Wyoming was in compliance with all terms under its long-term debt agreements as of December 31, 2013.

Revolving Credit Facility

On July 18, 2013, OCIR entered into a $10.0 million senior secured revolving credit facility, the "Revolving Credit Facility", with Bank of America, N.A., as administrative agent, and a syndicate of lenders, which will mature on the fifth anniversary of the closing date of such credit facility. The Revolving Credit Facility provides for revolving loans to be available to fund distributions on OCIR's units and working capital requirements and capital expenditures, to consummate permitted acquisitions and for all other lawful partnership purposes. At December 31, 2013, OCIR had no outstanding borrowings under the Revolving Credit Facility. The Revolving Credit Facility includes a sublimit up to $5.0 million for same-day swing line advances and a sublimit up to $5.0 million for letters of credit. OCIR's obligations under the Revolving Credit Facility are guaranteed by each of OCIR's material domestic subsidiaries other than OCI Wyoming, and to the extent no material adverse tax consequences would result, foreign wholly owned subsidiaries. In addition, OCIR's obligations under the Revolving Credit Facility are secured by a pledge of substantially all of OCIR's assets (subject to certain exceptions), including the partnership interests held in OCI Wyoming by OCIR.

The Revolving Credit Facility contains various covenants and restrictive provisions that limit (subject to certain exceptions) our ability to (and the ability of our subsidiaries, including without limitation, OCI Wyoming to):

• make distributions on or redeem or repurchase units;
• incur or guarantee additional debt;
• make certain investments and acquisitions;
• incur certain liens or permit them to exist;
• enter into certain types of transactions with affiliates;
• merge or consolidate with another company; and
• transfer, sell or otherwise dispose of assets.
The Revolving Credit Facility also requires quarterly maintenance of a consolidated fixed charge coverage ratio (as defined in the Revolving Credit Facility) of not less than 1.00 to 1.00.

In addition, the Revolving Credit Facility contains events of default customary for transactions of this nature, including (i) failure to make payments required under the Revolving Credit Facility, (ii) events of default resulting from failure to comply with covenants and financial ratios, (iii) the occurrence of a change of control, (iv) the institution of insolvency or similar proceedings against OCIR or OCIR's material subsidiaries and (v) the occurrence of a default under any other material indebtedness OCIR (or any of OCIR's subsidiaries) may have, including the OCI Wyoming Credit Facility. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the Revolving Credit Facility, the lenders may terminate all outstanding commitments under the Revolving Credit Facility and may declare any outstanding principal of the Revolving Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable.

Under the Revolving Credit Facility, a change of control is triggered if OCI Chemical and its wholly-owned subsidiaries, directly or indirectly, cease to own all of the equity interests, or cease to have the ability to elect a majority of the board of directors (or similar governing body) of, OCI Holdings or OCI GP (or any entity that performs the functions of OCIR's general partner). In addition, a change of control would be triggered if OCIR ceases to own at least 50.1% of the economic interests in OCI Wyoming or ceases to have the ability to elect a majority of the members of OCI Wyoming's partnership committee.

Loans under the Revolving Credit Facility bear interest at our option at either:
•
a Base Rate, which 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 and (iii) one-month LIBOR plus 1.0%, in each case, plus an applicable margin; or
•
a LIBOR Rate plus an applicable margin.
The unused portion of the Revolving Credit Facility is subject to an unused line fee ranging from 0.275% to 0.350% based on OCIR's then current consolidated leverage ratio.
OCIR was in compliance with all terms under its long-term debt agreements as of December 31, 2013.

Aggregate maturities required on long-term debt at December 31, 2013 are due in future years as follows:
2017
$
8.6

2018
146.4

Total
$
155.0

RECLAMATION RESERVE
RECLAMATION RESERVE
RECLAMATION RESERVE
Reclamation reserve as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Balance at beginning of year
$
3.6

 
$
3.5

Accretion
0.2

 
0.1

Balance at end of year
$
3.8

 
$
3.6

EMPLOYEE COMPENSATION
EMPLOYEE COMPENSATION
EMPLOYEE COMPENSATION
The Partnership participates in various benefit plans offered and administered by OCI Enterprises and is allocated its portions of the annual costs related thereto. The specific plans are as follows:
Retirement Plans - Benefits provided under the OCI Pension Plan for Salaried Employees and OCI Pension Plan for Hourly Employees are based upon years of service and an employee’s average compensation during the final years of service, as defined. Each plan covers substantially all full-time employees hired before May 1, 2001. OCI Enterprises’ funding policy is to contribute annually at least the minimum required contribution based upon years of service and an employee’s average compensation during the final years of service, as defined. The Partnership's allocated portion of OCI Enterprises’ net periodic pension cost was $8.4 million,$9.0 million and $4.8 million for the years ended December 31, 2013, 2012 and 2011, respectively.
Savings Plan - The OCI 401(k) Retirement 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. The Plan was amended such that 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 by OCI Enterprises for the years ended December 31, 2013, 2012 and 2011 were $2.8 million, $2.4 million and $1.7 million, respectively.
Postretirement Benefits - Most of the Partnership's employees are eligible for postretirement benefits other than pensions if they reach retirement age while still employed.
OCI Enterprises accounts for postretirement benefits on an accrual basis over an employee’s period of service. The postretirement plan, excluding pensions, are not funded, and OCI Enterprises has the right to modify or terminate the plan. OCI Enterprises' post-retirement benefits had a benefits obligation of $21.0 million and $23.7 million at December 31, 2013 and 2012, respectively. Effective January 1, 2013, the postretirement benefits for non-grandfathered retirees were amended to replace the medical coverage for post-65-year-old members with a fixed dollar contribution amount. As a result of the amendment, the accumulated and projected benefit obligation for postretirement benefits decreased by $8.7 million and resulted in a prior service credit of $7.7 million which will be recognized as a reduction of net periodic postretirement benefit costs in future years. The Partnership’s allocated portion of OCI Enterprises’ postretirement benefit costs were $(0.1) million, $2.2 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively.
INCOME TAXES
INCOME TAXES
INCOME TAXES
The Partnership is a limited partnership and generally is not subject to federal or certain state income taxes.
The Predecessor was subject to income tax and was included in the consolidated income tax returns of OCI Enterprises. Income taxes were allocated to the Predecessor based on separate-company computations of income or loss. The income tax expense for the year ended December 31, 2012 are those of the Predecessor. For the year ended December 31, 2013, included in income tax expense is the expense of the Predecessor through September 17, 2013.
The provision for income taxes for the year ended December 31, 2013, 2012 and 2011 includes the following:
 
2013
 
2012
 
2011
 
 
 
(Predecessor)
 
(Predecessor)
Current
$
6.8

 
$
16.6

 
$
11.9

Deferred
0.3

 
(0.2
)
 
2.7

Total provision for income tax
$
7.1

 
$
16.4

 
$
14.6


The effective tax rate (excluding net income attributable to non-controlling interest) for the year ended December 31, 2013, 2012 and 2011 includes the following:
 
2013
 
2012
 
2011
 
 
 
 
 
(Predecessor)
 
(Predecessor)
 
Amount
 
Rate
Effect
 
Amount
 
Rate
Effect
 
Amount
 
Rate
Effect
Income tax provision at federal statutory rate
$
7.1

 
35.00
 %
 
$
18.3

 
35.00
 %
 
$
15.6

 
35.00
 %
State and local income taxes net of federal tax benefit
0.5

 
2.36
 %
 
0.1

 
0.24
 %
 
0.1

 
0.30
 %
Permanent domestic production activity deduction
(0.4
)
 
(2.06
)%
 
(2.1
)
 
(4.01
)%
 
(1.0
)
 
(2.33
)%
Other
(0.1
)
 
(0.27
)%
 
0.1

 
0.23
 %
 
(0.1
)
 
(0.15
)%
Total provision for income tax
$
7.1

 
35.03
 %
 
$
16.4

 
31.46
 %
 
$
14.6

 
32.82
 %

The effective tax rate excludes income taxes on income attributable to non-controlling interest shareholders because the results of OCI Wyoming, L.P.'s operations are taxed to its owners as a partnership for U.S. income tax purposes.
The Partnership is a limited partnership and therefore is not subject to tax, therefore, the deferred tax assets (liabilities) for the Predecessor are included in the consolidated balance sheet as of December 31, 2012 as follows:
 
2012
 
(Predecessor)
Current deferred assets
$
0.3

Noncurrent deferred liabilities
(36.1
)
Net deferred tax liabilities
$
(35.8
)
The Partnership is a limited partnership and therefore is not subject to tax, therefore, the components of the Predecessor's net deferred tax liabilities as of December 31, 2012 are as follows:
 
2012
 
(Predecessor)
Deferred tax asset:
 
Other
$
0.9

Deferred tax liabilities:
 
Property basis difference
(23.8
)
Mining reserve
(12.4
)
Other
(0.5
)
Net deferred tax liabilities
$
(35.8
)
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
The Partnership leases mineral rights from the U.S. Bureau of Land Management, the state of Wyoming, Rock Springs Royalty Corp. (RSRC), a wholly owned subsidiary of Anadarko Holding Company (AHC), and other private parties. All of these leases provide for royalties based on the value of the products sold. The remaining leases provide for minimum lease payments as detailed in the table below. The Partnership has a perpetual right of first refusal with respect to these leases and intends to continue renewing the leases as has been its practice.
The Partnership entered into a 10 year rail yard switching and maintenance agreement with a third party, Watco Companies, LLC ("Watco"), on December 1, 2011. Under the agreement, Watco provides rail-switching services at the Partnership’s rail yard. The Partnership’s rail yard is constructed on land leased by Watco from Rock Springs Grazing Association and on land by which Watco holds an easement from Anadarko Land Corp; the Rock Springs Grazing Association land lease is renewable every 5 years for a total period of 30 years, while the Anadarko Land Corp. easement lease is perpetual. The Partnership has an option agreement with Watco to assign these leases to the Partnership at any time during the land lease term. An annual rental of $15 thousand is paid under the easement and an annual rental of $60 thousand is paid under the lease.
The Partnership entered into a 10 year track lease agreement with Union Pacific Company for certain rail track used in connection with the rail yard. The agreement expires on December 31, 2014 and we have begun negotiations to renew the contact for another five year term.
As of December 31, 2013, the contractual minimum commitments under the Partnership's various operating leases, including renewal periods, due in future years are as follows:
 
 
Leased
($ in millions)
 
Land
 
 
 
2014
 
$
0.1

2015
 
0.1

2016
 
0.1

2017
 
0.1

2018
 
0.1

Thereafter
 
1.7

 
 
$
2.2

From time to time, the Partnership has various litigation, claims, and assessments that arise in the normal course of business. Management does not believe, based upon its evaluation and discussion with counsel, that the ultimate outcome of any current matters, individually or in the aggregate, would have a material effect on the Partnership's financial position, results of operations, or cash flows.
We have a self-bond agreement with the Wyoming Department of Environmental Quality under which we commit to pay directly for reclamation costs. As of December 31, 2013, the amount of the bond was $27.1 million (December 31, 2012: $21.3 million), 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 increased in August 2013 and is subject to change upon periodic re-evaluation by the Land Quality Division.
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES
OCI Chemical is the exclusive sales agent for the Partnership and through its membership in ANSAC, OCI Chemical is responsible for promoting and increasing the use and sale of soda ash and other refined or processed sodium products produced. All actual sales and marketing costs incurred by OCI Chemical are charged directly to the Partnership. Selling, general and administrative expenses also include amounts charged to the Partnership by OCI Enterprises and OCI Chemical principally consisting of salaries, benefits, office supplies, professional fees, travel, rent and other costs of certain assets used by the Partnership. These transactions do not necessarily represent arm's length transactions and may not represent all costs if the Partnership operated on a stand alone basis.
The total costs charged to the Partnership by OCI Enterprises and OCI Chemical, including ANSAC related charge for the years ended December 31, 2013, 2012 and 2011 are as follows:
 
Years Ended December 31,
($ in millions)
2013
 
2012
 
2011
OCI Enterprises
$
5.5

 
$
4.0

 
$
2.3

OCI Chemical
4.4

 
5.2

 
6.7

ANSAC
2.6

 
1.9

 
1.8

Total selling, general and administrative expenses - Affiliates
$
12.5

 
$
11.1

 
$
10.8

ANSAC allocates its expenses to ANSAC’s members using a pro rata calculation based on sales.

Net sales to affiliates for the years ended December 31, 2013, 2012 and 2011 are as follows:
 
 
Years Ended December 31,
($ in millions)
 
2013
 
2012
 
2011
ANSAC
 
$
200.4

 
$
229.5

 
$
161.8

OCI Alabama 
 
7.3

 
7.4

 
6.8

OCI Company
 
3.9

 
—

 
—

Total
 
$
211.6

 
$
236.9

 
$
168.6



As of December 31, 2013 and December 31, 2012, the Partnership had receivables and payables with OCI affiliates
as follows:
 
As of December 31,
($ in millions)
2013
 
2012
 
2013
 
2012
 
Receivables from affiliates
 
Payables to affiliates
OCI Enterprises
$
0.1

 
$
0.7

 
$
2.2

 
$
18.3

OCI Chemical
10.5

 
24.4

 
—

 
2.5

OCI Europe
7.8

 
—

 
—

 
—

OCI Company
1.9

 
—

 
—

 
—

Other
0.1

 
1.5

 
0.1

 
1.5

Total
$
20.4

 
$
26.6

 
$
2.3

 
$
22.3



Accounts payable at December 31, 2012 included amounts payable to Rock Springs Royalty Corporation ("RSRC"), a wholly owned subsidiary of Anadarko, of $1.9 million.
MAJOR CUSTOMERS AND SEGMENT REPORTING
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 for the years ended December 31, 2013, 2012 and 2011 are as follows:
 
 
Years Ended December 31,
($ in millions)
 
2013
 
2012
 
2011
Domestic
 
$
195.1

 
$
199.4

 
$
203.3

International
 
 
 
 
 
 
ANSAC
 
200.4

 
229.5

 
161.8

Other
 
46.6

 
33.7

 
56.8

Total international
 
247.0

 
263.2

 
218.6

Total net sales
 
$
442.1

 
$
462.6

 
$
421.9


The Partnership's largest customer by sales is ANSAC. For the year ended December 31, 2013, there were no other customers who individually accounted for ten percent or more of total revenues.
FAIR VALUE MEASUREMENTS
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:
Ÿ
Level 1-inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market.
 
 
Ÿ
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.
 
 
Ÿ
Level 3-inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability.
    
An asset or liability's categorization within the valuation hierarchy is based upon the lowest level of input that is significant
to the fair value measurement.

The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well
as the general classification of such assets and liabilities pursuant to the valuation hierarchy.
Cash and cash equivalents' carrying value approximates fair value due to the short maturity of the instruments.
The estimated fair value of accounts receivable - net, accounts receivable - ANSAC, due from affiliates - net, accounts payable, due to affiliates and accrued expenses approximate their carrying values due to their short-term nature.
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
We have entered into an interest rate swap designed to hedge our exposure to possible increases in interest rates. The interest rate swap contract was measured at fair value on a recurring basis using Level 2 inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. This contract had an aggregate notional value of $101.5 million and $0.5 million fair value liability as of December 31, 2013 (December 31, 2012: notional value of $26.0 million; fair value liability of $0.6 million)
Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
At December 31, 2013 and 2012, the Partnership had no fair value adjustments or fair value measurements for non-financial assets or liabilities.
Financial Assets and Liabilities not Measured at Fair Value
The carrying amount of long-term debt approximates fair value because the interest rates fluctuate with changes in the London InterBank Offered Rate (LIBOR), and changes in the applicable credit spreads have not had a material impact the fair value of long-term debt at December 31, 2013 and 2012. See Note 9 "Debt" for additional information on our debt arrangements.
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
On January 15, 2014, the Partnership Committee of OCI Wyoming, L.P. approved the payment on January 16, 2014 of a cash distribution to the General Partners and the Limited Partners in the aggregate amount of $23.8 million.
    
On January 17, 2014, the Partnership declared its first cash distribution approved by the board of directors of its general partner. The total cash distribution of $0.5707 per unit is comprised of the quarterly distribution of $0.5000 per unit for the fourth quarter 2013, plus the $0.0707 per unit third quarter 2013 distribution, reflecting the pro rata portion of its quarterly distribution of $0.50 per unit for the 13 days of operation from September 18, 2013 to September 30, 2013. The cash distribution was on February 14, 2014 to unitholders of record on January 30, 2014.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Basis of Presentation 
Basis of Presentation
OCI Resources completed its IPO of common units representing limited partner interests on September 18, 2013. Reported results of operations for the year ended December 31, 2013 include the results of OCI Wyoming Holding Co. and its subsidiary (the "Predecessor" or "OCI Holdings") through September 17, 2013. Therefore, results of operations for the year ended December 31, 2013 are the combined results of the Predecessor through September 17, 2013 and the Partnership for the period from September 18, 2013 through December 31, 2013. The accompanying consolidated financial statements as of December 31, 2012 and 2011 are derived from the audited consolidated financial statements of the Predecessor, and unless otherwise noted, financial information for the Predecessor and the Partnership is presented before non-controlling interest. All significant intercompany balances have been eliminated in consolidation.
Reorganization and Restructuring and Non-controlling interests 
Reorganization and Restructuring
Prior to the IPO, OCI Wyoming's general partner interests were owned 50.49% and 48.51% by the Predecessor and NRP, respectively, with the 1% limited partner interests in OCI Wyoming being held by OCI Wyoming Company ("Wyoming Co."). The Predecessor and Wyoming Co. are commonly controlled by OCI Chemical. In connection with the IPO, the following transactions (the "Restructuring") were completed:
•
The Predecessor contributed its 50.49% general partner interest in OCI Wyoming to the Partnership.
•
Through a series of transactions between OCI Chemical, its commonly controlled subsidiaries and NRP, the 1% limited partner interest in OCI Wyoming owned by Wyoming Co. was restructured resulting in the Partnership's and NRP's general partnership interest in OCI Wyoming being reduced to 40.98% and 39.37%, respectively, and Wyoming Co. and NRP owning a 10.02% and 9.63% limited partner interest in OCI Wyoming, respectively.
•
Wyoming Co. contributed its 10.02% limited partner interest to the Partnership in exchange for approximately $65.3 million paid from the net proceeds of the IPO.
•
At the conclusion of the restructuring, the Partnership owned a 40.98% general partner interest and a 10.02% limited partner interest in OCI Wyoming. NRP owned a 39.37% general partner interest and a 9.63% limited partner interest in OCI Wyoming.
The restructuring has been accounted for as a reorganization of entities under common control. As a result, the consolidated financial statements of the Predecessor, for all periods presented, have been restated to reflect the combination of the ownership interests in OCI Wyoming previously held by the Predecessor and Wyoming Co. adjusted for certain push-down accounting effects of the restructuring. In addition, prior to the restructuring of the 1% limited partner interest, the distributions included cumulative annual priority returns, however, as of the close of the IPO, all priority return distributions have been paid.
Due to a change in reporting entity that resulted from the Restructuring, Wyoming Co.’s accounting basis has been pushed down to the Company effective on the date of the Restructuring, September 18, 2013. The accompanying consolidated balance sheets, statement of operations and comprehensive income, cash flows and statements of equity present the results of the Company’s operations and cash flows for the periods preceding the Restructuring as Predecessor and for the periods subsequent to the Restructuring as Successor.
Non-controlling interests
Prior to the Restructuring and completion of the IPO, non-controlling interests in the consolidated financial statements of the Predecessor represented the 1% limited partner interest in OCI Wyoming owned by Wyoming Co. and the 48.51% general partner interest in OCI Wyoming owned by Anadarko, and subsequently acquired by NRP. Subsequent to the Restructuring and IPO, non-controlling interests in the consolidated financial statements of the Partnership consists of 39.37% general partner interest and 9.63% limited partner interest in OCI Wyoming owned by NRP.
Use of Estimates 
Use of Estimates
The preparation of consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition 
Revenue Recognition
We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs upon shipment to the customer, or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed, determinable or reasonably estimated sales price has been agreed with the customer; and (4) collectability is reasonably assured.  Customer rebates are accounted for as sales deductions and are held in liability accounts until payments are made to the customers.
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services.
Freight Costs 
Freight Costs
The Partnership includes freight costs billed to customers for shipments administered by the Partnership in gross sales. The related freight costs along with cost of products sold are deducted from gross sales to determine gross profit.
Cash and Cash Equivalents 
Cash and Cash Equivalents
The Partnership considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of money market mutual funds and certificates of deposit.
Accounts Receivable 
Accounts Receivable
Accounts receivable are carried at the original invoice amount less an estimate for doubtful receivables. The allowance for doubtful accounts is based on specifically identified amounts that the Partnership believes to be uncollectible. An additional allowance is recorded based on certain percentages of aged receivables, which are determined based on management's assessment of the general financial conditions affecting the Partnership's customer base. If actual collection experience changes, revisions to the allowance may be required. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received.
Inventory 
Inventory
Inventory is carried at the lower of standard cost or market determined on a first-in, first-out basis. Costs include raw materials, direct labor and manufacturing overhead. Market is based on current replacement cost for raw materials and stores inventory, and finished goods is based on net realizable value.
•
Raw material inventory includes material and natural resources being used in the mining and refining process.
•
Finished goods inventory is the finished product soda ash.
•
Stores inventory includes materials and supplies currently available for future use.
Property, Plant, and Equipment 
Property, Plant, and Equipment
Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of depreciable assets, principally using the straight-line method. The estimated useful lives applied to depreciable assets range from 3 to 20 years for machinery and equipment and 20 to 39 years for buildings and improvements. When property, plant, and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations for the year.
The excess of the purchase price paid by OCI Chemical over the appraised fair value of the intangible net assets in the 1996 acquisition of its interest in OCI Wyoming has been allocated to mining reserves and is being amortized on a straight line basis over the mining reserves estimated useful life. As a result of a revised mine reserve study, effective January 1, 2014, the mining reserve will be amortized over a remaining life of 66 years. During 2013, 2012 and 2011, the remaining life was 67, 69 and 65 years, respectively. Amortization expense totaled approximately $0.7 million, $0.4 million and $0.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. The aggregate carrying amount of mining reserves is reported as a separate component of property, plant, and equipment (see Note 7).
The Partnership's policy is to evaluate property, plant, and equipment for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset.
Derivative Instruments and Hedging Activities 
Derivative Instruments and Hedging Activities
The Partnership may enter into derivative contracts from time to time to manage exposure to the risk of exchange rate changes on its foreign currency transactions, and the risk of the variability in interest rates on borrowings. Gains and losses on derivative contracts are reported as a component of the underlying transactions. The Partnership follows hedge accounting for its hedging activities. All derivative instruments are recorded on the balance sheet at their fair values. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. The Partnership designates its derivatives based upon criteria established by hedge accounting. For a derivative designated as a fair value hedge, the gain or loss is recognized in earnings in the period of change together with the offsetting gain or loss on the hedged item attributed to the risk being hedged. For a derivative designated as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged exposure affects earnings. Any ineffective portion of the gain or loss is reported in earnings immediately. For derivatives not designated as hedges, the gain or loss is reported in earnings in the period of change as a component of the underlying transactions.
Income Tax 
Income Tax
We are organized as a pass-through entity for federal income tax purposes. As a result, our partners are responsible for federal income taxes based on their respective share of taxable income. Net income for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the partnership agreement.
The Partnership is a limited partnership and generally is not subject to federal or certain state income taxes. The Predecessor was subject to income tax and was included in the consolidated income tax returns of OCI Enterprises. Income taxes were allocated to the Predecessor based on separate-company computations of income or loss. The income tax expense for the years ended December 31, 2012 and 2011 are those of the Predecessor. For the year ended December 31, 2013, included in income tax expense is the expense of the Predecessor through September 17, 2013.
Reclamation Costs 
Reclamation Costs
The Partnership is obligated to return the land beneath its refinery and tailings ponds to its natural condition upon completion of operations and is required to return the land beneath its rail yard to its natural condition upon termination of the various lease agreements.
The Partnership accounts for its land reclamation liability as an asset retirement obligation, which requires that obligations associated with the retirement of a tangible long-lived asset be recorded as a liability when those obligations are incurred, with the amount of the liability initially measured at fair value. Upon initially recognizing a liability for an asset retirement obligation, an entity must capitalize the cost by recognizing an increase in the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss upon settlement.
The estimated original liability calculated in 1996 for the refinery and tailing ponds was calculated based on the estimated useful life of the mine, which was 80 years, and on external and internal estimates as to the cost to restore the land in the future and state regulatory requirements. As a result of a revised mine reserve study, effective January 1, 2014, the mining reserve will be amortized over a remaining life of 66 years. During 2013, 2012 and 2011, the remaining life was 67, 69 and 65 years, respectively. The extension of remaining life by four years in 2012 from 2011, resulted in the addition of a new asset retirement obligation layer. The original liability and the new liability added because of the mine life study were discounted using credit-adjusted, risk-free rates of 7% and 4.25%, respectively, and both are being accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding entry being recorded to interest expense.
During 2011, the Partnership constructed a rail yard to facilitate loading and switching of rail cars. The Partnership is required to restore the land on which the rail yard is constructed to its natural conditions. The estimated liability for restoring the rail yard to its natural condition is calculated based on the land lease life of 30 years and on external and internal estimates as to the cost to restore the land in the future. The liability is discounted using a credit-adjusted risk-free rate of 4.25% and will be accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding entry being recorded to interest expense.
The Partnership recorded accretion expense for reclamation of its two liabilities of $0.2 million, $0.1 million and $0.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, these reclamation liabilities had a balance of $3.8 million and $3.6 million (including $1.0 million initial retirement liability), respectively (see Note 10).
Fair Value of Financial Instruments 
Fair Value of Financial Instruments
Fair value is determined using a valuation hierarchy, generally by reference to an active trading market, quoted market prices or model-derived valuations for same or similar financial instruments. As of December 31, 2013 and 2012 the interest rate swap contract was measured at fair value on a recurring basis using Level 2 inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. See Note 16, "Fair Value Measurements," for more information.
Net Income Per Unit 
Net Income Per Unit
Net income per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income attributable to OCI Resources LP, 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. Net income per unit is only calculated for the Partnership subsequent to the IPO as no units were outstanding prior to September 18, 2013. 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 and subordinated 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. Basic and diluted net income per unit applicable to limited partners are the same because we do not have any potentially dilutive units outstanding. For the year ended ended December 31, 2013, the weighted-average number of units outstanding equals the total number of units outstanding.
Reclassifications 
Reclassifications - Certain amounts reported in the previous year have been reclassified to conform to the current year presentation.
Subsequent Events 
Subsequent Events
We have evaluated subsequent events through the filing of this Annual Report on Form 10-K.
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements 
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements
We believe recently issued accounting standards had no material effect on our financial statements as of and for the year ended December 2013.
NET INCOME PER UNIT AND CASH DISTRIBUTION (Tables)
Summary of net income 
The following is a summary of net income for the year ended December 31, 2013, disaggregated between the Predecessor and the Partnership:
 
Year ended December 31, 2013
 
OCI Holdings Co. (Predecessor)
 
OCI Resources LP
 
 
($ in millions)
Through September 17, 2013
 
From September 18, 2013
 
Total
Net Sales
 
 
 
 
 
Sales—Affiliates
$
143.1

 
$
68.5

 
$
211.6

Sales
166.6

 
63.9

 
230.5

Total net sales
309.7

 
132.4

 
442.1

Operating costs and expenses:
 
 
 
 
 
Cost of products sold
144.8

 
57.6

 
202.4

Depreciation, depletion and amortization expense
17.2

 
6.7

 
23.9

Freight costs
86.8

 
35.9

 
122.7

Total cost of sales
248.8

 
100.2

 
349.0

Gross profit
60.9

 
32.2

 
93.1

Selling, general, and administrative expenses
—

 
0.7

 
0.7

Selling, general and administrative expenses—Affiliates
9.1

 
3.4

 
12.5

Total operating expenses
9.1

 
4.1

 
13.2

Operating income
51.8

 
28.1

 
79.9

Other income/(expenses):
 
 
 
 
 
Interest expense
(1.6
)
 
(1.3
)
 
(2.9
)
Other, net
1.0

 
(0.3
)
 
0.7

Total other income/(expense), net
(0.6
)
 
(1.6
)
 
(2.2
)
Income before provision for income taxes
51.2

 
26.5

 
77.7

Provision for income taxes
7.1

 
—

 
7.1

Net income
$
44.1

 
$
26.5

 
$
70.6

Net income attributable to non-controlling interest
30.8

 
13.5

 
44.3

Net income attributable to Predecessor/OCI Resources LP
$
13.3

 
$
13.0

 
$
26.3

Comprehensive income attributable to Predecessor/OCI Resources LP
$
13.1

 
$
13.2

 
$
26.3

Calculation of net income per unit 
The calculation of net income per unit is as follows:
($ and unit data in millions, except per unit data)
 
Year Ended 
 December 31, 2013
Net income attributable to OCI Resources, LP subsequent to initial public offering
 
$
13.0

Less: General partner's interest in net income subsequent to initial public offering
 
0.2

Limited partners' interest in net income subsequent to initial public offering
 
$
12.8

 
 
 
Weighted average limited partner units outstanding:
 
 
Common - Public and OCI Holdings (basic and diluted)
 
9.8
Subordinated - OCI Holdings (basic and diluted)
 
9.8
 
 
 
Net income per limited partner unit subsequent to initial public offering:
 
 
Common - Public and OCI Holdings (basic and diluted)
 
$
0.65

Subordinated - OCI Holdings (basic and diluted)
 
$
0.65

Calculation of net income 
The calculation of net income allocated to the partners is as follows:
($ in millions, except per unit data)
Year Ended 
 December 31, 2013
Net income attributable to common unitholders subsequent to initial public offering:
 
    Distributions (a)
$
5.6

    Undistributed earnings
0.8

Limited partners' interest in net income subsequent to initial public offering
$
6.4

 
 
Net income attributable to subordinated unitholders subsequent to initial public offering:
 
    Distributions (a)
$
5.6

    Undistributed earnings
0.8

Limited partners' interest in net income subsequent to initial public offering
$
6.4

(a) Distributions declared per unit $0.5707 which includes the stub period from September 18, 2013 through September 30, 3013 of $0.0707
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 incentive distribution rights and (4) assume there are no arrearages on common units.
 
 
 
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
%
ACCOUNTS RECEIVABLE (Tables)
Schedule of Accounts Receivable
Accounts receivable as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Trade receivables
$
23.9

 
$
26.2

Other receivables
10.5

 
9.7

 
34.4

 
35.9

Allowance for doubtful accounts
—

 
(0.7
)
Total
$
34.4

 
$
35.2

INVENTORY (Tables)
Schedule of inventory
Inventory as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Raw materials
$
5.7

 
$
5.3

Finished goods
10.5

 
13.5

Stores inventory
25.5

 
23.3

Total
$
41.7

 
$
42.1

PROPERTY, PLANT AND EQUIPMENT (Tables)
Property, Plant and Equipment
Property, plant, and equipment as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Land and land improvements
$
0.3

 
$
0.3

Depletable assets
2.0

 
2.0

Buildings and building improvements
128.9

 
129.9

Internal-use computer software
4.1

 
2.0

Machinery and equipment
594.6

 
586.0

Mining reserves
65.2

 
65.2

 
795.1

 
785.4

Less accumulated depreciation, depletion and amortization
(580.0
)
 
(557.9
)
Property, plant, and equipment—net
215.1

 
227.5

Construction in progress
22.9

 
17.0

Total net book value
$
238.0

 
$
244.5

ACCRUED EXPENSES (Tables)
Schedule of accrued expenses
Accrued expenses as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Accrued freight
$
0.5

 
$
3.3

Accrued energy
6.1

 
5.4

Accrued royalty
4.0

 
4.4

Accrued employee compensation
5.2

 
5.3

Accrued other taxes
4.3

 
4.1

Accrued derivatives
1.1

 
0.7

Other accruals
5.2

 
3.0

Total
$
26.4

 
$
26.2

DEBT (Tables)
Components of long-term debt 
Long-term debt as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing interest of 0.16% (2013) and 0.28% (2012)
$
11.4

 
$
11.4

Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing interest of 0.16% (2013) and 0.28% (2012)
8.6

 
8.6

Note payable to Comerica Bank, principal due quarterly installments of $1,000 beginning in 2011, interest payable quarterly, bearing variable interest of 1.86% (2012)
—

 
32.0

OCI Wyoming credit facility, floating interest rate expiring July 18, 2018
135.0

 
—

Total debt
155.0

 
$
52.0

Current portion of long-term debt
—

 
(4.0
)
Total long-term debt
$
155.0

 
$
48.0

Aggregate maturities on long-term debt 
Aggregate maturities required on long-term debt at December 31, 2013 are due in future years as follows:
2017
$
8.6

2018
146.4

Total
$
155.0

RECLAMATION RESERVE (Tables)
Schedule of reclamation reserve
Reclamation reserve as of December 31, 2013 and 2012 consists of the following:
($ in millions)
2013
 
2012
Balance at beginning of year
$
3.6

 
$
3.5

Accretion
0.2

 
0.1

Balance at end of year
$
3.8

 
$
3.6

INCOME TAXES (Tables)
Schedule of provision for income taxes 
The provision for income taxes for the year ended December 31, 2013, 2012 and 2011 includes the following:
 
2013
 
2012
 
2011
 
 
 
(Predecessor)
 
(Predecessor)
Current
$
6.8

 
$
16.6

 
$
11.9

Deferred
0.3

 
(0.2
)
 
2.7

Total provision for income tax
$
7.1

 
$
16.4

 
$
14.6

Schedule of effective tax rate 
The effective tax rate (excluding net income attributable to non-controlling interest) for the year ended December 31, 2013, 2012 and 2011 includes the following:
 
2013
 
2012
 
2011
 
 
 
 
 
(Predecessor)
 
(Predecessor)
 
Amount
 
Rate
Effect
 
Amount
 
Rate
Effect
 
Amount
 
Rate
Effect
Income tax provision at federal statutory rate
$
7.1

 
35.00
 %
 
$
18.3

 
35.00
 %
 
$
15.6

 
35.00
 %
State and local income taxes net of federal tax benefit
0.5

 
2.36
 %
 
0.1

 
0.24
 %
 
0.1

 
0.30
 %
Permanent domestic production activity deduction
(0.4
)
 
(2.06
)%
 
(2.1
)
 
(4.01
)%
 
(1.0
)
 
(2.33
)%
Other
(0.1
)
 
(0.27
)%
 
0.1

 
0.23
 %
 
(0.1
)
 
(0.15
)%
Total provision for income tax
$
7.1

 
35.03
 %
 
$
16.4

 
31.46
 %
 
$
14.6

 
32.82
 %
Schedule of deferred tax assets and liabilities 
The Partnership is a limited partnership and therefore is not subject to tax, therefore, the deferred tax assets (liabilities) for the Predecessor are included in the consolidated balance sheet as of December 31, 2012 as follows:
 
2012
 
(Predecessor)
Current deferred assets
$
0.3

Noncurrent deferred liabilities
(36.1
)
Net deferred tax liabilities
$
(35.8
)
The Partnership is a limited partnership and therefore is not subject to tax, therefore, the components of the Predecessor's net deferred tax liabilities as of December 31, 2012 are as follows:
 
2012
 
(Predecessor)
Deferred tax asset:
 
Other
$
0.9

Deferred tax liabilities:
 
Property basis difference
(23.8
)
Mining reserve
(12.4
)
Other
(0.5
)
Net deferred tax liabilities
$
(35.8
)
COMMITMENTS AND CONTINGENCIES (Tables)
Contractual minimum commitments under operating leases
As of December 31, 2013, the contractual minimum commitments under the Partnership's various operating leases, including renewal periods, due in future years are as follows:
 
 
Leased
($ in millions)
 
Land
 
 
 
2014
 
$
0.1

2015
 
0.1

2016
 
0.1

2017
 
0.1

2018
 
0.1

Thereafter
 
1.7

 
 
$
2.2

AGREEMENTS AND TRANSACTIONS WITH AFFILIATES (Tables)
Schedule of transactions with Affiliates 
The total costs charged to the Partnership by OCI Enterprises and OCI Chemical, including ANSAC related charge for the years ended December 31, 2013, 2012 and 2011 are as follows:
 
Years Ended December 31,
($ in millions)
2013
 
2012
 
2011
OCI Enterprises
$
5.5

 
$
4.0

 
$
2.3

OCI Chemical
4.4

 
5.2

 
6.7

ANSAC
2.6

 
1.9

 
1.8

Total selling, general and administrative expenses - Affiliates
$
12.5

 
$
11.1

 
$
10.8

ANSAC allocates its expenses to ANSAC’s members using a pro rata calculation based on sales.

Schedule of transactions with Affiliates 
Net sales to affiliates for the years ended December 31, 2013, 2012 and 2011 are as follows:
 
 
Years Ended December 31,
($ in millions)
 
2013
 
2012
 
2011
ANSAC
 
$
200.4

 
$
229.5

 
$
161.8

OCI Alabama 
 
7.3

 
7.4

 
6.8

OCI Company
 
3.9

 
—

 
—

Total
 
$
211.6

 
$
236.9

 
$
168.6

Schedule of transactions with Affiliates 
As of December 31, 2013 and December 31, 2012, the Partnership had receivables and payables with OCI affiliates
as follows:
 
As of December 31,
($ in millions)
2013
 
2012
 
2013
 
2012
 
Receivables from affiliates
 
Payables to affiliates
OCI Enterprises
$
0.1

 
$
0.7

 
$
2.2

 
$
18.3

OCI Chemical
10.5

 
24.4

 
—

 
2.5

OCI Europe
7.8

 
—

 
—

 
—

OCI Company
1.9

 
—

 
—

 
—

Other
0.1

 
1.5

 
0.1

 
1.5

Total
$
20.4

 
$
26.6

 
$
2.3

 
$
22.3

MAJOR CUSTOMERS AND SEGMENT REPORTING (Tables)
Schedule of sales by geographic area
one operating segment for reporting purposes. The net sales by geographic area for the years ended December 31, 2013, 2012 and 2011 are as follows:
 
 
Years Ended December 31,
($ in millions)
 
2013
 
2012
 
2011
Domestic
 
$
195.1

 
$
199.4

 
$
203.3

International
 
 
 
 
 
 
ANSAC
 
200.4

 
229.5

 
161.8

Other
 
46.6

 
33.7

 
56.8

Total international
 
247.0

 
263.2

 
218.6

Total net sales
 
$
442.1

 
$
462.6

 
$
421.9

GENERAL (Details) (OCI Wyoming LP)
0 Months Ended
Oct. 28, 2013
Sep. 30, 2013
OCI Wyoming Co
 
 
Corporate structure and ownership
 
 
Percentage of general partner ownership interest held
 
40.98% 
Percentage of limited partner ownership interest held
10.02% 
 
Natural Resource Partners LP
 
 
Corporate structure and ownership
 
 
Percentage of general partner ownership interest held
 
39.37% 
Percentage of limited partner ownership interest held
9.63% 
 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 0 Months Ended 0 Months Ended 9 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Oct. 28, 2013
OCI Wyoming Co
Dec. 31, 2012
Predecessor
Oct. 28, 2013
OCI Wyoming LP
Natural Resource Partners LP
Sep. 30, 2013
OCI Wyoming LP
Natural Resource Partners LP
Oct. 28, 2013
OCI Wyoming LP
OCI Wyoming Co
Sep. 30, 2013
OCI Wyoming LP
OCI Wyoming Co
Sep. 18, 2013
OCI Wyoming LP
Predecessor
OCI Holdings
Sep. 18, 2013
OCI Wyoming LP
Predecessor
Natural Resource Partners LP
Sep. 18, 2013
OCI Wyoming LP
Predecessor
OCI Wyoming Co
Dec. 31, 2013
Asset Retirement Obligation
Dec. 31, 2012
Asset Retirement Obligation
Dec. 31, 2013
Machinery and equipment
Minimum
Dec. 31, 2013
Machinery and equipment
Maximum
Dec. 31, 2013
Buildings and building improvements
Minimum
Dec. 31, 2013
Buildings and building improvements
Maximum
Dec. 31, 2013
Mining reserves
Asset Retirement Obligation
Dec. 31, 2012
Mining reserves
Asset Retirement Obligation
Dec. 31, 2011
Mining reserves
Asset Retirement Obligation
Dec. 31, 1996
Mining reserves
Asset Retirement Obligation
Jan. 2, 2014
Mining reserves
Asset Retirement Obligation
Subsequent Event
Dec. 31, 2011
Leased Land
Asset Retirement Obligation
Corporate structure and ownership
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of general partner ownership interest held
 
 
 
 
 
 
39.37% 
 
40.98% 
50.49% 
48.51% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of limited partner ownership interest held
 
 
 
 
 
9.63% 
 
10.02% 
 
 
 
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
Useful Life
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
20 years 
20 years 
39 years 
67 years 
69 years 
65 years 
80 years 
66 years 
30 years 
Extension of useful life
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 years 
 
 
 
 
Credit adjusted, risk-free interest rate
 
 
 
 
 
 
 
 
 
 
 
 
7.00% 
4.25% 
 
 
 
 
 
 
 
 
 
4.25% 
Amortization
$ 0.7 
$ 0.4 
$ 0.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accretion
0.2 
0.1 
0.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments to Noncontrolling Interests
 
 
 
65.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reclamation reserve
3.8 
3.6 
3.5 
 
3.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Initial retirement liability
$ 1.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INITIAL PUBLIC OFFERING (Details) (USD $)
3 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Sep. 18, 2013
Sep. 30, 2013
General Partner
Dec. 31, 2013
General Partner
Oct. 28, 2013
OCI Wyoming Co
Oct. 28, 2013
OCI Holdings
Sep. 30, 2013
OCI Holdings
Sep. 30, 2013
OCI Holdings
Limited Partner
Dec. 31, 2013
Common Unitholders - OCI Holdings
Dec. 31, 2013
Subordinated Unitholders - OCI Holdings
Dec. 31, 2013
Common Unitholders - Public
Sep. 30, 2013
Common Unitholders - Public
Limited Partner
Sep. 30, 2013
Partnership units
Common Unitholders - Public
Oct. 28, 2013
OCI Wyoming LP
OCI Wyoming Co
Sep. 30, 2013
OCI Wyoming LP
OCI Wyoming Co
Capital Unit [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of limited partner ownership interest held
 
 
 
 
 
 
 
 
72.90% 
 
 
 
25.10% 
 
10.02% 
 
Percentage of general partner ownership interest held
 
 
 
2.00% 
 
 
 
 
 
 
 
 
 
 
 
40.98% 
General Partners' Capital Account, Units Issued
399,000 
399,000 
 
 
399,000 
 
 
 
 
 
 
 
 
 
 
 
Partner Initial Contribution Refunded
 
 
 
 
 
 
 
$ 1,000.00 
 
 
 
 
 
 
 
 
Common and subordinated units issued
 
 
 
 
 
 
 
 
 
4,775,500 
9,775,500 
5,000,000 
 
 
 
 
IPO, price per public common unit
 
 
$ 19.00 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from issuance of common units, net of offering costs
83,300,000 
83,300,000 
 
 
 
 
 
 
 
 
 
 
 
83,300,000 
 
 
Initial Public Offering Underwriter Discount
 
 
 
 
 
 
 
 
 
 
 
 
 
(5,700,000)
 
 
Payments of Stock Issuance Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
(6,000,000)
 
 
Payments to Noncontrolling Interests
 
 
 
 
 
65,300,000 
 
 
 
 
 
 
 
 
 
 
Payments of Capital Distribution
 
 
 
 
 
 
$ 18,000,000 
 
 
 
 
 
 
 
 
 
INITIAL PUBLIC OFFERING - Cash Flow (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Sep. 18, 2013
Predecessor
Dec. 31, 2012
Predecessor
Dec. 31, 2011
Predecessor
Cash flows from operating activities:
 
 
 
 
 
Net cash provided by operating activities
$ 30.1 
$ 100.3 
$ 70.2 
$ 101.8 
$ 90.1 
Cash flows from investing activities:
 
 
 
 
 
Capital expenditures
(5.5)
(16.2)
(10.7)
(27.4)
(25.8)
Net cash used in investing activities
(5.5)
(16.2)
(10.7)
(27.4)
(25.8)
Cash flows from financing activities:
 
 
 
 
 
Proceeds from issuance of common units, net of offering costs
83.3 
83.3 
0 
0 
0 
Proceeds from issuance of revolving credit facility
0 
135.0 
135.0 
0 
0 
Repayments of long-term debt
0 
(32.0)
(32.0)
(4.0)
(4.0)
Distribution of IPO proceeds to Predecessor and its affiliate
(83.3)
(83.3)
0 
0 
0 
Distributions to Predecessor
0 
(72.9)
(72.9)
(30.5)
(10.2)
Distributions to non-controlling interest
0 
(90.0)
(90.0)
(44.0)
(34.1)
Net cash used in financing activities
0 
(59.9)
(59.9)
(78.5)
(48.3)
Net increase/(decrease) in cash and cash equivalents
24.6 
24.2 
(0.4)
(4.1)
16.0 
Cash and cash equivalents at beginning of year
22.3 
22.7 
22.7 
26.8 
10.8 
Cash and cash equivalents at end of year
$ 46.9 
$ 46.9 
$ 22.3 
$ 22.7 
$ 26.8 
NET INCOME PER UNIT AND CASH DISTRIBUTION (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 18, 2013
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net sales:
 
 
 
 
 
Sales—Affiliates
$ 68.5 
 
$ 211.6 
$ 236.9 
$ 168.6 
Sales
63.9 
 
230.5 
 
 
Total net sales
132.4 
 
442.1 
462.6 
421.9 
Operating costs and expenses:
 
 
 
 
 
Cost of products sold
57.6 
 
202.4 
 
 
Depreciation, depletion and amortization expense
6.7 
 
23.9 
23.7 
23.4 
Freight costs
35.9 
 
122.7 
 
 
Total cost of products sold
100.2 
 
349.0 
 
 
Gross profit
32.2 
 
93.1 
 
 
Selling, general and administrative expenses
0.7 
 
0.7 
 
0.1 
Selling, general and administrative expenses—Affiliates
3.4 
 
12.5 
11.1 
10.8 
Total operating expenses
4.1 
 
13.2 
 
 
Operating income
28.1 
 
79.9 
 
 
Other income/(expenses):
 
 
 
 
 
Interest expense
(1.3)
 
(2.9)
 
 
Other - net
(0.3)
 
0.7 
 
 
Total other income/(expense), net
(1.6)
 
(2.2)
 
 
Income before provision for income taxes
26.5 
 
77.7 
 
 
Provision for income taxes
0 
 
7.1 
 
 
Net income
26.5 
44.1 
70.6 
101.0 
86.7 
Net income attributable to non-controlling interest
13.5 
 
44.3 
 
 
Net income attributable to OCI Resources LP/Predecessor
13.0 
 
26.3 
 
 
Comprehensive income attributable to OCI Resources LP/Predecessor
13.2 
 
26.3 
 
 
Predecessor
 
 
 
 
 
Net sales:
 
 
 
 
 
Sales—Affiliates
 
143.1 
 
236.9 
168.6 
Sales
 
166.6 
 
225.7 
253.3 
Total net sales
 
309.7 
 
462.6 
421.9 
Operating costs and expenses:
 
 
 
 
 
Cost of products sold
 
144.8 
 
197.7 
179.3 
Depreciation, depletion and amortization expense
 
17.2 
 
23.7 
23.4 
Freight costs
 
86.8 
 
110.1 
105.7 
Total cost of products sold
 
248.8 
 
331.5 
308.4 
Gross profit
 
60.9 
 
131.1 
113.5 
Selling, general and administrative expenses
 
0 
 
0.7 
 
Selling, general and administrative expenses—Affiliates
 
9.1 
 
11.1 
 
Total operating expenses
 
9.1 
 
11.8 
10.9 
Operating income
 
51.8 
 
119.3 
102.6 
Other income/(expenses):
 
 
 
 
 
Interest expense
 
(1.6)
 
(1.5)
(1.5)
Other - net
 
1.0 
 
(0.6)
0 
Total other income/(expense), net
 
(0.6)
 
(1.9)
(1.3)
Income before provision for income taxes
 
51.2 
 
117.4 
101.3 
Provision for income taxes
 
7.1 
 
16.4 
14.6 
Net income
 
44.1 
 
101.0 
86.7 
Net income attributable to non-controlling interest
 
30.8 
 
65.9 
58.2 
Net income attributable to OCI Resources LP/Predecessor
 
13.3 
 
35.1 
28.5 
Comprehensive income attributable to OCI Resources LP/Predecessor
 
$ 13.1 
 
$ 35.1 
$ 28.3 
NET INCOME PER UNIT AND CASH DISTRIBUTION - Narrative (Details)
0 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2013
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Annualized Minimum Distribution
 
 
 
$ 2 
Minimum Quarterly Distribution
 
 
 
$ 0.5000 
Cash distribution per unit
$ 0.0707 
$ 0.5000 
$ 0.5000 
$ 0.5707 
General Partner
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Percentage of general partner ownership interest held
2.00% 
 
 
 
Percentage Allocation of Operating Surplus During Subordination Period
 
 
 
2.00% 
Up to minimum quarterly distribution |
Common unit
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Percentage Allocation of Operating Surplus During Subordination Period
 
 
 
98.00% 
Up to minimum quarterly distribution |
General Partner
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Percentage Allocation of Operating Surplus During Subordination Period
 
 
 
2.00% 
Up to arrearages on prior quarter minimum distributions |
Common unit
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Percentage Allocation of Operating Surplus During Subordination Period
 
 
 
98.00% 
Up to arrearages on prior quarter minimum distributions |
General Partner
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Percentage Allocation of Operating Surplus During Subordination Period
 
 
 
2.00% 
Up to minimum distribution for subordinated units |
Subordinated unit
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Percentage Allocation of Operating Surplus During Subordination Period
 
 
 
98.00% 
Up to minimum distribution for subordinated units |
General Partner
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Percentage Allocation of Operating Surplus During Subordination Period
 
 
 
2.00% 
Second Target Distribution |
General Partner
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Increasing Percentage Allocation of Operating Surplus General Partner Incentive
 
 
 
13.00% 
Third Target Distribution |
General Partner
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Increasing Percentage Allocation of Operating Surplus General Partner Incentive
 
 
 
23.00% 
Thereafter |
General Partner
 
 
 
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
 
 
 
Increasing Percentage Allocation of Operating Surplus General Partner Incentive
 
 
 
48.00% 
NET INCOME PER UNIT AND CASH DISTRIBUTION - Calculation of net income per unit (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
Net income attributable to OCI Resources LP subsequent to initial public offering
$ 13.0 
$ 13.0 
Less: General partner's interest in net income subsequent to initial public offering
 
0.2 
Limited partners' interest in net income subsequent to initial public offering
 
12.8 
Subordinated unit
 
 
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
Weighted average common and subordinated units outstanding (basic and diluted) (shares)
 
9.8 
Net income per common and subordinated unit (basic and diluted) (dollars per share)
 
$ 0.65 
Common unit
 
 
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
Weighted average common and subordinated units outstanding (basic and diluted) (shares)
 
9.8 
Net income per common and subordinated unit (basic and diluted) (dollars per share)
 
$ 0.65 
Subordinated Unitholders - OCI Holdings
 
 
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
Limited partners' interest in net income subsequent to initial public offering
 
$ 6.4 
Weighted average common and subordinated units outstanding (basic and diluted) (shares)
 
9.8 
NET INCOME PER UNIT AND CASH DISTRIBUTION - Allocation of Net Income (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
0 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
Limited partners' interest in net income subsequent to initial public offering
 
 
 
$ 12.8 
Cash distribution per unit
$ 0.0707 
$ 0.5000 
$ 0.5000 
$ 0.5707 
Common Units
 
 
 
 
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
Distributions
 
 
 
5.6 1
Undistributed earnings
 
 
 
0.8 
Limited partners' interest in net income subsequent to initial public offering
 
 
 
6.4 
Subordinated Units
 
 
 
 
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
Distributions
 
 
 
5.6 1
Undistributed earnings
 
 
 
0.8 
Limited partners' interest in net income subsequent to initial public offering
 
 
 
$ 6.4 
NET INCOME PER UNIT AND CASH DISTRIBUTION - Target distributions and marginal percentage interests (Details)
12 Months Ended
Dec. 31, 2013
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.5000 
Minimum Quarterly Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.5000 
First Target Distribution |
Minimum
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.5000 
First Target Distribution |
Maximum
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.5750 
Second Target Distribution |
Minimum
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.5750 
Second Target Distribution |
Maximum
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.6250 
Third Target Distribution |
Minimum
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.6250 
Third Target Distribution |
Maximum
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.7500 
Thereafter |
Minimum
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Minimum Quarterly Distribution
$ 0.7500 
Unitholders |
Minimum Quarterly Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
98.00% 
Unitholders |
First Target Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
98.00% 
Unitholders |
Second Target Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
85.00% 
Unitholders |
Third Target Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
75.00% 
Unitholders |
Thereafter
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
50.00% 
General Partner |
Minimum Quarterly Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
2.00% 
General Partner |
First Target Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
2.00% 
General Partner |
Second Target Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
15.00% 
General Partner |
Third Target Distribution
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
25.00% 
General Partner |
Thereafter
 
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items]
 
Marginal Interest in Distribution, Percentage
50.00% 
ACCOUNTS RECEIVABLE (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Receivables [Abstract]
 
 
Trade receivables
$ 23.9 
$ 26.2 
Other receivables
10.5 
9.7 
Accounts receivable
34.4 
35.9 
Allowance for doubtful accounts
0 
(0.7)
Accounts receivable, net
$ 34.4 
$ 35.2 
INVENTORY (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Inventory Disclosure [Abstract]
 
 
Raw materials
$ 5.7 
$ 5.3 
Finished goods
10.5 
13.5 
Stores inventory
25.5 
23.3 
Total
$ 41.7 
$ 42.1 
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Property, Plant and Equipment [Line Items]
 
 
 
 
Property, plant, and equipment
$ 795.1 
$ 795.1 
$ 785.4 
 
Less accumulated depreciation, depletion and amortization
(580.0)
(580.0)
(557.9)
 
Property, plant, and equipment—net
215.1 
215.1 
227.5 
 
Total net book value
238.0 
238.0 
244.5 
 
Depreciation, depletion and amortization
6.7 
23.9 
23.7 
23.4 
Land and land improvements
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Property, plant, and equipment
0.3 
0.3 
0.3 
 
Depletable assets
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Property, plant, and equipment
2.0 
2.0 
2.0 
 
Buildings and building improvements
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Property, plant, and equipment
128.9 
128.9 
129.9 
 
Internal-use computer software
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Property, plant, and equipment
4.1 
4.1 
2.0 
 
Machinery and equipment
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Property, plant, and equipment
594.6 
594.6 
586.0 
 
Mining reserves
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Property, plant, and equipment
65.2 
65.2 
65.2 
 
Construction in progress
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Total net book value
$ 22.9 
$ 22.9 
$ 17.0 
 
ACCRUED EXPENSES (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Payables and Accruals [Abstract]
 
 
Accrued freight
$ 0.5 
$ 3.3 
Accrued energy
6.1 
5.4 
Accrued royalty
4.0 
4.4 
Accrued employee compensation
5.2 
5.3 
Accrued other taxes
4.3 
4.1 
Accrued derivatives
1.1 
0.7 
Other accruals
5.2 
3.0 
Total
$ 26.4 
$ 26.2 
DEBT - Components of long-term debt (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Debt
 
 
Total debt
$ 155,000,000 
$ 52,000,000 
Current portion of long-term debt
0 
(4,000,000)
Total long-term debt
155,000,000 
48,000,000 
Variable Rate Demand Revenue Bonds |
Principal due October 1, 2018
 
 
Debt
 
 
Total debt
11,400,000 
11,400,000 
Interest rate (as a percent)
0.16% 
0.28% 
Variable Rate Demand Revenue Bonds |
Principal due August 1, 2017
 
 
Debt
 
 
Total debt
8,600,000 
8,600,000 
Interest rate (as a percent)
0.16% 
0.28% 
Note payable to Comerica Bank
 
 
Debt
 
 
Total debt
0 
32,000,000 
Interest rate (as a percent)
0.00% 
1.86% 
Quarterly principal installments
1,000 
1,000 
OCI Wyoming credit facility
 
 
Debt
 
 
Total debt
$ 135,000,000 
$ 0 
DEBT - Maturities of long-term debt (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Debt Disclosure [Abstract]
 
 
2017
$ 8.6 
 
2018
146.4 
 
Total debt
$ 155.0 
$ 52.0 
DEBT - Narrative (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Bank of America, NA
Revolving credit facility
Jul. 18, 2013
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
Same Day Swing Line Advances
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
Letters of Credit
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
Minimum
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
Maximum
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Bank of America, NA
Revolving credit facility
Jul. 18, 2013
OCI Wyoming Co
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Refinance Existing Facility
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Funding of Special Distribution to OCI Wyoming Co
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Aggregate Special Distribution
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Debt Issuance Costs
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Same Day Swing Line Advances
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Letters of Credit
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Minimum
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
OCI Wyoming Co
Maximum
Bank of America, NA
Revolving credit facility
Dec. 31, 2013
Standby Letters of Credit
OCI Wyoming LP
Dec. 31, 2012
Standby Letters of Credit
OCI Wyoming LP
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
$ 10.0 
 
 
 
 
 
$ 190.0 
 
 
 
 
 
 
 
 
 
 
Revolving credit facility
 
0 
 
 
 
 
 
135.0 
 
 
 
 
 
 
 
 
 
20.3 
20.3 
Line of Credit Facility Use of Proceeds
 
 
 
 
 
 
 
 
 
30.0 
11.5 
91.5 
1.3 
 
 
 
 
 
 
Line of Credit Facility Additional Borrowing Capacity
 
 
 
 
 
 
 
75.0 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases
 
 
 
$ 5.0 
$ 5.0 
 
 
 
 
 
 
 
 
$ 20.0 
$ 40.0 
 
 
 
 
Consolidated Leverage Ratio
 
 
 
 
 
 
 
300.00% 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Fixed Charge Coverage Ratio
 
100.00% 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
Loss of Control Percentage Threshold
50.10% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
0.50% 
1.00% 
 
 
 
 
 
 
 
 
0.50% 
1.00% 
 
 
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage
 
 
 
 
 
0.275% 
0.35% 
 
 
 
 
 
 
 
 
0.275% 
0.35% 
 
 
RECLAMATION RESERVE (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Reclamation reserve
 
 
 
Balance at beginning of year
$ 3.6 
$ 3.5 
 
Accretion
0.2 
0.1 
0.1 
Balance at end of year
$ 3.8 
$ 3.6 
$ 3.5 
EMPLOYEE COMPENSATION (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Pension
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Net periodic pension cost
$ 8.4 
$ 9.0 
$ 4.8 
401(k)
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Contributions by OCI Enterprises
2.8 
2.4 
1.7 
Postretirement benefit
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Net periodic pension cost
(0.1)
2.2 
2.5 
Benefit obligation
21.0 
23.7 
 
Decrease in postretirement benefits due to amendments
8.7 
 
 
Prior service credit
$ 7.7 
 
 
INCOME TAXES - Provision (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Sep. 18, 2013
Predecessor
Dec. 31, 2012
Predecessor
Dec. 31, 2011
Predecessor
Income Tax Examination [Line Items]
 
 
 
 
 
Current
 
$ 6.8 
 
$ 16.6 
$ 11.9 
Deferred
 
0.3 
 
(0.2)
2.7 
Total provision for income tax
$ 0 
$ 7.1 
$ 7.1 
$ 16.4 
$ 14.6 
INCOME TAXES - Effective Tax Rate Reconciliation (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Sep. 18, 2013
Predecessor
Dec. 31, 2012
Predecessor
Dec. 31, 2011
Predecessor
Amount
 
 
 
 
 
Income tax provision at federal statutory rate
 
$ 7.1 
 
$ 18.3 
$ 15.6 
State and local income taxes net of federal tax benefit
 
0.5 
 
0.1 
0.1 
Permanent domestic production activity deduction
 
(0.4)
 
(2.1)
(1.0)
Other
 
(0.1)
 
0.1 
(0.1)
Total provision for income tax
$ 0 
$ 7.1 
$ 7.1 
$ 16.4 
$ 14.6 
Rate Effect
 
 
 
 
 
Income tax provision at federal statutory rate
 
35.00% 
 
35.00% 
35.00% 
State and local income taxes net of federal tax benefit
 
2.36% 
 
0.24% 
0.30% 
Permanent domestic production activity deduction
 
(2.06%)
 
(4.01%)
(2.33%)
Other
 
(0.27%)
 
0.23% 
(0.15%)
Total provision for income tax
 
35.03% 
 
31.46% 
32.82% 
INCOME TAXES - Deferred Tax Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Predecessor
Valuation Allowance [Line Items]
 
 
Current deferred assets
 
$ 0.3 
Noncurrent deferred liabilities
0 
(36.1)
Net deferred tax liabilities
 
$ (35.8)
INCOME TAXES - Deferred Tax Liabilities (Details) (Predecessor, USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Predecessor
 
Deferred tax asset:
 
Other
$ 0.9 
Deferred tax liabilities:
 
Property basis difference
(23.8)
Mining reserve
(12.4)
Other
(0.5)
Net deferred tax liabilities
$ (35.8)
COMMITMENTS AND CONTINGENCIES - Narrative (Details) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Easement
Dec. 31, 2013
Self-bond agreement for reclamation costs
Dec. 31, 2012
Self-bond agreement for reclamation costs
Dec. 31, 2013
Watco Companies, LLC
Dec. 31, 2013
Rock Springs Grazing Association
Dec. 31, 2013
Union Pacific Company
Other Commitments [Line Items]
 
 
 
 
 
 
 
Leases term
 
 
 
 
10 years 
 
10 years 
Renewal term
 
 
 
 
 
5 years 
 
Total renewal term
 
 
 
 
 
30 years 
 
Annual rent
$ 60,000 
$ 15,000 
 
 
 
 
 
Off balance sheet commitment
 
 
$ 27,100,000 
$ 21,300,000 
 
 
 
COMMITMENTS AND CONTINGENCIES - Commitments (Details) (Leased Land, USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Leased Land
 
Other Commitments [Line Items]
 
2014
$ 0.1 
2015
0.1 
2016
0.1 
2017
0.1 
2018
0.1 
Thereafter
1.7 
Total
$ 2.2 
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Costs charged by affiliates (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Related Party Transaction [Line Items]
 
 
 
 
Total selling, general and administrative expenses - Affiliates
$ 3.4 
$ 12.5 
$ 11.1 
$ 10.8 
OCI Enterprises
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Total selling, general and administrative expenses - Affiliates
 
5.5 
4.0 
2.3 
OCI Chemical
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Total selling, general and administrative expenses - Affiliates
 
4.4 
5.2 
6.7 
ANSAC
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Total selling, general and administrative expenses - Affiliates
 
$ 2.6 
$ 1.9 
$ 1.8 
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Net sales to affiliates (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
ANSAC
Dec. 31, 2012
ANSAC
Dec. 31, 2013
ANSAC
Dec. 31, 2013
OCI Alabama
Dec. 31, 2012
OCI Alabama
Dec. 31, 2013
OCI Alabama
Dec. 31, 2013
OCI Company
Dec. 31, 2012
OCI Company
Dec. 31, 2013
OCI Company
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$ 68.5 
$ 211.6 
$ 236.9 
$ 168.6 
$ 200.4 
$ 229.5 
$ 161.8 
$ 7.3 
$ 7.4 
$ 6.8 
$ 3.9 
$ 0 
$ 0 
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Receivables from or payables to affiliates (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Related Party Transaction [Line Items]
 
 
Receivables from affiliates
$ 20.4 
$ 26.6 
Payables to affiliates
2.3 
22.3 
Accounts payable
13.2 
 
OCI Enterprises
 
 
Related Party Transaction [Line Items]
 
 
Receivables from affiliates
0.1 
0.7 
Payables to affiliates
2.2 
18.3 
OCI Chemical
 
 
Related Party Transaction [Line Items]
 
 
Receivables from affiliates
10.5 
24.4 
Payables to affiliates
0 
2.5 
OCI Europe
 
 
Related Party Transaction [Line Items]
 
 
Receivables from affiliates
7.8 
0 
Payables to affiliates
0 
0 
Other
 
 
Related Party Transaction [Line Items]
 
 
Receivables from affiliates
0.1 
1.5 
Payables to affiliates
0.1 
1.5 
OCI Company
 
 
Related Party Transaction [Line Items]
 
 
Receivables from affiliates
1.9 
0 
Payables to affiliates
0 
0 
Rock Springs Royalty Corporation
 
 
Related Party Transaction [Line Items]
 
 
Accounts payable
 
$ 1.9 
MAJOR CUSTOMERS AND SEGMENT REPORTING - Sales by geographic area (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Sales by geographical area
 
 
 
 
Sales
$ 132.4 
$ 442.1 
$ 462.6 
$ 421.9 
Domestic
 
 
 
 
Sales by geographical area
 
 
 
 
Sales
 
195.1 
199.4 
203.3 
International
 
 
 
 
Sales by geographical area
 
 
 
 
Sales
 
247.0 
263.2 
218.6 
International |
ANSAC
 
 
 
 
Sales by geographical area
 
 
 
 
Sales
 
200.4 
229.5 
161.8 
International |
Other
 
 
 
 
Sales by geographical area
 
 
 
 
Sales
 
$ 46.6 
$ 33.7 
$ 56.8 
MAJOR CUSTOMERS AND SEGMENT REPORTING - Narrative (Details)
12 Months Ended
Dec. 31, 2013
segment
customer
Dec. 31, 2012
segment
Dec. 31, 2011
segment
Segment Reporting [Abstract]
 
 
 
Number of operating segments
1 
1 
1 
Number of significant customers other than ANSAC
0 
 
 
FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring, Level 2, Interest rate swap, USD $)
In Millions, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Measurements, Recurring |
Level 2 |
Interest rate swap
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative aggregate notional value
$ 101.5 
$ 26.0 
Derivative fair value
$ 0.5 
$ 0.6 
SUBSEQUENT EVENTS (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
0 Months Ended 3 Months Ended 12 Months Ended 0 Months Ended
Sep. 30, 2013
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2013
Jan. 16, 2014
Subsequent Event
Subsequent Event [Line Items]
 
 
 
 
 
Cash distribution per unit
$ 0.0707 
$ 0.5000 
$ 0.5000 
$ 0.5707 
 
Cash distribution
 
 
 
 
$ 23.8