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• | 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. |
Useful Lives | ||
Land and land improvements | 10 years | |
Depletable land | 15-60 years | |
Buildings and building improvements | 10-30 years | |
Internal-use computer software | 3-5 years | |
Machinery and equipment | 5-20 years |
|
Years Ended December 31, | ||||||||
($ and unit data in millions, except per unit data) | 2014 | 2013 | ||||||
Net income attributable to OCI Resources LP (1) | $ | 44.5 | $ | 13.0 | ||||
Less: General partner's interest in net income | 0.8 | 0.2 | ||||||
Limited partners' interest in net income | $ | 43.7 | $ | 12.8 | ||||
Weighted average limited partner units outstanding: | ||||||||
Common - Public and OCI Holdings (basic and diluted) | 9.8 | 9.8 | ||||||
Subordinated - OCI Holdings (basic and diluted) | 9.8 | 9.8 | ||||||
Net income per limited partner unit (1): | ||||||||
Common - Public and OCI Holdings (basic and diluted) | $ | 2.23 | $ | 0.65 | ||||
Subordinated - OCI Holdings (basic and diluted) | $ | 2.23 | $ | 0.65 |
Years Ended December 31, | |||||||
($ in millions, except per unit data) | 2014 | 2013 | |||||
Net income attributable to common unitholders (1): | |||||||
Distributions (2) | $ | 20.2 | $ | 5.6 | |||
Undistributed earnings | 1.7 | 0.8 | |||||
Common unitholders' interest in net income (1) | $ | 21.9 | $ | 6.4 | |||
Net income attributable to subordinated unitholders (1): | |||||||
Distributions (2) | $ | 20.1 | $ | 5.6 | |||
Undistributed earnings | 1.7 | 0.8 | |||||
Subordinated unitholders' interest in net income (1) | $ | 21.8 | $ | 6.4 | |||
(1) Net income and interest attributable to common and subordinated unitholders, for year ended December 31, 2013, is subsequent to initial public offering. | |||||||
(2) Distributions declared per unit for the period |
• | 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. |
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 $0.7500 | 50.0 | % | 50.0 | % |
|
($ in millions) | 2014 | 2013 | |||||
Trade receivables | $ | 24.7 | $ | 23.9 | |||
Other receivables | 10.9 | 10.5 | |||||
35.6 | 34.4 | ||||||
Allowance for doubtful accounts | (0.1 | ) | — | ||||
Total | $ | 35.5 | $ | 34.4 |
|
($ in millions) | 2014 | 2013 | |||||
Raw materials | $ | 6.4 | $ | 5.7 | |||
Finished goods | 10.4 | 10.5 | |||||
Stores inventory | 26.4 | 25.5 | |||||
Total | $ | 43.2 | $ | 41.7 |
|
($ in millions) | 2014 | 2013 | |||||
Land and land improvements | $ | 0.3 | $ | 0.3 | |||
Depletable land | 3.0 | 2.0 | |||||
Buildings and building improvements | 129.5 | 128.9 | |||||
Internal-use computer software | 4.5 | 4.1 | |||||
Machinery and equipment | 595.5 | 594.6 | |||||
Mining reserves | 65.3 | 65.2 | |||||
Total | 798.1 | 795.1 | |||||
Less accumulated depreciation, depletion and amortization | (586.2 | ) | (580.0 | ) | |||
Total net book value | 211.9 | 215.1 | |||||
Construction in progress | 33.1 | 22.9 | |||||
Total property, plant, and equipment, net | $ | 245.0 | $ | 238.0 |
|
($ in millions) | 2014 | 2013 | |||||
Accrued freight costs | $ | 1.4 | $ | 0.5 | |||
Accrued energy costs | 5.7 | 6.1 | |||||
Accrued royalty costs | 4.4 | 4.0 | |||||
Accrued employee compensation | 6.8 | 5.2 | |||||
Accrued other taxes | 4.7 | 4.3 | |||||
Accrued derivatives | 0.7 | 1.1 | |||||
Other accruals | 5.8 | 5.2 | |||||
Total | $ | 29.5 | $ | 26.4 |
|
($ in millions) | 2014 | 2013 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing monthly interest rate of 0.14% (2014) and 0.16% (2013) | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing monthly interest rate of 0.14% (2014) and 0.16% (2013) | 8.6 | 8.6 | |||||
OCI Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, interest payable quarterly, bearing quarterly variable interest at 1.9781% (2014) and 1.996% (2013) | 125.0 | 135.0 | |||||
Total debt | 145.0 | $ | 155.0 | ||||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 145.0 | $ | 155.0 |
2017 | 8.6 | ||
2018 | $ | 136.4 | |
Total | $ | 145.0 |
• | 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. |
• | 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. |
• | 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. |
|
($ in millions) | 2014 | 2013 | |||||
Reclamation reserve balance at beginning of year | $ | 3.8 | $ | 3.6 | |||
Accretion expense | 0.4 | 0.2 | |||||
Reclamation reserve balance at end of year | $ | 4.2 | $ | 3.8 |
|
|
Restricted Stock Units | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Nonvested at December 31, 2013 | — | $ | — | |||
Granted (2) | 19,960 | 25.01 | ||||
Vested | (4,101 | ) | 25.54 | |||
Nonvested at December 31, 2014 | 15,859 | $ | 25.23 |
TR Unit Performance Awards | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Nonvested at December 31, 2013 | — | $ | — | |||
Granted | 7,658 | 35.72 | ||||
Nonvested at December 31, 2014 | 7,658 | $ | 35.72 |
Year Ended December 31, 2014 | |||||
Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | ||||
Time-based units | $ | 0.3 | 1.85 | ||
Performance-based units | 0.2 | 2.00 | |||
Total | $ | 0.5 |
|
2013 | 2012 | |||||||
(Predecessor) | ||||||||
Current | $ | 6.8 | $ | 16.6 | ||||
Deferred | 0.3 | (0.2 | ) | |||||
Total provision for income tax | $ | 7.1 | $ | 16.4 |
2013 | 2012 | |||||||||||||
(Predecessor) | ||||||||||||||
Amount | Rate Effect | Amount | Rate Effect | |||||||||||
Income tax provision at federal statutory rate | $ | 7.1 | 35.00 | % | $ | 18.3 | 35.00 | % | ||||||
State and local income taxes net of federal tax benefit | 0.5 | 2.36 | % | 0.1 | 0.24 | % | ||||||||
Permanent domestic production activity deduction | (0.4 | ) | (2.06 | )% | (2.1 | ) | (4.01 | )% | ||||||
Other | (0.1 | ) | (0.27 | )% | 0.1 | 0.23 | % | |||||||
Total provision for income tax | $ | 7.1 | 35.03 | % | $ | 16.4 | 31.46 | % |
|
($ in millions) | Leased Land | Track Lease | Total Minimum Lease Payments | ||||||||
2015 | $ | 0.1 | $ | — | $ | 0.1 | |||||
2016 | 0.1 | — | 0.1 | ||||||||
2017 | 0.1 | — | 0.1 | ||||||||
2018 | 0.1 | — | 0.1 | ||||||||
2019 | 0.1 | — | 0.1 | ||||||||
Thereafter | 1.5 | 0.2 | 1.7 | ||||||||
Total | $ | 2.0 | $ | 0.2 | $ | 2.2 |
|
Years Ended December 31, | |||||||||||
($ in millions) | 2014 | 2013 | 2012 | ||||||||
OCI Enterprises | $ | 10.7 | $ | 5.5 | $ | 4.0 | |||||
OCI Chemical | 3.4 | 4.4 | 5.2 | ||||||||
ANSAC | 2.9 | 2.6 | 1.9 | ||||||||
Total selling, general and administrative expenses - Affiliates | $ | 17.0 | $ | 12.5 | $ | 11.1 |
Years Ended December 31, | ||||||||||||
($ in millions) | 2014 | 2013 | 2012 | |||||||||
ANSAC | $ | 230.8 | $ | 200.4 | $ | 229.5 | ||||||
OCI Alabama LLC | 5.9 | 7.3 | 7.4 | |||||||||
OCI Company Limited | — | 3.9 | — | |||||||||
Total | $ | 236.7 | $ | 211.6 | $ | 236.9 |
As of December 31, | |||||||||||||||
($ in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Receivables from affiliates | Payables to affiliates | ||||||||||||||
OCI Enterprises | $ | 1.7 | $ | 0.1 | $ | 4.5 | $ | 2.2 | |||||||
OCI Chemical | 8.7 | 10.5 | 1.4 | — | |||||||||||
OCI Chemical Europe NV | 9.2 | 7.8 | — | — | |||||||||||
OCI Company Limited | — | 1.9 | — | — | |||||||||||
Other | — | 0.1 | 1.2 | 0.1 | |||||||||||
Total | $ | 19.6 | $ | 20.4 | $ | 7.1 | $ | 2.3 |
|
Years Ended December 31, | ||||||||||||
($ in millions) | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 194.8 | $ | 195.1 | $ | 199.4 | ||||||
International | ||||||||||||
ANSAC | 230.8 | 200.4 | 229.5 | |||||||||
Other | 39.4 | 46.6 | 33.7 | |||||||||
Total international | 270.2 | 247.0 | 263.2 | |||||||||
Total net sales | $ | 465.0 | $ | 442.1 | $ | 462.6 |
|
| Level 1-inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. |
| Level 2-inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. |
| Level 3-inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. |
|
|
• | 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. |
Useful Lives | ||
Land and land improvements | 10 years | |
Depletable land | 15-60 years | |
Buildings and building improvements | 10-30 years | |
Internal-use computer software | 3-5 years | |
Machinery and equipment | 5-20 years |
|
Years Ended December 31, | ||||||||
($ and unit data in millions, except per unit data) | 2014 | 2013 | ||||||
Net income attributable to OCI Resources LP (1) | $ | 44.5 | $ | 13.0 | ||||
Less: General partner's interest in net income | 0.8 | 0.2 | ||||||
Limited partners' interest in net income | $ | 43.7 | $ | 12.8 | ||||
Weighted average limited partner units outstanding: | ||||||||
Common - Public and OCI Holdings (basic and diluted) | 9.8 | 9.8 | ||||||
Subordinated - OCI Holdings (basic and diluted) | 9.8 | 9.8 | ||||||
Net income per limited partner unit (1): | ||||||||
Common - Public and OCI Holdings (basic and diluted) | $ | 2.23 | $ | 0.65 | ||||
Subordinated - OCI Holdings (basic and diluted) | $ | 2.23 | $ | 0.65 |
Years Ended December 31, | |||||||
($ in millions, except per unit data) | 2014 | 2013 | |||||
Net income attributable to common unitholders (1): | |||||||
Distributions (2) | $ | 20.2 | $ | 5.6 | |||
Undistributed earnings | 1.7 | 0.8 | |||||
Common unitholders' interest in net income (1) | $ | 21.9 | $ | 6.4 | |||
Net income attributable to subordinated unitholders (1): | |||||||
Distributions (2) | $ | 20.1 | $ | 5.6 | |||
Undistributed earnings | 1.7 | 0.8 | |||||
Subordinated unitholders' interest in net income (1) | $ | 21.8 | $ | 6.4 | |||
(1) Net income and interest attributable to common and subordinated unitholders, for year ended December 31, 2013, is subsequent to initial public offering. | |||||||
(2) Distributions declared per unit for the period |
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 $0.7500 | 50.0 | % | 50.0 | % |
|
($ in millions) | 2014 | 2013 | |||||
Trade receivables | $ | 24.7 | $ | 23.9 | |||
Other receivables | 10.9 | 10.5 | |||||
35.6 | 34.4 | ||||||
Allowance for doubtful accounts | (0.1 | ) | — | ||||
Total | $ | 35.5 | $ | 34.4 |
|
($ in millions) | 2014 | 2013 | |||||
Raw materials | $ | 6.4 | $ | 5.7 | |||
Finished goods | 10.4 | 10.5 | |||||
Stores inventory | 26.4 | 25.5 | |||||
Total | $ | 43.2 | $ | 41.7 |
|
($ in millions) | 2014 | 2013 | |||||
Land and land improvements | $ | 0.3 | $ | 0.3 | |||
Depletable land | 3.0 | 2.0 | |||||
Buildings and building improvements | 129.5 | 128.9 | |||||
Internal-use computer software | 4.5 | 4.1 | |||||
Machinery and equipment | 595.5 | 594.6 | |||||
Mining reserves | 65.3 | 65.2 | |||||
Total | 798.1 | 795.1 | |||||
Less accumulated depreciation, depletion and amortization | (586.2 | ) | (580.0 | ) | |||
Total net book value | 211.9 | 215.1 | |||||
Construction in progress | 33.1 | 22.9 | |||||
Total property, plant, and equipment, net | $ | 245.0 | $ | 238.0 |
|
($ in millions) | 2014 | 2013 | |||||
Accrued freight costs | $ | 1.4 | $ | 0.5 | |||
Accrued energy costs | 5.7 | 6.1 | |||||
Accrued royalty costs | 4.4 | 4.0 | |||||
Accrued employee compensation | 6.8 | 5.2 | |||||
Accrued other taxes | 4.7 | 4.3 | |||||
Accrued derivatives | 0.7 | 1.1 | |||||
Other accruals | 5.8 | 5.2 | |||||
Total | $ | 29.5 | $ | 26.4 |
|
($ in millions) | 2014 | 2013 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing monthly interest rate of 0.14% (2014) and 0.16% (2013) | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing monthly interest rate of 0.14% (2014) and 0.16% (2013) | 8.6 | 8.6 | |||||
OCI Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, interest payable quarterly, bearing quarterly variable interest at 1.9781% (2014) and 1.996% (2013) | 125.0 | 135.0 | |||||
Total debt | 145.0 | $ | 155.0 | ||||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 145.0 | $ | 155.0 |
2017 | 8.6 | ||
2018 | $ | 136.4 | |
Total | $ | 145.0 |
|
($ in millions) | 2014 | 2013 | |||||
Reclamation reserve balance at beginning of year | $ | 3.8 | $ | 3.6 | |||
Accretion expense | 0.4 | 0.2 | |||||
Reclamation reserve balance at end of year | $ | 4.2 | $ | 3.8 |
|
Restricted Stock Units | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Nonvested at December 31, 2013 | — | $ | — | |||
Granted (2) | 19,960 | 25.01 | ||||
Vested | (4,101 | ) | 25.54 | |||
Nonvested at December 31, 2014 | 15,859 | $ | 25.23 |
TR Unit Performance Awards | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Nonvested at December 31, 2013 | — | $ | — | |||
Granted | 7,658 | 35.72 | ||||
Nonvested at December 31, 2014 | 7,658 | $ | 35.72 |
Year Ended December 31, 2014 | |||||
Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | ||||
Time-based units | $ | 0.3 | 1.85 | ||
Performance-based units | 0.2 | 2.00 | |||
Total | $ | 0.5 |
|
2013 | 2012 | |||||||
(Predecessor) | ||||||||
Current | $ | 6.8 | $ | 16.6 | ||||
Deferred | 0.3 | (0.2 | ) | |||||
Total provision for income tax | $ | 7.1 | $ | 16.4 |
2013 | 2012 | |||||||||||||
(Predecessor) | ||||||||||||||
Amount | Rate Effect | Amount | Rate Effect | |||||||||||
Income tax provision at federal statutory rate | $ | 7.1 | 35.00 | % | $ | 18.3 | 35.00 | % | ||||||
State and local income taxes net of federal tax benefit | 0.5 | 2.36 | % | 0.1 | 0.24 | % | ||||||||
Permanent domestic production activity deduction | (0.4 | ) | (2.06 | )% | (2.1 | ) | (4.01 | )% | ||||||
Other | (0.1 | ) | (0.27 | )% | 0.1 | 0.23 | % | |||||||
Total provision for income tax | $ | 7.1 | 35.03 | % | $ | 16.4 | 31.46 | % |
|
($ in millions) | Leased Land | Track Lease | Total Minimum Lease Payments | ||||||||
2015 | $ | 0.1 | $ | — | $ | 0.1 | |||||
2016 | 0.1 | — | 0.1 | ||||||||
2017 | 0.1 | — | 0.1 | ||||||||
2018 | 0.1 | — | 0.1 | ||||||||
2019 | 0.1 | — | 0.1 | ||||||||
Thereafter | 1.5 | 0.2 | 1.7 | ||||||||
Total | $ | 2.0 | $ | 0.2 | $ | 2.2 |
|
Years Ended December 31, | |||||||||||
($ in millions) | 2014 | 2013 | 2012 | ||||||||
OCI Enterprises | $ | 10.7 | $ | 5.5 | $ | 4.0 | |||||
OCI Chemical | 3.4 | 4.4 | 5.2 | ||||||||
ANSAC | 2.9 | 2.6 | 1.9 | ||||||||
Total selling, general and administrative expenses - Affiliates | $ | 17.0 | $ | 12.5 | $ | 11.1 |
Years Ended December 31, | ||||||||||||
($ in millions) | 2014 | 2013 | 2012 | |||||||||
ANSAC | $ | 230.8 | $ | 200.4 | $ | 229.5 | ||||||
OCI Alabama LLC | 5.9 | 7.3 | 7.4 | |||||||||
OCI Company Limited | — | 3.9 | — | |||||||||
Total | $ | 236.7 | $ | 211.6 | $ | 236.9 |
As of December 31, | |||||||||||||||
($ in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Receivables from affiliates | Payables to affiliates | ||||||||||||||
OCI Enterprises | $ | 1.7 | $ | 0.1 | $ | 4.5 | $ | 2.2 | |||||||
OCI Chemical | 8.7 | 10.5 | 1.4 | — | |||||||||||
OCI Chemical Europe NV | 9.2 | 7.8 | — | — | |||||||||||
OCI Company Limited | — | 1.9 | — | — | |||||||||||
Other | — | 0.1 | 1.2 | 0.1 | |||||||||||
Total | $ | 19.6 | $ | 20.4 | $ | 7.1 | $ | 2.3 |
|
Years Ended December 31, | ||||||||||||
($ in millions) | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 194.8 | $ | 195.1 | $ | 199.4 | ||||||
International | ||||||||||||
ANSAC | 230.8 | 200.4 | 229.5 | |||||||||
Other | 39.4 | 46.6 | 33.7 | |||||||||
Total international | 270.2 | 247.0 | 263.2 | |||||||||
Total net sales | $ | 465.0 | $ | 442.1 | $ | 462.6 |
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