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• | Raw material inventory includes material, chemicals and natural resources being used in the mining and refining process. |
• | Finished goods inventory is the finished product soda ash. |
• | Stores inventory includes parts, materials and operating supplies which are typically consumed in the production of soda ash and currently available for future use. |
Useful Lives | ||
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 | |
Furniture and fixtures | 10 years |
|
Years Ended December 31, | ||||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2013 | |||||||||
Net income attributable to Ciner Resources LP (1) | $ | 51.5 | $ | 44.5 | $ | 13.0 | ||||||
Less: General partner’s interest in net income | 1.0 | 0.8 | 0.2 | |||||||||
Limited partners’ interest in net income | $ | 50.5 | $ | 43.7 | $ | 12.8 | ||||||
Weighted average limited partner units outstanding: | ||||||||||||
Common - Public and Ciner Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | |||||||||
Subordinated - Ciner Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | |||||||||
Total weighted average limited partner units outstanding | 19.6 | 19.6 | 19.6 | |||||||||
Net income per limited partner unit (1): | ||||||||||||
Common - Public and Ciner Holdings (basic and diluted) | $ | 2.58 | $ | 2.23 | $ | 0.65 | ||||||
Subordinated - Ciner Holdings (basic and diluted) | $ | 2.58 | $ | 2.23 | $ | 0.65 |
Years Ended December 31, | |||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2013 | ||||||||
Net income attributable to common unitholders(2): | |||||||||||
Distributions (1) | $ | 21.5 | $ | 20.2 | $ | 5.6 | |||||
Undistributed earnings | 3.8 | 1.7 | 0.8 | ||||||||
Common unitholders’ interest in net income(2) | $ | 25.3 | $ | 21.9 | $ | 6.4 | |||||
Net income attributable to subordinated unitholders(2): | |||||||||||
Distributions (1) | $ | 21.4 | $ | 20.1 | $ | 5.6 | |||||
Undistributed earnings | 3.8 | 1.7 | 0.8 | ||||||||
Subordinated unitholders’ interest in net income(2) | $ | 25.2 | $ | 21.8 | $ | 6.4 | |||||
(1) Distributions declared for the year | 2.19 | 2.06 | 0.57 | ||||||||
(2) Net income and interest attributable to common and subordinated unitholders, for year ended December 31, 2013, is subsequent to initial public offering. |
• | 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) | 2015 | 2014 | |||||
Trade receivables | $ | 27.2 | $ | 24.7 | |||
Other receivables | 6.8 | 10.9 | |||||
34.0 | 35.6 | ||||||
Allowance for doubtful accounts | (0.2 | ) | (0.1 | ) | |||
Total | $ | 33.8 | $ | 35.5 |
|
(In millions) | 2015 | 2014 | |||||
Raw materials | $ | 9.1 | $ | 6.4 | |||
Finished goods | 10.7 | 10.4 | |||||
Stores inventory | 27.1 | 26.4 | |||||
Total | $ | 46.9 | $ | 43.2 | |||
Less: Stores inventory reclassed to other non-current assets | $ | (20.5 | ) | $ | (20.7 | ) | |
Inventory - current | $ | 26.4 | $ | 22.5 |
|
(In millions) | 2015 | 2014 | |||||
Land and land improvements | $ | 0.3 | $ | 0.3 | |||
Depletable land | 3.0 | 3.0 | |||||
Buildings and building improvements | 132.5 | 129.5 | |||||
Internal-use computer software | 4.9 | 4.5 | |||||
Machinery and equipment | 605.7 | 595.5 | |||||
Mining reserves | 65.3 | 65.3 | |||||
Total | 811.7 | 798.1 | |||||
Less accumulated depreciation, depletion and amortization | (598.6 | ) | (586.2 | ) | |||
Total net book value | 213.1 | 211.9 | |||||
Construction in progress | 42.1 | 33.1 | |||||
Total property, plant, and equipment, net | $ | 255.2 | $ | 245.0 |
|
(In millions) | 2015 | 2014 | |||||
Accrued freight costs | $ | 0.1 | $ | 1.4 | |||
Accrued energy costs | 5.2 | 5.7 | |||||
Accrued royalty costs | 4.8 | 4.4 | |||||
Accrued employee compensation | 4.0 | 6.8 | |||||
Accrued other taxes | 4.6 | 4.7 | |||||
Accrued derivatives | 1.8 | 0.7 | |||||
Other accruals | 4.7 | 5.8 | |||||
Total | $ | 25.2 | $ | 29.5 |
|
(In millions) | 2015 | 2014 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing monthly interest rate of 0.11% (2015) and 0.14% (2014) | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing monthly interest rate of 0.11% (2015) and 0.14% (2014) | 8.6 | 8.6 | |||||
Ciner Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, variable interest rate as a weighted average rate of 2.07% (2015) and 1.98% (2014) | 90.0 | 125.0 | |||||
Total debt | 110.0 | $ | 145.0 | ||||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 110.0 | $ | 145.0 |
Amount | |||
2017 | 8.6 | ||
2018 | 101.4 | ||
Total | $ | 110.0 |
• | 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 Ciner 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. |
• | make distributions on or redeem or repurchase equity interests, other than distributions to our and Ciner Wyoming’s unitholders; |
• | incur or guarantee additional debt, other than debt incurred under the Revolving Credit Facility or the Ciner Wyoming Credit Facility, among certain other types of permitted debt; |
• | make certain investments and acquisitions, other than acquisitions by each of Ciner Wyoming and us, in an amount not to exceed $10 million and $2 million, respectively, and other exceptions set forth therein; |
• | incur certain liens or permit them to exist, other than, with respect to our and Ciner Wyoming’s liens, an aggregate amount outstanding at any time equal to $200,000 and $1 million, respectively; |
• | enter into certain types of transaction with affiliates, other than transactions between Ciner Wyoming and us; |
• | merge or consolidate with another company; or |
• | transfer, sell or otherwise dispose of assets, other than our and Ciner Wyoming’s dispositions of assets with a net book value not to exceed $500,000 and $2.5 million, respectively, in any given year. |
|
(In millions) | 2015 | 2014 | |||||
Reclamation reserve | $ | 4.5 | $ | 4.2 | |||
Derivative instruments and hedges, fair value liabilities | 2.3 | — | |||||
Total | $ | 6.8 | $ | 4.2 |
(In millions) | 2015 | 2014 | |||||
Reclamation reserve balance at beginning of year | $ | 4.2 | $ | 3.8 | |||
Accretion expense | 0.3 | 0.4 | |||||
Reclamation reserve balance at end of year | $ | 4.5 | $ | 4.2 |
|
|
2015 | 2014 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of year | 15,859 | $ | 25.23 | — | $ | — | |||||||
Granted (1) | 8,347 | 22.51 | 19,960 | 25.01 | |||||||||
Vested | (24,206 | ) | 24.06 | (4,101 | ) | 25.54 | |||||||
Unvested at the end of the year | — | $ | — | 15,859 | $ | 25.23 |
2015 | 2014 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of year | 7,658 | $ | 35.72 | — | $ | — | |||||||
Granted | 7,235 | 24.64 | 7,658 | 35.72 | |||||||||
Vested | (29,786 | ) | 30.34 | — | — | ||||||||
Performance adjustments (2) | 14,893 | 30.34 | — | — | |||||||||
Unvested at the end of the year | — | $ | — | 7,658 | $ | 35.72 |
|
Gains and Losses on Cash Flow Hedges | ||||
(In millions) | ||||
Balance at January 1, 2013 | $ | (0.2 | ) | |
Other comprehensive loss before reclassifications | $ | (0.5 | ) | |
Amounts reclassified from accumulated other comprehensive loss | $ | 0.4 | ||
Net current-period other comprehensive income | (0.1 | ) | ||
Balance at December 31, 2013 | $ | (0.3 | ) | |
Other comprehensive loss before reclassifications | (0.7 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.6 | |||
Net current-period other comprehensive income | (0.1 | ) | ||
Balance at December 31, 2014 | $ | (0.4 | ) | |
Other comprehensive loss before reclassification | (2.4 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.7 | |||
Net current period other comprehensive loss | (1.7 | ) | ||
Balance at December 31, 2015 | $ | (2.1 | ) |
2015 | 2014 | 2013 | ||||||||||
(In millions) | ||||||||||||
Unrealized gain/(loss) on derivatives: | ||||||||||||
Mark to market adjustment on interest rate swap contracts | $ | — | $ | (0.2 | ) | $ | — | |||||
Mark to market adjustment on natural gas forward contracts | (3.4 | ) | — | — | ||||||||
Income/(loss) on derivative financial instruments | $ | (3.4 | ) | $ | (0.2 | ) | $ | — |
(In millions) | 2015 | 2014 | 2013 | Affected Line Items on the Consolidated Statements of Operations and Comprehensive Income | ||||||||||
Details about other comprehensive income/(loss) components: | ||||||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||
Interest rate swap contracts | $ | 0.5 | $ | 0.6 | $ | 0.4 | Interest expense | |||||||
Natural gas forward contracts | $ | 0.2 | $ | — | $ | — | Cost of products sold | |||||||
Total reclassifications for the period | $ | 0.7 | $ | 0.6 | $ | 0.4 |
|
2013 | ||||
Current | $ | 6.8 | ||
Deferred | 0.3 | |||
Total provision for income tax | $ | 7.1 |
2013 | |||||||
Amount | Rate Effect | ||||||
Income tax provision at federal statutory rate | $ | 7.1 | 35.00 | % | |||
State and local income taxes net of federal tax benefit | 0.5 | 2.36 | % | ||||
Permanent domestic production activity deduction | (0.4 | ) | (2.06 | )% | |||
Other | (0.1 | ) | (0.27 | )% | |||
Total provision for income tax | $ | 7.1 | 35.03 | % |
|
(In millions) | Leased Land | Track Leases | Total Minimum Lease Payments | ||||||||
2016 | 0.08 | 0.07 | 0.15 | ||||||||
2017 | 0.08 | 0.07 | 0.15 | ||||||||
2018 | 0.08 | 0.07 | 0.15 | ||||||||
2019 | 0.08 | 0.07 | 0.15 | ||||||||
2020 | 0.08 | 0.07 | 0.15 | ||||||||
Thereafter | 1.50 | 0.03 | 1.53 | ||||||||
Total | $ | 1.9 | $ | 0.4 | $ | 2.3 |
|
Years Ended December 31, | |||||||||||
(In millions) | 2015 | 2014 | 2013 | ||||||||
OCI Enterprises | $ | 6.1 | $ | 10.7 | $ | 5.5 | |||||
Ciner Corp | 5.8 | 3.4 | 4.4 | ||||||||
ANSAC | 3.8 | 2.9 | 2.6 | ||||||||
Total selling, general and administrative expenses - Affiliates | $ | 15.7 | $ | 17.0 | $ | 12.5 |
Years Ended December 31, | ||||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
ANSAC | $ | 261.0 | $ | 230.8 | $ | 200.4 | ||||||
OCI Alabama LLC | 4.3 | 5.9 | 7.3 | |||||||||
OCI Company Limited | — | — | 3.9 | |||||||||
Total | $ | 265.3 | $ | 236.7 | $ | 211.6 |
As of December 31, | |||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Due from affiliates | Due to affiliates | ||||||||||||||
OCI Enterprises | $ | — | $ | 1.7 | $ | — | $ | 4.5 | |||||||
Ciner Corp | 7.1 | 8.7 | 1.9 | 1.4 | |||||||||||
Ciner Resources Europe N.V. | 4.8 | 9.2 | — | — | |||||||||||
Other | — | — | 2.7 | 1.2 | |||||||||||
Total | $ | 11.9 | $ | 19.6 | $ | 4.6 | $ | 7.1 |
|
Years Ended December 31, | ||||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
Domestic | $ | 194.0 | $ | 194.8 | $ | 195.1 | ||||||
International | ||||||||||||
ANSAC | 261.0 | 230.8 | 200.4 | |||||||||
Other | 31.4 | 39.4 | 46.6 | |||||||||
Total international | 292.4 | 270.2 | 247.0 | |||||||||
Total net sales | $ | 486.4 | $ | 465.0 | $ | 442.1 |
|
| Level 1-inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. |
| Level 2-inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. |
| Level 3-inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. |
Assets | Liabilities | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Interest rate swap contracts - current | $ | — | $ | — | Accrued Expenses | $ | 0.8 | Accrued Expenses | $ | 0.7 | |||||||||||||
Natural gas forward contracts - current | — | — | Accrued Expenses | 1.0 | — | ||||||||||||||||||
Natural gas forward contracts - non-current | — | — | Other non-current liabilities | 2.3 | — | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | 4.1 | $ | 0.7 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 0.1 | Other current assets | $ | 0.6 | $ | — | $ | — | |||||||||||||
Total derivatives not designated as hedging instruments | $ | 0.1 | $ | 0.6 | $ | — | $ | — | |||||||||||||||
Total derivatives | $ | 0.1 | $ | 0.6 | $ | 4.1 | $ | 0.7 |
|
|
• | Raw material inventory includes material, chemicals and natural resources being used in the mining and refining process. |
• | Finished goods inventory is the finished product soda ash. |
• | Stores inventory includes parts, materials and operating supplies which are typically consumed in the production of soda ash and currently available for future use. |
Useful Lives | ||
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 | |
Furniture and fixtures | 10 years |
|
Years Ended December 31, | ||||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2013 | |||||||||
Net income attributable to Ciner Resources LP (1) | $ | 51.5 | $ | 44.5 | $ | 13.0 | ||||||
Less: General partner’s interest in net income | 1.0 | 0.8 | 0.2 | |||||||||
Limited partners’ interest in net income | $ | 50.5 | $ | 43.7 | $ | 12.8 | ||||||
Weighted average limited partner units outstanding: | ||||||||||||
Common - Public and Ciner Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | |||||||||
Subordinated - Ciner Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | |||||||||
Total weighted average limited partner units outstanding | 19.6 | 19.6 | 19.6 | |||||||||
Net income per limited partner unit (1): | ||||||||||||
Common - Public and Ciner Holdings (basic and diluted) | $ | 2.58 | $ | 2.23 | $ | 0.65 | ||||||
Subordinated - Ciner Holdings (basic and diluted) | $ | 2.58 | $ | 2.23 | $ | 0.65 |
Years Ended December 31, | |||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2013 | ||||||||
Net income attributable to common unitholders(2): | |||||||||||
Distributions (1) | $ | 21.5 | $ | 20.2 | $ | 5.6 | |||||
Undistributed earnings | 3.8 | 1.7 | 0.8 | ||||||||
Common unitholders’ interest in net income(2) | $ | 25.3 | $ | 21.9 | $ | 6.4 | |||||
Net income attributable to subordinated unitholders(2): | |||||||||||
Distributions (1) | $ | 21.4 | $ | 20.1 | $ | 5.6 | |||||
Undistributed earnings | 3.8 | 1.7 | 0.8 | ||||||||
Subordinated unitholders’ interest in net income(2) | $ | 25.2 | $ | 21.8 | $ | 6.4 | |||||
(1) Distributions declared for the year | 2.19 | 2.06 | 0.57 | ||||||||
(2) Net income and interest attributable to common and subordinated unitholders, for year ended December 31, 2013, is subsequent to initial public offering. |
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) | 2015 | 2014 | |||||
Trade receivables | $ | 27.2 | $ | 24.7 | |||
Other receivables | 6.8 | 10.9 | |||||
34.0 | 35.6 | ||||||
Allowance for doubtful accounts | (0.2 | ) | (0.1 | ) | |||
Total | $ | 33.8 | $ | 35.5 |
|
(In millions) | 2015 | 2014 | |||||
Raw materials | $ | 9.1 | $ | 6.4 | |||
Finished goods | 10.7 | 10.4 | |||||
Stores inventory | 27.1 | 26.4 | |||||
Total | $ | 46.9 | $ | 43.2 | |||
Less: Stores inventory reclassed to other non-current assets | $ | (20.5 | ) | $ | (20.7 | ) | |
Inventory - current | $ | 26.4 | $ | 22.5 |
|
(In millions) | 2015 | 2014 | |||||
Land and land improvements | $ | 0.3 | $ | 0.3 | |||
Depletable land | 3.0 | 3.0 | |||||
Buildings and building improvements | 132.5 | 129.5 | |||||
Internal-use computer software | 4.9 | 4.5 | |||||
Machinery and equipment | 605.7 | 595.5 | |||||
Mining reserves | 65.3 | 65.3 | |||||
Total | 811.7 | 798.1 | |||||
Less accumulated depreciation, depletion and amortization | (598.6 | ) | (586.2 | ) | |||
Total net book value | 213.1 | 211.9 | |||||
Construction in progress | 42.1 | 33.1 | |||||
Total property, plant, and equipment, net | $ | 255.2 | $ | 245.0 |
|
(In millions) | 2015 | 2014 | |||||
Accrued freight costs | $ | 0.1 | $ | 1.4 | |||
Accrued energy costs | 5.2 | 5.7 | |||||
Accrued royalty costs | 4.8 | 4.4 | |||||
Accrued employee compensation | 4.0 | 6.8 | |||||
Accrued other taxes | 4.6 | 4.7 | |||||
Accrued derivatives | 1.8 | 0.7 | |||||
Other accruals | 4.7 | 5.8 | |||||
Total | $ | 25.2 | $ | 29.5 |
|
(In millions) | 2015 | 2014 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing monthly interest rate of 0.11% (2015) and 0.14% (2014) | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing monthly interest rate of 0.11% (2015) and 0.14% (2014) | 8.6 | 8.6 | |||||
Ciner Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, variable interest rate as a weighted average rate of 2.07% (2015) and 1.98% (2014) | 90.0 | 125.0 | |||||
Total debt | 110.0 | $ | 145.0 | ||||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 110.0 | $ | 145.0 |
Amount | |||
2017 | 8.6 | ||
2018 | 101.4 | ||
Total | $ | 110.0 |
|
(In millions) | 2015 | 2014 | |||||
Reclamation reserve | $ | 4.5 | $ | 4.2 | |||
Derivative instruments and hedges, fair value liabilities | 2.3 | — | |||||
Total | $ | 6.8 | $ | 4.2 |
(In millions) | 2015 | 2014 | |||||
Reclamation reserve balance at beginning of year | $ | 4.2 | $ | 3.8 | |||
Accretion expense | 0.3 | 0.4 | |||||
Reclamation reserve balance at end of year | $ | 4.5 | $ | 4.2 |
|
2015 | 2014 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of year | 15,859 | $ | 25.23 | — | $ | — | |||||||
Granted (1) | 8,347 | 22.51 | 19,960 | 25.01 | |||||||||
Vested | (24,206 | ) | 24.06 | (4,101 | ) | 25.54 | |||||||
Unvested at the end of the year | — | $ | — | 15,859 | $ | 25.23 |
2015 | 2014 | ||||||||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | Number of Units | Grant-Date Average Fair Value per Unit (1) | |||||||||
Unvested at the beginning of year | 7,658 | $ | 35.72 | — | $ | — | |||||||
Granted | 7,235 | 24.64 | 7,658 | 35.72 | |||||||||
Vested | (29,786 | ) | 30.34 | — | — | ||||||||
Performance adjustments (2) | 14,893 | 30.34 | — | — | |||||||||
Unvested at the end of the year | — | $ | — | 7,658 | $ | 35.72 |
|
Gains and Losses on Cash Flow Hedges | ||||
(In millions) | ||||
Balance at January 1, 2013 | $ | (0.2 | ) | |
Other comprehensive loss before reclassifications | $ | (0.5 | ) | |
Amounts reclassified from accumulated other comprehensive loss | $ | 0.4 | ||
Net current-period other comprehensive income | (0.1 | ) | ||
Balance at December 31, 2013 | $ | (0.3 | ) | |
Other comprehensive loss before reclassifications | (0.7 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.6 | |||
Net current-period other comprehensive income | (0.1 | ) | ||
Balance at December 31, 2014 | $ | (0.4 | ) | |
Other comprehensive loss before reclassification | (2.4 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.7 | |||
Net current period other comprehensive loss | (1.7 | ) | ||
Balance at December 31, 2015 | $ | (2.1 | ) |
2015 | 2014 | 2013 | ||||||||||
(In millions) | ||||||||||||
Unrealized gain/(loss) on derivatives: | ||||||||||||
Mark to market adjustment on interest rate swap contracts | $ | — | $ | (0.2 | ) | $ | — | |||||
Mark to market adjustment on natural gas forward contracts | (3.4 | ) | — | — | ||||||||
Income/(loss) on derivative financial instruments | $ | (3.4 | ) | $ | (0.2 | ) | $ | — |
(In millions) | 2015 | 2014 | 2013 | Affected Line Items on the Consolidated Statements of Operations and Comprehensive Income | ||||||||||
Details about other comprehensive income/(loss) components: | ||||||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||
Interest rate swap contracts | $ | 0.5 | $ | 0.6 | $ | 0.4 | Interest expense | |||||||
Natural gas forward contracts | $ | 0.2 | $ | — | $ | — | Cost of products sold | |||||||
Total reclassifications for the period | $ | 0.7 | $ | 0.6 | $ | 0.4 |
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2013 | ||||
Current | $ | 6.8 | ||
Deferred | 0.3 | |||
Total provision for income tax | $ | 7.1 |
2013 | |||||||
Amount | Rate Effect | ||||||
Income tax provision at federal statutory rate | $ | 7.1 | 35.00 | % | |||
State and local income taxes net of federal tax benefit | 0.5 | 2.36 | % | ||||
Permanent domestic production activity deduction | (0.4 | ) | (2.06 | )% | |||
Other | (0.1 | ) | (0.27 | )% | |||
Total provision for income tax | $ | 7.1 | 35.03 | % |
|
(In millions) | Leased Land | Track Leases | Total Minimum Lease Payments | ||||||||
2016 | 0.08 | 0.07 | 0.15 | ||||||||
2017 | 0.08 | 0.07 | 0.15 | ||||||||
2018 | 0.08 | 0.07 | 0.15 | ||||||||
2019 | 0.08 | 0.07 | 0.15 | ||||||||
2020 | 0.08 | 0.07 | 0.15 | ||||||||
Thereafter | 1.50 | 0.03 | 1.53 | ||||||||
Total | $ | 1.9 | $ | 0.4 | $ | 2.3 |
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Years Ended December 31, | |||||||||||
(In millions) | 2015 | 2014 | 2013 | ||||||||
OCI Enterprises | $ | 6.1 | $ | 10.7 | $ | 5.5 | |||||
Ciner Corp | 5.8 | 3.4 | 4.4 | ||||||||
ANSAC | 3.8 | 2.9 | 2.6 | ||||||||
Total selling, general and administrative expenses - Affiliates | $ | 15.7 | $ | 17.0 | $ | 12.5 |
Years Ended December 31, | ||||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
ANSAC | $ | 261.0 | $ | 230.8 | $ | 200.4 | ||||||
OCI Alabama LLC | 4.3 | 5.9 | 7.3 | |||||||||
OCI Company Limited | — | — | 3.9 | |||||||||
Total | $ | 265.3 | $ | 236.7 | $ | 211.6 |
As of December 31, | |||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Due from affiliates | Due to affiliates | ||||||||||||||
OCI Enterprises | $ | — | $ | 1.7 | $ | — | $ | 4.5 | |||||||
Ciner Corp | 7.1 | 8.7 | 1.9 | 1.4 | |||||||||||
Ciner Resources Europe N.V. | 4.8 | 9.2 | — | — | |||||||||||
Other | — | — | 2.7 | 1.2 | |||||||||||
Total | $ | 11.9 | $ | 19.6 | $ | 4.6 | $ | 7.1 |
|
Years Ended December 31, | ||||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
Domestic | $ | 194.0 | $ | 194.8 | $ | 195.1 | ||||||
International | ||||||||||||
ANSAC | 261.0 | 230.8 | 200.4 | |||||||||
Other | 31.4 | 39.4 | 46.6 | |||||||||
Total international | 292.4 | 270.2 | 247.0 | |||||||||
Total net sales | $ | 486.4 | $ | 465.0 | $ | 442.1 |
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Assets | Liabilities | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Interest rate swap contracts - current | $ | — | $ | — | Accrued Expenses | $ | 0.8 | Accrued Expenses | $ | 0.7 | |||||||||||||
Natural gas forward contracts - current | — | — | Accrued Expenses | 1.0 | — | ||||||||||||||||||
Natural gas forward contracts - non-current | — | — | Other non-current liabilities | 2.3 | — | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | 4.1 | $ | 0.7 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 0.1 | Other current assets | $ | 0.6 | $ | — | $ | — | |||||||||||||
Total derivatives not designated as hedging instruments | $ | 0.1 | $ | 0.6 | $ | — | $ | — | |||||||||||||||
Total derivatives | $ | 0.1 | $ | 0.6 | $ | 4.1 | $ | 0.7 |
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