| DEBT
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net income attributable to OCI Resources LP | $ | 11.7 | $ | 10.3 | $ | 24.5 | $ | 20.6 | |||||||
Less: General partner's interest in net income | 0.3 | 0.2 | 0.5 | 0.4 | |||||||||||
Total limited partners' interest in net income | $ | 11.4 | $ | 10.1 | $ | 24.0 | $ | 20.2 | |||||||
Weighted average limited partner units outstanding: | |||||||||||||||
Common - Public and OCI Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | 9.8 | |||||||||||
Subordinated - OCI Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | 9.8 | |||||||||||
Total weighted average limited partner units outstanding | 19.6 | 19.6 | 19.6 | 19.6 | |||||||||||
Net income per limited partner units: | |||||||||||||||
Common - Public and OCI Holdings (basic and diluted) | $ | 0.59 | $ | 0.51 | $ | 1.23 | $ | 1.03 | |||||||
Subordinated - OCI Holdings (basic and diluted) | $ | 0.59 | $ | 0.51 | $ | 1.23 | $ | 1.03 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net income attributable to common unitholders: | |||||||||||||||
Distributions (a) | $ | 5.3 | $ | 5.0 | $ | 10.6 | $ | 9.8 | |||||||
Undistributed earnings | 0.4 | 0.1 | 1.4 | 0.3 | |||||||||||
Common unitholders' interest in net income | $ | 5.7 | $ | 5.1 | $ | 12.0 | $ | 10.1 | |||||||
Net income attributable to subordinated unitholders: | |||||||||||||||
Distributions (a) | $ | 5.3 | $ | 4.9 | $ | 10.6 | $ | 9.8 | |||||||
Undistributed earnings | 0.4 | 0.1 | 1.4 | 0.3 | |||||||||||
Subordinated unitholders' interest in net income | $ | 5.7 | $ | 5.0 | $ | 12.0 | $ | 10.1 | |||||||
(a) Distributions declared per unit for the period | $ | 0.5445 | $ | 0.5000 | $ | 1.083 | $ | 1.000 |
• | 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 | % |
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As of | |||||||
(In millions) | June 30, 2015 | December 31, 2014 | |||||
Raw materials | $ | 9.2 | $ | 6.4 | |||
Finished goods | 10.9 | 10.4 | |||||
Stores inventory | 28.0 | 26.4 | |||||
Total | $ | 48.1 | $ | 43.2 | |||
Less: Stores inventory reclassed to other non-current assets | (21.8 | ) | (20.7 | ) | |||
Inventory - current | $ | 26.3 | $ | 22.5 |
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As of | |||||||
(In millions) | June 30, 2015 | December 31, 2014 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 | 8.6 | 8.6 | |||||
OCI Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, variable interest rate was a weighted average of 2.00% at June 30, 2015 and 1.98% at December 31, 2014 | 110.0 | 125.0 | |||||
Total debt | $ | 130.0 | $ | 145.0 | |||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 130.0 | $ | 145.0 |
(In millions) | Amount | ||
2017 | $ | 8.6 | |
2018 | 121.4 | ||
Total | $ | 130.0 |
• | 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. |
• | 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. |
• | 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. |
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As of | |||||||
(In millions) | June 30, 2015 | December 31, 2014 | |||||
Reclamation reserve | $ | 4.3 | $ | 4.2 | |||
Derivative instruments and hedges, fair value liabilities, non-current | 0.9 | — | |||||
Total | $ | 5.2 | $ | 4.2 |
As of | |||||||
(In millions) | June 30, 2015 | December 31, 2014 | |||||
Beginning reclamation reserve balance | $ | 4.2 | $ | 3.8 | |||
Accretion expense | 0.1 | 0.4 | |||||
Ending reclamation reserve balance | $ | 4.3 | $ | 4.2 |
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Six Months Ended June 30, 2015 | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Unvested at the beginning of period | 15,859 | $ | 25.23 | |||
Granted | 8,347 | 22.51 | ||||
Vested | (2,552 | ) | 25.70 | |||
Unvested at the end of the period | 21,654 | $ | 24.12 |
Six Months Ended June 30, 2015 | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Unvested at the beginning of period | 7,658 | $ | 35.72 | |||
Granted | 7,235 | 24.64 | ||||
Unvested at the end of the period | 14,893 | $ | 30.34 |
Six Months Ended June 30, 2015 | |||||
Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | ||||
Time-based units | $ | 0.4 | 1.99 | ||
Performance-based units | 0.3 | 2.01 | |||
Total | $ | 0.7 |
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Gains and Losses on Cash Flow Hedges | ||||
(In millions) | ||||
Balance at December 31, 2014 | $ | (0.4 | ) | |
Other comprehensive loss before reclassification | (1.1 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.3 | |||
Net current period other comprehensive loss | (0.8 | ) | ||
Balance at June 30, 2015 | $ | (1.2 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(In millions) | ||||||||||||||||
Unrealized loss on derivatives: | ||||||||||||||||
Mark to market adjustment on interest rate swaps | $ | 0.2 | $ | (0.4 | ) | $ | (0.3 | ) | $ | (0.6 | ) | |||||
Mark to market adjustment on natural gas forward contracts | 0.2 | — | (1.3 | ) | — | |||||||||||
Income/(loss) on derivative financial instruments | $ | 0.4 | $ | (0.4 | ) | $ | (1.6 | ) | $ | (0.6 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Items on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||
(In millions) | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Details about other comprehensive income/(loss) components: | ||||||||||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||||||
Interest rate swap contracts | $ | 0.1 | $ | 0.2 | $ | 0.3 | $ | 0.2 | Interest expense | |||||||||
Total reclassifications for the period | $ | 0.1 | $ | 0.2 | $ | 0.3 | $ | 0.2 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
OCI Enterprises | $ | 1.8 | $ | 2.1 | $ | 4.0 | $ | 4.1 | |||||||
OCI Chemical | 1.1 | 1.0 | 2.1 | 2.0 | |||||||||||
ANSAC (1) | 1.0 | 0.7 | 1.8 | 1.0 | |||||||||||
Total selling, general and administrative expenses - Affiliates | $ | 3.9 | $ | 3.8 | $ | 7.9 | $ | 7.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
ANSAC | $ | 62.4 | $ | 52.9 | $ | 126.5 | $ | 109.6 | |||||||
OCI Alabama LLC | 1.2 | 1.2 | 2.6 | 2.7 | |||||||||||
Total | $ | 63.6 | $ | 54.1 | $ | 129.1 | $ | 112.3 |
As of | |||||||||||||||
(In millions) | June 30, 2015 | December 31, 2014 | June 30, 2015 | December 31, 2014 | |||||||||||
Due from affiliates | Due to affiliates | ||||||||||||||
OCI Enterprises | $ | 0.1 | $ | 1.7 | $ | 3.1 | $ | 4.5 | |||||||
OCI Chemical | 14.6 | 8.7 | 0.5 | 1.4 | |||||||||||
OCI Chemical Europe NV | 6.0 | 9.2 | — | — | |||||||||||
Other | — | — | 1.1 | 1.2 | |||||||||||
Total | $ | 20.7 | $ | 19.6 | $ | 4.7 | $ | 7.1 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Domestic | $ | 49.8 | $ | 51.7 | $ | 98.4 | $ | 100.3 | |||||||
International | |||||||||||||||
ANSAC | 62.4 | 52.9 | 126.4 | 109.6 | |||||||||||
Other | 10.0 | 8.4 | 17.8 | 19.3 | |||||||||||
Total international | 72.4 | 61.3 | 144.2 | 128.9 | |||||||||||
Total net sales | $ | 122.2 | $ | 113.0 | $ | 242.6 | $ | 229.2 |
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| Level 1-inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. |
| Level 2-inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. |
| Level 3-inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net income attributable to OCI Resources LP | $ | 11.7 | $ | 10.3 | $ | 24.5 | $ | 20.6 | |||||||
Less: General partner's interest in net income | 0.3 | 0.2 | 0.5 | 0.4 | |||||||||||
Total limited partners' interest in net income | $ | 11.4 | $ | 10.1 | $ | 24.0 | $ | 20.2 | |||||||
Weighted average limited partner units outstanding: | |||||||||||||||
Common - Public and OCI Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | 9.8 | |||||||||||
Subordinated - OCI Holdings (basic and diluted) | 9.8 | 9.8 | 9.8 | 9.8 | |||||||||||
Total weighted average limited partner units outstanding | 19.6 | 19.6 | 19.6 | 19.6 | |||||||||||
Net income per limited partner units: | |||||||||||||||
Common - Public and OCI Holdings (basic and diluted) | $ | 0.59 | $ | 0.51 | $ | 1.23 | $ | 1.03 | |||||||
Subordinated - OCI Holdings (basic and diluted) | $ | 0.59 | $ | 0.51 | $ | 1.23 | $ | 1.03 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions, except per unit data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net income attributable to common unitholders: | |||||||||||||||
Distributions (a) | $ | 5.3 | $ | 5.0 | $ | 10.6 | $ | 9.8 | |||||||
Undistributed earnings | 0.4 | 0.1 | 1.4 | 0.3 | |||||||||||
Common unitholders' interest in net income | $ | 5.7 | $ | 5.1 | $ | 12.0 | $ | 10.1 | |||||||
Net income attributable to subordinated unitholders: | |||||||||||||||
Distributions (a) | $ | 5.3 | $ | 4.9 | $ | 10.6 | $ | 9.8 | |||||||
Undistributed earnings | 0.4 | 0.1 | 1.4 | 0.3 | |||||||||||
Subordinated unitholders' interest in net income | $ | 5.7 | $ | 5.0 | $ | 12.0 | $ | 10.1 | |||||||
(a) Distributions declared per unit for the period | $ | 0.5445 | $ | 0.5000 | $ | 1.083 | $ | 1.000 |
Marginal Percentage Interest in Distributions | |||||||
Total Quarterly Distribution per Unit Target Amount | Unitholders | General Partner | |||||
Minimum Quarterly Distribution | $0.5000 | 98.0 | % | 2.0 | % | ||
First Target Distribution | above $0.5000 up to $0.5750 | 98.0 | % | 2.0 | % | ||
Second Target Distribution | above $0.5750 up to $0.6250 | 85.0 | % | 15.0 | % | ||
Third Target Distribution | above $0.6250 up to $0.7500 | 75.0 | % | 25.0 | % | ||
Thereafter | above $0.7500 | 50.0 | % | 50.0 | % |
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As of | |||||||
(In millions) | June 30, 2015 | December 31, 2014 | |||||
Raw materials | $ | 9.2 | $ | 6.4 | |||
Finished goods | 10.9 | 10.4 | |||||
Stores inventory | 28.0 | 26.4 | |||||
Total | $ | 48.1 | $ | 43.2 | |||
Less: Stores inventory reclassed to other non-current assets | (21.8 | ) | (20.7 | ) | |||
Inventory - current | $ | 26.3 | $ | 22.5 |
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As of | |||||||
(In millions) | June 30, 2015 | December 31, 2014 | |||||
Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 | $ | 11.4 | $ | 11.4 | |||
Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 | 8.6 | 8.6 | |||||
OCI Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, variable interest rate was a weighted average of 2.00% at June 30, 2015 and 1.98% at December 31, 2014 | 110.0 | 125.0 | |||||
Total debt | $ | 130.0 | $ | 145.0 | |||
Current portion of long-term debt | — | — | |||||
Total long-term debt | $ | 130.0 | $ | 145.0 |
(In millions) | Amount | ||
2017 | $ | 8.6 | |
2018 | 121.4 | ||
Total | $ | 130.0 |
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As of | |||||||
(In millions) | June 30, 2015 | December 31, 2014 | |||||
Beginning reclamation reserve balance | $ | 4.2 | $ | 3.8 | |||
Accretion expense | 0.1 | 0.4 | |||||
Ending reclamation reserve balance | $ | 4.3 | $ | 4.2 |
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Six Months Ended June 30, 2015 | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Unvested at the beginning of period | 15,859 | $ | 25.23 | |||
Granted | 8,347 | 22.51 | ||||
Vested | (2,552 | ) | 25.70 | |||
Unvested at the end of the period | 21,654 | $ | 24.12 |
Six Months Ended June 30, 2015 | ||||||
(Units in whole numbers) | Number of Units | Grant-Date Average Fair Value per Unit (1) | ||||
Unvested at the beginning of period | 7,658 | $ | 35.72 | |||
Granted | 7,235 | 24.64 | ||||
Unvested at the end of the period | 14,893 | $ | 30.34 |
Six Months Ended June 30, 2015 | |||||
Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | ||||
Time-based units | $ | 0.4 | 1.99 | ||
Performance-based units | 0.3 | 2.01 | |||
Total | $ | 0.7 |
Six Months Ended June 30, 2015 | |||||
Unrecognized Compensation Expense (In millions) | Weighted Average to be Recognized (In years) | ||||
Time-based units | $ | 0.4 | 1.99 | ||
Performance-based units | 0.3 | 2.01 | |||
Total | $ | 0.7 |
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Gains and Losses on Cash Flow Hedges | ||||
(In millions) | ||||
Balance at December 31, 2014 | $ | (0.4 | ) | |
Other comprehensive loss before reclassification | (1.1 | ) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.3 | |||
Net current period other comprehensive loss | (0.8 | ) | ||
Balance at June 30, 2015 | $ | (1.2 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(In millions) | ||||||||||||||||
Unrealized loss on derivatives: | ||||||||||||||||
Mark to market adjustment on interest rate swaps | $ | 0.2 | $ | (0.4 | ) | $ | (0.3 | ) | $ | (0.6 | ) | |||||
Mark to market adjustment on natural gas forward contracts | 0.2 | — | (1.3 | ) | — | |||||||||||
Income/(loss) on derivative financial instruments | $ | 0.4 | $ | (0.4 | ) | $ | (1.6 | ) | $ | (0.6 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Items on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||
(In millions) | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Details about other comprehensive income/(loss) components: | ||||||||||||||||||
Gains and losses on cash flow hedges: | ||||||||||||||||||
Interest rate swap contracts | $ | 0.1 | $ | 0.2 | $ | 0.3 | $ | 0.2 | Interest expense | |||||||||
Total reclassifications for the period | $ | 0.1 | $ | 0.2 | $ | 0.3 | $ | 0.2 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
OCI Enterprises | $ | 1.8 | $ | 2.1 | $ | 4.0 | $ | 4.1 | |||||||
OCI Chemical | 1.1 | 1.0 | 2.1 | 2.0 | |||||||||||
ANSAC (1) | 1.0 | 0.7 | 1.8 | 1.0 | |||||||||||
Total selling, general and administrative expenses - Affiliates | $ | 3.9 | $ | 3.8 | $ | 7.9 | $ | 7.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
ANSAC | $ | 62.4 | $ | 52.9 | $ | 126.5 | $ | 109.6 | |||||||
OCI Alabama LLC | 1.2 | 1.2 | 2.6 | 2.7 | |||||||||||
Total | $ | 63.6 | $ | 54.1 | $ | 129.1 | $ | 112.3 |
As of | |||||||||||||||
(In millions) | June 30, 2015 | December 31, 2014 | June 30, 2015 | December 31, 2014 | |||||||||||
Due from affiliates | Due to affiliates | ||||||||||||||
OCI Enterprises | $ | 0.1 | $ | 1.7 | $ | 3.1 | $ | 4.5 | |||||||
OCI Chemical | 14.6 | 8.7 | 0.5 | 1.4 | |||||||||||
OCI Chemical Europe NV | 6.0 | 9.2 | — | — | |||||||||||
Other | — | — | 1.1 | 1.2 | |||||||||||
Total | $ | 20.7 | $ | 19.6 | $ | 4.7 | $ | 7.1 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Domestic | $ | 49.8 | $ | 51.7 | $ | 98.4 | $ | 100.3 | |||||||
International | |||||||||||||||
ANSAC | 62.4 | 52.9 | 126.4 | 109.6 | |||||||||||
Other | 10.0 | 8.4 | 17.8 | 19.3 | |||||||||||
Total international | 72.4 | 61.3 | 144.2 | 128.9 | |||||||||||
Total net sales | $ | 122.2 | $ | 113.0 | $ | 242.6 | $ | 229.2 |
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