Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35120 | |
Entity Registrant Name | CVR PARTNERS, LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-2677689 | |
Entity Address, Address Line One | 2277 Plaza Drive, Suite 500 | |
Entity Address, City or Town | Sugar Land | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77479 | |
City Area Code | 281 | |
Local Phone Number | 207-3200 | |
Title of 12(b) Security | Common units representing limited partner interests | |
Trading Symbol | UAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,681,332 | |
Entity Central Index Key | 0001425292 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 52,561 | $ 30,559 |
Accounts receivable | 15,491 | 36,896 |
Inventories | 57,184 | 42,349 |
Prepaid expenses and other current assets | 7,494 | 8,410 |
Total current assets | 132,730 | 118,214 |
Property, plant, and equipment, net | 883,336 | 897,847 |
Other long-term assets | 15,816 | 16,819 |
Total assets | 1,031,882 | 1,032,880 |
Current liabilities: | ||
Accounts payable | 20,603 | 19,544 |
Accounts payable to affiliates | 1,061 | 5,217 |
Deferred revenue | 40,383 | 30,631 |
Other current liabilities | 37,781 | 20,949 |
Total current liabilities | 99,828 | 76,341 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 634,946 | 633,942 |
Other long-term liabilities | 8,780 | 8,356 |
Total long-term liabilities | 643,726 | 642,298 |
Commitments and contingencies (See Note 11) | ||
Partners’ capital: | ||
Common unitholders, 10,681,332 and 10,705,710 units issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 288,327 | 314,240 |
General partner interest | 1 | 1 |
Total partners’ capital | 288,328 | 314,241 |
Total liabilities and partners’ capital | $ 1,031,882 | $ 1,032,880 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common unitholders, issued (in units) | 10,681,332 | 10,705,710 |
Common unitholders, outstanding (in units) | 10,681,332 | 10,705,710 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 60,921 | $ 75,080 |
Operating costs and expenses: | ||
Cost of materials and other | 17,766 | 23,991 |
Direct operating expenses (exclusive of depreciation and amortization) | 37,075 | 35,123 |
Depreciation and amortization | 14,123 | 15,597 |
Cost of sales | 68,964 | 74,711 |
Selling, general and administrative expenses | 5,891 | 5,354 |
Loss (gain) on asset disposal | 72 | (13) |
Operating loss | (14,006) | (4,972) |
Other (expense) income: | ||
Interest expense, net | (15,916) | (15,783) |
Other income, net | 4,557 | 27 |
Loss before income tax expense | (25,365) | (20,728) |
Income tax expense | 19 | 7 |
Net loss | $ (25,384) | $ (20,735) |
Basic and diluted loss per unit (in dollars per unit) | $ (2.37) | $ (1.83) |
Weighted-average common units outstanding: | ||
Basic and Diluted (in units) | 10,695 | 11,328 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (unaudited) - USD ($) $ in Thousands | Total | General Partner Interest | Common Units |
Beginning balance (in units) at Dec. 31, 2019 | 11,328,297 | ||
Beginning balance at Dec. 31, 2019 | $ 419,544 | $ 1 | $ 419,543 |
Increase (Decrease) in Partners' Capital | |||
Land exchange with affiliate | (116) | (116) | |
Net loss | (20,735) | $ (20,735) | |
Ending balance (in units) at Mar. 31, 2020 | 11,328,297 | ||
Ending balance at Mar. 31, 2020 | 398,693 | 1 | $ 398,692 |
Beginning balance (in units) at Dec. 31, 2020 | 10,705,710 | ||
Beginning balance at Dec. 31, 2020 | 314,241 | 1 | $ 314,240 |
Increase (Decrease) in Partners' Capital | |||
Unit repurchases (in units) | (24,378) | ||
Unit repurchases | (529) | $ (529) | |
Net loss | (25,384) | $ (25,384) | |
Ending balance (in units) at Mar. 31, 2021 | 10,681,332 | ||
Ending balance at Mar. 31, 2021 | $ 288,328 | $ 1 | $ 288,327 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (25,384) | $ (20,735) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 14,123 | 15,597 |
Share-based compensation | 3,592 | (477) |
Other adjustments | 1,259 | 1,262 |
Change in assets and liabilities: | ||
Current assets and liabilities | 33,782 | 32,645 |
Non-current assets and liabilities | (1,821) | (585) |
Net cash provided by operating activities | 25,551 | 27,707 |
Cash flows from investing activities: | ||
Capital expenditures | (2,994) | (6,710) |
Proceeds from sale of assets | 0 | 48 |
Net cash used in investing activities | (2,994) | (6,662) |
Cash flows from financing activities: | ||
Repurchase of common units | (529) | 0 |
Other financing activities | (26) | (25) |
Net cash used in financing activities | (555) | (25) |
Net increase in cash and cash equivalents | 22,002 | 21,020 |
Cash and cash equivalents, beginning of period | 30,559 | 36,994 |
Cash and cash equivalents, end of period | $ 52,561 | $ 58,014 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | (1) Organization and Nature of Business CVR Partners, LP (“CVR Partners” or the “Partnership”) is a Delaware limited partnership formed by CVR Energy, Inc. (together with its subsidiaries, but excluding the Partnership and its subsidiaries, “CVR Energy”) to own, operate and grow its nitrogen fertilizer business. The Partnership produces nitrogen fertilizer products at two manufacturing facilities, which are located in Coffeyville, Kansas (the “Coffeyville Facility”) and East Dubuque, Illinois (the “East Dubuque Facility”). Both facilities manufacture ammonia and are able to further upgrade to other nitrogen fertilizer products, principally urea ammonium nitrate (“UAN”). Nitrogen fertilizer is used by farmers to improve the yield and quality of their crops, primarily corn and wheat. The Partnership’s products are sold on a wholesale basis in the United States of America. As used in these financial statements, references to CVR Partners, the Partnership, “we”, “us”, and “our” may refer to consolidated subsidiaries of CVR Partners or one or both of the facilities, as the context may require. Interest Holders As of March 31, 2021, public common unitholders held approximately 64% of the Partnership’s outstanding limited partner interests; CVR Services, LLC (“CVR Services”), a wholly-owned subsidiary of CVR Energy, held approximately 36% of the Partnership’s outstanding limited partner interests; and CVR GP, LLC (“CVR GP” or the “general partner”), a wholly owned subsidiary of CVR Energy, held 100% of the Partnership’s general partner interest. As of March 31, 2021, Icahn Enterprises L.P. (“IEP”) and its affiliates owned approximately 71% of the common stock of CVR Energy. Unit Repurchase Program On May 6, 2020, the board of directors of the Partnership’s general partner (the “Board”), on behalf of the Partnership, authorized a unit repurchase program (the “Unit Repurchase Program”). The Unit Repurchase Program enables the Partnership to repurchase up to $10 million of the Partnership’s common units. On February 22, 2021, the Board authorized an additional $10 million for the Unit Repurchase Program. During the three months ended March 31, 2021, the Partnership repurchased 24,378 common units on the open market, in accordance with a repurchase agreement under Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), at a cost of $0.5 million, inclusive of transaction costs, or an average price of $21.70 per common unit. As of March 31, 2021, the Partnership had $12.4 million in authority remaining under the Unit Repurchase Program. This Unit Repurchase Program does not obligate the Partnership to acquire any common units and may be cancelled or terminated by the Board at any time. Management and Operations |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (2) Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2020 audited consolidated financial statements and notes thereto included in the 2020 Form 10-K. In the opinion of the Partnership’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements Recent Accounting Pronouncements - Adoption of Income Taxes Standard In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740). The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and modifies other areas of the topic to clarify the application of GAAP. Certain amendments within the standard are required to be applied on a retrospective basis and others on a prospective basis. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - Adoption of Codification Improvements Standard In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The ASU amends various sections of the codification in the Boards ongoing efforts to simplify and improve guidance. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - New Accounting Standards Issued But Not Yet Implemented In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). This ASU was issued because, by the end of 2021, banks will no longer be required to report information that is used to determine London Interbank Offered Rate (“LIBOR”), which is used globally by all types of entities. As a result, LIBOR could be discontinued, as well as other interest rates used globally. ASU 2020-04 provides companies with optional expedients for contract modifications under Topics 310, 470, 842, and 815-15, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. ASU 2021-01 clarifies certain optional expedients and exceptions for contract modifications and hedge accounting. Companies can apply the ASU immediately. However, the guidance will only be available for a limited time (generally through December 31, 2022). The Partnership is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | (4) Inventories Inventories consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Finished goods $ 24,490 $ 9,815 Raw materials 100 152 Parts, supplies and other 32,594 32,382 Total inventories $ 57,184 $ 42,349 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (5) Property, Plant and Equipment Property, plant and equipment consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Machinery and equipment $ 1,392,503 $ 1,388,735 Buildings and improvements 17,598 17,598 Automotive equipment 16,608 16,608 Land and improvements 14,132 14,132 Construction in progress 10,746 12,098 Other 2,027 1,721 1,453,614 1,450,892 Less: Accumulated depreciation and amortization 570,278 553,045 Total property, plant and equipment, net $ 883,336 $ 897,847 As of March 31, 2021, the Partnership had not identified the existence of an impairment indicator for our long-lived asset groups as outlined under ASC Topic 360, Property, Plant, and Equipment . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Balance Sheet Summary as of March 31, 2021 and December 31, 2020 The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at March 31, 2021 and December 31, 2020 : March 31, 2021 December 31, 2020 (in thousands) Operating Leases Finance Leases Operating Leases Finance Leases ROU asset, net Railcars $ 6,558 $ — $ 7,327 $ — Real estate and other 2,944 95 3,040 101 Lease liability Railcars $ 6,931 $ — $ 7,696 $ — Real estate and other 817 70 867 105 Lease Expense Summary for the Three Months Ended March 31, 2021 and 2020 We recognize lease expense on a straight-line basis over the lease term and short-term lease expense within Direct operating expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2021 and 2020, we recognized lease expense comprised of the following components: Three Months Ended (in thousands) 2021 2020 Operating lease expense $ 916 $ 1,111 Finance lease expense: Amortization of ROU asset $ 22 $ 27 Interest expense on lease liability 1 2 Short-term lease expense $ 160 $ 77 Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 2.7 years 1.1 years 2.9 years 1.3 years Weighted-average discount rate 5.1 % 3.9 % 5.1 % 4.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at March 31, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 2,754 $ 71 2022 3,236 — 2023 1,367 — 2024 684 — 2025 263 — Thereafter — — Total lease payments 8,304 71 Less: imputed interest (556) (1) Total lease liability $ 7,748 $ 70 |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Balance Sheet Summary as of March 31, 2021 and December 31, 2020 The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at March 31, 2021 and December 31, 2020 : March 31, 2021 December 31, 2020 (in thousands) Operating Leases Finance Leases Operating Leases Finance Leases ROU asset, net Railcars $ 6,558 $ — $ 7,327 $ — Real estate and other 2,944 95 3,040 101 Lease liability Railcars $ 6,931 $ — $ 7,696 $ — Real estate and other 817 70 867 105 Lease Expense Summary for the Three Months Ended March 31, 2021 and 2020 We recognize lease expense on a straight-line basis over the lease term and short-term lease expense within Direct operating expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2021 and 2020, we recognized lease expense comprised of the following components: Three Months Ended (in thousands) 2021 2020 Operating lease expense $ 916 $ 1,111 Finance lease expense: Amortization of ROU asset $ 22 $ 27 Interest expense on lease liability 1 2 Short-term lease expense $ 160 $ 77 Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 2.7 years 1.1 years 2.9 years 1.3 years Weighted-average discount rate 5.1 % 3.9 % 5.1 % 4.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at March 31, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 2,754 $ 71 2022 3,236 — 2023 1,367 — 2024 684 — 2025 263 — Thereafter — — Total lease payments 8,304 71 Less: imputed interest (556) (1) Total lease liability $ 7,748 $ 70 |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | (7) Other Current Liabilities Other current liabilities consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Accrued interest $ 17,470 $ 2,506 Personnel accruals 5,287 7,475 Operating lease liabilities 3,356 3,309 Sales incentives 2,954 2,215 Share-based compensation 2,313 442 Current portion of long-term debt and finance lease obligations 2,310 2,240 Prepaid revenue contracts 138 197 Other accrued expenses and liabilities 3,953 2,565 Total other current liabilities $ 37,781 $ 20,949 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (8) Long-Term Debt Long-term debt consists of the following: (in thousands) March 31, 2021 December 31, 2020 9.25% Senior Secured Notes, due June 2023 (1) $ 645,000 $ 645,000 Unamortized discount and debt issuance costs (2) (10,054) (11,058) Total long-term debt and finance lease obligations, net of current portion 634,946 633,942 Current portion of long-term debt and finance lease obligations (3)(4) 2,310 2,240 Total long-term debt and finance lease obligations, including current portion $ 637,256 $ 636,182 (1) The estimated fair value of long-term debt outstanding was approximately $650.6 million and $645.7 million as of March 31, 2021 and December 31, 2020, respectively. This estimate of fair value is a Level 2 measurement as it was determined by quotations obtained from a broker-dealer who makes a market in these and similar securities. The call price of the 2023 Notes decreases to par on June 15, 2021. (2) For the three months ended March 31, 2021 and 2020, amortization of the discount on debt and amortization of deferred financing costs reported as Interest expense, net totaled approximately $1.0 million and $0.9 million, respectively. (3) The 6.50% Notes, due April 2021, mature within 12 months, and, therefore, the outstanding balance of $2.2 million has been classified as short-term debt as of March 31, 2021 and December 31, 2020. Amounts are reported in Other current liabilities. On April 15, 2021, the 2021 Notes matured, and the Partnership paid the outstanding balance, plus accrued and unpaid interest. (4) Current portion of finance lease obligations recognized was approximately $0.1 million as of March 31, 2021. Amounts reported in Other current liabilities. Credit Agreements (in thousands) Total Available Borrowing Capacity Amount Borrowed as of March 31, 2021 Outstanding Letters of Credit Available Capacity as of March 31, 2021 Maturity Date ABL Credit Agreement (1)(2) $ 24,609 $ — $ — $ 24,609 September 30, 2022 (1) Beginning January 1, 2021, loans under the Partnership’s ABL Credit Agreement (the “ABL Credit Agreement”) bear interest at an annual rate equal to (i) (a) 2.00% plus LIBOR, to the extent available, or (b) 1.00% plus a base rate, if our quarterly excess availability is greater than 50% and (ii) (a) 2.50% plus LIBOR, to the extent available, or (b) 1.50% plus a base rate, otherwise. (2) Amortization expense was $0.1 million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively. Covenant Compliance The Partnership and its subsidiaries were in compliance with all covenants under their respective debt instruments as of March 31, 2021. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (9) Revenue The following table presents the Partnership’s revenue, disaggregated by major product: Three Months Ended (in thousands) 2021 2020 Ammonia $ 9,534 $ 14,147 UAN 38,062 47,014 Urea products 4,758 3,533 Net sales, exclusive of freight and other 52,354 64,694 Freight revenue 6,114 7,722 Other revenue 2,453 2,664 Net sales $ 60,921 $ 75,080 Transaction Price Allocated to Remaining Performance Obligations As of March 31, 2021, the Partnership had approximately $6.1 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Partnership expects to recognize approximately $3.5 million of these performance obligations as revenue by the end of 2021, an additional $2.3 million in 2022, and the remaining balance thereafter. Contract Balances The Partnership’s deferred revenue is a contract liability that primarily relates to nitrogen fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. A summary of the deferred revenue activity for the three months ended March 31, 2021 is presented below: (in thousands) Balance at December 31, 2020 $ 30,631 Add: New prepay contracts entered into during the period (1) 20,094 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period (7,505) Revenue recognized related to contracts entered into during the period (2,800) Other changes (37) Balance at March 31, 2021 $ 40,383 (1) Includes $18.6 million where payment associated with prepaid contracts was collected as of March 31, 2021. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | (10) Share-Based Compensation A summary of compensation expense for the three months ended March 31, 2021 and 2020 is presented below: Three Months Ended (in thousands) 2021 2020 Phantom Units $ 3,145 $ (259) Other Awards (1) 447 (218) Total share-based compensation expense $ 3,592 $ (477) (1) Other awards include the allocation of compensation expense for certain employees of CVR Energy and certain of its subsidiaries who perform services for the Partnership under the services agreement with CVR Energy and the Limited Partnership Agreement, respectively, and participate in equity compensation plans of CVR Partners’ affiliates. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies There have been no material changes in the Partnership’s commitments and contingencies disclosed in the 2020 Form 10-K. In the ordinary course of business, the Partnership may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Partnership accrues liabilities for these matters if the Partnership has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While it is not possible to predict the outcome of such proceedings, if one or more of them were decided against us, the Partnership believes there would be no material impact on its consolidated financial statements. The Partnership continues to monitor its contractual arrangements and customer, vendor, and supplier relationships to determine whether and to what extent, if any, the impacts of the COVID-19 pandemic or recent price volatility will impair or excuse the performance of the Partnership or its subsidiaries or their customers, vendors, or suppliers under existing agreements. As of March 31, 2021, the Partnership had not experienced a material financial impact from any actual or threatened impairment of or excuse in its or others’ performance under such agreements. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (12) Supplemental Cash Flow Information Cash flows related to income taxes, interest, leases, and capital expenditures included in accounts payable are as follows: Three Months Ended (in thousands) 2021 2020 Supplemental disclosures: Cash paid for interest $ 45 $ 49 Cash paid, net of refunds (received, net of payments) for income taxes — (1) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 918 1,118 Operating cash flows from finance leases 1 2 Financing cash flows from finance leases 26 25 Non-cash investing activities: Change in capital expenditures included in accounts payable 131 (1,117) |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (13) Related Party Transactions Activity associated with the Partnership’s related party arrangements for the three months ended March 31, 2021 and 2020 is summarized below. Related Party Activity Three Months Ended (in thousands) 2021 2020 Sales to related parties (1) $ 219 $ 540 Purchases from related parties (2) 6,693 5,938 March 31, 2021 December 31, 2020 Due to related parties (3) 902 1,446 (1) Sales to related parties, included in Net sales, consist primarily of sales of feedstocks and services to Coffeyville Resources Refining & Marketing, LLC (“CRRM”) under the Master Service Agreement with Coffeyville Resources Nitrogen Fertilizers, LLC (the “Coffeyville MSA”). (2) Purchases from related parties, included in Cost of materials and other, Direct operating expenses (exclusive of depreciation and amortization), and Selling, general and administrative expenses, consist primarily of pet coke and hydrogen purchased from CRRM under the Coffeyville MSA. (3) Due (from) to related parties, included in Accounts payable to affiliates, Other current liabilities, and Other long-term liabilities, consist primarily of amounts to be received or payable for feedstocks and other supplies and services provided by CRRM and CVR Services under the Coffeyville MSA and Corporate MSA. Distributions to CVR Partners’ Unitholders Distributions, if any, including the payment, amount, and timing thereof, are subject to change at the discretion of the Board. There were no distributions declared or paid by the Partnership during the three months ended March 31, 2021 related to the fourth quarter of 2020, and no distributions were paid during 2020. No distributions were declared for the first quarter of 2021. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2020 audited consolidated financial statements and notes thereto included in the 2020 Form 10-K. In the opinion of the Partnership’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements - Adoption of Income Taxes Standard In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740). The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and modifies other areas of the topic to clarify the application of GAAP. Certain amendments within the standard are required to be applied on a retrospective basis and others on a prospective basis. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - Adoption of Codification Improvements Standard In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The ASU amends various sections of the codification in the Boards ongoing efforts to simplify and improve guidance. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - New Accounting Standards Issued But Not Yet Implemented In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). This ASU was issued because, by the end of 2021, banks will no longer be required to report information that is used to determine London Interbank Offered Rate (“LIBOR”), which is used globally by all types of entities. As a result, LIBOR could be discontinued, as well as other interest rates used globally. ASU 2020-04 provides companies with optional expedients for contract modifications under Topics 310, 470, 842, and 815-15, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. ASU 2021-01 clarifies certain optional expedients and exceptions for contract modifications and hedge accounting. Companies can apply the ASU immediately. However, the guidance will only be available for a limited time (generally through December 31, 2022). The Partnership is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Finished goods $ 24,490 $ 9,815 Raw materials 100 152 Parts, supplies and other 32,594 32,382 Total inventories $ 57,184 $ 42,349 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of costs and accumulated depreciation for property, plant, and equipment | Property, plant and equipment consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Machinery and equipment $ 1,392,503 $ 1,388,735 Buildings and improvements 17,598 17,598 Automotive equipment 16,608 16,608 Land and improvements 14,132 14,132 Construction in progress 10,746 12,098 Other 2,027 1,721 1,453,614 1,450,892 Less: Accumulated depreciation and amortization 570,278 553,045 Total property, plant and equipment, net $ 883,336 $ 897,847 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of right of use asset and lease liability balances for operating and finance leases | The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at March 31, 2021 and December 31, 2020 : March 31, 2021 December 31, 2020 (in thousands) Operating Leases Finance Leases Operating Leases Finance Leases ROU asset, net Railcars $ 6,558 $ — $ 7,327 $ — Real estate and other 2,944 95 3,040 101 Lease liability Railcars $ 6,931 $ — $ 7,696 $ — Real estate and other 817 70 867 105 |
Lease expense, terms, and discount rates | For the three months ended March 31, 2021 and 2020, we recognized lease expense comprised of the following components: Three Months Ended (in thousands) 2021 2020 Operating lease expense $ 916 $ 1,111 Finance lease expense: Amortization of ROU asset $ 22 $ 27 Interest expense on lease liability 1 2 Short-term lease expense $ 160 $ 77 The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 2.7 years 1.1 years 2.9 years 1.3 years Weighted-average discount rate 5.1 % 3.9 % 5.1 % 4.0 % |
Summary of remaining minimum lease payments for operating leases | The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at March 31, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 2,754 $ 71 2022 3,236 — 2023 1,367 — 2024 684 — 2025 263 — Thereafter — — Total lease payments 8,304 71 Less: imputed interest (556) (1) Total lease liability $ 7,748 $ 70 |
Summary of remaining minimum lease payments for finance leases | The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at March 31, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 2,754 $ 71 2022 3,236 — 2023 1,367 — 2024 684 — 2025 263 — Thereafter — — Total lease payments 8,304 71 Less: imputed interest (556) (1) Total lease liability $ 7,748 $ 70 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Other current liabilities | Other current liabilities consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Accrued interest $ 17,470 $ 2,506 Personnel accruals 5,287 7,475 Operating lease liabilities 3,356 3,309 Sales incentives 2,954 2,215 Share-based compensation 2,313 442 Current portion of long-term debt and finance lease obligations 2,310 2,240 Prepaid revenue contracts 138 197 Other accrued expenses and liabilities 3,953 2,565 Total other current liabilities $ 37,781 $ 20,949 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following: (in thousands) March 31, 2021 December 31, 2020 9.25% Senior Secured Notes, due June 2023 (1) $ 645,000 $ 645,000 Unamortized discount and debt issuance costs (2) (10,054) (11,058) Total long-term debt and finance lease obligations, net of current portion 634,946 633,942 Current portion of long-term debt and finance lease obligations (3)(4) 2,310 2,240 Total long-term debt and finance lease obligations, including current portion $ 637,256 $ 636,182 (1) The estimated fair value of long-term debt outstanding was approximately $650.6 million and $645.7 million as of March 31, 2021 and December 31, 2020, respectively. This estimate of fair value is a Level 2 measurement as it was determined by quotations obtained from a broker-dealer who makes a market in these and similar securities. The call price of the 2023 Notes decreases to par on June 15, 2021. (2) For the three months ended March 31, 2021 and 2020, amortization of the discount on debt and amortization of deferred financing costs reported as Interest expense, net totaled approximately $1.0 million and $0.9 million, respectively. (3) The 6.50% Notes, due April 2021, mature within 12 months, and, therefore, the outstanding balance of $2.2 million has been classified as short-term debt as of March 31, 2021 and December 31, 2020. Amounts are reported in Other current liabilities. On April 15, 2021, the 2021 Notes matured, and the Partnership paid the outstanding balance, plus accrued and unpaid interest. (4) Current portion of finance lease obligations recognized was approximately $0.1 million as of March 31, 2021. Amounts reported in Other current liabilities. Credit Agreements (in thousands) Total Available Borrowing Capacity Amount Borrowed as of March 31, 2021 Outstanding Letters of Credit Available Capacity as of March 31, 2021 Maturity Date ABL Credit Agreement (1)(2) $ 24,609 $ — $ — $ 24,609 September 30, 2022 (1) Beginning January 1, 2021, loans under the Partnership’s ABL Credit Agreement (the “ABL Credit Agreement”) bear interest at an annual rate equal to (i) (a) 2.00% plus LIBOR, to the extent available, or (b) 1.00% plus a base rate, if our quarterly excess availability is greater than 50% and (ii) (a) 2.50% plus LIBOR, to the extent available, or (b) 1.50% plus a base rate, otherwise. (2) Amortization expense was $0.1 million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table presents the Partnership’s revenue, disaggregated by major product: Three Months Ended (in thousands) 2021 2020 Ammonia $ 9,534 $ 14,147 UAN 38,062 47,014 Urea products 4,758 3,533 Net sales, exclusive of freight and other 52,354 64,694 Freight revenue 6,114 7,722 Other revenue 2,453 2,664 Net sales $ 60,921 $ 75,080 |
Summary of deferred revenue activity | A summary of the deferred revenue activity for the three months ended March 31, 2021 is presented below: (in thousands) Balance at December 31, 2020 $ 30,631 Add: New prepay contracts entered into during the period (1) 20,094 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period (7,505) Revenue recognized related to contracts entered into during the period (2,800) Other changes (37) Balance at March 31, 2021 $ 40,383 (1) Includes $18.6 million where payment associated with prepaid contracts was collected as of March 31, 2021. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense | A summary of compensation expense for the three months ended March 31, 2021 and 2020 is presented below: Three Months Ended (in thousands) 2021 2020 Phantom Units $ 3,145 $ (259) Other Awards (1) 447 (218) Total share-based compensation expense $ 3,592 $ (477) (1) Other awards include the allocation of compensation expense for certain employees of CVR Energy and certain of its subsidiaries who perform services for the Partnership under the services agreement with CVR Energy and the Limited Partnership Agreement, respectively, and participate in equity compensation plans of CVR Partners’ affiliates. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flows related to income taxes, interest, leases, and capital expenditures included in accounts payable | Cash flows related to income taxes, interest, leases, and capital expenditures included in accounts payable are as follows: Three Months Ended (in thousands) 2021 2020 Supplemental disclosures: Cash paid for interest $ 45 $ 49 Cash paid, net of refunds (received, net of payments) for income taxes — (1) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 918 1,118 Operating cash flows from finance leases 1 2 Financing cash flows from finance leases 26 25 Non-cash investing activities: Change in capital expenditures included in accounts payable 131 (1,117) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Activity associated with the Partnership’s related party arrangements for the three months ended March 31, 2021 and 2020 is summarized below. Related Party Activity Three Months Ended (in thousands) 2021 2020 Sales to related parties (1) $ 219 $ 540 Purchases from related parties (2) 6,693 5,938 March 31, 2021 December 31, 2020 Due to related parties (3) 902 1,446 (1) Sales to related parties, included in Net sales, consist primarily of sales of feedstocks and services to Coffeyville Resources Refining & Marketing, LLC (“CRRM”) under the Master Service Agreement with Coffeyville Resources Nitrogen Fertilizers, LLC (the “Coffeyville MSA”). (2) Purchases from related parties, included in Cost of materials and other, Direct operating expenses (exclusive of depreciation and amortization), and Selling, general and administrative expenses, consist primarily of pet coke and hydrogen purchased from CRRM under the Coffeyville MSA. (3) Due (from) to related parties, included in Accounts payable to affiliates, Other current liabilities, and Other long-term liabilities, consist primarily of amounts to be received or payable for feedstocks and other supplies and services provided by CRRM and CVR Services under the Coffeyville MSA and Corporate MSA. |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)manufacturing_facility$ / sharesshares | Feb. 22, 2021USD ($) | May 06, 2020USD ($) | |
Formation of the Partnership, Organization and Nature of Business | |||
Number of manufacturing facilities | manufacturing_facility | 2 | ||
Percentage of limited partner interest held by the public | 64.00% | ||
Unit Repurchase Program, authorized amount | $ 10,000,000 | $ 10,000,000 | |
Common units repurchased on open market (in units) | shares | 24,378 | ||
Cost, inclusive of transaction costs, of repurchase of outstanding common units | $ 500,000 | ||
Average price per common unit (in dollars per unit) | $ / shares | $ 21.70 | ||
Amount remaining in authority under Unit Repurchase Program | $ 12,400,000 | ||
CVR Energy, Inc | IEP Energy LLC | |||
Formation of the Partnership, Organization and Nature of Business | |||
Aggregate ownership percentage | 71.00% | ||
CVR Partners | CVR Services | |||
Formation of the Partnership, Organization and Nature of Business | |||
Limited partner interest | 36.00% | ||
CVR Partners | CVR GP | |||
Formation of the Partnership, Organization and Nature of Business | |||
General partner interest | 100.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 24,490 | $ 9,815 |
Raw materials | 100 | 152 |
Parts, supplies and other | 32,594 | 32,382 |
Total inventories | $ 57,184 | $ 42,349 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | $ 1,453,614 | $ 1,450,892 |
Less: Accumulated depreciation and amortization | 570,278 | 553,045 |
Total property, plant and equipment, net | 883,336 | 897,847 |
Machinery and equipment | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 1,392,503 | 1,388,735 |
Buildings and improvements | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 17,598 | 17,598 |
Automotive equipment | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 16,608 | 16,608 |
Land and improvements | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 14,132 | 14,132 |
Construction in progress | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 10,746 | 12,098 |
Other | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | $ 2,027 | $ 1,721 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 20 years |
Leases - Balance Sheet Summary
Leases - Balance Sheet Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Lease liability | $ 7,748 | |
Finance Leases | ||
Lease liability | 70 | |
Railcars | ||
Operating Leases | ||
ROU asset, net | 6,558 | $ 7,327 |
Lease liability | 6,931 | 7,696 |
Finance Leases | ||
ROU asset, net | 0 | 0 |
Lease liability | 0 | 0 |
Real estate and other | ||
Operating Leases | ||
ROU asset, net | 2,944 | 3,040 |
Lease liability | 817 | 867 |
Finance Leases | ||
ROU asset, net | 95 | 101 |
Lease liability | $ 70 | $ 105 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 916 | $ 1,111 |
Finance lease expense: | ||
Amortization of ROU asset | 22 | 27 |
Interest expense on lease liability | 1 | 2 |
Short-term lease expense | $ 160 | $ 77 |
Leases - Lease Terms and Discou
Leases - Lease Terms and Discount Rates (Details) | Mar. 31, 2021 | Dec. 31, 2020 |
Weighted-average remaining lease term | ||
Operating Leases | 2 years 8 months 12 days | 2 years 10 months 24 days |
Finance Leases | 1 year 1 month 6 days | 1 year 3 months 18 days |
Weighted-average discount rate | ||
Operating Leases | 5.10% | 5.10% |
Finance Leases | 3.90% | 4.00% |
Leases - Remaining Minimum Leas
Leases - Remaining Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
Remainder of 2021 | $ 2,754 |
2022 | 3,236 |
2023 | 1,367 |
2024 | 684 |
2025 | 263 |
Thereafter | 0 |
Total lease payments | 8,304 |
Less: imputed interest | (556) |
Total lease liability | 7,748 |
Finance Leases | |
Remainder of 2021 | 71 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total lease payments | 71 |
Less: imputed interest | (1) |
Total lease liability | $ 70 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued interest | $ 17,470 | $ 2,506 |
Personnel accruals | 5,287 | 7,475 |
Operating lease liabilities | $ 3,356 | $ 3,309 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total other current liabilities | Total other current liabilities |
Sales incentives | $ 2,954 | $ 2,215 |
Share-based compensation | 2,313 | 442 |
Current portion of long-term debt and finance lease obligations | 2,310 | 2,240 |
Prepaid revenue contracts | 138 | 197 |
Other accrued expenses and liabilities | 3,953 | 2,565 |
Total other current liabilities | $ 37,781 | $ 20,949 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Unamortized discount and debt issuance costs | $ (10,054) | $ (11,058) | |
Total long-term debt and finance lease obligations, net of current portion | 634,946 | 633,942 | |
Current portion of long-term debt and finance lease obligations | 2,310 | 2,240 | |
Total long-term debt and finance lease obligations, including current portion | 637,256 | 636,182 | |
Current portion of finance lease obligations | 100 | ||
9.25% Senior Secured Notes, due June 2023 | Level 2 | |||
Debt Instrument [Line Items] | |||
Estimated fair value of total long-term debt outstanding | 650,600 | 645,700 | |
Senior Notes | 9.25% Senior Secured Notes, due June 2023 | |||
Debt Instrument [Line Items] | |||
Total long-term debt, net of current portion, before debt issuance costs and discount | 645,000 | 645,000 | |
Amortization of deferred financing costs | $ 1,000 | $ 900 | |
Debt instrument, percentage rate | 9.25% | ||
Senior Notes | 6.50% Senior Notes, due April 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument, percentage rate | 6.50% | ||
Outstanding balance of debt classified as short-term | $ 2,200 | $ 2,200 |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities Outstanding (Details) - ABL Credit Agreement - Line of Credit - Revolving credit facility - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Total Available Borrowing Capacity | $ 24,609,000 | |
Amount Borrowed | 0 | |
Outstanding Letters of Credit | 0 | |
Available Capacity | 24,609,000 | |
Amortization expense | $ 100,000 | $ 100,000 |
LIBOR | Quarterly Excess Availability Greater Than 50% | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.00% | |
LIBOR | Quarterly Excess Availability Not Greater Than 50% | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Base Rate | Quarterly Excess Availability Greater Than 50% | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Base Rate | Quarterly Excess Availability Not Greater Than 50% | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.50% |
Revenue - Revenue Disaggregated
Revenue - Revenue Disaggregated by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 60,921 | $ 75,080 |
Net sales, exclusive of freight and other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 52,354 | 64,694 |
Ammonia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 9,534 | 14,147 |
UAN | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 38,062 | 47,014 |
Urea products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 4,758 | 3,533 |
Freight revenue | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 6,114 | 7,722 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,453 | $ 2,664 |
Revenue - Remaining performance
Revenue - Remaining performance obligations (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 6.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3.5 |
Remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 2.3 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0.3 |
Remaining performance obligation, expected timing of satisfaction, period |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue Activity (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance at beginning of period | $ 30,631 |
Add: | |
New prepay contracts entered into during the period | 20,094 |
Less: | |
Revenue recognized that was included in the contract liability balance at the beginning of the period | (7,505) |
Revenue recognized related to contracts entered into during the period | (2,800) |
Other changes | (37) |
Balance at end of period | 40,383 |
Prepaid contracts, payment collected | $ 18,600 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-Based Compensation | ||
Total share-based compensation expense | $ 3,592 | $ (477) |
Phantom Units | ||
Share-Based Compensation | ||
Total share-based compensation expense | 3,145 | (259) |
Other Awards | ||
Share-Based Compensation | ||
Total share-based compensation expense | $ 447 | $ (218) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental disclosures: | ||
Cash paid for interest | $ 45 | $ 49 |
Cash paid, net of refunds (received, net of payments) for income taxes | 0 | (1) |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 918 | 1,118 |
Operating cash flows from finance leases | 1 | 2 |
Financing cash flows from finance leases | 26 | 25 |
Non-cash investing activities: | ||
Change in capital expenditures included in accounts payable | $ 131 | $ (1,117) |
Related Party Transactions - Re
Related Party Transactions - Related Party Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |||
Sales to related parties | $ 219 | $ 540 | |
Purchases from related parties | 6,693 | $ 5,938 | |
Due to related parties | $ 902 | $ 1,446 |
Related Party Transactions - Di
Related Party Transactions - Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Distributions declared per common unit (in dollars per unit) | $ 0 | |
Distributions paid per common unit (in dollars per unit) | $ 0 | $ 0 |