Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SunCoke Energy Partners, L.P. | |
Entity Central Index Key | 1555538 | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Common Unit Outstanding | 15,712,405 |
Combined_and_Consolidated_Stat
Combined and Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Revenues | ||
Sales and other operating revenue | $162 | $514.60 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 383.3 | |
Selling, general and administrative expenses | 16.5 | |
Depreciation expense | 8.3 | 23.5 |
Total costs and operating expenses | 423.3 | |
Operating income | 91.3 | |
Interest expense, net | 12.3 | |
Income before income tax expense | 79 | |
Income tax expense | 0.1 | 4.2 |
Net income | 24.5 | 74.8 |
Weighted average units outstanding (basic) (in shares) | 15,700,000 | |
Net income per unit (diluted) (in dollars per share) | $1.29 | |
Predecessor | ||
Costs and operating expenses | ||
Net income attributable to SunCoke Energy Partners, L.P. | 13.7 | 44.8 |
Predecessor - Prior to Initial Public Offering | ||
Costs and operating expenses | ||
Net income attributable to SunCoke Energy Partners, L.P. | 0 | 3.5 |
Successor | ||
Revenues | ||
Sales and other operating revenue | 162 | 514.6 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 118.9 | 383.3 |
Selling, general and administrative expenses | 7.4 | 16.5 |
Depreciation expense | 8.3 | 23.5 |
Total costs and operating expenses | 134.6 | 423.3 |
Operating income | 27.4 | 91.3 |
Interest expense, net | 2.8 | 12.3 |
Income before income tax expense | 24.6 | 79 |
Income tax expense | 0.1 | 4.2 |
Net income | 24.5 | 74.8 |
Less: Net income attributable to noncontrolling interests | 10.8 | 30 |
Net income attributable to SunCoke Energy Partners, L.P. | 13.7 | 41.3 |
General partner's interest in net income | 0.3 | 0.9 |
Successor | Common Units | ||
Costs and operating expenses | ||
Common unitholders' interest in net income | 6.7 | 20.2 |
Weighted average units outstanding (basic) (in shares) | 15,711,606 | 15,700,000 |
Net income per unit (basic) (in dollars per share) | $0.43 | $1.29 |
Net income per unit (diluted) (in dollars per share) | $0.43 | |
Successor | Subordinated Units | ||
Costs and operating expenses | ||
Subordinated unitholders' interest in net income | $6.70 | $20.20 |
Weighted average units outstanding (basic) (in shares) | 15,709,697 | 15,700,000 |
Net income per unit (basic) (in dollars per share) | $0.43 | $1.29 |
Net income per unit (diluted) (in dollars per share) | $0.43 |
Combined_and_Consolidated_Bala
Combined and Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ||
Inventories | $57.90 | $63.20 |
Liabilities and Equity | ||
Accrued liabilities | 3.5 | 17 |
Long-term debt | 149.7 | |
Equity | ||
Equity | 763.6 | 601.7 |
Predecessor | ||
Assets | ||
Cash | 0 | |
Receivables | 27.4 | |
Inventories | 63.2 | |
Total current assets | 90.6 | |
Properties, plants and equipment, net | 768.7 | |
Deferred income taxes | 21.4 | |
Deferred charges and other assets | 4.8 | |
Total assets | 885.5 | |
Liabilities and Equity | ||
Accounts payable | 41.5 | |
Accrued liabilities | 17 | |
Interest payable | 0 | |
Payable to affiliate | 0 | |
Total current liabilities | 58.5 | |
Long-term debt | 225 | |
Deferred income taxes | 0 | |
Other deferred credits and liabilities | 0.3 | |
Total liabilities | 283.8 | |
Equity | ||
Equity | 0 | 601.7 |
Noncontrolling interest | 0 | |
Total equity | 601.7 | |
Total liabilities and partners'/parent net equity | 885.5 | |
Predecessor | Common Units - Public | ||
Equity | ||
Equity | 0 | |
Predecessor | Common Units - Parent | ||
Equity | ||
Equity | 0 | |
Predecessor | Subordinated Units | ||
Equity | ||
Equity | 0 | |
Predecessor | Parent | ||
Equity | ||
Equity | 601.7 | |
Predecessor | General Partner | ||
Equity | ||
Equity | 0 | |
Successor | ||
Assets | ||
Cash | 78.5 | 0 |
Receivables | 26 | |
Inventories | 57.9 | |
Total current assets | 162.4 | |
Properties, plants and equipment, net | 792.5 | |
Deferred income taxes | 0 | |
Deferred charges and other assets | 7.9 | |
Total assets | 962.8 | |
Liabilities and Equity | ||
Accounts payable | 41.5 | |
Accrued liabilities | 3.5 | |
Interest payable | 1.8 | |
Payable to affiliate | 0.7 | |
Total current liabilities | 47.5 | |
Long-term debt | 149.7 | |
Deferred income taxes | 1.7 | |
Other deferred credits and liabilities | 0.3 | |
Total liabilities | 199.2 | |
Equity | ||
Equity | 576.7 | |
Noncontrolling interest | 186.9 | |
Total equity | 763.6 | |
Total liabilities and partners'/parent net equity | 962.8 | |
Successor | Common Units - Public | ||
Equity | ||
Equity | 239.4 | |
Successor | Common Units - Parent | ||
Equity | ||
Equity | 40.8 | |
Successor | Subordinated Units | ||
Equity | ||
Equity | 288.9 | |
Successor | Parent | ||
Equity | ||
Equity | 0 | |
Successor | General Partner | ||
Equity | ||
Equity | $7.60 | $0 |
Combined_and_Consolidated_Bala1
Combined and Consolidated Balance Sheets (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 2.00% | 0.00% |
Common Units - Public | ||
Limited partners' capital account units issued (in units) | 13,502,708 | 0 |
Limited partners' capital account, units outstanding (in shares) | 13,502,708 | 0 |
Common Units - Parent | ||
Limited partners' capital account units issued (in units) | 2,209,697 | 0 |
Limited partners' capital account, units outstanding (in shares) | 2,209,697 | 0 |
Subordinated Units | ||
Limited partners' capital account units issued (in units) | 15,709,697 | 0 |
Limited partners' capital account, units outstanding (in shares) | 15,709,697 | 0 |
Combined_and_Consolidated_Stat1
Combined and Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ||
Net income | $74.80 | $41.50 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 23.5 | 24.4 |
Cash Flows from Financing Activities: | ||
Capital contribution from SunCoke Energy Partners GP LLC | 0.6 | |
Successor | ||
Cash Flows from Operating Activities: | ||
Net income | 74.8 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 23.5 | |
Deferred income tax expense | 3.9 | |
Changes in working capital pertaining to operating activities, net of acquisition: | ||
Receivables | -33.2 | |
Inventories | 8 | |
Accounts payable | 0 | |
Accrued liabilities | -13.5 | |
Interest payable | 1.8 | |
Other | 4.4 | |
Net cash provided by operating activities | 69.7 | |
Cash Flows from Investing Activities: | ||
Capital expenditures | -20.4 | |
Acquisition of business | -28.6 | |
Net cash used in investing activities | -49 | |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 231.8 | |
Proceeds from issuance of long-term debt | 150 | |
Payment for debt issuance costs related to the issuance of long-term debt | -6.8 | |
Repayment of long-term debt | -225 | |
Net transfer to parent | 0 | |
Capital contribution from SunCoke Energy Partners GP LLC | 0.6 | |
Distributions to unitholders (public and parent) | -23.3 | |
Distributions to SunCoke Energy, Inc. | -69.5 | |
Net cash provided by (used in) financing activities | 57.8 | |
Net increase in cash | 78.5 | |
Cash at beginning of period | 0 | |
Cash at end of period | 78.5 | |
Predecessor | ||
Cash Flows from Operating Activities: | ||
Net income | 41.5 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 24.4 | |
Deferred income tax expense | 17.4 | |
Changes in working capital pertaining to operating activities, net of acquisition: | ||
Receivables | -22.6 | |
Inventories | -4.4 | |
Accounts payable | -25.6 | |
Accrued liabilities | 0 | |
Interest payable | 0 | |
Other | 0 | |
Net cash provided by operating activities | 30.7 | |
Cash Flows from Investing Activities: | ||
Capital expenditures | -8.1 | |
Acquisition of business | 0 | |
Net cash used in investing activities | -8.1 | |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | |
Proceeds from issuance of long-term debt | 0 | |
Payment for debt issuance costs related to the issuance of long-term debt | 0 | |
Repayment of long-term debt | 0 | |
Net transfer to parent | -22.6 | |
Capital contribution from SunCoke Energy Partners GP LLC | 0 | |
Distributions to unitholders (public and parent) | 0 | |
Distributions to SunCoke Energy, Inc. | 0 | |
Net cash provided by (used in) financing activities | -22.6 | |
Net increase in cash | 0 | |
Cash at beginning of period | 0 | 0 |
Cash at end of period | $0 |
Combined_and_Consolidated_Stat2
Combined and Consolidated Statements of Equity (USD $) | Total | Subordinated Units | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor |
In Millions, unless otherwise specified | Common Units - Public | Common Units - Parent | Subordinated Units | General Partner | Common Units - Public | Common Units - Parent | Subordinated Units | Public | SunCoke Energy Inc | SunCoke Energy Inc | General Partner | Noncontrolling Interest | ||||
Common Units - Public | Common Units - Parent | Subordinated Units | ||||||||||||||
Balance, Beginning of period at Dec. 31, 2011 | $623.20 | $623.20 | $0 | $0 | $0 | $0 | $0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 41.5 | 41.5 | ||||||||||||||
Net increase in parent net equity | -22.6 | -22.6 | ||||||||||||||
Capital contribution from SunCoke Energy Partners GP LLC | 0 | |||||||||||||||
Distributions to SunCoke Energy, Inc. | 0 | |||||||||||||||
Balance, End of period at Sep. 30, 2012 | 642.1 | 642.1 | 0 | 0 | 0 | 0 | 0 | |||||||||
Balance, Beginning of period at Jun. 30, 2012 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 17.4 | 17.4 | ||||||||||||||
Balance, End of period at Sep. 30, 2012 | 642.1 | 642.1 | 0 | 0 | 0 | 0 | 0 | |||||||||
Balance, Beginning of period at Dec. 31, 2012 | 601.7 | 601.7 | 0 | 0 | 0 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 3.5 | 3.5 | ||||||||||||||
Balance, End of period at Jan. 23, 2013 | ||||||||||||||||
Balance, Beginning of period at Dec. 31, 2012 | 601.7 | 601.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 74.8 | 74.8 | ||||||||||||||
Predecessor net assets not assumed by SunCoke Energy Partners, L.P. | -52.6 | -52.6 | ||||||||||||||
Allocation of 65 percent of net parent investment to unitholders | -359.3 | 43.5 | 308.6 | 7.2 | ||||||||||||
SunCoke Energy, Inc. 35 percent retained interest in Haverhill and Middletown | -193.3 | 193.3 | ||||||||||||||
Proceeds from initial public offering, net of offering expenses | 231.8 | 231.8 | ||||||||||||||
Unit-based compensation expense | 0.1 | 0.1 | ||||||||||||||
Capital contribution from SunCoke Energy Partners GP LLC | 0.6 | 0.6 | 0.6 | |||||||||||||
Capital contribution from SunCoke Energy Partners GP LLC | -69.5 | -4 | -28.5 | -0.6 | -36.4 | |||||||||||
Distributions to SunCoke Energy, Inc. | 18.2 | 23.3 | ||||||||||||||
Balance, End of period at Sep. 30, 2013 | 763.6 | 0 | 576.7 | 239.4 | 40.8 | 288.9 | 239.4 | 40.8 | 288.9 | 7.6 | 186.9 | |||||
Balance, Beginning of period at Jun. 30, 2013 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 24.5 | 24.5 | ||||||||||||||
Capital contribution from SunCoke Energy Partners GP LLC | 0.6 | |||||||||||||||
Distributions to SunCoke Energy, Inc. | 6.8 | |||||||||||||||
Balance, End of period at Sep. 30, 2013 | $763.60 | $576.70 | $239.40 | $40.80 | $288.90 |
Combined_and_Consolidated_Stat3
Combined and Consolidated Statements of Equity (Parenthetical) (IPO) | 9 Months Ended |
Sep. 30, 2013 | |
Haverhill Coke Company LLC and Middletown Coke Company LLC | |
Interest in Partnership (as a percent) | 65.00% |
Sun Coal & Coke | |
Interest in Partnership (as a percent) | 35.00% |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 1. General |
Description of Business and Basis of Presentation | |
SunCoke Energy Partners, L.P., (the "Partnership"), is a Delaware limited partnership formed in July 2012 which manufactures coke used in the blast furnace production of steel. On January 24, 2013, we completed the initial public offering ("IPO") of our common units representing limited partner interests. In connection with the IPO, we acquired from SunCoke Energy, Inc. ("SunCoke"), a 65 percent interest in each of Haverhill Coke Company LLC ("Haverhill") and Middletown Coke Company, LLC ("Middletown") and the cokemaking facilities and related assets held by Haverhill and Middletown. SunCoke owns the remaining 35 percent interest in each of Haverhill and Middletown. SunCoke, through its subsidiary, owns a 55.9 percent partnership interest in us and all of our incentive distribution rights and indirectly owns and controls our general partner, which holds a 2 percent general partner interest in us. On August 30, 2013, the Partnership completed its acquisition of the assets and business operations of Lakeshore Coal Handling Corporation, a coal handling and blending service provider. See Note 3. | |
The Combined Financial Statements for periods prior to the IPO are the results of SunCoke Energy Partners' Predecessor (the "Predecessor") and were prepared using SunCoke's historical basis in the assets and liabilities of the Predecessor, and include all revenues, costs, assets and liabilities attributed to the Predecessor after the elimination of all significant intercompany accounts and transactions. The Consolidated Financial Statements for the period after the IPO pertain to the operations of the Partnership. | |
The Predecessor participated in centralized financing and cash management programs not maintained at the Predecessor level for periods prior to the IPO. Accordingly, none of SunCoke’s cash or interest income for periods prior to the IPO has been assigned to the Predecessor in the Combined Financial Statements. Advances between the Predecessor and SunCoke that are specifically related to the Predecessor have been reflected in the Combined Financial Statements. Transfers of cash to and from SunCoke’s financing and cash management program are reflected as a component of parent net equity on the Combined Balance Sheets. | |
Effective July 26, 2011, SunCoke allocated $225.0 million of debt and related debt issuance costs to the Predecessor. In connection with this allocation, interest expense was also allocated to the Predecessor. Prior to July 26, 2011, SunCoke did not have any external debt, and no debt or interest expense was allocated to the Predecessor. See Note 9. | |
Quarterly Reporting | |
The accompanying Combined and Consolidated Financial Statements included herein have been prepared in conformity with GAAP for interim reporting. Certain information and disclosures normally included in financial statements have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In management's opinion, all adjustments (which include only normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been made. The results of operations for the period ended September 30, 2013 are not necessarily indicative of the operating results for the full year. | |
Recently Issued Pronouncements | |
There are no recently issued accounting standards which are not yet effective that the Partnership believes would materially impact the Combined and Consolidated Financial Statements. |
Initial_Public_Offering_and_Re
Initial Public Offering and Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Initial Public Offering and Related Party Transactions [Abstract] | |
Initial Public Offering and Related Party Transactions | 2. Initial Public Offering and Related Party Transactions |
Initial Public Offering | |
On January 23, 2013, in anticipation of the closing of the IPO, we entered into a contribution agreement with Sun Coal & Coke, a subsidiary of SunCoke, and our general partner (the "Contribution Agreement"). Pursuant to the Contribution Agreement, upon the closing of the IPO on January 24, 2013, Sun Coal & Coke contributed to us an interest in each of Haverhill and Middletown which resulted in our owning a 65 percent interest in each of Haverhill and Middletown. In exchange, our general partner continued to hold a 2.0 percent general partner interest in us and we issued to our general partner incentive distribution rights ("IDRs") in us. We also issued to Sun Coal & Coke 2,209,697 common units and 15,709,697 subordinated units. The 35 percent interest in each of Haverhill and Middletown retained by Sun Coal & Coke is recorded as a noncontrolling interest of the Partnership. | |
In conjunction with the closing of the IPO, we sold 13,500,000 common units, representing a 42.1 percent partnership interest, to the public at an initial public offering price of $19.00 per common unit. Gross proceeds from the offering were approximately $256.5 million and net proceeds were approximately $231.8 million after deducting underwriting discounts and offering expenses of $24.7 million, $6.0 million of which were paid by SunCoke in 2012 and reimbursed by us upon the closing of the IPO. We assumed and repaid $225.0 million of SunCoke's term loan debt and we retained $67.0 million for environmental capital expenditures of Haverhill and Middletown, $12.4 million for sales discounts related to tax credits owed to customers of Haverhill, and $39.6 million to replenish our working capital. We used a portion of the net proceeds from the IPO and the concurrent issuance and sale of senior notes discussed below to make a distribution of $33.1 million to SunCoke to, in effect, reimburse SunCoke for expenditures made during the two-year period prior to the IPO for the expansion and improvement of certain assets, an interest in which SunCoke contributed to us in connection with the IPO pursuant to the Contribution Agreement described above. | |
Concurrent with the closing of the IPO, we and SunCoke Energy Partners Finance Corp., a Delaware corporation and a wholly owned subsidiary of ours, as co-issuers, issued $150.0 million aggregate principal amount of 7.375 percent senior notes ("Partnership Notes") due 2020 in a private placement to eligible purchasers. The Partnership Notes are the senior unsecured obligations of the co-issuers and are guaranteed on a senior unsecured basis by each of our existing and certain future subsidiaries other than SunCoke Energy Partners Finance Corp. We received net proceeds of approximately $146.3 million, net of debt issuance costs of $3.7 million, from the offering of the Partnership Notes. We also incurred $2.2 million of debt issuance costs related to entering into a revolving credit facility. See Note 9. | |
Omnibus Agreement | |
In connection with the closing of the IPO, we entered into an omnibus agreement with SunCoke and our general partner that addresses certain aspects of our relationship with them, including: | |
Business Opportunities. We have preferential rights to invest in, acquire and construct cokemaking facilities in the United States and Canada. SunCoke has preferential rights to all other business opportunities. | |
Potential Defaults by Coke Agreement Counterparties. For a period of five years from the closing date of the IPO, SunCoke has agreed to make us whole (including an obligation to pay for coke) to the extent (i) AK Steel exercises the early termination right provided in its Haverhill coke sales agreement, (ii) any customer fails to purchase coke or defaults in payment under its coke sales agreement (other than by reason of force majeure or our default) or (iii) we amend a coke sales agreement's terms to reduce a customer's purchase obligation as a result of the customer's financial distress. We and SunCoke will share in any damages and other amounts recovered from third parties arising from such events in proportion to our relative losses. During the third quarter of 2013, SunCoke, through the general partner, made a capital contribution of $0.6 million to us as a result of scaled back production. | |
Environmental Indemnity. SunCoke will indemnify us to the full extent of any remediation at the Haverhill and Middletown cokemaking facilities arising from any environmental matter discovered and identified as requiring remediation prior to the closing of the IPO. SunCoke contributed $67 million in satisfaction of this obligation, at the closing date of the IPO, from the proceeds of the IPO. If, prior to the fifth anniversary of the closing of the IPO, a pre-existing environmental matter that was discovered either before or after the closing of the IPO is identified as requiring remediation, SunCoke will indemnify us for up to $50 million of any such remediation costs (we will bear the first $5 million of any such costs). | |
Other Indemnification. SunCoke will fully indemnify us with respect to any tax liability arising prior to or in connection with the closing of the IPO. Additionally, SunCoke will either cure or fully indemnify us for losses resulting from any material title defects at the properties owned by the entities acquired in connection with the closing of the IPO, to the extent that those defects interfere with or could reasonably be expected to interfere with the operations of the related cokemaking facilities. We will indemnify SunCoke for events relating to our operations except to the extent that we are entitled to indemnification by SunCoke. | |
License. SunCoke has granted us a royalty-free license to use the name “SunCoke” and related marks. Additionally, SunCoke has granted us a non-exclusive right to use all of SunCoke's current and future cokemaking and related technology. We have not paid and will not pay a separate license fee for the rights we receive under the license. | |
Expenses and Reimbursement. SunCoke will continue to provide us with certain general and administrative services, and we will reimburse SunCoke for all direct costs and expenses incurred on our behalf and a portion of overhead costs and expenses attributable to our operations. Additionally, we paid all fees in connection with our senior notes offering and our revolving credit facility and have agreed to pay all additional fees in connection with any future financing arrangement entered into for the purpose of replacing the credit facility or the senior notes. | |
So long as SunCoke controls our general partner, the omnibus agreement will remain in full force and effect unless mutually terminated by the parties. If SunCoke ceases to control our general partner, the omnibus agreement will terminate, but our rights to indemnification and use of SunCoke's existing cokemaking and related technology will survive. The omnibus agreement can be amended by written agreement of all parties to the agreement, but we may not agree to any amendment that would, in the reasonable discretion of our general partner, be adverse in any material respect to the holders of our common units without prior approval of the conflicts committee. | |
Allocated Expenses | |
Allocated expenses from SunCoke for general corporate and operations support costs totaled $4.1 million and $12.2 million for the three and nine months ended September 30, 2013, respectively, and $5.3 million and $15.2 million for the three and nine months ended September 30, 2012, respectively. These costs include legal, accounting, tax, treasury, engineering, information technology, insurance, employee benefit costs, communications, human resources, and procurement. Corporate allocations for periods subsequent to the IPO were recorded based upon the omnibus agreement. | |
Parent Net Equity | |
Net transfers to parent are included within parent net equity within the Combined Financial Statements for periods prior to the IPO. The components included intercompany dividends, cash pooling and general financing activities, cash transfers for capital expenditures and corporate allocations, including income taxes. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | |
Acquisition | 3. Acquisition |
On August 30, 2013, the Partnership completed its acquisition of the assets and business operations of Lakeshore Coal Handling Corporation ("Lakeshore"), now called SunCoke Lake Terminal LLC ("Lake Terminal") for $28.6 million. Prior to the acquisition, the entity that owns SunCoke's Indiana Harbor cokemaking operations was a customer of Lakeshore and held the purchase rights to Lakeshore. Concurrent with the closing of the transaction, the Partnership paid $1.8 million to DTE Energy Company, the third party investor owning a 15 percent interest in the entity that owns Indiana Harbor in consideration for assigning its share of the Lake Terminal buyout rights to the Partnership. The Partnership recognized this payment in selling, general, and administrative expenses on the Consolidated Statement of Income during the period. | |
Located in East Chicago, Indiana, Lake Terminal does not take possession of coal but instead derives its revenue by providing coal handing and blending services to its customers on a per ton basis. Lake Terminal has and will continue to provide coal handling and blending services to SunCoke's Indiana Harbor cokemaking operations. In September 2013, Lake Terminal and Indiana Harbor entered into a new 10 year contract with terms equivalent to those of an arm's-length transaction. The Partnership intends to maintain Lake Terminal’s current operations and retain existing staff. The results of Lake Terminal have been included in the Consolidated Financial Statements since the acquisition date. The Partnership recognized plant, property, and equipment at the fair value of $25.9 million and inventory of $2.7 million in exchange for the $28.6 million of consideration paid. No goodwill was recorded as a result of this acquisition. | |
The acquisition of Lake Terminal increased revenues by $1.1 million and operating income by $0.5 million for both the three and nine months ended September 30, 2013, of which services to Indiana Harbor generated revenues of $1.0 million and operating income of $0.5 million. The acquisition of Lake Terminal is not material to the Partnership's Consolidated Financial Statements. Therefore, pro forma information has not been presented. |
Net_Income_Per_Unit_and_Cash_D
Net Income Per Unit and Cash Distributions | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Net Income Per Unit [Abstract] | |||||||||||||
Net Income Per Unit and Cash Distributions | 4. Net Income Per Unit and Cash Distributions | ||||||||||||
The following is a summary of net income for the nine months ended September 30, 2013 disaggregated between the Predecessor and the Partnership: | |||||||||||||
SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | Nine Months Ended September 30, 2013 | |||||||||||
Predecessor | |||||||||||||
Through | From | ||||||||||||
23-Jan-13 | 24-Jan-13 | ||||||||||||
Revenues | (Dollars in millions) | ||||||||||||
Sales and other operating revenue | $ | 47.6 | $ | 467 | $ | 514.6 | |||||||
Costs and operating expenses | |||||||||||||
Cost of products sold and operating expenses | 36.8 | 346.5 | 383.3 | ||||||||||
Selling, general and administrative expenses | 1.1 | 15.4 | 16.5 | ||||||||||
Depreciation expense | 1.9 | 21.6 | 23.5 | ||||||||||
Total costs and operating expenses | 39.8 | 383.5 | 423.3 | ||||||||||
Operating income | 7.8 | 83.5 | 91.3 | ||||||||||
Interest expense, net | 0.6 | 11.7 | 12.3 | ||||||||||
Income before income tax expense | 7.2 | 71.8 | 79 | ||||||||||
Income tax expense | 3.7 | 0.5 | 4.2 | ||||||||||
Net income | $ | 3.5 | $ | 71.3 | $ | 74.8 | |||||||
Net income per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income, after deducting the general partner’s 2.0 percent interest and incentive distributions, by the weighted-average number of outstanding common and subordinated units. Our net income is allocated to the general partner and limited partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to our general partner, pursuant to our partnership agreement. Net income per unit is only calculated for the Partnership subsequent to the IPO as no units were outstanding prior to January 24, 2013. Earnings in excess of distributions are allocated to the general partner and limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. For the three months ended September 30, 2013, the weighted-average number of common and subordinated units outstanding was 15,711,606 units and 15,709,697 units, respectively. | |||||||||||||
In addition to the common and subordinated units, we have also identified the general partner interest and IDRs as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Basic and diluted net income per unit applicable to limited partners are the same because we do not have any potentially dilutive units outstanding. | |||||||||||||
The calculation of net income per unit is as follows: | |||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||
(Dollars and units in millions, except per unit amounts) | |||||||||||||
Net income attributable to SunCoke Energy Partners, L.P. subsequent to initial public offering | $ | 13.7 | $ | 41.3 | |||||||||
Less: General partner's interest in net income subsequent to initial public offering | 0.3 | 0.9 | |||||||||||
Limited partners' interest in net income subsequent to initial public offering | $ | 13.4 | $ | 40.4 | |||||||||
Net income per limited partner unit: | |||||||||||||
Common - Public and SunCoke | $ | 0.43 | $ | 1.29 | |||||||||
Subordinated - SunCoke | $ | 0.43 | $ | 1.29 | |||||||||
Limited partner units outstanding: | |||||||||||||
Common units - Public | 13.5 | 13.5 | |||||||||||
Common units - SunCoke | 2.2 | 2.2 | |||||||||||
Subordinated units - SunCoke | 15.7 | 15.7 | |||||||||||
Cash Distributions | |||||||||||||
Our partnership agreement generally provides that we will make our distribution, if any, each quarter in the following manner: | |||||||||||||
• | first, 98 percent to the holders of common units and 2 percent to our general partner, until each common unit has received the minimum quarterly distribution of $0.41250 plus any arrearages from prior quarters; | ||||||||||||
• | second, 98 percent to the holders of subordinated units and 2 percent to our general partner, until each subordinated unit has received the minimum quarterly distribution of $0.41250; and | ||||||||||||
• | third, 98 percent to all unitholders, pro rata, and 2 percent to our general partner, until each unit has received a distribution of $0.47440. | ||||||||||||
If cash distributions to our unitholders exceed $0.47440 per unit in any quarter, our unitholders and our general partner will receive distributions according to the following percentage allocations: | |||||||||||||
Total Quarterly Distribution Per Unit Target Amount | Marginal Percentage | ||||||||||||
Interest in Distributions | |||||||||||||
Unitholders | General Partner | ||||||||||||
Minimum Quarterly Distribution | $0.41 | 98 | % | 2 | % | ||||||||
First Target Distribution | above $0.412500 | up to $0.474375 | 98 | % | 2 | % | |||||||
Second Target Distribution | above $0.474375 | up to $0.515625 | 85 | % | 15 | % | |||||||
Third Target Distribution | above $0.515625 | up to $0.618750 | 75 | % | 25 | % | |||||||
Thereafter | above $0.681750 | 50 | % | 50 | % | ||||||||
In accordance with our partnership agreement, on April 23, 2013, we declared a quarterly cash distribution totaling $9.8 million, or $0.3071 per unit. In calculating this distribution, the minimum quarterly distribution was adjusted to reflect the period beginning on January 24, 2013, the closing date of the IPO, through March 31, 2013. This distribution was paid on May 31, 2013 to unitholders of record on May 15, 2013. There were no distributions declared or paid prior to this distribution. | |||||||||||||
On July 23, 2013, the Partnership, in accordance with the partnership agreement, declared a quarterly cash distribution totaling $13.5 million, or $0.4225 per unit. The distribution was paid on August 30, 2013 to unitholders of record on August 15, 2013. | |||||||||||||
On October 22, 2013, the Partnership, in accordance with the partnership agreement, declared a quarterly cash distribution totaling $13.9 million, or $0.4325 per unit. The distribution will be paid on November 29, 2013 to unitholders of record on November 15, 2013. | |||||||||||||
The allocation of total quarterly cash distributions to general and limited partners is as follows. Our distributions are declared subsequent to quarter end; therefore, the table below represents total cash distributions applicable to the period in which the distributions were earned: | |||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended June 30, 2013 | Three Months Ended September 30, 2013 | |||||||||||
(Dollars in millions, except per unit amounts) | |||||||||||||
General partner's interest | $ | 0.2 | $ | 0.3 | $ | 0.3 | |||||||
General partner's incentive distribution | — | — | — | ||||||||||
Total General Partner's Distribution | $ | 0.2 | $ | 0.3 | $ | 0.3 | |||||||
Limited partners' distribution: | |||||||||||||
Common | $ | 4.8 | $ | 6.6 | $ | 6.8 | |||||||
Subordinated | 4.8 | 6.6 | 6.8 | ||||||||||
Total Cash Distributions | $ | 9.8 | $ | 13.5 | $ | 13.9 | |||||||
Cash distributions per unit applicable to limited partners | $ | 0.3071 | $ | 0.4225 | $ | 0.4325 | |||||||
Allocation of Net Income | |||||||||||||
Our partnership agreement contains provisions for the allocation of net income to the unitholders and the general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions allocated 100 percent to the general partner. | |||||||||||||
The calculation of net income allocated to the limited partners was as follows: | |||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||
Net Income Attributable to Common Unitholders: | (Dollars in millions) | ||||||||||||
Distributions | $ | 6.8 | $ | 18.2 | |||||||||
Undistributed earnings (1) | (0.1 | ) | 2 | ||||||||||
Common unitholders' interest in net income subsequent to initial public offering | $ | 6.7 | $ | 20.2 | |||||||||
Net Income Attributable to Subordinated Unitholders: | |||||||||||||
Distributions | $ | 6.8 | $ | 18.2 | |||||||||
Undistributed earnings (1) | (0.1 | ) | 2 | ||||||||||
Subordinated unitholders' interest in net income subsequent to initial public offering | $ | 6.7 | $ | 20.2 | |||||||||
Distributions declared per unit | $ | 0.4325 | $ | 1.1621 | |||||||||
(1) Distributions exceed unitholders' interest in net income during the three months ended September 30, 2013 as distributable cash flow excludes the $1.8 million payment to DTE Energy Company, the third party investor owning a 15 percent interest in the entity that owns Indiana Harbor. Distributable cash flow also included the $0.6 million capital contribution received under the omnibus agreement. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes |
The Partnership is a limited partnership and generally is not subject to federal or state income taxes. Earnings from our Middletown operations, however, are subject to a local income tax. | |
The Predecessor's tax provision has been determined on a theoretical separate-return basis. Prior to June 2012, the Predecessor received federal income tax credits for coke production from the Haverhill facility that provides coke to ArcelorMittal ("Haverhill 1") and the Haverhill facility that provides coke to AK Steel ("Haverhill 2"). These tax credits, which have been computed on an annualized basis for determining our effective tax rate, were earned for each ton of coke produced and sold during the four years after the initial coke production at each facility. The eligibility to generate tax credits for coke production generally expired in March 2009 and June 2012, respectively, for the Haverhill 1 and Haverhill 2 facilities. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 6. Inventories | ||||||||
The Partnership's inventory consists of metallurgical coal, which is the principal raw material for the Partnership’s cokemaking operations; coke, which is the finished good sold by the Partnership to its customers; and materials, supplies and other. | |||||||||
These components of inventories were as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Predecessor | |||||||||
(Dollars in millions) | |||||||||
Coal | $ | 36 | $ | 41.6 | |||||
Coke | 2.4 | 5.9 | |||||||
Material, supplies, and other | 19.5 | 15.7 | |||||||
Total | $ | 57.9 | $ | 63.2 | |||||
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Accrued Liabilities | 7. Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Predecessor | |||||||||
(Dollars in millions) | |||||||||
Accrued sales discounts(1) | $ | — | $ | 12.4 | |||||
Accrued benefits | 2 | 1.9 | |||||||
Other | 1.5 | 2.7 | |||||||
Total | $ | 3.5 | $ | 17 | |||||
-1 | At December 31, 2012, we had $12.4 million in accrued sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 8. Commitments and Contingent Liabilities |
The Environmental Protection Agency ("EPA") has issued Notices of Violations (“NOVs”) for the Partnership’s Haverhill cokemaking facility which stem from alleged violations of the air emission operating permits for this facility. The Partnership is working in a cooperative manner with the EPA and the Ohio Environmental Protection Agency ("OEPA") to address the allegations, and a Consent Decree among the parties was lodged in federal court in June 2013. The settlement includes a civil penalty for alleged past violations that will be paid by SunCoke. Further, the Partnership will undertake capital projects to improve reliability of the energy recovery systems and enhance environmental performance at the Haverhill facility. As a result of recent discussions with the EPA, our Predecessor spent $5 million related to these projects in 2012 and the Partnership expects to spend approximately $21 million in 2013 and an additional $39 million in the 2014 to 2016 timeframe. We retained $67.0 million of the IPO proceeds to fund these projects. See Note 2. | |
The Southwest Ohio Air Quality Agency (SWOAQA) also issued an NOV to the Middletown facility in November 2012. Our Predecessor responded to the NOV by providing a carbon injection plan requested by SWOAQA, and the Partnership has updated that plan. At present, the Partnership cannot assess whether there will be a monetary penalty or any future citations, but any potential penalty will be paid by SunCoke, and we do not expect such a penalty or citations to be material to the financial position, results of operations or cash flows of the Partnership at September 30, 2013. | |
The Partnership is a party to certain other pending and threatened claims. Although the ultimate outcome of these claims cannot be ascertained at this time, it is reasonably possible that some portion of these claims could be resolved unfavorably to the Partnership. Management of the Partnership believes that any liability which may arise from claims would not be material in relation to the financial position, results of operations or cash flows of the Partnership at September 30, 2013 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt |
With the closing of the IPO, the Partnership issued $150.0 million of Partnership Notes. The Partnership Notes have an interest rate of 7.375 percent and mature on February 1, 2020. The Partnership may redeem some or all of the Partnership Notes prior to February 1, 2016 by paying a make-whole premium. The Partnership may also redeem some or all of the Partnership Notes on or after February 1, 2016 at specified redemption prices. In addition, prior to February 1, 2016, the Partnership may redeem up to 35 percent of the Partnership Notes using the proceeds of certain equity offerings. If the Partnership sells certain of its assets or experiences specific kinds of changes in control, subject to certain exceptions, the Partnership must offer to purchase the Partnership Notes. In conjunction with the closing of the Partnership offering, we also entered into a $100.0 million revolving credit facility with a term extending through January 2018. In conjunction with these transactions, the Partnership incurred debt issuance costs of $5.9 million, $0.8 million of which was immediately expensed and was recorded in interest expense, net on the Consolidated Statement of Income as it related to the portion of the issuance that was considered a modification of the existing term loan discussed below. This credit facility was amended on August 28, 2013, increasing the total aggregate commitments from lenders to $150.0 million and now also providing for up to $100.0 million uncommitted incremental revolving capacity, subject to the satisfaction of certain conditions. We paid $0.9 million in fees related to the credit facility amendment. The fees have been included in deferred charges and other assets in the Consolidated Balance Sheet, which will be amortized over the life of the facility. As of September 30, 2013, this credit facility had letters of credit outstanding of $0.7 million, leaving $149.3 million available. | |
On July 26, 2011, SunCoke entered into a credit agreement (the “Credit Agreement”) which provides for a seven-year term loan (the “Term Loan”). Borrowings under the Term Loan bear interest, at SunCoke’s option, at either (i) base rate plus an applicable margin or (ii) the greater of 1.00 percent or LIBOR plus an applicable margin. The applicable margin on the Term Loan is (i) in the case of base rate loans, 2.00 percent per annum and (ii) in the case of LIBOR loans, 3.00 percent per annum. The weighted-average interest rate for borrowings outstanding under the Term Loan during 2012 was 4.07 percent. | |
Though SunCoke is the legal entity obligated to repay the Term Loan, effective July 26, 2011, SunCoke allocated $225.0 million of the Term Loan and related debt issuance costs of $5.7 million to our Predecessor. Interest expense and amortization of debt issuance costs has been allocated to our Predecessor beginning on July 26, 2011 and totaled $0.6 million for the nine months ended September 30, 2013 and $2.5 million and $7.8 million for the three and nine months ended September 30, 2012, respectively. The amount of consolidated debt attributed to the Combined and Consolidated Financial Statements may not be indicative of the actual amounts that we would have incurred had we been operating as an independent, publicly-traded partnership for periods prior to the IPO. Prior to entering into the Credit Agreement, SunCoke did not have any external debt, and no debt or interest expense was allocated to our Predecessor. On January 24, 2013, in conjunction with the IPO, we assumed and repaid the $225.0 million of the Term Loan that was allocated to us. In conjunction with the repayment, we incurred a charge of approximately $2.9 million representing the write-off of unamortized debt issuance costs and original issue discount related to the portion of the Term Loan extinguished, which is recorded in interest expense, net on the Consolidated Statement of Income. | |
Haverhill and Middletown, along with other certain SunCoke subsidiaries, guaranteed certain obligations, including $400.0 million of senior notes (the “Senior Notes”) issued on July 26, 2011 by SunCoke, and were subject to certain covenants and restrictions under the Term Loan and Senior Notes entered into by SunCoke. In connection with the IPO, SunCoke entered into an amendment to their Credit Agreement and simultaneously designated Haverhill and Middletown as unrestricted subsidiaries, removing the guarantees described above. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |
Sep. 30, 2013 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 10. Fair Value Measurements | |
The Partnership measures certain financial and non-financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. | ||
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: | ||
• | 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. | |
Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). At September 30, 2013, no material fair value adjustments or fair value measurements were required for these non-financial assets or liabilities. | ||
Certain Financial Assets and Liabilities not Measured at Fair Value | ||
At September 30, 2013, the estimated fair value of the Partnership's long-term debt was $155.6 million compared to a carrying amount of $149.7 million. The fair value was estimated by management based upon estimates of debt pricing provided by financial institutions which are considered Level 3 inputs. See Note 9 for additional information on our debt arrangements. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Supplemental Cash Flow Information | 11. Supplemental Cash Flow Information | ||||||||
Significant non-cash activities were as follows: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Predecessor | |||||||||
(Dollars in millions) | |||||||||
Net assets of the Predecessor not assumed by SunCoke Energy Partners, L.P.: | |||||||||
Accounts receivable | $ | 39.6 | $ | — | |||||
Deferred taxes | 18.3 | — | |||||||
Business_Segment_Disclosures
Business Segment Disclosures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segment Disclosures | 12. Business Segment Disclosures | ||||||||||||||||
The Partnership derives its revenues from the Domestic Coke and Coke Logistics reportable segments. Domestic Coke operations are comprised of cokemaking facilities, Haverhill and Middletown, located in Ohio. Both facilities use similar production processes to produce coke and to recover waste heat that is converted to steam or electricity. The coke production for these facilities is sold directly to integrated steel producers under contracts which provide for the pass-through of coal costs subject to contractual coal-to-coke yields plus an operating cost component and fixed fee component received for each ton of coke sold. | |||||||||||||||||
Prior to the third quarter of 2013, Domestic Coke was the Partnership's only reportable segment. On August 30, 2013, the Partnership completed the acquisition of Lake Terminal. Located in East Chicago, Indiana, Lake Terminal has and will continue to provide coal handling and blending services to SunCoke's Indiana Harbor cokemaking facility under contract. The results of Lake Terminal are presented in the new Coal Logistics segment below. | |||||||||||||||||
Overhead expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other in 2013. The Partnership did not exist in 2012 and therefore the Predesssor had no comparable Corporate and Other expenses. Interest expense, net is also excluded from segment results. Segment assets are those assets that are utilized within a specific segment. | |||||||||||||||||
The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | ||||||||||||||
and Other | |||||||||||||||||
Sales and other operating revenue | $ | 160.9 | $ | 1.1 | $ | — | $ | 162 | |||||||||
Adjusted EBITDA | $ | 38.7 | $ | 0.7 | $ | (3.7 | ) | $ | 35.7 | ||||||||
Depreciation, depletion and amortization | $ | 8.1 | $ | 0.2 | $ | — | $ | 8.3 | |||||||||
Capital expenditures | $ | 9.9 | $ | — | $ | — | $ | 9.9 | |||||||||
Total segment assets | $ | 903.8 | $ | 30 | $ | 29 | $ | 962.8 | |||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | ||||||||||||||
and Other | |||||||||||||||||
Sales and other operating revenue | $ | 513.5 | $ | 1.1 | $ | — | $ | 514.6 | |||||||||
Adjusted EBITDA | $ | 119.1 | $ | 0.7 | $ | (5.6 | ) | $ | 114.2 | ||||||||
Depreciation, depletion and amortization | $ | 23.3 | $ | 0.2 | $ | — | $ | 23.5 | |||||||||
Capital expenditures | $ | 20.4 | $ | — | $ | — | $ | 20.4 | |||||||||
Total segment assets | $ | 903.8 | $ | 30 | $ | 29 | $ | 962.8 | |||||||||
The Partnership evaluates the performance of its segments based on segment Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) adjusted for sales discounts. EBITDA reflects sales discounts included as a reduction in sales and other operating revenue. The sales discounts represent the sharing with customers of a portion of nonconventional fuels tax credits, which reduce our income tax expense. However, we believe our Adjusted EBITDA would be inappropriately penalized if these discounts were treated as a reduction of EBITDA since they represent sharing of a tax benefit that is not included in EBITDA. Accordingly, in computing Adjusted EBITDA, we have added back these sales discounts. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure of the operating performance of the Partnership’s net assets. | |||||||||||||||||
We believe Adjusted EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating performance. Adjusted EBITDA is a measure of operating performance that is not defined by GAAP, does not represent and should not be considered a substitute for net income as determined in accordance with GAAP. Calculations of Adjusted EBITDA may not be comparable to those reported by other companies. | |||||||||||||||||
Set forth below is additional detail as to how we use Adjusted EBITDA as a measure of operating performance, as well as a discussion of the limitations of Adjusted EBITDA as an analytical tool. | |||||||||||||||||
Operating Performance. Our management uses Adjusted EBITDA in a number of ways to assess our consolidated financial and operating performance, and we believe this measure is helpful to management in identifying trends in our performance. Adjusted EBITDA helps management identify controllable expenses and make decisions designed to help us meet our current financial goals and optimize our financial performance while neutralizing the impact of capital structure on financial results. Accordingly, we believe this metric measures our financial performance based on operational factors that management can impact in the short-term, namely our cost structure and expenses. | |||||||||||||||||
Limitations. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. Adjusted EBITDA also has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Some of these limitations include that Adjusted EBITDA: | |||||||||||||||||
• | does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; | ||||||||||||||||
• | does not reflect changes in, or cash requirement for, working capital needs; | ||||||||||||||||
• | does not reflect our interest expense, or the cash requirements necessary to service interest on or principal payments of our debt; | ||||||||||||||||
• | does not reflect certain other non-cash income and expenses; | ||||||||||||||||
• | excludes income taxes that may represent a reduction in available cash; and | ||||||||||||||||
• | includes net income attributable to noncontrolling interests. | ||||||||||||||||
Below is a reconciliation of Adjusted EBITDA (unaudited) to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Predecessor | Predecessor | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Adjusted EBITDA attributable to Predecessor/SunCoke Energy Partners, L.P. | $ | 22.1 | $ | 34.7 | $ | 75.9 | $ | 93.8 | |||||||||
Add: Adjusted EBITDA attributable to noncontrolling interest (1) | 13.6 | — | 38.3 | — | |||||||||||||
Adjusted EBITDA | $ | 35.7 | $ | 34.7 | $ | 114.2 | $ | 93.8 | |||||||||
Subtract: | |||||||||||||||||
Depreciation expense | 8.3 | 7.7 | 23.5 | 24.4 | |||||||||||||
Interest expense, net | 2.8 | 2.5 | 12.3 | 7.8 | |||||||||||||
Income tax expense | 0.1 | 7.1 | 4.2 | 17.4 | |||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits (2) | — | — | (0.6 | ) | 2.7 | ||||||||||||
Net income | $ | 24.5 | $ | 17.4 | $ | 74.8 | $ | 41.5 | |||||||||
(1) Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest share of interest, taxes and depreciation. | |||||||||||||||||
(2) At December 31, 2012, we had $12.4 million in accrued sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Combined and Consolidated Statement of Income. | |||||||||||||||||
The following table sets forth the Partnership’s total sales and other operating revenue by product or service: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||
Cokemaking sales | $ | 149.6 | $ | 184.7 | $ | 480.2 | $ | 522.6 | |||||||||
Energy sales | 11.3 | 10.5 | 33.3 | 31.4 | |||||||||||||
Coal Logistics | 1.1 | — | 1.1 | — | |||||||||||||
Total | $ | 162 | $ | 195.2 | 514.6 | $ | 554 | ||||||||||
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Event | 13. Subsequent Event |
On October 1, 2013, the Partnership completed its acquisition of 100 percent of the ownership interest in Kanawha River Terminals LLC ("KRT") for $86.0 million utilizing $46.0 million of available cash and $40.0 million of borrowings under the existing revolving credit facility. KRT is a leading metallurgical and thermal coal blending and handling terminal service provider with the collective capacity to blend and transload more than 30 million tons of coal annually. Beginning in the fourth quarter, the results of the Partnership’s acquisition of KRT will be included in the Coal Logistics segment. The acquisition of KRT is not anticipated to be material to the Partnership's Consolidated Financial Statements. |
Net_Income_Per_Unit_and_Cash_D1
Net Income Per Unit and Cash Distributions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Disaggregated Net Income | The following is a summary of net income for the nine months ended September 30, 2013 disaggregated between the Predecessor and the Partnership: | ||||||||||||
SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | Nine Months Ended September 30, 2013 | |||||||||||
Predecessor | |||||||||||||
Through | From | ||||||||||||
23-Jan-13 | 24-Jan-13 | ||||||||||||
Revenues | (Dollars in millions) | ||||||||||||
Sales and other operating revenue | $ | 47.6 | $ | 467 | $ | 514.6 | |||||||
Costs and operating expenses | |||||||||||||
Cost of products sold and operating expenses | 36.8 | 346.5 | 383.3 | ||||||||||
Selling, general and administrative expenses | 1.1 | 15.4 | 16.5 | ||||||||||
Depreciation expense | 1.9 | 21.6 | 23.5 | ||||||||||
Total costs and operating expenses | 39.8 | 383.5 | 423.3 | ||||||||||
Operating income | 7.8 | 83.5 | 91.3 | ||||||||||
Interest expense, net | 0.6 | 11.7 | 12.3 | ||||||||||
Income before income tax expense | 7.2 | 71.8 | 79 | ||||||||||
Income tax expense | 3.7 | 0.5 | 4.2 | ||||||||||
Net income | $ | 3.5 | $ | 71.3 | $ | 74.8 | |||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculation of net income per unit is as follows: | ||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||
(Dollars and units in millions, except per unit amounts) | |||||||||||||
Net income attributable to SunCoke Energy Partners, L.P. subsequent to initial public offering | $ | 13.7 | $ | 41.3 | |||||||||
Less: General partner's interest in net income subsequent to initial public offering | 0.3 | 0.9 | |||||||||||
Limited partners' interest in net income subsequent to initial public offering | $ | 13.4 | $ | 40.4 | |||||||||
Net income per limited partner unit: | |||||||||||||
Common - Public and SunCoke | $ | 0.43 | $ | 1.29 | |||||||||
Subordinated - SunCoke | $ | 0.43 | $ | 1.29 | |||||||||
Limited partner units outstanding: | |||||||||||||
Common units - Public | 13.5 | 13.5 | |||||||||||
Common units - SunCoke | 2.2 | 2.2 | |||||||||||
Subordinated units - SunCoke | 15.7 | 15.7 | |||||||||||
Schedule of Distributions Made to Members or Limited Partners, by Distribution | Our distributions are declared subsequent to quarter end; therefore, the table below represents total cash distributions applicable to the period in which the distributions were earned: | ||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended June 30, 2013 | Three Months Ended September 30, 2013 | |||||||||||
(Dollars in millions, except per unit amounts) | |||||||||||||
General partner's interest | $ | 0.2 | $ | 0.3 | $ | 0.3 | |||||||
General partner's incentive distribution | — | — | — | ||||||||||
Total General Partner's Distribution | $ | 0.2 | $ | 0.3 | $ | 0.3 | |||||||
Limited partners' distribution: | |||||||||||||
Common | $ | 4.8 | $ | 6.6 | $ | 6.8 | |||||||
Subordinated | 4.8 | 6.6 | 6.8 | ||||||||||
Total Cash Distributions | $ | 9.8 | $ | 13.5 | $ | 13.9 | |||||||
Cash distributions per unit applicable to limited partners | $ | 0.3071 | $ | 0.4225 | $ | 0.4325 | |||||||
If cash distributions to our unitholders exceed $0.47440 per unit in any quarter, our unitholders and our general partner will receive distributions according to the following percentage allocations: | |||||||||||||
Total Quarterly Distribution Per Unit Target Amount | Marginal Percentage | ||||||||||||
Interest in Distributions | |||||||||||||
Unitholders | General Partner | ||||||||||||
Minimum Quarterly Distribution | $0.41 | 98 | % | 2 | % | ||||||||
First Target Distribution | above $0.412500 | up to $0.474375 | 98 | % | 2 | % | |||||||
Second Target Distribution | above $0.474375 | up to $0.515625 | 85 | % | 15 | % | |||||||
Third Target Distribution | above $0.515625 | up to $0.618750 | 75 | % | 25 | % | |||||||
Thereafter | above $0.681750 | 50 | % | 50 | % | ||||||||
The calculation of net income allocated to the limited partners was as follows: | |||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||
Net Income Attributable to Common Unitholders: | (Dollars in millions) | ||||||||||||
Distributions | $ | 6.8 | $ | 18.2 | |||||||||
Undistributed earnings (1) | (0.1 | ) | 2 | ||||||||||
Common unitholders' interest in net income subsequent to initial public offering | $ | 6.7 | $ | 20.2 | |||||||||
Net Income Attributable to Subordinated Unitholders: | |||||||||||||
Distributions | $ | 6.8 | $ | 18.2 | |||||||||
Undistributed earnings (1) | (0.1 | ) | 2 | ||||||||||
Subordinated unitholders' interest in net income subsequent to initial public offering | $ | 6.7 | $ | 20.2 | |||||||||
Distributions declared per unit | $ | 0.4325 | $ | 1.1621 | |||||||||
(1) Distributions exceed unitholders' interest in net income during the three months ended September 30, 2013 as distributable cash flow excludes the $1.8 million payment to DTE Energy Company, the third party investor owning a 15 percent interest in the entity that owns Indiana Harbor. Distributable cash flow also included the $0.6 million capital contribution received under the omnibus agreement. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current | These components of inventories were as follows: | ||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Predecessor | |||||||||
(Dollars in millions) | |||||||||
Coal | $ | 36 | $ | 41.6 | |||||
Coke | 2.4 | 5.9 | |||||||
Material, supplies, and other | 19.5 | 15.7 | |||||||
Total | $ | 57.9 | $ | 63.2 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: | ||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Predecessor | |||||||||
(Dollars in millions) | |||||||||
Accrued sales discounts(1) | $ | — | $ | 12.4 | |||||
Accrued benefits | 2 | 1.9 | |||||||
Other | 1.5 | 2.7 | |||||||
Total | $ | 3.5 | $ | 17 | |||||
-1 | At December 31, 2012, we had $12.4 million in accrued sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures | Significant non-cash activities were as follows: | ||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Predecessor | |||||||||
(Dollars in millions) | |||||||||
Net assets of the Predecessor not assumed by SunCoke Energy Partners, L.P.: | |||||||||
Accounts receivable | $ | 39.6 | $ | — | |||||
Deferred taxes | 18.3 | — | |||||||
Business_Segment_Disclosures_T
Business Segment Disclosures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | ||||||||||||||
and Other | |||||||||||||||||
Sales and other operating revenue | $ | 160.9 | $ | 1.1 | $ | — | $ | 162 | |||||||||
Adjusted EBITDA | $ | 38.7 | $ | 0.7 | $ | (3.7 | ) | $ | 35.7 | ||||||||
Depreciation, depletion and amortization | $ | 8.1 | $ | 0.2 | $ | — | $ | 8.3 | |||||||||
Capital expenditures | $ | 9.9 | $ | — | $ | — | $ | 9.9 | |||||||||
Total segment assets | $ | 903.8 | $ | 30 | $ | 29 | $ | 962.8 | |||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | ||||||||||||||
and Other | |||||||||||||||||
Sales and other operating revenue | $ | 513.5 | $ | 1.1 | $ | — | $ | 514.6 | |||||||||
Adjusted EBITDA | $ | 119.1 | $ | 0.7 | $ | (5.6 | ) | $ | 114.2 | ||||||||
Depreciation, depletion and amortization | $ | 23.3 | $ | 0.2 | $ | — | $ | 23.5 | |||||||||
Capital expenditures | $ | 20.4 | $ | — | $ | — | $ | 20.4 | |||||||||
Total segment assets | $ | 903.8 | $ | 30 | $ | 29 | $ | 962.8 | |||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Below is a reconciliation of Adjusted EBITDA (unaudited) to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Predecessor | Predecessor | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Adjusted EBITDA attributable to Predecessor/SunCoke Energy Partners, L.P. | $ | 22.1 | $ | 34.7 | $ | 75.9 | $ | 93.8 | |||||||||
Add: Adjusted EBITDA attributable to noncontrolling interest (1) | 13.6 | — | 38.3 | — | |||||||||||||
Adjusted EBITDA | $ | 35.7 | $ | 34.7 | $ | 114.2 | $ | 93.8 | |||||||||
Subtract: | |||||||||||||||||
Depreciation expense | 8.3 | 7.7 | 23.5 | 24.4 | |||||||||||||
Interest expense, net | 2.8 | 2.5 | 12.3 | 7.8 | |||||||||||||
Income tax expense | 0.1 | 7.1 | 4.2 | 17.4 | |||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits (2) | — | — | (0.6 | ) | 2.7 | ||||||||||||
Net income | $ | 24.5 | $ | 17.4 | $ | 74.8 | $ | 41.5 | |||||||||
(1) Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest share of interest, taxes and depreciation. | |||||||||||||||||
(2) At December 31, 2012, we had $12.4 million in accrued sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Combined and Consolidated Statement of Income. | |||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following table sets forth the Partnership’s total sales and other operating revenue by product or service: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||
Cokemaking sales | $ | 149.6 | $ | 184.7 | $ | 480.2 | $ | 522.6 | |||||||||
Energy sales | 11.3 | 10.5 | 33.3 | 31.4 | |||||||||||||
Coal Logistics | 1.1 | — | 1.1 | — | |||||||||||||
Total | $ | 162 | $ | 195.2 | 514.6 | $ | 554 | ||||||||||
General_Details
General (Details) (USD $) | 0 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jul. 26, 2011 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
SunCoke Energy Inc | IPO | IPO | IPO | IPO | |
Term Loans | SunCoke Energy Inc | General Partner | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | |
SunCoke Energy Inc | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Interest in Partnership (as a percent) | 55.90% | 65.00% | 35.00% | ||
Limited Partnership (LP) ownership interest (as a percent) | 2.00% | ||||
Allocated debt and related debt issuance costs | $225 |
Initial_Public_Offering_and_Re1
Initial Public Offering and Related Party Transactions (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||
Jul. 26, 2011 | Jan. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 23, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 23, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
Term Loans | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | |
Term Loans | Senior Notes | Senior Notes | Revolving Credit Facility | Haverhill | Haverhill Coke Company LLC and Middletown Coke Company LLC | General Partner | Sun Coal & Coke | Sun Coal & Coke | Sun Coal & Coke | Public | Public | SunCoke Energy Inc | SunCoke Energy Inc | ||||
Common Units | Subordinated Units | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Interest in Partnership (as a percent) | 65.00% | 35.00% | 55.90% | 35.00% | |||||||||||||
Limited Partnership (LP) ownership interest (as a percent) | 2.00% | ||||||||||||||||
Common units issued during the period (in shares) | 2,209,697 | 15,709,697 | 13,500,000 | ||||||||||||||
Limited Partnership (LP) ownership interest to the public | 42.10% | ||||||||||||||||
Initial public offering price (in dollars per share) | $19 | ||||||||||||||||
Gross proceeds from the offering | $256,500,000 | ||||||||||||||||
Net proceeds from the offering, after deducting underwriting discounts and offering expenses | 231,800,000 | ||||||||||||||||
Underwriting discounts and offering expenses | 24,700,000 | 6,000,000 | |||||||||||||||
Long-term debt assumed and repaid | 225,000,000 | ||||||||||||||||
Environmental capital expenditures retained | 67,000,000 | ||||||||||||||||
Sales discounts related to tax credits owed to customers | 12,400,000 | ||||||||||||||||
Proceeds retained to replenish working capital | 39,600,000 | ||||||||||||||||
General Partner distributions | 33,100,000 | ||||||||||||||||
Partnership notes issued | 150,000,000 | ||||||||||||||||
Interest rate on partnership notes (as a percent) | 7.38% | ||||||||||||||||
Proceeds from issuance of notes, net of debt issuance costs | 146,300,000 | ||||||||||||||||
Debt issuance cost | $5,700,000 | $3,700,000 | $2,200,000 |
Initial_Public_Offering_and_Re2
Initial Public Offering and Related Party Transactions Omnibus Agreement (Details) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Coke Agreement Counterparties | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Successor | Successor | ||
IPO | IPO | SunCoke Energy Inc | ||||
IPO | ||||||
Business Acquisition [Line Items] | ||||||
Potential defaults by coke agreement counterparties indemnification period (in years) | 5 years | |||||
Capital contribution from SunCoke Energy Partners GP LLC | $0.60 | $0.60 | $0.60 | |||
Environmental indemnity contribution expense | 67 | |||||
Environmental remediation expense indemnified by SunCoke | 50 | |||||
Environmental remediation expense carried by SunCoke Energy Partners L.P. | $5 |
Initial_Public_Offering_and_Re3
Initial Public Offering and Related Party Transactions Allocated Expenses (Details) (SunCoke Energy Inc, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
SunCoke Energy Inc | ||||
Related Party Transaction [Line Items] | ||||
Allocated expenses | $4.10 | $5.30 | $12.20 | $15.20 |
Acquisition_Details
Acquisition (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 30, 2013 |
Business Acquisition [Line Items] | ||||
Operating income | $91.30 | |||
SunCoke Lake Terminal LLC | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | 28.6 | |||
Option to purchase entity | 1.8 | |||
Percentage interest owned | 15.00% | |||
Term of contract | 10 years | |||
Plant, property and equipment recognized | 25.9 | |||
Inventory recognized | 2.7 | |||
Revenues | 1.1 | 1.1 | ||
Operating income | 0.5 | 0.5 | ||
Indiana Harbor | ||||
Business Acquisition [Line Items] | ||||
Revenues | 1 | 1 | ||
Operating income | $0.50 | $0.50 |
Net_Income_Per_Unit_and_Cash_D2
Net Income Per Unit and Cash Distributions (Details) (USD $) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Jan. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 23, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 |
Predecessor | Predecessor | Predecessor | Predecessor | Successor | Successor | Successor | IPO | |||||||
General Partner | ||||||||||||||
Revenues | ||||||||||||||
Sales and other operating revenue | $162 | $195.20 | $514.60 | $554 | $47.60 | $195.20 | $554 | $162 | $467 | $514.60 | ||||
Costs and operating expenses | ||||||||||||||
Cost of products sold and operating expenses | 383.3 | 36.8 | 155.3 | 446.4 | 118.9 | 346.5 | 383.3 | |||||||
Selling, general and administrative expenses | 16.5 | 1.1 | 5.2 | 16.5 | 7.4 | 15.4 | 16.5 | |||||||
Depreciation expense | 8.3 | 7.7 | 23.5 | 24.4 | 1.9 | 7.7 | 24.4 | 8.3 | 21.6 | 23.5 | ||||
Total costs and operating expenses | 423.3 | 39.8 | 168.2 | 487.3 | 134.6 | 383.5 | 423.3 | |||||||
Operating income | 91.3 | 7.8 | 27 | 66.7 | 27.4 | 83.5 | 91.3 | |||||||
Interest expense, net | 12.3 | 0.6 | 2.5 | 7.8 | 2.8 | 11.7 | 12.3 | |||||||
Income before income tax expense | 79 | 7.2 | 24.5 | 58.9 | 24.6 | 71.8 | 79 | |||||||
Income tax expense | 0.1 | 7.1 | 4.2 | 17.4 | 3.7 | 7.1 | 17.4 | 0.1 | 0.5 | 4.2 | ||||
Net income | $3.50 | $24.50 | $17.40 | $71.30 | $74.80 | $41.50 | $3.50 | $17.40 | $0 | $41.50 | $24.50 | $71.30 | $74.80 | |
Limited Partnership (LP) ownership interest (as a percent) | 2.00% |
Net_Income_Per_Unit_and_Cash_D3
Net Income Per Unit and Cash Distributions Distributions Percentage Allocations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Jul. 23, 2013 | Apr. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 22, 2013 |
Minimum Quarterly Distribution | Minimum Quarterly Distribution | Minimum Quarterly Distribution | First Target Distribution | First Target Distribution | First Target Distribution | Second Target Distribution | Second Target Distribution | Second Target Distribution | Third Target Distribution | Third Target Distribution | Third Target Distribution | Thereafter | Thereafter | Maximum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Subsequent Event | |||||
General Partner | Unitholders | General Partner | Unitholders | General Partner | Unitholders | General Partner | Unitholders | General Partner | Unitholders | First Target Distribution | Second Target Distribution | Third Target Distribution | Thereafter | First Target Distribution | Second Target Distribution | Third Target Distribution | ||||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||||||||||||||||||||
Total quarterly distribution per unit target amount | $0.47 | |||||||||||||||||||||||||
Quarterly cash distribution declared (per share) | $0.42 | $0.31 | $0.43 | $1.16 | $0.43 | |||||||||||||||||||||
Total Cash Distributions | $13.50 | $9.80 | $13.90 | |||||||||||||||||||||||
Marginal percentage interest in distributions (as a percent) | 2.00% | 98.00% | 2.00% | 98.00% | 15.00% | 85.00% | 25.00% | 75.00% | 50.00% | 50.00% | ||||||||||||||||
Marginal percentage interest in distributions | 2.00% | 98.00% | 2.00% | 98.00% | 2.00% | 98.00% | ||||||||||||||||||||
Total quarterly distribution target amount (in dollars per share) | $0.41 | $0.41 | $0.41 | $0.47 | $0.47 | $0.52 | $0.62 | $0.68 | $0.41 | $0.47 | $0.52 |
Net_Income_Per_Unit_and_Cash_D4
Net Income Per Unit and Cash Distributions Calculation of Net Income Per Unit (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Common Units - Public | Common Units - Public | Common Units - Parent | Common Units - Parent | Subordinated Units | Subordinated Units | Successor | Successor | Successor | Successor | Successor | Successor | Limited Partner | Limited Partner | Limited Partner | Limited Partner | Limited Partner | Limited Partner | Limited Partner | ||
Common Units | Common Units | Subordinated Units | Subordinated Units | Common Units - Public | Common Units - Parent | Subordinated Units | Successor | Successor | Successor | Successor | ||||||||||
Common Units - Public | Common Units - Public | Subordinated Units | Subordinated Units | |||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||||||
Weighted average units outstanding (basic) (in shares) | 15,700,000 | 15,711,606 | 15,700,000 | 15,709,697 | 15,700,000 | |||||||||||||||
Net income attributable to SunCoke Energy Partners, L.P. subsequent to initial public offering | $13.70 | $41.30 | ||||||||||||||||||
General partner's interest in net income | 0.3 | 0.9 | ||||||||||||||||||
Limited partners' interest in net income subsequent to initial public offering | $13.40 | $40.40 | ||||||||||||||||||
Net income per limited partner unit (basic) (in dollars per share) | $0.43 | $1.29 | $0.43 | $1.29 | $0.43 | $1.29 | $0.43 | $1.29 | ||||||||||||
Limited partners' capital account, units outstanding (in shares) | 13,502,708 | 0 | 2,209,697 | 0 | 15,709,697 | 0 | 13,500,000 | 2,200,000 | 15,700,000 |
Net_Income_Per_Unit_and_Cash_D5
Net Income Per Unit and Cash Distributions Allocation of Total Quarterly cash Distributions to General and Limited Partners (Details) (USD $) | 0 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Jul. 23, 2013 | Apr. 23, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Common Units | Common Units | General Partner | General Partner | General Partner | Limited Partner | Limited Partner | Limited Partner | Limited Partner | Limited Partner | Limited Partner | General Partner's Interest | General Partner's Interest | General Partner's Interest | General Partner's Incentive Distribution | General Partner's Incentive Distribution | General Partner's Incentive Distribution | ||||||
Common Units | Common Units | Common Units | General Partner | General Partner | General Partner | General Partner | General Partner | General Partner | ||||||||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||||||||||||||||
Distributions to SunCoke Energy, Inc. | ($23.30) | $6.80 | $18.20 | $0.30 | $0.30 | $0.20 | $6.80 | $6.60 | $4.80 | $6.80 | $6.60 | $4.80 | $0.30 | $0.30 | $0.20 | $0 | $0 | $0 | ||||
Total Cash Distributions | $13.50 | $9.80 | ||||||||||||||||||||
Quarterly cash distribution declared (per share) | $0.42 | $0.31 | $0.43 | $1.16 |
Net_Income_Per_Unit_and_Cash_D6
Net Income Per Unit and Cash Distributions Calculation of Net Income Allocated to the Limited Partners (Details) (USD $) | 0 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Jul. 23, 2013 | Apr. 23, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 2.00% | 2.00% | 0.00% | |||||
Allocation to General Partner (as a percent) | 100.00% | |||||||
Distributions | ($23.30) | |||||||
Quarterly cash distribution declared (per share) | $0.42 | $0.31 | $0.43 | $1.16 | ||||
Capital contribution from SunCoke Energy Partners GP LLC | 0.6 | |||||||
Common Units | ||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||
Distributions | 6.8 | 18.2 | ||||||
Undistributed earnings | -0.1 | [1] | 2 | [1] | ||||
Unitholders' interest in net income subsequent to initial public offering | 6.7 | 20.2 | ||||||
Subordinated Units | ||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||
Distributions | 6.8 | 18.2 | ||||||
Undistributed earnings | -0.1 | [1] | 2 | [1] | ||||
Unitholders' interest in net income subsequent to initial public offering | 6.7 | 20.2 | ||||||
Successor | ||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||
Distributions | 23.3 | |||||||
Capital contribution from SunCoke Energy Partners GP LLC | 0.6 | 0.6 | ||||||
Interest payable | 1.8 | |||||||
Indiana Harbor | ||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||||||
Payments to Third Party Investor | $1.80 | |||||||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 15.00% | 15.00% | ||||||
[1] | Distributions exceed unitholders' interest in net income during the three months ended September 30, 2013 as distributable cash flow excludes the $1.8 million payment to DTE Energy Company, the third party investor owning a 15 percent interest in the entity that owns Indiana Harbor. Distributable cash flow also included the $0.6 million capital contribution received under the omnibus agreement. |
Income_Taxes_Details
Income Taxes (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Period during which tax credits were earned (in years) | 4 years |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Coal | $36 | $41.60 |
Coke | 2.4 | 5.9 |
Material, supplies, and other | 19.5 | 15.7 |
Total | $57.90 | $63.20 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | Haverhill | Haverhill | ||||
Accrued Liabilities [Abstract] | ||||||
Accrued sales discounts | $0 | [1] | $12.40 | [1] | $12.40 | |
Accrued benefits | 2 | 1.9 | ||||
Other | 1.5 | 2.7 | ||||
Total | 3.5 | 17 | ||||
Payment of accrual for sale volume discount payable | 11.8 | |||||
Gain on payment of accrual for sales volume discount payable | $0.60 | |||||
[1] | At December 31, 2012, we had $12.4 million in accrued sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 31, 2013 |
Haverhill and Granite City | Haverhill and Granite City | Haverhill Coke Company LLC and Middletown Coke Company LLC | |
IPO | |||
Loss Contingencies [Line Items] | |||
Cost of capital projects | $5 | ||
Environmental liability due in 2013 | 21 | ||
Environmental liability due 2014-2016 | 39 | ||
Environmental capital expenditures retained | $67 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 26, 2011 | Jul. 26, 2011 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 23, 2013 | Jul. 26, 2011 | Aug. 28, 2013 | Jan. 31, 2013 | Jan. 23, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Jan. 23, 2013 | Aug. 28, 2013 | Jul. 26, 2011 | Jul. 26, 2011 | |
Credit Agreement | Senior Notes | Term Loans | IPO | IPO | IPO | IPO | IPO | IPO | IPO | Interest Expense | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Uncommitted Incremental Revolving Credit Facility [Member] | Base Rate | London Interbank Offered Rate (LIBOR) | ||||
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes, Due 2020 [Member] | Term Loans | Term Loans | IPO | IPO | IPO | IPO | IPO | IPO | Credit Agreement | ||||||||
Credit Agreement | Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Partnership notes issued | $150,000,000 | ||||||||||||||||||||
Interest rate on debt (as a percent) | 7.38% | 1.00% | |||||||||||||||||||
Percentage of partnership notes that may be redeemed | 35.00% | ||||||||||||||||||||
Revolving credit facility | 150,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||||
Debt issuance costs | 5,900,000 | ||||||||||||||||||||
Debt issuance costs immediately expensed | 800,000 | ||||||||||||||||||||
Credit facility fees | 5,700,000 | 3,700,000 | 900,000 | 2,200,000 | |||||||||||||||||
Letters of credit outstanding | 700,000 | ||||||||||||||||||||
Credit facility available | 149,300,000 | ||||||||||||||||||||
Credit agreement period (in years) | 7 years | ||||||||||||||||||||
Margin on term loans (as a percent) | 2.00% | 3.00% | |||||||||||||||||||
Weighted average interest rate on borrowings (as a percent) | 4.07% | ||||||||||||||||||||
Term loan | 225,000,000 | ||||||||||||||||||||
Allocated interest expense and amortization of debt issuance cost | 2,500,000 | 600,000 | 7,800,000 | ||||||||||||||||||
Long-term debt assumed and repaid | 225,000,000 | ||||||||||||||||||||
Unamortized debt issuance expense | 2,900,000 | ||||||||||||||||||||
Borrowings under guaranteed investment agreements | $400,000,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Estimated fair value of the Partnership's long-term debt | $155.60 |
Carrying value of Partnership's long-term debt | $149.70 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Successor | Predecessor | |
Accounts receivable | $39.60 | $0 |
Deferred taxes | $18.30 | $0 |
Business_Segment_Disclosures_D
Business Segment Disclosures (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | $162 | $195.20 | $514.60 | $554 |
Adjusted EBITDA | 35.7 | 34.7 | 114.2 | 93.8 |
Depreciation, depletion and amortization | 8.3 | 7.7 | 23.5 | 24.4 |
Capital expenditures | 9.9 | 20.4 | ||
Total segment assets | 962.8 | 962.8 | ||
Domestic Coke | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 160.9 | 513.5 | ||
Adjusted EBITDA | 38.7 | 119.1 | ||
Depreciation, depletion and amortization | 8.1 | 23.3 | ||
Capital expenditures | 9.9 | 20.4 | ||
Total segment assets | 903.8 | 903.8 | ||
Coal Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 1.1 | 0 | 1.1 | 0 |
Adjusted EBITDA | 0.7 | 0.7 | ||
Depreciation, depletion and amortization | 0.2 | 0.2 | ||
Capital expenditures | 0 | 0 | ||
Total segment assets | 30 | 30 | ||
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 0 | 0 | ||
Adjusted EBITDA | -3.7 | -5.6 | ||
Depreciation, depletion and amortization | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Total segment assets | $29 | $29 |
Business_Segment_Disclosures_D1
Business Segment Disclosures (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Jan. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | |||||||||
Predecessor / SunCoke Energy Partners, L.P. | Predecessor / SunCoke Energy Partners, L.P. | Predecessor / SunCoke Energy Partners, L.P. | Predecessor / SunCoke Energy Partners, L.P. | Noncontrolling Interest | Noncontrolling Interest | Noncontrolling Interest | Noncontrolling Interest | Haverhill | Haverhill | |||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||
Adjusted EBITDA | $35.70 | $34.70 | $114.20 | $93.80 | $22.10 | $34.70 | $75.90 | $93.80 | $13.60 | [1] | $0 | [1] | $38.30 | [1] | $0 | [1] | ||||||||||
Depreciation, depletion and amortization | 8.3 | 7.7 | 23.5 | 24.4 | ||||||||||||||||||||||
Interest expense, net | 2.8 | 2.5 | 12.3 | 7.8 | ||||||||||||||||||||||
Income tax expense | 0.1 | 7.1 | 4.2 | 17.4 | ||||||||||||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits (2) | 0 | [2] | 0 | [2] | -0.6 | [2] | 2.7 | [2] | ||||||||||||||||||
Net income | 3.5 | 24.5 | 17.4 | 71.3 | 74.8 | 41.5 | ||||||||||||||||||||
Accrued sales discounts | 0 | [3] | 0 | [3] | 12.4 | [3] | 12.4 | |||||||||||||||||||
Payment of accrual for sale volume discount payable | 11.8 | |||||||||||||||||||||||||
Gain on payment of accrual for sales volume discount payable | $0.60 | |||||||||||||||||||||||||
[1] | Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest share of interest, taxes and depreciation. | |||||||||||||||||||||||||
[2] | At December 31, 2012, we had $12.4 million in accrued sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Combined and Consolidated Statement of Income. | |||||||||||||||||||||||||
[3] | At December 31, 2012, we had $12.4 million in accrued sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Business_Segment_Disclosures_D2
Business Segment Disclosures (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | $162 | $195.20 | $514.60 | $554 |
Cokemaking Revenues | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 149.6 | 184.7 | 480.2 | 522.6 |
Energy Revenues | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 11.3 | 10.5 | 33.3 | 31.4 |
Coal Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | $1.10 | $0 | $1.10 | $0 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event, Kanawha River Terminals LLC, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 01, 2013 |
T | |
Subsequent Event | Kanawha River Terminals LLC | |
Subsequent Event [Line Items] | |
Percentage interest owned | 100.00% |
Consideration transferred | $86 |
Financing of acquisition, cash | 46 |
Financing of acquisition, borrowings | $40 |
Cokemaking facility capacity (in metric tons) | 30,000,000 |