Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SunCoke Energy Partners, L.P. | ' |
Entity Central Index Key | '0001555538 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Common Unit Outstanding | ' | 21,629,540 |
Combined_and_Consolidated_Stat
Combined and Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Common | Common | Common | Common | Subordinated | Subordinated | Subordinated | Subordinated | |||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and other operating revenue | $160.70 | $167.70 | $322.10 | $352.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of products sold and operating expenses | 117.7 | 126 | 238.2 | 264.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | 6.4 | 4.7 | 11.3 | 9.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense | 10.2 | 7.6 | 19.9 | 15.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Total costs and operating expenses | 134.3 | 138.3 | 269.4 | 288.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | 26.4 | 29.4 | 52.7 | 63.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | 20.4 | 2.8 | 23.3 | 9.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income tax expense | 6 | 26.6 | 29.4 | 54.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | 0.2 | 0.2 | 0.5 | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 5.8 | 26.4 | 28.9 | 50.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Net income attributable to noncontrolling interests | 4.6 | 10.6 | 14.5 | 19.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to SunCoke Energy Partners, L.P. | 1.2 | 15.8 | 14.4 | 31.1 | ' | ' | ' | ' | ' | ' | ' | ' |
General partner's interest in net income | 0.3 | 0.4 | 0.7 | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partners' interest in net income | $0.90 | $15.40 | $13.70 | $27 | $0.90 | $15.40 | $13.70 | $27 | ' | ' | ' | ' |
Net income per unit (basic) (in dollars per share) | ' | ' | ' | ' | $0.03 | $0.49 | $0.45 | $0.86 | $0.02 | $0.49 | $0.37 | $0.86 |
Net income per unit (diluted) (in dollars per share) | ' | ' | ' | ' | $0.03 | $0.37 | $0.37 | $0.86 | $0.02 | $0.37 | $0.47 | $0.86 |
Weighted average units outstanding (basic) (in shares) | 19,400,000 | 15,700,000 | 17,600,000 | 15,700,000 | 19,400,000 | 15,700,000 | 17,600,000 | 15,700,000 | 15,700,000 | 15,700,000 | 15,700,000 | 15,700,000 |
Weighted average units outstanding (diluted) (in shares) | ' | ' | ' | ' | 19,412,351 | 15,700,000 | 17,600,000 | 15,700,000 | 15,709,697 | 15,700,000 | 15,700,000 | 15,700,000 |
Cash distribution per unit paid during period (in dollars per share) | $0.50 | $0.31 | $0.98 | $0.31 | ' | ' | ' | ' | ' | ' | ' | ' |
Combined_and_Consolidated_Bala
Combined and Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $58.50 | $46.30 |
Receivables | 28.4 | 20.2 |
Receivables from affiliates, net | 0 | 6.4 |
Inventories | 61.4 | 59.3 |
Other current assets | 2.6 | 1.7 |
Total current assets | 150.9 | 133.9 |
Properties, plants and equipment, net | 884.5 | 871.1 |
Goodwill and other intangible assets, net | 15.5 | 16 |
Deferred charges and other assets | 14.3 | 6.5 |
Total assets | 1,065.20 | 1,027.50 |
Liabilities and Equity | ' | ' |
Accounts payable | 48.7 | 58.7 |
Accrued liabilities | 6.3 | 6.4 |
Short-term debt | 13 | 40 |
Interest payable | 7.4 | 4.6 |
Total current liabilities | 75.4 | 109.7 |
Long-term debt | 412.5 | 149.7 |
Deferred income taxes | 3.4 | 2.8 |
Other deferred credits and liabilities | 0.9 | 0.6 |
Total liabilities | 492.2 | 262.8 |
Equity | ' | ' |
Equity | 562.4 | 580.5 |
Noncontrolling interest | 10.6 | 184.2 |
Total equity | 573 | 764.7 |
Total liabilities and partners' net equity | 1,065.20 | 1,027.50 |
Common Units - Public | ' | ' |
Equity | ' | ' |
Equity | 236.9 | 240.8 |
Common Units - Parent | ' | ' |
Equity | ' | ' |
Equity | 113.7 | 41 |
Subordinated | ' | ' |
Equity | ' | ' |
Equity | 203.3 | 290.4 |
General Partner | ' | ' |
Equity | ' | ' |
Equity | 8.5 | 8.3 |
Total equity | $8.50 | $8.30 |
Combined_and_Consolidated_Bala1
Combined and Consolidated Balance Sheets (Parenthetical) | Jun. 30, 2014 | Dec. 31, 2013 |
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 2.00% | 2.00% |
Common Units - Public | ' | ' |
Limited partners' capital account units issued (in units) | 16,724,788 | 13,503,456 |
Limited partners' capital account, units outstanding (in shares) | 16,724,788 | 13,503,456 |
Common Units - Parent | ' | ' |
Limited partners' capital account units issued (in units) | 4,904,752 | 2,209,697 |
Limited partners' capital account, units outstanding (in shares) | 4,904,752 | 2,209,697 |
Subordinated | ' | ' |
Limited partners' capital account units issued (in units) | 15,709,697 | 15,709,697 |
Limited partners' capital account, units outstanding (in shares) | 15,709,697 | 15,709,697 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $28.90 | $50.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization expense | 19.9 | 15.2 |
Deferred income tax expense | 0.6 | 3.9 |
Loss on debt extinguishment | 15.4 | 0 |
Changes in working capital pertaining to operating activities: | ' | ' |
Receivables | -8.2 | -33.9 |
Receivables from affiliate, net | 6.4 | 0 |
Inventories | -2.1 | 6.9 |
Accounts payable | -9.6 | 6.7 |
Accrued liabilities | -0.1 | -13.4 |
Interest payable | 2.8 | 4.8 |
Other | -1.5 | 3.2 |
Net cash provided by operating activities | 52.5 | 43.7 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -33.4 | -10.5 |
Net cash used in investing activities | -33.4 | -10.5 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 88.7 | 231.8 |
Proceeds from issuance of long-term debt | 268.1 | 150 |
Repayment of long-term debt, including market premium | -271.3 | -225 |
Debt issuance costs | -5.8 | -5.9 |
Proceeds from revolving credit facility | 40 | 0 |
Repayment of revolving facility | -72 | 0 |
Distributions to unitholders (public and parent) | -34.4 | -9.8 |
Distributions to noncontrolling interest (SunCoke Energy, Inc.) | -20.2 | -58.7 |
Net cash (used in) provided by financing activities | -6.9 | 82.4 |
Net increase in cash and cash equivalents | 12.2 | 115.6 |
Cash and cash equivalents at beginning of period | 46.3 | 0 |
Cash and cash equivalents at end of period | $58.50 | $115.60 |
Combined_and_Consolidated_Stat1
Combined and Consolidated Statements of Equity (USD $) | Total | Public | SunCoke Energy Inc | SunCoke Energy Inc | General Partner | Noncontrolling Interest |
In Millions, unless otherwise specified | Common Units - Public | Common Units - Parent | Subordinated | |||
Balance at beginning of period at Dec. 31, 2013 | $764.70 | $240.80 | $41 | $290.40 | $8.30 | $184.20 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 28.9 | 5.9 | 1 | 6.8 | 0.7 | 14.5 |
Distribution to unitholders | -34.4 | -14.8 | -3.5 | -15.3 | -0.8 | 0 |
Distributions to noncontrolling interest | -16.8 | ' | ' | ' | ' | -16.8 |
Proceeds from equity issuance to public unitholders | 88.7 | 88.7 | ' | ' | ' | ' |
Issuances of units | 83.3 | ' | 80 | ' | 3.3 | ' |
Cash payment | -3.4 | -1.6 | -0.2 | -1.5 | -0.1 | ' |
Adjustments to equity related to the acquisition | -338 | -82.1 | -4.6 | -77.1 | -2.9 | -171.3 |
Balance at end of period at Jun. 30, 2014 | $573 | $236.90 | $113.70 | $203.30 | $8.50 | $10.60 |
General
General | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
1. General | |
Description of Business | |
SunCoke Energy Partners, L.P., (the "Partnership", "we", "our", and "us"), is a Delaware limited partnership formed in July 2012 which primarily 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 65.0 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. On May 9, 2014, we completed the acquisition of an additional 33.0 percent interest in the Haverhill and Middletown cokemaking facilities. See Note 2. At June 30, 2014, SunCoke, through its subsidiary, owns a 54.1 percent partnership interest in us and all of our incentive distribution rights and indirectly owns and controls our general partner, which holds a 2.0 percent general partner interest in us. | |
During 2013, we expanded our operations into coal handling and blending services through two acquisitions. On August 30, 2013, the Partnership completed its acquisition of Lakeshore Coal Handling Corporation ("Lake Terminal"). Located in East Chicago, Indiana, Lake Terminal provides coal handling and blending services to SunCoke's Indiana Harbor cokemaking operations. On October 1, 2013, the Partnership acquired Kanawha River Terminals ("KRT"). KRT is a leading metallurgical and thermal coal blending and handling terminal service provider with collective capacity to blend and transload 30 million tons of coal annually through its operations in West Virginia and Kentucky. | |
Basis of Presentation | |
The accompanying unaudited combined and consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States ("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, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The results of operations for the period ended June 30, 2014 are not necessarily indicative of the operating results for the full year. These unaudited interim combined and consolidated financial statements and notes should be read in conjunction with the audited combined and consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
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. | |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. Under this ASU, an entity is required to recognize revenue upon transfer of promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently reviewing the provisions of ASU 2014-09 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
In April 2014, FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in previously issued financial statements. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
2. Acquisition | |
On May 9, 2014, we completed the acquisition of an additional 33.0 percent interest in the Haverhill and Middletown cokemaking facilities for total consideration of $365.0 million (the "Drop-Down"). The terms of the contribution agreement and the acquisition of the interests in Haverhill and Middletown were approved by the conflicts committee of our general partner’s Board of Directors, which consists entirely of independent directors. | |
Total consideration for the Drop-Down included 2.7 million common units totaling $80.0 million and $3.3 million of general partner interests issued to SunCoke. In addition, we assumed and repaid approximately $271.3 million of outstanding SunCoke debt and other liabilities, including a market premium of $11.4 million to complete the tender of certain debt. We also paid $3.4 million in cash to SunCoke and retained $7.0 million of the consideration to pre-fund SunCoke’s obligation to indemnify us for the anticipated cost of the environmental remediation project at Haverhill. | |
We funded the Drop-Down with $88.7 million of net proceeds from the sale of 3.2 million common units to the public, which was completed on April 30, 2014, and approximately $263.1 million of gross proceeds from the issuance of $250.0 million aggregate principal amount of 7.375 percent Partnership Notes due 2020 through a private placement on May 9, 2014. In addition, the Partnership received $5.0 million to fund interest from February 1, 2014 to May 9, 2014, the period prior to the issuance. This interest will be paid to noteholders on August 1, 2014. | |
In conjunction with the closing of the Drop-Down, the Partnership also increased its revolving credit facility by an additional $100.0 million to $250.0 million and extended its maturity date from January 2018 to May 2019. See Note 7. |
Related_Party_Transactions_and
Related Party Transactions and Agreements | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions and Agreements | ' |
3. Related Party Transactions and Agreements | |
The related party transactions with SunCoke and its affiliates are described below. | |
Transactions with Affiliate | |
Coal Logistics provides coal handling and blending services to certain SunCoke cokemaking operations. During the three and six months ended June 30, 2014, Coal Logistics recorded $3.5 million and $6.6 million in revenues, respectively, derived from services provided to SunCoke’s cokemaking operations. The Partnership also purchased coal and other services from SunCoke and its affiliates totaling $9.1 million and $16.8 million during the three and six months ended June 30, 2014, respectively. At June 30, 2014, net receivables with SunCoke and its affiliates were insignificant. | |
Allocated Expenses | |
SunCoke charges us for all direct costs and expenses incurred on our behalf and allocated costs associated with support services provided to our operations. Allocated expenses from SunCoke for general corporate and operations support costs totaled $4.6 million and $8.5 million for the three and six months ended June 30, 2014, respectively, and $4.1 million and $8.1 million for the three and six months ended June 30, 2013, respectively, and are included in selling, general and administrative expenses. 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 are recorded based upon the omnibus agreement. Corporate allocations were updated in the second quarter of 2014. | |
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. | |
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 and an additional $7 million from the Drop-Down transaction. 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 corporate and other services, and we will reimburse SunCoke for all direct costs and expenses incurred on our behalf and a portion of corporate and other costs and expenses attributable to our operations. Additionally, we paid all fees in connection with our senior notes offerings 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. |
Cash_Distributions_and_Net_Inc
Cash Distributions and Net Income Per Unit | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Net Income Per Unit and Cash Distributions | ' | |||||||||||||||||
4. Cash Distributions and Net Income Per Unit | ||||||||||||||||||
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 $0.412500 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 $0.412500; and | |||||||||||||||||
• | third, 98 percent to all unitholders, pro rata, and 2 percent to our general partner, until each unit has received a distribution of $0.474375. | |||||||||||||||||
If cash distributions to our unitholders exceed $0.474375 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 $0.618750 | 50% | 50% | |||||||||||||||
In accordance with our partnership agreement, on April 21, 2014, we declared a quarterly cash distribution of $0.50 per unit. This distribution was paid on May 30, 2014 to unitholders of record on May 15, 2014, which included equity issuances related to the Drop-Down, and totaled $19.2 million. On July 21, 2014, we declared a quarterly cash distribution of $0.515 per unit. This distribution will be paid on August 29, 2014 to unitholders of record on August 15, 2014. | ||||||||||||||||||
The allocation of total quarterly cash distributions to general and limited partners based on the number of units 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 June 30, 2014 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||
(Dollars and units in millions, except per unit amounts) | ||||||||||||||||||
General partner's distributions: | ||||||||||||||||||
General partner's distributions | $ | 0.3 | $ | 0.3 | $ | 0.7 | $ | 0.5 | ||||||||||
General partner's incentive distribution rights | 0.3 | — | 0.4 | — | ||||||||||||||
Total general partner's distributions | 0.6 | 0.3 | 1.1 | 0.5 | ||||||||||||||
Limited partners' distributions: | ||||||||||||||||||
Common | 11.1 | 6.6 | 21.9 | 11.4 | ||||||||||||||
Subordinated | 8.1 | 6.6 | 16 | 11.4 | ||||||||||||||
Total limited partners' distributions | 19.2 | 13.2 | 37.9 | 22.8 | ||||||||||||||
Total Cash Distributions | $ | 19.8 | $ | 13.5 | $ | 39 | $ | 23.3 | ||||||||||
Cash distributions per unit applicable to limited partners | $ | 0.515 | $ | 0.4225 | $ | 1.015 | $ | 0.7296 | ||||||||||
Earnings Per Unit | ||||||||||||||||||
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. Distributions less than or greater than earnings are allocated in accordance with our partnership agreement. 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 June 30, 2014, the weighted-average number of common and subordinated units outstanding was 19,412,351 units and 15,709,697 units, respectively. | ||||||||||||||||||
In addition to the common and subordinated units, we have also identified the general partner interest and incentive distribution rights 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 earnings per unit is as follows: | ||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||||||||||
(Dollars and units in millions, except per unit amounts) | ||||||||||||||||||
Net income attributable to partners | $ | 1.2 | $ | 15.8 | $ | 14.4 | $ | 27.6 | ||||||||||
General partner's distributions (including incentive distribution rights) | 0.6 | 0.3 | 1.1 | 0.5 | ||||||||||||||
Limited partners' distributions on common units | 11.1 | 6.6 | 21.9 | 11.4 | ||||||||||||||
Limited partners' distributions on subordinated units | 8.1 | 6.6 | 16 | 11.4 | ||||||||||||||
Distributions (greater than) less than earnings | (18.6 | ) | 2.3 | (24.6 | ) | 4.3 | ||||||||||||
General partner's earnings: | ||||||||||||||||||
Distributions (including incentive distribution rights) | 0.6 | 0.3 | 1.1 | 0.5 | ||||||||||||||
Allocation of distributions (greater than) less than earnings | (0.4 | ) | 0.1 | (0.5 | ) | 0.1 | ||||||||||||
Total general partner's earnings | 0.2 | 0.4 | 0.6 | 0.6 | ||||||||||||||
Limited partners' earnings on common units earnings: | ||||||||||||||||||
Distributions | 11.1 | 6.6 | 21.9 | 11.4 | ||||||||||||||
Allocation of distributions (greater than) less than earnings | (10.6 | ) | 1.1 | (14.0 | ) | 2.1 | ||||||||||||
Total limited partners' earnings on common units | 0.5 | 7.7 | 7.9 | 13.5 | ||||||||||||||
Limited partners' earnings on subordinated units earnings: | ||||||||||||||||||
Distributions | 8.1 | 6.6 | 16 | 11.4 | ||||||||||||||
Allocation of distributions (greater than) less than earnings | (7.6 | ) | 1.1 | (10.1 | ) | 2.1 | ||||||||||||
Total limited partners' earnings on subordinated units | 0.5 | 7.7 | 5.9 | 13.5 | ||||||||||||||
Weighted average limited partner units outstanding: | ||||||||||||||||||
Common - basic and diluted | 19.4 | 15.7 | 17.6 | 15.7 | ||||||||||||||
Subordinated - basic and diluted | 15.7 | 15.7 | 15.7 | 15.7 | ||||||||||||||
Net income per limited partner unit: | ||||||||||||||||||
Common - basic and diluted | $ | 0.03 | $ | 0.49 | $ | 0.45 | $ | 0.86 | ||||||||||
Subordinated - basic and diluted | $ | 0.02 | $ | 0.49 | $ | 0.37 | $ | 0.86 | ||||||||||
Allocation of Net Income | ||||||||||||||||||
The following is a summary of net income for the six months ended June 30, 2014 and 2013 including a summary of net income disaggregated between the Predecessor and the Partnership six months ended June 30, 2013: | ||||||||||||||||||
Six Months Ended June 30, | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | ||||||||||||||||
Predecessor | ||||||||||||||||||
Period from January 1, 2013 to January 23, 2013 | Period from January 24, 2013 to June 30, 2013 | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Revenues | (Dollars in millions) | |||||||||||||||||
Sales and other operating revenue | $ | 322.1 | $ | 352.6 | $ | 47.6 | $ | 305 | ||||||||||
Costs and operating expenses | ||||||||||||||||||
Cost of products sold and operating expenses | 238.2 | 264.4 | 36.8 | 227.6 | ||||||||||||||
Selling, general and administrative expenses | 11.3 | 9.1 | 1.1 | 8 | ||||||||||||||
Depreciation and amortization expense | 19.9 | 15.2 | 1.9 | 13.3 | ||||||||||||||
Total costs and operating expenses | 269.4 | 288.7 | 39.8 | 248.9 | ||||||||||||||
Operating income | 52.7 | 63.9 | 7.8 | 56.1 | ||||||||||||||
Interest expense, net | 23.3 | 9.5 | 0.6 | 8.9 | ||||||||||||||
Income before income tax expense | 29.4 | 54.4 | 7.2 | 47.2 | ||||||||||||||
Income tax expense | 0.5 | 4.1 | 3.7 | 0.4 | ||||||||||||||
Net income | 28.9 | 50.3 | $ | 3.5 | $ | 46.8 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 14.5 | 19.2 | ||||||||||||||||
Net income attributable to SunCoke Energy Partners, L.P./Predecessor | 14.4 | 31.1 | ||||||||||||||||
Less: Predecessor net income prior to initial public offering on January 24, 2013 | — | 3.5 | ||||||||||||||||
Net income attributable to SunCoke Energy Partners, L.P. subsequent to initial public offering | $ | 14.4 | $ | 27.6 | ||||||||||||||
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 general and limited partners was as follows: | ||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||
(Dollars and units in millions, except per unit amounts) | ||||||||||||||||||
Net income attributable to partners | $ | 1.2 | $ | 15.8 | $ | 14.4 | $ | 27.6 | ||||||||||
General partner's incentive distribution rights | 0.3 | — | 0.4 | — | ||||||||||||||
0.9 | 15.8 | 14 | 27.6 | |||||||||||||||
General partner's ownership interest | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||
General partner's allocated interest in net income | — | 0.4 | 0.3 | 0.6 | ||||||||||||||
General partner's incentive distribution rights | 0.3 | — | 0.4 | — | ||||||||||||||
Total general partner's interest in net income | $ | 0.3 | $ | 0.4 | $ | 0.7 | $ | 0.6 | ||||||||||
Common - public unitholder's interest in net income | 0.4 | 6.6 | 5.9 | 11.5 | ||||||||||||||
Common - SunCoke interest in net income | 0.1 | 1.1 | 1 | 2 | ||||||||||||||
Subordinated unitholder's interest in net income | 0.4 | 7.7 | 6.8 | 13.5 | ||||||||||||||
Total limited partners' interest in net income | $ | 0.9 | $ | 15.4 | $ | 13.7 | $ | 27 | ||||||||||
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
5. Inventories | |||||||||
The components of inventories were as follows: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 34.5 | $ | 33.1 | |||||
Coke | 3.4 | 4.1 | |||||||
Material, supplies, and other | 23.5 | 22.1 | |||||||
Total inventories | $ | 61.4 | $ | 59.3 | |||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
6. 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 was determined on a theoretical separate-return basis. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
7. Debt | |
On May 9, 2014 in connection with the Drop-Down, the Partnership issued $250.0 million senior notes as additional notes under the indenture pursuant to which the Partnership issued $150.0 million senior notes on January 24, 2013 ("Partnership Notes"). The Partnership Notes bear interest at a rate of 7.375 percent per annum and will mature on February 1, 2020. Interest is payable semi-annually in arrears on February 1 and August 1 of each year. Proceeds of $263.1 million included an original issue premium of $13.1 million. In addition, the Partnership received $5.0 million to fund interest from February 1, 2014 to May 9, 2014, the period prior to the issuance. This interest will be paid to noteholders on August 1, 2014 and was included in the current portion of long-term debt on the Consolidated Balance Sheet. The Partnership incurred debt issuance costs of $4.9 million, of which $0.9 million was considered a modification of debt and was recorded in interest expense, net on the Consolidated Statement of Income. | |
Furthermore, in connection with the Drop-Down, the Partnership assumed from SunCoke and repaid certain SunCoke debt and other liabilities totaling $271.3 million, including a market premium of $11.4 million to complete the tender of certain debt, which was included in interest expense, net on the Consolidated Statement of Income. The Partnership assumed $5.8 million in debt issuance costs and $0.9 million in original issue discount in connection with the assumption of this debt from SunCoke, $3.1 million of which related to the portion of the debt extinguished and was recorded in interest expense, net on the Consolidated Statement of Income. | |
Also, in connection with the Drop-Down, the Partnership repaid $40.0 million on the revolving credit facility (the “Partnership Revolver”) and amended the Partnership Revolver to include (i) an increase in the total aggregate commitments from lenders from $150.0 million to $250.0 million and (ii) an extension of the maturity date from January 2018 to May 2019. The Partnership paid $1.8 million in fees related to the Revolver amendment, which are included in deferred charges and other assets in the Consolidated Balance Sheet. As of June 30, 2014, the Partnership had $8.0 million borrowed against the Partnership Revolver and letters of credit outstanding of $0.7 million, leaving $241.3 million available. | |
The Partnership is subject to certain debt covenants that, among other things, limit the Partnership’s ability and the ability of certain of the Partnership’s subsidiaries to (i) incur indebtedness, (ii) pay dividends or make other distributions, (iii) prepay, redeem or repurchase certain debt, (iv) make loans and investments, (v) sell assets, (vi) incur liens, (vii) enter into transactions with affiliates and (viii) consolidate or merge. These covenants are subject to a number of exceptions and qualifications set forth in the respective agreements. Additionally, under the terms of the Partnership Revolver, the Partnership is subject to a maximum consolidated leverage ratio of 4.00 to 1.00, calculated by dividing total debt by EBITDA as defined by the Partnership Revolver, and a minimum consolidated interest coverage ratio of 2.50 to 1.00, calculated by dividing EBITDA by interest expense as defined by the Partnership Revolver. As of June 30, 2014, the Partnership was in compliance with all applicable debt covenants contained in the Partnership Revolver. We do not anticipate violation of these covenants nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
8. Commitments and Contingent Liabilities | |
The Environmental Protection Agency ("EPA") and state regulators have 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 has lodged a Consent Decree in federal district court that is undergoing review. Settlement may require payment of a civil penalty for alleged past violations as well as the capital projects underway to improve the reliability of the energy recovery systems and enhance environmental performance at the Haverhill facility. Any potential penalty for alleged past violations will be paid by SunCoke. | |
Spending for these projects depends on the timing and finality of the settlement. We retained $74 million in proceeds from the Partnership offering and Drop-Down transaction for environmental capital expenditures related to these projects. Pursuant to the Omnibus Agreement between SunCoke and the Partnership, any amounts that we spend on these projects in excess of $74 million will be reimbursed by SunCoke. Prior to our formation, SunCoke spent $5 million related to these projects. The Partnership has spent $51 million to date and expects to spend approximately $14 million in the remainder of 2014 and $10 million in 2015. | |
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. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |
Jun. 30, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Measurements | ' | |
9. Fair Value Measurements | ||
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 June 30, 2014, 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 June 30, 2014, the estimated fair value of the Partnership's long-term debt was $426.6 million compared to a carrying amount of $412.5 million. The fair value was estimated by management based upon estimates of debt pricing provided by financial institutions which are considered Level 3 inputs. |
Business_Segment_Disclosures
Business Segment Disclosures | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||
Business Segment Disclosures | ' | |||||||||||||||||||||||||
10. Business Segment Disclosures | ||||||||||||||||||||||||||
The Partnership derives its revenues from the Domestic Coke and Coke Logistics reportable segments. Domestic Coke operations are comprised of Haverhill and Middletown cokemaking facilities located in Ohio. Both facilities use similar production processes to produce coke and to recover waste heat that is converted to steam or electricity. Coke sales at each of the Partnership's cokemaking facilities are made pursuant to long-term take-or-pay agreements with ArcelorMittal and AK Steel. Each of the coke sales agreements contain pass-through provisions for costs incurred in the cokemaking process, including coal costs (subject to meeting contractual coal-to-coke yields), operating and maintenance expenses, costs related to the transportation of coke to the customers, taxes (other than income taxes) and costs associated with changes in regulation, in addition to containing a fixed fee. In the prior year period, all corporate costs were included in the Domestic Coke segment as the Partnership had only one reportable segment. | ||||||||||||||||||||||||||
Coal Logistics operations are comprised of Lake Terminal and KRT facilities located in Indiana and Kentucky, respectively. The Partnership acquired Lake Terminal on August 30, 2013 and KRT on October 1, 2013 and began providing coal handling and blending services. This business has a collective capacity to blend and transload more than 30 million tons of coal annually. Coal handling and blending services are provided to third party customers as well as SunCoke cokemaking facilities. Coal handling and blending results are presented in the Coal Logistics segment below. | ||||||||||||||||||||||||||
Corporate and other expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other. 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 June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||
Sales and other operating revenue | $ | 146.4 | $ | 14.3 | $ | — | $ | 160.7 | ||||||||||||||||||
Intersegment sales | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||||||||
Adjusted EBITDA | $ | 34.4 | $ | 5 | $ | (2.8 | ) | $ | 36.6 | |||||||||||||||||
Depreciation and amortization | $ | 8.4 | $ | 1.8 | $ | — | $ | 10.2 | ||||||||||||||||||
Capital expenditures | $ | 18.7 | $ | 0.5 | $ | — | $ | 19.2 | ||||||||||||||||||
Total segment assets | $ | 913.6 | $ | 118.4 | $ | 33.2 | $ | 1,065.20 | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||
Sales and other operating revenue | $ | 296.1 | $ | 26 | $ | — | $ | 322.1 | ||||||||||||||||||
Intersegment sales | $ | — | $ | 2.1 | $ | — | $ | — | ||||||||||||||||||
Adjusted EBITDA | $ | 69.7 | $ | 7.1 | $ | (4.2 | ) | $ | 72.6 | |||||||||||||||||
Depreciation and amortization | $ | 16.3 | $ | 3.6 | $ | — | $ | 19.9 | ||||||||||||||||||
Capital expenditures | $ | 32.6 | $ | 0.8 | $ | — | $ | 33.4 | ||||||||||||||||||
Total segment assets | $ | 913.6 | $ | 118.4 | $ | 33.2 | $ | 1,065.20 | ||||||||||||||||||
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. Prior to the expiration of our nonconventional fuel tax credits in June 2012, 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 fuel 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 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 to its closest GAAP measure with disaggregated results for periods prior to and subsequent to the IPO: | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | |||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Period from January 1, 2013 to January 23, 2013 | Period from January 24, 2013 to June 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Adjusted EBITDA attributable to SunCoke Energy Partners, L.P./Predecessor | $ | 30.8 | $ | 23.7 | $ | 54.4 | $ | 53.8 | $ | 9.7 | $ | 44.1 | ||||||||||||||
Add: Adjusted EBITDA attributable to noncontrolling interest(1) | 5.8 | 13.3 | 18.2 | 24.7 | — | 24.7 | ||||||||||||||||||||
Adjusted EBITDA | $ | 36.6 | $ | 37 | $ | 72.6 | $ | 78.5 | $ | 9.7 | $ | 68.8 | ||||||||||||||
Subtract: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 10.2 | 7.6 | 19.9 | 15.2 | 1.9 | 13.3 | ||||||||||||||||||||
Interest expense, net | 20.4 | 2.8 | 23.3 | 9.5 | 0.6 | 8.9 | ||||||||||||||||||||
Income tax expense | 0.2 | 0.2 | 0.5 | 4.1 | 3.7 | 0.4 | ||||||||||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(2) | — | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||
Net income | $ | 5.8 | $ | 26.4 | $ | 28.9 | $ | 50.3 | $ | 3.5 | $ | 46.8 | ||||||||||||||
-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 a 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. The 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 excluding intersegment revenues: | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||||||||||
Cokemaking revenues | $ | 135.8 | $ | 156.8 | $ | 272.4 | $ | 330.6 | ||||||||||||||||||
Energy revenues | 10.6 | 10.9 | 23.7 | 22 | ||||||||||||||||||||||
Coal logistics revenues | 14.3 | — | 26 | — | ||||||||||||||||||||||
Total revenues | $ | 160.7 | $ | 167.7 | $ | 322.1 | $ | 352.6 | ||||||||||||||||||
General_Policies
General (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. Under this ASU, an entity is required to recognize revenue upon transfer of promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently reviewing the provisions of ASU 2014-09 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
In April 2014, FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in previously issued financial statements. |
Cash_Distributions_and_Net_Inc1
Cash Distributions and Net Income Per Unit (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||||||||||||
The calculation of earnings per unit is as follows: | ||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||||||||||
(Dollars and units in millions, except per unit amounts) | ||||||||||||||||||
Net income attributable to partners | $ | 1.2 | $ | 15.8 | $ | 14.4 | $ | 27.6 | ||||||||||
General partner's distributions (including incentive distribution rights) | 0.6 | 0.3 | 1.1 | 0.5 | ||||||||||||||
Limited partners' distributions on common units | 11.1 | 6.6 | 21.9 | 11.4 | ||||||||||||||
Limited partners' distributions on subordinated units | 8.1 | 6.6 | 16 | 11.4 | ||||||||||||||
Distributions (greater than) less than earnings | (18.6 | ) | 2.3 | (24.6 | ) | 4.3 | ||||||||||||
General partner's earnings: | ||||||||||||||||||
Distributions (including incentive distribution rights) | 0.6 | 0.3 | 1.1 | 0.5 | ||||||||||||||
Allocation of distributions (greater than) less than earnings | (0.4 | ) | 0.1 | (0.5 | ) | 0.1 | ||||||||||||
Total general partner's earnings | 0.2 | 0.4 | 0.6 | 0.6 | ||||||||||||||
Limited partners' earnings on common units earnings: | ||||||||||||||||||
Distributions | 11.1 | 6.6 | 21.9 | 11.4 | ||||||||||||||
Allocation of distributions (greater than) less than earnings | (10.6 | ) | 1.1 | (14.0 | ) | 2.1 | ||||||||||||
Total limited partners' earnings on common units | 0.5 | 7.7 | 7.9 | 13.5 | ||||||||||||||
Limited partners' earnings on subordinated units earnings: | ||||||||||||||||||
Distributions | 8.1 | 6.6 | 16 | 11.4 | ||||||||||||||
Allocation of distributions (greater than) less than earnings | (7.6 | ) | 1.1 | (10.1 | ) | 2.1 | ||||||||||||
Total limited partners' earnings on subordinated units | 0.5 | 7.7 | 5.9 | 13.5 | ||||||||||||||
Weighted average limited partner units outstanding: | ||||||||||||||||||
Common - basic and diluted | 19.4 | 15.7 | 17.6 | 15.7 | ||||||||||||||
Subordinated - basic and diluted | 15.7 | 15.7 | 15.7 | 15.7 | ||||||||||||||
Net income per limited partner unit: | ||||||||||||||||||
Common - basic and diluted | $ | 0.03 | $ | 0.49 | $ | 0.45 | $ | 0.86 | ||||||||||
Subordinated - basic and diluted | $ | 0.02 | $ | 0.49 | $ | 0.37 | $ | 0.86 | ||||||||||
Distributions Made to Limited Partner, by Distribution | ' | |||||||||||||||||
If cash distributions to our unitholders exceed $0.474375 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 $0.618750 | 50% | 50% | |||||||||||||||
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 June 30, 2014 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||
(Dollars and units in millions, except per unit amounts) | ||||||||||||||||||
General partner's distributions: | ||||||||||||||||||
General partner's distributions | $ | 0.3 | $ | 0.3 | $ | 0.7 | $ | 0.5 | ||||||||||
General partner's incentive distribution rights | 0.3 | — | 0.4 | — | ||||||||||||||
Total general partner's distributions | 0.6 | 0.3 | 1.1 | 0.5 | ||||||||||||||
Limited partners' distributions: | ||||||||||||||||||
Common | 11.1 | 6.6 | 21.9 | 11.4 | ||||||||||||||
Subordinated | 8.1 | 6.6 | 16 | 11.4 | ||||||||||||||
Total limited partners' distributions | 19.2 | 13.2 | 37.9 | 22.8 | ||||||||||||||
Total Cash Distributions | $ | 19.8 | $ | 13.5 | $ | 39 | $ | 23.3 | ||||||||||
Cash distributions per unit applicable to limited partners | $ | 0.515 | $ | 0.4225 | $ | 1.015 | $ | 0.7296 | ||||||||||
The calculation of net income allocated to the general and limited partners was as follows: | ||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||
(Dollars and units in millions, except per unit amounts) | ||||||||||||||||||
Net income attributable to partners | $ | 1.2 | $ | 15.8 | $ | 14.4 | $ | 27.6 | ||||||||||
General partner's incentive distribution rights | 0.3 | — | 0.4 | — | ||||||||||||||
0.9 | 15.8 | 14 | 27.6 | |||||||||||||||
General partner's ownership interest | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||
General partner's allocated interest in net income | — | 0.4 | 0.3 | 0.6 | ||||||||||||||
General partner's incentive distribution rights | 0.3 | — | 0.4 | — | ||||||||||||||
Total general partner's interest in net income | $ | 0.3 | $ | 0.4 | $ | 0.7 | $ | 0.6 | ||||||||||
Common - public unitholder's interest in net income | 0.4 | 6.6 | 5.9 | 11.5 | ||||||||||||||
Common - SunCoke interest in net income | 0.1 | 1.1 | 1 | 2 | ||||||||||||||
Subordinated unitholder's interest in net income | 0.4 | 7.7 | 6.8 | 13.5 | ||||||||||||||
Total limited partners' interest in net income | $ | 0.9 | $ | 15.4 | $ | 13.7 | $ | 27 | ||||||||||
Schedule of Disaggregated Net Income | ' | |||||||||||||||||
The following is a summary of net income for the six months ended June 30, 2014 and 2013 including a summary of net income disaggregated between the Predecessor and the Partnership six months ended June 30, 2013: | ||||||||||||||||||
Six Months Ended June 30, | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | ||||||||||||||||
Predecessor | ||||||||||||||||||
Period from January 1, 2013 to January 23, 2013 | Period from January 24, 2013 to June 30, 2013 | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Revenues | (Dollars in millions) | |||||||||||||||||
Sales and other operating revenue | $ | 322.1 | $ | 352.6 | $ | 47.6 | $ | 305 | ||||||||||
Costs and operating expenses | ||||||||||||||||||
Cost of products sold and operating expenses | 238.2 | 264.4 | 36.8 | 227.6 | ||||||||||||||
Selling, general and administrative expenses | 11.3 | 9.1 | 1.1 | 8 | ||||||||||||||
Depreciation and amortization expense | 19.9 | 15.2 | 1.9 | 13.3 | ||||||||||||||
Total costs and operating expenses | 269.4 | 288.7 | 39.8 | 248.9 | ||||||||||||||
Operating income | 52.7 | 63.9 | 7.8 | 56.1 | ||||||||||||||
Interest expense, net | 23.3 | 9.5 | 0.6 | 8.9 | ||||||||||||||
Income before income tax expense | 29.4 | 54.4 | 7.2 | 47.2 | ||||||||||||||
Income tax expense | 0.5 | 4.1 | 3.7 | 0.4 | ||||||||||||||
Net income | 28.9 | 50.3 | $ | 3.5 | $ | 46.8 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 14.5 | 19.2 | ||||||||||||||||
Net income attributable to SunCoke Energy Partners, L.P./Predecessor | 14.4 | 31.1 | ||||||||||||||||
Less: Predecessor net income prior to initial public offering on January 24, 2013 | — | 3.5 | ||||||||||||||||
Net income attributable to SunCoke Energy Partners, L.P. subsequent to initial public offering | $ | 14.4 | $ | 27.6 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
The components of inventories were as follows: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 34.5 | $ | 33.1 | |||||
Coke | 3.4 | 4.1 | |||||||
Material, supplies, and other | 23.5 | 22.1 | |||||||
Total inventories | $ | 61.4 | $ | 59.3 | |||||
Business_Segment_Disclosures_T
Business Segment Disclosures (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
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 June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||
Sales and other operating revenue | $ | 146.4 | $ | 14.3 | $ | — | $ | 160.7 | ||||||||||||||||||
Intersegment sales | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||||||||
Adjusted EBITDA | $ | 34.4 | $ | 5 | $ | (2.8 | ) | $ | 36.6 | |||||||||||||||||
Depreciation and amortization | $ | 8.4 | $ | 1.8 | $ | — | $ | 10.2 | ||||||||||||||||||
Capital expenditures | $ | 18.7 | $ | 0.5 | $ | — | $ | 19.2 | ||||||||||||||||||
Total segment assets | $ | 913.6 | $ | 118.4 | $ | 33.2 | $ | 1,065.20 | ||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Domestic Coke | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||
Sales and other operating revenue | $ | 296.1 | $ | 26 | $ | — | $ | 322.1 | ||||||||||||||||||
Intersegment sales | $ | — | $ | 2.1 | $ | — | $ | — | ||||||||||||||||||
Adjusted EBITDA | $ | 69.7 | $ | 7.1 | $ | (4.2 | ) | $ | 72.6 | |||||||||||||||||
Depreciation and amortization | $ | 16.3 | $ | 3.6 | $ | — | $ | 19.9 | ||||||||||||||||||
Capital expenditures | $ | 32.6 | $ | 0.8 | $ | — | $ | 33.4 | ||||||||||||||||||
Total segment assets | $ | 913.6 | $ | 118.4 | $ | 33.2 | $ | 1,065.20 | ||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||||||||||||
Below is a reconciliation of Adjusted EBITDA to its closest GAAP measure with disaggregated results for periods prior to and subsequent to the IPO: | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | |||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Period from January 1, 2013 to January 23, 2013 | Period from January 24, 2013 to June 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Adjusted EBITDA attributable to SunCoke Energy Partners, L.P./Predecessor | $ | 30.8 | $ | 23.7 | $ | 54.4 | $ | 53.8 | $ | 9.7 | $ | 44.1 | ||||||||||||||
Add: Adjusted EBITDA attributable to noncontrolling interest(1) | 5.8 | 13.3 | 18.2 | 24.7 | — | 24.7 | ||||||||||||||||||||
Adjusted EBITDA | $ | 36.6 | $ | 37 | $ | 72.6 | $ | 78.5 | $ | 9.7 | $ | 68.8 | ||||||||||||||
Subtract: | ||||||||||||||||||||||||||
Depreciation and amortization expense | 10.2 | 7.6 | 19.9 | 15.2 | 1.9 | 13.3 | ||||||||||||||||||||
Interest expense, net | 20.4 | 2.8 | 23.3 | 9.5 | 0.6 | 8.9 | ||||||||||||||||||||
Income tax expense | 0.2 | 0.2 | 0.5 | 4.1 | 3.7 | 0.4 | ||||||||||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(2) | — | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||
Net income | $ | 5.8 | $ | 26.4 | $ | 28.9 | $ | 50.3 | $ | 3.5 | $ | 46.8 | ||||||||||||||
-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 a 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. The 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 excluding intersegment revenues: | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||||||||||
Cokemaking revenues | $ | 135.8 | $ | 156.8 | $ | 272.4 | $ | 330.6 | ||||||||||||||||||
Energy revenues | 10.6 | 10.9 | 23.7 | 22 | ||||||||||||||||||||||
Coal logistics revenues | 14.3 | — | 26 | — | ||||||||||||||||||||||
Total revenues | $ | 160.7 | $ | 167.7 | $ | 322.1 | $ | 352.6 | ||||||||||||||||||
General_Details
General (Details) | 6 Months Ended | 0 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 24, 2014 | 9-May-14 | |
T | IPO | IPO | IPO | Haverhill Coke Company LLC and Middletown Coke Company LLC | |
General Partner Company | SunCoke Energy Inc | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' | ' | ' |
Interest in partnership (as a percent) | ' | ' | 54.10% | 65.00% | ' |
Limited Partnership (LP) ownership interest (as a percent) | ' | 2.00% | ' | ' | ' |
Interest acquired (as a percent) | ' | ' | ' | ' | 33.00% |
Coal Handling Capacity | 30,000,000 | ' | ' | ' | ' |
Acquisition_Details
Acquisition (Details) (USD $) | 0 Months Ended | ||
Share data in Millions, unless otherwise specified | 9-May-14 | 9-May-14 | Jan. 24, 2013 |
Senior Notes, Due 2020 | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Proceeds to fund interest | $5,000,000 | ' | ' |
Haverhill Coke Company LLC and Middletown Coke Company LLC | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Interest acquired (as a percent) | ' | 33.00% | ' |
Total consideration | 365,000,000 | ' | ' |
Consideration retained for anticipated remediation cost | 7,000,000 | ' | ' |
Proceeds from issuance of private placement | 263,100,000 | ' | ' |
Haverhill Coke Company LLC and Middletown Coke Company LLC | Revolving Credit Facility | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Revolving credit facility | ' | 250,000,000 | ' |
Increase in revolving credit facility | 100,000,000 | ' | ' |
Haverhill Coke Company LLC and Middletown Coke Company LLC | Senior Notes, Due 2020 | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Debt and other liabilities | ' | 250,000,000 | 150,000,000 |
Interest rate on partnership notes (as a percent) | ' | 7.38% | ' |
Proceeds to fund interest | 5,000,000 | ' | ' |
Haverhill Coke Company LLC and Middletown Coke Company LLC | Common | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Private placement equity issued | ' | 80,000,000 | ' |
Consideration, shares issued | 2.7 | ' | ' |
Gross proceeds from the offering | 88,700,000 | ' | ' |
Common units issued during the period (in shares) | 3.2 | ' | ' |
Haverhill Coke Company LLC and Middletown Coke Company LLC | General Partner | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Private placement equity issued | 3,300,000 | 3,300,000 | ' |
Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Inc | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Debt and other liabilities assumed | 271,300,000 | ' | ' |
Estimated market premium | 11,400,000 | ' | ' |
Cash paid to SunCoke | $3,400,000 | ' | ' |
Related_Party_Transactions_and1
Related Party Transactions and Agreements (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jan. 23, 2013 | Jun. 30, 2014 | Jan. 23, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Coke Agreement Counterparties | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Inc | SunCoke Energy Inc | SunCoke Energy Inc | SunCoke Energy Inc | SunCoke Energy Inc | SunCoke Energy Inc | |
IPO | IPO | IPO | SunCoke Energy Inc | Coal Logistics | Coal Logistics | |||||
IPO | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $3.50 | $6.60 |
Purchases | ' | ' | ' | ' | 9.1 | ' | ' | 16.8 | ' | ' |
Allocated expenses | ' | ' | ' | ' | 4.6 | 4.1 | 8.5 | 8.1 | ' | ' |
Potential defaults by coke agreement counterparties indemnification period (in years) | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental capital expenditures retained | ' | 67 | 7 | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation expense indemnified by SunCoke | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' |
Environmental remediation expense carried by SunCoke Energy Partners L.P. | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash_Distributions_and_Net_Inc2
Cash Distributions and Net Income Per Unit Distributions Percentage Allocations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | 30-May-14 | Apr. 21, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 21, 2014 |
Minimum Quarterly Distribution | Minimum Quarterly Distribution | First Target Distribution | First Target Distribution | First Target Distribution | First Target Distribution | First Target Distribution | Second Target Distribution | Second Target Distribution | Second Target Distribution | Second Target Distribution | Second Target Distribution | Third Target Distribution | Third Target Distribution | Third Target Distribution | Third Target Distribution | Third Target Distribution | Thereafter | Thereafter | Thereafter | Subsequent Event | |||||||
Unitholders | General Partner | Minimum | Maximum | Unitholders | General Partner | Minimum | Maximum | Unitholders | General Partner | Minimum | Maximum | Unitholders | General Partner | Unitholders | General Partner | ||||||||||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marginal percentage interest in distributions (as a percent) | ' | ' | 2.00% | 2.00% | 2.00% | 2.00% | ' | ' | ' | ' | ' | 98.00% | 2.00% | ' | ' | ' | 98.00% | 2.00% | ' | ' | ' | 98.00% | 2.00% | ' | ' | ' | ' |
Total quarterly distribution per unit target amount (in dollars per share) | ' | ' | ' | ' | $0.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total quarterly distribution target amount (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.41 | $0.41 | $0.47 | ' | ' | $0.41 | $0.47 | $0.52 | ' | ' | $0.47 | $0.52 | $0.62 | ' | ' | $0.68 | ' | ' | ' |
Marginal percentage interest in distributions (as a percent) | ' | ' | ' | ' | ' | ' | 98.00% | 2.00% | ' | ' | ' | 98.00% | 2.00% | ' | ' | ' | 85.00% | 15.00% | ' | ' | ' | 75.00% | 25.00% | ' | 50.00% | 50.00% | ' |
Cash distributions per unit applicable to limited partners | ' | $0.50 | $0.52 | $0.42 | $1.01 | $0.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.52 |
Total distribution paid | $19.20 | ' | $0.60 | $0.30 | $1.10 | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash_Distributions_and_Net_Inc3
Cash Distributions and Net Income Per Unit Allocation of Total Quarterly cash Distributions to General and Limited Partners (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 21, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' | ' |
General partner's incentive distribution rights | ' | $0.60 | $0.30 | $1.10 | $0.50 |
Limited Partners' Capital Account, Distribution Amount | ' | 19.2 | 13.2 | 37.9 | 22.8 |
Total Cash Distributions | ' | 19.8 | 13.5 | 39 | 23.3 |
Cash distributions per unit applicable to limited partners | $0.50 | $0.52 | $0.42 | $1.01 | $0.73 |
General partner's distributions: | General partner's distributions | ' | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' | ' |
General partner's incentive distribution rights | ' | 0.3 | 0.3 | 0.7 | 0.5 |
General partner's distributions: | General partner's incentive distribution rights | ' | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' | ' |
General partner's incentive distribution rights | ' | 0.3 | 0 | 0.4 | 0 |
Limited partners' distributions: | Common | ' | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account, Distribution Amount | ' | 11.1 | 6.6 | 21.9 | 11.4 |
Limited partners' distributions: | Subordinated | ' | ' | ' | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' | ' | ' | ' |
Limited Partners' Capital Account, Distribution Amount | ' | $8.10 | $6.60 | $16 | $11.40 |
Cash_Distributions_and_Net_Inc4
Cash Distributions and Net Income Per Unit Calculation of Earnings per Unit (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 30-May-14 | Jan. 23, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
Net income attributable to partners | ' | $3.50 | $1.20 | $15.80 | $14.40 | $31.10 |
General partner's distributions (including incentive distribution rights) | 19.2 | ' | 0.6 | 0.3 | 1.1 | 0.5 |
Distributions (greater than) less than earnings | ' | ' | -18.6 | 2.3 | -24.6 | 4.3 |
Weighted average limited partner units outstanding: (in shares) | ' | ' | ' | ' | ' | ' |
Weighted average units outstanding (basic) (in shares) | ' | ' | 19,400,000 | 15,700,000 | 17,600,000 | 15,700,000 |
Subordinated - basic and diluted | ' | ' | 15,700,000 | 15,700,000 | 15,700,000 | 15,700,000 |
Net income per limited partner unit: (in dollars per share) | ' | ' | ' | ' | ' | ' |
Common - basic and diluted | ' | ' | $0.03 | $0.49 | $0.45 | $0.86 |
Subordinated - basic and diluted | ' | ' | $0.02 | $0.49 | $0.37 | $0.86 |
General Partner | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
General partner's distributions (including incentive distribution rights) | ' | ' | 0.6 | 0.3 | 1.1 | 0.5 |
Distributions (greater than) less than earnings | ' | ' | -0.4 | 0.1 | -0.5 | 0.1 |
Unitholders' interest in net income subsequent to initial public offering | ' | ' | 0.2 | 0.4 | 0.6 | 0.6 |
Limited partners' distributions: | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
General partner's distributions (including incentive distribution rights) | ' | ' | 11.1 | 6.6 | 21.9 | 11.4 |
Distributions (greater than) less than earnings | ' | ' | -10.6 | 1.1 | -14 | 2.1 |
Unitholders' interest in net income subsequent to initial public offering | ' | ' | 0.5 | 7.7 | 7.9 | 13.5 |
Limited Partner Subordinated | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
General partner's distributions (including incentive distribution rights) | ' | ' | 8.1 | 6.6 | 16 | 11.4 |
Distributions (greater than) less than earnings | ' | ' | -7.6 | 1.1 | -10.1 | 2.1 |
Unitholders' interest in net income subsequent to initial public offering | ' | ' | 0.5 | 7.7 | 5.9 | 13.5 |
Common | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted average units outstanding (diluted) (in shares) | ' | ' | 19,412,351 | 15,700,000 | 17,600,000 | 15,700,000 |
Limited partners' distributions on common units | ' | ' | 11.1 | 6.6 | 21.9 | 11.4 |
Weighted average limited partner units outstanding: (in shares) | ' | ' | ' | ' | ' | ' |
Weighted average units outstanding (basic) (in shares) | ' | ' | 19,400,000 | 15,700,000 | 17,600,000 | 15,700,000 |
Subordinated | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted average units outstanding (diluted) (in shares) | ' | ' | 15,709,697 | 15,700,000 | 15,700,000 | 15,700,000 |
Limited partners' distributions on common units | ' | ' | 8.1 | 6.6 | 16 | 11.4 |
Weighted average limited partner units outstanding: (in shares) | ' | ' | ' | ' | ' | ' |
Weighted average units outstanding (basic) (in shares) | ' | ' | 15,700,000 | 15,700,000 | 15,700,000 | 15,700,000 |
Successor | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
Net income attributable to partners | ' | ' | ' | ' | ' | $27.60 |
Cash_Distributions_and_Net_Inc5
Cash Distributions and Net Income Per Unit Calculation of Net Income Allocated to the General and Limited Partners (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jan. 23, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Net income attributable to partners | $3.50 | $1.20 | $15.80 | $14.40 | $31.10 |
General partner's incentive distribution rights | ' | 0.6 | 0.3 | 1.1 | 0.5 |
Net income available to partners | ' | 0.9 | 15.8 | 14 | ' |
Marginal percentage interest in distributions (as a percent) | ' | 2.00% | 2.00% | 2.00% | 2.00% |
General partner's interest in net income | ' | 0.3 | 0.4 | 0.7 | 0.6 |
Limited partners' interest in net income | ' | 0.9 | 15.4 | 13.7 | 27 |
General Partner | General partner's incentive distribution rights | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
General partner's incentive distribution rights | ' | 0.3 | 0 | 0.4 | 0 |
General partner's interest in net income | ' | 0.3 | 0 | 0.4 | 0 |
General Partner | Allocated Interest | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
General partner's interest in net income | ' | 0 | 0.4 | 0.3 | 0.6 |
Common Units - Public | Limited Partner | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Limited partners' interest in net income | ' | 0.4 | 6.6 | 5.9 | 11.5 |
Common Units - Parent | Limited Partner | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Limited partners' interest in net income | ' | 0.1 | 1.1 | 1 | 2 |
Subordinated | Limited Partner | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Limited partners' interest in net income | ' | 0.4 | 7.7 | 6.8 | 13.5 |
Successor | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Net income attributable to partners | ' | ' | ' | ' | 27.6 |
Net income available to partners | ' | ' | ' | ' | 27.6 |
Successor | General Partner | General partner's incentive distribution rights | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
General partner's incentive distribution rights | ' | ' | ' | ' | $0 |
Cash_Distributions_and_Net_Inc6
Cash Distributions and Net Income Per Unit Allocation of Net Income (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 5 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jan. 23, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 23, 2013 | Jun. 30, 2013 |
Successor | Successor | Predecessor | Predecessor | ||||||
Allocation to General Partner | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and other operating revenue | ' | $160.70 | $167.70 | $322.10 | $352.60 | $305 | ' | $47.60 | ' |
Costs and operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of products sold and operating expenses | ' | 117.7 | 126 | 238.2 | 264.4 | 227.6 | ' | 36.8 | ' |
Selling, general and administrative expenses | ' | 6.4 | 4.7 | 11.3 | 9.1 | 8 | ' | 1.1 | ' |
Depreciation and amortization expense | ' | 10.2 | 7.6 | 19.9 | 15.2 | 13.3 | ' | 1.9 | ' |
Total costs and operating expenses | ' | 134.3 | 138.3 | 269.4 | 288.7 | 248.9 | ' | 39.8 | ' |
Operating income | ' | 26.4 | 29.4 | 52.7 | 63.9 | 56.1 | ' | 7.8 | ' |
Interest expense, net | ' | 20.4 | 2.8 | 23.3 | 9.5 | 8.9 | ' | 0.6 | ' |
Income before income tax expense | ' | 6 | 26.6 | 29.4 | 54.4 | 47.2 | ' | 7.2 | ' |
Income tax expense | ' | 0.2 | 0.2 | 0.5 | 4.1 | 0.4 | ' | 3.7 | ' |
Net income | ' | 5.8 | 26.4 | 28.9 | 50.3 | 46.8 | ' | 3.5 | ' |
Less: Net income attributable to noncontrolling interests | ' | 4.6 | 10.6 | 14.5 | 19.2 | ' | ' | ' | ' |
Net income attributable to partners | $3.50 | $1.20 | $15.80 | $14.40 | $31.10 | ' | $27.60 | $3.50 | $31.10 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Coal | $34.50 | $33.10 |
Coke | 3.4 | 4.1 |
Material, supplies, and other | 23.5 | 22.1 |
Total inventories | $61.40 | $59.30 |
Debt_Details
Debt (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | 9-May-14 | 9-May-14 | 9-May-14 | 9-May-14 | Jan. 24, 2013 | 9-May-14 | 9-May-14 | 9-May-14 | 9-May-14 | Jun. 30, 2014 | 9-May-14 | 8-May-14 | Jun. 30, 2014 | |
Senior Notes, Due 2020 | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Inc | SunCoke Energy Inc | SunCoke Energy Inc | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Credit Agreement and Partner Revolver | |||
Senior Notes, Due 2020 | Senior Notes, Due 2020 | Senior Notes, Due 2020 | Senior Notes, Due 2020 | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||
Senior Notes, Due 2020 | Line of Credit | Line of Credit | Line of Credit | Line of Credit | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and other liabilities | ' | ' | ' | ' | ' | $250,000,000 | $150,000,000 | ' | ' | ' | ' | ' | $250,000,000 | $150,000,000 | ' |
Interest rate on partnership notes (as a percent) | ' | ' | ' | ' | ' | 7.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of private placement | ' | ' | ' | 263,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of private placement, premium | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds to fund interest | ' | ' | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' |
Proceeds from issuance of private placement, discount | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost immediately expensed | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and other liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | 271,300,000 | ' | ' | ' | ' | ' | ' |
Estimated market premium | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' |
Extinguishment of debt amount | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' |
Repayments of lines of credit | 72,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' |
Amendment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' |
Letters of credit amounts outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $241,300,000 | ' | ' | ' |
Debt Instrument, Covenant, Leverage ratio, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jan. 23, 2013 | Jan. 23, 2013 |
IPO | Predecessor | ||
Loss Contingencies [Line Items] | ' | ' | ' |
Environmental capital expenditures retained | ' | $74 | ' |
Cost of capital projects | 51 | ' | 5 |
Environmental liability due in 2014 | 14 | ' | ' |
Environmental liability due in 2015 | $10 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Estimated fair value of the Partnership's long-term debt | $426.60 | ' |
Carrying value of Partnership's long-term debt | $412.50 | $149.70 |
Business_Segment_Disclosures_D
Business Segment Disclosures (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | $160.70 | $167.70 | $322.10 | $352.60 |
Intersegment sales | 0 | ' | 0 | ' |
Adjusted EBITDA | 36.6 | 37 | 72.6 | 78.5 |
Depreciation and amortization | 10.2 | 7.6 | 19.9 | 15.2 |
Capital expenditures | 19.2 | ' | 33.4 | ' |
Total segment assets | 1,065.20 | ' | 1,065.20 | ' |
Domestic Coke | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | 146.4 | ' | 296.1 | ' |
Intersegment sales | 0 | ' | 0 | ' |
Adjusted EBITDA | 34.4 | ' | 69.7 | ' |
Depreciation and amortization | 8.4 | ' | 16.3 | ' |
Capital expenditures | 18.7 | ' | 32.6 | ' |
Total segment assets | 913.6 | ' | 913.6 | ' |
Coal Logistics | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | 14.3 | 0 | 26 | 0 |
Intersegment sales | 1 | ' | 2.1 | ' |
Adjusted EBITDA | 5 | ' | 7.1 | ' |
Depreciation and amortization | 1.8 | ' | 3.6 | ' |
Capital expenditures | 0.5 | ' | 0.8 | ' |
Total segment assets | 118.4 | ' | 118.4 | ' |
Corporate and Other | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | 0 | ' | 0 | ' |
Intersegment sales | 0 | ' | 0 | ' |
Adjusted EBITDA | -2.8 | ' | -4.2 | ' |
Depreciation and amortization | 0 | ' | 0 | ' |
Capital expenditures | 0 | ' | 0 | ' |
Total segment assets | $33.20 | ' | $33.20 | ' |
Business_Segment_Disclosures_D1
Business Segment Disclosures (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 5 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jan. 23, 2013 | Jan. 23, 2013 | Jan. 23, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | ||||||||||||
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 | Predecessor | Predecessor | Predecessor | Successor | Successor | Successor | |||||||||||||||||
Predecessor / SunCoke Energy Partners, L.P. | Noncontrolling Interest | Predecessor / SunCoke Energy Partners, L.P. | Noncontrolling Interest | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Adjusted EBITDA | $36.60 | $37 | $72.60 | $78.50 | $30.80 | $23.70 | $54.40 | $53.80 | $5.80 | [1] | $13.30 | [1] | $18.20 | [1] | $24.70 | [1] | ' | ' | $9.70 | $9.70 | $0 | [1] | $68.80 | $44.10 | $24.70 | [1] | ||||||
Depreciation and amortization | 10.2 | 7.6 | 19.9 | 15.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | ' | 13.3 | ' | ' | ||||||||||||
Interest expense, net | 20.4 | 2.8 | 23.3 | 9.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | 8.9 | ' | ' | ||||||||||||
Income tax expense | 0.2 | 0.2 | 0.5 | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | ' | ' | 0.4 | ' | ' | ||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(2) | 0 | [2] | 0 | [2] | 0 | [2] | -0.6 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | ' | ' | -0.6 | [2] | ' | ' | ||||||
Net income | 5.8 | 26.4 | 28.9 | 50.3 | ' | ' | ' | ' | ' | ' | 14.5 | ' | ' | ' | 3.5 | ' | ' | 46.8 | ' | ' | ||||||||||||
Accrued sales discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 a 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. The gain is recorded in sales and other operating revenue on our Combined and Consolidated Statement of Income. |
Business_Segment_Disclosures_D2
Business Segment Disclosures (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | $160.70 | $167.70 | $322.10 | $352.60 |
Cokemaking Revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | 135.8 | 156.8 | 272.4 | 330.6 |
Energy Revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | 10.6 | 10.9 | 23.7 | 22 |
Coal Logistics | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales and other operating revenue | $14.30 | $0 | $26 | $0 |