Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 20, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SunCoke Energy Partners, L.P. | |
Entity Central Index Key | 1,555,538 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Common Unit Outstanding | 46,225,899 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Sales and other operating revenue | $ 214 | $ 185.5 | $ 610.2 | $ 561.4 |
Costs and operating expenses | ||||
Cost of products sold and operating expenses | 146.2 | 125.5 | 431 | 388.3 |
Selling, general and administrative expenses | 7.4 | 9 | 24.4 | 28.5 |
Depreciation and amortization expense | 20.2 | 18.1 | 63.3 | 57.3 |
Total costs and operating expenses | 173.8 | 152.6 | 518.7 | 474.1 |
Operating income | 40.2 | 32.9 | 91.5 | 87.3 |
Interest expense, net | 15.1 | 11.5 | 41.7 | 35.7 |
Loss (gain) on extinguishment of debt | 0.1 | (1) | 20 | (24.9) |
Income before income tax expense | 25 | 22.4 | 29.8 | 76.5 |
Income tax expense | 1.7 | 0.4 | 150.7 | 1.4 |
Net income (loss) | 23.3 | 22 | (120.9) | 75.1 |
Less: Net income (loss) attributable to noncontrolling interests | 0.7 | 0.7 | (1.3) | 1.9 |
Net income (loss) attributable to SunCoke Energy Partners, L.P. | 22.6 | 21.3 | (119.6) | 73.2 |
General partner's interest in net income | 1.9 | 1.8 | 1.8 | 13.6 |
Limited partners' interest in net income (loss) | $ 20.7 | $ 19.5 | $ (121.4) | $ 59.6 |
Net income (loss) per common unit (basic and diluted) (in dollars per share) | $ 0.45 | $ 0.42 | $ (2.63) | $ 1.29 |
Weighted average common units outstanding - basic and diluted (in shares) | 46.2 | 46.2 | 46.2 | 46.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 26.9 | $ 41.8 |
Receivables | 46 | 39.7 |
Receivables from affiliate, net | 2.6 | 0 |
Inventories | 85.3 | 66.9 |
Other current assets | 5.2 | 1.6 |
Total current assets | 166 | 150 |
Properties, plants and equipment (net of accumulated depreciation of $405.5 million and $352.6 million at September 30, 2017 and December 31, 2016, respectively) | 1,268.6 | 1,294.9 |
Goodwill | 73.5 | 73.5 |
Other intangible assets, net | 168.9 | 176.7 |
Deferred charges and other assets | 0.8 | 0.9 |
Total assets | 1,677.8 | 1,696 |
Liabilities and Equity | ||
Accounts payable | 69.5 | 47 |
Accrued liabilities | 14.5 | 11.7 |
Deferred revenue | 16.6 | 2.5 |
Current portion of long-term debt and financing obligation | 2.6 | 4.9 |
Interest payable | 17 | 14.7 |
Payable to affiliate, net | 0 | 4.7 |
Total current liabilities | 120.2 | 85.5 |
Long-term debt and financing obligation | 816.3 | 805.7 |
Deferred income taxes | 188.3 | 37.9 |
Other deferred credits and liabilities | 10 | 13.2 |
Total liabilities | 1,134.8 | 942.3 |
Equity | ||
Equity | 531.6 | 739.3 |
Noncontrolling interest | 11.4 | 14.4 |
Total equity | 543 | 753.7 |
Total liabilities and equity | 1,677.8 | 1,696 |
Common Units - Public | ||
Equity | ||
Equity | 185.2 | 296.9 |
Common Units - Parent | ||
Equity | ||
Equity | 318.5 | 410.3 |
General Partner | ||
Equity | ||
Equity | $ 27.9 | $ 32.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 405.5 | $ 352.6 |
Common Units - Public | ||
Limited partners' capital account units issued (in units) | 18,829,226 | 20,800,181 |
Common Units - Parent | ||
Limited partners' capital account units issued (in units) | 27,396,673 | 25,415,696 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net (loss) income | $ (120.9) | $ 75.1 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 63.3 | 57.3 |
Deferred income tax expense | 150.4 | 0.2 |
Loss (gain) on extinguishment of debt | 20 | (24.9) |
Changes in working capital pertaining to operating activities: | ||
Receivables | (6.3) | 2.1 |
Receivables (payables) from affiliate, net | (5.9) | 6.2 |
Inventories | (18.4) | 9.2 |
Accounts payable | 16.6 | 5 |
Accrued liabilities | 2.8 | 1.2 |
Deferred revenue | 14.1 | 25.5 |
Interest payable | 2.3 | (11.2) |
Other | (5.3) | (5.7) |
Net cash provided by operating activities | 112.7 | 140 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (23.3) | (30.1) |
Decrease in restricted cash | 0.1 | 17 |
Other investing activities | 0 | 2.1 |
Net cash used in investing activities | (23.2) | (11) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of long-term debt | 620.6 | 0 |
Repayment of long-term debt | (644.9) | (60.8) |
Proceeds from financing obligation | 0 | 16.2 |
Repayment of financing obligation | (1.8) | (0.5) |
Proceeds from revolving credit facility | 268 | 20 |
Repayment of revolving credit facility | (240) | (25) |
Debt issuance costs | (14.9) | (0.2) |
Distributions to unitholders (public and parent) | (89.7) | (86.8) |
Distributions to noncontrolling interest (SunCoke Energy, Inc.) | (1.7) | (2.8) |
Capital contributions from SunCoke | 0 | 8.4 |
Net cash used in financing activities | (104.4) | (131.5) |
Net decrease in cash and cash equivalents | (14.9) | (2.5) |
Cash and cash equivalents at beginning of period | 41.8 | 48.6 |
Cash and cash equivalents at end of period | 26.9 | 46.1 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | $ 38.3 | $ 49.8 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Millions | Total | CommonLimited Partner | CommonLimited PartnerSunCoke Energy Inc | General PartnerGeneral PartnerSunCoke Energy Inc | Noncontrolling Interest |
Balance at beginning of period at Dec. 31, 2016 | $ 753.7 | $ 296.9 | $ 410.3 | $ 32.1 | $ 14.4 |
Increase (Decrease) in Stockholders' Equity | |||||
Partnership net loss | (120.9) | (55.2) | (66.2) | 1.8 | (1.3) |
Distribution to unitholders, net of unit issuances | (88.1) | (35.8) | (46.3) | (6) | |
Distributions to noncontrolling interest | (1.7) | (1.7) | |||
Public units acquired by SunCoke | 0 | (20.7) | 20.7 | ||
Balance at end of period at Sep. 30, 2017 | $ 543 | $ 185.2 | $ 318.5 | $ 27.9 | $ 11.4 |
General
General | 9 Months Ended |
Sep. 30, 2017 | |
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 produces coke used in the blast furnace production of steel. At September 30, 2017 , we owned a 98 percent interest in Haverhill Coke Company LLC ("Haverhill"), Middletown Coke Company, LLC ("Middletown") and Gateway Energy and Coke Company, LLC ("Granite City"). The remaining 2.0 percent ownership interest in our three cokemaking facilities was owned by SunCoke Energy, Inc. ("SunCoke"). We also own a logistics business, which provides handling and/or mixing services of coal and other aggregates to third-party customers as well as to our own cokemaking facilities and other SunCoke cokemaking facilities. Our logistics business consists of Convent Marine Terminal ("CMT"), Kanawha River Terminals, LLC ("KRT") and SunCoke Lake Terminal, LLC ("Lake Terminal"). At September 30, 2017 , SunCoke, through a subsidiary, owned a 58.1 percent limited partnership interest in us and indirectly owned and controlled our general partner, which holds a 2.0 percent general partner interest in us and all of our incentive distribution rights ("IDR"). Organized in Delaware in 2012 and headquartered in Lisle, Illinois, we became a publicly-traded partnership in 2013 and our stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “SXCP.” Basis of Presentation The accompanying unaudited 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 periods ended September 30, 2017 are not necessarily indicative of the operating results for the full year. These unaudited interim consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 . New Accounting Pronouncements In May 2014, Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Subsequently, the FASB has issued various ASUs to provide further clarification around certain aspects of ASC 606. This standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early adoption is permitted on a limited basis. Our implementation team has gained an understanding of the standard’s revenue recognition model and is completing the analysis and documentation of our contract details for impacts under the new revenue recognition model. While we are currently evaluating the impact of the standard, we expect the timing of our revenue recognition to generally remain the same under the new standard on an annual basis. Deferred revenue at CMT may be recognized on a more accelerated basis during quarterly periods within the year based on facts and circumstances considered at each quarter under the new guidance. The Partnership expects to adopt this standard on January 1, 2018 using the modified retrospective method. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. It is effective for annual and interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The standard requires the use of a modified retrospective transition method. A multi-disciplined implementation team has gained an understanding of the accounting and disclosure provisions of the standard and is in the process of analyzing the impacts to our business, including the development of new accounting processes to account for our leases and support the required disclosures. While we are still evaluating the impact of adopting this standard, we expect upon adoption the right-of-use assets and lease liabilities, such as various plant equipment rentals and the lease of our corporate office space, will increase the reported assets and liabilities on our Consolidated Balance Sheets. The Partnership expects to adopt this standard on January 1, 2019. |
Related Party Transactions and
Related Party Transactions and Agreements | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Agreements | 2. Related Party Transactions and Agreements Transactions with Affiliate Our logistics business provides coal handling and mixing services to certain SunCoke cokemaking operations. Coal Logistics recorded revenues derived from services provided to SunCoke’s cokemaking operations of $2.2 million and $6.8 million for the three and nine months ended September 30, 2017 , respectively, and $2.5 million and $7.7 million for the three and nine months ended September 30, 2016 , respectively. Additionally, Domestic Coke purchased coal from SunCoke and its affiliates totaling $1.6 million and $3.8 million during the three and nine months ended September 30, 2016 , respectively. 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 $6.8 million and $20.7 million for the three and nine months ended September 30, 2017 , respectively, and $6.5 million and $20.4 million for three and nine months ended September 30, 2016 , respectively, and were included in selling, general and administrative expenses on the Consolidated Statements of Operations. These costs include legal, accounting, tax, treasury, engineering, information technology, insurance, employee benefit costs, communications, human resources, and procurement. Corporate allocations are recorded in accordance with the terms of our omnibus agreement with SunCoke and our general partner. During the second quarter of 2017, the Partnership reimbursed SunCoke $7.0 million and $1.4 million for corporate allocated costs and IDR cash distributions, respectively, previously deferred in the second quarter of 2016. These amounts were included in payable to affiliate, net on the Consolidated Balance Sheets as of December 31, 2016. Omnibus Agreement In connection with the closing of our initial public offering on January 24, 2013 ("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 ("U.S.") 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 Holding Corporation ("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 losses 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. In addition, SunCoke will indemnify us for remediation losses at the Granite City cokemaking facility arising from any environmental matter discovered and identified as requiring remediation prior to the closing of the January 2015 dropdown of a 75 percent interest in Granite City ("Granite City Dropdown"). If, prior to the fifth anniversary of the closing of the IPO, a pre-existing environmental matter is identified as requiring remediation, SunCoke will indemnify us for up to $50.0 million of any such remediation costs (we will bear the first $5.0 million of any such costs). Other Indemnification. SunCoke will fully indemnify us with respect to any additional tax liability related to periods prior to or in connection with the closing of the IPO or the Granite City Dropdown to the extent not currently presented on the Consolidated Balance Sheets. 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 or the Granite City Dropdown 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. 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 Inco
Cash Distributions and Net Income Per Unit | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Cash Distributions and Net Income Per Unit | 3. Cash Distributions and Net Income Per Unit Cash Distributions Our partnership agreement generally provides that we will make cash distributions, 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 and • second, 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 $0.412500 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. The table below represents total cash distributions applicable to the period in which the distributions were earned: Earned in Quarter Ended Total Quarterly Distribution Per Unit Total Cash Distribution including general partners IDRs Date of Distribution Unitholders Record Date (Dollars in millions) June 30, 2016 $ 0.5940 $ 29.5 September 1, 2016 August 15, 2016 September 30, 2016 $ 0.5940 $ 29.5 December 1, 2016 November 15, 2016 December 31, 2016 $ 0.5940 $ 29.5 March 1, 2017 February 15, 2017 March 31, 2017 $ 0.5940 $ 29.5 June 1, 2017 May 15, 2017 June 30, 2017 $ 0.5940 $ 29.5 September 1, 2017 August 15, 2017 September 30, 2017 (1) $ 0.5940 $ 29.5 December 1, 2017 November 15, 2017 (1) On October 17, 2017 , our Board of Directors declared a cash distribution of $0.5940 per unit, which will be paid on December 1, 2017 , to unitholders of record on November 15, 2017 . Allocation of Net Income Our partnership agreement contains provisions for the allocation of net income to the unitholders and the general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions allocated 100 percent to the general partner. The calculation of net income allocated to the general and limited partners was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Net income (loss) attributable to SunCoke Energy L.P. $ 22.6 $ 21.3 $ (119.6 ) $ 73.2 Less: Expenses allocated to Common - SunCoke (1) — — — (7.0 ) Net income (loss) attributable to all partners 22.6 21.3 (119.6 ) 80.2 General partner's incentive distribution rights 1.4 1.4 4.2 12.2 Net income (loss) attributable to partners, excluding incentive distribution rights 21.2 19.9 (123.8 ) 68.0 General partner's ownership interest: 2.0 % 2.0 % 2.0 % 2.0 % General partner's allocated interest in net income (loss) (2) 0.5 0.4 (2.4 ) 1.4 General partner's incentive distribution rights 1.4 1.4 4.2 12.2 Total general partner's interest in net income (loss) $ 1.9 $ 1.8 $ 1.8 $ 13.6 Common - public unitholder's interest in net income (loss) $ 8.6 $ 8.8 $ (55.2 ) $ 29.9 Common - SunCoke interest in net income (loss): Common - SunCoke interest in net income (loss) 12.1 10.7 (66.2 ) 36.7 Expenses allocated to Common - SunCoke (1) — — — (7.0 ) Total common - SunCoke interest in net income (loss) 12.1 10.7 (66.2 ) 29.7 Total limited partners' interest in net income (loss) $ 20.7 $ 19.5 $ (121.4 ) $ 59.6 (1) Per the amended partnership agreement, expenses paid on behalf of the Partnership are to be allocated entirely to the partner who paid them. During the first quarter of 2016, SunCoke paid $7.0 million of allocated corporate costs on behalf of the Partnership and will not seek reimbursement for those costs. These expenses are recorded as a direct reduction to SunCoke's interest in net income for the nine months ended September 30, 2016. (2) 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. The table above represents a simplified presentation of the calculation, and therefore, amounts may not recalculate precisely. 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. 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. In addition to the common, we also have identified the general partner interest and IDRs as participating securities and we 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 September 30, Nine months ended September 30, 2017 2016 2017 2016 (Dollars and units in millions, except per unit amounts) Net income (loss) attributable to SunCoke Energy L.P. $ 22.6 $ 21.3 $ (119.6 ) $ 73.2 Less: Expenses allocated to Common - SunCoke — — — (7.0 ) Net income (loss) attributable to all partners 22.6 21.3 (119.6 ) 80.2 General partner's distributions (including $1.4 million, $1.4 million, $4.2 million and $4.2 million of cash incentive distribution rights declared, respectively) 2.0 2.0 6.0 6.0 Limited partners' distributions on common units 27.5 27.5 82.5 82.4 Distributions greater than earnings/loss (6.9 ) (8.2 ) (208.1 ) (8.2 ) General partner's earnings: Distributions (including $1.4 million, $1.4 million, $4.2 million and $4.2 million of cash incentive distribution rights declared, respectively) 2.0 2.0 6.0 6.0 Allocation of distributions (greater than) less than earnings/loss (0.1 ) (0.2 ) (4.2 ) 7.6 Total general partner's earnings 1.9 1.8 1.8 13.6 Limited partners' earnings (loss) on common units: Distributions 27.5 27.5 82.5 82.4 Expenses allocated to Common - SunCoke — — — (7.0 ) Allocation of distributions greater than earnings/loss (6.8 ) (8.0 ) (203.9 ) (15.8 ) Total limited partners' earnings (loss) on common units 20.7 19.5 (121.4 ) 59.6 Weighted average limited partner units outstanding: Common - basic and diluted 46.2 46.2 46.2 46.2 Net income (loss) per limited partner unit: Common - basic and diluted $ 0.45 $ 0.42 $ (2.63 ) $ 1.29 Unit Activity Unit activity for the nine months ended September 30, 2017 : Common - Public Common - SunCoke Total Common At December 31, 2016 20,800,181 25,415,696 46,215,877 Units issued to directors 10,022 — 10,022 Public units acquired by SunCoke (1,980,977 ) 1,980,977 — At September 30, 2017 18,829,226 27,396,673 46,225,899 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The components of inventories were as follows: September 30, 2017 December 31, 2016 (Dollars in millions) Coal $ 48.9 $ 34.5 Coke 8.0 4.7 Materials, supplies, and other 28.4 27.7 Total inventories $ 85.3 $ 66.9 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets Goodwill, which represents the excess of the purchase price over the fair value of net assets acquired, is tested for impairment as of October 1 of each year, or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit to below its carrying value. Goodwill allocated to our Coal Logistics segment was $73.5 million at both September 30, 2017 and December 31, 2016 . The components of other intangible assets, net were as follows: September 30, 2017 December 31, 2016 Weighted - Average Remaining Amortization Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in millions) Customer contracts 5 $ 24.0 $ 6.9 $ 17.1 $ 24.0 $ 4.5 $ 19.5 Customer relationships 14 28.7 5.2 23.5 28.7 3.8 24.9 Permits 25 139.0 10.9 128.1 139.0 7.1 131.9 Trade name 1 1.2 1.0 0.2 1.2 0.8 0.4 Total $ 192.9 $ 24.0 $ 168.9 $ 192.9 $ 16.2 $ 176.7 The permits above represent the environmental and operational permits required to operate a coal export terminal in accordance with the United States Environmental Protection Agency and other regulatory bodies. Intangible assets are amortized over their useful lives in a manner that reflects the pattern in which the economic benefit of the asset is consumed. The permits’ useful lives were estimated to be 27 years at acquisition based on the expected useful life of the significant operating equipment at the facility. These permits have an average remaining renewal term of approximately 3.7 years. The permits were renewed regularly prior to our acquisition of CMT. We also have historical experience of renewing and extending similar arrangements at our other facilities and intend to continue to renew our permits as they come up for renewal for the foreseeable future. Total amortization expense for intangible assets subject to amortization was $2.6 million and $7.8 million for the three and nine months ended September 30, 2017 , respectively, and $2.6 million and $8.0 million for three and nine months ended September 30, 2016 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes At the end of each interim period, we make our best estimate of the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjust the rate as necessary. The Partnership recorded income tax expense of $150.7 million during the nine months ended September 30, 2017 . Income tax expense during the nine months ended September 30, 2017 included the impacts of the Internal Revenue Service ("IRS") announcement of its final regulations on qualifying income in January 2017 discussed below. In January 2017, the IRS announced its decision to exclude cokemaking as a qualifying income generating activity in its final regulations (the "Final Regulations") issued under section 7704(d)(1)(E) of the Internal Revenue Code relating to the qualifying income exception for publicly traded partnerships. However, the Final Regulations include a transition period for activities that were reasonably interpreted to be qualifying income and carried on by publicly traded partnerships prior to the Final Regulations. The Partnership previously received a will-level opinion from its counsel, Vinson & Elkins LLP, that the Partnership's cokemaking operations generated qualifying income prior to the Final Regulations. Therefore, the Partnership believes it had a reasonable basis to conclude its cokemaking operations were considered qualifying income before the issuance of the new regulations and as such expects to maintain its treatment as a partnership through the transition period. Cokemaking entities in the Partnership will become taxable as corporations on January 1, 2028, after the transition period ends. As a result of the Final Regulations, the Partnership recorded deferred income tax expense of $148.6 million to set up its initial deferred income tax liability during the first quarter of 2017, primarily related to differences in the book and tax basis of fixed assets, which are expected to exist at the end of the 10-year transition period when the cokemaking operations become taxable. The Partnership has reassessed these deferred tax liabilities quarterly, resulting in immaterial impacts to deferred income tax expense. A portion of this deferred tax liability, $3.0 million , was attributable to SunCoke's retained ownership interest in the cokemaking facilities and, therefore, was also reflected as a reduction in noncontrolling interest during the nine months ended September 30, 2017. |
Debt and Financing Obligation
Debt and Financing Obligation | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Financing Obligation | 7. Debt and Financing Obligation Total debt and financing obligation, including the current portion of long-term debt and financing obligation, consisted of the following: September 30, 2017 December 31, 2016 (Dollars in millions) 7.500 percent senior notes, due 2025 ("2025 Partnership Notes") $ 630.0 $ — 7.375 percent senior notes, due 2020 ("2020 Partnership Notes") — 463.0 Partnership term loan, due 2019 ("Partnership Term Loan") — 50.0 Revolving credit facility, due 2022 and 2019, respectively ("Partnership Revolver") 200.0 172.0 Partnership promissory note payable, due 2021 ("Promissory Note") — 113.2 5.82 percent financing obligation, due 2021 ("Financing Obligation") 13.3 15.2 Total borrowings 843.3 813.4 Original issue (discount) premium (9.1 ) 7.5 Debt issuance cost (15.3 ) (10.3 ) Total debt and financing obligation 818.9 810.6 Less: current portion of long-term debt and financing obligation 2.6 4.9 Total long-term debt and financing obligation $ 816.3 $ 805.7 Issuance of 2025 Partnership Senior Notes In May 2017, the Partnership issued $630.0 million aggregate principal amount of senior notes with an interest rate of 7.5 percent due in May 2025. The Partnership received proceeds of $620.6 million , net of a discount of $9.4 million . The Partnership incurred debt issuance costs related to this transaction of $11.9 million . The 2025 Partnership Senior Notes are the senior unsecured obligations of the Partnership, and are guaranteed on a senior unsecured basis by each of the Partnership’s existing and certain future subsidiaries (other than SunCoke Energy Partners Finance Corp.). Interest on the 2025 Partnership Senior Notes is payable semi-annually in cash in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. The Partnership may redeem some or all of the 2025 Partnership Senior Notes at any time on or after June 15, 2020 at specified redemption prices plus accrued and unpaid interest, if any, to the redemption date. Before June 15, 2020, and following certain equity offerings, the Partnership also may redeem up to 35 percent of the 2025 Partnership Senior Notes at a price equal to 107.50 percent of the principal amount, plus accrued and unpaid interest, if any, to the redemption date. In addition, at any time prior to June 15, 2020, the Partnership may redeem some or all of the 2025 Partnership Senior Notes at a price equal to 100 percent of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium. The Partnership is obligated to offer to purchase all or a portion of the 2025 Partnership Senior Notes at a price of (a) 101 percent of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase, upon the occurrence of certain change of control events and (b) 100 percent of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase, upon the occurrence of certain asset dispositions. These restrictions and prohibitions are subject to certain qualifications and exceptions set forth in the Indenture, including without limitation, reinvestment rights with respect to the proceeds of asset dispositions. The 2025 Partnership Senior Notes contains 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, (ii) prepay, redeem or repurchase certain subordinated debt, (iv) make loans and investments, (v) sell assets, (vi) incur liens, (vii) enter into transactions with affiliates, (viii) enter into agreements restricting the ability of subsidiaries to pay dividends and (ix) consolidate or merge. Purchase and Redemption of 2020 Partnership Senior Notes and Repayment of Partnership Term Loan During the first nine months of 2017, the Partnership used the proceeds from the 2025 Partnership Notes to purchase and redeem its 2020 Partnership Notes , including principal of $463.0 million and a premium of $18.7 million , and to repay the $50.0 million outstanding on the Partnership Term Loan. As a result, during the nine months ended September 30, 2017, the Partnership recorded a loss on extinguishment of debt on the Consolidated Statement of Operations of $19.1 million , which included the premium paid and a write-off of unamortized debt issuance costs of $7.0 million partly offset by a write-off of unamortized premiums of $6.6 million . Partnership Revolver In May 2017, the Partnership repaid the $172.0 million outstanding balance and then amended and restated the Partnership Revolver, which increased the Partnership's capacity from $250.0 million to $285.0 million and extended the maturity to May 2022. The Partnership then borrowed $200.0 million under the amended and restated credit facility during the nine months ended September 30, 2017 , respectively. In connection with the amendments to the Partnership Revolver, the Partnership incurred debt issuance costs of $3.0 million and recorded a loss on extinguishment of debt on the Consolidated Statement of Operations of $0.8 million , representing a write-off of unamortized debt issuance costs, during the nine months ended September 30, 2017. As of September 30, 2017 , the Partnership had $1.9 million of letters of credit outstanding and an outstanding balance of $200.0 million , leaving $83.1 million available. Partnership's Promissory Note In August 2017, the Partnership utilized $100.0 million of its borrowings under the Partnership Revolver and $12.6 million of cash to repay the remaining outstanding balance of $112.6 million on the Partnership's Promissory Note. As a result, the Partnership recorded a loss on extinguishment of debt on the Consolidated Statement of Operations of $0.1 million , representing a write-off of unamortized debt issuance costs, during the three and nine months ended September 30, 2017 . Covenants Under the terms of the Partnership Revolver, the Partnership is subject to a maximum leverage ratio of 4.5 : 1.0 prior to June 30, 2020 and 4.0 : 1.0 after June 30, 2020, and a minimum consolidated interest coverage ratio of 2.5 : 1.0 . The Partnership Revolver contains other covenants and events of default that are customary for similar agreements and may limit our ability to take various actions including our ability to pay a dividend or repurchase our stock. If we fail to perform our obligations under these and other covenants, the lenders' credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the Partnership Revolver could be declared immediately due and payable. The Partnership has a cross-default provision that applies to our indebtedness having a principal amount in excess of $35 million . As of September 30, 2017 , the Partnership was in compliance with all applicable debt covenants. 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 Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 8. Commitments and Contingent Liabilities The United States Environmental Protection Agency ("EPA") has issued Notices of Violations (“NOVs”) for the Haverhill and Granite City cokemaking facilities which stemmed from alleged violations of air operating permits for these facilities. We are working in a cooperative manner with the EPA, the Ohio Environmental Protection Agency and the Illinois Environmental Protection Agency to address the allegations, and have entered into a consent degree in federal district court with these parties. The consent decree includes a $2.2 million civil penalty payment that was paid by SunCoke in 2014, as well as capital projects underway to improve the reliability of the energy recovery systems and enhance environmental performance at the Haverhill and Granite City cokemaking facilities. We retained an aggregate of $119 million in proceeds from the Partnership's IPO and subsequent dropdowns to fund these environmental remediation projects at the Haverhill and Granite City cokemaking facilities. Pursuant to the omnibus agreement, any amounts that we spend on these projects in excess of the $119 million will be reimbursed by SunCoke. SunCoke spent $7 million related to these projects. We have spent approximately $96 million to date and the remaining capital is expected to be spent through the first quarter of 2019 . Under the omnibus agreement, SunCoke will reimburse us for approximately $15 million of additional spending on these projects. The Partnership is a party to certain other pending and threatened claims, including matters related to commercial and tax disputes, product liability, employment claims, personal injury claims, premises-liability claims, allegations of exposures to toxic substances and general environmental 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 have a material adverse impact on our consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The Partnership measures certain financial and non-financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. • Level 2—inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Certain assets and liabilities are measured at fair value on a recurring basis. The Partnership’s cash equivalents are measured at fair value based on quoted prices in active markets for identical assets. These inputs are classified as Level 1 within the valuation hierarchy. The Partnership did not have material cash equivalents at September 30, 2017 or December 31, 2016 . Convent Marine Terminal Contingent Consideration In connection with the CMT acquisition, the Partnership entered into a contingent consideration arrangement that requires us to make future payments to The Cline Group based on future volume over a specified threshold, price and contract renewals. The fair value of the contingent consideration was estimated based on a probability-weighted analysis using significant inputs that are not observable in the market, or Level 3 inputs. Key assumptions included probability adjusted levels of handling services provided by CMT, anticipated price per ton on future sales and probability of contract renewal, including length of future contracts, volume commitment, and anticipated price per ton. The fair value of the contingent consideration at September 30, 2017 and December 31, 2016 was $2.5 million and $4.2 million , respectively, and was included in other deferred charges and liabilities on the Consolidated Balance Sheets. The decrease in the fair value of the contingent consideration liability was due to changes in expected throughput volumes related to the long-term, take-or-pay agreements. This reduction in the contingent consideration balance decreased costs of products sold and operating expenses on the Consolidated Statements of Operations by $2.0 million and $1.7 million during the three and nine months ended September 30, 2017 , respectively. During the first quarter of 2016, the Partnership amended the contingent consideration terms with The Cline Group. These amendment terms and subsequent fair value adjustments during the three and nine months ended September 30, 2016 of $4.6 million and $8.3 million , respectively, decreased costs of products sold and operating expenses on the Consolidated Statements of Operations. Certain Financial Assets and Liabilities not Measured at Fair Value At September 30, 2017 and December 31, 2016 , the estimated fair value of the Partnership's total debt was $864.2 million and $810.4 million , respectively, compared to a carrying amount of $ 843.3 million and $813.4 million , respectively. The fair value was estimated by management based upon estimates of debt pricing provided by financial institutions which are considered Level 2 inputs. |
Business Segment Disclosures
Business Segment Disclosures | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Disclosures | 10. Business Segment Disclosures The Partnership derives its revenues from the Domestic Coke and Coal Logistics reportable segments. Domestic Coke operations are comprised of the Haverhill and Middletown cokemaking facilities located in Ohio and the Granite City cokemaking facility located in Illinois. These facilities use similar production processes to produce coke and to recover waste heat that is converted to steam or electricity. Steam is provided to third-party customers primarily pursuant to steam supply and purchase agreements. Electricity is sold into the regional power market or to AK Steel Holding Corporation ("AK Steel") pursuant to energy sales agreements. Coke sales at the Partnership's cokemaking facilities are made pursuant to long-term, take-or-pay agreements with ArcelorMittal S.A., AK Steel and United States Steel Corporation. Each of the coke sales agreements contain pass-through provisions for costs incurred in the cokemaking process, including coal procurement 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. Coal Logistics operations are comprised of CMT located in Louisiana, Lake Terminal located in Indiana and KRT located in West Virginia. Our logistics operations have a collective capacity to mix and transload approximately 40 million tons of coal and other aggregates annually and provide handling and/or mixing services to its customers, which include our own cokemaking facilities and other SunCoke cokemaking facilities. Handling and mixing results are presented in the Coal Logistics segment. 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. The following table includes Adjusted EBITDA, which is the measure of segment profit or loss and liquidity reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Sales and other operating revenue: Domestic Coke $ 193.4 $ 170.8 $ 548.6 $ 517.2 Coal Logistics 20.6 14.7 61.6 44.2 Coal Logistics intersegment sales 1.6 1.5 4.9 4.7 Elimination of intersegment sales (1.6 ) (1.5 ) (4.9 ) (4.7 ) Total sales and other operating revenue $ 214.0 $ 185.5 $ 610.2 $ 561.4 Adjusted EBITDA: Domestic Coke $ 50.0 $ 42.9 $ 130.0 $ 130.3 Coal Logistics 12.3 7.0 34.9 18.2 Corporate and Other (3.9 ) (4.2 ) (11.8 ) (12.9 ) Total Adjusted EBITDA $ 58.4 $ 45.7 $ 153.1 $ 135.6 Depreciation and amortization expense: Domestic Coke $ 14.3 $ 12.7 $ 45.6 $ 38.7 Coal Logistics 5.9 5.4 17.7 18.6 Total depreciation and amortization expense $ 20.2 $ 18.1 $ 63.3 $ 57.3 Capital expenditures: Domestic Coke $ 13.0 $ 4.4 $ 21.8 $ 15.8 Coal Logistics 0.4 3.6 1.5 14.3 Total capital expenditures $ 13.4 $ 8.0 $ 23.3 $ 30.1 The following table sets forth the Partnership's segment assets: September 30, 2017 December 31, 2016 (Dollars in millions) Segment assets: Domestic Coke $ 1,182.6 $ 1,184.2 Coal Logistics 494.2 510.6 Corporate and Other 1.0 1.2 Total assets $ 1,677.8 $ 1,696.0 The following table sets forth the Partnership’s total sales and other operating revenue by product or service, excluding intersegment revenues: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Sales and other operating revenue: Cokemaking $ 177.0 $ 155.8 $ 503.8 $ 471.3 Energy 14.7 13.9 39.0 42.5 Logistics 19.2 14.2 59.0 43.2 Other 3.1 1.6 8.4 4.4 Total revenues $ 214.0 $ 185.5 $ 610.2 $ 561.4 The Partnership evaluates the performance of its segments based on segment Adjusted EBITDA, which represents earnings before interest, loss (gain) on extinguishment of debt, taxes, depreciation and amortization, adjusted for changes to our contingent consideration liability related to our acquisition of CMT and the expiration of certain acquired contractual obligations. Adjusted EBITDA does not represent and should not be considered an alternative 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 and liquidity of the Partnership's net assets and its ability to incur and service debt, fund capital expenditures and make distributions. Adjusted EBITDA 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 and liquidity. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, and they should not be considered an alternative to net income, operating cash flow or any other measure of financial performance presented in accordance with GAAP. Set forth below is additional discussion of the limitations of Adjusted EBITDA as an analytical tool. 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 items such as depreciation and amortization; • does not reflect changes in, or cash requirements 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 net income and net cash provided by operating activities, which are its most directly comparable financial measures calculated and presented in accordance with GAAP: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Net cash provided by operating activities $ 61.1 $ 31.9 $ 112.7 $ 140.0 Subtract: Depreciation and amortization expense 20.2 18.1 63.3 57.3 Loss (gain) on extinguishment of debt 0.1 (1.0 ) 20.0 (24.9 ) Deferred income tax expense (benefit) 1.6 (0.2 ) 150.4 0.2 Changes in working capital and other 15.9 (7.0 ) (0.1 ) 32.3 Net income (loss) $ 23.3 $ 22.0 $ (120.9 ) $ 75.1 Add: Depreciation and amortization expense $ 20.2 $ 18.1 $ 63.3 $ 57.3 Interest expense, net 15.1 11.5 41.7 35.7 Loss (gain) on extinguishment of debt 0.1 (1.0 ) 20.0 (24.9 ) Income tax expense, net 1.7 0.4 150.7 1.4 Contingent consideration adjustments (1) (2.0 ) (4.6 ) (1.7 ) (8.3 ) Non-cash reversal of acquired contractual obligation (2) — (0.7 ) — (0.7 ) Adjusted EBITDA (3) $ 58.4 $ 45.7 $ 153.1 $ 135.6 Subtract: Adjusted EBITDA attributable to noncontrolling interest (4) $ 1.0 $ 0.9 $ 2.6 $ 2.6 Adjusted EBITDA attributable to SunCoke Energy Partners, L.P. $ 57.4 $ 44.8 $ 150.5 $ 133.0 (1) As a result of changes in the fair value of the contingent consideration liability, the Partnership recognized gains of $2.0 million and $1.7 million during the three and nine months ended September 30, 2017, respectively. The Partnership amended its contingent consideration terms with The Cline Group during the first quarter of 2016. This amendment and subsequent fair value adjustments resulted in a gain of $4.6 million and $8.3 million recorded during the three and nine months ended September 30, 2016, respectively. (2) In association with the acquisition of CMT, we assumed certain performance obligations under existing contracts and recorded liabilities related to such obligations. In the third quarter of 2016, the final acquired contractual performance obligation expired without the customer requiring performance. Therefore, the Partnership reversed the liability as we no longer have any obligations under the contract. (3) In accordance with the SEC’s May 2016 update to its guidance on the appropriate use of non-GAAP financial measures, Adjusted EBITDA does not include Coal Logistics deferred revenue until it is recognized as GAAP revenue. (4) Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest's share of interest, taxes, income, and depreciation and amortization. |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Subsequently, the FASB has issued various ASUs to provide further clarification around certain aspects of ASC 606. This standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early adoption is permitted on a limited basis. Our implementation team has gained an understanding of the standard’s revenue recognition model and is completing the analysis and documentation of our contract details for impacts under the new revenue recognition model. While we are currently evaluating the impact of the standard, we expect the timing of our revenue recognition to generally remain the same under the new standard on an annual basis. Deferred revenue at CMT may be recognized on a more accelerated basis during quarterly periods within the year based on facts and circumstances considered at each quarter under the new guidance. The Partnership expects to adopt this standard on January 1, 2018 using the modified retrospective method. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. It is effective for annual and interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The standard requires the use of a modified retrospective transition method. A multi-disciplined implementation team has gained an understanding of the accounting and disclosure provisions of the standard and is in the process of analyzing the impacts to our business, including the development of new accounting processes to account for our leases and support the required disclosures. While we are still evaluating the impact of adopting this standard, we expect upon adoption the right-of-use assets and lease liabilities, such as various plant equipment rentals and the lease of our corporate office space, will increase the reported assets and liabilities on our Consolidated Balance Sheets. The Partnership expects to adopt this standard on January 1, 2019. |
Cash Distributions and Net In18
Cash Distributions and Net Income Per Unit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
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 $0.412500 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. The table below represents total cash distributions applicable to the period in which the distributions were earned: Earned in Quarter Ended Total Quarterly Distribution Per Unit Total Cash Distribution including general partners IDRs Date of Distribution Unitholders Record Date (Dollars in millions) June 30, 2016 $ 0.5940 $ 29.5 September 1, 2016 August 15, 2016 September 30, 2016 $ 0.5940 $ 29.5 December 1, 2016 November 15, 2016 December 31, 2016 $ 0.5940 $ 29.5 March 1, 2017 February 15, 2017 March 31, 2017 $ 0.5940 $ 29.5 June 1, 2017 May 15, 2017 June 30, 2017 $ 0.5940 $ 29.5 September 1, 2017 August 15, 2017 September 30, 2017 (1) $ 0.5940 $ 29.5 December 1, 2017 November 15, 2017 (1) On October 17, 2017 , our Board of Directors declared a cash distribution of $0.5940 per unit, which will be paid on December 1, 2017 , to unitholders of record on November 15, 2017 . |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculation of earnings per unit is as follows: Three Months Ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (Dollars and units in millions, except per unit amounts) Net income (loss) attributable to SunCoke Energy L.P. $ 22.6 $ 21.3 $ (119.6 ) $ 73.2 Less: Expenses allocated to Common - SunCoke — — — (7.0 ) Net income (loss) attributable to all partners 22.6 21.3 (119.6 ) 80.2 General partner's distributions (including $1.4 million, $1.4 million, $4.2 million and $4.2 million of cash incentive distribution rights declared, respectively) 2.0 2.0 6.0 6.0 Limited partners' distributions on common units 27.5 27.5 82.5 82.4 Distributions greater than earnings/loss (6.9 ) (8.2 ) (208.1 ) (8.2 ) General partner's earnings: Distributions (including $1.4 million, $1.4 million, $4.2 million and $4.2 million of cash incentive distribution rights declared, respectively) 2.0 2.0 6.0 6.0 Allocation of distributions (greater than) less than earnings/loss (0.1 ) (0.2 ) (4.2 ) 7.6 Total general partner's earnings 1.9 1.8 1.8 13.6 Limited partners' earnings (loss) on common units: Distributions 27.5 27.5 82.5 82.4 Expenses allocated to Common - SunCoke — — — (7.0 ) Allocation of distributions greater than earnings/loss (6.8 ) (8.0 ) (203.9 ) (15.8 ) Total limited partners' earnings (loss) on common units 20.7 19.5 (121.4 ) 59.6 Weighted average limited partner units outstanding: Common - basic and diluted 46.2 46.2 46.2 46.2 Net income (loss) per limited partner unit: Common - basic and diluted $ 0.45 $ 0.42 $ (2.63 ) $ 1.29 The calculation of net income allocated to the general and limited partners was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Net income (loss) attributable to SunCoke Energy L.P. $ 22.6 $ 21.3 $ (119.6 ) $ 73.2 Less: Expenses allocated to Common - SunCoke (1) — — — (7.0 ) Net income (loss) attributable to all partners 22.6 21.3 (119.6 ) 80.2 General partner's incentive distribution rights 1.4 1.4 4.2 12.2 Net income (loss) attributable to partners, excluding incentive distribution rights 21.2 19.9 (123.8 ) 68.0 General partner's ownership interest: 2.0 % 2.0 % 2.0 % 2.0 % General partner's allocated interest in net income (loss) (2) 0.5 0.4 (2.4 ) 1.4 General partner's incentive distribution rights 1.4 1.4 4.2 12.2 Total general partner's interest in net income (loss) $ 1.9 $ 1.8 $ 1.8 $ 13.6 Common - public unitholder's interest in net income (loss) $ 8.6 $ 8.8 $ (55.2 ) $ 29.9 Common - SunCoke interest in net income (loss): Common - SunCoke interest in net income (loss) 12.1 10.7 (66.2 ) 36.7 Expenses allocated to Common - SunCoke (1) — — — (7.0 ) Total common - SunCoke interest in net income (loss) 12.1 10.7 (66.2 ) 29.7 Total limited partners' interest in net income (loss) $ 20.7 $ 19.5 $ (121.4 ) $ 59.6 (1) Per the amended partnership agreement, expenses paid on behalf of the Partnership are to be allocated entirely to the partner who paid them. During the first quarter of 2016, SunCoke paid $7.0 million of allocated corporate costs on behalf of the Partnership and will not seek reimbursement for those costs. These expenses are recorded as a direct reduction to SunCoke's interest in net income for the nine months ended September 30, 2016. (2) 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. The table above represents a simplified presentation of the calculation, and therefore, amounts may not recalculate precisely. |
Schedule of Limited Partners' Capital Account by Class | Unit activity for the nine months ended September 30, 2017 : Common - Public Common - SunCoke Total Common At December 31, 2016 20,800,181 25,415,696 46,215,877 Units issued to directors 10,022 — 10,022 Public units acquired by SunCoke (1,980,977 ) 1,980,977 — At September 30, 2017 18,829,226 27,396,673 46,225,899 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The components of inventories were as follows: September 30, 2017 December 31, 2016 (Dollars in millions) Coal $ 48.9 $ 34.5 Coke 8.0 4.7 Materials, supplies, and other 28.4 27.7 Total inventories $ 85.3 $ 66.9 |
Goodwill and Other Intangible20
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The components of other intangible assets, net were as follows: September 30, 2017 December 31, 2016 Weighted - Average Remaining Amortization Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in millions) Customer contracts 5 $ 24.0 $ 6.9 $ 17.1 $ 24.0 $ 4.5 $ 19.5 Customer relationships 14 28.7 5.2 23.5 28.7 3.8 24.9 Permits 25 139.0 10.9 128.1 139.0 7.1 131.9 Trade name 1 1.2 1.0 0.2 1.2 0.8 0.4 Total $ 192.9 $ 24.0 $ 168.9 $ 192.9 $ 16.2 $ 176.7 |
Debt and Financing Obligation (
Debt and Financing Obligation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Total debt and financing obligation, including the current portion of long-term debt and financing obligation, consisted of the following: September 30, 2017 December 31, 2016 (Dollars in millions) 7.500 percent senior notes, due 2025 ("2025 Partnership Notes") $ 630.0 $ — 7.375 percent senior notes, due 2020 ("2020 Partnership Notes") — 463.0 Partnership term loan, due 2019 ("Partnership Term Loan") — 50.0 Revolving credit facility, due 2022 and 2019, respectively ("Partnership Revolver") 200.0 172.0 Partnership promissory note payable, due 2021 ("Promissory Note") — 113.2 5.82 percent financing obligation, due 2021 ("Financing Obligation") 13.3 15.2 Total borrowings 843.3 813.4 Original issue (discount) premium (9.1 ) 7.5 Debt issuance cost (15.3 ) (10.3 ) Total debt and financing obligation 818.9 810.6 Less: current portion of long-term debt and financing obligation 2.6 4.9 Total long-term debt and financing obligation $ 816.3 $ 805.7 |
Business Segment Disclosures (T
Business Segment Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 and liquidity reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Sales and other operating revenue: Domestic Coke $ 193.4 $ 170.8 $ 548.6 $ 517.2 Coal Logistics 20.6 14.7 61.6 44.2 Coal Logistics intersegment sales 1.6 1.5 4.9 4.7 Elimination of intersegment sales (1.6 ) (1.5 ) (4.9 ) (4.7 ) Total sales and other operating revenue $ 214.0 $ 185.5 $ 610.2 $ 561.4 Adjusted EBITDA: Domestic Coke $ 50.0 $ 42.9 $ 130.0 $ 130.3 Coal Logistics 12.3 7.0 34.9 18.2 Corporate and Other (3.9 ) (4.2 ) (11.8 ) (12.9 ) Total Adjusted EBITDA $ 58.4 $ 45.7 $ 153.1 $ 135.6 Depreciation and amortization expense: Domestic Coke $ 14.3 $ 12.7 $ 45.6 $ 38.7 Coal Logistics 5.9 5.4 17.7 18.6 Total depreciation and amortization expense $ 20.2 $ 18.1 $ 63.3 $ 57.3 Capital expenditures: Domestic Coke $ 13.0 $ 4.4 $ 21.8 $ 15.8 Coal Logistics 0.4 3.6 1.5 14.3 Total capital expenditures $ 13.4 $ 8.0 $ 23.3 $ 30.1 The following table sets forth the Partnership's segment assets: September 30, 2017 December 31, 2016 (Dollars in millions) Segment assets: Domestic Coke $ 1,182.6 $ 1,184.2 Coal Logistics 494.2 510.6 Corporate and Other 1.0 1.2 Total assets $ 1,677.8 $ 1,696.0 The following table sets forth the Partnership’s total sales and other operating revenue by product or service, excluding intersegment revenues: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Sales and other operating revenue: Cokemaking $ 177.0 $ 155.8 $ 503.8 $ 471.3 Energy 14.7 13.9 39.0 42.5 Logistics 19.2 14.2 59.0 43.2 Other 3.1 1.6 8.4 4.4 Total revenues $ 214.0 $ 185.5 $ 610.2 $ 561.4 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Below is a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, which are its most directly comparable financial measures calculated and presented in accordance with GAAP: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in millions) Net cash provided by operating activities $ 61.1 $ 31.9 $ 112.7 $ 140.0 Subtract: Depreciation and amortization expense 20.2 18.1 63.3 57.3 Loss (gain) on extinguishment of debt 0.1 (1.0 ) 20.0 (24.9 ) Deferred income tax expense (benefit) 1.6 (0.2 ) 150.4 0.2 Changes in working capital and other 15.9 (7.0 ) (0.1 ) 32.3 Net income (loss) $ 23.3 $ 22.0 $ (120.9 ) $ 75.1 Add: Depreciation and amortization expense $ 20.2 $ 18.1 $ 63.3 $ 57.3 Interest expense, net 15.1 11.5 41.7 35.7 Loss (gain) on extinguishment of debt 0.1 (1.0 ) 20.0 (24.9 ) Income tax expense, net 1.7 0.4 150.7 1.4 Contingent consideration adjustments (1) (2.0 ) (4.6 ) (1.7 ) (8.3 ) Non-cash reversal of acquired contractual obligation (2) — (0.7 ) — (0.7 ) Adjusted EBITDA (3) $ 58.4 $ 45.7 $ 153.1 $ 135.6 Subtract: Adjusted EBITDA attributable to noncontrolling interest (4) $ 1.0 $ 0.9 $ 2.6 $ 2.6 Adjusted EBITDA attributable to SunCoke Energy Partners, L.P. $ 57.4 $ 44.8 $ 150.5 $ 133.0 (1) As a result of changes in the fair value of the contingent consideration liability, the Partnership recognized gains of $2.0 million and $1.7 million during the three and nine months ended September 30, 2017, respectively. The Partnership amended its contingent consideration terms with The Cline Group during the first quarter of 2016. This amendment and subsequent fair value adjustments resulted in a gain of $4.6 million and $8.3 million recorded during the three and nine months ended September 30, 2016, respectively. (2) In association with the acquisition of CMT, we assumed certain performance obligations under existing contracts and recorded liabilities related to such obligations. In the third quarter of 2016, the final acquired contractual performance obligation expired without the customer requiring performance. Therefore, the Partnership reversed the liability as we no longer have any obligations under the contract. (3) In accordance with the SEC’s May 2016 update to its guidance on the appropriate use of non-GAAP financial measures, Adjusted EBITDA does not include Coal Logistics deferred revenue until it is recognized as GAAP revenue. (4) Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest's share of interest, taxes, income, and depreciation and amortization. |
General (Details)
General (Details) | 9 Months Ended |
Sep. 30, 2017Cokemaking_facility | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Interest in partnership (as a percent) | 58.10% |
Number of cokemaking facilities | 3 |
SunCoke Energy Inc | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Limited Partnership (LP) ownership interest (as a percent) | 2.00% |
Haverhill Coke Company LLC, Middletown Coke Company LLC, and Gateway Energy and Coke Company, LLC | Suncoke LP | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Interest in partnership (as a percent) | 98.00% |
Haverhill Coke Company LLC, Middletown Coke Company LLC, and Gateway Energy and Coke Company, LLC | Suncoke Inc | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Limited Partnership (LP) ownership interest (as a percent) | 2.00% |
Related Party Transactions an24
Related Party Transactions and Agreements (Details) - USD ($) | Jan. 23, 2013 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jan. 13, 2015 |
Granite City | |||||||
Related Party Transaction [Line Items] | |||||||
Percent interest | 75.00% | ||||||
IPO | |||||||
Related Party Transaction [Line Items] | |||||||
Potential defaults by coke agreement counterparties indemnification period (in years) | 5 years | ||||||
IPO | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Environmental remediation expense carried by SunCoke Energy Partners L.P. | $ 5,000,000 | ||||||
SunCoke Energy Inc | IPO | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Environmental remediation expense indemnified by SunCoke | $ 50,000,000 | ||||||
SunCoke Energy Inc | SunCoke Energy Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Allocated expenses | $ 6,800,000 | $ 6,500,000 | $ 20,700,000 | $ 20,400,000 | |||
SunCoke Energy Inc | SunCoke Energy Inc | Corporate Cost Allocation | |||||||
Related Party Transaction [Line Items] | |||||||
Payable to affiliate, net | $ 7,000,000 | ||||||
SunCoke Energy Inc | SunCoke Energy Inc | Cash Distribution | |||||||
Related Party Transaction [Line Items] | |||||||
Payable to affiliate, net | $ 1,400,000 | ||||||
SunCoke Energy Inc | Coal Logistics | SunCoke Energy Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue | $ 2,200,000 | 2,500,000 | $ 6,800,000 | 7,700,000 | |||
SunCoke Energy Inc | Domestic Coke | SunCoke Energy Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase of coal | $ 1,600,000 | $ 3,800,000 |
Cash Distributions and Net In25
Cash Distributions and Net Income Per Unit - Distributions Percentage Allocations (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
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% |
Total quarterly distribution per unit target amount (in dollars per share) | $ 0.474375 | |||
Minimum Quarterly Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.412500 | |||
First Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.41250 | |||
First Target Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.412500 | |||
First Target Distribution | Maximum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.474375 | |||
Second Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.474375 | |||
Second Target Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.474375 | |||
Second Target Distribution | Maximum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.515625 | |||
Third Target Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.515625 | |||
Third Target Distribution | Maximum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | 0.618750 | |||
Thereafter | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $ 0.618750 | |||
Unitholders | Minimum Quarterly Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 98.00% | |||
Unitholders | First Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 98.00% | |||
Marginal percentage interest in distributions (as a percent) | 98.00% | |||
Unitholders | Second Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 98.00% | |||
Marginal percentage interest in distributions (as a percent) | 85.00% | |||
Unitholders | Third Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 75.00% | |||
Unitholders | Thereafter | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 50.00% | |||
General Partner | Minimum Quarterly Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 2.00% | |||
General Partner | First Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 2.00% | |||
Marginal percentage interest in distributions (as a percent) | 2.00% | |||
General Partner | Second Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 2.00% | |||
Marginal percentage interest in distributions (as a percent) | 15.00% | |||
General Partner | Third Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 25.00% | |||
General Partner | Thereafter | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 50.00% |
Cash Distributions and Net In26
Cash Distributions and Net Income Per Unit - Allocation of Total Quarterly cash Distributions to General and Limited Partners (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 17, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
Dividends Payable [Line Items] | |||||||
Cash distributions per unit (in dollar per unit) | $ 0.5940 | $ 0.5940 | $ 0.5940 | $ 0.5940 | $ 0.5940 | ||
Cash distributions paid | $ 29.5 | $ 29.5 | $ 29.5 | $ 29.5 | $ 29.5 | ||
Distribution declared per unit (in dollar per unit) | $ 0.5940 | ||||||
Distributions declared | $ 29.5 | ||||||
Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Distribution declared per unit (in dollar per unit) | $ 0.5940 |
Cash Distributions and Net In27
Cash Distributions and Net Income Per Unit - Allocation of Net Income (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Allocation to general partner (as a percent) | 100.00% |
Cash Distributions and Net In28
Cash Distributions and Net Income Per Unit - Calculation of Net Income Allocated to the General and Limited Partners (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net income (loss) attributable to SunCoke Energy L.P. | $ 22.6 | $ 21.3 | $ (119.6) | $ 73.2 | |
Expenses allocated to Common - SunCoke | 0 | 0 | 0 | (7) | |
Net income (loss) attributable to partners, excluding incentive distribution rights | $ 21.2 | $ 19.9 | $ (123.8) | $ 68 | |
General partner's ownership interest (as a percent) | 2.00% | 2.00% | 2.00% | 2.00% | |
General partner's interest in net income (loss) | $ 1.9 | $ 1.8 | $ 1.8 | $ 13.6 | |
Limited partners' interest in net income (loss) | 20.7 | 19.5 | (121.4) | 59.6 | |
General Partner | Incentive Distribution | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
General partner's incentive distribution rights | 1.4 | 1.4 | 4.2 | 12.2 | |
General Partner | Allocated Interest | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
General partner's interest in net income (loss) | 0.5 | 0.4 | (2.4) | 1.4 | |
General Partner | General Partner | Incentive Distribution | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
General partner's interest in net income (loss) | 1.4 | 1.4 | 4.2 | 12.2 | |
Limited partners' distributions | Common Units - Public | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Limited partners' interest in net income (loss) | 8.6 | 8.8 | (55.2) | 29.9 | |
Limited partners' distributions | Common Units - Parent | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Expenses allocated to Common - SunCoke | 0 | 0 | $ (7) | 0 | (7) |
Limited partners' interest in net income (loss) | 12.1 | 10.7 | (66.2) | 36.7 | |
Total common - SunCoke interest in net income (loss) | 12.1 | 10.7 | (66.2) | 29.7 | |
Successor | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net income (loss) attributable to all partners | $ 22.6 | $ 21.3 | $ (119.6) | $ 80.2 |
Cash Distributions and Net In29
Cash Distributions and Net Income Per Unit - Calculation of Earnings per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) attributable to all partners | $ 22.6 | $ 21.3 | $ (119.6) | $ 73.2 |
Expenses allocated to Common - SunCoke | 0 | 0 | 0 | (7) |
Distributions | 2 | 2 | 6 | 6 |
Limited partners' distributions on common units | 29.5 | |||
Allocation of distributions greater than earnings/loss | $ (6.9) | $ (8.2) | $ (208.1) | $ (8.2) |
Weighted average limited partner units outstanding: | ||||
Common - basic and diluted (in shares) | 46.2 | 46.2 | 46.2 | 46.2 |
Net income (loss) per limited partner unit: | ||||
Common - basic and diluted (in dollars per share) | $ 0.45 | $ 0.42 | $ (2.63) | $ 1.29 |
Distribution to unitholders | $ 88.1 | |||
General Partner | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Distributions | $ 2 | $ 2 | 6 | $ 6 |
Allocation of distributions greater than earnings/loss | (0.1) | (0.2) | (4.2) | 7.6 |
Total partner (loss) earnings | 1.9 | 1.8 | 1.8 | 13.6 |
Limited partners' distributions | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Expenses allocated to Common - SunCoke | 0 | 0 | 0 | (7) |
Distributions | 27.5 | 27.5 | 82.5 | 82.4 |
Allocation of distributions greater than earnings/loss | (6.8) | (8) | (203.9) | (15.8) |
Total partner (loss) earnings | 20.7 | 19.5 | (121.4) | 59.6 |
Common units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Limited partners' distributions on common units | 27.5 | 27.5 | 82.5 | 82.4 |
Successor | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) attributable to all partners | 22.6 | 21.3 | (119.6) | 80.2 |
Incentive Distribution | General Partner | General Partner | ||||
Net income (loss) per limited partner unit: | ||||
Distribution to unitholders | $ 1.4 | $ 1.4 | $ 4.2 | $ 4.2 |
Cash Distributions and Net In30
Cash Distributions and Net Income Per Unit - Unit Activity (Details) | 9 Months Ended |
Sep. 30, 2017shares | |
Common units | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
At December 31, 2016 | 46,215,877 |
Public units acquired by SunCoke | 0 |
At September 30, 2017 | 46,225,899 |
Common units | Director | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Units issued to directors | 10,022 |
Common units | Public | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
At December 31, 2016 | 20,800,181 |
Public units acquired by SunCoke | (1,980,977) |
At September 30, 2017 | 18,829,226 |
Common units | Public | Director | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Units issued to directors | 10,022 |
Common Units - Parent | SunCoke Energy Inc | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
At December 31, 2016 | 25,415,696 |
Public units acquired by SunCoke | 1,980,977 |
At September 30, 2017 | 27,396,673 |
Common Units - Parent | SunCoke Energy Inc | Director | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Units issued to directors | 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Coal | $ 48.9 | $ 34.5 |
Coke | 8 | 4.7 |
Materials, supplies, and other | 28.4 | 27.7 |
Total inventories | $ 85.3 | $ 66.9 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||||
Goodwill | $ 73.5 | $ 73.5 | $ 73.5 | ||
Total amortization expense | 2.6 | $ 2.6 | $ 7.8 | $ 8 | |
Permits | |||||
Goodwill [Line Items] | |||||
Useful lives (in years) | 25 years | ||||
Convent Marine Terminal | Permits | |||||
Goodwill [Line Items] | |||||
Useful lives (in years) | 27 years | ||||
Weighted average period before next renewal or extension | 3 years 8 months | ||||
Coal Logistics | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 73.5 | $ 73.5 | $ 73.5 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets - Gross and Net Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 192.9 | $ 192.9 |
Accumulated Amortization | 24 | 16.2 |
Net | $ 168.9 | 176.7 |
Customer contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization Years | 5 years | |
Gross Carrying Amount | $ 24 | 24 |
Accumulated Amortization | 6.9 | 4.5 |
Net | $ 17.1 | 19.5 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization Years | 14 years | |
Gross Carrying Amount | $ 28.7 | 28.7 |
Accumulated Amortization | 5.2 | 3.8 |
Net | $ 23.5 | 24.9 |
Permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization Years | 25 years | |
Gross Carrying Amount | $ 139 | 139 |
Accumulated Amortization | 10.9 | 7.1 |
Net | $ 128.1 | 131.9 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization Years | 1 year | |
Gross Carrying Amount | $ 1.2 | 1.2 |
Accumulated Amortization | 1 | 0.8 |
Net | $ 0.2 | $ 0.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 1.7 | $ 0.4 | $ 150.7 | $ 1.4 | |
Deferred income tax expense | 1.6 | $ (0.2) | 150.4 | $ 0.2 | |
SunCoke Energy Inc | |||||
Income Tax Contingency [Line Items] | |||||
Deferred tax liability | $ 3 | $ 3 | |||
IRS | |||||
Income Tax Contingency [Line Items] | |||||
Deferred income tax expense | $ 148.6 |
Debt and Financing Obligation -
Debt and Financing Obligation - Schedule of Long Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Total borrowings | $ 843.3 | $ 813.4 | ||
Original issue (discount) premium | (9.1) | 7.5 | ||
Debt issuance cost | (15.3) | (10.3) | ||
Total debt and financing obligation | 818.9 | 810.6 | ||
Less: current portion of long-term debt and financing obligation | 2.6 | 4.9 | ||
Total long-term debt and financing obligation | 816.3 | 805.7 | ||
7.500 percent senior notes, due 2025 (2025 Partnership Notes) | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total borrowings | $ 630 | 0 | ||
Interest rate on partnership notes (as a percent) | 7.50% | 7.50% | ||
7.375 percent senior notes, due 2020 (2020 Partnership Notes) | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total borrowings | $ 0 | 463 | ||
Interest rate on partnership notes (as a percent) | 7.375% | |||
Partnership term loan, due 2019 (Partnership Term Loan) | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Total borrowings | $ 0 | 50 | ||
Revolving credit facility, due 2022 and 2019, respectively (Partnership Revolver) | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Total borrowings | 200 | 172 | ||
Partnership promissory note payable, due 2021 (Promissory Note) | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total borrowings | 0 | $ 112.6 | 113.2 | |
5.82 percent financing obligation, due 2021 (Financing Obligation) | Financing Obligations | ||||
Debt Instrument [Line Items] | ||||
Total borrowings | $ 13.3 | $ 15.2 | ||
Interest rate on partnership notes (as a percent) | 5.82% |
Debt and Financing Obligation
Debt and Financing Obligation - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2020 | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||||
Repayment of revolving credit facility | $ 240,000,000 | $ 25,000,000 | ||||||
Loss on extinguishment of debt | $ 100,000 | $ (1,000,000) | 20,000,000 | (24,900,000) | ||||
Proceeds from revolving credit facility | 268,000,000 | $ 20,000,000 | ||||||
Total borrowings | $ 843,300,000 | $ 843,300,000 | $ 813,400,000 | |||||
7.500 percent senior notes, due 2025 (2025 Partnership Notes) | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Face value | $ 630,000,000 | |||||||
Interest rate on partnership notes (as a percent) | 7.50% | 7.50% | 7.50% | |||||
Proceeds from issuance of senior debt | $ 620,600,000 | |||||||
Unamortized discount | 9,400,000 | |||||||
Debt issuance costs, net | $ 11,900,000 | $ 11,900,000 | ||||||
Percentage of debt repurchase, change of control | 101.00% | |||||||
Percentage of debt repurchase, asset dispositions | 100.00% | |||||||
Total borrowings | 630,000,000 | $ 630,000,000 | 0 | |||||
7.500 percent senior notes, due 2025 (2025 Partnership Notes) | Senior Notes | Before June 15, 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price percentage | 35.00% | |||||||
Percentage of principal amount redeemed | 107.50% | |||||||
7.500 percent senior notes, due 2025 (2025 Partnership Notes) | Senior Notes | Anytime Prior to June 15, 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount redeemed | 100.00% | |||||||
7.375 percent senior notes, due 2020 (2020 Partnership Notes) | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Face value | $ 463,000,000 | $ 463,000,000 | ||||||
Interest rate on partnership notes (as a percent) | 7.375% | 7.375% | ||||||
Redemption premium | $ 18,700,000 | |||||||
Loss on extinguishment of debt | 19,100,000 | |||||||
Debt issuance costs, gross | 7,000,000 | |||||||
Unamortized premium | (6,600,000) | |||||||
Total borrowings | $ 0 | 0 | 463,000,000 | |||||
Partnership term loan, due 2019 (Partnership Term Loan) | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of revolving credit facility | 50,000,000 | |||||||
Total borrowings | 0 | 0 | 50,000,000 | |||||
Revolving credit facility, due 2022 and 2019, respectively (Partnership Revolver) | Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of revolving credit facility | 172,000,000 | |||||||
Maximum borrowing capacity | 285,000,000 | |||||||
Proceeds from revolving credit facility | $ 100,000,000 | 200,000,000 | ||||||
Line of credit debt issuance costs, gross | 3,000,000 | 3,000,000 | ||||||
Amortization of debt issuance costs | 800,000 | |||||||
Total borrowings | 200,000,000 | 200,000,000 | 172,000,000 | |||||
Remaining borrowing capacity | 83,100,000 | 83,100,000 | ||||||
Revolving credit facility, due 2019 (Partnership Revolver) | Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||
Letters of credit outstanding | 1,900,000 | 1,900,000 | ||||||
Revolving credit facility, due 2019 (Partnership Revolver) | Line of Credit | Revolving Credit Facility | Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio, maximum | 4 | |||||||
Partnership promissory note payable, due 2021 (Promissory Note) | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization of debt issuance costs | 100,000 | 100,000 | ||||||
Total borrowings | 112,600,000 | $ 0 | $ 0 | $ 113,200,000 | ||||
Repayments of senior debt | $ 12,600,000 | |||||||
Credit Agreement and Partner Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio, maximum | 4.5 | 4.5 | ||||||
Interest coverage ratio, minimum | 2.5 | 2.5 | ||||||
Cross default debt threshold | $ 35,000,000 | $ 35,000,000 |
Commitments and Contingent Li37
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Cost of capital projects | $ 96 | |
Haverhill Coke Company LLC and Middletown Coke Company LLC | IPO | ||
Loss Contingencies [Line Items] | ||
Environmental capital expenditures retained | 119 | |
Haverhill and Granite City | ||
Loss Contingencies [Line Items] | ||
Payments for legal settlements | $ 2.2 | |
Cost of capital projects | 7 | |
Haverhill and Granite City | Suncoke Inc | ||
Loss Contingencies [Line Items] | ||
Environmental capital expenditures retained | $ 15 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||
Contingent consideration adjustments | $ 2 | $ 4.6 | $ 1.7 | $ 8.3 | |
Estimated fair value of the Partnership's long-term debt | 864.2 | 864.2 | $ 810.4 | ||
Carrying value of Partnership's long-term debt | 843.3 | 843.3 | 813.4 | ||
Cost of Products Sold and Operating Expenses | |||||
Business Acquisition [Line Items] | |||||
Contingent consideration adjustments | (2) | $ (4.6) | (1.7) | $ (8.3) | |
Other Deferred Charges and Liabilities | Fair Value, Inputs, Level 3 | Convent Marine Terminal | |||||
Business Acquisition [Line Items] | |||||
Business combination, contingent consideration | $ 2.5 | $ 2.5 | $ 4.2 |
Business Segment Disclosures -
Business Segment Disclosures - Revenues, Expenses and Assets by Segment (Details) T in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)T | Sep. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | $ 214 | $ 185.5 | $ 610.2 | $ 561.4 |
Adjusted EBITDA | 58.4 | 45.7 | 153.1 | 135.6 |
Depreciation and amortization expense | 20.2 | 18.1 | 63.3 | 57.3 |
Capital expenditures | 13.4 | 8 | 23.3 | 30.1 |
Domestic Coke | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | 14.3 | 12.7 | 45.6 | 38.7 |
Capital expenditures | 13 | 4.4 | $ 21.8 | 15.8 |
Coal Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Coal handling capacity (in tons) | T | 40 | |||
Depreciation and amortization expense | 5.9 | 5.4 | $ 17.7 | 18.6 |
Capital expenditures | 0.4 | 3.6 | 1.5 | 14.3 |
Operating Segments | Domestic Coke | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 193.4 | 170.8 | 548.6 | 517.2 |
Adjusted EBITDA | 50 | 42.9 | 130 | 130.3 |
Operating Segments | Coal Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 20.6 | 14.7 | 61.6 | 44.2 |
Adjusted EBITDA | 12.3 | 7 | 34.9 | 18.2 |
Intersegment sales | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | (1.6) | (1.5) | (4.9) | (4.7) |
Intersegment sales | Coal Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 1.6 | 1.5 | 4.9 | 4.7 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | $ (3.9) | $ (4.2) | $ (11.8) | $ (12.9) |
Business Segment Disclosures 40
Business Segment Disclosures - Segment Assets (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,677.8 | $ 1,696 |
Operating Segments | Domestic Coke | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,182.6 | 1,184.2 |
Operating Segments | Coal Logistics | ||
Segment Reporting Information [Line Items] | ||
Total assets | 494.2 | 510.6 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1 | $ 1.2 |
Business Segment Disclosures 41
Business Segment Disclosures - Revenues by Operating Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 214 | $ 185.5 | $ 610.2 | $ 561.4 |
Cokemaking | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 177 | 155.8 | 503.8 | 471.3 |
Energy | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 14.7 | 13.9 | 39 | 42.5 |
Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 19.2 | 14.2 | 59 | 43.2 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3.1 | $ 1.6 | $ 8.4 | $ 4.4 |
Business Segment Disclosures 42
Business Segment Disclosures - Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net cash provided by operating activities | $ 61.1 | $ 31.9 | $ 112.7 | $ 140 |
Depreciation and amortization expense | 20.2 | 18.1 | 63.3 | 57.3 |
Loss (gain) on extinguishment of debt | 0.1 | (1) | 20 | (24.9) |
Deferred income tax expense (benefit) | 1.6 | (0.2) | 150.4 | 0.2 |
Changes in working capital and other | 15.9 | (7) | (0.1) | 32.3 |
Net income (loss) | 23.3 | 22 | (120.9) | 75.1 |
Interest expense, net | 15.1 | 11.5 | 41.7 | 35.7 |
Income tax expense, net | 1.7 | 0.4 | 150.7 | 1.4 |
Contingent consideration adjustments | (2) | (4.6) | (1.7) | (8.3) |
Non-cash reversal of acquired contractual obligation | 0 | (0.7) | 0 | (0.7) |
Adjusted EBITDA | 58.4 | 45.7 | 153.1 | 135.6 |
Adjusted EBITDA attributable to noncontrolling interest | 1 | 0.9 | 2.6 | 2.6 |
Adjusted EBITDA attributable to SunCoke Energy Partners, L.P. | 57.4 | 44.8 | 150.5 | 133 |
Cost of Products Sold and Operating Expenses | ||||
Segment Reporting Information [Line Items] | ||||
Contingent consideration adjustments | $ 2 | $ 4.6 | $ 1.7 | $ 8.3 |