Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | SunCoke Energy Partners, L.P. | |
Entity Central Index Key | 1555538 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Common units | ||
Document Information [Line Items] | ||
Entity Common Stock, Common Unit Outstanding | 23,572,550 | |
Subordinated units | ||
Document Information [Line Items] | ||
Entity Common Stock, Common Unit Outstanding | 15,709,697 |
Combined_and_Consolidated_Stat
Combined and Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Sales and other operating revenue | $203.30 | $214.50 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 147.4 | 166 |
Selling, general and administrative expenses | 7.6 | 6.3 |
Depreciation and amortization expense | 14.6 | 13 |
Total costs and operating expenses | 169.6 | 185.3 |
Operating income | 33.7 | 29.2 |
Interest expense, net | 20.6 | 2.9 |
Income before income tax expense | 13.1 | 26.3 |
Income tax (benefit) expense | -3.3 | 0.6 |
Net income | 16.4 | 25.7 |
Less: Net income attributable to noncontrolling interests | 3.2 | 9.9 |
Net income attributable to SunCoke Energy Partners, L.P. | 13.2 | 15.8 |
General partner's interest in net income | 1.8 | 3 |
Limited partners' interest in net income | 11.4 | 12.8 |
Common | ||
Costs and operating expenses | ||
Limited partners' interest in net income | 11.4 | 12.8 |
Net income per unit (basic) (in dollars per share) | $0.29 | $0.41 |
Net income per unit (diluted) (in dollars per share) | $0.29 | $0.41 |
Weighted average units outstanding (basic) (in shares) | 23.3 | 15.7 |
Weighted average units outstanding (diluted) (in shares) | 23.3 | 15.7 |
Subordinated | ||
Costs and operating expenses | ||
Net income per unit (basic) (in dollars per share) | $0.29 | $0.41 |
Net income per unit (diluted) (in dollars per share) | $0.29 | $0.41 |
Weighted average units outstanding (basic) (in shares) | 15.7 | 15.7 |
Weighted average units outstanding (diluted) (in shares) | 15.7 | 15.7 |
Predecessor | ||
Costs and operating expenses | ||
Net income attributable to SunCoke Energy Partners, L.P. | 0.6 | 2.6 |
General partner's interest in net income | 0.6 | 2.6 |
Successor | ||
Costs and operating expenses | ||
Net income attributable to SunCoke Energy Partners, L.P. | $12.60 | $13.20 |
Combined_and_Consolidated_Bala
Combined and Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $91.80 | $33.30 |
Receivables | 30.1 | 36.3 |
Receivables from affiliates, net | 0 | 3.1 |
Inventories | 84.1 | 90.4 |
Other current assets | 3.6 | 1.5 |
Total current assets | 209.6 | 164.6 |
Properties, plants and equipment, net | 1,197.50 | 1,213.40 |
Goodwill and other intangible assets, net | 14.9 | 15.1 |
Deferred income taxes | 0 | 21.6 |
Deferred charges and other assets | 0.5 | 2.3 |
Total assets | 1,422.50 | 1,417 |
Liabilities and Equity | ||
Accounts payable | 58.7 | 61.1 |
Accrued liabilities | 10.3 | 11.2 |
Interest payable | 7.4 | 12.3 |
Total current liabilities | 76.4 | 84.6 |
Long-term debt | 597.4 | 399 |
Deferred income taxes | 37.9 | 0 |
Asset retirement obligations | 5.3 | 5.3 |
Other deferred credits and liabilities | 1.5 | 1.4 |
Total liabilities | 718.5 | 490.3 |
Equity | ||
Equity | 622.4 | 915.6 |
Noncontrolling interest | 81.6 | 11.1 |
Total equity | 704 | 926.7 |
Total liabilities and partners' net equity | 1,422.50 | 1,417 |
Common Units - Public | ||
Equity | ||
Equity | 241.1 | 239.1 |
Common Units - Parent | ||
Equity | ||
Equity | 165.1 | 113.8 |
Subordinated | ||
Equity | ||
Equity | 205.6 | 203.7 |
General Partner | ||
Equity | ||
Equity | 10.6 | 9.2 |
Total equity | 10.6 | 9.2 |
Parent | ||
Equity | ||
Equity | 0 | 349.8 |
Total equity | $349.80 |
Combined_and_Consolidated_Bala1
Combined and Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2015 | Dec. 31, 2014 |
Common Units - Public | ||
Limited partners' capital account units issued (in units) | 16,790,101 | 16,789,164 |
Limited partners' capital account, units outstanding (in units) | 16,790,101 | 16,789,154 |
Common Units - Parent | ||
Limited partners' capital account units issued (in units) | 6,782,449 | 4,904,752 |
Limited partners' capital account, units outstanding (in units) | 6,782,449 | 4,904,752 |
Subordinated | ||
Limited partners' capital account units issued (in units) | 15,709,697 | 15,709,697 |
Limited partners' capital account, units outstanding (in units) | 15,709,697 | 15,709,697 |
Combined_and_Consolidated_Stat1
Combined and Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net income | $16.40 | $25.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 14.6 | 13 |
Deferred income tax (benefit) expense | -3.3 | 0.6 |
Loss on debt extinguishment | 9.4 | 0 |
Changes in working capital pertaining to operating activities: | ||
Receivables | -4.5 | -9.4 |
Receivables from affiliate, net | 4.7 | 6.4 |
Inventories | 6.3 | 1.4 |
Accounts payable | -2.4 | -11.9 |
Accrued liabilities | -0.9 | -14.1 |
Interest payable | -9.5 | -2.8 |
Other | -1.1 | -1.9 |
Net cash provided by operating activities | 29.7 | 7 |
Cash Flows from Investing Activities: | ||
Capital expenditures | -5.5 | -16.1 |
Net cash used in investing activities | -5.5 | -16.1 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of long-term debt | 210.8 | 0 |
Repayment of long-term debt, including market premium | -149.5 | 0 |
Debt issuance costs | -4.2 | 0 |
Proceeds from revolving credit facility | 0 | 16 |
Repayment of revolving facility | 0 | -16 |
Distributions to unitholders (public and parent) | -22.2 | -15.2 |
Distributions to noncontrolling interest (SunCoke Energy, Inc.) | -0.6 | -12.3 |
Net transfers to parent | 0 | 9.5 |
Net cash provided by (used in) financing activities | 34.3 | -18 |
Net increase (decrease) in cash and cash equivalents | 58.5 | -27.1 |
Cash and cash equivalents at beginning of period | 33.3 | 46.3 |
Cash and cash equivalents at end of period | $91.80 | $19.20 |
Combined_and_Consolidated_Stat2
Combined and Consolidated Statements of Equity (USD $) | Total | Parent | Public | SunCoke Energy Inc | SunCoke Energy Inc | General Partner | Noncontrolling Interest |
In Millions, unless otherwise specified | Common Units - Public | Common Units - Parent | Subordinated | ||||
Balance at beginning of period at Dec. 31, 2014 | $926.70 | $349.80 | $239.10 | $113.80 | $203.70 | $9.20 | $11.10 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 16.4 | 0.6 | 4.9 | 1.9 | 4.6 | 1.2 | 3.2 |
Distribution to unitholders | -22.2 | -9.1 | -3.7 | -8.5 | -0.9 | 0 | |
Distributions to noncontrolling interest | -0.6 | -0.6 | |||||
Issuance of units | 51.7 | 0 | 50.7 | 1 | |||
Adjustments to equity for the acquisition of an interest in Granite City | -189.1 | -79.2 | -32 | -74 | -3.9 | 0 | |
Allocation of parent net equity in Granite City to SunCoke Energy Partners, L.P. | -271.5 | 85.4 | 34.4 | 79.8 | 4 | ||
Granite City net assets not assumed by SunCoke Energy Partners, L.P. | -78.9 | -78.9 | |||||
Balance at end of period at Mar. 31, 2015 | $704 | $241.10 | $165.10 | $205.60 | $10.60 | $81.60 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 1. General |
Description of Business | |
SunCoke Energy Partners, L.P., (the "Partnership", "we", "our", and "us"), is a Delaware limited partnership formed in July 2012 which primarily manufactures coke used in the blast furnace production of steel. At March 31, 2015, we owned a 98 percent interest in Haverhill Coke Company LLC ("Haverhill") and Middletown Coke Company, LLC ("Middletown") as well as a 75 percent interest in Gateway Energy and Coke Company, LLC ("Granite City"). The remaining ownership interest in our three cokemaking facilities was owned by SunCoke Energy, Inc. ("SunCoke"). At March 31, 2015, SunCoke, through a subsidiary, owned a 56.1 percent partnership interest in us and all of our incentive distribution rights and indirectly owned and controlled our general partner, which holds a 2.0 percent general partner interest in us. Our Coal Logistics business provides coal handling and blending services to third party customers as well as to our own cokemaking facilities. | |
Incorporated in Delaware in 2012 and headquartered in Lisle, Illinois, we became a publicly-traded company in 2013 and our stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “SXCP.” | |
Basis of Presentation | |
The accompanying unaudited combined and consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") for interim reporting. Certain information and disclosures normally included in financial statements have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In management’s opinion, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The results of operations for the period ended March 31, 2015 are not necessarily indicative of the operating results for the full year. These unaudited interim combined and consolidated financial statements and notes should be read in conjunction with the audited combined and consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014. | |
On January 13, 2015, the Partnership acquired a 75 percent interest in SunCoke's Granite City cokemaking facility (the "Granite City Dropdown"). The combined and consolidated financial statements for the periods presented pertain to the operations of the Partnership and give retrospective effect to include the results of operations, financial position and cash flows of Granite City as a result of the Granite City Dropdown. | |
Granite City participated in centralized financing and cash management programs not maintained at the Partnership for periods prior to the Granite City Dropdown. Accordingly, none of SunCoke’s cash or interest income for periods prior to the Granite City Dropdown has been assigned to Granite City in the combined and consolidated financial statements. Advances between Granite City and SunCoke that are specifically related to Granite City have been reflected in the combined and consolidated financial statements for periods prior to the Granite City Dropdown. Transfers of cash to and from SunCoke’s financing and cash management program are reflected as a component of parent net equity on the Combined and Consolidated Balance Sheets. The Granite City Dropdown did not impact historical earnings per unit as pre-acquisition earnings were allocated to our general partner. | |
New Accounting Pronouncements | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company early adopted this ASU during the first quarter of 2015. See Note 7. | |
In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 eliminates the deferral of FASB Statement No. 167, "Amendments to FASB Interpretation No. 46(R)," and makes changes to both the variable interest model and the voting model. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect this ASU to have a material effect on the Company's financial condition, results of operations, or cash flows. | |
Reclassifications | |
Certain amounts in the prior period combined and consolidated financial statements have been reclassified to conform to the current year presentation. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | 2. Acquisition |
Granite City Dropdown | |
On January 13, 2015, the Partnership acquired a 75 percent interest in SunCoke's Granite City cokemaking facility for a total transaction value of $245.0 million. SunCoke continues to own the remaining 25 percent interest in Granite City. The Granite City cokemaking facility, which began operations in 2009, has annual cokemaking capacity of 650 thousand tons and produces super-heated steam for power generation. Both the coke and the steam are provided to U.S. Steel under a long-term take-or-pay contract that expires in 2025. | |
The Granite City Dropdown was a transfer of businesses between entities under common control. Accordingly, our historical financial information has been retrospectively adjusted to include Granite City’s historical results and financial position for all periods presented. The Partnership accounted for the Granite City Dropdown as an equity transaction, with SunCoke's interest in Granite City reflected in parent net equity until the date of the transaction. On the date of the Granite City Dropdown, the parent net equity of $203.6 million in the Granite City cokemaking facility was allocated to the general partner and limited partners based on their ownership interest in the Partnership immediately following the equity issuances described above and $67.9 million was allocated to noncontrolling interest for the 25 percent of Granite City retained by SunCoke. | |
In connection with the Granite City Dropdown, the Partnership issued 1.9 million common units totaling approximately $50.7 million and $1.0 million of general partner interests to SunCoke. In addition, the Partnership assumed and repaid $135.0 million principal amount of SunCoke’s outstanding 7.625 percent senior notes and paid $5.6 million of accrued interest and $7.7 million of redemption premium in connection therewith. The Partnership retained the remaining cash of $45.0 million to pre-fund SunCoke’s obligation to indemnify the Partnership for the anticipated cost of an environmental project at Granite City. To fund the Granite City Dropdown, the Partnership issued an additional $200.0 million of its 7.375 percent unsecured senior notes, due 2020 (the "Partnership Notes"). | |
As the results of Granite City are presented combined with the results of the Partnership for periods prior to the Granite City Dropdown, the only impact on our Combined and Consolidated Statement of Cash Flows for the Granite City Dropdown was the related financing activities discussed above. | |
Haverhill and Middletown Dropdown | |
On May 9, 2014, we completed the acquisition of an additional 33 percent interest in each of the Haverhill, OH ("Haverhill") and Middletown, OH ("Middletown") cokemaking facilities, in each of which we previously had a 65 percent interest, for total transaction value of $365.0 million (the "Haverhill and Middletown Dropdown"). | |
The results of the Haverhill and Middletown operations are consolidated in the combined and consolidated financial statements of the Partnership for all periods presented and any interest in the Haverhill and Middletown operations retained by Sun Coal & Coke is recorded as a noncontrolling interest of the Partnership. Sun Coal & Coke retained a 35 percent interest in Haverhill and Middletown prior to the Haverhill and Middletown Dropdown and a 2 percent interest in Haverhill and Middletown subsequent to the Haverhill and Middletown Dropdown. We accounted for the Haverhill and Middletown Dropdown as an equity transaction, which resulted in a $171.3 million reduction to noncontrolling interest for the additional 33 percent interest acquired by the Partnership. Partnership equity was decreased $170.1 million for the difference between the consideration discussed below and the $171.3 million of noncontrolling interest acquired. | |
Total consideration for the Haverhill and Middletown Dropdown included $3.4 million of cash to SunCoke, 2.7 million common units totaling $80.0 million issued to SunCoke and $3.3 million of general partner interests issued to SunCoke. We retained $7.0 million in cash to pre-fund SunCoke’s obligation to indemnify us for the anticipated cost of an environmental remediation project at Haverhill, which did not impact Partnership equity. In addition, we assumed and repaid approximately $271.3 million of outstanding SunCoke debt and other liabilities, which includes a market premium of $11.4 million to complete the tender of certain debt. The market premium was included in Partnership net income. In conjunction with the assumption of this debt, the Partnership also assumed the related debt issuance costs and debt discount, which were included in the adjustments to equity related to the acquisition in the Consolidated Statement of Equity. | |
We funded the Haverhill and Middletown Dropdown with $88.7 million of net proceeds from the sale of 3.2 million common units to the public, which was completed on April 30, 2014, and approximately $263.1 million of gross proceeds from the issuance of an additional $250.0 million aggregate principal amount of Partnership Notes through a private placement on May 9, 2014. In conjunction with the issuance of the additional Partnership Notes, the Partnership incurred debt issuance costs of $4.9 million, $0.9 million of which was considered a modification of debt and was included in other operating cash flows in the Combined and Consolidated Statement of Cash Flows with the remainder included in financing cash flows. In addition, the Partnership received $5.0 million to fund interest from February 1, 2014 to May 9, 2014, the period prior to the issuance. This interest was paid to noteholders on August 1, 2014. | |
As Haverhill and Middletown were consolidated both prior to and subsequent to the Haverhill and Middletown Dropdown, the only impact on our Combined and Consolidated Statement of Cash Flows was the related financing activities discussed above. | |
The terms of the contribution agreements and the acquisition of the interest in Granite City and interest in Haverhill and Middletown were approved by the conflicts committee of our general partner’s Board of Directors, which consists entirely of independent directors. |
Related_Party_Transactions_and
Related Party Transactions and Agreements | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Agreements | 3. Related Party Transactions and Agreements |
The related party transactions with SunCoke and its affiliates are described below. | |
Transactions with Affiliate | |
Our Coal Logistics business provides coal handling and blending services to certain SunCoke cokemaking operations. During the three months ended March 31, 2015 and 2014, Coal Logistics recorded $3.0 million and $2.8 million, respectively, in revenues derived from services provided to SunCoke’s cokemaking operations. The Partnership also purchased coal and other services from SunCoke and its affiliates totaling $1.5 million and $7.7 million during the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, net payables with SunCoke and affiliates were insignificant. | |
Allocated Expenses | |
SunCoke charges us for all direct costs and expenses incurred on our behalf and allocated costs associated with support services provided to our operations. Allocated expenses from SunCoke for general corporate and operations support costs totaled $6.6 million and $5.3 million for the three months ended March 31, 2015 and 2014, respectively, and are included in selling, general and administrative expenses. These costs include legal, accounting, tax, treasury, engineering, information technology, insurance, employee benefit costs, communications, human resources, and procurement. Corporate allocations are recorded in accordance with the terms of our omnibus agreement with SunCoke and our general partner. | |
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 and Canada. SunCoke has preferential rights to all other business opportunities. | |
Potential Defaults by Coke Agreement Counterparties. For a period of five years from the closing date of the IPO, SunCoke has agreed to make us whole (including an obligation to pay for coke) to the extent (i) AK Steel exercises the early termination right provided in its Haverhill coke sales agreement, (ii) any customer fails to purchase coke or defaults in payment under its coke sales agreement (other than by reason of force majeure or our default) or (iii) we amend a coke sales agreement's terms to reduce a customer's purchase obligation as a result of the customer's financial distress. We and SunCoke will share in any damages and other amounts recovered from third parties arising from such events in proportion to our relative losses. | |
Environmental Indemnity. SunCoke will indemnify us to the full extent of any remediation at the Haverhill and Middletown cokemaking facilities arising from any environmental matter discovered and identified as requiring remediation prior to the closing of the IPO. SunCoke contributed $67.0 million in partial satisfaction of this obligation from the proceeds of the IPO and an additional $7.0 million in connection with the Haverhill and Middletown Dropdown. SunCoke also has agreed to indemnify us to the full extent of any required remediation at the Granite City cokemaking facility arising from any environmental matter discovered and identified as requiring remediation prior to the Granite City Dropdown. SunCoke has contributed $45.0 million in partial satisfaction of this obligation. See Note 2. 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 combined and consolidated balance sheet. 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. Additionally, we paid all fees in connection with the Partnership Notes offerings and the Partnership Revolver and have agreed to pay all additional fees in connection with any future financing arrangement entered into for the purpose of replacing the Partnership Revolver or the Partnership Notes. | |
So long as SunCoke controls our general partner, the omnibus agreement will remain in full force and effect unless mutually terminated by the parties. If SunCoke ceases to control our general partner, the omnibus agreement will terminate, but our rights to indemnification and use of SunCoke's existing cokemaking and related technology will survive. The omnibus agreement can be amended by written agreement of all parties to the agreement, but we may not agree to any amendment that would, in the reasonable discretion of our general partner, be adverse in any material respect to the holders of our common units without prior approval of the conflicts committee. |
Cash_Distributions_and_Net_Inc
Cash Distributions and Net Income Per Unit | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Cash Distributions and Net Income Per Unit | 4. 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; | ||||||||||||
• | second, 98 percent to the holders of subordinated units and 2 percent to our general partner, until each subordinated unit has received the minimum quarterly distribution of $0.412500; and | ||||||||||||
• | third, 98 percent to all unitholders, pro rata, and 2 percent to our general partner, until each unit has received a distribution of $0.474375. | ||||||||||||
If cash distributions to our unitholders exceed $0.474375 per unit in any quarter, our unitholders and our general partner will receive distributions according to the following percentage allocations: | |||||||||||||
Total Quarterly Distribution Per Unit Target Amount | Marginal Percentage | ||||||||||||
Interest in Distributions | |||||||||||||
Unitholders | General Partner | ||||||||||||
Minimum Quarterly Distribution | $0.41 | 98% | 2% | ||||||||||
First Target Distribution | above $0.412500 | up to $0.474375 | 98% | 2% | |||||||||
Second Target Distribution | above $0.474375 | up to $0.515625 | 85% | 15% | |||||||||
Third Target Distribution | above $0.515625 | up to $0.618750 | 75% | 25% | |||||||||
Thereafter | above $0.618750 | 50% | 50% | ||||||||||
On January 26, 2015, our Board of Directors declared a quarterly cash distribution of $0.5408 per unit. This distribution was paid on February 27, 2015 to unitholders of record on February 13, 2015 and totaled $22.2 million. On April 20, 2015, our Board of Directors declared a quarterly cash distribution of $0.5715 per unit. This distribution will be paid on May 29, 2015 to unitholders of record on May 15, 2015. | |||||||||||||
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: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014(1) | ||||||||||||
(Dollars in millions, except per unit amounts) | |||||||||||||
General partner's distributions: | |||||||||||||
General partner's distributions | $ | 0.5 | $ | 0.3 | |||||||||
General partner's incentive distribution rights | 0.9 | 0.1 | |||||||||||
Total general partner's distributions | 1.4 | 0.4 | |||||||||||
Limited partners' distributions: | |||||||||||||
Common | 13.4 | 7.9 | |||||||||||
Subordinated | 9 | 7.9 | |||||||||||
Total limited partners' distributions | 22.4 | 15.8 | |||||||||||
Total Cash Distributions Earned | $ | 23.8 | $ | 16.2 | |||||||||
Cash distributions per unit applicable to limited partners | $ | 0.5715 | $ | 0.5 | |||||||||
-1 | Includes cash distribution to unitholders of record as of March 31, 2014. The total cash distribution paid on May 30, 2014 was $19.2 million, which included an additional $3.0 million related to units issued to fund the Haverhill and Middletown Dropdown during May 2014, prior to the payment of the cash distribution. | ||||||||||||
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 and subordinated units, we also have identified the general partner interest and incentive distribution rights 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 Granite City Dropdown does not impact historical earnings per unit as the earnings of Granite City prior to the Granite City Dropdown were allocated entirely to our general partner. | |||||||||||||
The calculation of earnings per unit is as follows: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014(1) | ||||||||||||
(Dollars and units in millions, except per unit amounts) | |||||||||||||
Net income attributable to SunCoke Energy L.P./Predecessor | $ | 13.2 | $ | 15.8 | |||||||||
Less: Allocation of Granite City's net income to the general partner prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Net income attributable to partners | 12.6 | 13.2 | |||||||||||
General partner's distributions (including incentive distribution rights) | 1.4 | 0.4 | |||||||||||
Limited partners' distributions on common units | 13.4 | 7.9 | |||||||||||
Limited partners' distributions on subordinated units | 9 | 7.9 | |||||||||||
Distributions (greater than) less than earnings | (11.2 | ) | (3.0 | ) | |||||||||
General partner's earnings: | |||||||||||||
Distributions (including incentive distribution rights) | 1.4 | 0.4 | |||||||||||
Allocation of distributions (greater than) less than earnings | (0.2 | ) | — | ||||||||||
Granite City's net income prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Total general partner's earnings | 1.8 | 3 | |||||||||||
Limited partners' earnings on common units: | |||||||||||||
Distributions | 13.4 | 7.9 | |||||||||||
Allocation of distributions (greater than) less than earnings | (6.6 | ) | (1.5 | ) | |||||||||
Total limited partners' earnings on common units | 6.8 | 6.4 | |||||||||||
Limited partners' earnings on subordinated units: | |||||||||||||
Distributions | 9 | 7.9 | |||||||||||
Allocation of distributions (greater than) less than earnings | (4.4 | ) | (1.5 | ) | |||||||||
Total limited partners' earnings on subordinated units | 4.6 | 6.4 | |||||||||||
Weighted average limited partner units outstanding: | |||||||||||||
Common - basic and diluted | 23.3 | 15.7 | |||||||||||
Subordinated - basic and diluted | 15.7 | 15.7 | |||||||||||
Net income per limited partner unit: | |||||||||||||
Common - basic and diluted | $ | 0.29 | $ | 0.41 | |||||||||
Subordinated - basic and diluted | $ | 0.29 | $ | 0.41 | |||||||||
-1 | Includes cash distribution to unitholders of record as of March 31, 2014. The total cash distribution paid on May 30, 2014 was $19.2 million, which included an additional $3.0 million related to units issued to fund the Haverhill and Middletown Dropdown during May 2014, prior to the payment of the cash distribution. | ||||||||||||
Unit Activity | |||||||||||||
Unit activity for the three months ended March 31, 2015: | |||||||||||||
Common - Public | Common - SunCoke | Total Common | Subordinated - SunCoke | ||||||||||
At December 31, 2014 | 16,789,164 | 4,904,752 | 21,693,916 | 15,709,697 | |||||||||
Units issued in conjunction with the Granite City Dropdown | — | 1,877,697 | 1,877,697 | — | |||||||||
Units issued to directors | 937 | — | 937 | — | |||||||||
At March 31, 2015 | 16,790,101 | 6,782,449 | 23,572,550 | 15,709,697 | |||||||||
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. Net income from Granite City’s operations prior to the Granite City Dropdown is allocated to the general partner. | |||||||||||||
The calculation of net income allocated to the general and limited partners was as follows: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(Dollars in millions) | |||||||||||||
Net income attributable to SunCoke Energy L.P./Predecessor | $ | 13.2 | $ | 15.8 | |||||||||
Less: Allocation of Granite City's net income to the general partner prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Net income attributable to partners | 12.6 | 13.2 | |||||||||||
General partner's incentive distribution rights | 0.9 | 0.1 | |||||||||||
11.7 | 13.1 | ||||||||||||
General partner's ownership interest | 2 | % | 2 | % | |||||||||
General partner's allocated interest in net income | 0.3 | 0.3 | |||||||||||
General partner's incentive distribution rights | 0.9 | 0.1 | |||||||||||
Granite City's net income prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Total general partner's interest in net income | $ | 1.8 | $ | 3 | |||||||||
Common - public unitholder's interest in net income | $ | 4.9 | $ | 5.5 | |||||||||
Common - SunCoke interest in net income | 1.9 | 0.9 | |||||||||||
Subordinated - SunCoke interest in net income | 4.6 | 6.4 | |||||||||||
Total limited partners' interest in net income | $ | 11.4 | $ | 12.8 | |||||||||
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 5. Inventories | ||||||||
The components of inventories were as follows: | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 49 | $ | 60.4 | |||||
Coke | 8.1 | 2 | |||||||
Material, supplies, and other | 27 | 28 | |||||||
Total inventories | $ | 84.1 | $ | 90.4 | |||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes |
The Partnership is a limited partnership and generally is not subject to federal or state income taxes. However, as part of the Granite City Dropdown in the first quarter of 2015, the Partnership acquired an interest in Gateway Cogeneration Company, LLC, which is subject to income taxes for federal and state purposes. In addition, due to the Granite City Dropdown, earnings of the Partnership are subject to an additional state income tax. Earnings from our Middletown operations are subject to a local income tax. | |
The Partnership recorded an income tax benefit of $3.3 million for the three months ended March 31, 2015 compared to an income tax expense of $0.6 million for the three months ended March 31, 2014. The three months ended March 31, 2015 include an income tax benefit of $4.0 million related to the tax impacts of the Granite City Dropdown. Earnings from our Granite City operations include federal and state income taxes calculated on a theoretical separate-return basis until the date of the Granite City Dropdown. Additionally, the three months ended March 31, 2015 includes an equity settlement of $62.8 million of net deferred tax assets calculated on a hypothetical separate-return basis related to our Granite City operations that had been previously utilized by the Predecessor, which primarily resulted in a deferred tax liability of $37.9 million at March 31, 2015 as compared to a deferred tax asset of $21.6 million as of December 31, 2014. |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 7. Debt | ||||||||
Total long-term debt, consisted of the following: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
7.375% senior notes, due 2020 (“Partnership Notes”), including original issue premium of $14.9 million and $11.5 million at March 31, 2015 and December 31, 2014, respectively. | $ | 614.9 | $ | 411.5 | |||||
Debt issuance costs | (17.5 | ) | (12.5 | ) | |||||
Total long-term debt | $ | 597.4 | $ | 399 | |||||
On January 13, 2015, in connection with the Granite City Dropdown, the Partnership issued an additional $200.0 million of Partnership Notes. Proceeds of $204.0 million included an original issue premium of $4.0 million. In addition, the Partnership received $6.8 million to fund interest from August 1, 2014 to January 13, 2014, the interest period prior to issuance. This interest was paid to noteholders on February 1, 2015. The Partnership incurred debt issuance costs of $5.2 million, of which $1.0 million was considered a modification of debt and was recorded in interest expense, net on the Combined and Consolidated Statements of Income and was included in other operating cash flows on the Combined and Consolidated Statements of Cash Flow. | |||||||||
In connection with the Granite City Dropdown, the Partnership assumed from SunCoke and repaid $135.0 million principal amount of SunCoke’s outstanding 7.625 percent senior notes and paid interest of $5.6 million. The Partnership also paid a redemption premium of $7.7 million, which was included in interest expense, net on the Combined and Consolidated Statements of Income. The Partnership assumed $2.2 million in debt issuance costs in connection with the assumption of this debt from SunCoke, $0.7 million of which related to the portion of the debt extinguished and was recorded in interest expense, net on the Combined and Consolidated Statements of Income. | |||||||||
As of March 31, 2015, the Partnership had no letters of credit outstanding, leaving $250.0 million available on the Partnership's revolving credit facility ("Partnership Revolver"). | |||||||||
The Partnership is subject to certain debt covenants that, among other things, limit the Partnership’s ability and the ability of certain of the Partnership’s subsidiaries to (i) incur indebtedness, (ii) pay dividends or make other distributions, (iii) prepay, redeem or repurchase certain debt, (iv) make loans and investments, (v) sell assets, (vi) incur liens, (vii) enter into transactions with affiliates and (viii) consolidate or merge. These covenants are subject to a number of exceptions and qualifications set forth in the respective agreements governing the Partnership's debt. Additionally, under the terms of the Partnership Revolver, at March 31, 2015, the Partnership was subject to a maximum consolidated leverage ratio of 4.00:1.00, calculated by dividing total debt by EBITDA as defined by the Partnership Revolver, and a minimum consolidated interest coverage ratio of 2.50:1.00, calculated by dividing EBITDA by interest expense as defined by the Partnership Revolver. As of March 31, 2015, the Partnership was in compliance with all applicable debt covenants contained in the Partnership Revolver. We do not anticipate violation of these covenants nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing. | |||||||||
On April 21, 2015, the Partnership amended its revolving credit facility to increase the maximum consolidated leverage ratio from 4.00:1.00 to 4.50:1.00. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Supplemental Cash Flow Information | 8. Supplemental Cash Flow Information | ||||||||
Significant non-cash activities were as follows: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Debt assumed by SunCoke Energy Partners, L.P. | $ | 135 | $ | — | |||||
Net assets of the Predecessor not assumed by SunCoke Energy Partners, L.P. | |||||||||
Accounts Receivable | 9.1 | — | |||||||
Property, plant and equipment | 7 | — | |||||||
Net deferred tax assets | 62.8 | — | |||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 9. Commitments and Contingent Liabilities |
The United States Environmental Protection Agency (the "EPA") has issued Notices of Violations (“NOVs”) for the Haverhill and Granite City cokemaking facilities which stem 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 December 2014, as well as capital projects already underway to improve the reliability of the energy recovery systems and enhance environmental performance at the Haverhill and Granite City facilities. | |
We retained an aggregate of $119 million in proceeds from the Partnership offering, the Haverhill and Middletown Dropdown and the Granite City Dropdown to fund these environmental remediation projects at the Haverhill and Granite City cokemaking operations. 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 previously spent $7 million related to these projects. We have spent approximately $71 million to date and the remaining capital is expected to be spent through the first quarter of 2017. | |
The Partnership is a party to certain other pending and threatened claims. Although the ultimate outcome of these claims cannot be ascertained at this time, it is reasonably possible that some portion of these claims could be resolved unfavorably to the Partnership. Management of the Partnership believes that any liability which may arise from claims would not be material in relation to the financial position, results of operations or cash flows of the Partnership at March 31, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |
Mar. 31, 2015 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 10. Fair Value Measurements | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. | ||
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: | ||
• | Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. | |
• | Level 2—inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. | |
• | Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. | |
Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). At March 31, 2015, no material fair value adjustments or fair value measurements were required for these non-financial assets or liabilities. | ||
Certain Financial Assets and Liabilities not Measured at Fair Value | ||
At March 31, 2015, the estimated fair value of the Partnership's long-term debt was $615.6 million compared to a carrying amount of $614.9 million. 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Business Segment Disclosures | 11. 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. Coke sales at the Partnership's cokemaking facilities are made pursuant to long-term take-or-pay agreements with ArcelorMittal, AK Steel and U.S. Steel. 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 SunCoke Lake Terminal, LLC ("Lake Terminal") located in Indiana and Kanawha River Terminals ("KRT") located in Kentucky and West Virginia. This business provides coal handling and blending services to third party customers as well as SunCoke cokemaking facilities and has a collective capacity to blend and transload more than 30 million tons of coal annually. Coal handling and blending 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. Interest expense, net is also excluded from segment results. Segment assets, net of tax are those assets that are utilized within a specific segment and excludes deferred taxes. | |||||||||
The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Sales and other operating revenue: | |||||||||
Domestic Coke | $ | 193 | $ | 203 | |||||
Coal Logistics | 10.3 | 11.5 | |||||||
Coal Logistics intersegment sales | 1.7 | 1.4 | |||||||
Elimination of intersegment Sales | (1.7 | ) | (1.4 | ) | |||||
Total sales and other operating revenue | $ | 203.3 | $ | 214.5 | |||||
Adjusted EBITDA: | |||||||||
Domestic Coke | $ | 48.5 | $ | 41 | |||||
Coal Logistics | 2.6 | 2.1 | |||||||
Corporate and Other | (2.8 | ) | (1.4 | ) | |||||
Total Adjusted EBITDA | $ | 48.3 | $ | 41.7 | |||||
Depreciation and amortization expense: | |||||||||
Domestic Coke | $ | 12.8 | $ | 11.2 | |||||
Coal Logistics | 1.8 | 1.8 | |||||||
Total depreciation and amortization expense | $ | 14.6 | $ | 13 | |||||
Capital expenditures: | |||||||||
Domestic Coke | $ | 5.3 | $ | 15.8 | |||||
Coal Logistics | 0.2 | 0.3 | |||||||
Total capital expenditures | $ | 5.5 | $ | 16.1 | |||||
The following table sets forth the Partnership’s total sales and other operating revenue by product or service excluding intersegment revenues: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Cokemaking revenues | $ | 176.5 | $ | 185.2 | |||||
Energy revenues | 16.5 | 17.8 | |||||||
Coal logistics revenues | 10 | 10.9 | |||||||
Other revenues | 0.3 | 0.6 | |||||||
Total revenues | $ | 203.3 | $ | 214.5 | |||||
The following table sets forth the Company's segment assets: | |||||||||
31-Mar-15 | December 31, 2014 | ||||||||
(Dollars in millions) | |||||||||
Segment assets: | |||||||||
Domestic Coke | $ | 1,308.60 | $ | 1,264.40 | |||||
Coal Logistics | 111.8 | 116.6 | |||||||
Corporate and Other | 1.3 | 14.4 | |||||||
Segment assets, excluding tax assets | 1,421.70 | 1,395.40 | |||||||
Tax assets | 0.8 | 21.6 | |||||||
Total assets | $ | 1,422.50 | $ | 1,417.00 | |||||
The Partnership evaluates the performance of its segments based on segment Adjusted EBITDA, which represents earnings before interest, taxes, depreciation and amortization. Prior to the expiration of our nonconventional fuel tax credits in 2013, Adjusted EBITDA included an add-back of sales discounts related to the sharing of these credits with our customers. Any adjustments to these amounts subsequent to 2013 have been included in Adjusted EBITDA. 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 of the Partnership's net assets and provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating performance. Adjusted EBITDA is a measure of operating performance that is not defined by GAAP, does not represent and should not be considered a substitute for net income as determined in accordance with GAAP. Calculations of Adjusted EBITDA may not be comparable to those reported by other companies. | |||||||||
Set forth below is additional detail as to how we use Adjusted EBITDA as a measure of operating performance, as well as a discussion of the limitations of Adjusted EBITDA as an analytical tool. | |||||||||
Operating Performance. Our management uses Adjusted EBITDA in a number of ways to assess our combined financial and operating performance, and we believe this measure is helpful to management in identifying trends in our performance. Adjusted EBITDA helps management identify controllable expenses and make decisions designed to help us meet our current financial goals and optimize our financial performance while neutralizing the impact of capital structure on financial results. Accordingly, we believe this metric measures our financial performance based on operational factors that management can impact in the short-term, namely our cost structure and expenses. | |||||||||
Limitations. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. Adjusted EBITDA also has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Some of these limitations include that Adjusted EBITDA: | |||||||||
• | does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; | ||||||||
• | does not reflect changes in, or cash requirement for, working capital needs; | ||||||||
• | does not reflect our interest expense, or the cash requirements necessary to service interest on or principal payments of our debt; | ||||||||
• | does not reflect certain other non-cash income and expenses; | ||||||||
• | excludes income taxes that may represent a reduction in available cash; and | ||||||||
• | includes net income attributable to noncontrolling interests. | ||||||||
Below is a reconciliation of Adjusted EBITDA to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Adjusted EBITDA attributable to SunCoke Energy Partners, L.P. | $ | 43.8 | $ | 23.6 | |||||
Add: Adjusted EBITDA attributable to Predecessor(1) | 1.5 | 5.7 | |||||||
Add: Adjusted EBITDA attributable to noncontrolling interest(2) | 3 | 12.4 | |||||||
Adjusted EBITDA | $ | 48.3 | $ | 41.7 | |||||
Subtract: | |||||||||
Depreciation and amortization expense | 14.6 | 13 | |||||||
Interest expense, net | 20.6 | 2.9 | |||||||
Income tax (benefit) expense | (3.3 | ) | 0.6 | ||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(3) | — | (0.5 | ) | ||||||
Net income | $ | 16.4 | $ | 25.7 | |||||
-1 | Reflects Granite City Adjusted EBITDA prior to the January 13, 2015 dropdown transaction. | ||||||||
-2 | Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest share of interest, taxes, income, and depreciation. | ||||||||
-3 | Sales discounts are related to nonconventional fuel tax credits, which expired in 2013. At December 31, 2013, we had $13.6 million accrued related to sales discounts to be paid to our Granite City customer. During first quarter of 2014, we settled this obligation for $13.1 million which resulted in a gain of $0.5 million. This gain is recorded in sales and other operating revenue on our Combined and Consolidated Statement of Income. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company early adopted this ASU during the first quarter of 2015. See Note 7. | |
In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 eliminates the deferral of FASB Statement No. 167, "Amendments to FASB Interpretation No. 46(R)," and makes changes to both the variable interest model and the voting model. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect this ASU to have a material effect on the Company's financial condition, results of operations, or cash flows. | |
Reclassifications | |
Certain amounts in the prior period combined and consolidated financial statements have been reclassified to conform to the current year presentation. |
Cash_Distributions_and_Net_Inc1
Cash Distributions and Net Income Per Unit (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Distributions Made to Limited Partner, by Distribution | The calculation of net income allocated to the general and limited partners was as follows: | ||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(Dollars in millions) | |||||||||||||
Net income attributable to SunCoke Energy L.P./Predecessor | $ | 13.2 | $ | 15.8 | |||||||||
Less: Allocation of Granite City's net income to the general partner prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Net income attributable to partners | 12.6 | 13.2 | |||||||||||
General partner's incentive distribution rights | 0.9 | 0.1 | |||||||||||
11.7 | 13.1 | ||||||||||||
General partner's ownership interest | 2 | % | 2 | % | |||||||||
General partner's allocated interest in net income | 0.3 | 0.3 | |||||||||||
General partner's incentive distribution rights | 0.9 | 0.1 | |||||||||||
Granite City's net income prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Total general partner's interest in net income | $ | 1.8 | $ | 3 | |||||||||
Common - public unitholder's interest in net income | $ | 4.9 | $ | 5.5 | |||||||||
Common - SunCoke interest in net income | 1.9 | 0.9 | |||||||||||
Subordinated - SunCoke interest in net income | 4.6 | 6.4 | |||||||||||
Total limited partners' interest in net income | $ | 11.4 | $ | 12.8 | |||||||||
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: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014(1) | ||||||||||||
(Dollars in millions, except per unit amounts) | |||||||||||||
General partner's distributions: | |||||||||||||
General partner's distributions | $ | 0.5 | $ | 0.3 | |||||||||
General partner's incentive distribution rights | 0.9 | 0.1 | |||||||||||
Total general partner's distributions | 1.4 | 0.4 | |||||||||||
Limited partners' distributions: | |||||||||||||
Common | 13.4 | 7.9 | |||||||||||
Subordinated | 9 | 7.9 | |||||||||||
Total limited partners' distributions | 22.4 | 15.8 | |||||||||||
Total Cash Distributions Earned | $ | 23.8 | $ | 16.2 | |||||||||
Cash distributions per unit applicable to limited partners | $ | 0.5715 | $ | 0.5 | |||||||||
-1 | Includes cash distribution to unitholders of record as of March 31, 2014. The total cash distribution paid on May 30, 2014 was $19.2 million, which included an additional $3.0 million related to units issued to fund the Haverhill and Middletown Dropdown during May 2014, prior to the payment of the cash distribution. | ||||||||||||
If cash distributions to our unitholders exceed $0.474375 per unit in any quarter, our unitholders and our general partner will receive distributions according to the following percentage allocations: | |||||||||||||
Total Quarterly Distribution Per Unit Target Amount | Marginal Percentage | ||||||||||||
Interest in Distributions | |||||||||||||
Unitholders | General Partner | ||||||||||||
Minimum Quarterly Distribution | $0.41 | 98% | 2% | ||||||||||
First Target Distribution | above $0.412500 | up to $0.474375 | 98% | 2% | |||||||||
Second Target Distribution | above $0.474375 | up to $0.515625 | 85% | 15% | |||||||||
Third Target Distribution | above $0.515625 | up to $0.618750 | 75% | 25% | |||||||||
Thereafter | above $0.618750 | 50% | 50% | ||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The calculation of earnings per unit is as follows: | ||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014(1) | ||||||||||||
(Dollars and units in millions, except per unit amounts) | |||||||||||||
Net income attributable to SunCoke Energy L.P./Predecessor | $ | 13.2 | $ | 15.8 | |||||||||
Less: Allocation of Granite City's net income to the general partner prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Net income attributable to partners | 12.6 | 13.2 | |||||||||||
General partner's distributions (including incentive distribution rights) | 1.4 | 0.4 | |||||||||||
Limited partners' distributions on common units | 13.4 | 7.9 | |||||||||||
Limited partners' distributions on subordinated units | 9 | 7.9 | |||||||||||
Distributions (greater than) less than earnings | (11.2 | ) | (3.0 | ) | |||||||||
General partner's earnings: | |||||||||||||
Distributions (including incentive distribution rights) | 1.4 | 0.4 | |||||||||||
Allocation of distributions (greater than) less than earnings | (0.2 | ) | — | ||||||||||
Granite City's net income prior to the Granite City Dropdown | 0.6 | 2.6 | |||||||||||
Total general partner's earnings | 1.8 | 3 | |||||||||||
Limited partners' earnings on common units: | |||||||||||||
Distributions | 13.4 | 7.9 | |||||||||||
Allocation of distributions (greater than) less than earnings | (6.6 | ) | (1.5 | ) | |||||||||
Total limited partners' earnings on common units | 6.8 | 6.4 | |||||||||||
Limited partners' earnings on subordinated units: | |||||||||||||
Distributions | 9 | 7.9 | |||||||||||
Allocation of distributions (greater than) less than earnings | (4.4 | ) | (1.5 | ) | |||||||||
Total limited partners' earnings on subordinated units | 4.6 | 6.4 | |||||||||||
Weighted average limited partner units outstanding: | |||||||||||||
Common - basic and diluted | 23.3 | 15.7 | |||||||||||
Subordinated - basic and diluted | 15.7 | 15.7 | |||||||||||
Net income per limited partner unit: | |||||||||||||
Common - basic and diluted | $ | 0.29 | $ | 0.41 | |||||||||
Subordinated - basic and diluted | $ | 0.29 | $ | 0.41 | |||||||||
-1 | Includes cash distribution to unitholders of record as of March 31, 2014. The total cash distribution paid on May 30, 2014 was $19.2 million, which included an additional $3.0 million related to units issued to fund the Haverhill and Middletown Dropdown during May 2014, prior to the payment of the cash distribution. | ||||||||||||
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | Unit Activity | ||||||||||||
Unit activity for the three months ended March 31, 2015: | |||||||||||||
Common - Public | Common - SunCoke | Total Common | Subordinated - SunCoke | ||||||||||
At December 31, 2014 | 16,789,164 | 4,904,752 | 21,693,916 | 15,709,697 | |||||||||
Units issued in conjunction with the Granite City Dropdown | — | 1,877,697 | 1,877,697 | — | |||||||||
Units issued to directors | 937 | — | 937 | — | |||||||||
At March 31, 2015 | 16,790,101 | 6,782,449 | 23,572,550 | 15,709,697 | |||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current | The components of inventories were as follows: | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 49 | $ | 60.4 | |||||
Coke | 8.1 | 2 | |||||||
Material, supplies, and other | 27 | 28 | |||||||
Total inventories | $ | 84.1 | $ | 90.4 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments | Total long-term debt, consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
7.375% senior notes, due 2020 (“Partnership Notes”), including original issue premium of $14.9 million and $11.5 million at March 31, 2015 and December 31, 2014, respectively. | $ | 614.9 | $ | 411.5 | |||||
Debt issuance costs | (17.5 | ) | (12.5 | ) | |||||
Total long-term debt | $ | 597.4 | $ | 399 | |||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Significant non-cash activities were as follows: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Debt assumed by SunCoke Energy Partners, L.P. | $ | 135 | $ | — | |||||
Net assets of the Predecessor not assumed by SunCoke Energy Partners, L.P. | |||||||||
Accounts Receivable | 9.1 | — | |||||||
Property, plant and equipment | 7 | — | |||||||
Net deferred tax assets | 62.8 | — | |||||||
Business_Segment_Disclosures_T
Business Segment Disclosures (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment | The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Sales and other operating revenue: | |||||||||
Domestic Coke | $ | 193 | $ | 203 | |||||
Coal Logistics | 10.3 | 11.5 | |||||||
Coal Logistics intersegment sales | 1.7 | 1.4 | |||||||
Elimination of intersegment Sales | (1.7 | ) | (1.4 | ) | |||||
Total sales and other operating revenue | $ | 203.3 | $ | 214.5 | |||||
Adjusted EBITDA: | |||||||||
Domestic Coke | $ | 48.5 | $ | 41 | |||||
Coal Logistics | 2.6 | 2.1 | |||||||
Corporate and Other | (2.8 | ) | (1.4 | ) | |||||
Total Adjusted EBITDA | $ | 48.3 | $ | 41.7 | |||||
Depreciation and amortization expense: | |||||||||
Domestic Coke | $ | 12.8 | $ | 11.2 | |||||
Coal Logistics | 1.8 | 1.8 | |||||||
Total depreciation and amortization expense | $ | 14.6 | $ | 13 | |||||
Capital expenditures: | |||||||||
Domestic Coke | $ | 5.3 | $ | 15.8 | |||||
Coal Logistics | 0.2 | 0.3 | |||||||
Total capital expenditures | $ | 5.5 | $ | 16.1 | |||||
The following table sets forth the Partnership’s total sales and other operating revenue by product or service excluding intersegment revenues: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Cokemaking revenues | $ | 176.5 | $ | 185.2 | |||||
Energy revenues | 16.5 | 17.8 | |||||||
Coal logistics revenues | 10 | 10.9 | |||||||
Other revenues | 0.3 | 0.6 | |||||||
Total revenues | $ | 203.3 | $ | 214.5 | |||||
The following table sets forth the Company's segment assets: | |||||||||
31-Mar-15 | December 31, 2014 | ||||||||
(Dollars in millions) | |||||||||
Segment assets: | |||||||||
Domestic Coke | $ | 1,308.60 | $ | 1,264.40 | |||||
Coal Logistics | 111.8 | 116.6 | |||||||
Corporate and Other | 1.3 | 14.4 | |||||||
Segment assets, excluding tax assets | 1,421.70 | 1,395.40 | |||||||
Tax assets | 0.8 | 21.6 | |||||||
Total assets | $ | 1,422.50 | $ | 1,417.00 | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Adjusted EBITDA attributable to SunCoke Energy Partners, L.P. | $ | 43.8 | $ | 23.6 | |||||
Add: Adjusted EBITDA attributable to Predecessor(1) | 1.5 | 5.7 | |||||||
Add: Adjusted EBITDA attributable to noncontrolling interest(2) | 3 | 12.4 | |||||||
Adjusted EBITDA | $ | 48.3 | $ | 41.7 | |||||
Subtract: | |||||||||
Depreciation and amortization expense | 14.6 | 13 | |||||||
Interest expense, net | 20.6 | 2.9 | |||||||
Income tax (benefit) expense | (3.3 | ) | 0.6 | ||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(3) | — | (0.5 | ) | ||||||
Net income | $ | 16.4 | $ | 25.7 | |||||
-1 | Reflects Granite City Adjusted EBITDA prior to the January 13, 2015 dropdown transaction. | ||||||||
-2 | Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest share of interest, taxes, income, and depreciation. | ||||||||
-3 | Sales discounts are related to nonconventional fuel tax credits, which expired in 2013. At December 31, 2013, we had $13.6 million accrued related to sales discounts to be paid to our Granite City customer. During first quarter of 2014, we settled this obligation for $13.1 million which resulted in a gain of $0.5 million. This gain is recorded in sales and other operating revenue on our Combined and Consolidated Statement of Income. |
General_Details
General (Details) | 3 Months Ended | ||
Mar. 31, 2015 | Jan. 13, 2015 | 8-May-14 | |
SunCoke Energy Inc | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Interest in partnership (as a percent) | 56.10% | ||
Limited Partnership (LP) ownership interest (as a percent) | 2.00% | ||
Gateway Energy and Coal Company, LLC | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Interest acquired (as a percent) | 75.00% | ||
Haverhill Coke Company LLC and Middletown Coke Company LLC | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Interest in partnership (as a percent) | 98.00% | 65.00% |
Acquisition_Granite_City_Dropd
Acquisition - Granite City Dropdown (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 13, 2015 |
T | |||
Business Acquisition [Line Items] | |||
Repayments of long term debt | $149.50 | $0 | |
Senior Notes | 200 | ||
Gateway Energy and Coal Company, LLC | |||
Business Acquisition [Line Items] | |||
Interest acquired (as a percent) | 75.00% | ||
Total consideration | 245 | ||
Coal Handling Capacity | 650,000 | ||
Consideration retained for anticipated remediation cost | 45 | ||
Sun Coal & Coke | Gateway Energy and Coal Company, LLC | |||
Business Acquisition [Line Items] | |||
Interest held (as a percent) | 25.00% | ||
Net equity allocated | 203.6 | ||
Common | |||
Business Acquisition [Line Items] | |||
Stock issued, shares | 1.9 | ||
Stock issued, value | 50.7 | ||
General Partner | |||
Business Acquisition [Line Items] | |||
Stock issued, value | 1 | ||
Senior Notes | Gateway Energy and Coal Company, LLC | |||
Business Acquisition [Line Items] | |||
Repayments of long term debt | 135 | ||
Interest rate on partnership notes (as a percent) | 7.63% | ||
Interest Paid | 5.6 | ||
Redemption Premium | 7.7 | ||
Senior Notes, Due 2020 | Gateway Energy and Coal Company, LLC | |||
Business Acquisition [Line Items] | |||
Repayments of long term debt | 135 | ||
Interest rate on partnership notes (as a percent) | 7.38% | ||
Interest Paid | 5.6 | ||
Noncontrolling Interest | Gateway Energy and Coal Company, LLC | |||
Business Acquisition [Line Items] | |||
Allocation of parent net equity in Granite City to SunCoke Energy Partners, L.P. | $67.90 |
Acquisition_Haverhill_and_Midd
Acquisition - Haverhill and Middletown Dropdown (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
Jan. 13, 2015 | Mar. 31, 2015 | 9-May-14 | Dec. 31, 2014 | 8-May-14 | |
Business Acquisition [Line Items] | |||||
Adjustments to equity for the acquisition of an interest in Granite City | ($189,100,000) | ||||
Debt and other liabilities | 597,400,000 | 399,000,000 | |||
Debt issuance cost | 5,200,000 | ||||
Noncontrolling Interest | |||||
Business Acquisition [Line Items] | |||||
Adjustments to equity for the acquisition of an interest in Granite City | 0 | ||||
General Partner | |||||
Business Acquisition [Line Items] | |||||
Adjustments to equity for the acquisition of an interest in Granite City | -3,900,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||
Business Acquisition [Line Items] | |||||
Interest acquired (as a percent) | 33.00% | ||||
Total consideration | 365,000,000 | ||||
Increase (decrease) in partnership equity | -170,100,000 | ||||
Consideration retained for anticipated remediation cost | 7,000,000 | ||||
Proceeds from issuance of private placement | 263,100,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Senior Notes, Due 2020 | |||||
Business Acquisition [Line Items] | |||||
Debt and other liabilities | 250,000,000 | ||||
Debt issuance cost | 4,900,000 | ||||
Debt issuance cost immediately expensed | 900,000 | ||||
Proceeds to fund interest | 5,000,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Noncontrolling Interest | |||||
Business Acquisition [Line Items] | |||||
Adjustments to equity for the acquisition of an interest in Granite City | -171,300,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Common | |||||
Business Acquisition [Line Items] | |||||
Consideration, shares issued | 2,700,000 | ||||
Private placement equity issued | 80,000,000 | ||||
Gross proceeds from the offering | 88,700,000 | ||||
Common units issued during the period (in shares) | 3,220,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | General Partner | |||||
Business Acquisition [Line Items] | |||||
Private placement equity issued | 3,300,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Sun Coal & Coke | |||||
Business Acquisition [Line Items] | |||||
Interest held (as a percent) | 2.00% | 35.00% | |||
Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Inc | |||||
Business Acquisition [Line Items] | |||||
Cash paid to SunCoke | 3,400,000 | ||||
Debt and other liabilities assumed | 271,300,000 | ||||
Estimated market premium | $11,400,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||
Business Acquisition [Line Items] | |||||
Interest in partnership (as a percent) | 98.00% | 65.00% |
Related_Party_Transactions_and1
Related Party Transactions and Agreements (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2015 | 9-May-14 | Jan. 23, 2013 | Mar. 31, 2014 | |
Coke Agreement Counterparties | IPO | ||||
Related Party Transaction [Line Items] | ||||
Potential defaults by coke agreement counterparties indemnification period (in years) | 5 years | |||
Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||
Related Party Transaction [Line Items] | ||||
Environmental capital expenditures retained | $7,000,000 | |||
Haverhill Coke Company LLC and Middletown Coke Company LLC | IPO | ||||
Related Party Transaction [Line Items] | ||||
Environmental capital expenditures retained | 67,000,000 | |||
Environmental remediation expense carried by SunCoke Energy Partners L.P. | 5,000,000 | |||
Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Inc | IPO | ||||
Related Party Transaction [Line Items] | ||||
Environmental remediation expense indemnified by SunCoke | 50,000,000 | |||
Gateway Energy and Coal Company, LLC | ||||
Related Party Transaction [Line Items] | ||||
Environmental capital expenditures retained | 45,000,000 | |||
SunCoke Energy Inc | ||||
Related Party Transaction [Line Items] | ||||
Purchases | 1,500,000 | 7,700,000 | ||
Allocated expenses | 6,600,000 | 5,300,000 | ||
SunCoke Energy Inc | Coal Logistics | ||||
Related Party Transaction [Line Items] | ||||
Revenue | 3,000,000 | $2,800,000 |
Cash_Distributions_and_Net_Inc2
Cash Distributions and Net Income Per Unit Distributions Percentage Allocations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 27, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 20, 2015 |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 2.00% | 2.00% | ||
Total quarterly distribution per unit target amount (in dollars per share) | $0.47 | |||
Cash distributions per unit applicable to limited partners (in dollar per unit) | $0.54 | $0.57 | $0.50 | |
Total distribution paid | $22.20 | $1.40 | $0.40 | |
Subsequent Event | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distributions declared (in dollar per unit) | $0.57 | |||
Minimum Quarterly Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.41 | |||
Minimum Quarterly Distribution | Unitholders | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 98.00% | |||
Minimum Quarterly Distribution | General Partner | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 2.00% | |||
First Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.41 | |||
First Target Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.41 | |||
First Target Distribution | Maximum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.47 | |||
First Target Distribution | Unitholders | ||||
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% | |||
First Target Distribution | General Partner | ||||
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% | |||
Second Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.41 | |||
Second Target Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.47 | |||
Second Target Distribution | Maximum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.52 | |||
Second Target Distribution | Unitholders | ||||
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% | |||
Second Target Distribution | General Partner | ||||
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% | |||
Third Target Distribution | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.47 | |||
Third Target Distribution | Minimum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.52 | |||
Third Target Distribution | Maximum | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.62 | |||
Third Target Distribution | Unitholders | ||||
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) | 75.00% | |||
Third Target Distribution | General Partner | ||||
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) | 25.00% | |||
Thereafter | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Total quarterly distribution target amount (in dollars per share) | $0.68 | |||
Thereafter | Unitholders | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Marginal percentage interest in distributions (as a percent) | 50.00% | |||
Thereafter | General Partner | ||||
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_Inc3
Cash Distributions and Net Income Per Unit Allocation of Total Quarterly cash Distributions to General and Limited Partners (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 27, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
Partners' Capital Account, Distributions | $19.20 | ||
General partner's distributions | 1.4 | 0.4 | |
Limited partners' distributions | 22.4 | 15.8 | |
Total Cash Distributions Earned | 23.8 | 16.2 | |
Cash distributions per unit applicable to limited partners | $0.54 | $0.57 | $0.50 |
General partner's distributions | General partner's distributions | |||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
General partner's distributions | 0.5 | 0.3 | |
General partner's distributions | General partner's incentive distribution rights | |||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
General partner's distributions | 0.9 | 0.1 | |
Limited partners' distributions | Common | |||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
Limited partners' distributions | 13.4 | 7.9 | |
Limited partners' distributions | Subordinated | |||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
Limited partners' distributions | 9 | 7.9 | |
Haverhill Coke Company LLC and Middletown Coke Company LLC | |||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
Partners' Capital Account, Distributions | $3 |
Cash_Distributions_and_Net_Inc4
Cash Distributions and Net Income Per Unit Calculation of Earnings per Unit (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 27, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to partners | $13.20 | $15.80 | |
General partner's distributions (including incentive distribution rights) | 22.2 | 1.4 | 0.4 |
Allocation of distributions (greater than) less than earnings | -11.2 | -3 | |
General Partner | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
General partner's distributions (including incentive distribution rights) | 1.4 | 0.4 | |
Allocation of distributions (greater than) less than earnings | -0.2 | 0 | |
Partner earnings | 1.8 | 3 | |
Limited partners' distributions | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
General partner's distributions (including incentive distribution rights) | 13.4 | 7.9 | |
Allocation of distributions (greater than) less than earnings | -6.6 | -1.5 | |
Partner earnings | 6.8 | 6.4 | |
Limited Partner Subordinated | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
General partner's distributions (including incentive distribution rights) | 9 | 7.9 | |
Allocation of distributions (greater than) less than earnings | 4.4 | 1.5 | |
Partner earnings | 4.6 | 6.4 | |
Common | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Limited partners' distributions on common units | 13.4 | 7.9 | |
Weighted average limited partner units outstanding: (in shares) | |||
Weighted average units outstanding (basic) (in shares) | 23.3 | 15.7 | |
Weighted average units outstanding (diluted) (in shares) | 23.3 | 15.7 | |
Net income per limited partner unit: (in dollars per share) | |||
Net income per unit (basic) (in dollars per share) | $0.29 | $0.41 | |
Net income per unit (diluted) (in dollars per share) | $0.29 | $0.41 | |
Subordinated | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Limited partners' distributions on common units | 9 | 7.9 | |
Weighted average limited partner units outstanding: (in shares) | |||
Weighted average units outstanding (basic) (in shares) | 15.7 | 15.7 | |
Weighted average units outstanding (diluted) (in shares) | 15.7 | 15.7 | |
Net income per limited partner unit: (in dollars per share) | |||
Net income per unit (basic) (in dollars per share) | $0.29 | $0.41 | |
Net income per unit (diluted) (in dollars per share) | $0.29 | $0.41 | |
Predecessor | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to partners | 0.6 | 2.6 | |
Successor | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to partners | $12.60 | $13.20 |
Cash_Distributions_and_Net_Inc5
Cash Distributions and Net Income Per Unit Allocation of Net Income (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Allocation to general partner (as a percent) | 100.00% |
Cash_Distributions_and_Net_Inc6
Cash Distributions and Net Income Per Unit Unit Activity (Details) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Common | ||
Limited Partners' Capital Account [Line Items] | ||
At December 31, 2014 | 21,693,916 | |
At March 31, 2015 | 23,572,550 | 21,693,916 |
Common | Director | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued to directors | 937 | |
Common | Granite City | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued in conjunction with the Granite City Dropdown | 1,877,696.50 | |
Common | Public | ||
Limited Partners' Capital Account [Line Items] | ||
At December 31, 2014 | 16,789,164 | |
At March 31, 2015 | 16,790,101 | 16,789,164 |
Common | Public | Director | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued to directors | 937 | |
Common | Public | Granite City | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued in conjunction with the Granite City Dropdown | 0 | |
Common Units - Parent | ||
Limited Partners' Capital Account [Line Items] | ||
At December 31, 2014 | 4,904,752 | |
At March 31, 2015 | 6,782,449 | 4,904,752 |
Common Units - Parent | SunCoke Energy Inc | ||
Limited Partners' Capital Account [Line Items] | ||
At December 31, 2014 | 4,904,752 | |
At March 31, 2015 | 6,782,449 | 4,904,752 |
Common Units - Parent | SunCoke Energy Inc | Director | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued to directors | 0 | |
Common Units - Parent | SunCoke Energy Inc | Granite City | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued in conjunction with the Granite City Dropdown | 1,877,696.50 | |
Subordinated | ||
Limited Partners' Capital Account [Line Items] | ||
At December 31, 2014 | 15,709,697 | |
At March 31, 2015 | 15,709,697 | 15,709,697 |
Subordinated | SunCoke Energy Inc | ||
Limited Partners' Capital Account [Line Items] | ||
At December 31, 2014 | 15,709,697 | |
At March 31, 2015 | 15,709,697 | 15,709,697 |
Subordinated | SunCoke Energy Inc | Director | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued to directors | 0 | |
Subordinated | SunCoke Energy Inc | Granite City | ||
Limited Partners' Capital Account [Line Items] | ||
Units issued in conjunction with the Granite City Dropdown | 0 |
Cash_Distributions_and_Net_Inc7
Cash Distributions and Net Income Per Unit Calculation of Net Income Allocated to the General and Limited Partners (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income attributable to partners | $13.20 | $15.80 |
General partner's incentive distribution rights | 1.4 | 0.4 |
Net income available to partners | 11.7 | 13.1 |
Marginal percentage interest in distributions (as a percent) | 2.00% | 2.00% |
General partner's interest in net income | 1.8 | 3 |
Limited partners' interest in net income | 11.4 | 12.8 |
General Partner | General partner's incentive distribution rights | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
General partner's incentive distribution rights | 0.9 | 0.1 |
General partner's interest in net income | 0.9 | 0.1 |
General Partner | Allocated Interest | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
General partner's interest in net income | 0.3 | 0.3 |
Limited Partner | Common Units - Public | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Limited partners' interest in net income | 4.9 | 5.5 |
Limited Partner | Common Units - Parent | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Limited partners' interest in net income | 1.9 | 0.9 |
Limited Partner | Subordinated | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Limited partners' interest in net income | 4.6 | 6.4 |
Predecessor | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income attributable to partners | 0.6 | 2.6 |
General partner's interest in net income | 0.6 | 2.6 |
Successor | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income attributable to partners | $12.60 | $13.20 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Coal | $49 | $60.40 |
Coke | 8.1 | 2 |
Material, supplies, and other | 27 | 28 |
Total inventories | $84.10 | $90.40 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income Tax, Components of Income Tax Expense (Benefit [Line Items] | |||
Income tax (benefit) expense | ($3.30) | $0.60 | |
Deferred tax liability | 37.9 | 0 | |
Deferred tax asset | 0 | 21.6 | |
Gateway Energy and Coal Company, LLC | |||
Income Tax, Components of Income Tax Expense (Benefit [Line Items] | |||
Equity settlement amount | 62.8 | ||
Sun Coal & Coke | Gateway Energy and Coal Company, LLC | |||
Income Tax, Components of Income Tax Expense (Benefit [Line Items] | |||
Income tax (benefit) expense | ($4) |
Debt_Details
Debt (Details) (USD $) | 0 Months Ended | ||||
Jan. 13, 2015 | 9-May-14 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 21, 2015 | |
Debt Instrument [Line Items] | |||||
Senior Notes | $200,000,000 | ||||
Proceeds from issuance of debt | 204,000,000 | ||||
Original issue premium | 4,000,000 | ||||
Proceeds to fund interest | 6,800,000 | ||||
Debt issuance cost | 5,200,000 | ||||
Debt and other liabilities | 597,400,000 | 399,000,000 | |||
Credit Agreement and Partner Revolver | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio, Maximum | 4 | ||||
Interest coverage ratio, Minimum | 2.5 | ||||
Gateway Energy and Coal Company, LLC | Senior Notes, Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt issuance cost | 2,200,000 | ||||
Interest rate on partnership notes (as a percent) | 7.38% | ||||
Interest Paid | 5,600,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of private placement | 263,100,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Inc | |||||
Debt Instrument [Line Items] | |||||
Debt and other liabilities assumed | 271,300,000 | ||||
Estimated market premium | 11,400,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Senior Notes, Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt issuance cost | 4,900,000 | ||||
Debt and other liabilities | 250,000,000 | ||||
Debt issuance cost immediately expensed | 900,000 | ||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | 250,000,000 | ||||
Interest Expense [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt issuance cost | 1,000,000 | ||||
Interest Expense [Member] | Gateway Energy and Coal Company, LLC | Senior Notes, Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt issuance cost | $700,000 | ||||
Subsequent Event | Credit Agreement and Partner Revolver | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio, Maximum | 4.5 |
Debt_Schedule_of_Long_Term_Deb
Debt - Schedule of Long Term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $614,900,000 | |
Unamortized Debt Issuance Expense | -17,500,000 | -12,500,000 |
Long-term debt | 597,400,000 | 399,000,000 |
Senior Notes | Senior Notes, Due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $614,900,000 | $411,500,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Elements [Abstract] | ||
Debt assumed by SunCoke Energy Partners, L.P. | $135 | $0 |
Net assets of the Predecessor not assumed by SunCoke Energy Partners, L.P. | ||
Accounts Receivable | 9.1 | 0 |
Property, plant and equipment | 7 | 0 |
Net deferred tax assets | $62.80 | $0 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||||
Cost of capital projects | $71 | |||
Haverhill and Granite City | ||||
Loss Contingencies [Line Items] | ||||
Payments for legal settlements | 2.2 | |||
Haverhill and Granite City | Predecessor | ||||
Loss Contingencies [Line Items] | ||||
Cost of capital projects | 7 | |||
Haverhill Coke Company LLC and Middletown Coke Company LLC | IPO | ||||
Loss Contingencies [Line Items] | ||||
Environmental capital expenditures retained | $119 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Estimated fair value of the Partnership's long-term debt | $615.60 |
Carrying value of Partnership's long-term debt | $614.90 |
Business_Segment_Disclosures_R
Business Segment Disclosures - Revenues, Expenses and Assets by Segment (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | $203.30 | $214.50 | |
Adjusted EBITDA | 48.3 | 41.7 | |
Other Depreciation and Amortization | 14.6 | 13 | |
Capital Expenditure | 5.5 | 16.1 | |
Segment assets, excluding tax assets | 1,421.70 | 1,395.40 | |
Tax assets | 0.8 | 21.6 | |
Total assets | 1,422.50 | 1,417 | |
Domestic Coke | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 48.5 | 41 | |
Other Depreciation and Amortization | 12.8 | 11.2 | |
Capital Expenditure | 5.3 | 15.8 | |
Segment assets, excluding tax assets | 1,308.60 | 1,264.40 | |
Coal Logistics | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 2.6 | 2.1 | |
Other Depreciation and Amortization | 1.8 | 1.8 | |
Capital Expenditure | 0.2 | 0.3 | |
Segment assets, excluding tax assets | 111.8 | 116.6 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | -2.8 | -1.4 | |
Segment assets, excluding tax assets | 1.3 | 14.4 | |
Operating Segments | Domestic Coke | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 193 | 203 | |
Operating Segments | Coal Logistics | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 10.3 | 11.5 | |
Operating Segments | Coal Logistics intersegment sales | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | 1.7 | 1.4 | |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue | ($1.70) | ($1.40) |
Business_Segment_Disclosures_B
Business Segment Disclosures Business Segment Disclosures - Revenues by Operating Segment (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $203.30 | $214.50 |
Cokemaking revenues | ||
Segment Reporting Information [Line Items] | ||
Revenue | 176.5 | 185.2 |
Energy revenues | ||
Segment Reporting Information [Line Items] | ||
Revenue | 16.5 | 17.8 |
Coal logistics revenues | ||
Segment Reporting Information [Line Items] | ||
Revenue | 10 | 10.9 |
Other revenues | ||
Segment Reporting Information [Line Items] | ||
Revenue | $0.30 | $0.60 |
Business_Segment_Disclosures_A
Business Segment Disclosures - Adjusted EBITDA (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | $48.30 | $41.70 | |
Depreciation and amortization | 14.6 | 13 | |
Interest expense, net | 20.6 | 2.9 | |
Income tax expense | -3.3 | 0.6 | |
Sales Discounts Related to Tax Credits | 0 | -0.5 | |
Net income | 16.4 | 25.7 | |
Granite City | |||
Segment Reporting Information [Line Items] | |||
Accrual for sales discount | 13.6 | ||
Settlement of accrued sales discounts | 13.1 | ||
Gain on settlement of accrued sales discounts | 0.5 | ||
Suncoke Energy Partners, L.P. / Predecessor | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 43.8 | 23.6 | |
Predecessor | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 1.5 | 5.7 | |
Noncontrolling Interest | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 3 | 12.4 | |
Net income | $3.20 |