Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | OCI Resources LP. | |
Entity Central Index Key | 1,575,051 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Unitholders | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,820,438 | |
Subordinated Units | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,775,500 | |
General Partner | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 399,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 19.2 | $ 31 |
Accounts receivable, net | 35.4 | 35.5 |
Accounts receivable - ANSAC | 63.7 | 70.4 |
Due from affiliates, net | 20.7 | 19.6 |
Inventory | 26.3 | 22.5 |
Other current assets | 1.8 | 1.8 |
Total current assets | 167.1 | 180.8 |
Property, plant and equipment, net | 249.2 | 245 |
Other non-current assets | 22.5 | 21.6 |
Total assets | 438.8 | 447.4 |
Current liabilities: | ||
Accounts payable | 13.6 | 13.1 |
Due to affiliates | 4.7 | 7.1 |
Accrued expenses | 30.1 | 29.5 |
Total current liabilities | 48.4 | 49.7 |
Long-term debt | 130 | 145 |
Other Liabilities, Noncurrent | 5.2 | 4.2 |
Total liabilities | $ 183.6 | $ 198.9 |
Commitments and Contingencies (See Note 9) | ||
Equity: | ||
General partner unitholders - OCI Resource Partners LLC (0.4 units issued and outstanding at June 30, 2015 and December 31, 2014, respectively) | $ 3.9 | $ 3.8 |
Accumulated other comprehensive loss | (1.2) | (0.4) |
Partners' capital attributable to OCI Resources LP | 150.3 | 147.6 |
Non-controlling interest | 104.9 | 100.9 |
Total equity | 255.2 | 248.5 |
Total liabilities and partners' equity | 438.8 | 447.4 |
Common Unitholders | ||
Equity: | ||
Common and subordinated unitholders | 108.1 | 106.3 |
Subordinated Units | ||
Equity: | ||
Common and subordinated unitholders | $ 39.5 | $ 37.9 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
General Partners' Capital Account, Units Issued | 399,000 | 399,000 |
General Partners' Capital Account, Units Outstanding | 399,000 | 399,000 |
Common Unitholders | ||
Common and subordinated units issued | 9,820,438 | 9,801,830 |
Common and subordinated units outstanding | 9,820,438 | 9,801,830 |
Subordinated Units | ||
Common and subordinated units issued | 9,775,500 | 9,775,500 |
Common and subordinated units outstanding | 9,775,500 | 9,775,500 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Statement - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 122.2 | $ 113 | $ 242.6 | $ 229.2 |
Cost of products sold | 85.6 | 79.9 | 168 | 163.9 |
Selling, general and administrative expenses | 4.7 | 5.1 | 9.6 | 9.3 |
Depreciation, depletion and amortization expense | 5.8 | 5.8 | 11.4 | 11.2 |
Total operating costs and expenses | 96.1 | 90.8 | 189 | 184.4 |
Operating income | 26.1 | 22.2 | 53.6 | 44.8 |
Other income/(expenses): | ||||
Interest expense, net | (1.1) | (1.3) | (2) | (2.5) |
Other, net | (0.5) | 0.2 | (0.6) | 0.4 |
Total other income/(expense), net | (1.6) | (1.1) | (2.6) | (2.1) |
Net income | 24.5 | 21.1 | 51 | 42.7 |
Net income attributable to non-controlling interest | 12.8 | 10.8 | 26.5 | 22.1 |
Net income attributable to OCI Resources LP | 11.7 | 10.3 | 20.6 | |
Net income attributable to OCI Resources LP | 11.7 | 10.3 | 24.5 | 20.6 |
Other comprehensive income/(loss): | ||||
Income/(loss) on derivative financial instruments | 0.4 | (0.4) | (1.6) | (0.6) |
Comprehensive income | 24.9 | 20.7 | 49.4 | 42.1 |
Comprehensive income attributable to non-controlling interest | 13 | 10.6 | 25.7 | 21.8 |
Comprehensive income attributable to OCI Resources LP | $ 11.9 | $ 10.1 | $ 23.7 | $ 20.3 |
Common unit | ||||
Other comprehensive income/(loss): | ||||
Net income per common and subordinated unit (basic and diluted) (dollars per share) | $ 0.59 | $ 0.51 | $ 1.23 | $ 1.03 |
Weighted average common and subordinated units outstanding (basic and diluted) (shares) | 9,794,512 | 9,778,744 | 9,792,501 | 9,778,744 |
Subordinated Units | ||||
Other comprehensive income/(loss): | ||||
Net income per common and subordinated unit (basic and diluted) (dollars per share) | $ 0.59 | $ 0.51 | $ 1.23 | $ 1.03 |
Weighted average common and subordinated units outstanding (basic and diluted) (shares) | 9,775,500 | 9,775,500 | 9,775,500 | 9,775,500 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 51 | $ 42.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization expense | 11.6 | 11.4 |
Equity-based compensation expense | 0.4 | 0.1 |
Other Noncash Income (Expense) | 0.7 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 0.1 | 1.8 |
Accounts receivable - ANSAC | 6.7 | (3.1) |
Due from affiliates, net | (1.1) | (1) |
Inventory | (4.8) | (2.3) |
Other current and other non-current assets | (0.5) | (0.7) |
Increase/(decrease) in: | ||
Accounts payable | 1.5 | (2.8) |
Due to affiliates | (2.4) | 6.7 |
Accrued expenses and other liabilities | (1.7) | (3.6) |
Net cash provided by operating activities | 61.5 | 49.2 |
Cash flows from investing activities: | ||
Capital expenditures | (15.1) | (6.4) |
Net cash used in investing activities | (15.1) | (6.4) |
Cash flows from financing activities: | ||
Repayments of Long-term Debt | 15 | 0 |
Distributions | 43.2 | 43.3 |
Distributions to non-controlling interest | (21.8) | (21.9) |
Net cash used in financing activities | (58.2) | (43.3) |
Net increase/(decrease) in cash and cash equivalents | (11.8) | (0.5) |
Cash and cash equivalents at beginning of period | 31 | 46.9 |
Cash and cash equivalents at end of period | 19.2 | 46.4 |
Common Units | ||
Cash flows from financing activities: | ||
Distributions | (10.5) | (10.5) |
General Partner | ||
Cash flows from financing activities: | ||
Distributions | (0.4) | (0.4) |
Subordinated Units | ||
Cash flows from financing activities: | ||
Distributions | $ (10.5) | $ (10.5) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY Statement - USD ($) $ in Millions | Total | Accumulated Other Comprehensive Loss | Partners' Capital Attributable to OCIR Equity | Non-controlling Interests | Common Units | Common UnitsPartnership units | Subordinated Units | Subordinated UnitsPartnership units | General Partner | General PartnerPartnership units |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 0.1 | $ 0 | $ 0.1 | $ 0 | $ 0.1 | $ 0 | $ 0 | |||
BALANCE, beginning of period at Dec. 31, 2013 | 241.3 | (0.3) | 144.6 | 96.7 | 104.5 | 36.6 | 3.8 | |||
Increase (decrease) in shareholders' equity | ||||||||||
Net income | 42.7 | 20.6 | 22.1 | 10.1 | 10.1 | 0.4 | ||||
Distributions | (43.3) | (21.4) | (21.9) | $ 10.5 | (10.5) | $ 10.5 | (10.5) | $ 0.4 | (0.4) | |
Interest rate swap adjustments | (0.6) | (0.3) | (0.3) | 0 | 0 | 0 | ||||
BALANCE, end of period at Jun. 30, 2014 | 240.2 | (0.6) | 143.6 | 96.6 | 104.2 | 36.2 | 3.8 | |||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0.4 | 0 | 0.4 | 0 | 0.4 | 0 | 0 | |||
BALANCE, beginning of period at Dec. 31, 2014 | 248.5 | (0.4) | 147.6 | 100.9 | 106.3 | 37.9 | 3.8 | |||
Increase (decrease) in shareholders' equity | ||||||||||
Net income | 51 | 24.5 | 26.5 | 12 | 12 | 0.5 | ||||
Distributions | (43.2) | (21.4) | (21.8) | $ 10.5 | (10.5) | $ 10.5 | (10.5) | $ 0.4 | (0.4) | |
Interest rate swap adjustments | (1.6) | (0.8) | (0.8) | (0.8) | ||||||
BALANCE, end of period at Jun. 30, 2015 | $ 255.2 | $ (1.2) | $ 150.3 | $ 104.9 | $ 108.1 | $ 39.5 | $ 3.9 |
CORPORATE STRUCTURE AND SUMMARY
CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Corporate Structure and Summary of Significant Accounting Policies | 1. CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The unaudited condensed consolidated financial statements are composed of OCI Resources LP (the "Partnership," "OCI Resources," "OCIR," "we," "us," or "our"), a publicly traded Delaware limited partnership, and its consolidated subsidiary, OCI Wyoming LLC ("OCI Wyoming"), which is in the business of mining trona ore to produce soda ash. The Partnership's operations consist solely of its investment in OCI Wyoming. OCIR was formed in April 2013 by OCI Wyoming Holding Co. ("OCI Holdings"), a wholly-owned subsidiary of OCI Chemical Corporation ("OCI Chemical"). On September 18, 2013 , the Partnership completed the initial public offering of its common units representing limited partner interests (the "Common Units"). The Partnership owns a controlling interest comprised of 51.0% membership interest in OCI Wyoming. All soda ash processed is sold to various domestic, Korean and European customers and to American Natural Soda Ash Corporation ("ANSAC") which is an affiliate for export. All mining and processing activities take place in one facility located in the Green River Basin of Wyoming. Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") applicable to interim period financial statements and reflect all adjustments, consisting of normal recurring accruals, which are necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented. All significant intercompany transactions, balances, revenue and expenses have been eliminated in consolidation. The results of operations for the period ended June 30, 2015 are not necessarily indicative of the operating results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the "2014 Annual Report"). There has been no material change in the significant accounting policies followed by us during the six month periods ended June 30, 2015 from those disclosed in the 2014 Annual Report. Non-controlling interests NRP Trona LLC, a wholly-owned subsidiary of Natural Resource Partners L.P. ("NRP"), currently owns a 49.0% membership interest in OCI Wyoming. Use of Estimates The preparation of these unaudited condensed consolidated financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events We have evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. In July 2015, FASB decided to delay the effective date of the new revenue recognition standard by one year. As a result, public entities will apply the new revenue standard to annual reporting periods beginning after December 15, 2017 and interim periods therein and will require expanded disclosures. Early adoption of the new revenue standard is allowed, however, entities are not permitted to adopt the standard earlier than the original effective date (annual reporting periods beginning on or after December 15, 2016 and interim periods therein). We are currently assessing the impact the adoption of ASU 2014-09 will have on our condensed consolidated financial statements, as well as the available transition methods. In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The new guidance requires that share-based compensation that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards and that could be achieved after an employee completes the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation costs should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 has not had a material impact on our financial position or results of operations. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of associated debt liability, consistent with the presentation of a debt discount, rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires retrospective application for each prior period presented. Early adoption is permitted for financial statements that have not been previously issued. The Partnership is currently evaluating the potential impact of this standard on its condensed consolidated financial statements. |
NET INCOME PER UNIT AND CASH DI
NET INCOME PER UNIT AND CASH DISTRIBUTION | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
NET INCOME PER UNIT AND CASH DISTRIBUTION | NET INCOME PER UNIT AND CASH DISTRIBUTION Allocation of Net Income Net income per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income attributable to OCI Resources LP, after deducting the general partner's interest and any incentive distributions, by the weighted average number of outstanding common and subordinated units. Our net income is allocated to the general partner and limited partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to our general partner, pursuant to our partnership agreement. Earnings in excess of distributions are allocated to the general partner and limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. In addition to the common and subordinated units, we have also identified the general partner interest and incentive distribution rights ("IDRs") as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners, which is based on the weighted-average number of common units outstanding during the period. Basic and diluted net income per unit applicable to limited partners were the same as our potentially dilutive units outstanding were immaterial and we had no anti-dilutive units for the three and six months ended June 30, 2015 . For the three and six months ended June 30, 2014 , we did not have any potentially dilutive units outstanding. The net income attributable to common and subordinated unitholders and the weighted average units for calculating basic and diluted net income per common and subordinated units were as follows: Three Months Ended Six Months Ended (In millions, except per unit data) 2015 2014 2015 2014 Net income attributable to OCI Resources LP $ 11.7 $ 10.3 $ 24.5 $ 20.6 Less: General partner's interest in net income 0.3 0.2 0.5 0.4 Total limited partners' interest in net income $ 11.4 $ 10.1 $ 24.0 $ 20.2 Weighted average limited partner units outstanding: Common - Public and OCI Holdings (basic and diluted) 9.8 9.8 9.8 9.8 Subordinated - OCI Holdings (basic and diluted) 9.8 9.8 9.8 9.8 Total weighted average limited partner units outstanding 19.6 19.6 19.6 19.6 Net income per limited partner units: Common - Public and OCI Holdings (basic and diluted) $ 0.59 $ 0.51 $ 1.23 $ 1.03 Subordinated - OCI Holdings (basic and diluted) $ 0.59 $ 0.51 $ 1.23 $ 1.03 The calculation of limited partners' interest in net income is as follows: Three Months Ended Six Months Ended (In millions, except per unit data) 2015 2014 2015 2014 Net income attributable to common unitholders: Distributions (a) $ 5.3 $ 5.0 $ 10.6 $ 9.8 Undistributed earnings 0.4 0.1 1.4 0.3 Common unitholders' interest in net income $ 5.7 $ 5.1 $ 12.0 $ 10.1 Net income attributable to subordinated unitholders: Distributions (a) $ 5.3 $ 4.9 $ 10.6 $ 9.8 Undistributed earnings 0.4 0.1 1.4 0.3 Subordinated unitholders' interest in net income $ 5.7 $ 5.0 $ 12.0 $ 10.1 (a) Distributions declared per unit for the period $ 0.5445 $ 0.5000 $ 1.083 $ 1.000 Quarterly Distribution On July 17, 2015 , the Partnership declared its second quarter 2015 quarterly cash distribution of $0.5445 per unit. The quarterly cash distribution is payable on August 14, 2015 to unitholders of record on July 31, 2015 . Our general partner has considerable discretion in determining the amount of available cash, the amount of distributions and the decision to make any distribution. Although our partnership agreement requires that we distribute all of our available cash quarterly, there is no guarantee that we will make quarterly cash distributions to our unitholders at our current quarterly distribution level, at the minimum quarterly distribution level or at any other rate, and we have no legal obligation to do so. However, our partnership agreement does contain provisions intended to motivate our general partner to make steady, increasing and sustainable distributions over time. Distributions from Operating Surplus During the Subordination Period If we make a distribution from operating surplus for any quarter during the subordination period, our partnership agreement requires that we make the distribution in the following manner: • first , 98.0% to the common unitholders, pro rata, and 2.0% to our general partner, until we distribute for each common unit an amount equal to the minimum quarterly distribution for that quarter; • second , 98.0% to the common unitholders, pro rata, and 2.0% to our general partner, until we distribute for each outstanding common unit an amount equal to any arrearages in the payment of the minimum quarterly distribution on the common units with respect to any prior quarters; • third, 98.0% to the subordinated unitholders, pro rata, and 2.0% to our general partner, until we distribute for each subordinated unit an amount equal to the minimum quarterly distribution for that quarter; and • thereafter , in the manner described in "General Partner Interest and Incentive Distribution Rights" below. General Partner Interest and Incentive Distribution Rights Our partnership agreement provides that our general partner initially will be entitled to 2.0% of all distributions that we make prior to our liquidation. Our general partner has the right, but not the obligation, to contribute up to a proportionate amount of capital to us in order to maintain its 2.0% general partner interest if we issue additional units. Our general partner's approximate 2.0% interest, and the percentage of our cash distributions to which our general partner is entitled from such approximate 2.0% interest, will be proportionately reduced if we issue additional units in the future (other than (1) the issuance of common units upon conversion of outstanding subordinated units or (2) the issuance of common units upon a reset of the IDRs), and our general partner does not contribute a proportionate amount of capital to us in order to maintain its approximate 2.0% general partner interest. Our partnership agreement does not require that our general partner fund its capital contribution with cash. It may, instead, fund its capital contribution by contributing to us common units or other property. IDRs represent the right to receive increasing percentages ( 13.0% , 23.0% and 48.0% ) of quarterly distributions from operating surplus after we have achieved the minimum quarterly distribution and the target distribution levels. Our general partner currently holds the IDRs, but may transfer these rights separately from its general partner interest, subject to certain restrictions in our partnership agreement. Percentage Allocations of Distributions from Operating Surplus The following table illustrates the percentage allocations of distributions from operating surplus between the unitholders and our general partner based on the specified target distribution levels. The amounts set forth under the column heading "Marginal Percentage Interest in Distributions" are the percentage interests of our general partner and the unitholders in any distributions from operating surplus we distribute up to and including the corresponding amount in the column "Total Quarterly Distribution per Unit Target Amount." The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution also apply to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner (1) include its 2.0% general partner interest, (2) assume that our general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest, (3) assume that our general partner has not transferred its IDRs and (4) assume there are no arrearages on common units. Marginal Percentage Interest in Distributions Total Quarterly Distribution per Unit Target Amount Unitholders General Partner Minimum Quarterly Distribution $0.5000 98.0 % 2.0 % First Target Distribution above $0.5000 up to $0.5750 98.0 % 2.0 % Second Target Distribution above $0.5750 up to $0.6250 85.0 % 15.0 % Third Target Distribution above $0.6250 up to $0.7500 75.0 % 25.0 % Thereafter above $0.7500 50.0 % 50.0 % |
INVENTORY
INVENTORY | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventory consisted of the following: As of (In millions) June 30, December 31, Raw materials $ 9.2 $ 6.4 Finished goods 10.9 10.4 Stores inventory 28.0 26.4 Total $ 48.1 $ 43.2 Less: Stores inventory reclassed to other non-current assets (21.8 ) (20.7 ) Inventory - current $ 26.3 $ 22.5 Subsequent to the issuance of the Partnership’s consolidated financial statements for the year ended December 31, 2014, the Partnership identified a balance sheet misclassification relating to the portion of stores inventory that is not reasonably expected to be used during the year. That amount was presented as a component of inventory (a current asset) rather than as a non-current asset in the December 31, 2014 balance sheet. The correction of this error resulted in a decrease of current assets and inventory and a corresponding increase in other non-current assets of $20.7 million . The result of this correction did not impact the Partnership’s consolidated statements of income, comprehensive income, equity, and cash flows for any period presented. Management does not believe this misstatement is individually or collectively material to the consolidated financial statements. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consisted of the following: As of (In millions) June 30, December 31, Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 $ 11.4 $ 11.4 Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 8.6 8.6 OCI Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, variable interest rate was a weighted average of 2.00% at June 30, 2015 and 1.98% at December 31, 2014 110.0 125.0 Total debt $ 130.0 $ 145.0 Current portion of long-term debt — — Total long-term debt $ 130.0 $ 145.0 Aggregate maturities required on long-term debt at June 30, 2015 are due in future years as follows: (In millions) Amount 2017 $ 8.6 2018 121.4 Total $ 130.0 Demand Revenue Bonds The above revenue bonds require OCI Wyoming to maintain standby letters of credit totaling $20.3 million at June 30, 2015 and December 31, 2014 , respectively. These letters of credit require compliance with certain covenants, including minimum net worth, maximum debt to net worth, and interest coverage ratios. As of June 30, 2015 and December 31, 2014 , OCI Wyoming was in compliance with these debt covenants. OCI Wyoming Credit Facility On July 18, 2013 , OCI Wyoming entered into a $190.0 million senior unsecured revolving credit facility, as amended on October 30, 2014 (as amended, the "OCI Wyoming Credit Facility"), with a syndicate of lenders, which will mature on the fifth anniversary of the closing date of such credit facility. The OCI Wyoming Credit Facility provides for revolving loans to fund working capital requirements, capital expenditures, to consummate permitted acquisitions and for all other lawful partnership purposes. The OCI Wyoming Credit Facility has an accordion feature that allows OCI Wyoming to increase the available revolving borrowings under the facility by up to an additional $75.0 million , subject to OCI Wyoming receiving increased commitments from existing lenders or new commitments from new lenders and the satisfaction of certain other conditions. In addition, the OCI Wyoming Credit Facility includes a sublimit up to $20.0 million for same-day swing line advances and a sublimit up to $40.0 million for letters of credit. OCI Wyoming's obligations under the OCI Wyoming Credit Facility are unsecured. The OCI Wyoming Credit Facility contains various covenants and restrictive provisions that limit (subject to certain exceptions) OCI Wyoming's ability to: • make distributions on or redeem or repurchase units; • incur or guarantee additional debt; • make certain investments and acquisitions; • incur certain liens or permit them to exist; • enter into certain types of transactions with affiliates of OCI Wyoming; • merge or consolidate with another company; and • transfer, sell or otherwise dispose of assets. The OCI Wyoming Credit Facility also requires quarterly maintenance of a consolidated leverage ratio (as defined in the OCI Wyoming Credit Facility) of not more than 3.00 to 1.00 and a consolidated fixed charge coverage ratio (as defined in the OCI Wyoming Credit Facility) of not less than 1.10 to 1.00 for the 2015 fiscal year and not less than 1.15 to 1.00 thereafter. The OCI Wyoming Credit Facility also requires that consolidated capital expenditures, as defined in the OCI Wyoming Credit Facility, not exceed $50 million in any fiscal year. In addition, the OCI Wyoming Credit Facility contains events of default customary for transactions of this nature, including (i) failure to make payments required under the OCI Wyoming Credit Facility, (ii) events of default resulting from failure to comply with covenants and financial ratios in the OCI Wyoming Credit Facility, (iii) the occurrence of a change of control, (iv) the institution of insolvency or similar proceedings against OCI Wyoming and (v) the occurrence of a default under any other material indebtedness OCI Wyoming may have. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the OCI Wyoming Credit Facility, the lenders may terminate all outstanding commitments under the OCI Wyoming Credit Facility and may declare any outstanding principal of the OCI Wyoming Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable. Under the OCI Wyoming Credit Facility, a change of control is triggered if OCI Chemical and its wholly-owned subsidiaries, directly or indirectly, cease to own all of the equity interests, or cease to have the ability to elect a majority of the board of directors (or similar governing body) of OCI GP (or any entity that performs the functions of our general partner). In addition, a change of control would be triggered if we cease to own at least 50.1% of the economic interests in OCI Wyoming or cease to have the ability to elect a majority of the members of OCI Wyoming's board of managers. OCI Wyoming was in compliance with all covenants and restrictions under its long-term debt agreements as of June 30, 2015 . Loans under the OCI Wyoming Credit Facility bear interest at OCI Wyoming's option at either: • a Base Rate, which equals the highest of (i) the federal funds rate in effect on such day plus 0.50% , (ii) the administrative agent's prime rate in effect on such day and (iii) one-month LIBOR plus 1.0% , in each case, plus an applicable margin; or • a LIBOR Rate plus an applicable margin. The unused portion of the OCI Wyoming Credit Facility is subject to an unused line fee ranging from 0.275% to 0.350% per annum based on OCI Wyoming's then current consolidated leverage ratio. Revolving Credit Facility On July 18, 2013 , we entered into a $10.0 million senior secured revolving credit facility, as amended on October 30, 2014 (as amended, the "Revolving Credit Facility"), with a syndicate of lenders, which will mature on the fifth anniversary of the closing date of such credit facility. The Revolving Credit Facility provides for revolving loans to be available to fund distributions on OCIR's units and working capital requirements and capital expenditures, to consummate permitted acquisitions and for all other lawful partnership purposes. At June 30, 2015 , we had no outstanding borrowings under the Revolving Credit Facility. The Revolving Credit Facility includes a sublimit up to $5.0 million for same-day swing line advances and a sublimit up to $5.0 million for letters of credit. Our obligations under the Revolving Credit Facility are guaranteed by each of our material domestic subsidiaries other than OCI Wyoming, and to the extent no material adverse tax consequences would result, foreign wholly-owned subsidiaries. As of June 30, 2015 , our only subsidiary was OCI Wyoming. In addition, our obligations under the Revolving Credit Facility are secured by a pledge of substantially all of our assets (subject to certain exceptions), including the partnership interests held in OCI Wyoming by us. The Revolving Credit Facility contains various covenants and restrictive provisions that limit (subject to certain exceptions) our ability to (and the ability of our subsidiaries, including without limitation, OCI Wyoming to): • make distributions on or redeem or repurchase units; • incur or guarantee additional debt; • make certain investments and acquisitions; • incur certain liens or permit them to exist; • enter into certain types of transactions with affiliates; • merge or consolidate with another company; and • transfer, sell or otherwise dispose of assets. The Revolving Credit Facility also requires quarterly maintenance of a consolidated fixed charge coverage ratio (as defined in the Revolving Credit Facility) of not less than 1.05 to 1.00 for the 2015 fiscal year and not less than 1.10 to 1.00 thereafter. The Revolving Credit Facility also requires that consolidated capital expenditures, as defined in the Revolving Credit Facility, not exceed $50 million in any fiscal year. In addition, the Revolving Credit Facility contains events of default customary for transactions of this nature, including (i) failure to make payments required under the Revolving Credit Facility, (ii) events of default resulting from failure to comply with covenants and financial ratios, (iii) the occurrence of a change of control, (iv) the institution of insolvency or similar proceedings against us or our material subsidiaries and (v) the occurrence of a default under any other material indebtedness we (or any of our subsidiaries) may have, including the OCI Wyoming Credit Facility. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the Revolving Credit Facility, the lenders may terminate all outstanding commitments under the Revolving Credit Facility and may declare any outstanding principal of the Revolving Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable. Under the Revolving Credit Facility, a change of control is triggered if OCI Chemical and its wholly-owned subsidiaries, directly or indirectly, cease to own all of the equity interests, or cease to have the ability to elect a majority of the board of directors (or similar governing body) of, OCI Holdings or OCI GP (or any entity that performs the functions of our general partner). In addition, a change of control would be triggered if we cease to own at least 50.1% of the economic interests in OCI Wyoming or ceases to have the ability to elect a majority of the members of OCI Wyoming's board of managers. The Partnership was in compliance with all covenants and restrictions under its long-term debt agreements as of June 30, 2015 . Loans under the Revolving Credit Facility bear interest at our option at either: • a Base Rate, which equals the highest of (i) the federal funds rate in effect on such day plus 0.50% , (ii) the administrative agent's prime rate in effect on such day and (iii) one-month LIBOR plus 1.0% , in each case, plus an applicable margin; or • a LIBOR Rate plus an applicable margin. The unused portion of the Revolving Credit Facility is subject to an unused line fee ranging from 0.275% to 0.350% based on our then current consolidated leverage ratio. |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Other non-current liabilities | OTHER NON-CURRENT LIABILITIES Other non-current liabilities consisted of the following: As of (In millions) June 30, December 31, Reclamation reserve $ 4.3 $ 4.2 Derivative instruments and hedges, fair value liabilities, non-current 0.9 — Total $ 5.2 $ 4.2 A reconciliation of the Partnership's reclamation reserve liability is as follows: As of (In millions) June 30, December 31, Beginning reclamation reserve balance $ 4.2 $ 3.8 Accretion expense 0.1 0.4 Ending reclamation reserve balance $ 4.3 $ 4.2 |
EMPLOYEE COMPENSATION
EMPLOYEE COMPENSATION | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE COMPENSATION | EMPLOYEE COMPENSATION The Partnership participates in various benefit plans offered and administered by OCI Enterprises and is allocated its portions of the annual costs related thereto. The specific plans are as follows: Retirement Plans - Benefits provided under the OCI Enterprises' Pension Plan for Salaried Employees and OCI Enterprises' Pension Plan for Hourly Employees are based upon years of service and average compensation for the highest 60 consecutive months of the employee's last 120 months of service, as defined. Each plan covers substantially all full-time employees hired before May 1, 2001. OCI Enterprises’ funding policy is to contribute an amount within the range of the minimum required and the maximum tax-deductible contribution. The Partnership's allocated portion of OCI Enterprises’ net periodic pension costs were expense of $2.2 million and income of $0.1 million for the three months ended June 30, 2015 and 2014 , respectively and expense of $4.4 million and $1.6 million for the six months ended June 30, 2015 and 2014 , respectively. The increase in pension costs during 2015 of $2.3 million and $2.8 million for three and six months ended June 30, 2015 , respectively, was driven by unfavorable effects of lower actuarial discount rates and market return assumptions in 2015 versus 2014. Savings Plan - The OCI Enterprises' 401(k) Retirement Plan covers all eligible hourly and salaried employees. Eligibility is limited to all domestic residents and any foreign expatriates who are in the United States indefinitely. The plan permits employees to contribute specified percentages of their compensation, while the Partnership makes contributions based upon specified percentages of employee contributions. Participants hired on or subsequent to May 1, 2001, will receive an additional contribution from the Partnership based on a percentage of the participant’s base pay. Contributions made by OCI Enterprises for the three months ended June 30, 2015 and 2014 , were $0.4 million and $0.5 million , respectively and $0.8 million and $1.0 million for the six months ended June 30, 2015 and 2014 , respectively. Postretirement Benefits - Most of the Partnership's employees are eligible for postretirement benefits other than pensions if they reach retirement age while still employed. OCI Enterprises accounts for postretirement benefits on an accrual basis over an employee’s period of service. The postretirement plan, excluding pensions, are not funded, and OCI Enterprises has the right to modify or terminate the plan. OCI Enterprises' post-retirement benefits had a benefits obligation of $22.2 million and $22.8 million at June 30, 2015 and December 31, 2014 , respectively. Effective January 1, 2013, the postretirement benefits for non-grandfathered retirees were amended to replace the medical coverage for post-65-year-old members with a fixed dollar contribution amount. As a result of the amendment, the accumulated and projected benefit obligation for postretirement benefits decreased by $8.7 million and resulted in a prior service credit of $7.7 million , which is being recognized as a reduction of net periodic postretirement benefit costs in future years. The Partnership’s allocated portion of postretirement benefit costs were expense of $0.1 million and $0.0 million for the three months ended June 30, 2015 and 2014 , respectively and expense of $0.3 million and income of $0.1 million for the six months ended June 30, 2015 and 2014 , respectively. |
EQUITY - BASED COMPENSATION (No
EQUITY - BASED COMPENSATION (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EQUITY - BASED COMPENSATION | EQUITY - BASED COMPENSATION We grant various types of equity-based awards to participants, including time restricted unit awards and total return restricted performance unit awards ("TR Performance Unit Awards"). The key terms of our restricted unit awards and TR Performance Unit Awards, including all financial disclosures, are set forth in our Annual Report on Form 10-K for the year ended December 31, 2014. All employees, officers, consultants and non-employee directors of us and our parents and subsidiaries are eligible to be selected to participate in the OCI Resource Partners LLC 2013 Long-Term Incentive Plan (the "Plan" or "LTIP"). As of June 30, 2015 , subject to further adjustment as provided in the Plan, a total of 908,688 common units were available for awards under the Plan. Any common units tendered by a participant in payment of the tax liability with respect to an award, including common units withheld from any such award, will not be available for future awards under the Plan. Common units awarded under the Plan may be reserved or made available from our authorized and unissued common units or from common units reacquired (through open market transactions or otherwise). Any common units issued under the Plan through the assumption or substitution of outstanding grants from an acquired company will not reduce the number of common units available for awards under the Plan. If any common units subject to an award under the Plan are forfeited, any common units counted against the number of common units available for issuance pursuant to the Plan with respect to such award will again be available for awards under the Plan. Non-employee Director Awards During the six months ended June 30, 2015 , a total of 11,064 common units were granted and fully vested to non-employee directors, and 6,450 during the six months ended June 30, 2014 . The grant date average fair value per unit of these awards was $22.54 and $21.69 for six months ended June 30, 2015 and 2014 , respectively. The total fair value of these awards were approximately $0.2 million and $0.1 million during the six months ended June 30, 2015 and 2014 , respectively. Time Restricted Unit Awards We grant restricted unit awards in the form of common units to certain of our executive officers which vest over a specified period of time, usually between one to three years, with vesting based on continued employment as of each applicable vesting date. Award recipients are entitled to distributions subject to the same restrictions as the underlying common unit. The awards are classified as equity awards, and are accounted for at fair value at grant date. During the six months ended June 30, 2014, we had no time restricted unit awards granted. The following table presents a summary of activity on the Time Restricted Unit Awards: Six Months Ended (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of period 15,859 $ 25.23 Granted 8,347 22.51 Vested (2,552 ) 25.70 Unvested at the end of the period 21,654 $ 24.12 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. No estimated forfeiture rate was applied to the awards as of June 30, 2015 , as all awards granted are expected to vest. Total Return Performance Unit Awards We grant TR Performance Unit Awards to certain of our executive officers. The TR Performance Unit Awards represent the right to receive a number of common units at a future date based on the achievement of market-based performance requirements in accordance with the TR Unit Performance Award agreement, and also include Distribution Equivalent Rights (“DERs”). DERs are the right to receive an amount equal to the accumulated cash distributions made during the period with respect to each common unit issued upon vesting. The TR Performance Unit Awards vest at the end of the performance period, usually between two to three years from the date of the grant. Performance is measured on the achievement of a specified level of total return, or TR, relative to the TR of a peer group comprised of other limited partnerships. The potential payout ranges from 0 - 200% of the grant target quantity and is adjusted based on our TR performance relative to the peer group. During the six months ended June 30, 2014, we had no TR Performance Unit Awards granted. We utilized a Monte Carlo simulation model to estimate the grant date fair value of TR Performance Unit Awards, with market conditions, granted to employees, which requires the input of highly subjective assumptions, including expected volatility and expected distribution yield. Historical and implied volatilities were used in estimating the fair value of these awards. The following table presents a summary of activity on the TR Performance Unit Awards: Six Months Ended (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of period 7,658 $ 35.72 Granted 7,235 24.64 Unvested at the end of the period 14,893 $ 30.34 (1) Determined by dividing the aggregate grate date fair value of awards by the number of awards issued. Unrecognized Compensation Expense A summary of the Partnership's unrecognized compensation expense for its un-vested restricted time and performance based units, and the weighted-average periods over which the compensation expense is expected to be recognized are as following: Six Months Ended Unrecognized Compensation Expense (In millions) Weighted Average to be Recognized (In years) Time-based units $ 0.4 1.99 Performance-based units 0.3 2.01 Total $ 0.7 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive loss Accumulated other comprehensive loss, attributable to OCI Resources LP, includes unrealized gains and losses on derivative financial instruments. Amounts recorded in accumulated other comprehensive loss as of June 30, 2015 and December 31, 2014 , and changes within the period, consisted of the following: Gains and Losses on Cash Flow Hedges (In millions) Balance at December 31, 2014 $ (0.4 ) Other comprehensive loss before reclassification (1.1 ) Amounts reclassified from accumulated other comprehensive loss 0.3 Net current period other comprehensive loss (0.8 ) Balance at June 30, 2015 $ (1.2 ) Other Comprehensive Income/(Loss) Other comprehensive income/(loss), including portion attributable to non-controlling interest, is derived from adjustments to reflect the unrealized gains/(loss) on derivative financial instruments. The components of other comprehensive income/(loss) consisted of the following: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Unrealized loss on derivatives: Mark to market adjustment on interest rate swaps $ 0.2 $ (0.4 ) $ (0.3 ) $ (0.6 ) Mark to market adjustment on natural gas forward contracts 0.2 — (1.3 ) — Income/(loss) on derivative financial instruments $ 0.4 $ (0.4 ) $ (1.6 ) $ (0.6 ) Reclassifications for the period The components of other comprehensive income/(loss), attributable to OCI Resources LP, that have been reclassified consisted of the following: Three Months Ended Six Months Ended Affected Line Items on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (In millions) 2015 2014 2015 2014 Details about other comprehensive income/(loss) components: Gains and losses on cash flow hedges: Interest rate swap contracts $ 0.1 $ 0.2 $ 0.3 $ 0.2 Interest expense Total reclassifications for the period $ 0.1 $ 0.2 $ 0.3 $ 0.2 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES From time to time, the Partnership has various litigation, claims and assessments that arise in the normal course of business. Management does not believe, based upon its evaluation and discussion with counsel, that the ultimate outcome of any current matters, individually or in the aggregate, would have a material effect on the Partnership's financial position, results of operations or cash flows. Off-Balance Sheet Arrangements We have a self-bond agreement with the Wyoming Department of Environmental Quality under which we commit to pay directly for reclamation costs. As of June 30, 2015 and December 31, 2014 , the amount of the bond was $33.9 million , respectively, which is the amount we would need to pay the State of Wyoming for reclamation costs if we cease mining operations currently. The amount of this self-bond is subject to change upon periodic re-evaluation by the Land Quality Division. OCI Wyoming's revenue bonds require it to maintain stand-by letters of credit totaling $20.3 million as of June 30, 2015 . |
AGREEMENTS AND TRANSACTIONS WIT
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES | AGREEMENTS AND TRANSACTIONS WITH AFFILIATES OCI Chemical is the exclusive sales agent for the Partnership and through its membership in ANSAC. OCI Chemical is responsible for promoting and increasing the use and sale of soda ash and other refined or processed sodium products produced. All actual sales and marketing costs incurred by OCI Chemical are charged directly to the Partnership. Selling, general and administrative expenses also include amounts charged to the Partnership by OCI Enterprises and OCI Chemical principally consisting of salaries, benefits, office supplies, professional fees, travel, rent and other costs of certain assets used by the Partnership. These transactions do not necessarily represent arm's length transactions and may not represent all costs if the Partnership operated on a stand alone basis. The total costs charged to the Partnership by OCI Enterprises and OCI Chemical, including ANSAC related charges were as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 OCI Enterprises $ 1.8 $ 2.1 $ 4.0 $ 4.1 OCI Chemical 1.1 1.0 2.1 2.0 ANSAC (1) 1.0 0.7 1.8 1.0 Total selling, general and administrative expenses - Affiliates $ 3.9 $ 3.8 $ 7.9 $ 7.1 (1) ANSAC allocates its expenses to ANSAC’s members using a pro rata calculation based on sales. Cost of products sold includes logistics services charged by ANSAC. For the three months ended June 30, 2015 and 2014 these costs were $1.6 million and $3.2 million , respectively and $4.3 million and $4.7 million for the six months ended June 30, 2015 and 2014 , respectively. Net sales to affiliates were as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 ANSAC $ 62.4 $ 52.9 $ 126.5 $ 109.6 OCI Alabama LLC 1.2 1.2 2.6 2.7 Total $ 63.6 $ 54.1 $ 129.1 $ 112.3 The Partnership had due from/to with OCI affiliates as follows: As of (In millions) June 30, December 31, June 30, December 31, Due from affiliates Due to affiliates OCI Enterprises $ 0.1 $ 1.7 $ 3.1 $ 4.5 OCI Chemical 14.6 8.7 0.5 1.4 OCI Chemical Europe NV 6.0 9.2 — — Other — — 1.1 1.2 Total $ 20.7 $ 19.6 $ 4.7 $ 7.1 |
MAJOR CUSTOMERS AND SEGMENT REP
MAJOR CUSTOMERS AND SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
MAJOR CUSTOMERS AND SEGMENT REPORTING | MAJOR CUSTOMERS AND SEGMENT REPORTING Our operations are similar in geography, nature of products we provide, and type of customers we serve. As the Partnership earns substantially all of its revenues through the sale of soda ash mined at a single location, we have concluded that we have one operating segment for reporting purposes. The net sales by geographic area are as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 Domestic $ 49.8 $ 51.7 $ 98.4 $ 100.3 International ANSAC 62.4 52.9 126.4 109.6 Other 10.0 8.4 17.8 19.3 Total international 72.4 61.3 144.2 128.9 Total net sales $ 122.2 $ 113.0 $ 242.6 $ 229.2 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Partnership measures certain financial and non-financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. A three-level valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1-inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. Level 2-inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. Level 3-inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. Financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair value because of the nature of such instruments. Our derivative financial instruments are measured at their fair value with Level 2 inputs based on quoted market values for similar but not identical financial instruments. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative Financial Instruments We have entered into interest rate swap contracts, designed as cash flow hedges, to mitigate our exposure to possible increases in interest rates. These contracts are for periods consistent with the exposure being hedged and generally will mature on July 18, 2018, the maturity date of the long-term debt under the OCI Wyoming Credit Facility. These contracts had an aggregate notional value of $75.0 million and a fair value liability of $1.1 million as of June 30, 2015 ( December 31, 2014 : notional value of $76.0 million ; fair value liability of $0.7 million ). We enter into foreign exchange forward contracts to reduce certain firm commitments denominated in currencies other than the U.S. dollar. However, the Partnership does not apply hedge accounting for these contracts. These contracts are for periods consistent with the exposure being hedged and generally have maturities of one year or less. The forward contracts, which are predominantly used to purchase U.S. dollars and sell Euros, had a fair value asset of $0.1 million and $0.6 million at June 30, 2015 and December 31, 2014 , respectively. These currency hedges had an aggregate notional value of $13.8 million and $6.9 million at June 30, 2015 and December 31, 2014 , respectively. We enter into natural gas forward contracts, designed as cash flow hedges, to mitigate volatility in the price of certain of the natural gas we consume. These contracts have maturities ranging from 2015 to 2020. The fair value of these contracts as of June 30, 2015 , had an aggregate notional value of $16.8 million and a fair value liability of $1.3 million , of which $0.9 million represents the non-current fair value liability portion. We had no similar contracts outstanding as of December 31, 2014 . Financial Assets and Liabilities not Measured at Fair Value The fair value of our long-term debt is based on present rates for indebtedness with similar amounts, durations and credit risks. See Note 4 "Debt" for additional information on our debt arrangements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Distribution Declaration On July 15, 2015 , the members of the Board of Managers of OCI Wyoming LLC, approved a cash distribution to the members of OCI Wyoming in the aggregate amount of $26.0 million . This distribution is payable on August 7, 2015 . On July 17, 2015 , the Partnership declared a cash distribution approved by the board of directors of its general partner. The cash distribution for the second quarter of 2015 of $0.5445 per unit will be paid on August 14, 2015 to unitholders of record on July 31, 2015 . Definitive Agreement for the Sale of OCI Chemical Corporation On July 19, 2015 , OCI Enterprises entered into a Share and Asset Purchase Agreement with Ciner Enterprises Inc. and Park Holding A.S. for the sale of 100% of the shares of OCI Chemical, a wholly-owned subsidiary of OCI Enterprises, for a total purchase price of $429 million , subject to adjustment. OCI Chemical owns an approximately 73% limited partner interest ( 14.55 million limited partner units) in OCIR, as well as an approximately 2.0% general partner interest in OCIR and 100% of OCIR’s incentive distribution rights. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the third quarter 2015. |
CORPORATE STRUCTURE AND SUMMA20
CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") applicable to interim period financial statements and reflect all adjustments, consisting of normal recurring accruals, which are necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented. All significant intercompany transactions, balances, revenue and expenses have been eliminated in consolidation. The results of operations for the period ended June 30, 2015 are not necessarily indicative of the operating results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the "2014 Annual Report"). There has been no material change in the significant accounting policies followed by us during the six month periods ended June 30, 2015 from those disclosed in the 2014 Annual Report. |
Non-controlling Interests | Non-controlling interests NRP Trona LLC, a wholly-owned subsidiary of Natural Resource Partners L.P. ("NRP"), currently owns a 49.0% membership interest in OCI Wyoming |
Use of Estimates | Use of Estimates The preparation of these unaudited condensed consolidated financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the dates of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. In July 2015, FASB decided to delay the effective date of the new revenue recognition standard by one year. As a result, public entities will apply the new revenue standard to annual reporting periods beginning after December 15, 2017 and interim periods therein and will require expanded disclosures. Early adoption of the new revenue standard is allowed, however, entities are not permitted to adopt the standard earlier than the original effective date (annual reporting periods beginning on or after December 15, 2016 and interim periods therein). We are currently assessing the impact the adoption of ASU 2014-09 will have on our condensed consolidated financial statements, as well as the available transition methods. In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The new guidance requires that share-based compensation that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards and that could be achieved after an employee completes the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation costs should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 has not had a material impact on our financial position or results of operations. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of associated debt liability, consistent with the presentation of a debt discount, rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires retrospective application for each prior period presented. Early adoption is permitted for financial statements that have not been previously issued. The Partnership is currently evaluating the potential impact of this standard on its condensed consolidated financial statements. |
NET INCOME PER UNIT AND CASH 21
NET INCOME PER UNIT AND CASH DISTRIBUTION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of net income per unit | Three Months Ended Six Months Ended (In millions, except per unit data) 2015 2014 2015 2014 Net income attributable to OCI Resources LP $ 11.7 $ 10.3 $ 24.5 $ 20.6 Less: General partner's interest in net income 0.3 0.2 0.5 0.4 Total limited partners' interest in net income $ 11.4 $ 10.1 $ 24.0 $ 20.2 Weighted average limited partner units outstanding: Common - Public and OCI Holdings (basic and diluted) 9.8 9.8 9.8 9.8 Subordinated - OCI Holdings (basic and diluted) 9.8 9.8 9.8 9.8 Total weighted average limited partner units outstanding 19.6 19.6 19.6 19.6 Net income per limited partner units: Common - Public and OCI Holdings (basic and diluted) $ 0.59 $ 0.51 $ 1.23 $ 1.03 Subordinated - OCI Holdings (basic and diluted) $ 0.59 $ 0.51 $ 1.23 $ 1.03 |
Schedule of the Allocation of Net Income | Three Months Ended Six Months Ended (In millions, except per unit data) 2015 2014 2015 2014 Net income attributable to common unitholders: Distributions (a) $ 5.3 $ 5.0 $ 10.6 $ 9.8 Undistributed earnings 0.4 0.1 1.4 0.3 Common unitholders' interest in net income $ 5.7 $ 5.1 $ 12.0 $ 10.1 Net income attributable to subordinated unitholders: Distributions (a) $ 5.3 $ 4.9 $ 10.6 $ 9.8 Undistributed earnings 0.4 0.1 1.4 0.3 Subordinated unitholders' interest in net income $ 5.7 $ 5.0 $ 12.0 $ 10.1 (a) Distributions declared per unit for the period $ 0.5445 $ 0.5000 $ 1.083 $ 1.000 |
Percentage allocations of distributions from operating surplus | The following table illustrates the percentage allocations of distributions from operating surplus between the unitholders and our general partner based on the specified target distribution levels. The amounts set forth under the column heading "Marginal Percentage Interest in Distributions" are the percentage interests of our general partner and the unitholders in any distributions from operating surplus we distribute up to and including the corresponding amount in the column "Total Quarterly Distribution per Unit Target Amount." The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution also apply to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner (1) include its 2.0% general partner interest, (2) assume that our general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest, (3) assume that our general partner has not transferred its IDRs and (4) assume there are no arrearages on common units. Marginal Percentage Interest in Distributions Total Quarterly Distribution per Unit Target Amount Unitholders General Partner Minimum Quarterly Distribution $0.5000 98.0 % 2.0 % First Target Distribution above $0.5000 up to $0.5750 98.0 % 2.0 % Second Target Distribution above $0.5750 up to $0.6250 85.0 % 15.0 % Third Target Distribution above $0.6250 up to $0.7500 75.0 % 25.0 % Thereafter above $0.7500 50.0 % 50.0 % |
INVENTORY (Tables)
INVENTORY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventory consisted of the following: As of (In millions) June 30, December 31, Raw materials $ 9.2 $ 6.4 Finished goods 10.9 10.4 Stores inventory 28.0 26.4 Total $ 48.1 $ 43.2 Less: Stores inventory reclassed to other non-current assets (21.8 ) (20.7 ) Inventory - current $ 26.3 $ 22.5 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Components of long-term debt | Long-term debt consisted of the following: As of (In millions) June 30, December 31, Variable Rate Demand Revenue Bonds, principal due October 1, 2018, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 $ 11.4 $ 11.4 Variable Rate Demand Revenue Bonds, principal due August 1, 2017, interest payable monthly, bearing average monthly interest rate of 0.18% at June 30, 2015 and 0.14% December 31, 2014 8.6 8.6 OCI Wyoming Credit Facility, unsecured principal expiring on July 18, 2018, variable interest rate was a weighted average of 2.00% at June 30, 2015 and 1.98% at December 31, 2014 110.0 125.0 Total debt $ 130.0 $ 145.0 Current portion of long-term debt — — Total long-term debt $ 130.0 $ 145.0 |
Aggregate maturities on long-term debt | Aggregate maturities required on long-term debt at June 30, 2015 are due in future years as follows: (In millions) Amount 2017 $ 8.6 2018 121.4 Total $ 130.0 |
OTHER NON-CURRENT LIABILITIES24
OTHER NON-CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of other non-current liabilities | As of (In millions) June 30, December 31, Beginning reclamation reserve balance $ 4.2 $ 3.8 Accretion expense 0.1 0.4 Ending reclamation reserve balance $ 4.3 $ 4.2 |
EQUITY - BASED COMPENSATION (Ta
EQUITY - BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Unit Award Activity | The following table presents a summary of activity on the Time Restricted Unit Awards: Six Months Ended (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of period 15,859 $ 25.23 Granted 8,347 22.51 Vested (2,552 ) 25.70 Unvested at the end of the period 21,654 $ 24.12 |
Schedule of Nonvested Unit Activity | The following table presents a summary of activity on the TR Performance Unit Awards: Six Months Ended (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of period 7,658 $ 35.72 Granted 7,235 24.64 Unvested at the end of the period 14,893 $ 30.34 (1) Determined by dividing the aggregate grate date fair value of awards by the number of awards issued. Unrecognized Compensation Expense A summary of the Partnership's unrecognized compensation expense for its un-vested restricted time and performance based units, and the weighted-average periods over which the compensation expense is expected to be recognized are as following: Six Months Ended Unrecognized Compensation Expense (In millions) Weighted Average to be Recognized (In years) Time-based units $ 0.4 1.99 Performance-based units 0.3 2.01 Total $ 0.7 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Six Months Ended Unrecognized Compensation Expense (In millions) Weighted Average to be Recognized (In years) Time-based units $ 0.4 1.99 Performance-based units 0.3 2.01 Total $ 0.7 |
ACCUMULATED OTHER COMPREHENSI26
ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gains and Losses on Cash Flow Hedges (In millions) Balance at December 31, 2014 $ (0.4 ) Other comprehensive loss before reclassification (1.1 ) Amounts reclassified from accumulated other comprehensive loss 0.3 Net current period other comprehensive loss (0.8 ) Balance at June 30, 2015 $ (1.2 ) |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended 2015 2014 2015 2014 (In millions) Unrealized loss on derivatives: Mark to market adjustment on interest rate swaps $ 0.2 $ (0.4 ) $ (0.3 ) $ (0.6 ) Mark to market adjustment on natural gas forward contracts 0.2 — (1.3 ) — Income/(loss) on derivative financial instruments $ 0.4 $ (0.4 ) $ (1.6 ) $ (0.6 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended Six Months Ended Affected Line Items on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (In millions) 2015 2014 2015 2014 Details about other comprehensive income/(loss) components: Gains and losses on cash flow hedges: Interest rate swap contracts $ 0.1 $ 0.2 $ 0.3 $ 0.2 Interest expense Total reclassifications for the period $ 0.1 $ 0.2 $ 0.3 $ 0.2 |
AGREEMENTS AND TRANSACTIONS W27
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Costs Charged by Affiliates | |
Related Party Transaction [Line Items] | |
Schedule of related party transactions | The total costs charged to the Partnership by OCI Enterprises and OCI Chemical, including ANSAC related charges were as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 OCI Enterprises $ 1.8 $ 2.1 $ 4.0 $ 4.1 OCI Chemical 1.1 1.0 2.1 2.0 ANSAC (1) 1.0 0.7 1.8 1.0 Total selling, general and administrative expenses - Affiliates $ 3.9 $ 3.8 $ 7.9 $ 7.1 (1) ANSAC allocates its expenses to ANSAC’s members using a pro rata calculation based on sales. |
Net Sales to Affiliates | |
Related Party Transaction [Line Items] | |
Schedule of related party transactions | Net sales to affiliates were as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 ANSAC $ 62.4 $ 52.9 $ 126.5 $ 109.6 OCI Alabama LLC 1.2 1.2 2.6 2.7 Total $ 63.6 $ 54.1 $ 129.1 $ 112.3 |
Receivables and Payables with Affiliates | |
Related Party Transaction [Line Items] | |
Schedule of related party transactions | he Partnership had due from/to with OCI affiliates as follows: As of (In millions) June 30, December 31, June 30, December 31, Due from affiliates Due to affiliates OCI Enterprises $ 0.1 $ 1.7 $ 3.1 $ 4.5 OCI Chemical 14.6 8.7 0.5 1.4 OCI Chemical Europe NV 6.0 9.2 — — Other — — 1.1 1.2 Total $ 20.7 $ 19.6 $ 4.7 $ 7.1 |
MAJOR CUSTOMERS AND SEGMENT R28
MAJOR CUSTOMERS AND SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of sales by geographic area | The net sales by geographic area are as follows: Three Months Ended Six Months Ended (In millions) 2015 2014 2015 2014 Domestic $ 49.8 $ 51.7 $ 98.4 $ 100.3 International ANSAC 62.4 52.9 126.4 109.6 Other 10.0 8.4 17.8 19.3 Total international 72.4 61.3 144.2 128.9 Total net sales $ 122.2 $ 113.0 $ 242.6 $ 229.2 |
CORPORATE STRUCTURE AND SUMMA29
CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Jun. 30, 2015USD ($) |
Corporate Structure and Ownership [Line Items] | |
Members' Equity | $ 0.510 |
Members' Equity Attributable to Noncontrolling Interest | $ 0.490 |
NET INCOME PER UNIT AND CASH 30
NET INCOME PER UNIT AND CASH DISTRIBUTION - Calculation and allocation of net income per unit (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to OCI Resources LP | $ 11.7 | $ 10.3 | $ 24.5 | $ 20.6 |
Less: General partner's interest in net income | 0.3 | 0.2 | 0.5 | 0.4 |
Total limited partners' interest in net income | $ 11.4 | $ 10.1 | $ 24 | $ 20.2 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.5445 | $ 0.5000 | ||
Total weighted average limited partner units outstanding basic and diluted | 19,600,000 | 19,600,000 | 19,600,000 | 19,600,000 |
Distributions Per General Partnership Unit Outstanding | $ 1.083 | $ 1 | ||
Common unit | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average limited partner units outstanding (basic and diluted) (shares) | 9,794,512 | 9,778,744 | 9,792,501 | 9,778,744 |
Net income per limited partner unit (basic and diluted) (dollars per share) | $ 0.59 | $ 0.51 | $ 1.23 | $ 1.03 |
Common Unitholders | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Total limited partners' interest in net income | $ 5.7 | $ 5.1 | $ 12 | $ 10.1 |
Distributions | 5.3 | 5 | 10.6 | 9.8 |
Undistributed earnings | 0.4 | 0.1 | 1.4 | 0.3 |
Subordinated Unitholders | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Total limited partners' interest in net income | $ 5.7 | $ 5 | $ 12 | $ 10.1 |
Weighted average limited partner units outstanding (basic and diluted) (shares) | 9,775,500 | 9,775,500 | 9,775,500 | 9,775,500 |
Net income per limited partner unit (basic and diluted) (dollars per share) | $ 0.59 | $ 0.51 | $ 1.23 | $ 1.03 |
Distributions | $ 5.3 | $ 4.9 | $ 10.6 | $ 9.8 |
Undistributed earnings | $ 0.4 | $ 0.1 | $ 1.4 | $ 0.3 |
NET INCOME PER UNIT AND CASH 31
NET INCOME PER UNIT AND CASH DISTRIBUTION - Percentage allocation of distributions (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Minimum Quarterly Distribution | $ 0.5000 |
General Partner | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Percentage of general partner ownership interest held | 2.00% |
Percentage Allocation of Operating Surplus During Subordination Period | 2.00% |
Up to minimum quarterly distribution | Common unit | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Percentage Allocation of Operating Surplus During Subordination Period | 98.00% |
Up to minimum quarterly distribution | General Partner | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Percentage Allocation of Operating Surplus During Subordination Period | 2.00% |
Up to arrearages on prior quarter minimum distributions | Common unit | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Percentage Allocation of Operating Surplus During Subordination Period | 98.00% |
Up to arrearages on prior quarter minimum distributions | General Partner | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Percentage Allocation of Operating Surplus During Subordination Period | 2.00% |
Up to minimum distribution for subordinated units | Subordinated Units | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Percentage Allocation of Operating Surplus During Subordination Period | 98.00% |
Up to minimum distribution for subordinated units | General Partner | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Percentage Allocation of Operating Surplus During Subordination Period | 2.00% |
Second Target Distribution | General Partner | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Increasing Percentage Allocation of Operating Surplus General Partner Incentive | 13.00% |
Third Target Distribution | General Partner | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Increasing Percentage Allocation of Operating Surplus General Partner Incentive | 23.00% |
Thereafter | General Partner | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Increasing Percentage Allocation of Operating Surplus General Partner Incentive | 48.00% |
NET INCOME PER UNIT AND CASH 32
NET INCOME PER UNIT AND CASH DISTRIBUTION - Target distributions and marginal percentage interests (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Minimum Quarterly Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Maximum Quarterly Distribution Target Levels | $ 0.5000 |
First Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Maximum Quarterly Distribution Target Levels | 0.5750 |
Minimum Quarterly Distribution Target Levels | 0.5000 |
Second Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Maximum Quarterly Distribution Target Levels | 0.6250 |
Minimum Quarterly Distribution Target Levels | 0.5750 |
Third Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Maximum Quarterly Distribution Target Levels | 0.7500 |
Minimum Quarterly Distribution Target Levels | 0.6250 |
Thereafter | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Minimum Quarterly Distribution Target Levels | $ 0.7500 |
Unitholders | Minimum Quarterly Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 98.00% |
Unitholders | First Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 98.00% |
Unitholders | Second Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 85.00% |
Unitholders | Third Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 75.00% |
Unitholders | Thereafter | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 50.00% |
General Partner | Minimum Quarterly Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 2.00% |
General Partner | First Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 2.00% |
General Partner | Second Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 15.00% |
General Partner | Third Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 25.00% |
General Partner | Thereafter | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal Interest in Distribution, Percentage | 50.00% |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 9.2 | $ 6.4 |
Finished goods | 10.9 | 10.4 |
Stores inventory | 28 | 26.4 |
Inventory, Gross | 48.1 | 43.2 |
Stores Inventory (non-current) | (21.8) | (20.7) |
Total | $ 26.3 | $ 22.5 |
DEBT - Components of long-term
DEBT - Components of long-term debt (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt | ||
Total | $ 130 | $ 145 |
Current portion of long-term debt | 0 | 0 |
Total long-term debt | $ 130 | $ 145 |
Variable Rate Demand Revenue Bonds | Principal due October 1, 2018 | ||
Debt | ||
Interest rate (as a percent) | 0.18% | 0.14% |
Total | $ 11.4 | $ 11.4 |
Variable Rate Demand Revenue Bonds | Principal due August 1, 2017 | ||
Debt | ||
Interest rate (as a percent) | 0.18% | 0.14% |
Total | $ 8.6 | $ 8.6 |
Revolving credit facility | ||
Debt | ||
Interest rate (as a percent) | 1.9967% | 1.9781% |
Total | $ 110 | $ 125 |
DEBT - Maturities of long-term
DEBT - Maturities of long-term debt (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 8.6 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 121.4 | |
Total | $ 130 | $ 145 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | Jul. 18, 2013 | |
Line of Credit Facility [Line Items] | ||||
Loss of Control Percentage Threshold | 50.10% | |||
Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 | |||
Revolving credit facility | $ 0 | |||
Consolidated Fixed Charge Coverage Ratio | 105.00% | |||
maximum consolidated capital expenditures | $ 50 | |||
Same Day Swing Line Advances | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 5 | |||
Letters of Credit | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 5 | |||
Minimum | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.275% | |||
Maximum | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||
OCI Wyoming Co | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 190 | |||
Line of Credit Facility Additional Borrowing Capacity | $ 75 | |||
Consolidated Leverage Ratio | 300.00% | |||
Consolidated Fixed Charge Coverage Ratio | 110.00% | |||
maximum consolidated capital expenditures | $ 50 | |||
OCI Wyoming Co | Same Day Swing Line Advances | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 20 | |||
OCI Wyoming Co | Letters of Credit | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 40 | |||
OCI Wyoming Co | Minimum | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.275% | |||
OCI Wyoming Co | Maximum | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||
Standby Letters of Credit [Member] | OCI Wyoming LP [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility | $ 20.3 | $ 20.3 | ||
Scenario, Forecast [Member] | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Consolidated Fixed Charge Coverage Ratio | 110.00% | |||
Scenario, Forecast [Member] | OCI Wyoming Co | Bank of America, NA | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Consolidated Fixed Charge Coverage Ratio | 115000.00% |
OTHER NON-CURRENT LIABILITIES37
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Derivative Instruments and Hedges, Liabilities, Noncurrent | $ 0.9 | $ 0 |
Other Liabilities, Noncurrent | 5.2 | 4.2 |
Reclamation reserve balance at beginning of year | 4.2 | 3.8 |
Accretion Expense | 0.1 | 0.4 |
Reclamation reserve balance at end of year | $ 4.3 | $ 4.2 |
EMPLOYEE COMPENSATION (Details)
EMPLOYEE COMPENSATION (Details) - USD ($) $ in Millions | Jan. 01, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Average Compensation Period | 60 months | |||||
Defined Benefit Plan, Period of Last Service | 120 months | |||||
Pension | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic pension cost | $ 2.2 | $ (0.1) | $ 4.4 | $ 1.6 | ||
Net Periodic Cost Change - QTD | 2.3 | |||||
Net Change in net periodic costs YTD | 2.8 | |||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Contributions by OCI Enterprises | 0.4 | 0.5 | 0.8 | 1 | ||
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic pension cost | 0.1 | $ 0 | 0.3 | $ (0.1) | ||
Benefit obligation | $ 22.2 | $ 22.2 | $ 22.8 | |||
Decrease in postretirement benefits due to amendments | $ 8.7 | |||||
Prior service credit | $ 7.7 |
EQUITY - BASED COMPENSATION (De
EQUITY - BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 908,688 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 11,064 | 6,450 | ||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 0.2 | $ 0.1 | ||
Grant-Date Average Fair Value per Unit | ||||
Vested | $ 22.54 | $ 21.69 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Number of Units | ||||
Nonvested at | 15,859 | |||
Granted | [1] | 8,347 | ||
Vested | (2,552) | |||
Nonvested at | 21,654 | |||
Grant-Date Average Fair Value per Unit | ||||
Nonvested at | $ 24.12 | $ 25.23 | ||
Granted | [1] | 22.51 | ||
Vested | 25.70 | |||
Nonvested at | $ 24.12 | |||
Restricted Stock Units (RSUs) [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
TSR Unit Performance Awards | ||||
Number of Units | ||||
Nonvested at | 7,658 | |||
Granted | 7,235 | |||
Nonvested at | 14,893 | |||
Grant-Date Average Fair Value per Unit | ||||
Nonvested at | [2] | $ 30.34 | $ 35.72 | |
Granted | [2] | 24.64 | ||
Nonvested at | [2] | $ 30.34 | ||
TSR Unit Performance Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||
Payout Range | 0.00% | |||
TSR Unit Performance Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Payout Range | 200.00% | |||
[1] | (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. No estimated forfeiture rate was applied to the awards as of June 30, 2015, as all awards granted are expected to vest. | |||
[2] | Determined by dividing the aggregate grate date fair value of awards by the number of awards issued. |
EQUITY - BASED COMPENSATION Unr
EQUITY - BASED COMPENSATION Unrecognized Compensation Expense (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.7 |
Time-Based Units [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.4 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 11 months 27 days |
Performance Shares [Member] | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.3 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 days |
ACCUMULATED OTHER COMPREHENSI41
ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss and other comprehensive loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | $ (1.2) | $ (1.2) | $ (0.4) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1.1) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0.1 | $ 0.2 | 0.3 | $ 0.2 | |
Other Comprehensive Income (Loss), Net of Tax | $ (0.8) |
ACCUMULATED OTHER COMPREHENSI42
ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income/(loss) on derivative financial instruments | $ 0.4 | $ (0.4) | $ (1.6) | $ (0.6) |
Interest Rate Swap [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income/(loss) on derivative financial instruments | 0.2 | (0.4) | (0.3) | (0.6) |
Natural Gas Hedge Contract [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income/(loss) on derivative financial instruments | $ 0.2 | $ 0 | $ (1.3) | $ 0 |
ACCUMULATED OTHER COMPREHENSI43
ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.2 |
Interest Expense | 1.1 | 1.3 | 2 | 2.5 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest Expense | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.2 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Self-bond agreement for reclamation costs | ||
Other Commitments [Line Items] | ||
Off balance sheet commitment | $ 33.9 | |
OCI Wyoming LP [Member] | Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 20.3 | $ 20.3 |
AGREEMENTS AND TRANSACTIONS W45
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Costs charged by affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 3.9 | $ 3.8 | $ 7.9 | $ 7.1 | |
OCI Enterprises | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1.8 | 2.1 | 4 | 4.1 | |
OCI Chemical | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1.1 | 1 | 2.1 | 2 | |
ANSAC | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | [1] | $ 1 | $ 0.7 | $ 1.8 | $ 1 |
[1] | ANSAC allocates its expenses to ANSAC’s members using a pro rata calculation based on sales. |
AGREEMENTS AND TRANSACTIONS W46
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
ANSAC | ||||
Related Party Transaction [Line Items] | ||||
Cost of Goods Sold | $ 1.6 | $ 3.2 | $ 4.3 | $ 4.7 |
AGREEMENTS AND TRANSACTIONS W47
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Net sales to affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Net sales to affiliates | $ 63.6 | $ 54.1 | $ 129.1 | $ 112.3 |
ANSAC | ||||
Related Party Transaction [Line Items] | ||||
Net sales to affiliates | 62.4 | 52.9 | 126.5 | 109.6 |
OCI Alabama LLC | ||||
Related Party Transaction [Line Items] | ||||
Net sales to affiliates | $ 1.2 | $ 1.2 | $ 2.6 | $ 2.7 |
AGREEMENTS AND TRANSACTIONS W48
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Receivables from or payables to affiliates (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Due from affiliates | $ 20.7 | $ 19.6 |
Due to affiliates | 4.7 | 7.1 |
OCI Enterprises | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 0.1 | 1.7 |
Due to affiliates | 3.1 | 4.5 |
OCI Chemical | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 14.6 | 8.7 |
Due to affiliates | 0.5 | 1.4 |
OCI Chemical Europe NV | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 6 | 9.2 |
Due to affiliates | 0 | 0 |
Other | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 0 | 0 |
Due to affiliates | $ 1.1 | $ 1.2 |
MAJOR CUSTOMERS AND SEGMENT R49
MAJOR CUSTOMERS AND SEGMENT REPORTING - Narrative (Details) | 6 Months Ended |
Jun. 30, 2015item | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
MAJOR CUSTOMERS AND SEGMENT R50
MAJOR CUSTOMERS AND SEGMENT REPORTING - Sales by geographic area (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales by geographical area | ||||
Sales | $ 122.2 | $ 113 | $ 242.6 | $ 229.2 |
Sales to affiliates | 63.6 | 54.1 | 129.1 | 112.3 |
ANSAC | ||||
Sales by geographical area | ||||
Sales to affiliates | 62.4 | 52.9 | 126.5 | 109.6 |
Domestic | ||||
Sales by geographical area | ||||
Sales | 49.8 | 51.7 | 98.4 | 100.3 |
International | ||||
Sales by geographical area | ||||
Sales | 72.4 | 61.3 | 144.2 | 128.9 |
International | Other | ||||
Sales by geographical area | ||||
Sales | 10 | 8.4 | 17.8 | 19.3 |
International | ANSAC | ||||
Sales by geographical area | ||||
Sales to affiliates | $ 62.4 | $ 52.9 | $ 126.4 | $ 109.6 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Liabilities, Noncurrent | $ 0.9 | $ 0 |
Fair Value, Measurements, Recurring | Level 2 | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative aggregate notional value | 75 | 76 |
Derivative fair value | 1.1 | 0.7 |
Fair Value, Measurements, Recurring | Level 2 | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative aggregate notional value | 13.8 | 6.9 |
Derivative Asset | 0.1 | $ 0.6 |
Fair Value, Measurements, Recurring | Level 2 | Natural Gas Hedge Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative aggregate notional value | 16.8 | |
Derivative fair value | $ (1.3) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 07, 2015 | Jul. 19, 2015 | Jul. 17, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Subsequent Event [Line Items] | |||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.5445 | $ 0.5000 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 26 | ||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.5445 | ||||
Percentage of Shares Sold for OCI Chemical | 100.00% | ||||
Proposed Sales Price of transaction | $ 429 | ||||
Sale of Stock, Percentage of Ownership before Transaction | 73.00% | ||||
Limited Partner Units in sale transaction | 14.55 | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 2.00% | ||||
Percentage of Incentive Distribution Rights in transaction | 100.00% |