Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 30, 2019 | |
Document and Entity Information | |||
Entity Registrant Name | Ciner Resources LP. | ||
Entity Central Index Key | 0001575051 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 98.3 | ||
Common Units | |||
Document and Entity Information | |||
Entity Common Stock, Shares Outstanding | 19,757,260 | ||
General Partner | |||
Document and Entity Information | |||
Entity Common Stock, Shares Outstanding | 399,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 14.9 | $ 10.2 |
Accounts receivable-affiliates | 95 | 70.1 |
Accounts receivable, net | 36 | 36.9 |
Inventory | 24.2 | 22.3 |
Other current assets | 2.2 | 2 |
Total current assets | 172.3 | 141.5 |
Property, plant and equipment, net | 297.7 | 266.7 |
Other non-current assets | 24.3 | 26.4 |
Total assets | 494.3 | 434.6 |
Current liabilities: | ||
Accounts payable | 14.2 | 17.6 |
Due to affiliates | 3 | 2.6 |
Accrued expenses | 39.1 | 44.4 |
Total current liabilities | 56.3 | 64.6 |
Long-term debt | 129.5 | 99 |
Other non-current liabilities | 8.6 | 10.9 |
Total liabilities | 194.4 | 174.5 |
Commitments and Contingencies (See Note 14) | ||
Equity: | ||
Common unitholders - Public and Ciner Holdings (19.8 and 19.7 units issued and outstanding at December 31, 2019 and 2018) | 171.4 | 153.8 |
General partner unitholders - Ciner Resource Partners LLC (0.4 units issued and outstanding at December 31, 2019 and 2018) | 4.3 | 3.9 |
Accumulated other comprehensive loss | (3) | (3.8) |
Partners’ capital attributable to Ciner Resources LP | 172.7 | 153.9 |
Non-controlling interest | 127.2 | 106.2 |
Total equity | 299.9 | 260.1 |
Total liabilities and partners’ equity | $ 494.3 | $ 434.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common units issued (in shares) | 19.8 | 19.7 |
Common units outstanding (in shares) | 19.8 | 19.7 |
General partner units issued (in shares) | 0.4 | 0.4 |
General partners units outstanding (in shares) | 0.4 | 0.4 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales: | |||
Sales - affiliates | $ 315.8 | $ 253.3 | $ 304.5 |
Sales - others | 207 | 233.4 | 192.8 |
Total net sales | 522.8 | 486.7 | 497.3 |
Cost of products sold: | |||
Cost of products sold (excludes depreciation, depletion and amortization expense set forth separately below) | 221.7 | 215.9 | 211 |
Depreciation, depletion and amortization expense | 26.9 | 28.4 | 27.1 |
Total cost of products sold | 391.9 | 383.4 | 383.8 |
Gross profit | 130.9 | 103.3 | 113.5 |
Operating expenses: | |||
Selling, general and administrative expenses—affiliates | 18.4 | 17.6 | 16.9 |
Selling, general and administrative expenses—others | 5.4 | 6.9 | 5.5 |
Impairment and loss on disposal of assets, net | 0 | 0 | 1.6 |
Litigation settlement | 0 | (27.5) | 0 |
Total operating expenses | 23.8 | (3) | 24 |
Operating income | 107.1 | 106.3 | 89.5 |
Other income/(expenses): | |||
Interest income | 0.4 | 1.9 | 1.7 |
Interest expense | (5.9) | (5.1) | (4.6) |
Other - net | 0 | (0.1) | (0.2) |
Total other expense, net | (5.5) | (3.3) | (3.1) |
Net income | 101.6 | 103 | 86.4 |
Net income attributable to non-controlling interest | 52 | 53.1 | 44.8 |
Net income attributable to Ciner Resources LP | 49.6 | 49.9 | 41.6 |
Other comprehensive income/(loss): | |||
Income (loss) on derivative financial instruments | 1.6 | ||
Income (loss) on derivative financial instruments | (0.2) | (4) | |
Comprehensive income | 103.2 | 102.8 | 82.4 |
Comprehensive income attributable to non-controlling interest | 52.7 | 53 | 42.9 |
Comprehensive income attributable to Ciner Resources LP | $ 50.5 | $ 49.8 | $ 39.5 |
Net income per limited partner unit: | |||
Net income per limited partner unit (basic) (in dollars per share) | $ 2.46 | $ 2.48 | $ 2.08 |
Net income per limited partner unit (diluted) (in dollars per share) | $ 2.46 | $ 2.48 | $ 2.07 |
Limited partner units outstanding: | |||
Total weighted average limited partner units outstanding (basic) (in shares) | 19.7 | 19.7 | 19.6 |
Weighted average limited partner units outstanding (diluted) (in shares) | 19.7 | 19.7 | 19.7 |
Cargo and Freight | |||
Cost of products sold: | |||
Freight costs | $ 143.3 | $ 139.1 | $ 145.7 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 101.6 | $ 103 | $ 86.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization expense | 27.1 | 28.7 | 27.5 |
Impairment and loss on disposal of assets, net | 0.6 | 0 | 1.6 |
Equity-based compensation expense | 0.8 | 1.8 | 1.3 |
Other non-cash items | 0.3 | 0.3 | 0.3 |
Changes in operating assets and liabilities: | |||
Accounts receivable - net | 0.9 | (2.7) | 0.2 |
Accounts receivable - affiliates | (24.9) | 28.2 | (37.7) |
Inventory | (0.4) | (3) | 0.5 |
Other current and other non-current assets | 0.1 | (0.2) | (0.2) |
Increase/(decrease) in: | |||
Accounts payable | (3.1) | 2.4 | 1.7 |
Due to affiliates | 0.4 | (0.4) | (1.2) |
Accrued expenses and other liabilities | 0.4 | 4.1 | (1.1) |
Net cash provided by operating activities | 103.8 | 162.2 | 79.3 |
Cash flows from investing activities: | |||
Capital expenditures | (65.4) | (39.4) | (24.7) |
Net cash used in investing activities | (65.4) | (39.4) | (24.7) |
Cash flows from financing activities: | |||
Borrowings on Ciner Wyoming credit facility | 102 | 104 | 88.5 |
Repayments on Ciner Wyoming credit facility | (71.5) | (143) | (28.5) |
Repayments on other long-term debt | 0 | (11.4) | (8.6) |
Debt issuance costs | 0 | 0 | (1.1) |
Common units surrendered for taxes | (0.5) | (0.3) | 0 |
Distributions to non-controlling interest | (31.9) | (46.6) | (49) |
Net cash used in financing activities | (33.7) | (142.8) | (44.1) |
Net increase/(decrease) in cash and cash equivalents | 4.7 | (20) | 10.5 |
Cash and cash equivalents at beginning of year | 10.2 | 30.2 | 19.7 |
Cash and cash equivalents at end of year | 14.9 | 10.2 | 30.2 |
Supplemental disclosure of cash flow information: | |||
Interest paid during the year | 5.5 | 5.1 | 4.1 |
Supplemental disclosure of non-cash investing activities: | |||
Capital expenditures on account | 6.8 | 14 | 1 |
Common Units | |||
Cash flows from financing activities: | |||
Distributions | (31.2) | (44.6) | (44.5) |
General Partner | |||
Cash flows from financing activities: | |||
Distributions | $ (0.6) | $ (0.9) | $ (0.9) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Partnership unitsCommon Units | Partnership unitsGeneral Partner | Accumulated Other Comprehensive Loss | Partners’ Capital Attributable to Ciner Resources LP Equity | Noncontrolling Interests |
Beginning balance at Dec. 31, 2016 | $ 259.2 | $ 151 | $ 3.9 | $ (1.6) | $ 153.3 | $ 105.9 |
Increase (decrease) in shareholders' equity | ||||||
Net income | 86.4 | 40.8 | 0.8 | 41.6 | 44.8 | |
Other comprehensive loss | (4) | (2.1) | (2.1) | (1.9) | ||
Equity-based compensation plan activity | 1 | 1 | 1 | |||
Distributions | (94.4) | (44.5) | (0.9) | (45.4) | (49) | |
Ending balance at Dec. 31, 2017 | 248.2 | 148.3 | 3.8 | (3.7) | 148.4 | 99.8 |
Increase (decrease) in shareholders' equity | ||||||
Net income | 103 | 48.9 | 1 | 49.9 | 53.1 | |
Other comprehensive loss | (0.2) | (0.1) | (0.1) | (0.1) | ||
Equity-based compensation plan activity | 1.2 | 1.2 | 1.2 | |||
Distributions | (92.1) | (44.6) | (0.9) | (45.5) | (46.6) | |
Ending balance at Dec. 31, 2018 | 260.1 | 153.8 | 3.9 | (3.8) | 153.9 | 106.2 |
Increase (decrease) in shareholders' equity | ||||||
Net income | 101.6 | 48.6 | 1 | 49.6 | 52 | |
Other comprehensive loss | 1.6 | 0.8 | 0.8 | 0.8 | ||
Equity-based compensation plan activity | 0.3 | 0.3 | 0.3 | |||
Distributions | (63.7) | (31.3) | (0.6) | (31.9) | (31.8) | |
Ending balance at Dec. 31, 2019 | $ 299.9 | $ 171.4 | $ 4.3 | $ (3) | $ 172.7 | $ 127.2 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | GENERAL Nature of Operations As used in this Report, the terms “Ciner Resources LP,” “the “Partnership,” “CINR,” “we,” “us,” or “our” may refer to Ciner Resources LP, formerly OCI Resources LP, a publicly traded Delaware limited partnership formed in April 2013 by Ciner Wyoming Holding Co. (“Ciner Holdings” or ), formerly OCI Wyoming Holding Co. Ciner Holdings, a wholly-owned subsidiary of Ciner Resources Corporation (“Ciner Corp”), formerly OCI Chemical Corporation, wholly-owned Ciner Resource Partners LLC (our “general partner” or “Ciner GP”), formerly OCI Resource Partners LLC. Ciner Corp is a direct wholly-owned subsidiary of Ciner Enterprises Inc. (“Ciner Enterprises”), which is directly wholly-owned by WE Soda Ltd. (“WE Soda”), which is directly wholly-owned by KEW Soda Ltd. (“KEW Soda”), which is directly wholly-owned by Akkan Enerji ve Madencilik Anonim Şirketi (“Akkan”), which in turn is directly wholly-owned by Turgay Ciner, the Chairman of the Ciner Group, a Turkish conglomerate of companies engaged in energy and mining (including soda ash mining), media and shipping markets. Ciner Wyoming LLC (“Ciner Wyoming”), formerly OCI Wyoming LLC, is in the business of mining trona ore to produce soda ash, and a majority-owned subsidiary of the Partnership. The Partnership’s operations consist solely of its investment in Ciner Wyoming. The Partnership owns a controlling interest comprised of 51.0% membership interest in Ciner Wyoming. All of our soda ash processed is sold to various domestic and European customers, and to Ciner Ic ve Dis Ticaret Anonim Sirketi (“CIDT”) and American Natural Soda Ash Corporation (“ANSAC”) which are affiliates for export sales. During 2019 and 2018, there were no sales to CIDT, an affiliate for export sales, as the previous contract concluded in the 2017 year. All mining and processing activities of Ciner Wyoming take place in one facility located in the Green River Basin of Wyoming. NRP Trona LLC, a wholly owned subsidiary of Natural Resource Partners L.P. (“NRP”), currently owns a 49.0% membership interest in Ciner Wyoming. NRP’s membership interest in Ciner Wyoming is reflected as the non-controlling interest in CINR’s financial results. On February 22, 2018, Akkan transferred its direct 100% ownership in Ciner Enterprises to KEW Soda, a UK company, which transferred such ownership to WE Soda, a UK company. WE Soda is 100% owned by KEW Soda, and KEW Soda is wholly owned by Akkan. This reorganization is a part of Ciner Group’s strategy to combine the global soda ash business under a common structure in the UK. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Significant Accounting Policies The accompanying consolidated financial statements of the Partnership and its subsidiary have been prepared in conformity with U.S. generally accepted accounting principles 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 and unless otherwise noted, the financial information for the Partnership is presented before non-controlling interest. Use of Estimates The preparation of consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition On May 28, 2014 the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, 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. The Partnership adopted this ASC effective January 1, 2018 using the modified retrospective method, as permitted by the ASC, and we have not made any adjustment to opening retained earnings. The Partnership has applied the provisions of this ASC and notes that our adoption of ASC 606 did not materially change the amount or timing of revenues recognized by us, nor does it materially affect our financial position. The majority of our revenues generated are recognized upon delivery and transfer of title to the product to our customers. The time at which delivery and transfer of title occurs, for the majority of our contracts with customers, is the point when the product leaves our facility, thereby rendering our performance obligation fulfilled. Additionally, the Partnership has made an accounting policy election to account for shipping and handling activities as fulfillment costs. Freight Costs The Partnership includes freight costs billed to customers for shipments administered by the Partnership in gross sales. The related freight costs along with cost of products sold are deducted from gross sales to determine gross profit. Cash and Cash Equivalents The Partnership considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of money market deposit accounts. Accounts Receivable Accounts receivable are carried at the original invoice amount less an estimate for doubtful receivables. We generally do not require collateral against outstanding accounts receivable. The allowance for doubtful accounts is based on specifically identified amounts that the Partnership believes to be uncollectible. An additional allowance is recorded based on certain percentages of aged receivables, which are determined based on management’s assessment of the general financial conditions affecting the Partnership’s customer base. We determined that no allowance for doubtful accounts was required against receivables from affiliates as of December 31, 2019 and 2018 . If actual collection experience changes, revisions to the allowance may be required. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. During the years ended 2019 , 2018 and 2017 , there were no significant accounts receivable bad debt expenses, write-offs or recoveries. Inventory Inventory is carried at the lower of cost or market. Cost is determined using the first-in, first-out method for raw material and finished goods inventory and the weighted average cost method for stores inventory. Costs include raw materials, direct labor and manufacturing overhead. Market is based on current replacement cost for raw materials and net realizable value for stores inventory and finished goods. • Raw material inventory includes material, chemicals and natural resources being used in the mining and refining process. • Finished goods inventory is the finished product soda ash. • Stores inventory includes parts, materials and operating supplies which are typically consumed in the production of soda ash and currently available for future use. Inventory expected to be consumed within the year is classified as current assets and remainder is classified as non-current assets. Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of depreciable assets, using the straight-line method. The estimated useful lives applied to depreciable assets are as follows: Useful Lives Land improvements 10 years Depletable land 15-60 years Buildings and building improvements 10-30 years Computer hardware 3-5 years Machinery and equipment 5-20 years Furniture and fixtures 10 years Mineral reserves are amortized over an estimated time period that is derived from total estimated proven and probable mineral reserves divided by our average annual tons mined which for 2019 was approximately 59 years . The Partnership’s policy is to evaluate property, plant, and equipment for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. An indicator of potential impairment would include situations when the estimated future undiscounted cash flows are less than the carrying value. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. Derivative Instruments and Hedging Activities The Partnership may enter into derivative contracts from time to time to manage exposure to the risk of exchange rate changes on its foreign currency transactions, the risk of changes in natural gas prices, and the risk of the variability in interest rates on borrowings. Gains and losses on derivative contracts qualifying for hedge accounting are reported as a component of the underlying transactions. The Partnership follows hedge accounting for its hedging activities. All derivative instruments are recorded on the balance sheet at their fair values. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. The Partnership designates its derivatives based upon criteria established for hedge accounting under generally accepted accounting principles. For a derivative designated as a fair value hedge, the gain or loss is recognized in earnings in the period of change together with the offsetting gain or loss on the hedged item attributed to the risk being hedged. For a derivative designated as a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged exposure affects earnings. Any significant ineffective portion of the gain or loss is reported in earnings immediately. For derivatives not designated as hedges, the gain or loss is reported in earnings in the period of change. The natural gas physical forward contracts are accounted for under the normal purchases and normal sales scope exception. Income Tax We are organized as a pass-through entity for federal income tax purposes and therefore are not subject to federal or certain state income taxes. As a result, our partners are responsible for federal income taxes based on their respective share of taxable income. Net income for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the partnership agreement. Reclamation Costs The Partnership is obligated to return the land beneath its refinery and tailings ponds to its natural condition upon completion of operations and is required to return the land beneath its rail yard to its natural condition upon termination of the various lease agreements. The Partnership accounts for its land reclamation liability as an asset retirement obligation, which requires that obligations associated with the retirement of a tangible long-lived asset be recorded as a liability when those obligations are incurred, with the amount of the liability initially measured at fair value. Upon initially recognizing a liability for an asset retirement obligation, an entity must capitalize the cost by recognizing an increase in the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. The estimated original liability calculated in 1996 for the refinery and tailing ponds was calculated based on the estimated useful life of the mine, which was 80 years , and on external and internal estimates as to the cost to restore the land in the future and state regulatory requirements. The liability was discounted using a weighted average credit-adjusted risk-free rate of approximately 6% and is being accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding charge being recorded to cost of products sold. During 2011 , the Partnership constructed a rail yard to facilitate loading and switching of rail cars. The Partnership is required to restore the land on which the rail yard is constructed to its natural conditions. The original estimated liability for restoring the rail yard to its natural condition was calculated based on the land lease life of 30 years and on external and internal estimates as to the cost to restore the land in the future. The liability is discounted using a credit-adjusted risk-free rate of 4.25% and is being accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding charge being recorded to cost of products sold. Fair Value of Financial Instruments Fair value is determined using a valuation hierarchy, generally by reference to an active trading market, quoted market prices or model-derived valuations for the same or similar financial instruments. See Note 17, “Fair Value Measurements,” for more information. Equity-Based Compensation We recognize compensation expense related to equity-based awards, with service conditions, granted to employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. The grant date fair value of the equity-based awards is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. Equity-based awards with market conditions are fair valued using a Monte Carlo Simulation model. See Note 12, “Equity-Based Compensation,” for additional information. Subsequent Events We have evaluated subsequent events through the filing of this Annual Report on Form 10-K. See Note 19, “Subsequent Events” for additional information. Recent Accounting Guidance Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2016-02 and these additional ASUs are now codified as ASC 842. Pursuant to these updates, accounting for leases by lessors remains largely unchanged from current guidance. The update requires that lessees recognize a lease liability and a right of use asset for all leases (with the exception of short-term leases) at the commencement date of the lease and disclose key information about leasing arrangements. For leases less than 12 months, an entity is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The Partnership made this election upon adoption. The Partnership adopted ASC 842 effective January 1, 2019 using a modified retrospective approach under which prior comparative periods will not be adjusted, as permitted by the guidance. The Partnership has determined that the adoption of the new standard did not have a material impact on the balance sheet or statement of operations because the Partnership has no material long term leases that are subject to ASC 842. Ciner Corp was determined to be the ultimate lessee for rail car lease agreements under ASC 842, and the Partnership will continue to incur an allocation of rent expense in relation to the use of rail cars leased by Ciner Corp. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (“ASU Topic 815”) – Targeted Improvements to Accounting for Hedging Activities. ASU Topic 815 aims to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, ASU Topic 815 makes certain targeted improvements to simplify the application of the existing hedge accounting guidance. The Partnership adopted ASU Topic 815 effective January 1, 2019 and concluded there was no material impact to the Partnership’s consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326)” ("ASU 2016-13"). This ASU introduces the current expected credit loss (CECL) model, which will require an entity to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. ASU 2016-13 is effective for periods beginning after December 15, 2019. The Partnership continues to evaluate ASU 2016-13 but does not expect a material impact to the Partnership’s financial statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”), which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. ASU 2018-15 amends ASC 350 and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA. ASU 2018-15 does not expand on existing disclosure requirements except to require a description of the nature of hosting arrangements that are service contracts. Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance. ASU 2018-15 is effective for periods beginning after December 15, 2019. The Partnership continues to evaluate ASU 2018-15 but does not expect a material impact to the Partnership’s consolidated financial statements. |
NET INCOME PER UNIT AND CASH DI
NET INCOME PER UNIT AND CASH DISTRIBUTION | 12 Months Ended |
Dec. 31, 2019 | |
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 is computed by dividing limited partners’ interest in net income attributable to Ciner Corp, after deducting the general partner’s interest and any incentive distributions, by the weighted average number of outstanding common 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 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. Anti-dilutive units outstanding were immaterial for all periods presented. 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: Year Ended December 31, (In millions, except per unit data) 2019 2018 2017 Net income attributable to Ciner Resources LP $ 49.6 $ 49.9 $ 41.6 Less: General partner’s interest in net income 1.0 1.0 0.8 Limited partners’ interest in net income $ 48.6 $ 48.9 $ 40.8 Weighted average limited partner units outstanding: Common - Public and Ciner Holdings (basic) 19.7 19.7 19.6 Total weighted average limited partner units outstanding (basic) 19.7 19.7 19.6 Common - Public and Ciner Holdings (diluted) 19.7 19.7 19.7 Total weighted average limited partner units outstanding (diluted) 19.7 19.7 19.7 Net income per limited partner unit: Common - Public and Ciner Holdings (basic) $ 2.46 $ 2.48 $ 2.08 Net income per limited partner units (basic) $ 2.46 $ 2.48 $ 2.08 Common - Public and Ciner Holdings (diluted) $ 2.46 $ 2.48 $ 2.07 Net income per limited partner units (diluted) $ 2.46 $ 2.48 $ 2.07 The calculation of limited partners’ interest in net income is as follows: Year Ended December 31, (In millions, except per unit data) 2019 2018 2017 Net income attributable to common unitholders: Distributions (1) $ 26.8 $ 44.6 $ 44.5 (Distributions in excess of net income)/undistributed earnings 21.8 4.3 (3.7 ) Common unitholders’ interest in net income $ 48.6 $ 48.9 $ 40.8 (1) Distributions declared per unit for the year 1.360 2.268 2.268 Quarterly Distribution On January 30, 2020 , the Partnership declared its fourth quarter 2019 quarterly distribution. The quarterly cash distribution of $0.340 per unit was paid on February 21, 2020 to unitholders of record on February 10, 2020 . 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. 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 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, including for the declared quarterly distributions of $0.340 per unit for each of the four quarters of 2019. Under the Partnership agreement, our general partner has considerable discretion to determine the amount of available cash (as defined therein) for distribution each quarter to the Partnership’s unitholders, including discretion to establish cash reserves that would limit the amount of available cash eligible for distribution to the Partnership’s unitholders for any quarter. The Partnership does not guarantee that it will pay the target amount of the minimum quarterly distribution listed below (or any distributions) on its units in any quarter. The percentage interests set forth below for our general partner (1) include a 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 incentive distribution rights and (4) assume that we do not issue additional classes of equity securities. 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 % |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following as of December 31: (In millions) 2019 2018 Trade receivables $ 30.3 $ 31.0 Other receivables 5.7 5.9 Total $ 36.0 $ 36.9 |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventory consisted of the following as of December 31: (In millions) 2019 2018 Raw materials $ 8.7 $ 10.9 Finished goods 6.9 5.1 Stores inventory, current 8.6 6.3 Total $ 24.2 $ 22.3 |
PROPERTY, PLANT, AND EQUIPMENT,
PROPERTY, PLANT, AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, AND EQUIPMENT, NET | PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consisted of the following as of December 31: (In millions) 2019 2018 Land and land improvements $ 0.3 $ 0.3 Depletable land 3.0 3.0 Buildings and building improvements 137.8 137.1 Computer hardware 4.7 4.7 Machinery and equipment 672.4 677.7 Mining reserves 65.3 65.3 Total 883.5 888.1 Less accumulated depreciation, depletion and amortization (676.6 ) (667.7 ) Total net book value 206.9 220.4 Construction in progress 90.8 46.3 Total property, plant, and equipment, net $ 297.7 $ 266.7 Depreciation, depletion and amortization expense on property, plant, and equipment was $26.9 million , $28.4 million and $27.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The increase in construction in progress from December 31, 2018 to December 31, 2019 is due to construction on a co-generation facility which we are planning to be operational by the end of the first quarter of 2020 and the execution of the early phases for a Green River Expansion Project that we believe will significantly increase production levels of soda ash. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS Other non-current assets consisted of the following as of December 31: (In millions) 2019 2018 Stores inventory, non-current $ 17.6 $ 19.4 Internal-use software, net of accumulated amortization 6.1 6.2 Deferred financing costs and other 0.6 0.8 Total $ 24.3 $ 26.4 During the years ended December 31, 2019, 2018 and 2017, in accordance with ASC 350-40, Internal Use Software, we capitalized $0.6 million , $6.2 million and $0.0 million , respectively, of certain internal use software development costs. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and infrastructure development stage, and (iii) the post-implementation stage. Costs incurred in the planning and post-implementation stages of software development, or other maintenance and development expenses that do not meet the qualification for capitalization are expensed as incurred. Costs incurred in the application and infrastructure development stage, including significant enhancements and upgrades, are capitalized. The Partnership amortizes software development costs on a straight-line basis over the estimated useful life of five to ten years under depreciation and amortization expense which is included in the cost of products sold financial statement line item of the consolidated statements of operations. During the years ended December 31, 2019, 2018 and 2017, we amortized internal use software development costs of $0.7 million , $0.0 million and $0.0 million , respectively. Amortization for these internal use software development costs are expected to be $0.7 million per year. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following as of December 31: (In millions) 2019 2018 Accrued capital expenditures $ 6.2 $ 13.0 Accrued energy costs 5.7 6.6 Accrued royalty costs 7.1 6.5 Accrued employee compensation & benefits 7.1 7.5 Accrued other taxes 4.8 4.7 Accrued derivatives 3.3 1.9 Other accruals 4.9 4.2 Total $ 39.1 $ 44.4 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consisted of the following as of December 31: (In millions) 2019 2018 Ciner Wyoming Credit Facility, unsecured principal expiring on August 1, 2022, variable interest rate as a weighted average rate of 3.27% and 3.99% at December 31, 2019 and 2018, respectively $ 129.5 $ 99.0 Total long-term debt $ 129.5 $ 99.0 Aggregate maturities required on long-term debt at December 31, 2019 are due in future years as follows: Amount 2020-2021 $ — 2022 129.5 2023 and thereafter — Total $ 129.5 . Ciner Wyoming Credit Facility On August 1, 2017, Ciner Wyoming entered into a Credit Agreement (“Ciner Wyoming Credit Facility”) with each of the lenders listed on the respective signature pages thereof and PNC Bank, National Association, as administrative agent, swing line lender and a Letter of Credit (“L/C”) issuer. The Ciner Wyoming Credit Facility replaces the former Credit Facility (“Former Ciner Wyoming Credit Facility”), dated as of July 18, 2013, by and among Ciner Wyoming, the lenders party thereto and Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, as amended, which was terminated on August 1, 2017 upon entry into the Ciner Wyoming Credit Facility. This arrangement was accounted for as a modification of debt in accordance with ASC 470-50. The Ciner Wyoming Credit Facility is a $225.0 million senior unsecured revolving credit facility with a syndicate of lenders, which will mature on the fifth anniversary of the closing date of such credit facility. The Ciner 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 Ciner Wyoming Credit Facility has an accordion feature that allows Ciner Wyoming to increase the available revolving borrowings under the facility by up to an additional $75.0 million , subject to Ciner Wyoming receiving increased commitments from existing lenders or new commitments from new lenders and the satisfaction of certain other conditions. In addition, the Ciner 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. Ciner Wyoming’s obligations under the Ciner Wyoming Credit Facility are unsecured. The Ciner Wyoming Credit Facility contains various covenants and restrictive provisions that limit (subject to certain exceptions) Ciner 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 Ciner Wyoming; • merge or consolidate with another company; and • transfer, sell or otherwise dispose of assets. The Ciner Wyoming Credit Facility also requires quarterly maintenance of a consolidated leverage ratio (as defined in the Ciner Wyoming Credit Facility) of not more than 3.00 to 1.00 and a consolidated interest coverage ratio (as defined in the Ciner Wyoming Credit Facility) of not less than 3.00 to 1.00. The Ciner Wyoming Credit Facility contains events of default customary for transactions of this nature, including (i) failure to make payments required under the Ciner Wyoming Credit Facility, (ii) events of default resulting from failure to comply with covenants and financial ratios in the Ciner Wyoming Credit Facility, (iii) the occurrence of a change of control, (iv) the institution of insolvency or similar proceedings against Ciner Wyoming and (v) the occurrence of a default under any other material indebtedness Ciner Wyoming may have. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the Ciner Wyoming Credit Facility, the administrative agent shall, at the request of the Required Lenders (as defined in the Ciner Wyoming Credit Facility), or may, with the consent of the Required Lenders, terminate all outstanding commitments under the Ciner Wyoming Credit Facility and may declare any outstanding principal of the Ciner Wyoming Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable. Under the Ciner Wyoming Credit Facility, a change of control is triggered if Ciner Corp 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 our general partner (or any entity that performs the functions of the Partnership’s general partner). In addition, a change of control would be triggered if the Partnership ceases to own at least 50.1% of the economic interests in Ciner Wyoming or cease to have the ability to elect a majority of the members of Ciner Wyoming’s board of managers. Loans under the Ciner Wyoming Credit Facility bear interest at Ciner 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 or (iii) one-month LIBOR plus 1.0% , in each case, plus an applicable margin; or • Eurodollar Rate plus an applicable margin. The unused portion of the Ciner Wyoming Credit Facility is subject to an unused line fee ranging from 0.225% to 0.300% per annum based on Ciner Wyoming’s then current consolidated leverage ratio. At December 31, 2019 , Ciner Wyoming was in compliance with all financial covenants of the Ciner Wyoming Credit Facility. Ciner Resources Credit Facility On August 1, 2017, the Partnership entered into a Credit Agreement (the “Ciner Resources Credit Facility”) with each of the lenders listed on the respective signature pages thereof and PNC Bank, National Association, as administrative agent, swing line lender and an L/C issuer. The Ciner Resources Credit Facility replaces the former Credit Facility, dated as of July 18, 2013, by and among the Partnership, the lenders party thereto and Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, as amended (the “Former Revolving Credit Facility”), which was terminated on August 1, 2017 upon entry into the Ciner Resources Credit Facility. The Ciner Resources Credit Facility is a $10.0 million senior secured revolving credit facility with a syndicate of lenders, which will mature on the fifth anniversary of the closing date of such credit facility. The Ciner Resources Credit Facility provides for revolving loans to be available to fund distributions on the Partnership’s units and working capital requirements and capital expenditures, to consummate permitted acquisitions and for all other lawful partnership purposes. The Ciner Resources 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. The Partnership’s obligations under the Ciner Resources Credit Facility are guaranteed by each of the Partnership’s material domestic subsidiaries other than Ciner Wyoming LLC (“Ciner Wyoming”). In addition, the Partnership’s obligations under the Ciner Resources Credit Facility are secured by a pledge of substantially all of the Partnership’s assets (subject to certain exceptions), including the membership interests held in Ciner Wyoming by the Partnership. The Ciner Resources Credit Facility contains various covenants and restrictive provisions that limit (subject to certain exceptions) the Partnership’s ability to (and the ability of the Partnership’s subsidiaries, including without limitation, Ciner 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 Ciner Resources Credit Facility also requires quarterly maintenance of a consolidated leverage ratio (as defined in the Ciner Resources Credit Facility) of not more than 3.00 to 1.00 and a consolidated interest coverage ratio (as defined in the Ciner Resources Credit Facility) of not less than 3.00 to 1.00. In addition, the Ciner Resources Credit Facility contains events of default customary for transactions of this nature, including (i) failure to make payments required under the Ciner Resources 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 the Partnership or its material subsidiaries and (v) the occurrence of a default under any other material indebtedness the Partnership (or any of its subsidiaries) may have, including the Ciner Wyoming Credit Facility. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the Ciner Resources Credit Facility, the lenders may terminate all outstanding commitments under the Ciner Resources Credit Facility and may declare any outstanding principal of the Ciner Resources Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable. Under the Ciner Resources Credit Facility, a change of control is triggered if Ciner Corp 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, Ciner Holdings or Ciner GP (or any entity that performs the functions of the Partnership’s general partner). In addition, a change of control would be triggered if the Partnership ceases to own at least 50.1% of the economic interests in Ciner Wyoming or ceases to have the ability to elect a majority of the members of Ciner Wyoming’s board of managers. Loans under the Ciner Resources 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 or (iii) one-month LIBOR plus 1.0% , in each case, plus an applicable margin; or • Eurodollar Rate plus an applicable margin. The unused portion of the Ciner Resources Credit Facility is subject to an unused line fee ranging from 0.225% to 0.300% based on our then current consolidated leverage ratio. At December 31, 2019 , the Partnership has not drawn upon the $10.0 million of availability under this facility. Additionally, at December 31, 2019 , the Partnership was in compliance with all financial covenants of the Ciner Resources Credit Facility. WE Soda and Ciner Enterprises Facilities Agreement On August 1, 2018, Ciner Enterprises, the entity that indirectly owns and controls our General Partner, refinanced its existing credit agreement and entered into a new facilities agreement, to which WE Soda and Ciner Enterprises (as borrowers), and KEW Soda, WE Soda, certain related parties and Ciner Enterprises, Ciner Holdings and Ciner Corp (as original guarantors and together with the borrowers, the “Ciner obligors”), are parties (as amended and restated or otherwise modified, the “Facilities Agreement”), and certain related finance documents. The Facilities Agreement expires on August 1, 2025. Even though neither the Partnership nor Ciner Wyoming is a party or a guarantor under the Facilities Agreement, while any amounts are outstanding under the Facilities Agreement we will be indirectly affected by certain affirmative and restrictive covenants that apply to WE Soda and its subsidiaries (which include us). Besides the customary covenants and restrictions, the Facilities Agreement includes provisions that, without a waiver or amendment approved by lenders whose commitments are more than 66-2/3% of the total commitments under the Facilities Agreement to undertake such action, would (i) prevent transactions with our affiliates that could reasonably be expected to materially and adversely affect the interests of certain finance parties, (ii) restrict the ability to amend our limited partnership agreement or the General Partner’s limited liability company agreement or our other constituency documents if such amendment could reasonably be expected to materially and adversely affect the interests of the lenders to the Facilities Agreement; and (iii) prevent actions that enable certain restrictions or prohibitions on our ability to upstream cash (including via distributions) to the borrowers under the Facilities Agreement. In addition, while the General Partner’s interest is not subject to a lien under the Facilities Agreement, Ciner Enterprises’ ownership in Ciner Holdings, which directly owns the General Partner, is subject to a lien under the Facilities Agreement, which enables the lenders under the Facilities Agreement to foreclose on such collateral and take control of the General Partner if any of WE Soda or KEW Soda or certain of their related parties, or Ciner Enterprises, Ciner Corp or Ciner Holdings is unable to satisfy its respective obligations under the Facilities Agreement. |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES Other non-current liabilities consisted of the following as of December 31: (In millions) 2019 2018 Reclamation reserve $ 5.7 $ 5.4 Derivative instruments and hedges, fair value liabilities 2.9 5.5 Total $ 8.6 $ 10.9 A reconciliation of the Partnership’s reclamation reserve liability is as follows: (In millions) 2019 2018 Reclamation reserve balance at beginning of year $ 5.4 $ 5.1 Accretion expense 0.3 0.3 Reclamation reserve balance at end of year $ 5.7 $ 5.4 |
EMPLOYEE COMPENSATION
EMPLOYEE COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE COMPENSATION | EMPLOYEE COMPENSATION The Partnership participates in various benefit plans offered and administered by Ciner Corp and is allocated its portions of the annual costs related thereto. The specific plans are as follows: Retirement Plans - Benefits provided under the pension plan for salaried employees and pension plan for hourly employees (collectively, the “Retirement Plans”) 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 Retirement Plan covers substantially all full-time employees hired before May 1, 2001. Ciner Corp’s Retirement Plans had a net unfunded liability balance of $54.8 million and $56.9 million at December 31, 2019 and December 31, 2018 , respectively. Ciner Corp’s current 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 the Retirement Plan’s net periodic pension costs for the twelve months ended December 31, 2019 , 2018 and 2017 were $1.0 million , $0.4 million and $1.4 million , respectively. The increase in pension costs during the twelve months ended December 31, 2019 was driven by asset changes from the prior year. Savings Plan - The 401(k) retirement plan (the “401(k) 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 401(k) 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 to the 401(k) Plan for the twelve months ended December 31, 2019 , 2018 and 2017 were $3.0 million , $2.8 million and $3.7 million , 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. The postretirement benefits are accounted for by Ciner Corp on an accrual basis over an employee’s period of service. The postretirement plan, excluding pensions, is not funded, and Ciner Corp has the right to modify or terminate the plan. The post-retirement plan had a net unfunded liability of $13.8 million and $9.9 million at December 31, 2019 and December 31, 2018 , respectively. The increase in the obligation as of December 31, 2019 as compared to December 31, 2018 is due to Ciner Corp amending its postretirement benefit plan, updating its per capita claims costs to reflect increased benefit payments and a decrease in the discount rate used to determine benefit obligations at December 31, 2019. The Partnership’s allocated portion of postretirement (benefit) cost for the twelve months ended December 31, 2019 , 2018 and 2017 , were $(2.2) million , $(2.9) million and $(2.8) million , respectively. The postretirement benefit for the Partnership in 2019, 2018 and 2017 is due to the aforementioned changes made to the postretirement benefit plan. |
EQUITY - BASED COMPENSATION
EQUITY - BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY - BASED COMPENSATION | EQUITY - BASED COMPENSATION In July 2013, our general partner established the Ciner Resource Partners LLC 2013 Long-Term Incentive Plan (as amended to date, the “Plan” or “LTIP”). Historically, the Plan was intended to provide incentives that will attract and retain valued employees, officers, consultants and non-employee directors by offering them a greater stake in our success and a closer identity with us, and to encourage ownership of our common units by such individuals. The Plan provides for awards in the form of common units, phantom units, distribution equivalent rights (“DERs”), cash awards and other unit-based awards. All employees, officers, consultants and non-employee directors of us and our parents and subsidiaries are eligible to be selected to participate in the Plan. As of December 31, 2019 , subject to further adjustment as provided in the Plan, a total of 0.7 million 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. The Partnership has made a policy election to recognize forfeitures as they occur in lieu of estimating future forfeiture activity under the Plan. Non-employee Director Awards During the twelve months ended December 31, 2019 , a total of 8,832 common units were granted and fully vested to non-employee directors, and 6,807 were grants during the twelve months ended December 31, 2018 . The grant date average fair value per unit of these awards was $25.48 and $27.55 for the twelve months ended December 31, 2019 and 2018 , respectively. The total fair value of these awards were approximately $0.2 million during the twelve months ended December 31, 2019 and 2018 , respectively. Time Restricted Unit Awards We grant restricted unit awards in the form of common units to certain employees 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. The following table presents a summary of activity on the Time Restricted Unit Awards for the years ended December 31: 2019 2018 (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of year 71,436 $ 27.56 94,791 $ 27.22 Granted (1) 38,402 $ 16.45 37,914 $ 26.13 Vested (32,087 ) $ 27.85 (42,989 ) $ 25.73 Forfeited (22,297 ) $ 26.00 (18,280 ) $ 27.12 Unvested at the end of the year 55,454 $ 20.33 71,436 $ 27.56 (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 December 31, 2019 as all awards granted are expected to vest. Total Return Performance Unit Awards Historically, we have granted TR Performance Unit Awards to certain employees. 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 total return performance relative to the peer group. For purposes of the table below the number of units are included at target quantity. We utilized a Monte Carlo simulation model to estimate the grant date fair value of TR Performance Unit Awards granted to employees. These type of awards, with market conditions, require 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 for the years ended December 31: 2019 2018 (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of year 52,974 $ 42.22 26,177 $ 42.93 Granted — — 33,994 $ 41.52 Vested (4,766 ) 43.93 — $ — Forfeited (28,035 ) $ 42.24 (7,197 ) $ 41.53 Unvested at the end of the year 20,173 $ 41.79 52,974 $ 42.22 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. 2019 Performance Unit Awards On September 23, 2019, the board of directors of our general partner approved a new form of performance unit award to be granted based upon the achievement of certain financial, operating and safety-related performance metrics (“2019 Performance Unit Awards”) pursuant to our LTIP, and the vesting of the 2019 Performance Unit Awards is linked to a weighted average consisting of internal performance metrics defined in the 2019 Performance Unit Award agreement (the “Performance Metrics”) during a three-year performance period (the “Measurement Period”). The vesting of the 2019 Performance Unit Awards, and number of common units of the Partnership distributable pursuant to such vesting, is dependent on our performance relative to a pre-established budget over the Measurement Period; provided, that the awardee remains continuously employed with our general partner or its affiliates or satisfies other service-related criteria through the end of the Measurement Period, except in certain cases of Changes in Control (as defined in our LTIP) or the awardee’s death or disability. Vested 2019 Performance Unit Awards will be settled in our common units, with the number of such common units payable under the award for a given year in the Measurement Period to be calculated by multiplying the target number provided in the corresponding 2019 Performance Unit Award agreement by a payout multiplier, which may range from 0%-200% in each case, as determined by aggregating the corresponding weighted average assigned to the Performance Metrics. The 2019 Performance Unit Awards also contain DERs and grant the recipient 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 of the 2019 Performance Unit Awards, the award recipient is entitled to receive a cash payment equal to the sum of the distribution equivalents accumulated with respect to vested 2019 Performance Unit Awards during the period beginning on January 1, 2019 and ending on the applicable vesting date. The 2019 Performance Unit Awards granted to award recipients during 2019 have a performance cycle that began on January 1, 2019 and will end on December 31, 2021. The following table presents a summary of activity on the 2019 Performance Unit Awards for the years ended December 31, 2019 and 2018: Year Ended Year Ended (Units in whole numbers) Number of Common Units Grant-Date Average Fair Value per Unit (1) Number of Common Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of period — — — — Granted 38,402 $ 16.45 — — Vested — — — — Forfeited (2,494 ) $ 16.45 — — Unvested at the end of the period 35,908 $ 16.45 — — (1) Determined by dividing the weighted average price per common unit on the date of grant. Unrecognized Compensation Expense A summary of the Partnership’s unrecognized compensation expense for its unvested restricted time and performance based units, and the weighted-average periods over which the compensation expense is expected to be recognized are as follows: Year Ended Year Ended Unrecognized Compensation Expense (In millions) Weighted Average to be Recognized (In years) Unrecognized Compensation Expense (In millions) Weighted Average to be Recognized (In years) Time Restricted Unit Awards $ 0.7 1.82 $ 1.3 1.60 TR Performance Unit Awards 0.2 1.03 1.2 1.78 2019 Performance Unit Awards 0.4 2.09 — — Total $ 1.3 $ 2.5 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive loss Accumulated other comprehensive loss, attributable to Ciner Resources LP, includes unrealized gains and losses on derivative financial instruments. Amounts recorded in accumulated other comprehensive loss as of December 31, 2019 , 2018 and 2017 , and changes within the period, consisted of the following: Gains and Losses on Cash Flow Hedges (In millions) Balance at January 1, 2017 $ (1.6 ) Other comprehensive loss before reclassification (2.8 ) Amounts reclassified from accumulated other comprehensive loss 0.7 Net current-period other comprehensive loss (2.1 ) Balance at December 31, 2017 $ (3.7 ) Other comprehensive loss before reclassification (0.6 ) Amounts reclassified from accumulated other comprehensive loss 0.5 Net current-period other comprehensive loss (0.1 ) Balance at December 31, 2018 $ (3.8 ) Other comprehensive income before reclassification 0.3 Amounts reclassified from accumulated other comprehensive income 0.5 Net current period other comprehensive income 0.8 Balance at December 31, 2019 $ (3.0 ) 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 for the years ended December 31: (In millions) 2019 2018 2017 Unrealized gain/(loss) on derivatives: Mark to market adjustment on interest rate swap contracts $ (0.5 ) $ (0.2 ) $ 0.4 Mark to market adjustment on natural gas forward contracts 2.1 — (4.4 ) Income/(loss) on derivative financial instruments $ 1.6 $ (0.2 ) $ (4.0 ) Reclassifications for the period The components of other comprehensive income/(loss), attributable to Ciner Resources LP, that have been reclassified consisted of the following for the years ended December 31: (In millions) 2019 2018 2017 Affected Line Items on the Consolidated Statements of Operations and Comprehensive Income Details about other comprehensive income/(loss) components: Gains and losses on cash flow hedges: Interest rate swap contracts $ — $ — $ 0.2 Interest expense Natural gas forward contracts 0.5 0.5 0.5 Cost of products sold Total reclassifications for the period $ 0.5 $ 0.5 $ 0.7 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Lease and License Commitments The Partnership leases and licenses mineral rights from the U.S. Bureau of Land Management, the state of Wyoming, Rock Springs Royalty Company, LLC (“RSRC”) an affiliate of Occidental Petroleum Corporation (formerly an affiliate of Anadarko Petroleum Corporation), and other private parties which provide for royalties based upon production volume. The Partnership has a perpetual right of first refusal with respect to these leases and license and intends to continue renewing the leases and license as has been its practice. The Partnership entered into a 10 - year rail yard switching and maintenance agreement with a third party, Watco Companies, LLC (“Watco”), on December 1, 2011. Under the agreement, Watco provides rail-switching services at the Partnership’s rail yard. The Partnership’s rail yard is constructed on land leased by Watco from RSRC and on land by which Watco holds an easement from Anadarko Land; the RSRC land lease is renewable every five years for a total period of thirty years , while the Anadarko Land Corp. easement lease is perpetual. The Partnership has an option agreement with Watco to assign these leases to the Partnership at any time during the land lease term. An immaterial annual rental is paid under the easement and lease. The Partnership entered into two track lease agreements collectively expiring in 2021, with Union Pacific for certain rail tracks used in connection with the rail yard. As of December 31, 2019 , the total minimum contractual rental commitments under the Partnership’s various operating leases, including renewal periods, were as follows: (In millions) Leased Land Track Leases Total Minimum Lease Payments 2020 $ 0.1 $ 0.1 $ 0.2 2021 0.1 — 0.1 2022 0.1 — 0.1 2023 0.1 — 0.1 2024 0.1 — 0.1 Thereafter 1.2 — 1.2 Total $ 1.7 $ 0.1 $ 1.8 Ciner Corp typically enters into operating lease contracts with various lessors for rail cars to transport product to customer locations and warehouses. Rail car leases under these contractual commitments range for periods from one to ten years. Ciner Corp's obligation related to these rail car leases are $11.1 million in 2020 , $8.5 million in 2021 , $5.6 million in 2022 , $2.6 million in 2023 , $2.3 million in 2024 and $4.0 million in 2025 and thereafter. Total lease expense allocated to the Partnership from Ciner Corp was approximately $11.8 million , $13.9 million and $14.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, and is recorded in cost of products sold. Purchase Commitments We have physical and financial natural gas supply contracts to mitigate volatility in the price of natural gas. As of December 31, 2019 , these contracts totaled approximately $37.5 million for the purchase of a portion of our natural gas requirements over approximately the next five years. The supply purchase agreements have specific commitments of $16.1 million in 2020 , $10.0 million in 2021 , $6.2 million in 2022 , $4.3 million in 2023 and $0.9 million in 2024 . We have a separate contract that expires in 2021 and renews annually thereafter, for transportation of natural gas with an average annual cost of approximately $3.9 million per year. Legal Proceedings From time to time we are party to various claims and legal proceedings related to our business. Although the outcome of these proceedings cannot be predicted with certainty, management does not currently expect any of the legal proceedings we are involved in to have a material effect on our business, financial condition and results of operations. We cannot predict the nature of any future claims or proceedings, nor the ultimate size or outcome of existing claims and legal proceedings and whether any damages resulting from them will be covered by insurance. Litigation Settlement On February 2, 2016, amended on January 3, 2017, Ciner Wyoming filed suit against RSRC in the Third Judicial District Court in Sweetwater County, Wyoming, Case No. C-16-77-L, seeking, among other things, to recover approximately $32 million in royalty overpayments. The royalty payments arose under our license with RSRC, an affiliate of Occidental Petroleum Corporation, to mine sodium minerals from lands located in Sweetwater County, Wyoming (“License”). The License sets the applicable royalty rate based on a most favored nation clause, where either the royalty rate is set at the same royalty rate we pay to other licensors in Sweetwater County for sodium minerals, or, if certain conditions are met, the royalty rate is set by the rate paid by a third party to an affiliate of Occidental Petroleum Corporation under a separate license. In the lawsuit, we claimed that RSRC had, for at least the last ten years, been charging an arbitrarily high royalty rate in contradiction of the License terms. In addition, we sought a modification of the expiration term of the License land-lease between Ciner Wyoming and RSRC to those terms granted to other licensors in accordance with the most favored nation clause. On June 28, 2018, RSRC and Ciner Wyoming signed a Settlement Agreement and Release (the “Settlement Agreement”) which among other things (i) required RSRC to pay Ciner Wyoming $27.5 million which was received on July 2, 2018, and (ii) concurrently amended selected sections of the License land-lease including among other things, (a) extension of the term of the License Agreement to July 18, 2061 and for so long thereafter as Ciner Wyoming continuously conducts operations to mine and remove sodium minerals from the licensed premises in commercial quantities; and (b) revises the production royalty rate for each sale of sodium mineral products produced from ore extracted from the licensed premises at the royalty rate of eight percent ( 8% ) of the net sales of such sodium mineral products. There are no unresolved conditions or uncertainties associated with the Settlement Agreement and management determined the $27.5 million settlement payment was related to the historical overpayment of royalties. The $27.5 million litigation settlement was realized in the second quarter of 2018. Off-Balance Sheet Arrangements We have a self-bond agreement with the Wyoming Department of Environmental Quality (“WDEQ”) under which we commit to pay directly for reclamation costs at our Green River, Wyoming plant site. The amount of the bond was $36.2 million and $32.9 million as of December 31, 2019 and December 31, 2018 . The amount of this self-bond is subject to change upon periodic re-evaluation by the Land Quality Division. In May 2019, the State of Wyoming enacted legislation that limits our and other mine operators’ ability to self-bond, which will require us to seek other acceptable financial instruments to provide additional assurances for our reclamation obligations. We expect to provide such assurances by securing a third-party surety bond no later than November 2020. While we expect to obtain such surety guarantee by that time, we cannot guarantee the availability, costs and terms of such surety bond. As of the date of this Report, we anticipate that any such impact on our net income and liquidity will be limited. The amount of such surety guarantee is subject to change upon periodic re-evaluation by the WDEQ’s Land Quality Division. |
AGREEMENTS AND TRANSACTIONS WIT
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES | AGREEMENTS AND TRANSACTIONS WITH AFFILIATES Ciner Corp is the exclusive sales agent for the Partnership and through its membership in ANSAC, Ciner Corp is responsible for promoting and increasing the use and sale of soda ash and other refined or processed sodium products produced. ANSAC operates on a cooperative service-at-cost basis to its members such that typically any annual profit or loss is passed through to the members. On November 9, 2018, Ciner Corp delivered a notice to terminate its membership in ANSAC, a cooperative that serves as the primary international distribution channel for us as well as two other U.S. manufacturers of trona-based soda ash. The effective termination date of Ciner Corp’s membership in ANSAC is December 31, 2021 (the “ANSAC termination date”). Between now and the ANSAC termination date, Ciner Corp continues to have full ANSAC membership benefits and services. In the event an ANSAC member exits or the ANSAC cooperative is dissolved, the exiting members are obligated for their respective portion of the residual net assets or deficit of the cooperative. Potential liabilities associated with exiting ANSAC are not currently probable or estimable. ANSAC was our largest customer for the years ended December 31, 2019, 2018 and 2017, accounting for 60.4% , 52.0% and 44.7% , respectively, of our net sales. Although ANSAC has been our largest customer for the years ended December 31, 2019, 2018, and 2017, we anticipate that the impact of such termination on our net sales, net income and liquidity will be limited. We made this determination primarily based upon the belief that we will continue to be one of the lowest cost producers of soda ash in the global market that has historically seen demand for soda ash exceed supply of soda ash. After the ANSAC termination date, we expect Ciner Corp will begin marketing soda ash directly on our behalf into international markets which are currently being served by ANSAC and intends to utilize the distribution network that has already been established by the global Ciner Group. We believe that by combining our volumes with Ciner Group’s soda ash exports from Turkey, Ciner Corp’s withdrawal from ANSAC will allow us to leverage the larger, global Ciner Group’s soda ash operations which we expect will eventually lower our cost position and improve our ability to optimize our market share both domestically and internationally. Further, being able to work with the global Ciner Group will provide us the opportunity to attract and efficiently serve larger global customers. In addition, the Partnership will need access to an international logistics infrastructure that includes, among other things, a domestic port for export capabilities. These export capabilities are currently being developed by Ciner Enterprises and options being evaluated range from continued outsourcing in the near term to developing its own port capabilities in the longer term. The development costs of export capabilities are currently being paid by Ciner Enterprises, who is evaluating how these costs might be allocated to the Partnership, which could include ownership by us and repayment for the development costs and related assets or a service agreement model for logistics services which includes reimbursements for development costs. Since a decision to allocate costs to the Partnership has not been made yet and the Partnership is not currently using any Ciner Enterprises export services, none of these development costs have been recorded by the Partnership through December 31, 2019. All actual sales and marketing costs incurred by Ciner Corp are charged directly to the Partnership. Selling, general and administrative expenses also include amounts charged to the Partnership by its affiliates principally consisting of salaries, benefits, office supplies, professional fees, travel, rent and other costs of certain assets used by the Partnership. On October 23, 2015, the Partnership entered into a Services Agreement (the “Services Agreement”), with our general partner and Ciner Corp. Pursuant to the Services Agreement, Ciner Corp has agreed to provide the Partnership with certain corporate, selling, marketing, and general and administrative services, in return for which the Partnership has agreed to pay Ciner Corp an annual management fee and reimburse Ciner Corp for certain third-party costs incurred in connection with providing such services. In addition, under the limited liability company agreement governing Ciner Wyoming, Ciner Wyoming reimburses us for employees who operate our assets and for support provided to Ciner Wyoming. These transactions do not necessarily represent arm's length transactions and may not represent all costs if Ciner Wyoming operated on a standalone basis. The total selling, general and administrative costs charged to the Partnership by affiliates were as follows: Years Ended December 31, (In millions) 2019 2018 2017 Ciner Corp $ 14.9 $ 14.6 $ 14.5 ANSAC (1) 3.5 3.0 2.4 Total selling, general and administrative expenses - affiliates $ 18.4 $ 17.6 $ 16.9 (1) ANSAC allocates its expenses to its members using a pro-rata calculation based on sales. Cost of products sold includes an allocation of Ciner Corp's rail car lease expense (refer to Note 14 “Commitments and Contingencies”) and charges for logistics services provided by ANSAC. For the years ended December 31, 2019 , 2018 and 2017 these ANSAC logistics costs were $0.0 million , $0.0 million and $19.8 million , respectively. When we elect to use ANSAC to provide freight services for our other non-ANSAC international sales, ANSAC separately and directly charges the Partnership for such services. During the year ended December 31, 2019 we did not use ANSAC for non-ANSAC international sales. The decrease in freight costs charged by ANSAC was due to a decrease in non-ANSAC international sales, to CIDT, during the year ended December 31, 2019 compared to 2018 . There were no sales to CIDT during the year ended December 31, 2019 , as the previous contract concluded in the 2017 year. Net sales to affiliates were as follows: Years Ended December 31, (In millions) 2019 2018 2017 ANSAC $ 315.8 $ 253.3 $ 222.2 CIDT — — 82.3 Total $ 315.8 $ 253.3 $ 304.5 The Partnership had accounts receivable from affiliates and due to affiliates as follows: As of December 31, (In millions) 2019 2018 2019 2018 Accounts receivable from affiliates Due to affiliates ANSAC $ 53.8 $ 48.7 $ 1.6 $ 0.7 CIDT (1) 5.5 7.1 — — Ciner Corp 35.7 14.3 1.4 1.9 Total $ 95.0 $ 70.1 $ 3.0 $ 2.6 (1) “CIDT” refers to Ciner Ic ve Dis Ticaret Anonim Sirketi, an export affiliate of the Partnership. The increase in due from Ciner Corp from December 31, 2018 to December 31, 2019 is due to timing of funding of pension and postretirement plans offered and administered by Ciner Corp. |
MAJOR CUSTOMERS AND SEGMENT REP
MAJOR CUSTOMERS AND SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2019 | |
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 consisted of the following: Years Ended December 31, (In millions) 2019 2018 2017 Domestic $ 207.0 $ 233.4 $ 192.8 International ANSAC $ 315.8 $ 253.3 $ 222.2 CIDT — — 82.3 Total international $ 315.8 $ 253.3 $ 304.5 Total net sales $ 522.8 $ 486.7 $ 497.3 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
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, derivative financial instruments and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximate their fair value because of the nature of such instruments. Our long-term debt and derivative financial instruments are measured at their fair values 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 interest rate swap contracts, designated as cash flow hedges, to mitigate our exposure to possible increases in interest rates. The swap contracts consist of four individual $12.5 million swaps with an aggregate notional value of $50.0 million at December 31, 2019 . The swaps have various maturities through 2023. We enter into natural gas financial forward contracts, designated as cash flow hedges, to mitigate volatility in the price of natural gas related to a portion of the natural gas we consume. These contracts generally have various maturities through 2024 . These contracts had an aggregate notional value of $31.2 million and $41.2 million at December 31, 2019 and December 31, 2018 , respectively. The following table presents the fair value of derivative assets and liability derivatives and the respective locations on our consolidated balance sheets as of December 31, 2019 and December 31, 2018 : Assets Liabilities 2019 2018 2019 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedges: Interest rate swap contracts - current $ — $ — Accrued Expenses $ 0.9 Accrued Expenses $ 0.3 Natural gas forward contracts - current Other Current Assets 0.1 — Accrued Expenses 2.4 Accrued Expenses 1.6 Natural gas forward contracts - non-current Other non-current assets 0.2 — Other non-current liabilities 2.9 Other non-current liabilities 5.5 Total fair value of derivatives designated as hedging instruments $ 0.3 $ — $ 6.2 $ 7.4 Financial Assets and Liabilities not Measured at Fair Value The carrying value of our long-term debt materially reflects the fair value of our long-term debt as rates are variable and its key terms are similar to indebtedness with similar amounts, durations and credit risks. See Note 9 “Debt” for additional information on our debt arrangements. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE We have one reportable segment and our revenue is derived from the sale of soda ash which is our sole and primary good and service. We account for revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, we assess the goods and services promised in contracts with customers and identify performance obligations for each promise to transfer to the customer, a good or service that is distinct. To identify the performance obligations, the Partnership considers all goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. From its analysis, the Partnership determined that the sale of soda ash is currently its only performance obligation. Many of our customer volume commitments are short-term and our performance obligations for the sale of soda ash are generally limited to single purchase orders. • When performance obligations are satisfied. Substantially all of our revenue is recognized at a point-in-time when control of goods transfers to the customer. • Transfer of Goods. The Partnership uses standard shipping terms across each customer contract with very few exceptions. Shipments to customers are made with terms stated as Free on Board (“FOB”) Shipping Point. Control typically transfers when goods are delivered to the carrier for shipment, which is the point at which the customer has the ability to direct the use of and obtain substantially all remaining benefits from the asset. • Payment Terms. Our payment terms vary by the type and location of our customers. The term between invoicing and when payment is due is not significant and consistent with typical terms in the industry. • Variable Consideration. We recognize revenue as the amount of consideration that we expect to receive in exchange for transferring promised goods or services to customers. We do not adjust the transaction price for the effects of a significant financing component, as the time period between control transfer of goods and services and expected payment is one year or less. At the time of sale, we estimate provisions for different forms of variable consideration (discounts, rebates, and pricing adjustments) based on historical experience, current conditions and contractual obligations, as applicable. The estimated transaction price is typically not subject to significant reversals. We adjust these estimates when the most likely amount of consideration we expect to receive changes, although these changes are typically immaterial. • Returns, Refunds and Warranties. In the normal course of business, the Partnership does not accept returns, nor does it typically provide customers with the right to a refund. • Freight. In accordance with ASC 606, the Partnership made a policy election to treat freight and related costs that occur after control of the related good transfers to the customer as fulfillment activities instead of separate performance obligations. Therefore, freight is recognized at the point in which control of soda ash has transferred to the customer. Revenue disaggregation . In accordance with ASC 606-10-50, the Partnership disaggregates revenue from contracts with customers into geographical regions. The Partnership determined that disaggregating revenue into these categories achieved the disclosure objectives to depict how the nature, timing, amount and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 16, “Major Customers and Segment Reporting” for revenue disaggregated into geographical regions. Contract Balances . The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities). • Contract Assets. At the point of shipping, the Partnership has an unconditional right to payment that is only dependent on the passage of time. In general, customers are billed and a receivable is recorded as goods are shipped. These billed receivables are reported as “Accounts Receivable, net” on the Consolidated Balance Sheet as of December 31, 2019 and December 31, 2018. There were no contract assets as of December 31, 2019 or December 31, 2018. • Contract Liabilities. There may be situations where customers are required to prepay for freight and insurance prior to shipment. The Partnership has elected the practical expedient for its treatment of freight and therefore, such prepayments are considered a part of the single obligation to provide soda ash. In such instances, a contract liability for prepaid freight will be recorded. For the twelve months ended December 31, 2019 , there were no customers that required prepaid freight. There were no contract liabilities as of December 31, 2019 or December 31, 2018. Practical and Expedients Exceptions • Incremental costs of obtaining contracts. We generally expense costs related to sales, including sales force salaries and marketing expenses, when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. • Unsatisfied performance obligations. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Distribution Declaration On February 18, 2020 , the members of the Board of Managers of Ciner Wyoming, approved a cash distribution to the members of Ciner Wyoming in the aggregate amount of $14.5 million . This distribution was payable and paid on February 20, 2020 . On January 30, 2020 , the Partnership declared a cash distribution approved by the board of directors of its general partner. The cash distribution for the fourth quarter of 2019 of $0.340 per unit was paid on February 21, 2020 to unitholders of record on February 10, 2020 . On February 28, 2020, each of the Ciner Wyoming Credit Agreement and Ciner Resources Credit Agreement were amended to, among other things, enable greater flexibility for debt financing to be incurred by Ciner Wyoming connection with its new natural gas-fired turbine co-generation facility, including, among other things (i) increasing the basket for purchase money indebtedness permitted under each of the Ciner Wyoming Credit Agreement and the Ciner Resources Credit Agreement from $5.0 million to $30.0 million ; (ii) adding procedures under each of Ciner Wyoming Credit Agreement and the Ciner Resources Credit Agreement for transition to a benchmark other than the Eurodollar Rate to determine the applicable interest rate (including reference to SOFR published by the Federal Reserve Bank of New York), with provisions applying to that alternate benchmark; and (iii) adding customary new provisions to each of Ciner Wyoming Credit Agreement and the Ciner Resources Credit Agreement relating to qualified financial contracts, sanctions and anti-money laundering rules and laws. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying consolidated financial statements of the Partnership and its subsidiary have been prepared in conformity with U.S. generally accepted accounting principles 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 and unless otherwise noted, the financial information for the Partnership is presented before non-controlling interest. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition and Freight Costs | Revenue Recognition On May 28, 2014 the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, 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. The Partnership adopted this ASC effective January 1, 2018 using the modified retrospective method, as permitted by the ASC, and we have not made any adjustment to opening retained earnings. The Partnership has applied the provisions of this ASC and notes that our adoption of ASC 606 did not materially change the amount or timing of revenues recognized by us, nor does it materially affect our financial position. The majority of our revenues generated are recognized upon delivery and transfer of title to the product to our customers. The time at which delivery and transfer of title occurs, for the majority of our contracts with customers, is the point when the product leaves our facility, thereby rendering our performance obligation fulfilled. Additionally, the Partnership has made an accounting policy election to account for shipping and handling activities as fulfillment costs. Freight Costs The Partnership includes freight costs billed to customers for shipments administered by the Partnership in gross sales. The related freight costs along with cost of products sold are deducted from gross sales to determine gross profit. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Partnership considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of money market deposit accounts. |
Accounts Receivable | Accounts Receivable Accounts receivable are carried at the original invoice amount less an estimate for doubtful receivables. We generally do not require collateral against outstanding accounts receivable. The allowance for doubtful accounts is based on specifically identified amounts that the Partnership believes to be uncollectible. An additional allowance is recorded based on certain percentages of aged receivables, which are determined based on management’s assessment of the general financial conditions affecting the Partnership’s customer base. |
Inventory | Inventory Inventory is carried at the lower of cost or market. Cost is determined using the first-in, first-out method for raw material and finished goods inventory and the weighted average cost method for stores inventory. Costs include raw materials, direct labor and manufacturing overhead. Market is based on current replacement cost for raw materials and net realizable value for stores inventory and finished goods. • Raw material inventory includes material, chemicals and natural resources being used in the mining and refining process. • Finished goods inventory is the finished product soda ash. • Stores inventory includes parts, materials and operating supplies which are typically consumed in the production of soda ash and currently available for future use. Inventory expected to be consumed within the year is classified as current assets and remainder is classified as non-current assets. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of depreciable assets, using the straight-line method. The estimated useful lives applied to depreciable assets are as follows: Useful Lives Land improvements 10 years Depletable land 15-60 years Buildings and building improvements 10-30 years Computer hardware 3-5 years Machinery and equipment 5-20 years Furniture and fixtures 10 years Mineral reserves are amortized over an estimated time period that is derived from total estimated proven and probable mineral reserves divided by our average annual tons mined which for 2019 was approximately 59 years . The Partnership’s policy is to evaluate property, plant, and equipment for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. An indicator of potential impairment would include situations when the estimated future undiscounted cash flows are less than the carrying value. The amount of any impairment then recognized would be calculated as the difference between estimated fair value and the carrying value of the asset. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership may enter into derivative contracts from time to time to manage exposure to the risk of exchange rate changes on its foreign currency transactions, the risk of changes in natural gas prices, and the risk of the variability in interest rates on borrowings. Gains and losses on derivative contracts qualifying for hedge accounting are reported as a component of the underlying transactions. The Partnership follows hedge accounting for its hedging activities. All derivative instruments are recorded on the balance sheet at their fair values. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. The Partnership designates its derivatives based upon criteria established for hedge accounting under generally accepted accounting principles. For a derivative designated as a fair value hedge, the gain or loss is recognized in earnings in the period of change together with the offsetting gain or loss on the hedged item attributed to the risk being hedged. For a derivative designated as a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged exposure affects earnings. Any significant ineffective portion of the gain or loss is reported in earnings immediately. For derivatives not designated as hedges, the gain or loss is reported in earnings in the period of change. The natural gas physical forward contracts are accounted for under the normal purchases and normal sales scope exception. |
Income Tax | Income Tax We are organized as a pass-through entity for federal income tax purposes and therefore are not subject to federal or certain state income taxes. As a result, our partners are responsible for federal income taxes based on their respective share of taxable income. Net income for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the partnership agreement. |
Reclamation Costs | Reclamation Costs The Partnership is obligated to return the land beneath its refinery and tailings ponds to its natural condition upon completion of operations and is required to return the land beneath its rail yard to its natural condition upon termination of the various lease agreements. The Partnership accounts for its land reclamation liability as an asset retirement obligation, which requires that obligations associated with the retirement of a tangible long-lived asset be recorded as a liability when those obligations are incurred, with the amount of the liability initially measured at fair value. Upon initially recognizing a liability for an asset retirement obligation, an entity must capitalize the cost by recognizing an increase in the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss upon settlement. The estimated original liability calculated in 1996 for the refinery and tailing ponds was calculated based on the estimated useful life of the mine, which was 80 years , and on external and internal estimates as to the cost to restore the land in the future and state regulatory requirements. The liability was discounted using a weighted average credit-adjusted risk-free rate of approximately 6% and is being accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding charge being recorded to cost of products sold. During 2011 , the Partnership constructed a rail yard to facilitate loading and switching of rail cars. The Partnership is required to restore the land on which the rail yard is constructed to its natural conditions. The original estimated liability for restoring the rail yard to its natural condition was calculated based on the land lease life of 30 years and on external and internal estimates as to the cost to restore the land in the future. The liability is discounted using a credit-adjusted risk-free rate of 4.25% and is being accreted throughout the estimated life of the related assets to equal the total estimated costs with a corresponding charge being recorded to cost of products sold. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is determined using a valuation hierarchy, generally by reference to an active trading market, quoted market prices or model-derived valuations for the same or similar financial instruments. See Note 17, “Fair Value Measurements,” for more information |
Equity-Based Compensation | . Equity-Based Compensation We recognize compensation expense related to equity-based awards, with service conditions, granted to employees based on the estimated fair value of the awards on the date of grant, net of estimated forfeitures. The grant date fair value of the equity-based awards is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. Equity-based awards with market conditions are fair valued using a Monte Carlo Simulation mode |
Subsequent Events | . Subsequent Events We have evaluated subsequent events through the filing of this Annual Report on Form 10- |
Recently Issued Accounting Pronouncements | . Recent Accounting Guidance Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2016-02 and these additional ASUs are now codified as ASC 842. Pursuant to these updates, accounting for leases by lessors remains largely unchanged from current guidance. The update requires that lessees recognize a lease liability and a right of use asset for all leases (with the exception of short-term leases) at the commencement date of the lease and disclose key information about leasing arrangements. For leases less than 12 months, an entity is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The Partnership made this election upon adoption. The Partnership adopted ASC 842 effective January 1, 2019 using a modified retrospective approach under which prior comparative periods will not be adjusted, as permitted by the guidance. The Partnership has determined that the adoption of the new standard did not have a material impact on the balance sheet or statement of operations because the Partnership has no material long term leases that are subject to ASC 842. Ciner Corp was determined to be the ultimate lessee for rail car lease agreements under ASC 842, and the Partnership will continue to incur an allocation of rent expense in relation to the use of rail cars leased by Ciner Corp. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (“ASU Topic 815”) – Targeted Improvements to Accounting for Hedging Activities. ASU Topic 815 aims to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, ASU Topic 815 makes certain targeted improvements to simplify the application of the existing hedge accounting guidance. The Partnership adopted ASU Topic 815 effective January 1, 2019 and concluded there was no material impact to the Partnership’s consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326)” ("ASU 2016-13"). This ASU introduces the current expected credit loss (CECL) model, which will require an entity to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. ASU 2016-13 is effective for periods beginning after December 15, 2019. The Partnership continues to evaluate ASU 2016-13 but does not expect a material impact to the Partnership’s financial statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”), which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. ASU 2018-15 amends ASC 350 and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA. ASU 2018-15 does not expand on existing disclosure requirements except to require a description of the nature of hosting arrangements that are service contracts. Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance. ASU 2018-15 is effective for periods beginning after December 15, 2019. The Partnership continues to evaluate ASU 2018-15 but does not expect a material impact to the Partnership’s consolidated financial statements. |
NET INCOME PER UNIT AND CASH _2
NET INCOME PER UNIT AND CASH DISTRIBUTION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Unit | 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: Year Ended December 31, (In millions, except per unit data) 2019 2018 2017 Net income attributable to Ciner Resources LP $ 49.6 $ 49.9 $ 41.6 Less: General partner’s interest in net income 1.0 1.0 0.8 Limited partners’ interest in net income $ 48.6 $ 48.9 $ 40.8 Weighted average limited partner units outstanding: Common - Public and Ciner Holdings (basic) 19.7 19.7 19.6 Total weighted average limited partner units outstanding (basic) 19.7 19.7 19.6 Common - Public and Ciner Holdings (diluted) 19.7 19.7 19.7 Total weighted average limited partner units outstanding (diluted) 19.7 19.7 19.7 Net income per limited partner unit: Common - Public and Ciner Holdings (basic) $ 2.46 $ 2.48 $ 2.08 Net income per limited partner units (basic) $ 2.46 $ 2.48 $ 2.08 Common - Public and Ciner Holdings (diluted) $ 2.46 $ 2.48 $ 2.07 Net income per limited partner units (diluted) $ 2.46 $ 2.48 $ 2.07 |
Calculation of Net Income | The calculation of limited partners’ interest in net income is as follows: Year Ended December 31, (In millions, except per unit data) 2019 2018 2017 Net income attributable to common unitholders: Distributions (1) $ 26.8 $ 44.6 $ 44.5 (Distributions in excess of net income)/undistributed earnings 21.8 4.3 (3.7 ) Common unitholders’ interest in net income $ 48.6 $ 48.9 $ 40.8 (1) Distributions declared per unit for the year 1.360 2.268 2.268 |
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, including for the declared quarterly distributions of $0.340 per unit for each of the four quarters of 2019. Under the Partnership agreement, our general partner has considerable discretion to determine the amount of available cash (as defined therein) for distribution each quarter to the Partnership’s unitholders, including discretion to establish cash reserves that would limit the amount of available cash eligible for distribution to the Partnership’s unitholders for any quarter. The Partnership does not guarantee that it will pay the target amount of the minimum quarterly distribution listed below (or any distributions) on its units in any quarter. The percentage interests set forth below for our general partner (1) include a 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 incentive distribution rights and (4) assume that we do not issue additional classes of equity securities. 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 % |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net consisted of the following as of December 31: (In millions) 2019 2018 Trade receivables $ 30.3 $ 31.0 Other receivables 5.7 5.9 Total $ 36.0 $ 36.9 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consisted of the following as of December 31: (In millions) 2019 2018 Raw materials $ 8.7 $ 10.9 Finished goods 6.9 5.1 Stores inventory, current 8.6 6.3 Total $ 24.2 $ 22.3 |
PROPERTY, PLANT, AND EQUIPMEN_2
PROPERTY, PLANT, AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant, and equipment, net consisted of the following as of December 31: (In millions) 2019 2018 Land and land improvements $ 0.3 $ 0.3 Depletable land 3.0 3.0 Buildings and building improvements 137.8 137.1 Computer hardware 4.7 4.7 Machinery and equipment 672.4 677.7 Mining reserves 65.3 65.3 Total 883.5 888.1 Less accumulated depreciation, depletion and amortization (676.6 ) (667.7 ) Total net book value 206.9 220.4 Construction in progress 90.8 46.3 Total property, plant, and equipment, net $ 297.7 $ 266.7 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Noncurrent Assets | Other non-current assets consisted of the following as of December 31: (In millions) 2019 2018 Stores inventory, non-current $ 17.6 $ 19.4 Internal-use software, net of accumulated amortization 6.1 6.2 Deferred financing costs and other 0.6 0.8 Total $ 24.3 $ 26.4 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of December 31: (In millions) 2019 2018 Accrued capital expenditures $ 6.2 $ 13.0 Accrued energy costs 5.7 6.6 Accrued royalty costs 7.1 6.5 Accrued employee compensation & benefits 7.1 7.5 Accrued other taxes 4.8 4.7 Accrued derivatives 3.3 1.9 Other accruals 4.9 4.2 Total $ 39.1 $ 44.4 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components of Long-term Debt | Long-term debt consisted of the following as of December 31: (In millions) 2019 2018 Ciner Wyoming Credit Facility, unsecured principal expiring on August 1, 2022, variable interest rate as a weighted average rate of 3.27% and 3.99% at December 31, 2019 and 2018, respectively $ 129.5 $ 99.0 Total long-term debt $ 129.5 $ 99.0 |
Aggregate Maturities on Long-term Debt | Aggregate maturities required on long-term debt at December 31, 2019 are due in future years as follows: Amount 2020-2021 $ — 2022 129.5 2023 and thereafter — Total $ 129.5 |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Reclamation Reserve | Other non-current liabilities consisted of the following as of December 31: (In millions) 2019 2018 Reclamation reserve $ 5.7 $ 5.4 Derivative instruments and hedges, fair value liabilities 2.9 5.5 Total $ 8.6 $ 10.9 A reconciliation of the Partnership’s reclamation reserve liability is as follows: (In millions) 2019 2018 Reclamation reserve balance at beginning of year $ 5.4 $ 5.1 Accretion expense 0.3 0.3 Reclamation reserve balance at end of year $ 5.7 $ 5.4 |
EQUITY - BASED COMPENSATION (Ta
EQUITY - BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Unit Award Activity | The following table presents a summary of activity on the Time Restricted Unit Awards for the years ended December 31: 2019 2018 (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of year 71,436 $ 27.56 94,791 $ 27.22 Granted (1) 38,402 $ 16.45 37,914 $ 26.13 Vested (32,087 ) $ 27.85 (42,989 ) $ 25.73 Forfeited (22,297 ) $ 26.00 (18,280 ) $ 27.12 Unvested at the end of the year 55,454 $ 20.33 71,436 $ 27.56 (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 December 31, 2019 as all awards granted are expected to vest. |
Schedule of Nonvested Unit Activity | The following table presents a summary of activity on the 2019 Performance Unit Awards for the years ended December 31, 2019 and 2018: Year Ended Year Ended (Units in whole numbers) Number of Common Units Grant-Date Average Fair Value per Unit (1) Number of Common Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of period — — — — Granted 38,402 $ 16.45 — — Vested — — — — Forfeited (2,494 ) $ 16.45 — — Unvested at the end of the period 35,908 $ 16.45 — — (1) Determined by dividing the weighted average price per common unit on the date of grant. The following table presents a summary of activity on the TR Performance Unit Awards for the years ended December 31: 2019 2018 (Units in whole numbers) Number of Units Grant-Date Average Fair Value per Unit (1) Number of Units Grant-Date Average Fair Value per Unit (1) Unvested at the beginning of year 52,974 $ 42.22 26,177 $ 42.93 Granted — — 33,994 $ 41.52 Vested (4,766 ) 43.93 — $ — Forfeited (28,035 ) $ 42.24 (7,197 ) $ 41.53 Unvested at the end of the year 20,173 $ 41.79 52,974 $ 42.22 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. |
Schedule of Unrecognized Compensation Expense for Unvested Awards | A summary of the Partnership’s unrecognized compensation expense for its unvested restricted time and performance based units, and the weighted-average periods over which the compensation expense is expected to be recognized are as follows: Year Ended Year Ended Unrecognized Compensation Expense (In millions) Weighted Average to be Recognized (In years) Unrecognized Compensation Expense (In millions) Weighted Average to be Recognized (In years) Time Restricted Unit Awards $ 0.7 1.82 $ 1.3 1.60 TR Performance Unit Awards 0.2 1.03 1.2 1.78 2019 Performance Unit Awards 0.4 2.09 — — Total $ 1.3 $ 2.5 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recorded in accumulated other comprehensive loss as of December 31, 2019 , 2018 and 2017 , and changes within the period, consisted of the following: Gains and Losses on Cash Flow Hedges (In millions) Balance at January 1, 2017 $ (1.6 ) Other comprehensive loss before reclassification (2.8 ) Amounts reclassified from accumulated other comprehensive loss 0.7 Net current-period other comprehensive loss (2.1 ) Balance at December 31, 2017 $ (3.7 ) Other comprehensive loss before reclassification (0.6 ) Amounts reclassified from accumulated other comprehensive loss 0.5 Net current-period other comprehensive loss (0.1 ) Balance at December 31, 2018 $ (3.8 ) Other comprehensive income before reclassification 0.3 Amounts reclassified from accumulated other comprehensive income 0.5 Net current period other comprehensive income 0.8 Balance at December 31, 2019 $ (3.0 ) |
Components of Other Comprehensive Income/(Loss) | The components of other comprehensive income/(loss) consisted of the following for the years ended December 31: (In millions) 2019 2018 2017 Unrealized gain/(loss) on derivatives: Mark to market adjustment on interest rate swap contracts $ (0.5 ) $ (0.2 ) $ 0.4 Mark to market adjustment on natural gas forward contracts 2.1 — (4.4 ) Income/(loss) on derivative financial instruments $ 1.6 $ (0.2 ) $ (4.0 ) |
Reclassification out of Accumulated Other Comprehensive Income | The components of other comprehensive income/(loss), attributable to Ciner Resources LP, that have been reclassified consisted of the following for the years ended December 31: (In millions) 2019 2018 2017 Affected Line Items on the Consolidated Statements of Operations and Comprehensive Income Details about other comprehensive income/(loss) components: Gains and losses on cash flow hedges: Interest rate swap contracts $ — $ — $ 0.2 Interest expense Natural gas forward contracts 0.5 0.5 0.5 Cost of products sold Total reclassifications for the period $ 0.5 $ 0.5 $ 0.7 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Minimum Commitments Under Operating Leases | As of December 31, 2019 , the total minimum contractual rental commitments under the Partnership’s various operating leases, including renewal periods, were as follows: (In millions) Leased Land Track Leases Total Minimum Lease Payments 2020 $ 0.1 $ 0.1 $ 0.2 2021 0.1 — 0.1 2022 0.1 — 0.1 2023 0.1 — 0.1 2024 0.1 — 0.1 Thereafter 1.2 — 1.2 Total $ 1.7 $ 0.1 $ 1.8 |
AGREEMENTS AND TRANSACTIONS W_2
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Schedule of Transactions with Affiliates | The total selling, general and administrative costs charged to the Partnership by affiliates were as follows: Years Ended December 31, (In millions) 2019 2018 2017 Ciner Corp $ 14.9 $ 14.6 $ 14.5 ANSAC (1) 3.5 3.0 2.4 Total selling, general and administrative expenses - affiliates $ 18.4 $ 17.6 $ 16.9 (1) ANSAC allocates its expenses to its members using a pro-rata calculation based on sales. Net sales to affiliates were as follows: Years Ended December 31, (In millions) 2019 2018 2017 ANSAC $ 315.8 $ 253.3 $ 222.2 CIDT — — 82.3 Total $ 315.8 $ 253.3 $ 304.5 | The Partnership had accounts receivable from affiliates and due to affiliates as follows: As of December 31, (In millions) 2019 2018 2019 2018 Accounts receivable from affiliates Due to affiliates ANSAC $ 53.8 $ 48.7 $ 1.6 $ 0.7 CIDT (1) 5.5 7.1 — — Ciner Corp 35.7 14.3 1.4 1.9 Total $ 95.0 $ 70.1 $ 3.0 $ 2.6 (1) “CIDT” refers to Ciner Ic ve Dis Ticaret Anonim Sirketi, an export affiliate of the Partnership. |
MAJOR CUSTOMERS AND SEGMENT R_2
MAJOR CUSTOMERS AND SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Sales By Geographic Area | The net sales by geographic area consisted of the following: Years Ended December 31, (In millions) 2019 2018 2017 Domestic $ 207.0 $ 233.4 $ 192.8 International ANSAC $ 315.8 $ 253.3 $ 222.2 CIDT — — 82.3 Total international $ 315.8 $ 253.3 $ 304.5 Total net sales $ 522.8 $ 486.7 $ 497.3 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Derivative Assets and Liability Derivatives | The following table presents the fair value of derivative assets and liability derivatives and the respective locations on our consolidated balance sheets as of December 31, 2019 and December 31, 2018 : Assets Liabilities 2019 2018 2019 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedges: Interest rate swap contracts - current $ — $ — Accrued Expenses $ 0.9 Accrued Expenses $ 0.3 Natural gas forward contracts - current Other Current Assets 0.1 — Accrued Expenses 2.4 Accrued Expenses 1.6 Natural gas forward contracts - non-current Other non-current assets 0.2 — Other non-current liabilities 2.9 Other non-current liabilities 5.5 Total fair value of derivatives designated as hedging instruments $ 0.3 $ — $ 6.2 $ 7.4 |
GENERAL (Details)
GENERAL (Details) | Feb. 22, 2018 | Dec. 31, 2019 |
Ciner Wyoming LLC | Ciner Resources LP | ||
Variable Interest Entity [Line Items] | ||
Membership interest | 51.00% | |
Ciner Wyoming | NRP Trona LLC | ||
Variable Interest Entity [Line Items] | ||
Membership interest attributable to noncontrolling interest | 49.00% | |
Ciner Enterprises | KEW Soda | ||
Variable Interest Entity [Line Items] | ||
Percentage of general partner ownership interest held | 100.00% | |
WE Soda | KEW Soda | ||
Variable Interest Entity [Line Items] | ||
Percentage of general partner ownership interest held | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 1996 | Dec. 31, 2018USD ($) | |
Corporate structure and ownership | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 0 | $ 0 | |
Mining reserves | Asset Retirement Obligation | |||
Corporate structure and ownership | |||
Useful Life | 59 years | 80 years | |
Land and land improvements | |||
Corporate structure and ownership | |||
Useful Life | 10 years | ||
Depletable land | Minimum | |||
Corporate structure and ownership | |||
Useful Life | 15 years | ||
Depletable land | Maximum | |||
Corporate structure and ownership | |||
Useful Life | 60 years | ||
Buildings and building improvements | Minimum | |||
Corporate structure and ownership | |||
Useful Life | 10 years | ||
Buildings and building improvements | Maximum | |||
Corporate structure and ownership | |||
Useful Life | 30 years | ||
Computer hardware | Minimum | |||
Corporate structure and ownership | |||
Useful Life | 3 years | ||
Computer hardware | Maximum | |||
Corporate structure and ownership | |||
Useful Life | 5 years | ||
Machinery and equipment | Minimum | |||
Corporate structure and ownership | |||
Useful Life | 5 years | ||
Machinery and equipment | Maximum | |||
Corporate structure and ownership | |||
Useful Life | 20 years | ||
Furniture and fixtures | |||
Corporate structure and ownership | |||
Useful Life | 10 years | ||
Land | Asset Retirement Obligation | |||
Corporate structure and ownership | |||
Useful Life | 30 years | ||
Measurement Input, Risk Free Interest Rate | Asset Retirement Obligation | |||
Corporate structure and ownership | |||
Credit-adjusted, risk-free interest rate | 0.06 | ||
Measurement Input, Risk Free Interest Rate | Land | Asset Retirement Obligation | |||
Corporate structure and ownership | |||
Credit-adjusted, risk-free interest rate | 0.0425 |
NET INCOME PER UNIT AND CASH _3
NET INCOME PER UNIT AND CASH DISTRIBUTION - Calculation of net income per unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to Ciner Resources LP | $ 49.6 | $ 49.9 | $ 41.6 |
Less: General partner’s interest in net income | 1 | 1 | 0.8 |
Limited partners’ interest in net income | $ 48.6 | $ 48.9 | $ 40.8 |
Weighted average limited partner units outstanding: | |||
Total weighted average limited partner units outstanding (basic) (in shares) | 19.7 | 19.7 | 19.6 |
Total weighted average limited partner units outstanding (diluted) (in shares) | 19.7 | 19.7 | 19.7 |
Net income per limited partner unit: | |||
Net income per limited partner unit (basic) (in dollars per share) | $ 2.46 | $ 2.48 | $ 2.08 |
Net income per limited partner units (diluted) (in dollars per share) | $ 2.46 | $ 2.48 | $ 2.07 |
Common Units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Limited partners’ interest in net income | $ 48.6 | $ 48.9 | $ 40.8 |
Weighted average limited partner units outstanding: | |||
Total weighted average limited partner units outstanding (basic) (in shares) | 19.7 | 19.7 | 19.6 |
Total weighted average limited partner units outstanding (diluted) (in shares) | 19.7 | 19.7 | 19.7 |
Net income per limited partner unit: | |||
Net income per limited partner unit (basic) (in dollars per share) | $ 2.46 | $ 2.48 | $ 2.08 |
Net income per limited partner units (diluted) (in dollars per share) | $ 2.46 | $ 2.48 | $ 2.07 |
NET INCOME PER UNIT AND CASH _4
NET INCOME PER UNIT AND CASH DISTRIBUTION - Narrative (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |||||||
Distributions declared per unit for the year (in dollars per share) | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 1.360 | $ 2.268 | $ 2.2680 |
General Partner | |||||||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |||||||
Percentage of general partner ownership interest held | 2.00% | ||||||
Second Target Distribution | General Partner | |||||||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |||||||
Increasing percentage allocation of operating surplus | 13.00% | ||||||
Third Target Distribution | General Partner | |||||||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |||||||
Increasing percentage allocation of operating surplus | 23.00% | ||||||
Thereafter | General Partner | |||||||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |||||||
Increasing percentage allocation of operating surplus | 48.00% |
NET INCOME PER UNIT AND CASH _5
NET INCOME PER UNIT AND CASH DISTRIBUTION - Allocation of Net Income (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Common unitholders’ interest in net income | $ 48.6 | $ 48.9 | $ 40.8 | ||||
Distributions declared per unit for the year (in dollars per share) | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 1.360 | $ 2.268 | $ 2.2680 |
Common Units | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Distributions | $ 26.8 | $ 44.6 | $ 44.5 | ||||
(Distributions in excess of net income)/undistributed earnings | 21.8 | 4.3 | (3.7) | ||||
Common unitholders’ interest in net income | $ 48.6 | $ 48.9 | $ 40.8 |
NET INCOME PER UNIT AND CASH _6
NET INCOME PER UNIT AND CASH DISTRIBUTION - Target distributions and marginal percentage interests (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Minimum quarterly distribution (in dollars per share) | $ 0.5000 |
First Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Minimum quarterly distribution (in dollars per share) | 0.5000 |
Maximum quarterly distribution (in dollars per share) | 0.5750 |
Second Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Minimum quarterly distribution (in dollars per share) | 0.5750 |
Maximum quarterly distribution (in dollars per share) | 0.6250 |
Third Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Minimum quarterly distribution (in dollars per share) | 0.6250 |
Maximum quarterly distribution (in dollars per share) | 0.7500 |
Thereafter | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Minimum quarterly distribution (in dollars per share) | $ 0.7500 |
Unitholders | Minimum Quarterly Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 98.00% |
Unitholders | First Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 98.00% |
Unitholders | Second Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 85.00% |
Unitholders | Third Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 75.00% |
Unitholders | Thereafter | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 50.00% |
General Partner | Minimum Quarterly Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 2.00% |
General Partner | First Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 2.00% |
General Partner | Second Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 15.00% |
General Partner | Third Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 25.00% |
General Partner | Thereafter | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 50.00% |
ACCOUNTS RECEIVABLE, NET (Detai
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Trade receivables | $ 30.3 | $ 31 |
Other receivables | 5.7 | 5.9 |
Total | $ 36 | $ 36.9 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 8.7 | $ 10.9 |
Finished goods | 6.9 | 5.1 |
Stores inventory, current | 8.6 | 6.3 |
Total | $ 24.2 | $ 22.3 |
PROPERTY, PLANT, AND EQUIPMEN_3
PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 883.5 | $ 888.1 | |
Less accumulated depreciation, depletion and amortization | (676.6) | (667.7) | |
Total net book value | 206.9 | 220.4 | |
Total property, plant, and equipment, net | 297.7 | 266.7 | |
Depreciation, depletion and amortization expense | 26.9 | 28.4 | $ 27.1 |
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 0.3 | 0.3 | |
Depletable land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 3 | 3 | |
Buildings and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 137.8 | 137.1 | |
Computer hardware | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 4.7 | 4.7 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 672.4 | 677.7 | |
Mining reserves | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 65.3 | 65.3 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant, and equipment, net | $ 90.8 | $ 46.3 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Stores inventory, non-current | $ 17.6 | $ 19.4 | ||
Internal-use software, net of accumulated amortization | 6.1 | 6.2 | ||
Deferred financing costs and other | 0.6 | 0.8 | ||
Total | 24.3 | 26.4 | ||
Property, Plant and Equipment [Line Items] | ||||
Capitalized computer software, additions | $ 0.6 | 6.2 | $ 0 | |
Amortization of software development costs | $ 0.7 | $ 0 | $ 0 | |
Minimum | Software development costs | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful Life | 5 years | |||
Maximum | Software development costs | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful Life | 10 years |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued capital expenditures | $ 6.2 | $ 13 |
Accrued energy costs | 5.7 | 6.6 |
Accrued royalty costs | 7.1 | 6.5 |
Accrued employee compensation & benefits | 7.1 | 7.5 |
Accrued other taxes | 4.8 | 4.7 |
Accrued derivatives | 3.3 | 1.9 |
Other accruals | 4.9 | 4.2 |
Total | $ 39.1 | $ 44.4 |
DEBT - Components of Long-term
DEBT - Components of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt | ||
Total debt | $ 129.5 | $ 99 |
Line of Credit | Ciner Wyoming Credit Facility | Revolving credit facility | ||
Debt | ||
Interest rate | 3.27% | 3.99% |
Total debt | $ 129.5 | $ 99 |
DEBT - Maturities of Long-term
DEBT - Maturities of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2022 | $ 129.5 | |
Total | $ 129.5 | $ 99 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | Aug. 01, 2017USD ($) | Dec. 31, 2019USD ($) |
Facilities Agreement | ||
Line of Credit Facility [Line Items] | ||
Unused line fee | 66.66% | |
Ciner Wyoming Credit Facility | Line of Credit | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, sublimit | $ 5,000,000 | |
Ciner Wyoming Credit Facility | Line of Credit | Ciner Wyoming LLC | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, term | 5 years | |
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | |
Line of credit facility, additional borrowing capacity | $ 75,000,000 | |
Maximum leverage ratio | 3 | |
Interest coverage ratio | 3 | |
Ciner Wyoming Credit Facility | Line of Credit | Ciner Wyoming LLC | Same Day Swing Line Advances | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, sublimit | $ 20,000,000 | |
Ciner Wyoming Credit Facility | Line of Credit | Ciner Wyoming LLC | Letters of Credit | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, sublimit | $ 40,000,000 | |
Ciner Wyoming Credit Facility | Line of Credit | Ciner Wyoming LLC | Minimum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Unused capacity, commitment fee percentage | 0.225% | |
Ciner Wyoming Credit Facility | Line of Credit | Ciner Wyoming LLC | Maximum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Unused capacity, commitment fee percentage | 0.30% | |
Ciner Wyoming Credit Facility | Line of Credit | Ciner Resources LP | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt covenant, minimum economic interest | 50.10% | |
Ciner Resources Credit Facility | Line of Credit | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, sublimit | $ 5,000,000 | |
Ciner Resources Credit Facility | Line of Credit | Ciner Resources LP | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, term | 5 years | |
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |
Maximum leverage ratio | 3 | |
Debt covenant, minimum economic interest | 50.10% | |
Ciner Resources Credit Facility | Line of Credit | Ciner Resources LP | Same Day Swing Line Advances | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, sublimit | $ 5,000,000 | |
Ciner Resources Credit Facility | Line of Credit | Ciner Resources LP | Letters of Credit | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, sublimit | $ 5,000,000 | |
Ciner Resources Credit Facility | Line of Credit | Ciner Resources LP | Minimum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Unused capacity, commitment fee percentage | 0.225% | |
Ciner Resources Credit Facility | Line of Credit | Ciner Resources LP | Maximum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Unused capacity, commitment fee percentage | 0.30% | |
Federal Funds rate | Ciner Wyoming Credit Facility | Line of Credit | Ciner Wyoming LLC | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Federal Funds rate | Ciner Resources Credit Facility | Line of Credit | Ciner Resources LP | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
LIBOR | Ciner Wyoming Credit Facility | Line of Credit | Ciner Wyoming LLC | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
LIBOR | Ciner Resources Credit Facility | Line of Credit | Ciner Resources LP | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Reclamation reserve | $ 5.7 | $ 5.4 | $ 5.7 | $ 5.4 |
Derivative instruments and hedges, fair value liabilities | 2.9 | 5.5 | ||
Total | $ 8.6 | $ 10.9 | ||
Reclamation reserve | ||||
Reclamation reserve balance at beginning of year | 5.4 | 5.1 | ||
Accretion expense | 0.3 | 0.3 | ||
Reclamation reserve balance at end of year | $ 5.7 | $ 5.4 |
EMPLOYEE COMPENSATION (Details)
EMPLOYEE COMPENSATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Average compensation period | 60 months | ||
Period of last service | 120 months | ||
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net funded liability | $ 54.8 | $ 56.9 | |
Net periodic pension (benefit) cost | 1 | 0.4 | $ 1.4 |
Savings Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by Ciner Corp | 3 | 2.8 | 3.7 |
Postretirement benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net funded liability | 13.8 | 9.9 | |
Net periodic pension (benefit) cost | $ (2.2) | $ (2.9) | $ (2.8) |
EQUITY - BASED COMPENSATION - N
EQUITY - BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 700,000 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 38,402 | 37,914 |
Vested (in dollars per share) | $ 27.85 | $ 25.73 |
Restricted Stock Units (RSUs) | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Restricted Stock Units (RSUs) | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
TSR Unit Performance Awards | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 2 years | |
Payout range | 0.00% | |
TSR Unit Performance Awards | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Payout range | 200.00% | |
Director | Common Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Director awards, vested in period, fair value | $ 0.2 | $ 0.2 |
Director - Non-Employee | Common Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 8,832 | 6,807 |
Vested (in dollars per share) | $ 25.48 | $ 27.55 |
EQUITY - BASED COMPENSATION - R
EQUITY - BASED COMPENSATION - Restricted Unit Award and Total Return Performance Unit Award Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Units (RSUs) | ||
Number of Units | ||
Unvested beginning of period (in shares) | 71,436 | 94,791 |
Granted (in shares) | 38,402 | 37,914 |
Vested (in shares) | (32,087) | (42,989) |
Forfeited (in shares) | (22,297) | (18,280) |
Unvested at end of period (in shares) | 55,454 | 71,436 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of year (in dollars per share) | $ 27.56 | $ 27.22 |
Granted (in dollars per share) | 16.45 | 26.13 |
Vested (in dollars per share) | 27.85 | 25.73 |
Forfeited (in dollars per share) | 26 | 27.12 |
Unvested at the end of the year (in dollars per share) | $ 20.33 | $ 27.56 |
Total Return Performance Unit Awards | TSR Unit Performance Awards | ||
Number of Units | ||
Unvested beginning of period (in shares) | 52,974 | 26,177 |
Granted (in shares) | 0 | 33,994 |
Vested (in shares) | (4,766) | 0 |
Forfeited (in shares) | (28,035) | (7,197) |
Unvested at end of period (in shares) | 20,173 | 52,974 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of year (in dollars per share) | $ 42.22 | $ 42.93 |
Granted (in dollars per share) | 0 | 41.52 |
Vested (in dollars per share) | 43.93 | 0 |
Forfeited (in dollars per share) | 42.24 | 41.53 |
Unvested at the end of the year (in dollars per share) | $ 41.79 | $ 42.22 |
2019 Performance Unit Awards | ||
Number of Units | ||
Unvested beginning of period (in shares) | 0 | 0 |
Granted (in shares) | 38,402 | 0 |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | (2,494) | 0 |
Unvested at end of period (in shares) | 35,908 | 0 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of year (in dollars per share) | $ 0 | $ 0 |
Granted (in dollars per share) | 16.45 | 0 |
Vested (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 16.45 | 0 |
Unvested at the end of the year (in dollars per share) | $ 16.45 | $ 0 |
EQUITY - BASED COMPENSATION - U
EQUITY - BASED COMPENSATION - Unrecognized Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Unrecognized Compensation Expense | $ 1.3 | $ 2.5 |
Time-based units | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Unrecognized Compensation Expense | $ 0.7 | $ 1.3 |
Weighted Average to be Recognized | 1 year 9 months 25 days | 1 year 7 months 7 days |
Total Return Performance Unit Awards | Performance-based units | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Unrecognized Compensation Expense | $ 0.2 | $ 1.2 |
Weighted Average to be Recognized | 1 year 12 days | 1 year 9 months 11 days |
2019 Performance Unit Awards | Performance-based units | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Unrecognized Compensation Expense | $ 0.4 | $ 0 |
Weighted Average to be Recognized | 2 years 32 days | 0 years |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Amounts Recorded in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 260.1 | $ 248.2 | $ 259.2 |
Net current-period other comprehensive loss | 1.6 | (0.2) | (4) |
Ending balance | 299.9 | 260.1 | 248.2 |
Gains and Losses on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (3.8) | (3.7) | (1.6) |
Other comprehensive loss before reclassification | (0.6) | (2.8) | |
Amounts reclassified from accumulated other comprehensive loss | 0.5 | 0.7 | |
Net current-period other comprehensive loss | (0.1) | (2.1) | |
Ending balance | $ (3.8) | $ (3.7) | |
Gains and Losses on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other comprehensive loss before reclassification | 0.3 | ||
Amounts reclassified from accumulated other comprehensive loss | 0.5 | ||
Net current-period other comprehensive loss | 0.8 | ||
Ending balance | $ (3) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | $ 1.6 | ||
Other comprehensive income (loss), derivatives qualifying as hedges, before tax | $ (0.2) | $ (4) | |
Interest rate swap contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | (0.5) | ||
Other comprehensive income (loss), derivatives qualifying as hedges, before tax | (0.2) | 0.4 | |
Commodity contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | $ 2.1 | ||
Other comprehensive income (loss), derivatives qualifying as hedges, before tax | $ 0 | $ (4.4) |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Other Comprehensive Income/(Loss) Reclassified (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 5.9 | $ 5.1 | $ 4.6 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications for the period | 0.5 | 0.5 | 0.7 |
Interest rate swap contracts | Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 0 | 0.2 | |
Interest rate swap contracts | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 0 | ||
Commodity contracts | Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of products sold | $ 0.5 | $ 0.5 | |
Commodity contracts | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of products sold | $ 0.5 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Jun. 28, 2018USD ($) | Jan. 03, 2017USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($)track_lease_agreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Other Commitments [Line Items] | ||||||
2020 | $ 0.2 | |||||
2021 | 0.1 | |||||
2022 | 0.1 | |||||
2023 | 0.1 | |||||
2024 | 0.1 | |||||
Thereafter | 1.2 | |||||
Lease expense | 11.8 | $ 13.9 | $ 14.6 | |||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||||
Average annual cost | 3.9 | |||||
Self-bond agreement for reclamation costs | ||||||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||||
Off balance sheet commitment | $ 36.2 | $ 32.9 | ||||
Watco Companies, LLC | ||||||
Other Commitments [Line Items] | ||||||
Leases term | 10 years | |||||
Rock Springs Grazing Association | ||||||
Other Commitments [Line Items] | ||||||
Renewal term | 5 years | |||||
Total renewal term | 30 years | |||||
Union Pacific Company | ||||||
Other Commitments [Line Items] | ||||||
Number of track lease agreements | track_lease_agreement | 2 | |||||
Commodity | ||||||
Other Commitments [Line Items] | ||||||
Leases term | 5 years | |||||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||||
Purchase obligation | $ 37.5 | |||||
Purchase obligation, due in 2020 | 16.1 | |||||
Purchase obligation, due in 2021 | 10 | |||||
Purchase obligation, due in 2022 | 6.2 | |||||
Purchase obligation, due in 2023 | 4.3 | |||||
Purchase obligation, due in 2024 | 0.9 | |||||
Track Leases | ||||||
Other Commitments [Line Items] | ||||||
2020 | 0.1 | |||||
2021 | 0 | |||||
2022 | 0 | |||||
2023 | 0 | |||||
2024 | 0 | |||||
Thereafter | 0 | |||||
Leased Land | ||||||
Other Commitments [Line Items] | ||||||
2020 | 0.1 | |||||
2021 | 0.1 | |||||
2022 | 0.1 | |||||
2023 | 0.1 | |||||
2024 | 0.1 | |||||
Thereafter | 1.2 | |||||
Rail Car Lease | ||||||
Other Commitments [Line Items] | ||||||
2020 | 11.1 | |||||
2021 | 8.5 | |||||
2022 | 5.6 | |||||
2023 | 2.6 | |||||
2024 | 2.3 | |||||
Thereafter | $ 4 | |||||
Minimum | ||||||
Other Commitments [Line Items] | ||||||
Leases term | 1 year | |||||
Maximum | ||||||
Other Commitments [Line Items] | ||||||
Leases term | 10 years | |||||
Ciner Wyoming vs. Rock Springs Royalty Company | ||||||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||||
Royalty overpayments | $ 32 | |||||
Litigation settlement receivable | $ 27.5 | |||||
Royalty rate | 8.00% | |||||
Settlement payment | $ 27.5 | $ 27.5 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Commitments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other Commitments [Line Items] | |
2020 | $ 0.2 |
2021 | 0.1 |
2022 | 0.1 |
2023 | 0.1 |
2024 | 0.1 |
Thereafter | 1.2 |
Total | 1.8 |
Leased Land | |
Other Commitments [Line Items] | |
2020 | 0.1 |
2021 | 0.1 |
2022 | 0.1 |
2023 | 0.1 |
2024 | 0.1 |
Thereafter | 1.2 |
Total | 1.7 |
Track Leases | |
Other Commitments [Line Items] | |
2020 | 0.1 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total | 0.1 |
Commodity [Member] | |
Other Commitments [Line Items] | |
Purchase Obligation, Due in Third Year | $ 6.2 |
AGREEMENTS AND TRANSACTIONS W_3
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
ANSAC | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 60.40% | 52.00% | 44.70% |
AGREEMENTS AND TRANSACTIONS W_4
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Costs Charged by Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CIDT | |||
Related Party Transaction [Line Items] | |||
Sales | $ 0 | ||
Shipping and handling | ANSAC | |||
Related Party Transaction [Line Items] | |||
Cost of products sold | 0 | $ 0 | $ 19,800,000 |
Costs Charged by Affiliates | |||
Related Party Transaction [Line Items] | |||
Total selling, general and administrative expenses - affiliates | 18,400,000 | 17,600,000 | 16,900,000 |
Costs Charged by Affiliates | Ciner Corp | |||
Related Party Transaction [Line Items] | |||
Total selling, general and administrative expenses - affiliates | 14,900,000 | 14,600,000 | 14,500,000 |
Costs Charged by Affiliates | ANSAC | |||
Related Party Transaction [Line Items] | |||
Total selling, general and administrative expenses - affiliates | $ 3,500,000 | $ 3,000,000 | $ 2,400,000 |
AGREEMENTS AND TRANSACTIONS W_5
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Net Sales to Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Sales - affiliates | $ 315.8 | $ 253.3 | $ 304.5 |
Net Sales to Affiliates | |||
Related Party Transaction [Line Items] | |||
Sales - affiliates | 315.8 | 253.3 | 304.5 |
Net Sales to Affiliates | ANSAC | |||
Related Party Transaction [Line Items] | |||
Sales - affiliates | 315.8 | 253.3 | 222.2 |
Net Sales to Affiliates | CIDT | |||
Related Party Transaction [Line Items] | |||
Sales - affiliates | $ 0 | $ 0 | $ 82.3 |
AGREEMENTS AND TRANSACTIONS W_6
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Receivables From or Payables to Affiliates (Details) - Receivables and Payables with Affiliates - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | $ 95 | $ 70.1 |
Due to affiliates | 3 | 2.6 |
ANSAC | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 53.8 | 48.7 |
Due to affiliates | 1.6 | 0.7 |
CIDT | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 5.5 | 7.1 |
Due to affiliates | 0 | 0 |
Ciner Corp | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 35.7 | 14.3 |
Due to affiliates | $ 1.4 | $ 1.9 |
MAJOR CUSTOMERS AND SEGMENT R_3
MAJOR CUSTOMERS AND SEGMENT REPORTING - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
MAJOR CUSTOMERS AND SEGMENT R_4
MAJOR CUSTOMERS AND SEGMENT REPORTING - Sales by geographic area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales by geographical area | |||
Net sales | $ 522.8 | $ 486.7 | $ 497.3 |
Domestic | |||
Sales by geographical area | |||
Net sales | 207 | 233.4 | 192.8 |
International | |||
Sales by geographical area | |||
Net sales | 315.8 | 253.3 | 304.5 |
International | ANSAC | |||
Sales by geographical area | |||
Net sales | 315.8 | 253.3 | 222.2 |
International | CIDT | |||
Sales by geographical area | |||
Net sales | $ 0 | $ 0 | $ 82.3 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) | Dec. 31, 2019USD ($)swap | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of swap contracts | swap | 4 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives designated as hedging instruments | $ 300,000 | $ 0 | |
Total derivatives designated as hedging instruments | 6,200,000 | 7,400,000 | |
Fair Value, Measurements, Recurring | Natural gas forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, notional amount | 31,200,000 | 41,200,000 | |
Other Current Assets | Fair Value, Measurements, Recurring | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, current | 0 | 0 | |
Other Current Assets | Fair Value, Measurements, Recurring | Natural gas forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, current | 100,000 | 0 | |
Accrued Expenses | Fair Value, Measurements, Recurring | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities, current | 900,000 | 300,000 | |
Accrued Expenses | Fair Value, Measurements, Recurring | Natural gas forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities, current | 2,400,000 | 1,600,000 | |
Other Noncurrent Assets | Fair Value, Measurements, Recurring | Natural gas forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset, noncurrent | 200,000 | $ 0 | |
Other non-current liabilities | Fair Value, Measurements, Recurring | Natural gas forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities, noncurrent | 2,900,000 | $ 5,500,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Fair Value, Measurements, Recurring | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset | 12,500,000 | ||
Derivative, notional amount | $ 50,000,000 |
REVENUE (Details)
REVENUE (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Number of reportable segments | segment | 1 | |
Contract assets | $ 0 | $ 0 |
Contract liabilities | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Feb. 21, 2020 | Feb. 20, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2020 |
Subsequent Event [Line Items] | ||||||||||
Distributions declared per unit for the year (in dollars per share) | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 1.360 | $ 2.268 | $ 2.2680 | |||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate amount of cash distribution | $ 14,500,000 | |||||||||
Distributions declared per unit for the year (in dollars per share) | $ 0.340 | |||||||||
Revolving credit facility | Line of Credit | Ciner Wyoming Credit Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Line of credit facility, sublimit | $ 5,000,000 | $ 5,000,000 | ||||||||
Revolving credit facility | Line of Credit | Ciner Wyoming Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Line of credit facility, sublimit | $ 30,000,000 | |||||||||
Revolving credit facility | Line of Credit | Ciner Resources Credit Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Line of credit facility, sublimit | $ 5,000,000 | $ 5,000,000 | ||||||||
Revolving credit facility | Line of Credit | Ciner Resources Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Line of credit facility, sublimit | $ 30,000,000 |