Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 10, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36062 | ||
Entity Registrant Name | Sisecam Resources LP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-2613366 | ||
Entity Address, Address Line One | Five Concourse Parkway | ||
Entity Address, Address Line Two | Suite 2500 | ||
Entity Address, City or Town | Atlanta | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30328 | ||
City Area Code | 770 | ||
Local Phone Number | 375-2300 | ||
Title of 12(b) Security | Common units representing limited partnership interests | ||
Trading Symbol | SIRE | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 75.3 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: None | ||
Entity Central Index Key | 0001575051 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Units | |||
Document and Entity Information | |||
Entity Common Stock, Shares Outstanding | 19,788,208 | ||
General Partner | |||
Document and Entity Information | |||
Entity Common Stock, Shares Outstanding | 399,000 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Atlanta, Georgia |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2.7 | $ 0.5 |
Accounts receivable-affiliates | 49.3 | 86.5 |
Accounts receivable, net | 116.9 | 40.6 |
Inventory | 30.1 | 33.5 |
Other current assets | 9 | 4.1 |
Total current assets | 208 | 165.2 |
Property, plant and equipment, net | 304.2 | 307.4 |
Other non-current assets | 31.1 | 25.4 |
Total assets | 543.3 | 498 |
Current liabilities: | ||
Current portion of long-term debt | 8.6 | 3 |
Accounts payable | 21.9 | 16.4 |
Due to affiliates | 2.3 | 2.9 |
Accrued expenses | 41 | 33.6 |
Total current liabilities | 73.8 | 55.9 |
Long-term debt | 115 | 128.1 |
Other non-current liabilities | 9.8 | 8.7 |
Total liabilities | 198.6 | 192.7 |
Commitments and Contingencies (See Note 14) | ||
Equity: | ||
Common unitholders - Public and SCW LLC (19.8 and 19.8 units issued and outstanding at December 31, 2021 and 2020) | 187.4 | 170 |
General partner unitholders - Sisecam Resource Partners LLC (0.4 units issued and outstanding at December 31, 2021 and 2020) | 4.6 | 4.2 |
Accumulated other comprehensive loss | 3 | 0 |
Partners’ capital attributable to Sisecam Resources LP | 195 | 174.2 |
Noncontrolling interest | 149.7 | 131.1 |
Total equity | 344.7 | 305.3 |
Total liabilities and partners’ equity | $ 543.3 | $ 498 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common units issued (in shares) | 19.8 | 19.8 |
Common units outstanding (in shares) | 19.8 | 19.8 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net sales: | |||
Sales - affiliates | $ 0 | $ 177.9 | $ 315.8 |
Sales - others | 540.1 | 214.3 | 207 |
Total net sales | 540.1 | 392.2 | 522.8 |
Cost of products sold: | |||
Cost of products sold (excludes depreciation, depletion and amortization expense set forth separately below) | 215.5 | 185.6 | 221.4 |
Depreciation, depletion and amortization expense | 31.6 | 28.8 | 26.9 |
Freight costs | 213 | 123.7 | 143.6 |
Total cost of products sold | 460.1 | 338.1 | 391.9 |
Gross profit | 80 | 54.1 | 130.9 |
Operating expenses: | |||
Selling, general and administrative expenses—affiliates | 17.2 | 17.5 | 18.4 |
Selling, general and administrative expenses—others | 6.3 | 4.2 | 5.4 |
Total operating expenses | 23.5 | 21.7 | 23.8 |
Operating income | 56.5 | 32.4 | 107.1 |
Other income/(expenses): | |||
Interest income | 0 | 0.1 | 0.4 |
Interest expense | (5) | (5.3) | (5.9) |
Other - net | (0.1) | (0.3) | 0 |
Total other expense, net | (5.1) | (5.5) | (5.5) |
Net income | 51.4 | 26.9 | 101.6 |
Net income attributable to noncontrolling interest | 27 | 15.2 | 52 |
Net income attributable to Sisecam Resources LP | 24.4 | 11.7 | 49.6 |
Other comprehensive income: | |||
Income on derivative financial instruments | 5.9 | 5.9 | 1.6 |
Comprehensive income | 57.3 | 32.8 | 103.2 |
Comprehensive income attributable to noncontrolling interest | 29.9 | 18.1 | 52.7 |
Comprehensive income attributable to Sisecam Resources LP | $ 27.4 | $ 14.7 | $ 50.5 |
Net income per limited partner unit: | |||
Net income per limited partner unit (basic) (in dollars per share) | $ 1.19 | $ 0.58 | $ 2.46 |
Net income per limited partner unit (diluted) (in dollars per share) | $ 1.19 | $ 0.58 | $ 2.46 |
Limited partner units outstanding: | |||
Total weighted average limited partner units outstanding (basic) (in shares) | 19.8 | 19.7 | 19.7 |
Weighted average limited partner units outstanding (diluted) (in shares) | 19.8 | 19.8 | 19.7 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 51.4 | $ 26.9 | $ 101.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization expense | 32.2 | 29.2 | 27.1 |
Impairment and loss on disposal of assets, net | 0 | 0 | 0.6 |
Equity-based compensation expense | 0.5 | 0.7 | 0.8 |
Other non-cash items | 0.5 | 0.3 | 0.3 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (34.3) | (4.6) | 0.9 |
Accounts receivable - affiliates | (4.7) | 8.5 | (24.9) |
Inventory | 0.3 | (9.8) | (0.4) |
Other current and other non-current assets | (1.8) | (0.5) | 0.1 |
Increase/(decrease) in: | |||
Accounts payable | 5 | 2.2 | (3.1) |
Due to affiliates | (0.5) | (0.1) | 0.4 |
Accrued expenses and other liabilities | 5.6 | 1.9 | 0.4 |
Net cash provided by operating activities | 54.2 | 54.7 | 103.8 |
Cash flows from investing activities: | |||
Capital expenditures | (25.7) | (42.2) | (65.4) |
Insurance proceeds | 0.8 | 0 | 0 |
Net cash used in investing activities | (24.9) | (42.2) | (65.4) |
Cash flows from financing activities: | |||
Borrowings on Revolving Credit Facilities | 84.5 | 212.5 | 102 |
Borrowings on Equipment Financing Arrangements | 29 | 30 | 0 |
Repayments on Revolving Credit Facilities | (118) | (238.5) | (71.5) |
Repayments on Equipment Financing Arrangements | (3) | (2.2) | 0 |
Debt issuance costs | (1.4) | (0.6) | 0 |
Common units surrendered for taxes | (0.1) | (0.2) | (0.5) |
Distributions to noncontrolling interest | (11.3) | (14.2) | (31.9) |
Net cash used in financing activities | (27.1) | (26.9) | (33.7) |
Net increase/(decrease) in cash and cash equivalents | 2.2 | (14.4) | 4.7 |
Cash and cash equivalents at beginning of year | 0.5 | 14.9 | 10.2 |
Cash and cash equivalents at end of year | 2.7 | 0.5 | 14.9 |
Supplemental disclosure of cash flow information: | |||
Interest paid during the year | 4.6 | 5.1 | 5.5 |
Supplemental disclosure of non-cash investing activities: | |||
Capital expenditures on account | 4.1 | 2 | 6.8 |
Common Units | |||
Cash flows from financing activities: | |||
Distributions | (6.7) | (13.4) | (31.2) |
General Partner | |||
Cash flows from financing activities: | |||
Distributions | $ (0.1) | $ (0.3) | $ (0.6) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Partnership unitsCommon Units | Partnership unitsGeneral Partner | Accumulated Other Comprehensive Loss/Income | Partners’ Capital Attributable to Sisecam Resources LP Equity | Noncontrolling Interest |
Beginning 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 income | 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 |
Increase (decrease) in shareholders' equity | ||||||
Net income | 26.9 | 11.5 | 0.2 | 11.7 | 15.2 | |
Other comprehensive income | 5.9 | 3 | 3 | 2.9 | ||
Equity-based compensation plan activity | 0.5 | 0.5 | 0.5 | |||
Distributions | (27.9) | (13.4) | (0.3) | (13.7) | (14.2) | |
Ending balance at Dec. 31, 2020 | 305.3 | 170 | 4.2 | 0 | 174.2 | 131.1 |
Increase (decrease) in shareholders' equity | ||||||
Net income | 51.4 | 23.9 | 0.5 | 24.4 | 27 | |
Other comprehensive income | 5.9 | 3 | 3 | 2.9 | ||
Equity-based compensation plan activity | 0.2 | 0.2 | 0.2 | |||
Distributions | (18.1) | (6.7) | (0.1) | (6.8) | (11.3) | |
Ending balance at Dec. 31, 2021 | $ 344.7 | $ 187.4 | $ 4.6 | $ 3 | $ 195 | $ 149.7 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | GENERAL Nature of Operations As used in this Report, the terms “Sisecam Resources LP,” “the Partnership,” “SIRE,” “we,” “us,” or “our” may refer to Sisecam Resources LP, a publicly traded Delaware limited partnership formed in April 2013 by both Sisecam Chemicals Wyoming LLC (“SCW LLC”), a wholly-owned subsidiary of Sisecam Chemicals Resources LLC (“Sisecam Chemicals”) and Sisecam Resource Partners LLC (our “general partner” or “Sisecam GP”), a wholly-owned subsidiary of SCW LLC. Sisecam Chemicals is 60% owned by Sisecam Chemicals USA Inc. (“Sisecam USA”) and 40% owned by Ciner Enterprises Inc. (“Ciner Enterprises”). Sisecam USA is a direct subsidiary of Türkiye Sise ve Cam Fabrikalari A.S (“Şişecam Parent”) which is an approximately 51%-owned subsidiary of Turkiye Is Bankasi Turkiye Is Bankasi ("Isbank"). Şişecam Parent is a global company operating in soda ash, chromium chemicals, flat glass, auto glass, glassware glass packaging and glass fiber sectors and is based in Turkey and is listed on the Istanbul exchange. Ciner Enterprises Inc. is a direct wholly-owned subsidiary of WE Soda Ltd., a U.K. Corporation (“WE Soda”). WE Soda is a direct wholly-owned subsidiary of KEW Soda Ltd., a U.K. corporation (“KEW Soda”), which is a direct wholly-owned subsidiary of Akkan Enerji ve Madencilik Anonim Şirketi (“Akkan”). Akkan is directly and wholly owned by Turgay Ciner, the Chairman of the Ciner Group (“Ciner Group”), a Turkish conglomerate of companies engaged in energy and mining (including soda ash mining), media and shipping markets. Sisecam Wyoming LLC (“Sisecam Wyoming”) is in the business of mining trona ore to produce soda ash, and is a 51.0% majority-owned subsidiary of the Partnership. The Partnership’s operations consist solely of its investment in Sisecam Wyoming. NRP Trona LLC, a wholly owned subsidiary of Natural Resource Partners L.P. (“NRP”), currently owns a 49.0% membership interest in Sisecam Wyoming. NRP’s membership interest in Sisecam Wyoming is reflected as the noncontrolling interest in the Partnership’s financial results. All of our soda ash processed is currently sold to various domestic and international customers. Sisecam Chemicals is the exclusive sales agent for the Partnership. Sisecam Chemicals has leveraged the distributor network established by Ciner Group while independently reviewing current and potential distribution partners to optimize the Partnership’s reach into each market. Completed Change in Control Transaction On December 21, 2021, Ciner Enterprises (which was the indirect owner of approximately 74% of the common units in the Partnership, completed the following transactions pursuant to the definitive agreement which Ciner Enterprises entered into with Sisecam USA, a direct subsidiary of Şişecam Parent on November 20, 2021: • Ciner Enterprises converted Ciner Resources Corporation into Sisecam Chemicals Resources LLC, a Delaware limited liability company ("Sisecam Chemicals"), and Ciner Wyoming Holding Co., a direct wholly-owned subsidiary of Sisecam Chemicals, into Sisecam Chemicals Wyoming LLC (“SCW LLC”), with SCW LLC in turn then directly owning approximately 74% of the common units in the Partnership and 100% of the general partner, and Sisecam USA purchased, 60% of the outstanding units of Sisecam Chemicals owned by Ciner Enterprises for a purchase price of $300 million (the “Sisecam Chemicals Sale”); and • at the closing of the Sisecam Chemicals Sale, Sisecam Chemicals, Ciner Enterprises, and Sisecam USA entered into a unitholders and operating agreement (the “Sisecam Chemicals Operating Agreement”) (collectively such transactions, the “CoC Transaction”). Pursuant to the terms of the Sisecam Chemicals Operating Agreement, Sisecam USA and Ciner Enterprises have a right to designate six directors and four directors, respectively, to the board of directors of Sisecam Chemicals. In addition, the Sisecam Chemicals Operating Agreement provides that (i) the board of directors of the general partner (the “MLP Board”) shall consist of six designees from Sisecam USA, two designees from Ciner Enterprises and three independent directors for as long as the general partner is legally required to appoint such independent directors and (ii) the Partnership’s right to appoint four managers to the board of managers of Sisecam Wyoming (the “Wyoming Board”) shall be comprised of three designees from Sisecam USA and one designee from Ciner Enterprises. Each of Sisecam USA and Ciner Enterprises shall vote all units over which such unitholder has voting control in Sisecam Chemicals to elect to the board of directors any individual designated by Sisecam USA and Ciner Enterprises. The Sisecam Chemicals Operating Agreement also requires the board of directors of Sisecam Chemicals to unanimously approve certain actions and commitments, including without limitation taking any action that would have an adverse effect on the master limited |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
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 noncontrolling 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. Furthermore, we considered the impact of the COVID-19 pandemic on the use of estimates and assumptions used for financial reporting. While our year-to-date production has recovered from the negative impact of the COVID-19 pandemic, given we cannot predict the duration or the scope of the COVID-19 pandemic and its impact on our operations, the potential negative financial impact to our results cannot be reasonably estimated but could be material. As a result of these uncertainties, actual results could differ from those estimates and assumptions. If the economy or markets in which we operate become weaker than pre-COVID-19 levels, our business, financial condition and results of operations might be materially and adversely impacted. Revenue Recognition The majority of the Partnership’s revenues are recognized upon satisfaction of our performance obligations, that is, delivery and transfer of title to the product to our customers as discussed below. Additionally, the Partnership has made an accounting policy election to account for shipping and handling activities as fulfillment costs. 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. Performance Obligations . A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. 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. Control transfer occurs at the point at which the customer has the ability to direct the use of and obtain substantially all remaining benefits from the asset. The time at which delivery and transfer of title, and therefore control, occurs is the point when the product leaves our facilities for domestic customers, the point when the product reaches the port of loading for ANSAC sales, and the point when the product is placed on a vessel for other international customers, thereby rendering our performance obligation fulfilled. Until the ANSAC exit on December 31, 2020, the time at which delivery and transfer of title occurred for ANSAC sales had been the same as domestic customers. • 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 FASB Accounting Standard Codification, Revenue from Contracts with Customers (Topic 606) (“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. Revenue 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 generally 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 Sheets as of December 31, 2021 and December 31, 2020. There were no contract assets as of December 31, 2021 and December 31, 2020. • Contract Liabilities. There may be situations where customers are required to prepay for freight and insurance prior to shipment. The Partnership accounts for freight costs as fulfillment activities 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. Freight Costs The Partnership includes freight costs billed to customers for shipments administered by the Partnership in gross sales. The related freight costs incurred by the Partnership 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 We determine expected credit losses for recorded receivables based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Inventory Inventory is carried at the lower of cost and net realizable value. 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. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. • 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. If the inventory has been used within the preceding twelve months, it 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 5-10 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 was over 50 years as of December 31, 2021. 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. When the Partnership has natural gas physical forward contracts, they 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 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. The Partnership has 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 4.2% 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. 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. Subsequent Events We have evaluated subsequent events through the filing of this Annual Report on Form 10-K. See Note 18, “Subsequent Events” for additional information. Recent Accounting Guidance Recently Adopted Accounting Guidance In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Inter-bank Offered Rate (“LIBOR”), which occurred on December 31, 2021 except U.S. Dollar LIBOR, which is expected to occur on June 30, 2023. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The new guidance provides the following optional expedients: (i) simplifies accounting analyses under current GAAP for contract modifications; (ii) simplifies the assessment of hedge effectiveness and allows hedging relationships affected by reference rate reform to continue; and (iii) allows a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. An entity may elect to apply the amendments prospectively from March 12, 2020 through December 31, 2022 by accounting topic. The Partnership evaluated ASU 2020-04 and concluded that there was no impact to the Partnership’s consolidated financial statements. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”) to clarify that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment (commonly referred to as the discounting transition) are in the scope of ASC 848. The amendments also clarify other aspects of the guidance in ASC 848 and addresses the effects of the cash compensation adjustment provided in the discounting transition on certain aspects of hedge accounting. The guidance in ASC 848 also allows entities to make a one-time election to sell and/or transfer to available for sale or trading any held-to-maturity debt securities that refer to an interest rate affected by reference rate reform and were classified as held to maturity before January 1, 2020. The original guidance and the recently issued ASU are effective as of their issuance dates. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in ASC 848 after the LIBOR administrator makes a final decision on a phaseout date. The LIBOR administrator recently extended the publication of the overnight and the one-, three-, six- and 12-month U.S. Dollar LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. The Partnership evaluated ASU 2021-01 and concluded that there was no 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, 2021 | |
Earnings Per Share [Abstract] | |
NET INCOME PER UNIT AND CASH DISTRIBUTION | NET INCOME PER UNIT AND CASH DISTRIBUTION Allocation of Net Income Our net income is allocated to the general partner and limited partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to our general partner, pursuant to our partnership agreement. Net income per unit applicable to limited partners is computed by dividing limited partners’ interest in net income attributable to Sisecam Chemicals, after deducting the general partner’s interest and any incentive distributions, by the weighted average number of outstanding common units. 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 unitholders and the weighted average units for calculating basic and diluted net income per common units were as follows: Year Ended December 31, (In millions) 2021 2020 2019 Net income attributable to Sisecam Resources LP $ 24.4 $ 11.7 $ 49.6 Less: General partner’s distribution declared 0.7 0.1 0.6 Less: Limited partners’ distribution declared 19.6 6.7 26.8 Income in excess of distribution $ 4.1 $ 4.9 $ 22.2 Year Ended December 31, 2021 (In millions, except per unit data) General Partner Limited Partners’ Total Distribution declared $ 0.7 $ 19.6 $ 20.3 Income in excess of distribution 0.1 4.0 4.1 Net income attributable to partners $ 0.8 $ 23.6 $ 24.4 Weighted average limited partner units outstanding: Basic 19.8 Diluted 19.8 Net income per limited partner unit: Basic $ 1.19 Diluted $ 1.19 Year Ended December 31, 2020 (In millions, except per unit data) General Partner Limited Partners’ Total Distribution declared $ 0.1 $ 6.7 $ 6.8 Income in excess of distribution 0.1 4.8 4.9 Net income attributable to partners $ 0.2 $ 11.5 $ 11.7 Weighted average limited partner units outstanding: Basic 19.7 Diluted 19.8 Net income per limited partner unit: Basic $ 0.58 Diluted $ 0.58 Year Ended December 31, 2019 (In millions, except per unit data) General Partner Limited Partners’ Total Distribution declared $ 0.6 $ 26.8 $ 27.4 Income in excess of distribution 0.4 21.8 22.2 Net income attributable to partners $ 1.0 $ 48.6 $ 49.6 Weighted average limited partner units outstanding: Basic 19.7 Diluted 19.7 Net income per limited partner unit: Basic $ 2.46 Diluted $ 2.46 Quarterly Distribution On January 27, 2022, the Partnership declared its fourth quarter 2021 quarterly distribution. On February 18, 2022, we paid a quarterly cash distribution of $0.650 per limited partner unit to unitholders of record on February 7, 2022. The total distribution paid was $13.4 million with $12.9 million paid to our limited partners and $0.3 million and $0.3 million paid to our general partner for its general partner interests and incentive distribution rights, respectively. 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. The following table illustrates the total amount of available cash from operating surplus for the quarter ended December 31, 2021 that was distributed to the unitholders of limited partners and the general partner, including in respect of incentive distribution rights. (In thousands) Cash Distributions to General Partner Cash General Incentive Total Total $0.5000 $ 9,893 $ 200 $ — $ 200 $ 10,093 above $0.5000 up to $0.5750 1,484 30 — 30 1,514 above $0.5750 up to $0.6250 989 23 151 174 1,164 above $0.6250 up to $0.7500 495 13 152 165 659 above $0.7500 — — — — — $ 12,861 $ 265 $ 303 $ 568 $ 13,430 General Partner Interest and Incentive Distribution Rights Our partnership agreement provides that our general partner initially will be entitled to approximately 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 approximately 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 apply to quarterly distribution amounts for the fourth quarter of 2021. 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 Total Quarterly Unitholders General Incentive 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 % 13.0 % Third Target Distribution above $0.6250 up to $0.7500 75.0 % 25.0 % 23.0 % Thereafter above $0.7500 50.0 % 50.0 % 48.0 % |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following as of December 31: (In millions) 2021 2020 Trade receivables, net $ 109.8 $ 32.6 Other receivables 7.1 8.0 Total $ 116.9 $ 40.6 |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventory consisted of the following as of December 31: (In millions) 2021 2020 Raw materials $ 10.5 $ 9.9 Finished goods 9.3 13.4 Stores inventory, current 10.3 10.2 Total $ 30.1 $ 33.5 |
PROPERTY, PLANT, AND EQUIPMENT,
PROPERTY, PLANT, AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Land and land improvements $ 0.3 $ 0.3 Depletable land 3.0 3.0 Buildings and building improvements 164.3 163.4 Computer hardware 5.6 5.3 Machinery and equipment 714.8 709.8 Mining reserves 65.3 65.3 Total 953.3 947.1 Less accumulated depreciation, depletion and amortization (708.7) (679.9) Total net book value 244.6 267.2 Construction in progress 59.6 40.2 Total property, plant, and equipment, net $ 304.2 $ 307.4 Depreciation, depletion and amortization expense on property, plant, and equipment was $30.7 million, $28.1 million, and $26.9 million for the years ended December 31, 2021, 2020, and 2019, respectively. The increase in construction in progress from December 31, 2020 to December 31, 2021 is due to the construction of mine ventilation and housing for the switchgear. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Stores inventory, non-current $ 20.5 $ 18.6 Internal-use software, net of accumulated amortization 5.7 5.7 Other 4.9 1.1 Total $ 31.1 $ 25.4 During the years ended December 31, 2021, 2020, and 2019, in accordance with ASC 350-40, Internal-Use Software, we capitalized $0.9 million, $0.5 million and $0.6 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 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following as of December 31: (In millions) 2021 2020 Accrued capital expenditures $ 2.9 $ 1.3 Accrued energy costs 7.0 5.1 Accrued royalty costs 7.6 8.1 Accrued employee compensation & benefits 9.1 7.6 Accrued other taxes 4.2 5.0 Accrued derivatives 0.8 0.9 Other accruals 9.4 5.6 Total $ 41.0 $ 33.6 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consisted of the following as of December 31: (In millions) 2021 2020 Sisecam Wyoming Equipment Financing Arrangement Security Note Number 001 with maturity date of March 26, 2028, fixed interest rate of 2.479% $ 24.6 $ 27.6 Sisecam Wyoming Equipment Financing Arrangement Security Note Number 002 with maturity date of December 17, 2026, fixed interest rate of 2.4207% 29.0 N/A Prior Sisecam Wyoming Credit Facility, secured principal expiring on August 1, 2022, variable interest rate as a weighted average rate of 2.25% at December 31, 2020 — 102.5 Sisecam Wyoming Credit Facility, secured principal expiring on October 28, 2026, variable interest rate as a weighted average rate of 1.82% at December 31, 2021 70.0 N/A Sisecam Resources LP Credit Facility, secured principal expiring on August 1, 2022, variable interest rate as a weighted average rate of 2.25% at December 31, 2020 — 1.0 Total debt 123.6 131.1 Current portion of long-term debt 8.6 3.0 Total long-term debt $ 115.0 $ 128.1 Aggregate maturities required on long-term debt at December 31, 2021 are due in future years as follows: (In millions) Amount 2022 $ 8.6 2023 8.9 2024 9.1 2025 9.2 2026 79.5 Thereafter 8.4 Total $ 123.7 Sisecam Wyoming Equipment Financing Arrangement Master Loan and Security Agreement: On March 26, 2020, Sisecam Wyoming and Banc of America Leasing & Capital, LLC, as lender (the “Equipment Financing Lender”), entered into an equipment financing arrangement (“Sisecam Wyoming Equipment Financing Arrangement”), including a Master Loan and Security Agreement, dated as of March 25, 2020 (as amended, the “Master Agreement”) and an Equipment Security Note Number 001, dated as of March 25, 2020 (the “Sisecam Wyoming Equipment Financing Arrangement Security Note Number 001,” or the “Initial Secured Note”), which provides the terms and conditions for the debt financing of certain equipment related to Sisecam Wyoming’s natural gas-fired turbine co-generation facility that became operational in March 2020. Each equipment financing entered into under the Sisecam Wyoming Equipment Financing Arrangement will be evidenced by the execution of one or more equipment notes (including the Initial Secured Note) that incorporate the terms and conditions of the Master Agreement (each, an “Equipment Note”). In order to secure the payment and performance of Sisecam Wyoming’s obligations under the Sisecam Wyoming Equipment Financing Arrangement, Sisecam Wyoming granted to the Equipment Financing Lender a continuing security interest in all of Sisecam Wyoming’s right, title and interest in and to the Equipment (as defined in the Master Agreement) and certain related collateral. On October 28, 2021, in connection with the entry into the Sisecam Wyoming Credit Facility (which replaced the Prior Sisecam Wyoming Credit Facility), Sisecam Wyoming and the Equipment Financing Lender entered into an amendment to the Master Agreement, in order to amend and restate all covenants that are based upon a specified level or ratio relating to assets, liabilities, indebtedness, rentals, net worth, cash flow, earnings, profitability, or any other accounting-based measurement or test to conform with the Sisecam Wyoming Credit Facility. On December 17, 2021, Sisecam Wyoming and the Equipment Financing Lender entered into Amendment Number 001 to the Initial Secured Note (“First Amendment to the Initial Secured Note”). The First Amendment to the Initial Secured Note, provides among other things: (i) upon the occurrence of an early full payoff of the Second Secured Note (as defined below), Sisecam Wyoming shall simultaneously pay, in full, the outstanding amount of the Initial Secured Note and (ii) Sisecam Wyoming grants to Equipment Financing Lender a security interest in all collateral securing the Second Secured Note to secure Sisecam Wyoming’s obligations under the Initial Secured Note. At December 31, 2021, Sisecam Wyoming was in compliance with all financial covenants of the Sisecam Wyoming Equipment Financing Arrangement. The Sisecam Wyoming Equipment Financing Arrangement: (1) incorporates all covenants in the Sisecam Wyoming Credit Facility (as defined below), now or hereinafter existing, or in any applicable replacement credit facility accepted in writing by the Equipment Financing Lender, that are based upon a specified level or ratio relating to assets, liabilities, indebtedness, rentals, net worth, cash flow, earnings, profitability, or any other accounting-based measurement or test, and (2) includes customary events of default subject to applicable grace periods, including, among others, (i) payment defaults, (ii ) certain mergers or changes in control of Sisecam Wyoming, (iii) cross defaults with certain other indebtedness (a) to which the Equipment Financing Lender is a party or (b) to third parties in excess of $10 million, and (iv) the commencement of certain insolvency proceedings or related events identified in the Master Agreement. Upon the occurrence of an event of default, in its discretion, the Equipment Financing Lender may exercise certain remedies, including, among others, the ability to accelerate the maturity of any Equipment Note such that all amounts thereunder will become immediately due and payable, to take possession of the Equipment identified in any Equipment Note, and to charge Sisecam Wyoming a default rate of interest on all then outstanding or thereafter incurred obligations under the Sisecam Wyoming Equipment Financing Arrangement: Among other things, Security Note Number 001: • was executed on March 25, 2020; • has a principal amount of $30,000,000; • has a maturity date of March 26, 2028; • shall be payable by Sisecam Wyoming to the Equipment Financing Lender in 96 consecutive monthly installments of principal and interest commencing on April 26, 2020 and continuing thereafter until the maturity date of the Initial Secured Note, which shall be in the amount of approximately $307,000 for the first 95 monthly installments and approximately $4,307,000 for the final monthly installment; and • entitles Sisecam Wyoming to prepay all (but not less than all) of the outstanding principal balance of the Initial Secured Note (together with all accrued interest and other charges and amounts owed thereunder) at any time after one (1) year from the date of the Initial Secured Note, subject to Sisecam Wyoming paying to the Equipment Financing Lender an additional prepayment amount determined by the amount of principal balance prepaid and the date such prepayment is made. In connection with the Second Sisecam Wyoming Amendment (as defined below), the Master Agreement was amended to incorporate, among other things, the modified covenants set forth in the Second Sisecam Wyoming Amendment related to consolidated leverage ratios of Sisecam Wyoming. In December 2021 a waiver was obtained to accommodate the CoC Transaction. First Amendment to Security Note Number 001: On December 17, 2021, Sisecam Wyoming and the Equipment Financing Lender entered into Amendment Number 001 to the Initial Secured Note (“First Amendment to the Initial Secured Note”). The First Amendment to the Initial Secured Note, provides among other things: (i) upon the occurrence of an early full payoff of the Second Secured Note, Sisecam Wyoming shall simultaneously pay, in full the outstanding amount of the Initial Secured Note and (ii) Sisecam Wyoming grants to Equipment Financing Lender a security interest in all collateral securing the Second Secured Note to secure Sisecam Wyoming’s obligations under the Initial Secured Note. Sisecam Wyoming’s balance under the Sisecam Wyoming Equipment Financing Arrangement at December 31, 2021 was $24.7 million ($24.6 million net of financing costs). Among other things, Security Note Number 002: • was executed on December 17, 2021 • has a principal amount of $29,000,000; • has a maturity date of December 17, 2026; • shall be payable by Sisecam Wyoming to the Equipment Financing Lender in 60 consecutive monthly installments of principal and interest commencing on January 17, 2022 and continuing thereafter until the maturity date of the Second Secured Note, which shall be in the amount of approximately $513,660 for each monthly installment; • entitles Sisecam Wyoming to prepay all (but not less than all) of the outstanding principal balance of the Second Secured Note (together with all accrued interest and other charges and amounts owed thereunder) at any time after one (1) year from the date of the Second Secured Note, subject to Sisecam Wyoming paying to the Equipment Financing Lender an additional prepayment amount determined by the amount of principal balance prepaid and the date such prepayment is made and subject to Sisecam Wyoming simultaneously paying, in full, the outstanding amount of the Initial Secured Note as discussed above; and • upon the occurrence of full payoff of Initial Secured Note dated as of March 25, 2020 under the Master Agreement, Sisecam Wyoming shall simultaneously pay, in full, the outstanding amount of this Second Secured Note. Sisecam Wyoming Credit Facility On October 28, 2021, Sisecam Wyoming entered into a new $225.0 million senior secured revolving credit facility (the “Sisecam Wyoming Credit Facility”) with each of the lenders listed on the respective signature pages thereof and Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer. The Sisecam Wyoming Credit Facility matures on October 28, 2026. On closing, the amount drawn under this new Sisecam Wyoming Credit Facility approximated the amount outstanding under the Prior Sisecam Wyoming Credit Facility at September 30, 2021. The Sisecam Wyoming Credit Facility provides, among other things: • a sublimit up to $40.0 million for the issuance of standby letters of credit and a sublimit up to $20.0 million for swingline loans; • an accordion feature that enables Sisecam Wyoming to increase the revolving borrowings under the Sisecam Wyoming Credit Facility by up to an additional $250.0 million (subject to certain conditions); • in addition to the aforementioned revolving borrowings, an ability to incur up to $225 million of additional term loan facility indebtedness to finance Sisecam Wyoming’s capacity expansion capital expenditures; (subject to certain conditions); • a pledge by Sisecam Wyoming of substantially all of Sisecam Wyoming’s assets (subject to certain exceptions), including: (i) all present and future shares of any subsidiaries of Sisecam Wyoming (whether now existing or hereafter created) and (ii) all personal property of Sisecam Wyoming (subject to certain conditions); • contains various covenants and restrictive provisions that limit (subject to certain exceptions) Sisecam Wyoming’s ability to: (i) incur certain liens or permit them to exist; (ii) incur or guarantee additional indebtedness; (iii) make certain investments and acquisitions related to Sisecam Wyoming’s operations in Wyoming); (iv) merge or consolidate with another company; (v) transfer, sell or otherwise dispose of assets, (vi) make distributions; (vii) change the nature of Sisecam Wyoming’s business; and (viii) enter into certain transactions with affiliates; • a requirement to maintain a quarterly consolidated leverage ratio of not more than 3.25:1:00; provided, however, subject to certain conditions, Sisecam Wyoming shall have the ability to increase the maximum consolidated leverage ratio to 3.75:1.00 for a year while Sisecam Wyoming is undertaking capacity expansion capital expenditures; • a requirement to maintain a quarterly consolidated interest coverage ratio of not less than 3.00:1.00; and • customary events of default including (i) failure to make payments required under the Sisecam Wyoming Credit Facility, (ii) events of default resulting from failure to comply with covenants and financial ratios, (iii) the occurrence of a voluntary change of control, as a result of which Sisecam Wyoming is directly or indirectly controlled by persons or entities not currently directly or indirectly controlling Sisecam Wyoming, (iv) the institution of insolvency or similar proceedings against Sisecam Wyoming, and (v) the occurrence of a cross default under any other material indebtedness Sisecam Wyoming may have. Upon the occurrence of an event of default, in their discretion, the Sisecam Wyoming Credit Facility lenders may exercise certain remedies, including, among others, accelerating the maturity of any outstanding loans, accrued and unpaid interest and all other amounts owing and payable such that all amounts thereunder will become immediately due and payable, and if not timely paid upon such acceleration, to charge Sisecam Wyoming a default rate of interest on all amounts outstanding under the Sisecam Wyoming Credit Facility. However, upon the occurrence of an involuntary change of control of Sisecam Wyoming, and after the passage of time as specified in the Sisecam Wyoming Credit Facility, Sisecam Wyoming’s debt thereunder would be accelerated. In addition, loans under the Sisecam Wyoming Credit Facility (other than any swingline loans) will bear interest at Sisecam Wyoming’s option at either: • a base rate, which equals the highest of (i) Bank of America’s prime rate, (ii) the federal funds rate then in effect on such day, plus 0.50%; (iii) one-month Bloomberg Short-Term Bank Yield Index (“BSBY”) adjusted daily rate, plus 1.0%; and (iv) 1.0%, plus, in each case, an applicable margin range from 0.50% to 1.75% based on the consolidated leverage ratio of Sisecam Wyoming; or • a BSBY rate for interest periods of one, three or six months, plus, in each case, an applicable margin range from 1.50% to 2.75% based on the consolidated leverage ratio of Sisecam Wyoming. In addition, if a BSBY rate ceases to exist for any period, loans under the Sisecam Wyoming Credit Facility will bear interest based on alternative indexes (including the secured overnight financing rate), plus an applicable margin. The unused portion of the Sisecam Wyoming Credit Facility is subject to a per annum commitment fee and the applicable margin of the interest rate under the Sisecam Wyoming Credit Facility will be determined as follows: Pricing Tier Leverage Ratio BSBY Rate Loans Base Rate Loans Commitment Fee 1 < 1.25:1.0 1.500% 0.500% 0.225% 2 ≥ 1.25:1.0 but < 1.75:1.0 1.750% 0.750% 0.250% 3 ≥ 1.75:1.0 but < 2.25:1.0 2.000% 1.000% 0.275% 4 ≥ 2.25:1.0 but < 3.00:1.0 2.250% 1.250% 0.300% 5 ≥ 3.00:1.0 but < 3.50:1.0 2.500% 1.500% 0.325% 6 ≥ 3.50:1.0 2.750% 1.750% 0.350% The Sisecam Wyoming Credit Facility permits the consolidated leverage ratio as of the end of each fiscal quarter of Sisecam Wyoming, commencing with the fiscal quarter ending December 31, 2021, to be greater than 3.25: 1.0; provided, however, during the Specified Capital Expansion Holiday, the lenders shall not permit the consolidated leverage ratio as of the end of each fiscal quarter of Sisecam Wyoming to be greater than 3.75:1.00. “Specified Capital Expansion Holiday” means the period consisting of four (4) full fiscal quarters after the Sisecam Wyoming has (i) made capital expenditures related to the Specified Capital Expansion (or other capital expansion project approved by the board of directors, board of managers or equivalent governing body of Sisecam Wyoming) of at least $200.0 million and (ii) provided written notice to the administrative agent that Sisecam Wyoming is electing to initiate such Specified Capital Expansion Holiday. “Specified Capital Expansion” means expansion activities related to the lenders’ soda ash operations in Wyoming which have been approved in writing by the Sisecam Wyoming’s board of directors, board of managers or equivalent governing body. The Sisecam Wyoming Credit Facility permits the consolidated interest coverage ratio as of the end of any fiscal quarter of Sisecam Wyoming, commencing with the fiscal quarter ending December 31, 2021, to be less than 3.00:1.00. In connection with the CoC Transaction (as defined in Note 1 above), on December 17, 2021, Sisecam Wyoming entered into the First Amendment (“First Amendment”) to its $225.0 million senior secured revolving credit facility, dated as of October 28, 2021 (as amended, the “Sisecam Wyoming Credit Facility”), with each of the lenders listed on the respective signature pages thereof and Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer. Pursuant to the First Amendment, the definition of “Change of Control” under the Credit Facility was revised to reflect that the updated indirect ownership of Sisecam Resources LP and Sisecam GP as contemplated by the CoC Transaction will not cause a Change of Control under the Sisecam Wyoming Credit Facility so long as the CoC Transaction occurs prior to March 31, 2022. The CoC Transaction did not cause a change in control event under the Credit Facility. Management is not aware of any current circumstances that would result in an event of default under the Sisecam Wyoming Credit Facility at December 31, 2021 or in the next twelve months. Prior Sisecam Wyoming Credit Facility On August 1, 2017, Sisecam Wyoming entered into a credit agreement (as amended, the “Prior Sisecam Wyoming Credit Facility” and together with the Sisecam Wyoming Equipment Financing Arrangement, the “Prior Sisecam Wyoming Debt Agreements”) with each of the lenders listed on the respective signature pages thereof and PNC Bank, National Association (“PNC Bank”), as administrative agent, swing line lender and a Letter of Credit (“L/C”) issuer. The Prior Sisecam Wyoming Credit Facility was a $225.0 million senior revolving credit facility with a syndicate of lenders, which matured on the fifth anniversary of the closing date of such credit facility. The Prior Sisecam Wyoming Credit Facility provided for revolving loans to fund working capital requirements, and capital expenditures, to consummate permitted acquisitions and for all other lawful partnership purposes. The Prior Sisecam Wyoming Credit Facility had an accordion feature that allowed Sisecam Wyoming to increase the available revolving borrowings under the facility by up to an additional $75.0 million, subject to Sisecam Wyoming receiving increased commitments from existing lenders or new commitments from new lenders and the satisfaction of certain other conditions. In addition, the Prior Sisecam 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. On July 27, 2020, the Prior Sisecam Wyoming Credit Facility was further amended (the “July 2020 Sisecam Wyoming Amendment”) to increase Sisecam Wyoming’s financial and liquidity flexibility due to COVID-19. The July 2020 Sisecam Wyoming Amendment, among other things, (i) increased, for a limited period, certain restrictive debt covenants that require Sisecam Wyoming and its subsidiaries to maintain certain leverage ratios and interest coverage ratios at the end of each period, (ii) provided a tiered interest rate structure based on applicable covenant ratios and established a 0.5% interest floor, (iii) effectuated changes to collateral restricted disbursements and covenanted to give security if covenant ratios are equal to or above certain levels. The July 2020 Sisecam Wyoming Amendment also provided for covenants to restrict certain payments and to give security in certain personal property of Ciner Wyoming following a fiscal quarter in which the leverage ratio is equal to or higher than 3.50:1.0, so long as the applicable leverage ratio limit is otherwise adhered to. Any such security would be released upon achievement of a leverage ratio less than 2.00:1.0 at the end of any quarter. In addition, the Prior Sisecam Wyoming Credit Facility contained various covenants and restrictive provisions that limit (subject to certain exceptions) Sisecam 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 Sisecam Wyoming; • merge or consolidate with another company; and • transfer, sell or otherwise dispose of assets. The July 2020 Sisecam Wyoming Amendment also required quarterly maintenance of a certain leverage ratio and an interest coverage ratio of not less than 3.00:1.0. On October 28, 2021, Sisecam Wyoming terminated the Prior Sisecam Wyoming Credit Facility and entered into the Sisecam Wyoming Credit Facility as described above. Ciner Resources Credit Facility On August 1, 2017, the Partnership entered into a Credit Agreement (as amended, the “Ciner Resources Credit Facility”) with each of the lenders listed on the respective signature pages thereof and PNC Bank, as administrative agent, swing line lender and an L/C issuer. The Ciner Resources Credit Facility was a $10.0 million senior secured revolving credit facility with a syndicate of lenders, that would have matured on the fifth anniversary of the closing date of such credit facility. The Ciner Resources Credit Facility provided 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 included 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 were guaranteed by each of the Partnership’s material domestic subsidiaries other than Sisecam Wyoming. In addition, the Partnership’s obligations under the Ciner Resources Credit Facility were secured by a pledge of substantially all of the Partnership’s assets (subject to certain exceptions), including the membership interests held in Sisecam Wyoming by the Partnership. On March 8, 2021, the Partnership terminated the Ciner Resources Credit Facility; the Partnership repaid in full its obligations thereunder. WE Soda and Ciner Enterprises Facilities Agreement On August 1, 2018, Ciner Enterprises, the entity that, prior to the CoC Transaction, indirectly owned and controlled the Partnership, 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, WE Soda Kimya Yatırımları Anonim Şirketi, Ciner Kimya Yatırımları Sanayi ve Ticaret Anonim Şirketi, Ciner Enterprises, SCW LLC, and Sisecam Chemicals (as original guarantors and together with the borrowers, the “Ciner Obligors”), were parties (as amended and restated or otherwise modified, the “Facilities Agreement”), and certain related finance documents. On February 20, 2022, the Facilities Agreement was refinanced and Ciner Enterprises, SCW LLC, and Sisecam Chemicals were released from being Obligors of the Facilities Agreement and are not a party to the WE Soda refinanced agreement. |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Reclamation reserve $ 8.0 $ 7.3 Derivative instruments and hedges, fair value liabilities, and other 1.8 1.4 Total $ 9.8 $ 8.7 A reconciliation of the Partnership’s reclamation reserve liability is as follows: (In millions) 2021 2020 Reclamation reserve balance at beginning of year $ 7.3 $ 5.7 Accretion expense 0.4 0.3 Reclamation adjustments (1) 0.3 1.3 Reclamation reserve balance at end of year $ 8.0 $ 7.3 (1) The reclamation costs are periodically evaluated for adjustments by the Wyoming Department of Environmental Quality. See Note 14 “Commitments and Contingencies,” “ Mine Permit Bonding Commitment” for additional information on our reclamation reserve at December 31, 2021 and 2020. |
EMPLOYEE COMPENSATION
EMPLOYEE COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE COMPENSATION | EMPLOYEE COMPENSATION The Partnership participates in various benefit plans offered and administered by Sisecam Chemicals and is allocated its portions of the annual costs related thereto. The specific plans are as follows: Retirement Plans - Benefits provided under the retirement plans for salaried employees and hourly employees (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. The Retirement Plans cover substantially all full-time employees hired before May 1, 2001. Sisecam Chemicals’ Retirement Plans had a net liability balance of $32.8 million and $55.1 million at December 31, 2021 and December 31, 2020, respectively. Sisecam Chemicals’ 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 Plans’ net periodic pension (benefit) cost for the years ended December 31, 2021, 2020 and 2019 was $(2.7) million, $(1.3) million and $1.0 million, respectively. The variation in annual pension (benefit) cost was driven by a better-than-expected return on assets and lower interest expense assumptions. 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 years ended December 31, 2021, 2020 and 2019 were $3.4 million, $3.4 million and $3.0 million, respectively. Postretirement Benefits - Most of the Partnership’s employees hired before January 2, 2017 are eligible for postretirement benefits other than pensions if they reach age 58 while still employed with at least 10 years of service. The postretirement benefits are accounted for by Sisecam Chemicals on an accrual basis over an employee’s period of service. The postretirement plan, excluding pensions, is not funded, and Sisecam Chemicals has the right to modify or terminate the plan. The post-retirement plan had a net unfunded liability of $10.7 million and $13.1 million on December 31, 2021 and December 31, 2020, respectively. The Partnership’s allocated portion of postretirement cost (benefit) for the years ended December 31, 2021, 2020 and 2019, was $0.9 million, $1.2 million and $(2.2) million, respectively. The postretirement benefit for the Partnership in 2019 is due to Sisecam Chemicals amending its postretirement benefit plan in prior years. |
EQUITY - BASED COMPENSATION
EQUITY - BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY - BASED COMPENSATION | EQUITY - BASED COMPENSATION In July 2013, our general partner established the Sisecam Resource Partners LLC 2013 Long-Term Incentive Plan (as amended to date, the “Plan” or “LTIP”). Under the LTIP as it existed at December 31, 2021, the Partnership is authorized to grant various unit based awards of our common units to employees, officers, consultants and non-employee directors. 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, 2021, subject to further adjustment as provided in the Plan, a total of 0.6 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 year ended December 31, 2021, a total of 17,511 common units were granted and fully vested to non-employee directors, and 21,720 were granted during the year ended December 31, 2020. The grant date average fair value per unit of these awards was $13.20 and $9.88 for the years ended December 31, 2021 and 2020, respectively. The total fair value of these awards was approximately $0.2 million during the years ended December 31, 2021 and 2020, 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 The CoC Transaction as discussed in Note 1, General, “Completed Change in Control Transaction,” triggered the change in control provisions associated with the time restricted unit awards, resulting in the remaining unvested time restricted unit awards becoming immediately vested as of the CoC Transaction date. As of December 31, 2021, there are no unvested time restricted unit awards and no unrecognized related compensation expense. The following table presents a summary of activity on the Time Restricted Unit Awards for the years ended December 31, 2021 and 2020: 2021 2020 (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 21,937 $ 17.57 55,454 $ 20.33 Vested (20,605) 17.64 (27,802) 22.99 Forfeited (1,332) 16.45 (5,715) 18.38 Unvested at the end of the year — $ — 21,937 $ 17.57 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 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: 2021 2020 (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 7,678 $ 41.53 20,173 $ 41.79 Vested (7,678) 41.53 (7,654) 42.21 Forfeited — — (4,841) 41.53 Unvested at the end of the year — $ — 7,678 $ 41.53 (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 Vested 2019 Performance Unit Awards will be settled in our common units, with the number of such common units payable under the award 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. At December 31, 2021 and 2020, respectively, the Partnership's (i) unrecognized compensation expense for unvested performance based units was de minimis and; (ii) the weighted-average period over which compensation is expected to be recognized is de minimis and approximately one year. The following table presents a summary of activity on the 2019 Performance Unit Awards for the years ended December 31, 2021 and 2020: 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 29,057 $ 16.45 35,908 $ 16.45 Forfeited (3,995) 16.45 (6,851) 16.45 Unvested at the end of the period 25,062 $ 16.45 29,057 $ 16.45 (1) Determined by dividing the weighted average price per common unit on the date of grant. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME | ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME Accumulated Other Comprehensive (loss)/income Accumulated other comprehensive (loss)/income, attributable to Sisecam Resources LP, includes unrealized gains and losses on derivative financial instruments. Amounts recorded in accumulated other comprehensive (loss)/income as of December 31, 2021, 2020 and 2019, and changes within the period, consisted of the following: Gains and Losses on Cash Flow Hedges (In millions) Balance at January 1, 2019 $ (3.8) Other comprehensive income before reclassification 0.3 Amounts reclassified from accumulated other comprehensive loss 0.5 Net current-period other comprehensive income 0.8 Balance at December 31, 2019 $ (3.0) Other comprehensive income before reclassification 1.3 Amounts reclassified from accumulated other comprehensive loss 1.7 Net current-period other comprehensive income 3.0 Balance at December 31, 2020 $ — Other comprehensive income before reclassification 3.0 Amounts reclassified from accumulated other comprehensive income — Net current period other comprehensive income 3.0 Balance at December 31, 2021 $ 3.0 Other Comprehensive Income/(Loss) Other comprehensive income/(loss), including the portion attributable to noncontrolling 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) 2021 2020 2019 Unrealized gain/(loss) on derivatives: Mark to market adjustment on interest rate swap contracts $ 0.9 $ (0.4) $ (0.5) Mark to market adjustment on natural gas forward contracts 5.0 6.3 2.1 Income/(loss) on derivative financial instruments $ 5.9 $ 5.9 $ 1.6 Reclassifications for the period The components of other comprehensive income/(loss), attributable to Sisecam Resources LP, that have been reclassified consisted of the following for the years ended December 31: (In millions) 2021 2020 2019 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 $ 0.4 $ 0.4 $ — Interest expense Natural gas forward contracts (0.4) 1.3 0.5 Cost of products sold Total reclassifications for the period $ — $ 1.7 $ 0.5 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
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 on December 1, 2011. Under the agreement, the rail-switching services are provided at the Partnership’s rail yard. The Partnership’s rail yard is constructed on land leased by the third party from Rock Springs Grazing Association and on land that the third party holds an easement from Sweetwater Surface LLC. The land lease is renewable every five years for a total period of thirty years, while the Sweetwater Surface LLC easement is perpetual. The Partnership has agreed with the third party for the assignment of the lease and easement to the Partnership at any time during the land lease term. An immaterial annual rental is paid under the easement and lease. On December 1, 2021, the Partnership entered into a new 10-year agreement for rail yard switching and maintenance services. As of December 31, 2021, the total minimum contractual rental commitments under the Partnership’s various operating leases, including renewal periods is approximately $1.6 million with the amount due in any of the next five years being immaterial. Sisecam Chemicals 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 Purchase Commitments We have financial natural gas supply contracts to mitigate volatility in the price of natural gas. As of December 31, 2021, these contracts totaled approximately $24.1 million for the purchase of a portion of our natural gas requirements over approximately the next three years. The supply purchase agreements have specific commitments of $14.1 million in 2022, $4.3 million in 2023, and $5.7 million in 2024. The Partnership has a separate contract that expired in 2021 and renews annually thereafter, for the transportation of natural gas with an average minimum annual cost of approximately $4.0 million per year. Legal and Environmental Matters 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 such legal proceedings we may be involved in from time to time 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 any such claims and legal proceedings and whether any damages resulting from them will be covered by insurance. Mine Permit Bonding Commitment |
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 on December 1, 2011. Under the agreement, the rail-switching services are provided at the Partnership’s rail yard. The Partnership’s rail yard is constructed on land leased by the third party from Rock Springs Grazing Association and on land that the third party holds an easement from Sweetwater Surface LLC. The land lease is renewable every five years for a total period of thirty years, while the Sweetwater Surface LLC easement is perpetual. The Partnership has agreed with the third party for the assignment of the lease and easement to the Partnership at any time during the land lease term. An immaterial annual rental is paid under the easement and lease. On December 1, 2021, the Partnership entered into a new 10-year agreement for rail yard switching and maintenance services. As of December 31, 2021, the total minimum contractual rental commitments under the Partnership’s various operating leases, including renewal periods is approximately $1.6 million with the amount due in any of the next five years being immaterial. Sisecam Chemicals 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 Purchase Commitments We have financial natural gas supply contracts to mitigate volatility in the price of natural gas. As of December 31, 2021, these contracts totaled approximately $24.1 million for the purchase of a portion of our natural gas requirements over approximately the next three years. The supply purchase agreements have specific commitments of $14.1 million in 2022, $4.3 million in 2023, and $5.7 million in 2024. The Partnership has a separate contract that expired in 2021 and renews annually thereafter, for the transportation of natural gas with an average minimum annual cost of approximately $4.0 million per year. Legal and Environmental Matters 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 such legal proceedings we may be involved in from time to time 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 any such claims and legal proceedings and whether any damages resulting from them will be covered by insurance. Mine Permit Bonding Commitment |
AGREEMENTS AND TRANSACTIONS WIT
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES | AGREEMENTS AND TRANSACTIONS WITH AFFILIATES Agreements and transactions with affiliates have a significant impact on the Partnership’s financial statements because the Partnership is a subsidiary and investee within two different global group structures. Agreements directly between the Partnership and other affiliates, or indirectly between affiliates that the Partnership does not control, can have a significant impact on recorded amounts or disclosures in the Partnership's financial statements, including any commitments and contingencies between the Partnership and affiliates, or potentially, third parties. Sisecam Chemicals was the exclusive sales agent for the Partnership and through its membership in ANSAC, through December 31, 2020, Sisecam Chemicals had responsibility for promoting and increasing the use and sale of soda ash and other refined or processed sodium products produced. Through December 31, 2020, ANSAC served as the primary international distribution channel for the Partnership and two other U.S. manufacturers of trona-based soda ash. ANSAC operated on a cooperative service-at-cost basis to its members such that typically any annual profit or loss is passed through to the members. As previously disclosed as part of its strategic initiative to gain better direct access and control of international customers and logistics and the ability to leverage the expertise of Ciner Group, the world’s largest natural soda ash producer, effective as of the end of day on December 31, 2020, Sisecam Chemicals exited ANSAC (the “ANSAC termination date”) and ANSAC has no longer been an affiliate since January 1, 2021. Through in part the Partnership’s affiliates, the Partnership has amongst other things: (i) obtained its own international customer sales arrangements for 2021, (ii) obtained third-party export port services, and (iii) chartered and executed its own international product delivery. For the year ended December 31, 2021, the total logistic services, which are included in cost of products sold, from affiliates were approximately $3.5 million. Although ANSAC has historically been our largest customer, the impact of Sisecam Chemicals' exit from ANSAC on our net sales, net income and liquidity was limited. With a low-cost position and improved access to international customers and control over placement of its sales in the international marketplace and logistics, we have adequately replaced these net sales made under the former agreement with ANSAC. Since January 1, 2021, Sisecam Chemicals has managed the Partnership’s sales and marketing activities for exports with the ANSAC exit being complete. Sisecam Chemicals leveraged the distributor network established by the Ciner Group in 2021 and continues to evaluate the distribution network and independent third-party distribution partners to optimize our reach into each market. 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 Sisecam Chemicals. Pursuant to the Services Agreement, Sisecam Chemicals 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 Sisecam Chemicals an annual management fee and reimburse Sisecam Chemicals for certain third-party costs incurred in connection with providing such services. In addition, under the limited liability company agreement governing Sisecam Wyoming, Sisecam Wyoming reimburses us for employees who operate our assets and for support provided to Sisecam Wyoming. These transactions do not necessarily represent arm's length transactions and may not represent all costs if Sisecam 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) 2021 2020 2019 Sisecam Chemicals $ 17.2 $ 16.1 $ 14.9 ANSAC (1) N/A 1.4 3.5 Total selling, general and administrative expenses - affiliates $ 17.2 $ 17.5 $ 18.4 (1) ANSAC allocated 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) 2021 2020 2019 ANSAC N/A $ 177.9 $ 315.8 Total $ — $ 177.9 $ 315.8 The Partnership had accounts receivable from affiliates and due to affiliates as follows: As of December 31, (In millions) 2021 2020 2021 2020 Accounts receivable from affiliates Due to affiliates ANSAC N/A $ 41.9 N/A $ 0.2 Sisecam Chemicals 49.3 44.6 2.2 2.6 Other — — 0.1 0.1 Total $ 49.3 $ 86.5 $ 2.3 $ 2.9 The increase in due from Sisecam Chemicals from December 31, 2020 to December 31, 2021 is due to timing of funding of pension and postretirement plans offered and administered by Sisecam Chemicals. |
MAJOR CUSTOMERS AND SEGMENT REP
MAJOR CUSTOMERS AND SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 2019 Domestic $ 276.8 $ 208.8 $ 207.0 International 263.3 183.4 315.8 Total net sales $ 540.1 $ 392.2 $ 522.8 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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 three individual $12.5 million swaps with an aggregate notional value of $37.5 million at both December 31, 2021 and December 31, 2020. The swaps outstanding at December 31, 2021 have various maturities through 2024. 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 $24.1 million and $25.9 million at December 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020: Assets Liabilities 2021 2020 2021 2020 (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 $ 0.2 Accrued Expenses $ 0.2 Natural gas forward contracts - current Other Current Assets 5.9 Other Current Assets 1.4 Accrued Expenses 0.6 Accrued Expenses 0.7 Interest rate swap contracts - non-current Other non-current assets 0.1 — Other non-current liabilities 0.2 Other non-current liabilities 1.1 Natural gas forward contracts - non-current Other non-current assets 2.5 Other non-current assets 0.9 Other non-current liabilities 1.4 Other non-current liabilities 0.2 Total fair value of derivatives designated as hedging instruments $ 8.5 $ 2.3 $ 2.4 $ 2.2 Financial Assets and Liabilities not Measured at Fair Value The carrying value of the Sisecam Wyoming Credit Facility materially reflects the fair value as the rate is variable and its key terms are similar to indebtedness with similar amounts, durations and credit risks. The carrying value of the borrowings under the Sisecam Wyoming Equipment Financing Arrangements materially reflects the fair value as its key terms are similar to indebtedness with similar amounts, durations and credit risks that are currently available to the Partnership. See Note 9, “Debt,” for additional information on our debt arrangements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Distribution Declaration On January 27, 2022, the Partnership declared its fourth quarter 2021 quarterly distribution. On February 18, 2022, we paid a quarterly cash distribution of $0.650 per limited partner unit to unitholders of record on February 7, 2022. The total distribution paid was $13.4 million with $12.9 million paid to our limited partners and $0.3 million and $0.3 million paid to our general partner for its general partner interests and incentive distribution rights, respectively. On February 17, 2022, the members of the board of managers of Sisecam Wyoming, approved a cash distribution to the members of Sisecam Wyoming in the aggregate amount of $27.0 million. This distribution was paid on February 17, 2022. Corporate Name Changes As a result of the CoC Transaction, the Partnership changed its name to Sisecam Resources LP to be effective on February 18, 2022. The Partnership’s common units have traded on the New York Stock Exchange under the new ticker symbol “SIRE” since March 1, 2022. In connection with these changes, the general partner of the Partnership also changed its name to Sisecam Resource Partners LLC and Ciner Wyoming LLC changed its name to Sisecam Wyoming LLC, effective on February 18, 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 noncontrolling 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 The majority of the Partnership’s revenues are recognized upon satisfaction of our performance obligations, that is, delivery and transfer of title to the product to our customers as discussed below. Additionally, the Partnership has made an accounting policy election to account for shipping and handling activities as fulfillment costs. 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. Performance Obligations . A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. 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. Control transfer occurs at the point at which the customer has the ability to direct the use of and obtain substantially all remaining benefits from the asset. The time at which delivery and transfer of title, and therefore control, occurs is the point when the product leaves our facilities for domestic customers, the point when the product reaches the port of loading for ANSAC sales, and the point when the product is placed on a vessel for other international customers, thereby rendering our performance obligation fulfilled. Until the ANSAC exit on December 31, 2020, the time at which delivery and transfer of title occurred for ANSAC sales had been the same as domestic customers. • 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 FASB Accounting Standard Codification, Revenue from Contracts with Customers (Topic 606) (“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. Revenue 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 generally 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 Sheets as of December 31, 2021 and December 31, 2020. There were no contract assets as of December 31, 2021 and December 31, 2020. • Contract Liabilities. There may be situations where customers are required to prepay for freight and insurance prior to shipment. The Partnership accounts for freight costs as fulfillment activities 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. Freight Costs |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe 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 We determine expected credit losses for recorded receivables based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. |
Inventory | Inventory Inventory is carried at the lower of cost and net realizable value. 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. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. • 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 |
Property, Plant, and Equipment | Property, Plant, and EquipmentProperty, 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.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 was over 50 years as of December 31, 2021.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 ActivitiesThe 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. When the Partnership has natural gas physical forward contracts, they are accounted for under the normal purchases and normal sales scope exception. |
Income Tax | Income TaxWe 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 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 |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsFair 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 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. |
Equity-Based Compensation | Equity-Based CompensationWe 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. |
Subsequent Events | Subsequent EventsWe have evaluated subsequent events through the filing of this Annual Report on Form 10-K. |
Recent Accounting Guidance | Recent Accounting Guidance Recently Adopted Accounting Guidance In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Inter-bank Offered Rate (“LIBOR”), which occurred on December 31, 2021 except U.S. Dollar LIBOR, which is expected to occur on June 30, 2023. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The new guidance provides the following optional expedients: (i) simplifies accounting analyses under current GAAP for contract modifications; (ii) simplifies the assessment of hedge effectiveness and allows hedging relationships affected by reference rate reform to continue; and (iii) allows a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. An entity may elect to apply the amendments prospectively from March 12, 2020 through December 31, 2022 by accounting topic. The Partnership evaluated ASU 2020-04 and concluded that there was no impact to the Partnership’s consolidated financial statements. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”) to clarify that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment (commonly referred to as the discounting transition) are in the scope of ASC 848. The amendments also clarify other aspects of the guidance in ASC 848 and addresses the effects of the cash compensation adjustment provided in the discounting transition on certain aspects of hedge accounting. The guidance in ASC 848 also allows entities to make a one-time election to sell and/or transfer to available for sale or trading any held-to-maturity debt securities that refer to an interest rate affected by reference rate reform and were classified as held to maturity before January 1, 2020. The original guidance and the recently issued ASU are effective as of their issuance dates. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in ASC 848 after the LIBOR administrator makes a final decision on a phaseout date. The LIBOR administrator recently extended the publication of the overnight and the one-, three-, six- and 12-month U.S. Dollar LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. The Partnership evaluated ASU 2021-01 and concluded that there was no impact to the Partnership’s consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | 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 5-10 years Property, plant, and equipment, net consisted of the following as of December 31: (In millions) 2021 2020 Land and land improvements $ 0.3 $ 0.3 Depletable land 3.0 3.0 Buildings and building improvements 164.3 163.4 Computer hardware 5.6 5.3 Machinery and equipment 714.8 709.8 Mining reserves 65.3 65.3 Total 953.3 947.1 Less accumulated depreciation, depletion and amortization (708.7) (679.9) Total net book value 244.6 267.2 Construction in progress 59.6 40.2 Total property, plant, and equipment, net $ 304.2 $ 307.4 |
NET INCOME PER UNIT AND CASH _2
NET INCOME PER UNIT AND CASH DISTRIBUTION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Unit | The net income attributable to common unitholders and the weighted average units for calculating basic and diluted net income per common units were as follows: Year Ended December 31, (In millions) 2021 2020 2019 Net income attributable to Sisecam Resources LP $ 24.4 $ 11.7 $ 49.6 Less: General partner’s distribution declared 0.7 0.1 0.6 Less: Limited partners’ distribution declared 19.6 6.7 26.8 Income in excess of distribution $ 4.1 $ 4.9 $ 22.2 Year Ended December 31, 2021 (In millions, except per unit data) General Partner Limited Partners’ Total Distribution declared $ 0.7 $ 19.6 $ 20.3 Income in excess of distribution 0.1 4.0 4.1 Net income attributable to partners $ 0.8 $ 23.6 $ 24.4 Weighted average limited partner units outstanding: Basic 19.8 Diluted 19.8 Net income per limited partner unit: Basic $ 1.19 Diluted $ 1.19 Year Ended December 31, 2020 (In millions, except per unit data) General Partner Limited Partners’ Total Distribution declared $ 0.1 $ 6.7 $ 6.8 Income in excess of distribution 0.1 4.8 4.9 Net income attributable to partners $ 0.2 $ 11.5 $ 11.7 Weighted average limited partner units outstanding: Basic 19.7 Diluted 19.8 Net income per limited partner unit: Basic $ 0.58 Diluted $ 0.58 Year Ended December 31, 2019 (In millions, except per unit data) General Partner Limited Partners’ Total Distribution declared $ 0.6 $ 26.8 $ 27.4 Income in excess of distribution 0.4 21.8 22.2 Net income attributable to partners $ 1.0 $ 48.6 $ 49.6 Weighted average limited partner units outstanding: Basic 19.7 Diluted 19.7 Net income per limited partner unit: Basic $ 2.46 Diluted $ 2.46 |
Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution | The following table illustrates the total amount of available cash from operating surplus for the quarter ended December 31, 2021 that was distributed to the unitholders of limited partners and the general partner, including in respect of incentive distribution rights. (In thousands) Cash Distributions to General Partner Cash General Incentive Total Total $0.5000 $ 9,893 $ 200 $ — $ 200 $ 10,093 above $0.5000 up to $0.5750 1,484 30 — 30 1,514 above $0.5750 up to $0.6250 989 23 151 174 1,164 above $0.6250 up to $0.7500 495 13 152 165 659 above $0.7500 — — — — — $ 12,861 $ 265 $ 303 $ 568 $ 13,430 |
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 apply to quarterly distribution amounts for the fourth quarter of 2021. 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 Total Quarterly Unitholders General Incentive 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 % 13.0 % Third Target Distribution above $0.6250 up to $0.7500 75.0 % 25.0 % 23.0 % Thereafter above $0.7500 50.0 % 50.0 % 48.0 % |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net consisted of the following as of December 31: (In millions) 2021 2020 Trade receivables, net $ 109.8 $ 32.6 Other receivables 7.1 8.0 Total $ 116.9 $ 40.6 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consisted of the following as of December 31: (In millions) 2021 2020 Raw materials $ 10.5 $ 9.9 Finished goods 9.3 13.4 Stores inventory, current 10.3 10.2 Total $ 30.1 $ 33.5 |
PROPERTY, PLANT, AND EQUIPMEN_2
PROPERTY, PLANT, AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 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 5-10 years Property, plant, and equipment, net consisted of the following as of December 31: (In millions) 2021 2020 Land and land improvements $ 0.3 $ 0.3 Depletable land 3.0 3.0 Buildings and building improvements 164.3 163.4 Computer hardware 5.6 5.3 Machinery and equipment 714.8 709.8 Mining reserves 65.3 65.3 Total 953.3 947.1 Less accumulated depreciation, depletion and amortization (708.7) (679.9) Total net book value 244.6 267.2 Construction in progress 59.6 40.2 Total property, plant, and equipment, net $ 304.2 $ 307.4 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Stores inventory, non-current $ 20.5 $ 18.6 Internal-use software, net of accumulated amortization 5.7 5.7 Other 4.9 1.1 Total $ 31.1 $ 25.4 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of December 31: (In millions) 2021 2020 Accrued capital expenditures $ 2.9 $ 1.3 Accrued energy costs 7.0 5.1 Accrued royalty costs 7.6 8.1 Accrued employee compensation & benefits 9.1 7.6 Accrued other taxes 4.2 5.0 Accrued derivatives 0.8 0.9 Other accruals 9.4 5.6 Total $ 41.0 $ 33.6 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long-term Debt | Long-term debt consisted of the following as of December 31: (In millions) 2021 2020 Sisecam Wyoming Equipment Financing Arrangement Security Note Number 001 with maturity date of March 26, 2028, fixed interest rate of 2.479% $ 24.6 $ 27.6 Sisecam Wyoming Equipment Financing Arrangement Security Note Number 002 with maturity date of December 17, 2026, fixed interest rate of 2.4207% 29.0 N/A Prior Sisecam Wyoming Credit Facility, secured principal expiring on August 1, 2022, variable interest rate as a weighted average rate of 2.25% at December 31, 2020 — 102.5 Sisecam Wyoming Credit Facility, secured principal expiring on October 28, 2026, variable interest rate as a weighted average rate of 1.82% at December 31, 2021 70.0 N/A Sisecam Resources LP Credit Facility, secured principal expiring on August 1, 2022, variable interest rate as a weighted average rate of 2.25% at December 31, 2020 — 1.0 Total debt 123.6 131.1 Current portion of long-term debt 8.6 3.0 Total long-term debt $ 115.0 $ 128.1 |
Aggregate Maturities on Long-term Debt | Aggregate maturities required on long-term debt at December 31, 2021 are due in future years as follows: (In millions) Amount 2022 $ 8.6 2023 8.9 2024 9.1 2025 9.2 2026 79.5 Thereafter 8.4 Total $ 123.7 |
Schedule Of Debt Covenants | The unused portion of the Sisecam Wyoming Credit Facility is subject to a per annum commitment fee and the applicable margin of the interest rate under the Sisecam Wyoming Credit Facility will be determined as follows: Pricing Tier Leverage Ratio BSBY Rate Loans Base Rate Loans Commitment Fee 1 < 1.25:1.0 1.500% 0.500% 0.225% 2 ≥ 1.25:1.0 but < 1.75:1.0 1.750% 0.750% 0.250% 3 ≥ 1.75:1.0 but < 2.25:1.0 2.000% 1.000% 0.275% 4 ≥ 2.25:1.0 but < 3.00:1.0 2.250% 1.250% 0.300% 5 ≥ 3.00:1.0 but < 3.50:1.0 2.500% 1.500% 0.325% 6 ≥ 3.50:1.0 2.750% 1.750% 0.350% |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Other Noncurrent Liabilities | Other non-current liabilities consisted of the following as of December 31: (In millions) 2021 2020 Reclamation reserve $ 8.0 $ 7.3 Derivative instruments and hedges, fair value liabilities, and other 1.8 1.4 Total $ 9.8 $ 8.7 |
Schedule of Reclamation Reserve | A reconciliation of the Partnership’s reclamation reserve liability is as follows: (In millions) 2021 2020 Reclamation reserve balance at beginning of year $ 7.3 $ 5.7 Accretion expense 0.4 0.3 Reclamation adjustments (1) 0.3 1.3 Reclamation reserve balance at end of year $ 8.0 $ 7.3 (1) The reclamation costs are periodically evaluated for adjustments by the Wyoming Department of Environmental Quality. See Note 14 “Commitments and Contingencies,” “ Mine Permit Bonding Commitment” for additional information on our reclamation reserve at December 31, 2021 and 2020. |
EQUITY - BASED COMPENSATION (Ta
EQUITY - BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020: 2021 2020 (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 21,937 $ 17.57 55,454 $ 20.33 Vested (20,605) 17.64 (27,802) 22.99 Forfeited (1,332) 16.45 (5,715) 18.38 Unvested at the end of the year — $ — 21,937 $ 17.57 |
Schedule of Nonvested Unit Activity | The following table presents a summary of activity on the TR Performance Unit Awards for the years ended December 31: 2021 2020 (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 7,678 $ 41.53 20,173 $ 41.79 Vested (7,678) 41.53 (7,654) 42.21 Forfeited — — (4,841) 41.53 Unvested at the end of the year — $ — 7,678 $ 41.53 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. The following table presents a summary of activity on the 2019 Performance Unit Awards for the years ended December 31, 2021 and 2020: 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 29,057 $ 16.45 35,908 $ 16.45 Forfeited (3,995) 16.45 (6,851) 16.45 Unvested at the end of the period 25,062 $ 16.45 29,057 $ 16.45 (1) Determined by dividing the weighted average price per common unit on the date of grant. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recorded in accumulated other comprehensive (loss)/income as of December 31, 2021, 2020 and 2019, and changes within the period, consisted of the following: Gains and Losses on Cash Flow Hedges (In millions) Balance at January 1, 2019 $ (3.8) Other comprehensive income before reclassification 0.3 Amounts reclassified from accumulated other comprehensive loss 0.5 Net current-period other comprehensive income 0.8 Balance at December 31, 2019 $ (3.0) Other comprehensive income before reclassification 1.3 Amounts reclassified from accumulated other comprehensive loss 1.7 Net current-period other comprehensive income 3.0 Balance at December 31, 2020 $ — Other comprehensive income before reclassification 3.0 Amounts reclassified from accumulated other comprehensive income — Net current period other comprehensive income 3.0 Balance at December 31, 2021 $ 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) 2021 2020 2019 Unrealized gain/(loss) on derivatives: Mark to market adjustment on interest rate swap contracts $ 0.9 $ (0.4) $ (0.5) Mark to market adjustment on natural gas forward contracts 5.0 6.3 2.1 Income/(loss) on derivative financial instruments $ 5.9 $ 5.9 $ 1.6 |
Reclassification out of Accumulated Other Comprehensive Income | The components of other comprehensive income/(loss), attributable to Sisecam Resources LP, that have been reclassified consisted of the following for the years ended December 31: (In millions) 2021 2020 2019 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 $ 0.4 $ 0.4 $ — Interest expense Natural gas forward contracts (0.4) 1.3 0.5 Cost of products sold Total reclassifications for the period $ — $ 1.7 $ 0.5 |
AGREEMENTS AND TRANSACTIONS W_2
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 2019 Sisecam Chemicals $ 17.2 $ 16.1 $ 14.9 ANSAC (1) N/A 1.4 3.5 Total selling, general and administrative expenses - affiliates $ 17.2 $ 17.5 $ 18.4 (1) ANSAC allocated 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) 2021 2020 2019 ANSAC N/A $ 177.9 $ 315.8 Total $ — $ 177.9 $ 315.8 The Partnership had accounts receivable from affiliates and due to affiliates as follows: As of December 31, (In millions) 2021 2020 2021 2020 Accounts receivable from affiliates Due to affiliates ANSAC N/A $ 41.9 N/A $ 0.2 Sisecam Chemicals 49.3 44.6 2.2 2.6 Other — — 0.1 0.1 Total $ 49.3 $ 86.5 $ 2.3 $ 2.9 |
MAJOR CUSTOMERS AND SEGMENT R_2
MAJOR CUSTOMERS AND SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 2019 Domestic $ 276.8 $ 208.8 $ 207.0 International 263.3 183.4 315.8 Total net sales $ 540.1 $ 392.2 $ 522.8 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and December 31, 2020: Assets Liabilities 2021 2020 2021 2020 (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 $ 0.2 Accrued Expenses $ 0.2 Natural gas forward contracts - current Other Current Assets 5.9 Other Current Assets 1.4 Accrued Expenses 0.6 Accrued Expenses 0.7 Interest rate swap contracts - non-current Other non-current assets 0.1 — Other non-current liabilities 0.2 Other non-current liabilities 1.1 Natural gas forward contracts - non-current Other non-current assets 2.5 Other non-current assets 0.9 Other non-current liabilities 1.4 Other non-current liabilities 0.2 Total fair value of derivatives designated as hedging instruments $ 8.5 $ 2.3 $ 2.4 $ 2.2 |
GENERAL (Details)
GENERAL (Details) $ in Millions | Dec. 21, 2021 | Nov. 20, 2021USD ($)managersegmentdirector | Dec. 31, 2021 | Dec. 31, 2020 |
Sisecam Chemicals | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of outstanding units | 60.00% | |||
Purchase price | $ | $ 300 | |||
General Partner | ||||
Variable Interest Entity [Line Items] | ||||
Number of independent directors | director | 3 | |||
Sisecam USA | ||||
Variable Interest Entity [Line Items] | ||||
Number of directors designated | 6 | |||
Number of designees | 3 | |||
Sisecam USA | General Partner | ||||
Variable Interest Entity [Line Items] | ||||
Number of designees | 6 | |||
Ciner Enterprises | ||||
Variable Interest Entity [Line Items] | ||||
Number of directors designated | 4 | |||
Number of designees | 1 | |||
Ciner Enterprises | General Partner | ||||
Variable Interest Entity [Line Items] | ||||
Number of designees | 2 | |||
Sisecam Wyoming | ||||
Variable Interest Entity [Line Items] | ||||
Number of managers appointed | manager | 4 | |||
Sisecam Chemicals USA Inc. | Sisecam Chemicals | ||||
Variable Interest Entity [Line Items] | ||||
Membership interest | 60.00% | |||
Ciner Enterprises | Common Units | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of general partner ownership interest held | 74.00% | |||
Ciner Enterprises | General Partner | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of general partner ownership interest held | 100.00% | |||
Ciner Enterprises | Sisecam Chemicals | ||||
Variable Interest Entity [Line Items] | ||||
Membership interest attributable to noncontrolling interest | 40.00% | |||
Isbank | Sisecam Parent | ||||
Variable Interest Entity [Line Items] | ||||
Membership interest | 51.00% | |||
Ciner Resource Partners LLC | General Partner | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of general partner ownership interest held | 2.00% | |||
Ciner Wyoming | ||||
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% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 1996 | Dec. 31, 2020USD ($) | |
Corporate structure and ownership | |||
Number of reportable segments | segment | 1 | ||
Contract assets | $ | $ 0 | $ 0 | |
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 | Minimum | |||
Corporate structure and ownership | |||
Useful Life | 5 years | ||
Furniture and fixtures | Maximum | |||
Corporate structure and ownership | |||
Useful Life | 10 years | ||
Land | Asset Retirement Obligation | |||
Corporate structure and ownership | |||
Useful Life | 30 years | ||
Mining reserves | Asset Retirement Obligation | |||
Corporate structure and ownership | |||
Useful Life | 50 years | 80 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 | 0.042 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to Sisecam Resources LP | $ 24.4 | $ 11.7 | $ 49.6 |
Distribution declared | 20.3 | 6.8 | 27.4 |
Income in excess of distribution | (4.1) | (4.9) | (22.2) |
Net income attributable to partners | $ 24.4 | $ 11.7 | $ 49.6 |
Weighted average limited partner units outstanding: | |||
Total weighted average limited partner units outstanding (basic) (in shares) | 19.8 | 19.7 | 19.7 |
Total weighted average limited partner units outstanding (diluted) (in shares) | 19.8 | 19.8 | 19.7 |
Net income per limited partner unit: | |||
Net income per limited partner unit (basic) (in dollars per share) | $ 1.19 | $ 0.58 | $ 2.46 |
Net income per limited partner units (diluted) (in dollars per share) | $ 1.19 | $ 0.58 | $ 2.46 |
General Partner | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Less: General partner’s distribution declared | $ 0.7 | $ 0.1 | $ 0.6 |
Income in excess of distribution | 0.1 | 0.1 | 0.4 |
Net income attributable to partners | 0.8 | 0.2 | 1 |
Limited Partner | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Less: Limited partners’ distribution declared | 19.6 | 6.7 | 26.8 |
Income in excess of distribution | (4) | (4.8) | (21.8) |
Net income attributable to partners | $ 23.6 | $ 11.5 | $ 48.6 |
NET INCOME PER UNIT AND CASH _4
NET INCOME PER UNIT AND CASH DISTRIBUTION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 27, 2022 | Dec. 31, 2021 |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Distribution declared | $ 13,430 | |
Cash Distributions to Limited Partner Units | 12,861 | |
General Partner Units | 265 | |
Incentive Distribution Rights | 303 | |
Second Target Distribution | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Distribution declared | 1,164 | |
Cash Distributions to Limited Partner Units | 989 | |
General Partner Units | 23 | |
Incentive Distribution Rights | 151 | |
Third Target Distribution | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Distribution declared | 659 | |
Cash Distributions to Limited Partner Units | 495 | |
General Partner Units | 13 | |
Incentive Distribution Rights | 152 | |
Thereafter | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Distribution declared | 0 | |
Cash Distributions to Limited Partner Units | 0 | |
General Partner Units | 0 | |
Incentive Distribution Rights | $ 0 | |
General Partner | Second Target Distribution | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Increasing percentage allocation of operating surplus | 13.00% | |
General Partner | Third Target Distribution | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Increasing percentage allocation of operating surplus | 23.00% | |
General Partner | Thereafter | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Increasing percentage allocation of operating surplus | 48.00% | |
General Partner | Ciner Resource Partners LLC | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Percentage of general partner ownership interest held | 2.00% | |
Limited Partner | Subsequent Event | ||
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | ||
Distributions declared per unit for the year (in dollars per share) | $ 0.650 |
NET INCOME PER UNIT AND CASH _5
NET INCOME PER UNIT AND CASH DISTRIBUTION - Distributions to partners (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / shares | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Cash Distributions to Limited Partner Units | $ 12,861 |
General Partner Units | 265 |
Incentive Distribution Rights | 303 |
Total | 568 |
Distribution declared | $ 13,430 |
Minimum Quarterly Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution (in dollars per share) | $ / shares | $ 0.5000 |
Cash Distributions to Limited Partner Units | $ 9,893 |
General Partner Units | 200 |
Incentive Distribution Rights | 0 |
Total | 200 |
Distribution declared | $ 10,093 |
First Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution (in dollars per share) | $ / shares | $ 0.5000 |
Maximum quarterly distribution (in dollars per share) | $ / shares | $ 0.5750 |
Cash Distributions to Limited Partner Units | $ 1,484 |
General Partner Units | 30 |
Incentive Distribution Rights | 0 |
Total | 30 |
Distribution declared | $ 1,514 |
Second Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution (in dollars per share) | $ / shares | $ 0.5750 |
Maximum quarterly distribution (in dollars per share) | $ / shares | $ 0.6250 |
Cash Distributions to Limited Partner Units | $ 989 |
General Partner Units | 23 |
Incentive Distribution Rights | 151 |
Total | 174 |
Distribution declared | $ 1,164 |
Third Target Distribution | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution (in dollars per share) | $ / shares | $ 0.6250 |
Maximum quarterly distribution (in dollars per share) | $ / shares | $ 0.7500 |
Cash Distributions to Limited Partner Units | $ 495 |
General Partner Units | 13 |
Incentive Distribution Rights | 152 |
Total | 165 |
Distribution declared | $ 659 |
Thereafter | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution (in dollars per share) | $ / shares | $ 0.7500 |
Cash Distributions to Limited Partner Units | $ 0 |
General Partner Units | 0 |
Incentive Distribution Rights | 0 |
Total | 0 |
Distribution declared | $ 0 |
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, 2021$ / shares | |
Minimum Quarterly Distribution | |
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% |
Incentive Distributions Rights | 0.00% |
General Partner | First Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 2.00% |
Incentive Distributions Rights | 0.00% |
General Partner | Second Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 15.00% |
Incentive Distributions Rights | 13.00% |
General Partner | Third Target Distribution | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 25.00% |
Incentive Distributions Rights | 23.00% |
General Partner | Thereafter | |
Schedule of Percentage Allocation of Distributions From Operating Surplus [Line Items] | |
Marginal interest in distributions | 50.00% |
Incentive Distributions Rights | 48.00% |
ACCOUNTS RECEIVABLE, NET (Detai
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Trade receivables, net | $ 109.8 | $ 32.6 |
Other receivables | 7.1 | 8 |
Total | $ 116.9 | $ 40.6 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 10.5 | $ 9.9 |
Finished goods | 9.3 | 13.4 |
Stores inventory, current | 10.3 | 10.2 |
Total | $ 30.1 | $ 33.5 |
PROPERTY, PLANT, AND EQUIPMEN_3
PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 953.3 | $ 947.1 | |
Less accumulated depreciation, depletion and amortization | (708.7) | (679.9) | |
Total net book value | 244.6 | 267.2 | |
Total property, plant, and equipment, net | 304.2 | 307.4 | |
Depreciation, depletion and amortization expense | 31.6 | 28.8 | $ 26.9 |
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 | 164.3 | 163.4 | |
Computer hardware | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 5.6 | 5.3 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 714.8 | 709.8 | |
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 | 59.6 | 40.2 | |
Property, Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation, depletion and amortization expense | $ 30.7 | $ 28.1 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Stores inventory, non-current | $ 20.5 | $ 18.6 | |
Internal-use software, net of accumulated amortization | 5.7 | 5.7 | |
Other | 4.9 | 1.1 | |
Total | 31.1 | 25.4 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized computer software, additions | 0.9 | 0.5 | $ 0.6 |
Amortization of software development costs | 0.9 | $ 0.7 | $ 0.7 |
Amortization costs per year | $ 0.8 | ||
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, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued capital expenditures | $ 2.9 | $ 1.3 |
Accrued energy costs | 7 | 5.1 |
Accrued royalty costs | 7.6 | 8.1 |
Accrued employee compensation & benefits | 9.1 | 7.6 |
Accrued other taxes | 4.2 | 5 |
Accrued derivatives | 0.8 | 0.9 |
Other accruals | 9.4 | 5.6 |
Total | $ 41 | $ 33.6 |
DEBT - Components of long-term
DEBT - Components of long-term debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Oct. 28, 2021 | Dec. 31, 2020 |
Debt | |||
Total debt | $ 123.6 | $ 131.1 | |
Current portion of long-term debt | 8.6 | 3 | |
Total long-term debt | 115 | 128.1 | |
Sisecam Wyoming Equipment Financing Arrangement Security Note Number 001 | Secured Debt | |||
Debt | |||
Total debt | $ 24.6 | 27.6 | |
Stated interest rate | 2.479% | ||
Sisecam Wyoming 2021 Equipment Financing Arrangement | Secured Debt | |||
Debt | |||
Total debt | $ 29 | ||
Stated interest rate | 2.4207% | ||
Prior Sisecam Wyoming Credit Facility | Revolving credit facility | Line of Credit | |||
Debt | |||
Total debt | $ 0 | 102.5 | |
Interest rate | 2.25% | ||
Sisecam Wyoming Credit Facility | Line of Credit | |||
Debt | |||
Total debt | $ 225 | ||
Sisecam Wyoming Credit Facility | Revolving credit facility | Line of Credit | |||
Debt | |||
Total debt | $ 70 | ||
Interest rate | 1.82% | ||
Sisecam Resources LP Credit Facility | Revolving credit facility | Line of Credit | |||
Debt | |||
Total debt | $ 0 | $ 1 | |
Interest rate | 2.25% |
DEBT - Maturities of long-term
DEBT - Maturities of long-term debt (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 8.6 |
2023 | 8.9 |
2024 | 9.1 |
2025 | 9.2 |
2026 | 79.5 |
Thereafter | 8.4 |
Total | $ 123.7 |
DEBT - The Sisecam Wyoming Equi
DEBT - The Sisecam Wyoming Equipment Financing Arrangement (Details) | 3 Months Ended | |
Dec. 31, 2021USD ($)installment | Dec. 31, 2020USD ($) | |
Debt | ||
Total | $ 123,700,000 | |
Long-term debt | 123,600,000 | $ 131,100,000 |
Sisecam Wyoming Equipment Financing Arrangement Security Note Number 001 | Secured Debt | ||
Debt | ||
Face amount | $ 30,000,000 | |
Number of installments | installment | 96 | |
Periodic payment | $ 307,000 | |
Number of monthly installments | installment | 95 | |
Periodic payment terms, balloon payment to be paid | $ 4,307,000 | |
Total | 24,700,000 | |
Long-term debt | 24,600,000 | $ 27,600,000 |
Sisecam Wyoming 2021 Equipment Financing Arrangement | Secured Debt | ||
Debt | ||
Face amount | $ 29,000,000 | |
Number of installments | installment | 60 | |
Periodic payment | $ 513,660 | |
Long-term debt | 29,000,000 | |
Minimum | Sisecam Wyoming Equipment Financing Arrangement Security Note Number 001 | Secured Debt | ||
Debt | ||
Third party indebtedness | $ 10,000,000 |
DEBT - Sisecam Wyoming Credit F
DEBT - Sisecam Wyoming Credit Facility (Details) - USD ($) | Oct. 28, 2021 | Aug. 01, 2017 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt | ||||
Long-term debt | $ 123,600,000 | $ 131,100,000 | ||
Sisecam Wyoming Credit Facility | Line of Credit | ||||
Debt | ||||
Long-term debt | $ 225,000,000 | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | ||||
Debt | ||||
Accordion feature, increase limit | $ 250,000,000 | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | Applicable Margin Range | Minimum | ||||
Debt | ||||
Basis spread on variable rate | 0.50% | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | Applicable Margin Range | Maximum | ||||
Debt | ||||
Basis spread on variable rate | 1.75% | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | Line of Credit | ||||
Debt | ||||
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | |||
Long-term debt | $ 70,000,000 | |||
Consolidated leverage ratio | 3.25 | |||
Maximum consolidated leverage ratio | 375.00% | |||
Consolidated interest coverage ratio | 300.00% | |||
Maximum threshold for expansions | 3.75 | |||
Minimum capital expenditures | $ 200,000,000 | |||
Consolidated leverage ratio, minimum threshold for default | 3 | |||
Debt instrument, term | 5 years | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | ||||
Debt | ||||
Basis spread on variable rate | 0.50% | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | Line of Credit | Bloomberg Short Term Bank Yield Index | ||||
Debt | ||||
Basis spread on variable rate | 1.00% | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | Line of Credit | Bloomberg Short Term Bank Yield Index | Minimum | ||||
Debt | ||||
Basis spread on variable rate | 1.50% | |||
Revolving credit facility | Sisecam Wyoming Credit Facility | Line of Credit | Bloomberg Short Term Bank Yield Index | Maximum | ||||
Debt | ||||
Basis spread on variable rate | 2.75% | |||
Standby Letters of Credit | Sisecam Wyoming Credit Facility | ||||
Debt | ||||
Line of credit facility, maximum borrowing capacity | $ 40,000,000 | |||
Swing Line Advances | Sisecam Wyoming Credit Facility | ||||
Debt | ||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 |
DEBT - Schedule of Debt Covenan
DEBT - Schedule of Debt Covenants (Details) - Revolving credit facility - Line of Credit - Sisecam Wyoming Credit Facility | Oct. 28, 2021 | Dec. 31, 2021 |
Debt | ||
Consolidated leverage ratio | 3.25 | |
Bloomberg Short Term Bank Yield Index | ||
Debt | ||
Basis spread on variable rate | 1.00% | |
Bloomberg Short Term Bank Yield Index | Maximum | ||
Debt | ||
Basis spread on variable rate | 2.75% | |
Bloomberg Short Term Bank Yield Index | Minimum | ||
Debt | ||
Basis spread on variable rate | 1.50% | |
Pricing Tier 1 | ||
Debt | ||
Unused capacity, commitment fee percentage | 0.225% | |
Pricing Tier 1 | Maximum | ||
Debt | ||
Consolidated leverage ratio | 1.25 | |
Pricing Tier 1 | Bloomberg Short Term Bank Yield Index | ||
Debt | ||
Basis spread on variable rate | 1.50% | |
Pricing Tier 1 | Base Rate | ||
Debt | ||
Basis spread on variable rate | 0.50% | |
Pricing Tier 2 | ||
Debt | ||
Unused capacity, commitment fee percentage | 0.25% | |
Pricing Tier 2 | Maximum | ||
Debt | ||
Consolidated leverage ratio | 1.75 | |
Pricing Tier 2 | Minimum | ||
Debt | ||
Consolidated leverage ratio | 1.25 | |
Pricing Tier 2 | Bloomberg Short Term Bank Yield Index | ||
Debt | ||
Basis spread on variable rate | 1.75% | |
Pricing Tier 2 | Base Rate | ||
Debt | ||
Basis spread on variable rate | 0.75% | |
Pricing Tier 3 | ||
Debt | ||
Unused capacity, commitment fee percentage | 0.275% | |
Pricing Tier 3 | Maximum | ||
Debt | ||
Consolidated leverage ratio | 2.25 | |
Pricing Tier 3 | Minimum | ||
Debt | ||
Consolidated leverage ratio | 1.75 | |
Pricing Tier 3 | Bloomberg Short Term Bank Yield Index | ||
Debt | ||
Basis spread on variable rate | 2.00% | |
Pricing Tier 3 | Base Rate | ||
Debt | ||
Basis spread on variable rate | 1.00% | |
Pricing Tier 4 | ||
Debt | ||
Unused capacity, commitment fee percentage | 0.30% | |
Pricing Tier 4 | Maximum | ||
Debt | ||
Consolidated leverage ratio | 3 | |
Pricing Tier 4 | Minimum | ||
Debt | ||
Consolidated leverage ratio | 2.25 | |
Pricing Tier 4 | Bloomberg Short Term Bank Yield Index | ||
Debt | ||
Basis spread on variable rate | 2.25% | |
Pricing Tier 4 | Base Rate | ||
Debt | ||
Basis spread on variable rate | 1.25% | |
Pricing Tier 5 | ||
Debt | ||
Unused capacity, commitment fee percentage | 0.325% | |
Pricing Tier 5 | Maximum | ||
Debt | ||
Consolidated leverage ratio | 3.50 | |
Pricing Tier 5 | Minimum | ||
Debt | ||
Consolidated leverage ratio | 3 | |
Pricing Tier 5 | Bloomberg Short Term Bank Yield Index | ||
Debt | ||
Basis spread on variable rate | 2.50% | |
Pricing Tier 5 | Base Rate | ||
Debt | ||
Basis spread on variable rate | 1.50% | |
Pricing Tier 6 | ||
Debt | ||
Unused capacity, commitment fee percentage | 0.35% | |
Pricing Tier 6 | Maximum | ||
Debt | ||
Consolidated leverage ratio | 3.50 | |
Pricing Tier 6 | Bloomberg Short Term Bank Yield Index | ||
Debt | ||
Basis spread on variable rate | 2.75% | |
Pricing Tier 6 | Base Rate | ||
Debt | ||
Basis spread on variable rate | 1.75% |
DEBT - Prior Sisecam Wyoming Cr
DEBT - Prior Sisecam Wyoming Credit Facility (Details) - Prior Sisecam Wyoming Credit Facility | Jul. 27, 2020 | Dec. 31, 2021USD ($) |
Swing Line Advances | ||
Debt | ||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |
Letters of Credit | ||
Debt | ||
Line of credit facility, maximum borrowing capacity | 40,000,000 | |
Revolving credit facility | ||
Debt | ||
Line of credit facility, maximum borrowing capacity | 225,000,000 | |
Accordion feature, increase limit | $ 75,000,000 | |
Revolving credit facility | Line of Credit | ||
Debt | ||
Consolidated leverage ratio, maximum threshold for release | 2 | |
Interest coverage ratio, minimum | 3 | |
Revolving credit facility | Minimum | Line of Credit | ||
Debt | ||
Consolidated leverage ratio, restriction threshold | 3.50 | |
Revolving credit facility | Base Rate | ||
Debt | ||
Covenant interest rate floor | 0.50% |
DEBT - Ciner Resources Credit F
DEBT - Ciner Resources Credit Facility (Details) - Ciner Resources Credit Facility - Line of Credit - USD ($) | Aug. 01, 2017 | Dec. 31, 2021 |
Revolving credit facility | ||
Debt | ||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |
Debt instrument, term | 5 years | |
Swing Line Advances | ||
Debt | ||
Line of credit facility, maximum borrowing capacity | 5,000,000 | |
Letters of Credit | ||
Debt | ||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Reclamation reserve | $ 8 | $ 7.3 |
Derivative instruments and hedges, fair value liabilities, and other | 1.8 | 1.4 |
Total | 9.8 | 8.7 |
Reclamation reserve | ||
Reclamation reserve balance at beginning of year | 7.3 | 5.7 |
Accretion expense | 0.4 | 0.3 |
Reclamation adjustments | 0.3 | 1.3 |
Reclamation reserve balance at end of year | $ 8 | $ 7.3 |
EMPLOYEE COMPENSATION (Details)
EMPLOYEE COMPENSATION (Details) $ in Millions | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)segment | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Average compensation period | 60 months | |||
Period of last service | 120 months | |||
Postretirement eligibility, minimum amount of service years | 10 years | |||
Postretirement eligibility, minimum age | segment | 58 | |||
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net funded liability | $ 32.8 | $ 55.1 | $ 32.8 | |
Net periodic pension (benefit) cost | (2.7) | (1.3) | $ 1 | |
Savings Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions by Ciner Corp | 3.4 | 3.4 | 3 | |
Postretirement benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net funded liability | 10.7 | 13.1 | $ 10.7 | |
Net periodic pension (benefit) cost | $ 0.9 | $ 1.2 | $ (2.2) |
EQUITY - BASED COMPENSATION - N
EQUITY - BASED COMPENSATION - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 600,000 | ||
Unvested equity based compensation awards (in shares) | 0 | ||
Unrecognized compensation expense | $ 0 | ||
2019 Performance Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested equity based compensation awards (in shares) | 25,062 | 29,057 | 35,908 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested (in dollars per share) | $ 17.64 | $ 22.99 | |
Unvested equity based compensation awards (in shares) | 0 | 21,937 | 55,454 |
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 | 2019 Performance Unit Awards | |||
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 | Minimum | 2019 Performance Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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% | ||
TSR Unit Performance Awards | Maximum | 2019 Performance Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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 | $ 200,000 | $ 200,000 | |
Director - Non-Employee | Common Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 17,511 | 21,720 | |
Vested (in dollars per share) | $ 13.20 | $ 9.88 |
EQUITY - BASED COMPENSATION - R
EQUITY - BASED COMPENSATION - Restricted Unit Award and Total Return Performance Unit Award Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Units | ||
Unvested at end of period (in shares) | 0 | |
Restricted Stock Units (RSUs) | ||
Number of Units | ||
Unvested beginning of period (in shares) | 21,937 | 55,454 |
Vested (in shares) | (20,605) | (27,802) |
Forfeited (in shares) | (1,332) | (5,715) |
Unvested at end of period (in shares) | 0 | 21,937 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of year (in dollars per share) | $ 17.57 | $ 20.33 |
Vested (in dollars per share) | 17.64 | 22.99 |
Forfeited (in dollars per share) | 16.45 | 18.38 |
Unvested at the end of the year (in dollars per share) | $ 0 | $ 17.57 |
Total Return Performance Unit Awards | TSR Unit Performance Awards | ||
Number of Units | ||
Unvested beginning of period (in shares) | 7,678 | 20,173 |
Vested (in shares) | (7,678) | (7,654) |
Forfeited (in shares) | 0 | (4,841) |
Unvested at end of period (in shares) | 0 | 7,678 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of year (in dollars per share) | $ 41.53 | $ 41.79 |
Vested (in dollars per share) | 41.53 | 42.21 |
Forfeited (in dollars per share) | 0 | 41.53 |
Unvested at the end of the year (in dollars per share) | $ 0 | $ 41.53 |
2019 Performance Unit Awards | ||
Number of Units | ||
Unvested beginning of period (in shares) | 29,057 | 35,908 |
Forfeited (in shares) | (3,995) | (6,851) |
Unvested at end of period (in shares) | 25,062 | 29,057 |
Grant-Date Average Fair Value per Unit | ||
Unvested at the beginning of year (in dollars per share) | $ 16.45 | $ 16.45 |
Forfeited (in dollars per share) | 16.45 | 16.45 |
Unvested at the end of the year (in dollars per share) | $ 16.45 | $ 16.45 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME - Amounts Recorded in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 305.3 | $ 299.9 | $ 260.1 |
Net current-period other comprehensive income | 5.9 | 5.9 | 1.6 |
Ending balance | 344.7 | 305.3 | 299.9 |
Gains and Losses on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (3) | (3.8) |
Other comprehensive income before reclassification | 3 | 1.3 | 0.3 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 1.7 | 0.5 |
Net current-period other comprehensive income | 3 | 3 | 0.8 |
Ending balance | $ 3 | $ 0 | $ (3) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME - Components of Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | $ 5.9 | $ 5.9 | $ 1.6 |
Interest rate swap contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | 0.9 | (0.4) | (0.5) |
Commodity contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | $ 5 | $ 6.3 | $ 2.1 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME - Components of Other Comprehensive Income/(Loss) Reclassified (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 5 | $ 5.3 | $ 5.9 |
Cost of products sold | 215.5 | 185.6 | 221.4 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications for the period | 0 | 1.7 | 0.5 |
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 | 0.4 | 0.4 | 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 | $ (0.4) | $ 1.3 | $ 0.5 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 01, 2021 | |
Other Commitments [Line Items] | ||||
Lease liability payments due | $ 1.6 | |||
Average minimum annual cost of contract | 4 | |||
Lease expense | 10.6 | $ 11.3 | $ 11.8 | |
Self-bond agreement for reclamation costs | ||||
Purchase Commitments | ||||
Off balance sheet commitment | $ 41.8 | $ 36.2 | ||
Watco Companies, LLC | ||||
Other Commitments [Line Items] | ||||
Leases term | 10 years | 10 years | ||
Rock Springs Grazing Association | ||||
Other Commitments [Line Items] | ||||
Renewal term | 5 years | |||
Total renewal term | 30 years | |||
Commodity | ||||
Other Commitments [Line Items] | ||||
Leases term | 3 years | |||
Purchase Commitments | ||||
Purchase obligation | $ 24.1 | |||
Purchase obligation, due in 2022 | 14.1 | |||
Purchase obligation, due in 2023 | 4.3 | |||
Purchase obligation, due in 2024 | 5.7 | |||
Rail Car Lease | ||||
Other Commitments [Line Items] | ||||
2022 | 8.4 | |||
2023 | 5 | |||
2024 | 3.4 | |||
2025 | 2.2 | |||
2026 | 1.6 | |||
Thereafter | $ 0.5 | |||
Minimum | ||||
Other Commitments [Line Items] | ||||
Leases term | 1 year | |||
Maximum | ||||
Other Commitments [Line Items] | ||||
Leases term | 10 years |
AGREEMENTS AND TRANSACTIONS W_3
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Related Party Transactions [Abstract] | |
Total charges for services obtained from affiliates | $ 3.5 |
AGREEMENTS AND TRANSACTIONS W_4
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Costs Charged by Affiliates (Details) - Costs Charged by Affiliates - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Total selling, general and administrative expenses - affiliates | $ 17.2 | $ 17.5 | $ 18.4 |
Sisecam Chemicals | |||
Related Party Transaction [Line Items] | |||
Total selling, general and administrative expenses - affiliates | $ 17.2 | 16.1 | 14.9 |
ANSAC | |||
Related Party Transaction [Line Items] | |||
Total selling, general and administrative expenses - affiliates | $ 1.4 | $ 3.5 |
AGREEMENTS AND TRANSACTIONS W_5
AGREEMENTS AND TRANSACTIONS WITH AFFILIATES - Net Sales to Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Sales - affiliates | $ 0 | $ 177.9 | $ 315.8 |
Net Sales to Affiliates | |||
Related Party Transaction [Line Items] | |||
Sales - affiliates | $ 0 | 177.9 | 315.8 |
Net Sales to Affiliates | ANSAC | |||
Related Party Transaction [Line Items] | |||
Sales - affiliates | $ 177.9 | $ 315.8 |
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, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | $ 49.3 | $ 86.5 |
Due to affiliates | 2.3 | 2.9 |
ANSAC | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 41.9 | |
Due to affiliates | 0.2 | |
Sisecam Chemicals | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 49.3 | 44.6 |
Due to affiliates | 2.2 | 2.6 |
Other | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from affiliates | 0 | 0 |
Due to affiliates | $ 0.1 | $ 0.1 |
MAJOR CUSTOMERS AND SEGMENT R_3
MAJOR CUSTOMERS AND SEGMENT REPORTING - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales by geographical area | |||
Net sales | $ 540.1 | $ 392.2 | $ 522.8 |
Domestic | |||
Sales by geographical area | |||
Net sales | 276.8 | 208.8 | 207 |
International | |||
Sales by geographical area | |||
Net sales | $ 263.3 | $ 183.4 | $ 315.8 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) | Dec. 31, 2021USD ($)swap | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of swap contracts | swap | 3 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives designated as hedging instruments | $ 8,500,000 | $ 2,300,000 | |
Total derivatives designated as hedging instruments | 2,400,000 | 2,200,000 | |
Fair Value, Measurements, Recurring | Natural gas forward contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, notional amount | 24,100,000 | 25,900,000 | |
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 | 5,900,000 | 1,400,000 | |
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 | 200,000 | 200,000 | |
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 | 600,000 | 700,000 | |
Other Noncurrent Assets | Fair Value, Measurements, Recurring | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative asset, noncurrent | 100,000 | 0 | |
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 | 2,500,000 | $ 900,000 | |
Other non-current liabilities | Fair Value, Measurements, Recurring | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities, noncurrent | 200,000 | 1,100,000 | |
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 | 1,400,000 | 200,000 | |
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 | $ 37,500,000 | $ 37,500,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 17, 2022 | Jan. 27, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||||
Distribution declared | $ 13,430 | ||||
Cash Distributions to Limited Partner Units | 12,861 | ||||
General Partner Units | 265 | ||||
Incentive Distribution Rights | 303 | ||||
Limited Partner | |||||
Subsequent Event [Line Items] | |||||
Less: Limited partners’ distribution declared | $ 19,600 | $ 6,700 | $ 26,800 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Less: Limited partners’ distribution declared | $ 27,000 | ||||
Subsequent Event | Limited Partner | |||||
Subsequent Event [Line Items] | |||||
Distributions declared per common unit for the period (in dollars per share) | $ 0.650 |