XML 27 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Net Sales:        
Affiliate $ 36,694 $ 39,871 $ 75,454 $ 72,151
Third-Party 75,159 132,263 140,455 243,495
Net sales 111,853 172,134 215,909 315,646
Operating costs and expenses:        
Cost of goods sold 73,101 132,494 139,854 240,901
Operating expenses 8,730 10,798 19,194 21,575
General and administrative expenses 2,698 2,982 5,611 6,391
Depreciation and amortization 4,812 4,744 9,808 9,244
Gain on asset disposals 0 (23) (44) (18)
Total operating costs and expenses 89,341 150,995 174,423 278,093
Operating income 22,512 21,139 41,486 37,553
Interest expense, net 3,284 2,616 6,483 4,773
Loss on equity method investments 206 149 435 149
Total non-operating expenses 3,490 2,765 6,918 4,922
Income before income tax expense 19,022 18,374 34,568 32,631
Income tax expense 129 63 227 317
Net income 18,893 18,311 34,341 32,314
Less: loss attributable to the Logistics Assets Predecessor 0 0 0 (637)
Net income attributable to partners 18,893 18,311 34,341 32,951
Comprehensive income attributable to partners 18,893 18,311 34,341 32,951
Less: General partner's interest in net income, including incentive distribution rights 2,791 1,109 5,044 1,996
Limited partners' interest in net income $ 16,102 $ 17,202 $ 29,297 $ 30,955
Weighted average limited partner units outstanding:        
Cash distributions per limited partner unit $ 0.630 $ 0.550 $ 1.240 $ 1.080
Common Units [Member]        
Net income per limited partner unit:        
Common units - (basic) [1] 0.66 0.71 1.23 1.28
Common units - (diluted) [1] $ 0.66 $ 0.70 $ 1.22 $ 1.27
Weighted average limited partner units outstanding:        
Common units - (basic) [1] 24,281,930 12,224,007 20,653,210 12,220,248
Common units - (diluted) [1] 24,367,091 12,360,519 20,735,389 12,350,621
Subordinated unitholders - Delek        
Net income per limited partner unit:        
Subordinated units - Delek (basic and diluted) [1] $ 0.00 $ 0.71 $ 1.09 $ 1.28
Weighted average limited partner units outstanding:        
Subordinated units - Delek (basic and diluted) [1] 0 11,999,258 3,626,149 11,999,258
[1] We base our calculation of net income per unit on the weighted-average number of common and subordinated limited partner units outstanding during the period. The weighted-average number of common and subordinated units reflect the conversion of the subordinated units to common units on February 25, 2016. See Notes 7 and 8 for further discussion