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Partners' Capital and Partnership Distributions
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3 Months Ended | ||||||||
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Mar. 31, 2015
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| Equity [Abstract] | |||||||||
| Partners' Capital and Partnership Distributions | (7) Partners’ Capital and Partnership Distributions The Partnership has two types of partnership interests outstanding:
At March 31, 2015, the Partnership had a total of 73,122,997 common units issued and outstanding, of which 38,920,000 common units were owned by CRLLC, representing approximately 53% of the total Partnership units outstanding. The board of directors of the Partnership's general partner has a policy for the Partnership to distribute all available cash generated on a quarterly basis. Cash distributions will be made to the common unitholders of record on the applicable record date, generally within 60 days after the end of each quarter. Available cash for each quarter will be determined by the board of directors of the general partner following the end of such quarter. Available cash for each quarter begins with Adjusted EBITDA reduced for cash needed for: (i) net cash interest expense (excluding capitalized interest) and debt service and other contractual obligations; (ii) maintenance capital expenditures; and (iii) to the extent applicable, major scheduled turnaround expenses and reserves for future operating or capital needs that the board of directors of the general partner deems necessary or appropriate, if any. Adjusted EBITDA is defined as EBITDA (net income before interest expense, net, income tax expense, depreciation and amortization) further adjusted for the impact of non-cash share-based compensation, and, where applicable, major scheduled turnaround expense, loss on extinguishment of debt and loss on disposition of assets. Available cash for distribution may be increased by the release of previously established cash reserves, if any, at the discretion of the board of directors of the general partner. The board of directors of the general partner may modify the cash distribution policy at any time, and the partnership agreement does not require the board of directors of the general partner to make distributions at all. On March 9, 2015, the Partnership paid a cash distribution to the Partnership's unitholders of record on the close of business on March 2, 2015 for the fourth quarter of 2014 in the amount of $0.41 per common unit, or $30.0 million in aggregate. On April 29, 2015, the Board of Directors of the general partner of the Partnership declared a cash distribution for the first quarter of 2015 in the amount of $0.45 per common unit, or approximately $32.9 million in aggregate. The cash distribution will be paid on May 18, 2015 to the Partnership's unitholders of record at the close of business on May 11, 2015. |