v3.3.1.900

Partners' Capital and Partnership Distributions | 12 Months Ended
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Dec. 31, 2015
Equity [Abstract] |
Partners' Capital and Partnership Distributions | (6) Partners’ Capital and Partnership Distributions The Partnership has two types of partnership interests outstanding:
• | common units; and
• | a general partner interest, which is not entitled to any distributions, and which is held by the general partner.
At December 31, 2015 and 2014, the Partnership had a total of 73,128,269 and 73,122,997 common units issued and outstanding, respectively, of which 38,920,000 common units were owned by CRLLC, representing approximately 53% of the total Partnership common 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. Beginning with the first quarter ended March 31, 2013, the available cash calculation 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, reserves for future operating or capital needs that the board of directors of the general partner deems necessary or appropriate, and expenses associated with the Rentech Nitrogen mergers, 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, when applicable, major scheduled turnaround expense, loss on disposition of assets and expenses associated with the Rentech Nitrogen mergers. 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. Actual distributions are set by the board of directors of the general partner, subject to the limitations in accordance with the Merger Agreement as discussed in the "Pending Mergers" section of Note 1 ("Formation of the Partnership, Organization and Nature of Business"). 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. Available cash for each quarter through the end of 2012 was calculated based on the Partnership's cash flow from operations for the quarter, less cash needed for maintenance capital expenditures, debt service and other contractual obligations and reserves for future operating or capital needs that the board of directors of the Partnership's general partner deemed necessary or appropriate. The Partnership also retained cash on hand associated with prepaid sales at each quarter end for future distributions to common unitholders based upon the recognition into income of the prepaid sales. The following is a summary of cash distributions paid to the unitholders during the years ended December 31, 2015, 2014 and 2013 for the respective quarters to which the distributions relate:
| December 31, 2014 |  | March 31, 2015 |  | June 30, 2015 |  | September 30, 2015 |  | Total Cash Distributions Paid in 2015
| ($ in millions, except per common unit amounts)
Amount paid to CRLLC | $ | 16.0 |  |  | $ | 17.5 |  |  | $ | 15.2 |  |  | $ | — |  |  | $ | 48.7 |
Amounts paid to public unitholders | 14.0 |  |  | 15.4 |  |  | 13.3 |  |  | — |  |  | 42.7 |
Total amount paid | $ | 30.0 |  |  | $ | 32.9 |  |  | $ | 28.5 |  |  | $ | — |  |  | $ | 91.4 |
Per common unit | $ | 0.41 |  |  | $ | 0.45 |  |  | $ | 0.39 |  |  | $ | — |  |  | $ | 1.25 |
Common units outstanding (in thousands) | 73,123 |  |  | 73,123 |  |  | 73,123 |  |  | 73,123 |  |  |  |
| December 31, 2013 |  | March 31, 2014 |  | June 30, 2014 |  | September 30, 2014 |  | Total Cash Distributions Paid in 2014
| ($ in millions, except per common unit amounts)
Amount paid to CRLLC | $ | 16.7 |  |  | $ | 14.8 |  |  | $ | 12.8 |  |  | $ | 10.5 |  |  | $ | 54.9 |
Amounts paid to public unitholders | 14.7 |  |  | 13.0 |  |  | 11.3 |  |  | 9.2 |  |  | 48.2 |
Total amount paid | $ | 31.4 |  |  | $ | 27.8 |  |  | $ | 24.1 |  |  | $ | 19.7 |  |  | $ | 103.1 |
Per common unit | $ | 0.43 |  |  | $ | 0.38 |  |  | $ | 0.33 |  |  | $ | 0.27 |  |  | $ | 1.41 |
Common units outstanding (in thousands) | 73,113 |  |  | 73,113 |  |  | 73,114 |  |  | 73,117 |  |  |  |
| December 31, 2012 |  | March 31, 2013 |  | June 30, 2013 |  | September 30, 2013 |  | Total Cash Distributions Paid in 2013
| ($ in millions, except per common unit amounts)
Amount paid to CRLLC | $ | 9.8 |  |  | $ | 31.1 |  |  | $ | 22.7 |  |  | $ | 14.0 |  |  | $ | 77.5 |
Amounts paid to public unitholders | 4.2 |  |  | 13.5 |  |  | 19.9 |  |  | 12.3 |  |  | 50.0 |
Total amount paid | $ | 14.0 |  |  | $ | 44.6 |  |  | $ | 42.6 |  |  | $ | 26.3 |  |  | $ | 127.5 |
Per common unit | $ | 0.192 |  |  | $ | 0.610 |  |  | $ | 0.583 |  |  | $ | 0.36 |  |  | $ | 1.745 |
Common units outstanding (in thousands) | 73,065 |  |  | 73,065 |  |  | 73,075 |  |  | 73,078 |  |  |  |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 + Details
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