Rentech Nitrogen Partners, L.P.

CIK:0001525998|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenues	$ 340,731,000	$ 334,612,000	$ 311,375,000
Cost of sales	239,969,000	274,135,000	240,021,000
Gross profit	100,762,000	60,477,000	71,354,000
Operating expenses
Selling, general and administrative expense	19,794,000	18,011,000	17,285,000
Depreciation and amortization	1,035,000	1,509,000	4,077,000
Pasadena asset impairment	160,622,000	0
Pasadena goodwill impairment	0	27,202,000	30,029,000
Other expense	410,000	542,000	806,000
Total operating expenses	181,861,000	47,264,000	52,197,000
Operating income (loss)	(81,099,000)	13,213,000	19,157,000
Other income (expense), net
Interest expense	(21,701,000)	(19,057,000)	(14,098,000)
Agrifos settlement		5,632,000
Loss on debt extinguishment		(635,000)	(6,001,000)
Gain on fair value adjustment to earn-out adjustment			4,920,000
Other income (expense), net	1,341,000	(197,000)	(6,000)
Total other expenses, net	(20,360,000)	(14,257,000)	(15,185,000)
Income (loss) before income taxes	(101,459,000)	(1,044,000)	3,972,000
Income tax (benefit) expense	67,000	18,000	(96,000)
Net income (loss)	$ (101,526,000)	$ (1,062,000)	$ 4,068,000
Net income (loss) per common unit allocated to common unitholders - Basic	$ (2.62)	$ (0.03)	$ 0.10
Net income (loss) per common unit allocated to common unitholders - Diluted	$ (2.62)	$ (0.03)	$ 0.10
Weighted-average units used to compute net income (loss) per common unit:
Basic	38,924	38,898	38,850
Diluted	38,924	38,898	38,945

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income (loss)	$ (101,526,000)	$ (1,062,000)	$ 4,068,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	24,943,000	24,257,000	17,312,000
Pasadena asset impairment	160,622,000	0
Pasadena goodwill impairment	0	27,202,000	30,029,000
Gain on sale of easement	(1,425,000)
Utilization of spare parts	4,220,000	5,398,000	3,778,000
Write-down of inventory	2,153,000	6,045,000	12,360,000
Non-cash interest expense	1,302,000	1,192,000	961,000
Loss on debt extinguishment		635,000	6,001,000
Unit-based compensation	1,075,000	1,283,000	1,460,000
Unrealized (gain) loss on natural gas derivatives	(2,438,000)	3,955,000
Other	999,000	(1,287,000)	1,762,000
Changes in operating assets and liabilities:
Accounts receivable	5,263,000	(9,280,000)	2,271,000
Inventories	(6,354,000)	(1,757,000)	(16,190,000)
Prepaid expenses and other current assets	(715,000)	(385,000)	(2,282,000)
Other receivables	(17,000)	1,870,000	399,000
Accounts payable	(2,705,000)	4,887,000	(5,289,000)
Accrued liabilities, accrued payroll and other	3,708,000	(4,847,000)	(6,667,000)
Deferred revenue	(9,717,000)	6,335,000	(9,295,000)
Accrued interest	90,000	438,000	3,780,000
Net cash provided by operating activities	79,478,000	64,879,000	44,458,000
Cash flows from investing activities
Capital expenditures	(38,330,000)	(71,663,000)	(90,288,000)
Proceeds from easement	1,425,000
Other items	462,000	(897,000)	(252,000)
Net cash used in investing activities	(36,443,000)	(72,560,000)	(90,540,000)
Cash flows from financing activities
Proceeds from credit facilities and term loan, net of original issue discount	19,500,000	15,000,000	15,600,000
Proceeds from issuance of notes			320,000,000
Payment of offering costs			(972,000)
Payments and retirement of debt			(208,890,000)
Payment of debt issuance costs		(1,236,000)	(8,964,000)
Net cash provided by (used in) financing activities	(55,240,000)	1,649,000	24,343,000
Decrease in cash	(12,205,000)	(6,032,000)	(21,739,000)
Cash, beginning of period	28,028,000	34,060,000	55,799,000
Cash, end of period	15,823,000	28,028,000	34,060,000
Cash payments of interest
Cash payments of interest, net of capitalized interest of $1,986 (Dec 2015), $3,077 (Dec 2014) and $3,243 (Dec 2013)	19,642,000	17,787,000	9,674,000
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Purchase of property, plant, equipment and construction in progress in accounts payable and accrued liabilities	5,883,000	5,739,000	10,509,000
Increase in asset retirement obligation		1,265,000
Affiliates [Member]
Cash flows from financing activities
Distribution to common unitholders	(44,408,000)	(7,208,000)	(55,102,000)
Non Affiliates [Member]
Cash flows from financing activities
Distribution to common unitholders	$ (30,332,000)	$ (4,907,000)	$ (37,329,000)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 15,823	$ 28,028
Accounts receivable	11,451	16,714
Inventories	32,116	27,736
Prepaid expenses and other current assets	5,745	4,942
Other receivables	374	357
Total current assets	65,509	77,777
Property, plant and equipment, net	152,078	259,011
Construction in progress	23,712	47,758
Other assets
Intangible assets		21,114
Other assets	71	341
Total other assets	71	21,455
Total assets	241,370	406,001
Current liabilities
Accounts payable	12,022	14,846
Payable to general partner	4,605	3,035
Accrued liabilities	15,212	14,203
Deferred revenue	16,982	26,700
Accrued interest	4,650	4,494
Total current liabilities	53,471	63,278
Long-term liabilities
Debt	347,575	326,685
Asset retirement obligation	4,498	4,194
Other	2,092	2,953
Total long-term liabilities	354,165	333,832
Total liabilities	$ 407,636	$ 397,110
Commitments and contingencies (Note 10)
Partners' capital (deficit)
Common unitholders: 38,985 and 38,913 units issued and outstanding at December 31, 2015 and 2014, respectively	$ (166,555)	$ 8,886
Accumulated other comprehensive income	289	5
Total partners' capital (deficit)	(166,266)	8,891
Total liabilities and partners' capital (deficit)	$ 241,370	$ 406,001