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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ________
Commission file number: 001-36062
cinr-20220630_g1.gif
SISECAM RESOURCES LP
(Exact name of registrant as specified in its charter)
Delaware
46-2613366
(State or other jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
Five Concourse Parkway
Suite 2500
Atlanta, Georgia 30328
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (770375-2300
Former name, former address and former fiscal year, if changed since last report: N/A

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common units representing limited partnership interestsSIRENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The registrant had 19,799,791 common units and 399,000 general partner units outstanding at July 26, 2022, the most recent practicable date.



SISECAM RESOURCES LP
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
References in this Quarterly Report on Form 10-Q (“Report”) to the “Partnership,” “SIRE,” “we,” “our,” “us,” or like terms refer to Sisecam Resources LP and its subsidiary, Sisecam Wyoming LLC, which is the consolidated subsidiary of the Partnership and referred to herein as “Sisecam Wyoming.” Sisecam Chemicals Resources LLC ("Sisecam Chemicals") is 60% owned by Sisecam Chemicals USA Inc. ("Sisecam USA") and 40% owned by Ciner Enterprises Inc. (“Ciner Enterprises”). References to “our general partner” or “Sisecam GP” refer to Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP and a direct wholly-owned subsidiary of Sisecam Chemicals Wyoming LLC ("SCW LLC"), which is a direct wholly-owned subsidiary of Sisecam Chemicals. Sisecam USA is a direct wholly-owned subsidiary of Türkiye Şişe ve Cam Fabrikalari A.Ş, a Turkish corporation ("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. Şişecam Parent was founded in 1935, is based in Turkey and is one of the largest industrial publicly-listed companies on the Istanbul exchange. With production facilities in four continents and in 14 countries, Sisecam Parent is one of the largest glass and chemicals producers in the world. 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. All of our soda ash processed is sold to various domestic and international customers.
We include cross references to captions elsewhere in this Report where you can find related additional information. The following table of contents tells you where to find these captions.
Page Number
2


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
SISECAM RESOURCES LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of
(In millions)June 30, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$3.4 $2.7 
Accounts receivable—affiliates 51.2 49.3 
Accounts receivable, net170.6 116.9 
Inventory36.8 30.1 
Other current assets10.5 9.0 
Total current assets272.5 208.0 
Property, plant and equipment, net 303.6 304.2 
Other non-current assets32.3 31.1 
Total assets$608.4 $543.3 
LIABILITIES AND EQUITY  
Current liabilities:  
Current portion of long-term debt $8.7 $8.6 
Accounts payable30.8 21.9 
Due to affiliates5.8 2.3 
Accrued expenses46.3 41.0 
Total current liabilities91.6 73.8 
Long-term debt 145.6 115.0 
Other non-current liabilities13.6 9.8 
Total liabilities250.8 198.6 
Commitments and contingencies (See Note 9)
Equity:  
Common unitholders - Public and Sisecam Chemicals Wyoming LLC (19.8 units issued and outstanding at June 30, 2022 and December 31, 2021)
195.3 187.4 
General partner unitholders - Sisecam Resource Partners LLC (0.4 units issued and outstanding at June 30, 2022 and December 31, 2021)
4.4 4.6 
Accumulated other comprehensive income1.5 3.0 
Partners’ capital attributable to Sisecam Resources LP
201.2 195.0 
Noncontrolling interest156.4 149.7 
Total equity357.6 344.7 
Total liabilities and equity$608.4 $543.3 
See accompanying notes.
3



SISECAM RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per unit data)2022202120222021
Net sales$189.1 $120.7 $352.5 $248.5 
Operating costs and expenses:
Cost of products sold including freight costs (excludes depreciation, depletion and amortization expense set forth separately below)141.6 99.1 259.0 205.7 
Depreciation, depletion and amortization expense7.2 7.7 13.7 16.4 
Selling, general and administrative expenses—affiliates4.1 4.2 9.5 7.8 
Selling, general and administrative expenses—others3.6 1.4 4.8 3.4 
Total operating costs and expenses156.5 112.4 287.0 233.3 
Operating income32.6 8.3 65.5 15.2 
Other (expenses) income:
Interest expense(1.4)(1.5)(2.5)(2.8)
Total other expense, net(1.4)(1.5)(2.5)(2.8)
Net income31.2 6.8 63.0 12.4 
Net income attributable to noncontrolling interest15.8 3.9 31.9 7.1 
Net income attributable to Sisecam Resources LP15.4 2.9 31.1 5.3 
Other comprehensive income:
Income/(loss) on derivative financial instruments(8.2)5.1 (3.0)6.6 
Comprehensive income23.0 11.9 60.0 19.0 
Comprehensive income attributable to noncontrolling interest11.8 6.4 30.4 10.3 
Comprehensive income attributable to Sisecam Resources LP$11.2 $5.5 $29.6 $8.7 
Net income per limited partner unit:
Net income per limited partner unit (basic)$0.76 $0.15 $1.54 $0.27 
Net income per limited partner unit (diluted)$0.76 $0.15 $1.54 $0.27 
Limited partner units outstanding:
Weighted average limited partner units outstanding (basic)19.819.819.819.8
Weighted average limited partner units outstanding (diluted)19.819.819.819.8
  See accompanying notes.

4


SISECAM RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
(In millions)20222021
Cash flows from operating activities:
Net income$63.0 $12.4 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization expense13.9 16.7 
Loss on disposal of assets, net1.7  
Equity-based compensation expenses0.3 0.4 
Other non-cash items0.3 0.2 
Changes in operating assets and liabilities:
Accounts receivable - affiliates(1.9)(4.4)
Accounts receivable, net(53.7)(13.7)
Inventory(6.9)2.3 
Other current and non-current assets(1.8)(2.0)
Accounts payable8.2 6.1 
Due to affiliates3.5 (0.7)
Accrued expenses and other liabilities5.8 1.1 
Net cash provided by operating activities 32.4 18.4 
Cash flows from investing activities:  
Capital expenditures(15.0)(17.1)
Net cash used in investing activities(15.0)(17.1)
Cash flows from financing activities:  
Borrowings on Sisecam Wyoming Credit Facility90.5 57.5 
Borrowings on Sisecam Resources Credit Facility 1.0 
Repayments on Sisecam Wyoming Credit Facility(55.5)(50.0)
Repayments on Sisecam Resources Credit Facility (2.0)
Repayments of Sisecam Wyoming Equipment Financing Arrangement(4.3)(1.5)
Debt issuance costs (0.3)
Distributions to common unitholders, general partner, and noncontrolling interest(47.2)(3.9)
Common units surrendered for taxes(0.2)(0.1)
Net cash (used in) provided by financing activities(16.7)0.7 
Net increase in cash and cash equivalents0.7 2.0 
Cash and cash equivalents at beginning of period2.7 0.5 
Cash and cash equivalents at end of period$3.4 $2.5 
Supplemental disclosure of cash flow information:  
Interest paid during the period $2.2 $2.3 
Supplemental disclosure of non-cash investing activities:
Capital expenditures on account$3.6 $1.4 
 See accompanying notes.

5


SISECAM RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
 Common UnitholdersGeneral Partner Accumulated
Other
Comprehensive
Income (Loss)
Partners’ Capital Attributable to Sisecam Resources LP Equity
Noncontrolling
Interest
Total
Equity
(In millions)
Balance at December 31, 2020$170.0 $4.2 $ $174.2 $131.1 $305.3 
Net income2.4 — — 2.4 3.2 5.6 
Other comprehensive income— — 0.8 0.8 0.7 1.5 
Distributions— — — — (3.9)(3.9)
Balance at March 31, 2021172.4 4.2 0.8 177.4 131.1 308.5 
Net income2.8 0.1 — 2.9 3.9 6.8 
Other comprehensive income— — 2.6 2.6 2.6 5.2 
Equity-based compensation plan activity0.3 — — 0.3 — 0.3 
Balance at June 30, 2021$175.5 $4.3 $3.4 $183.2 $137.6 $320.8 
Balance at December 31, 2021$187.4 $4.6 $3.0 $195.0 $149.7 $344.7 
Net income15.4 0.3 — 15.7 16.1 31.8 
Other comprehensive income— — 2.7 2.7 2.5 5.2 
Equity-based compensation plan activity
(0.2)— — (0.2)— (0.2)
Distributions
(12.8)(0.6)— (13.4)(13.2)(26.6)
Balance at March 31, 2022189.8 4.3 5.7 199.8 155.1 354.9 
Net income15.1 0.3 — 15.4 15.8 31.2 
Other comprehensive loss— — (4.2)(4.2)(4.0)(8.2)
Equity-based compensation plan activity0.3 — — 0.3 — 0.3 
Distributions(9.9)(0.2)— (10.1)(10.5)(20.6)
Balance at June 30, 2022$195.3 $4.4 $1.5 $201.2 $156.4 $357.6 
 See accompanying notes.

6


SISECAM RESOURCES LP
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. CORPORATE STRUCTURE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 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 partnership status of the Partnership or any of its subsidiaries. As a result of Sisecam USA’s and Ciner Enterprise’s respective interests in Sisecam Chemicals and their respective rights under the Sisecam Chemicals Operating Agreement, each of Ciner Enterprises and
7


Sisecam USA and their respective beneficial owners may be deemed to share beneficial ownership of the approximate 2% general partner interest in the Partnership and approximately 74% of the common units in the Partnership owned directly by SCW LLC and indirectly by Sisecam Chemicals as parent entity of SCW LLC.
Take Private Proposal
On July 6, 2022, the board of directors of Sisecam GP received a non-binding offer letter from Sisecam Chemicals to acquire all of our issued and outstanding common units not already owned by Sisecam Chemicals or its affiliates in exchange for $17.90 in cash per issued and outstanding publicly held common unit, which represents the thirty-day volume weighted average price per common unit as of July 5, 2022 (the "Proposal"). The board of directors of Sisecam GP has delegated authority to review, evaluate and negotiate the Proposal to its conflicts committee. The conflicts committee continues to evaluate the Proposal. The proposed transaction is subject to a number of contingencies, including the approval of the conflicts committee of the board of directors of Sisecam GP, and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that such definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.
Basis of Presentation and Significant Accounting Policies
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements 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 intercompany transactions, balances, revenue and expenses have been eliminated in consolidation. The results of operations for the three month and six month periods ended June 30, 2022 and 2021 are not necessarily indicative of the operating results for the full year.
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the United States Securities and Exchange Commission (“SEC”) on March 15, 2022. There have been no material changes in the significant accounting policies followed by us during the three months and six months ended June 30, 2022 from those disclosed in the 2021 Annual Report.
Noncontrolling Interest
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.
Segment Reporting
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.
Use of Estimates
The preparation of these unaudited condensed consolidated financial statements, in accordance with GAAP, 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 unaudited condensed 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 production and demand for our product appears to have recovered from the COVID-19 pandemic’s negative impact, given we still cannot predict any future COVID-19 pandemic impact on our operations, the potential negative 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 and our business, financial condition and results of operations may be further materially and adversely impacted.
Subsequent Events
We have evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q.

2. NET INCOME PER UNIT AND CASH DISTRIBUTION
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Allocation of Net Income
Net income per unit applicable to limited partners is computed by dividing limited partners’ interest in net income attributable to Sisecam Resources LP, after deducting the general partner’s interest and any incentive distributions, by the weighted average number of outstanding common units. 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. 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. There were no anti-dilutive units outstanding for the three months and six months ended June 30, 2022 and an immaterial amount for the three months and six months ended June 30, 2021.
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:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2022202120222021
Net income attributable to Sisecam Resources LP$15.4 $2.9 $31.1 $5.3 
Less: General partner’s distribution declared0.2  0.4  
Less: Limited partners’ distribution declared9.9  19.8  
Income in excess of distribution$5.3 $2.9 $10.9 $5.3 

Three Months Ended June 30, 2022Three Months Ended June 30, 2021
(In millions, except per unit data)General PartnerLimited Partners’ common unitsTotalGeneral PartnerLimited Partners’ common unitsTotal
Distribution declared$0.2 $9.9 $10.1 $ $ $ 
Income in excess of distribution0.1 5.2 5.3 0.1 2.8 2.9 
Net income attributable to partners$0.3 $15.1 $15.4 $0.1 $2.8 $2.9 
Weighted average limited partner units outstanding:
Basic19.819.8
Diluted19.819.8
Net income per limited partner unit:
Basic$0.76 $0.15 
Diluted$0.76 $0.15 

Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(In millions, except per unit data)General PartnerLimited Partners’ common unitsTotalGeneral PartnerLimited Partners’ common unitsTotal
Distribution declared$0.4 $19.8 $20.2 $ $ $ 
Income in excess of distribution0.2 10.7 10.9 0.1 5.2 5.3 
Net income attributable to partners$0.6 $30.5 $31.1 0.1 5.2 5.3 
Weighted average limited partner units outstanding:
Basic19.819.8
Diluted19.819.8
Net income per limited partner unit:
Basic$1.54 $0.27 
Diluted$1.54 $0.27 

Quarterly Distribution
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On July 29, 2022, the Partnership declared its quarterly distribution for the quarter ended June 30, 2022. The cash distribution for the quarter ended June 30, 2022 of $0.50 per unit will be paid on August 23, 2022 to unitholders of record on August 10, 2022.
Our general partner has considerable discretion in determining the amount of available cash, the amount of distributions and whether 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 or at any other rate, and we have no legal obligation to do so.
General Partner Interest and Incentive Distribution Rights
Our partnership agreement provides that our general partner initially will be entitled to 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 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 Incentive Distribution Rights (“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 certain distribution levels as set forth in our partnership agreement. 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.” Under our 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 any distribution 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 IDRs, and (4) assume that we do not issue additional classes of equity securities.
Marginal Percentage
Interest in
Distributions
Total Quarterly
Distribution per Unit
Target Amount
UnitholdersGeneral
Partner
Incentive
Distributions
Rights
$0.5000 or lower
98.0 %2.0 % %
above $0.5000 up to $0.5750
98.0 %2.0 % %
above $0.5750 up to $0.6250
85.0 %15.0 %13.0 %
above $0.6250 up to $0.7500
75.0 %25.0 %23.0 %
above $0.7500
50.0 %50.0 %48.0 %

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3. INVENTORY
Inventory consisted of the following:
As of
(In millions)June 30, 2022December 31, 2021
Raw materials$14.4 $10.5 
Finished goods11.6 9.3 
Stores inventory - current portion10.8 10.3 
Total$36.8 $30.1 
4. DEBT
Long-term debt, net of debt issuance costs, consisted of the following:
As of
(In millions)June 30, 2022December 31, 2021
Sisecam Wyoming Equipment Financing Arrangement Security Note Number 001 with maturity date of March 26, 2028, fixed interest rate of 2.479%$23.0 $24.6 
Sisecam Wyoming Equipment Financing Arrangement Security Note Number 002 with maturity date of December 17, 2026, fixed interest rate of 2.4207%26.3 29.0 
Sisecam Wyoming Credit Facility, secured principal expiring on October 28, 2026, variable interest rate as a weighted average rate of 2.98% and 1.82% at June 30, 2022 and December 31, 2021105.0 70.0 
Total debt154.3 123.6 
Less: Current portion of long-term debt8.7 8.6 
Total long-term debt$145.6 $115.0 

Aggregate maturities required on long-term debt at June 30, 2022 are due in future years as follows:

(In millions)Amount
2022$4.3 
20238.8 
20249.1 
20259.3 
2026114.5 
Thereafter8.4 
Total$154.4 
    

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
11


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 June 30, 2022, 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.
Security Note Number 001:
was executed on March 25, 2020;
has an original 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
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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 June 30, 2022 was $23.2 million ($23.0 million net of financing costs).
Security Note Number 002:
was executed on December 17, 2021;
has an original 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;
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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 TierLeverage RatioBSBY Rate LoansBase Rate LoansCommitment Fee
1< 1.25:1.01.500%0.500%0.225%
2≥ 1.25:1.0 but < 1.75:1.01.750%0.750%0.250%
3≥ 1.75:1.0 but < 2.25:1.02.000%1.000%0.275%
4≥ 2.25:1.0 but < 3.00:1.02.250%1.250%0.300%
5≥ 3.00:1.0 but < 3.50:1.02.500%1.500%0.325%
6≥ 3.50:1.02.750%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: 1.00; 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
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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 would not cause a Change of Control under the Sisecam Wyoming Credit Facility so long as the CoC Transaction occured prior to March 31, 2022. The CoC Transaction did not cause a change in control event under the Credit Facility.
At June 30, 2022, Sisecam Wyoming was in compliance with all financial covenants of the Sisecam Wyoming Credit Facility.
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.
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. The July 2020 Sisecam Wyoming Amendment also required quarterly maintenance of a certain leverage ratio and an interest coverage ratio of not less than 3.00:1.00. 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 and 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.
5. OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consisted of the following:
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As of
(In millions)June 30, 2022December 31, 2021
Reclamation reserve$8.3 $8.0 
Accrued other taxes5.0  
Other0.3 1.8 
Total$13.6 $9.8 
A reconciliation of the Partnership’s reclamation reserve liability is as follows:
For the period ended
(In millions)June 30, 2022December 31, 2021
Beginning reclamation reserve balance$8.0 $7.3 
Accretion expense0.3 0.4 
Reclamation adjustments (1)
 0.3 
Ending reclamation reserve balance$8.3 $8.0 
(1) The reclamation costs are periodically evaluated for adjustments by the Wyoming Department of Environmental Quality. See Note 9 “Commitments and Contingencies, “Mine Permit Bonding Commitment” for additional information on our reclamation reserve, including changes to the underlying reclamation obligation that resulted in the asset retirement obligation reclamation adjustment.
6. 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 $31.0 million and $32.8 million as of June 30, 2022 and December 31, 2021, 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 portions of the Retirement Plans’ net periodic pension benefit were $0.9 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively, and were $1.8 million and $1.4 million for the six months ended June 30, 2022 and 2021, respectively.
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 were $0.7 million for each of the three months ended June 30, 2022 and 2021, and were $2.4 million and $2.3 million for the six months ended June 30, 2022 and 2021, 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, are not funded, and Sisecam Chemicals has the right to modify or terminate the plan. The Sisecam Chemicals post-retirement plan had a net unfunded liability of $10.6 million and $10.7 million as of June 30, 2022 and December 31, 2021, respectively.
The Partnership’s allocated portions of postretirement costs were $0.2 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively, and were $0.4 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively.
7. 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”). Historically, the Plan was intended to provide incentives that will attract and retain valued employees, officers, consultants and non-employee directors by offering them a greater stake in our success and a closer identity with us, and to
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encourage ownership of our common units by such individuals. 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; provided, that as previously disclosed in 2020, the MLP Board approved an updated compensation policy for the general partner’s executive officers and other employees whereby the Partnership provides additional cash consideration as compensation to such executive officers and other employees of the general partner or its affiliates that provide services to the Partnership in lieu of participation in the Plan. As of June 30, 2022, 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
There were 11,583 grants of non-employee director awards during the six months ended June 30, 2022. The grant date average fair value per unit of these awards was $19.43 for the six months ended June 30, 2022. The total fair value of these awards was approximately $0.2 million during the six months ended June 30, 2022. During the six months ended June 30, 2021, a total of 17,511 common units were granted and fully vested to non-employee directors. The grant date average fair value per unit of these awards was $13.20 for the six months ended June 30, 2021. The total fair value of these awards was approximately $0.2 million during the six months ended June 30, 2021.
Time Restricted Unit Awards
We may grant restricted unit awards in the form of common units to certain employees that vest over a specified period of time, usually between one to three years, with vesting based on continued employment as of each applicable vesting date. Award recipients are entitled to distributions subject to the same restrictions as the underlying common unit. The awards are classified as equity awards and are accounted for at fair value at grant date.
As of June 30, 2022, 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 six months ended June 30, 2022 and 2021:
Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(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 $ 21,937 $17.57 
Vested  (12,247)18.46 
Unvested at the end of the period $ 9,690 $16.45 
(1) Determined by dividing the aggregate grant date fair value of awards by the number of common units.
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Total Return Performance Unit Awards
Historically, we have granted Total Returns (“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 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 to three years from the date of the grant. Performance is measured on the achievement of a specified level of total return, or TR, relative to the TR of a peer group comprised of other limited partnerships. The potential payout ranges from 0-200% of the grant target quantity and is adjusted based on our total return performance relative to the peer group. For purposes of the table below the number of units are included at target quantity.
We utilized a Monte Carlo simulation model to estimate the grant date fair value of TR Performance Unit Awards granted to employees, adjusted for market conditions. This type of award requires 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 six months ended June 30, 2022 and 2021:
Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(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 period $ 7,678 $41.53 
Vested  (7,678)41.53 
Unvested at the end of the period $  $ 
(1) Determined by dividing the aggregate grant date fair value of awards by the number of common units.

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-year performance period (the “Measurement Period”). The vesting of the 2019 Performance Unit Awards, and number of common units of the Partnership distributable pursuant to such vesting, was dependent on our performance relative to a pre-established budget over the Measurement Period; provided, that the awardee remains continuously employed with our general partner or its affiliates or satisfies other service-related criteria through the end of the Measurement Period, except in certain cases of Changes in Control (as defined in our LTIP) or the awardee’s death or disability.
Vested 2019 Performance Unit Awards were settled in our common units, with the number of such common units payable under the award 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 contained DERs and granted 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 was 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 had a performance cycle that began on January 1, 2019 and ended on December 31, 2021.
As of June 30, 2022, there are no unvested 2019 Performance Unit Awards and no unrecognized awards related compensation expense.
The following table presents a summary of activity on the 2019 Performance Unit Awards for the six months ended June 30, 2022 and 2021:
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Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(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 period25,062 $16.45 29,057 $16.45 
Vested (2)
(21,171)16.45   
Performance adjustments (2)
(3,891)16.45   
Unvested at the end of the period $ 29,057 $16.45 
(1) Determined by dividing the weighted average price per common unit on the date of grant.
(2) The actual number of shares awarded based on achievement of the Performance Metrics was approximately 84% of the grant target quantity, as approved by the Partnership’s Board of Directors in the in the six months ended June 30, 2022, and was adjusted accordingly.


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8. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income attributable to Sisecam Resources LP includes unrealized and losses on derivative financial instruments. Amounts recorded in accumulated other comprehensive income as of June 30, 2022 and December 31, 2021, and changes within the period, consisted of the following:
(In millions)Income and (Losses) on Cash Flow Hedges