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Capital and Accumulated Other Comprehensive Loss
6 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
Capital and Accumulated Other Comprehensive Loss CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
As of June 30, 2020, the Company had 24,929,253 Class A units (regular common units) outstanding.

Common Unit Repurchase Program
The Board of Directors of SPH GP has approved the repurchase of up to an aggregate of 3,000,000 of the Company's common units ("Repurchase Program"). The Repurchase Program supersedes and cancels, to the extent any amounts remain available, all previously approved repurchase programs. Any purchases made under the Repurchase Program will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. In connection with the Repurchase Program, the Company may enter into a stock purchase plan. The Repurchase Program has no termination date. The Company has purchased 2,089,177 common units for an aggregate price of approximately $33,881 under the Repurchase Program.

Incentive Award Plan

The Company's 2018 Incentive Award Plan ("2018 Plan") provides equity-based compensation through the grant of options to purchase the Company's limited partnership units, unit appreciation rights, restricted units, phantom units, substitute awards, performance awards, other unit-based awards, and includes, as appropriate, any tandem distribution equivalent rights granted with respect to an award (collectively, "LP Units"). On May 18, 2020, the Company's unitholders approved the Amended and Restated 2018 Incentive Award Plan, which increased the number of LP Units issuable under the 2018 Plan by 500,000 to a total of 1,000,000 LP Units. In 2019, 207,499 restricted units were granted under the 2018 Plan. Such units were valued based upon the market value of the Company's LP Units on the date of grant, and collectively represent approximately $2,905 of unearned compensation that will be recognized as expense ratably over the vesting period of the units. The grants have vesting periods that range from three to ten years from the date of grant.

Preferred Units

The Company's 6.0% Series A preferred units, no par value ("SPLP Preferred Units") entitle the holders to a cumulative quarterly cash or in-kind (or a combination thereof) distribution. The Company declared an in-kind distribution of approximately $2,371 to preferred unitholders for the three months ended June 30, 2020. The Company declared a cash distribution of approximately $2,725 and $5,945 to preferred unitholders for the six months ended June 30, 2020 and 2019, respectively. The SPLP Preferred Units have a term of nine years, ending February 2026, and are redeemable at any time at the Company's option at a $25 liquidation value per unit, plus any accrued and unpaid distributions (payable in cash or SPLP common units, or a combination of both, at the Company's discretion). If redeemed in common units, the number of common units to be issued will be equal to the liquidation value per unit divided by the volume weighted-average price of the common units for 60 days prior to the redemption. On February 6, 2020 ("Redemption Date"), the Company redeemed 1,600,000 units of the SPLP Preferred Units at a price equal to $25 per unit, plus an amount of $0.22 per unit, equal to any accumulated and unpaid distributions up to, but excluding, the Redemption Date, for a total payment of approximately $40,400.

The SPLP Preferred Units have no voting rights, except that holders of the preferred units have certain voting rights in limited circumstances relating to the election of directors following the failure to pay six quarterly distributions. The SPLP Preferred Units are recorded as liabilities, including accrued interest expense, on the Company's consolidated balance sheets because they have an unconditional obligation to be redeemed for cash or by issuing a variable number of SPLP common units for a monetary value that is fixed and known at inception. Because the SPLP Preferred Units are classified as liabilities, distributions thereon are recorded as a component of Interest expense in the Company's consolidated statements of operations. As of June 30, 2020, there were 6,422,128 SPLP Preferred Units outstanding, and as of December 31, 2019, there were 7,927,288 SPLP Preferred Units outstanding.

Accumulated Other Comprehensive Loss

Changes, net of tax, where applicable, in AOCI are as follows:
Unrealized loss on available-for-sale debt securitiesUnrealized (loss) gain on derivative financial instrumentsCumulative translation adjustmentsChange in net pension and other benefit obligationsTotal
Balance at December 31, 2019$(274) $(14) $(25,166) $(165,968) $(191,422) 
Net other comprehensive loss attributable to common unitholders—  —  (2,936) —  (2,936) 
Deconsolidation of API (see Note 3)—  14  10,522  6,945  17,481  
Balance at March 31, 2020(274) —  (17,580) (159,023) (176,877) 
Net other comprehensive income attributable to common unitholders—  —  1,373  —  1,373  
Balance at June 30, 2020$(274) $—  $(16,207) $(159,023) $(175,504) 
Unrealized loss on available-for-sale securitiesUnrealized (loss) gain on derivative financial instrumentsCumulative translation adjustmentsChange in net pension and other benefit obligationsTotal
Balance at December 31, 2018$(274) $(277) $(23,476) $(153,217) $(177,244) 
Net other comprehensive income attributable to common unitholders
—  518  1,303  —  1,821  
Balance at March 31, 2019(274) 241  (22,173) (153,217) (175,423) 
Net other comprehensive loss attributable to common unitholders
—  (425) (1,797) —  (2,222) 
Balance at June 30, 2019$(274) $(184) $(23,970) $(153,217) $(177,645) 

Incentive Unit Expense

SPLP has issued to the Manager partnership profits interests in the form of incentive units, a portion of which will be classified as Class C common units of SPLP upon the attainment of certain specified performance goals by SPLP, which are determined as of the last day of each fiscal year. If the performance goals are not met for a fiscal year, no portion of the incentive units will be classified as Class C common units for that year. The number of outstanding incentive units is equal to 100% of the common units outstanding, including common units held by non-wholly-owned subsidiaries. The performance goals and expense related to the classification of a portion of the incentive units as Class C units is measured on an annual basis, but is accrued on a quarterly basis. Accordingly, the expense accrued is adjusted to reflect the fair value of the Class C common units on each interim calculation date. In the event the cumulative incentive unit expense calculated quarterly or for the full year is an amount less than the total previously accrued, the Company records a negative incentive unit expense in the quarter when such over accrual is determined. The expense is recorded in Selling, general and administrative expenses in the Company's consolidated statements of operations. No incentive unit expense was recorded in the three and six months ended June 30, 2020 and 2019.