Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ARCH COAL INC | ||
Entity Central Index Key | 1037676 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 212,274,662 | ||
Entity Well known seasoned issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current reporting status | Yes | ||
Entity Public Float | $771.80 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | $2,937,119 | $3,014,357 | $3,768,126 |
Costs, expenses and other operating | |||
Cost of sales (exclusive of items shown separately below) | 2,566,193 | 2,663,136 | 3,155,099 |
Depreciation, depletion and amortization | 418,748 | 426,442 | 492,211 |
Amortization of acquired sales contracts, net | -13,187 | -9,457 | -25,189 |
Change in fair value of coal derivatives and coal trading activities, net | -3,686 | 7,845 | -16,590 |
Asset impairment and mine closure costs | 24,113 | 220,879 | 539,182 |
Goodwill impairment | 0 | 265,423 | 330,680 |
Contract settlement resulting from Patriot Coal bankruptcy | 0 | 0 | -58,335 |
Reduction in accrual related to acquired litigation | 0 | -79,532 | |
Selling, general and administrative expenses | 114,223 | 133,448 | 134,299 |
Other operating income, net | -19,754 | -30,218 | -63,357 |
Total operating expenses | 3,086,650 | 3,677,498 | 4,525,138 |
Loss from operations | -149,531 | -663,141 | -757,012 |
Interest expense, net | |||
Interest expense | -390,946 | -381,267 | -317,615 |
Interest and investment income | 7,758 | 6,603 | 5,473 |
Interest expense, net | -383,188 | -374,664 | -312,142 |
Nonoperating expense | |||
Net loss resulting from early retirement and refinancing of debt | 0 | -42,921 | -23,668 |
Loss from continuing operations before income taxes | -532,719 | -1,080,726 | -1,092,822 |
Provision for (benefit from) income taxes | 25,634 | -335,498 | -353,907 |
Loss from continuing operations | -558,353 | -745,228 | -738,915 |
Income from discontinued operations, including gain on sale - net of tax | 0 | 103,396 | 55,228 |
Net income (loss) | -558,353 | -641,832 | -683,687 |
Less: Net income attributable to noncontrolling interest | 0 | -268 | |
Net loss attributable to Arch Coal, Inc. | ($558,353) | ($641,832) | ($683,955) |
Losses per common share | |||
Basic and diluted LPS- Loss from continuing operations | ($2.63) | ($3.52) | ($3.50) |
Basic and diluted LPS - Net loss | ($2.63) | ($3.03) | ($3.24) |
Weighted average shares outstanding | |||
Basic and diluted weighted average shares outstanding | 212,221 | 212,098 | 211,381 |
Dividends declared per common share | $0.01 | $0.12 | $0.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $734,231 | $911,099 |
Short term investments | 248,954 | 248,414 |
Trade accounts receivable | 211,506 | 198,020 |
Other receivables | 20,511 | 31,553 |
Inventories | 190,253 | 264,161 |
Prepaid royalties | 11,118 | 8,083 |
Deferred income taxes | 52,728 | 49,144 |
Coal derivative assets | 13,257 | 14,851 |
Other current assets | 60,193 | 56,746 |
Total current assets | 1,542,751 | 1,782,071 |
Property, plant and equipment | ||
Coal lands and mineral rights | 6,040,656 | 5,991,719 |
Plant and equipment | 2,935,381 | 2,882,486 |
Deferred mine development | 891,649 | 979,270 |
Property, plant and equipment, gross | 9,867,686 | 9,853,475 |
Less accumulated depreciation, depletion and amortization | -3,414,228 | -3,119,189 |
Property, plant and equipment, net | 6,453,458 | 6,734,286 |
Other assets | ||
Prepaid royalties | 66,806 | 87,577 |
Equity investments | 235,842 | 221,456 |
Other noncurrent assets | 130,866 | 164,803 |
Total other assets | 433,514 | 473,836 |
Total assets | 8,429,723 | 8,990,193 |
Current liabilities | ||
Accounts payable | 180,113 | 176,142 |
Accrued expenses and other current liabilities | 302,396 | 278,587 |
Current maturities of debt | 36,885 | 33,493 |
Total current liabilities | 519,394 | 488,222 |
Long-term debt | 5,123,485 | 5,118,002 |
Asset retirement obligations | 398,896 | 402,713 |
Accrued pension benefits | 16,260 | 7,111 |
Accrued postretirement benefits other than pension | 32,668 | 39,255 |
Accrued workers’ compensation | 94,291 | 78,062 |
Deferred income taxes | 422,809 | 413,546 |
Other noncurrent liabilities | 153,766 | 190,033 |
Total liabilities | 6,761,569 | 6,736,944 |
Stockholders' equity | ||
Common stock, $0.01 par value, authorized 260,000 shares, issued 213,791 and 213,792 shares at December 31, 2014 and 2013, respectively | 2,141 | 2,141 |
Paid-in capital | 3,048,460 | 3,038,613 |
Treasury stock, at cost | -53,863 | -53,848 |
Accumulated deficit | -1,331,825 | -771,349 |
Accumulated other comprehensive income | 3,241 | 37,692 |
Total stockholders’ equity | 1,668,154 | 2,253,249 |
Total liabilities and stockholders’ equity | $8,429,723 | $8,990,193 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | ($558,353) | ($641,832) | ($683,687) |
Derivative instruments | |||
Comprehensive income (loss) before tax | 3,102 | -2,626 | 10,894 |
Income tax benefit (provision) | -1,117 | 947 | -3,921 |
Derivatives Qualifying as Hedges, Adjustment, Net of Tax | 1,985 | -1,679 | 6,973 |
Pension, postretirement and other post-employment benefits | |||
Comprehensive income (loss) before tax | -44,143 | 77,201 | -21,291 |
Income tax benefit (provision) | -15,891 | 27,803 | -7,686 |
Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -28,252 | 49,398 | -13,605 |
Available-for-sale securities | |||
Comprehensive income (loss) before tax | -12,788 | 10,190 | -3,000 |
Income tax benefit (provision) | 4,604 | -3,710 | 1,080 |
Available-for-sale Securities Adjustment, Net of Tax | -8,184 | 6,480 | -1,920 |
Total other comprehensive income (loss) | -34,451 | 54,199 | -8,552 |
Total comprehensive income (loss) | ($592,804) | ($587,633) | ($692,239) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 260,000,000 | 260,000,000 |
Common stock, shares issued | 213,791,000 | 213,791,799 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activties | |||
Net loss | ($558,353) | ($641,832) | ($683,687) |
Adjustments to reconcile net loss to cash provided by operating activities: | |||
Depreciation, depletion and amortization | 418,748 | 447,704 | 525,508 |
Amortization of acquired sales contracts, net | -13,187 | -9,457 | -25,189 |
Prepaid royalties expensed | 9,698 | 13,706 | 22,650 |
Deferred income taxes | 25,152 | -263,099 | -336,036 |
Employee stock-based compensation expense | 9,847 | 11,790 | 11,822 |
Gains on disposals and divestitures | -27,512 | -120,321 | 0 |
Asset impairment and mine closure costs | 16,868 | 220,879 | 531,234 |
Goodwill impairment | 0 | 265,423 | 330,680 |
Amortization of premiums on debt securities held | 0 | 3,680 | |
Amortization relating to financing activities | 17,363 | 24,789 | 20,238 |
Net loss resulting from early retirement of debt and financing activities | -42,921 | -23,668 | |
Changes in: | |||
Receivables | -8,991 | 62,881 | 113,531 |
Inventories | 41,548 | 44,635 | 9,468 |
Coal derivative assets and liabilities | 5,449 | 3,606 | -13,158 |
Accounts payable, accrued expenses and other current liabilities | 41,680 | -78,126 | -170,430 |
Asset retirement obligations | 18,288 | 17,432 | -42,531 |
Pension, postretirement and other postemployment benefits | -25,347 | 7,284 | 12,319 |
Other | -4,833 | 1,847 | 2,717 |
Cash provided by (used in) operating activities | -33,582 | 55,742 | 332,804 |
Investing activities | |||
Capital expenditures | -147,286 | -296,984 | -395,225 |
Minimum royalty payments | -7,317 | -14,947 | -13,269 |
Proceeds from sale-leaseback transactions | 0 | 34,919 | |
Proceeds from disposals and divestitures | 62,358 | 433,453 | 22,825 |
Purchases of short term investments | 211,929 | 213,726 | 236,862 |
Proceeds from sales of short term investments | 205,611 | 194,537 | 1,754 |
Proceeds from Sale of Available-for-sale Securities, Equity | 9,464 | 0 | 0 |
Investments in and advances to affiliates, net | -16,657 | -15,260 | -17,758 |
Purchase of noncontrolling interest | 0 | 0 | -17,500 |
Change in restricted cash | 0 | 3,453 | 6,869 |
Cash provided by (used in) investing activities | -105,756 | 125,445 | -649,166 |
Financing activities | |||
Proceeds from Issuance of Secured Debt | 294,000 | 1,633,500 | |
Proceeds from issuance of senior notes | 0 | 350,000 | 359,753 |
Payments to retire debt | -300 | -628,660 | -452,934 |
Payments on term loan | -19,500 | -17,250 | -7,625 |
Net decrease in borrowings under lines of credit | 0 | -481,300 | |
Net payments on other debt | -5,395 | -6,836 | -682 |
Debt financing costs | -4,519 | -20,489 | -50,568 |
Dividends paid | -2,123 | -25,475 | -42,440 |
Proceeds from exercise of options under incentive plans | 5,131 | ||
Other | -5,693 | 0 | 0 |
Cash provided by (used in) financing activities | -37,530 | -54,710 | 962,835 |
Increase (decrease) in cash and cash equivalents | -176,868 | 126,477 | 646,473 |
Cash and cash equivalents, beginning of period | 911,099 | 784,622 | 138,149 |
Cash and cash equivalents, end of period | 734,231 | 911,099 | 784,622 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid during the year for interest | 361,727 | 380,389 | 310,241 |
Cash refunded during the year for income taxes, net | ($4,896) | ($18,741) | ($28,057) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Per Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $3,578,040 | $2,136 | $3,015,349 | ($53,848) | $622,353 | ($7,950) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Total comprehensive income (loss) | -692,512 | 0 | 0 | 0 | -683,955 | -8,557 |
Other Comprehensive Income (Loss), Net of Tax | -8,552 | |||||
Dividends declared per common share | $0.20 | |||||
Dividends, Common Stock | -42,440 | 0 | 0 | 0 | -42,440 | 0 |
Redemption of noncontrolling interest | -5,474 | 0 | -5,474 | 0 | 0 | 0 |
Issuance of shares of common stock under the stock incentive plan — restricted stock and restricted stock units, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of shares of common stock under the stock incentive plan — stock options including income tax benefits | 5,131 | 5 | 5,126 | 0 | 0 | 0 |
Employee stock-based compensation expense | 11,822 | 0 | 11,822 | 0 | 0 | 0 |
Ending Balance at Dec. 31, 2012 | 2,854,567 | 2,141 | 3,026,823 | -53,848 | -104,042 | -16,507 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Total comprehensive income (loss) | -587,633 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 54,199 | |||||
Dividends declared per common share | $0.12 | |||||
Dividends, Common Stock | -25,475 | 0 | 0 | 0 | -25,475 | 0 |
Issuance of shares of common stock under the stock incentive plan — restricted stock and restricted stock units, net of forfeitures | 0 | 0 | 0 | 0 | 0 | 0 |
Employee stock-based compensation expense | 11,790 | 0 | 0 | 0 | 0 | |
Ending Balance at Dec. 31, 2013 | 2,253,249 | 2,141 | 3,038,613 | -53,848 | -771,349 | 37,692 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Total comprehensive income (loss) | -592,804 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | -34,451 | |||||
Dividends declared per common share | $0.01 | |||||
Dividends, Common Stock | -2,123 | 0 | 0 | 0 | -2,123 | 0 |
Treasury shares purchased | -15 | 0 | 0 | -15 | 0 | 0 |
Employee stock-based compensation expense | 9,847 | 0 | 0 | 0 | 0 | |
Ending Balance at Dec. 31, 2014 | $1,668,154 | $2,141 | $3,048,460 | ($53,863) | ($1,331,825) | $3,241 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | 39,000 | 49,000 |
Stock Issued During Period, Value, Stock Options Exercised | -1,000 | 0 | 526,000 |
Treasury shares purchased | 5,337 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying consolidated financial statements include the accounts of Arch Coal, Inc. and its subsidiaries and controlled entities (the “Company”). The Company’s primary business is the production of thermal and metallurgical coal from surface and underground mines located throughout the United States, for sale to utility, industrial and steel producers both in the United States and around the world. The Company currently operates mining complexes in West Virginia, Kentucky, Maryland, Virginia, Illinois, Wyoming and Colorado. All subsidiaries are wholly-owned. Intercompany transactions and accounts have been eliminated in consolidation. | |
The Company completed the sale of Canyon Fuel Company, LLC (Canyon Fuel) on August 16, 2013. The results of these mining complexes have been segregated from continuing operations and are reflected, net of tax, as discontinued operations in the consolidated statements of operations for all periods presented. See further discussion in Note 3, "Divestitures". | |
In response to weak coal markets, the Company has idled or closed mines in the Appalachia region and sold other non-core operating subsidiaries and assets. The results from these operations and gains or losses on the disposal are reflected in income from continuing operations in the consolidated statements of operations. See further discussion in Note 5, "Impairment Charges and Mine Closure Costs". |
Accounting_Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for financial reporting and U.S. Securities and Exchange Commission regulations. | |
Accounting Pronouncements | |
There are no accounting pronouncements whose adoption had, or is expected to have, a material impact on the Company's consolidated financial statements. | |
Accounting Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses in the accompanying consolidated financial statements and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
Cash and cash equivalents are stated at cost. Cash equivalents consist of highly-liquid investments with an original maturity of three months or less when purchased. | |
Accounts Receivable | |
Accounts receivable are recorded at amounts that are expected to be collected, based on past collection history, the economic environment and specified risks identified in the receivables portfolio. | |
Inventories | |
Coal and supplies inventories are valued at the lower of average cost or market. Coal inventory costs include labor, supplies, equipment costs, transportation costs incurred prior to the transfer of title to customers and operating overhead. The costs of removing overburden, called stripping costs, incurred during the production phase of the mine are considered variable production costs and are included in the cost of the coal extracted during the period the stripping costs are incurred. | |
Investments and Membership Interests in Joint Ventures | |
Investments and membership interests in joint ventures are accounted for under the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the entity. The Company's share of the entity's income or loss is reflected in "Other operating income, net" in the consolidated statements of operations. Information about investment activity is provided in Note 9, " Equity Method Investments and Membership Interests in Joint Ventures". | |
Investments in debt securities and marketable equity securities that do not qualify for equity method accounting are classified as available-for-sale and are recorded at their fair values. Unrealized gains and losses on these investments are recorded in other comprehensive income or loss. A decline in the value of an investment that is considered other-than-temporary would be recognized in operating expenses. | |
Acquired Sales Contracts | |
Coal supply agreements (sales contracts) acquired in a business combination are capitalized at their fair value and amortized over the tons of coal shipped during the term of the contract. The fair value of a sales contract is determined by discounting the cash flows attributable to the difference between the contract price and the prevailing forward prices for the tons under contract at the date of acquisition. See Note 10, "Acquired Sales Contracts" for further information related to the Company's acquired sales contracts. | |
Exploration Costs | |
Costs to acquire permits for exploration activities are capitalized. Drilling and other costs related to locating coal deposits and evaluating the economic viability of such deposits are expensed as incurred. | |
Prepaid Royalties | |
Leased mineral rights are often acquired through royalty payments. When royalty payments represent prepayments recoupable against royalties owed on future revenues from the underlying coal, they are recorded as a prepaid asset, with amounts expected to be recouped within one year classified as current. When coal from these leases is sold, the royalties owed are recouped against the prepayment and charged to cost of sales. An impairment charge is recognized for prepaid royalties that are not expected to be recouped. | |
Property, Plant and Equipment | |
Plant and Equipment | |
Plant and equipment are recorded at cost. Interest costs incurred during the construction period for major asset additions are capitalized. We capitalized $15.9 million and $15.6 million of interest costs during the years ended December 31, 2013 and 2012, respectively. Expenditures that extend the useful lives of existing plant and equipment or increase the productivity of the asset are capitalized. The cost of maintenance and repairs that do not extend the useful life or increase the productivity of the asset is expensed as incurred. | |
Preparation plants and loadouts are depreciated using the units-of-production method over the estimated recoverable reserves, subject to a minimum level of depreciation. Other plant and equipment are depreciated principally using the straight-line method over the estimated useful lives of the assets, limited by the remaining life of the mine. The useful lives of mining equipment, including longwalls, draglines and shovels, range from 5 to 32 years. The useful lives of buildings and leasehold improvements generally range from 10 to 30 years. | |
Deferred Mine Development | |
Costs of developing new mines or significantly expanding the capacity of existing mines are capitalized and amortized using the units-of-production method over the estimated recoverable reserves that are associated with the property being benefited. Costs may include construction permits and licenses; mine design; construction of access roads, shafts, slopes and main entries; and removing overburden to access reserves in a new pit. Additionally, deferred mine development includes the asset cost associated with asset retirement obligations. | |
Coal Lands and Mineral Rights | |
Rights to coal reserves may be acquired directly through governmental or private entities. A significant portion of the Company's coal reserves are controlled through leasing arrangements. Lease agreements are generally long-term in nature (original terms range from 10 to 50 years), and substantially all of the leases contain provisions that allow for automatic extension of the lease term providing certain requirements are met. | |
The net book value of the Company's coal interests was $4.7 billion and $4.8 billion at December 31, 2014 and 2013, respectively. Payments to acquire royalty lease agreements and lease bonus payments are capitalized as a cost of the underlying mineral reserves and depleted over the life of proven and probable reserves. Coal lease rights are depleted using the units-of-production method, and the rights are assumed to have no residual value. | |
Future lease bonus payments total $75.4 million in 2015 and $60.0 million in 2016. | |
Depreciation, depletion and amortization. | |
The depreciation, depletion and amortization related to long-lived assets is reflected in the statement of operations as a separate line item. No depreciation, depletion or amortization is included in any other operating cost categories. | |
Impairment | |
If facts and circumstances suggest that the carrying value of a long-lived asset or asset group may not be recoverable, the asset or asset group is reviewed for potential impairment. If this review indicates that the carrying amount of the asset will not be recoverable through projected undiscounted cash flows generated by the asset and its related asset group over its remaining life, then an impairment loss is recognized by reducing the carrying value of the asset to its fair value. The Company may, under certain circumstances, idle mining operations in response to market conditions or other factors. Because an idling is not a permanent closure, it is not considered an automatic indicator of impairment. See additional discussion in Note 5, "Impairment Charges and Mine Closure Costs". | |
Goodwill | |
In a business combination, goodwill represents the excess of the purchase price over the fair value assigned to the net tangible and identifiable intangible assets acquired. The Company tests goodwill for impairment annually as of the beginning of the fourth quarter, or when circumstances indicate a possible impairment may exist. If the results of the testing indicate that the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the fair value of goodwill must be calculated. An impairment loss generally would be recognized when the carrying amount of goodwill exceeds the implied fair value of goodwill, determined by subtracting the fair value of the other assets and liabilities associated with the reporting unit from the total fair value of the reporting unit. The fair value of a reporting unit is determined using a discounted cash flow ("DCF") technique. A number of significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including the discount rate, projections of production volumes, quality and costs to produce; projections of sales volumes by market (e.g., thermal versus metallurgical); and projections of market prices. See additional discussion in Note 6, "Goodwill." | |
Deferred Financing Costs | |
The Company capitalizes costs incurred in connection with new borrowings, the establishment or enhancement of credit facilities and the issuance of debt securities. These costs are amortized as an adjustment to interest expense over the life of the borrowing or term of the credit facility using the interest method. The unamortized balance of deferred financing costs was $89.1 million and $99.2 million at December 31, 2014 and 2013, respectively. Amounts classified as current were $25.5 million and $19.7 million at December 31, 2014 and 2013, respectively. Current amounts are recorded in "Other current assets" and noncurrent amounts are recorded in "Other noncurrent assets" in the accompanying consolidated balance sheets. | |
Revenue Recognition | |
Revenues include sales to customers of coal produced at Company operations and coal purchased from third parties. The Company recognizes revenue at the time risk of loss passes to the customer at contracted amounts. Transportation costs are included in cost of sales and amounts billed by the Company to its customers for transportation are included in revenues. | |
Other Operating Income and Expenses | |
Other operating income, net in the accompanying consolidated statements of operations reflects income and expense from sources other than physical coal sales, including: bookouts, or the practice of offsetting purchase and sale contracts for shipping convenience purposes; contract settlements; liquidated damage charges related to unused terminal and port capacity; royalties earned from properties leased to third parties; income from equity investments (Note 9); gains and losses from divestitures and dispositions of assets (Note 3 ); and realized gains and losses on derivatives that do not qualify for hedge accounting and are not held for trading purposes (Note 11). | |
Asset Retirement Obligations | |
The Company's legal obligations associated with the retirement of long-lived assets are recognized at fair value at the time the obligations are incurred. Accretion expense is recognized through the expected settlement date of the obligation. Obligations are incurred at the time development of a mine commences for underground and surface mines or construction begins for support facilities, refuse areas and slurry ponds. The obligation's fair value is determined using a discounted cash flow technique and is based upon permit requirements and various estimates and assumptions that would be used by market participants, including estimates of disturbed acreage, reclamation costs and assumptions regarding equipment productivity. Upon initial recognition of a liability, a corresponding amount is capitalized as part of the carrying value of the related long-lived asset. | |
The Company reviews its asset retirement obligation at least annually and makes necessary adjustments for permit changes as granted by state authorities and for revisions of estimates of the amount and timing of costs. For ongoing operations, adjustments to the liability result in an adjustment to the corresponding asset. For idle operations, adjustments to the liability are recognized as income or expense in the period the adjustment is recorded. Any difference between the recorded obligation and the actual cost of reclamation is recorded in profit or loss in the period the obligation is settled. See additional discussion in Note 15, "Asset Retirement Obligations." | |
Loss Contingencies | |
The Company accrues for cost related to contingencies when a loss is probable and the amount is reasonably determinable. Disclosure of contingencies is included in the financial statements when it is at least reasonably possible that a material loss or an additional material loss in excess of amounts already accrued may be incurred. The amount accrued represents the Company's best estimate of the loss, or, if no best estimate within a range of outcomes exists, the minimum amount in the range. | |
Derivative Instruments | |
The Company generally utilizes derivative instruments to manage exposures to commodity prices. Additionally, the Company may hold certain coal derivative instruments for trading purposes. Derivative financial instruments are recognized in the balance sheet at fair value. Certain coal contracts may meet the definition of a derivative instrument, but because they provide for the physical purchase or sale of coal in quantities expected to be used or sold by the Company over a reasonable period in the normal course of business, they are not recognized on the balance sheet. | |
Certain derivative instruments are designated as the hedge instrument in a hedging relationship. In a fair value hedge, the Company hedges the risk of changes in the fair value of a firm commitment, typically a fixed-price coal sales contract. Changes in both the hedged firm commitment and the fair value of a derivative used as a hedge instrument in a fair value hedge are recorded in earnings. In a cash flow hedge, the Company hedges the risk of changes in future cash flows related to a forecasted purchase or sale. Changes in the fair value of the derivative instrument used as a hedge instrument in a cash flow hedge are recorded in other comprehensive income or loss. Amounts in other comprehensive income or loss are reclassified to earnings when the hedged transaction affects earnings and are classified in a manner consistent with the transaction being hedged. The Company formally documents the relationships between hedging instruments and the respective hedged items, as well as its risk management objectives for hedge transactions. | |
The Company evaluates the effectiveness of its hedging relationships both at the hedge's inception and on an ongoing basis. Any ineffective portion of the change in fair value of a derivative instrument used as a hedge instrument in a fair value or cash flow hedge is recognized immediately in earnings. The ineffective portion is based on the extent to which exact offset is not achieved between the change in fair value of the hedge instrument and the cumulative change in expected future cash flows on the hedged transaction from inception of the hedge in a cash flow hedge or the change in the fair value. Ineffectiveness was insignificant for the years ended December 31, 2014, 2013 and 2012 | |
See Note 11, "Derivatives" for further disclosures related to the Company's derivative instruments. | |
Fair Value | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly hypothetical transaction between market participants at a given measurement date. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs. See Note 16, "Fair Values Measurements" for further disclosures related to the Company's recurring fair value estimates. | |
Income Taxes | |
Deferred income taxes are provided for temporary differences arising from differences between the financial statement and tax basis of assets and liabilities existing at each balance sheet date using enacted tax rates anticipated to be in effect when the related taxes are expected to be paid or recovered. A valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. Management reassesses the ability to realize its deferred tax assets annually in the fourth quarter or when circumstances indicate that the ability to realize deferred tax assets has changed. In determining the need for a valuation allowance, the Company considers projected realization of tax benefits based on expected levels of future taxable income, available tax planning strategies and the reversal of temporary differences. | |
Benefits from tax positions that are uncertain are not recognized unless the Company concludes that it is more likely than not that the position would be sustained in a dispute with taxing authorities, should the dispute be taken to the court of last resort. The Company would measure any such benefit at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement with taxing authorities. | |
See Note 14, "Taxes" for further disclosures about income taxes. | |
Benefit Plans | |
The Company has non-contributory defined benefit pension plans covering most of its salaried and hourly employees. Benefits are generally based on the employee's age and compensation. The Company also currently provides certain postretirement medical and life insurance coverage for eligible employees. The cost of providing these benefits are determined on an actuarial basis and accrued over the employee's period of active service. | |
The Company recognizes the overfunded or underfunded status of these plans as determined on an actuarial basis on the balance sheet and the changes in the funded status are recognized in other comprehensive income. See Note 20, "Employee Benefit Plans" for additional disclosures relating to these obligations. | |
Stock-Based Compensation | |
The compensation cost of all stock-based awards is determined based on the grant-date fair value of the award, and is recognized over the requisite service period. The grant-date fair value of option awards is determined using a Black-Scholes option pricing model. Compensation cost for an award with performance conditions is accrued if it is probable that the conditions will be met. See further discussion in Note 18, "Stock-Based Compensation and Other Incentive Plans ." | |
Accounting Standards Issued | |
In May 2014, the FASB issued comprehensive authoritative guidance for the recognition and presentation of revenue from contracts with customers. The revenue recognition model is based on changes in contract assets (right to receive consideration) and liabilities (obligations to provide a good or perform a service). The guidance also requires comprehensive quantitative and qualitative disclosures intended to enable financial statement users to understand the nature, timing and uncertainty of revenue and the related cash flows. This guidance will be effective for the Company in the first quarter of 2017, with early adoption not permitted. The Company is currently assessing the impact the guidance will have upon adoption, but expects no significant changes to its existing revenue recognition policies. | |
In August 2014, the FASB issued guidance requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and requires disclosures to describe the principal conditions or events that raise substantial doubt and management's evaluation and plans to alleviate such doubt. If the doubt is not alleviated by management's plans, the notes to the financial statements must include a statement that the doubt exists. This requirement is effective for annual and interim periods starting with the period ending December 31, 2016. |
Divestitures
Divestitures | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Divestitures | The following table summarizes the assets and liabilities of these divested operations reflected in the December 31, 2013 consolidated balance sheet (in thousands): | |||||||||
Inventories | $ | 33,730 | ||||||||
Other current assets | 2,060 | |||||||||
Net property, plant & equipment | 35,560 | |||||||||
Other noncurrent assets | 190 | |||||||||
Accounts payable and accrued expenses | 10,599 | |||||||||
Other noncurrent liabilities | 38,340 | |||||||||
As part of a strategy to divest non-core thermal coal assets, the Company entered into a definitive agreement on June 27, 2013 to sell Canyon Fuel, to Bowie Resources, LLC. Canyon Fuel operated two longwall mining complexes and a continuous miner operation in Utah. The sale was completed on August 16, 2013, for $422.7 million in cash, including adjustments to the purchase price to finalize working capital. | ||||||||||
The following table summarizes the results of discontinued operations through the date of disposition: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Total Revenues | $ | 219,002 | $ | 390,912 | ||||||
Income from discontinued operations before income taxes | $ | 32,167 | $ | 75,418 | ||||||
Gain on sale | 120,321 | — | ||||||||
Less: income tax expense | 49,092 | 20,190 | ||||||||
Income from discontinued operations, including gain on sale - net of tax | $ | 103,396 | $ | 55,228 | ||||||
Basic earnings per common share from discontinued operations | $ | 0.49 | $ | 0.26 | ||||||
Diluted earnings per common share from discontinued operations | $ | 0.49 | $ | 0.26 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following items are included in accumulated other comprehensive income (loss): | |||||||||||||||||
Pension, | |||||||||||||||||
Postretirement | Accumulated | ||||||||||||||||
and Other Post- | Other | ||||||||||||||||
Derivative | Employment | Available-for- | Comprehensive | ||||||||||||||
Instruments | Benefits | Sale Securities | Income (Loss) | ||||||||||||||
(In thousands) | |||||||||||||||||
Balance at | January 1, 2013 | $ | 2,244 | $ | (18,286 | ) | $ | (465 | ) | $ | (16,507 | ) | |||||
Unrealized gains | 168 | 48,482 | 5,935 | 54,585 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,847 | ) | 916 | 545 | (386 | ) | |||||||||||
Balance at | December 31, 2013 | 565 | 31,112 | 6,015 | 37,692 | ||||||||||||
Unrealized gains (losses) | 3,677 | (22,516 | ) | (5,727 | ) | (24,566 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,692 | ) | (5,736 | ) | (2,457 | ) | (9,885 | ) | |||||||||
Balance at | December 31, 2014 | $ | 2,550 | $ | 2,860 | $ | (2,169 | ) | $ | 3,241 | |||||||
The following amounts were reclassified out of accumulated other comprehensive income (loss) during the years ended December 31, 2014 and 2013, respectively: | |||||||||||||||||
Details about accumulated | Reclassifications | Line Item in the | |||||||||||||||
other comprehensive income components | Consolidated Statement of Operations | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Derivative instruments | $ | 2,643 | $ | 2,886 | Revenues | ||||||||||||
(951 | ) | (1,039 | ) | Provision for (benefit from) income taxes | |||||||||||||
$ | 1,692 | $ | 1,847 | Net of tax | |||||||||||||
Pension, postretirement and other post-employment benefits | |||||||||||||||||
Amortization of prior service credits | $ | 11,760 | 1 | $ | 13,705 | ||||||||||||
Amortization of net actuarial gains (losses) | (2,797 | ) | 1 | (15,136 | ) | ||||||||||||
8,963 | (1,431 | ) | Total before tax | ||||||||||||||
(3,227 | ) | 515 | Provision for (benefit from) income taxes | ||||||||||||||
$ | 5,736 | $ | (916 | ) | Net of tax | ||||||||||||
Available-for-sale securities | $ | 3,838 | 2 | $ | (852 | ) | Interest and investment income | ||||||||||
(1,381 | ) | 307 | Provision for (benefit from) income taxes | ||||||||||||||
$ | 2,457 | $ | (545 | ) | Net of tax | ||||||||||||
1 Production-related benefits and workers' compensation costs are included in costs to produce coal. | |||||||||||||||||
2 The gains and losses on sales of available-for-sale-securities are determined on a specific identification basis. |
Impairment_Charges_and_Mine_Cl
Impairment Charges and Mine Closure Costs | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Impairment Charges and Mine Closure Costs [Abstract] | ||||
Impairment Charges and Mine Closure Costs | Impairment Charges and Mine Closure Costs | |||
The following discussions describe the costs reflected on the line "Asset impairment and mine closure costs" in the consolidated statements of operations. | ||||
In response to weak metallurgical coal markets the Company idled a higher-cost mining complex in the third quarter of 2014 in order to concentrate on metallurgical coal production from its lowest-cost and highest-margin operations. Closure charges of $5.1 million were recognized during the third quarter of 2014 relating to the idling. | ||||
During the Company's annual budgeting process for 2015, a review of our forecasted revenues indicated that the remaining balance of advance royalty payments made on a reserve base supplying the Company's Mountain Laurel, Spruce Mine and Briar Branch operations would not be recoupable against future royalties payments. Under the lease, any unrecouped advance payment balance at March 31, 2017 will be forfeited by the Company. Based on estimates of sales volumes and pricing through the end of the recoupment period, an impairment charge was recorded for$15.4 million of the remaining $48.0 million balance that would not be recouped. | ||||
As a result of the weak thermal coal markets in Appalachia, the Company assessed in the third quarter of 2013 whether the carrying values of certain assets were recoverable through future cash flows. The Company determined that the carrying amounts of certain assets associated with the Hazard mining complex in Kentucky and the Company's ADDCAR subsidiary, which manufactures and sells its patented highwall mining system, could not be recovered through future cash flows expected to be generated from use of the assets and their ultimate disposal. | ||||
The assets' fair values were determined based on projections of cash flows to be generated from use of the assets and their ultimate disposal including estimates relating to market demand, coal prices, production costs and mine plans, and recovery value of the assets. An impairment charge of $142.8 million was recognized to adjust the carrying value of the assets to their fair value of $71.3 million. | ||||
During 2013, the Company also recognized other-than-temporary impairment charges related to equity method investments. See further discussion in Note 9, "Equity Method Investments and Membership Interests in Joint Ventures." | ||||
In 2012, the closure and idling of mines in Appalachia discussed in Note 1, "Basis of Presentation" resulted in closure costs and related impairment charges as follow: | ||||
In millions | ||||
Parts and supplies inventory writedown | $ | 2.6 | ||
Impairment of property, plant and equipment | 95.6 | |||
Impairment of coal properties and deferred development costs | 403.3 | |||
Royalty obligations | 11.5 | |||
Employee termination benefits | 12.3 | |||
Pension, postretirement and occupational disease curtailment gain, net | (1.8 | ) | ||
$ | 523.5 | |||
In 2012, the value of an acquired sales contract was also determined to be impaired, see further discussion in Note 10, "Acquired Sales Contracts " for further discussion. |
Goodwill
Goodwill | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | Goodwill | ||||
Changes in the carrying value of goodwill for the three years ended December 31, 2014 are as follows: | |||||
(In thousands) | |||||
Balance at January 1, 2012 | $ | 596,103 | |||
Impairment | (330,680 | ) | |||
Balance at December 31, 2012 | 265,423 | ||||
Impairment | (265,423 | ) | |||
Balance at December 31, 2013 | $ | — | |||
During the second quarter of 2012, the Company concluded the fair value of the Company’s goodwill could be less than its carrying value, based on a significant drop in the Company’s stock price combined with continuing weak demand for thermal coal. Accordingly, the Company performed the first step of the two-step goodwill impairment test as of June 30, 2012. The value of the Company’s Black Thunder reporting unit in the Powder River Basin, where $115.8 million of goodwill had been allocated, was sensitive to market demand for thermal coal and the further weakening in thermal coal markets had significantly impacted the projected demand for and pricing of coal produced at Black Thunder. In step one of the goodwill impairment testing, the fair value of the Black Thunder reporting unit did not exceed its carrying value, primarily due to the impact of lower demand on near term sales volumes and pricing. The Company recorded an impairment charge for the entire $115.8 million carrying value of Black Thunder's goodwill in 2012. | |||||
During 2012, metallurgical prices fell substantially from the peaks reached during 2011, when the reporting units were acquired with the Company's purchase of ICG. Because the goodwill amounts allocated to certain reporting units in the Company’s Appalachia segment acquired with the ICG acquisition were sensitive to volatility in the demand for metallurgical coal, the fair values of two of these reporting units fell below their carrying value. The allocated goodwill of $214.9 million for those reporting units was determined to be fully impaired, based on the discounted cash flows used in the ICG acquisition valuation, adjusted for current market conditions and estimates of production levels. | |||||
The Company performed its annual impairment testing as of October 1, 2013 on the two remaining Appalachia reporting units with goodwill balances, the Leer mining complex and an undeveloped property adjacent to it. The fair value of these two reporting units are sensitive to the volatility in the demand for and pricing of metallurgical coal, and continuing weakness in the metallurgical coal markets resulted in a reassessment of key marketing and operating assumptions during the Company's annual budgeting process. As a result, the book values of the reporting units exceeded their fair values after the first step of the goodwill impairment tests. It was also determined that the goodwill had no fair value, and the Company recognized an impairment loss for the remaining reporting units totaling $265.4 million. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
Inventories consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Coal | $ | 71,901 | $ | 117,531 | |||||
Repair parts and supplies | 118,352 | 137,497 | |||||||
Work-in-process | — | 9,133 | |||||||
$ | 190,253 | $ | 264,161 | ||||||
The repair parts and supplies are stated net of an allowance for slow-moving and obsolete inventories of $6.6 million at December 31, 2014 and $8.4 million at December 31, 2013. |
Investments_in_AvailableforSal
Investments in Available-for-Sale Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Investments in Available-for-Sale Securities | Investments in Available-for-Sale Securities | |||||||||||||||||||||||
The Company has invested in highly liquid investment-grade corporate bonds. These investments are held in the custody of a major financial institution. These securities, along with the Company's investments in marketable equity securities, are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income. | ||||||||||||||||||||||||
The Company's investments in available-for-sale marketable securities are as follows: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Classification | ||||||||||||||||||||||
Unrealized | Unrealized | Fair | Short-Term | Other | ||||||||||||||||||||
Cost Basis | Gains | Losses | Value | Investments | Assets | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Corporate notes and bonds | $ | 253,590 | $ | — | $ | (4,636 | ) | $ | 248,954 | $ | 248,954 | $ | — | |||||||||||
Equity securities | 3,910 | 4,125 | (2,890 | ) | 5,145 | — | 5,145 | |||||||||||||||||
Total Investments | $ | 257,500 | $ | 4,125 | $ | (7,526 | ) | $ | 254,099 | $ | 248,954 | $ | 5,145 | |||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Classification | ||||||||||||||||||||||
Unrealized | Unrealized | Fair | Short-Term | Other | ||||||||||||||||||||
Cost Basis | Gains | Losses | Value | Investments | Assets | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
U.S. government and agency securities | $ | 65,002 | $ | 11 | $ | (75 | ) | $ | 64,938 | $ | 64,938 | $ | — | |||||||||||
Corporate notes and bonds | 184,773 | 7 | (1,304 | ) | 183,476 | 183,476 | — | |||||||||||||||||
Equity securities | 5,271 | 13,660 | (2,902 | ) | 16,029 | — | 16,029 | |||||||||||||||||
Total Investments | $ | 255,046 | $ | 13,678 | $ | (4,281 | ) | $ | 264,443 | $ | 248,414 | $ | 16,029 | |||||||||||
The aggregate fair value of investments with unrealized losses that had been owned for less than a year was $163.0 million and $164.3 million at December 31, 2014 and 2013, respectively. The aggregate fair value of investments with unrealized losses that have been owned for over a year was $86.1 million and $48.7 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
The debt securities outstanding at December 31, 2014 have maturity dates ranging from the first quarter of 2015 | ||||||||||||||||||||||||
through the first quarter of 2016. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations, if needed. |
Equity_Method_Investments_and_
Equity Method Investments and Membership Interests in Joint Ventures | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||
Equity Method Investments and Membership Interests in Joint Ventures | Equity Method Investments and Membership Interests in Joint Ventures | |||||||||||||||||||||||||||||||||
The Company accounts for its investments and membership interests in joint ventures under the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the entity. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investments may not be recoverable. Certain of the Company's investments are in development stage companies whose success depends on factors including the receipt of permits and other regulatory environmental issues, the ability of the investee companies to raise additional funds in financial markets that can be volatile, and other key business factors, any of which may impact the Company's ability to recover its investment. | ||||||||||||||||||||||||||||||||||
Below are the equity method investments reflected in the consolidated balance sheets: | ||||||||||||||||||||||||||||||||||
Investee | Knight Hawk | DTA | Millennium | Tongue River | DKRW | Tenaska | Other | Total | ||||||||||||||||||||||||||
Balance at | January 1, 2012 | $ | 135,225 | $ | 16,086 | $ | 26,324 | $ | 12,989 | $ | 19,715 | $ | 15,266 | $ | — | $ | 225,605 | |||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Advances to (distributions from) affiliates, net | (7,151 | ) | 4,335 | 8,798 | 1,708 | — | — | — | 7,690 | |||||||||||||||||||||||||
Equity in comprehensive income (loss) | 20,989 | (4,959 | ) | (2,908 | ) | — | (4,200 | ) | (2 | ) | — | 8,920 | ||||||||||||||||||||||
Balance at | December 31, 2012 | 149,063 | 15,462 | 32,214 | 14,697 | 15,515 | 15,264 | — | 242,215 | |||||||||||||||||||||||||
Advances to (distributions from) affiliates, net | (13,536 | ) | 3,644 | 6,476 | 4,004 | — | — | 200 | 788 | |||||||||||||||||||||||||
Equity in comprehensive income (loss) | 17,279 | (4,969 | ) | (2,796 | ) | (282 | ) | (1,832 | ) | — | — | 7,400 | ||||||||||||||||||||||
Impairment of equity investment | — | — | — | — | (13,683 | ) | (15,264 | ) | — | (28,947 | ) | |||||||||||||||||||||||
Balance at | December 31, 2013 | 152,806 | 14,137 | 35,894 | 18,419 | — | — | 200 | 221,456 | |||||||||||||||||||||||||
Advances to (distributions from) affiliates, net | (12,603 | ) | 3,774 | 6,742 | 2,541 | — | — | 3,600 | 4,054 | |||||||||||||||||||||||||
Equity in comprehensive income (loss) | 18,274 | (4,173 | ) | (2,413 | ) | (220 | ) | — | — | (1,136 | ) | 10,332 | ||||||||||||||||||||||
Balance at | December 31, 2014 | $ | 158,477 | $ | 13,738 | $ | 40,223 | $ | 20,740 | $ | — | $ | — | $ | 2,664 | $ | 235,842 | |||||||||||||||||
The Company holds a 49% equity interest in Knight Hawk Holdings, LLC ("Knight Hawk"), a coal producer in the Illinois Basin. | ||||||||||||||||||||||||||||||||||
The Company holds a general partnership interest of 21.875% in Dominion Terminal Associates ("DTA"), which is accounted for under the equity method. DTA operates a ground storage-to-vessel coal transloading facility in Newport News, Virginia for use by the partners. Under the terms of a throughput and handling agreement with DTA, each partner is charged its share of cash operating and debt-service costs in exchange for the right to use the facility's loading capacity and is required to make periodic cash advances to DTA to fund such costs. | ||||||||||||||||||||||||||||||||||
The Company holds a 38% ownership interest in Millennium Bulk Terminals-Longview, LLC ("Millennium"), the owner of a brownfield bulk commodity terminal on the Columbia River near Longview, Washington. Additional future purchase consideration is due upon the completion of certain project milestones. Millennium continues to work on obtaining the required approvals and necessary permits to complete dredging and other upgrades to ship coal, alumina and cementitious material from the terminal. The Company will control 38% of the terminal's throughput and storage capacity, in order to facilitate export shipments of coal off the west coast of the United States. | ||||||||||||||||||||||||||||||||||
The Company holds a 35% membership interest in the Tongue River Holding Company, LLC ("Tongue River") joint venture. Tongue River will develop and construct a railway line near Miles City, Montana and the Company's Otter Creek reserves. The Company has the right, upon the receipt of permits and approval for construction or under other prescribed circumstances, to require the other investors to purchase all of the Company's units in the venture at an amount equal to the capital contributions made by the Company at that time, less any distributions received. | ||||||||||||||||||||||||||||||||||
The Company holds a 24% equity interest in DKRW Advanced Fuels LLC ("DKRW"), who had entered into an Engineering, Procurement and Construction Agreement with a Chinese company to construct and commission the Medicine Bow coal-to-liquids facility. However, as the project did not progress to the next stage of development, the Company recorded an other-than-temporary impairment charge of $57.7 million in the third quarter of 2013, representing the Company's equity investment of $13.7 million and an outstanding $44.0 million loan receivable balance. The impairment charges are included on the line "Asset impairment and mine closure costs" in the consolidated statement of operations. | ||||||||||||||||||||||||||||||||||
During the second quarter of 2013, Tenaska Trailblazer Partners, LLC ("Tenaska") announced that it was discontinuing its development plans for the Trailblazer Energy Center in Texas. As a result, the Company recorded a $20.5 million impairment charge, which consisted of its 35% equity investment of $15.3 million and a $5.2 million receivable balance related to advances for development work. The impairment charges are included on the line "Asset impairment and mine closure costs" in the consolidated statement of operations. | ||||||||||||||||||||||||||||||||||
The Company may be required to make future contingent payments of up to $58.5 million related to development financing for certain of its equity investees. The Company’s obligation to make these payments, as well as the timing of any payments required, is contingent upon the achievement of project development milestones, which can be affected by the factors named above. |
Acquired_Sales_Contracts
Acquired Sales Contracts | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Acquired Sales Contracts [Abstract] | ||||||||||||||||||||||||
Acquired Sales Contracts | Acquired Sales Contracts | |||||||||||||||||||||||
The acquired sales contracts reflected in the consolidated balance sheets are as follows: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Assets | Liabilities | Net Total | Assets | Liabilities | Net Total | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Acquired fair value | $ | 131,299 | $ | 166,697 | $ | 131,819 | $ | 166,697 | ||||||||||||||||
Accumulated amortization | (130,363 | ) | (134,988 | ) | (129,449 | ) | (120,367 | ) | ||||||||||||||||
Total | $ | 936 | $ | 31,709 | $ | (30,773 | ) | $ | 2,370 | $ | 46,330 | $ | (43,960 | ) | ||||||||||
Balance Sheet classification: | ||||||||||||||||||||||||
Other current | $ | 462 | $ | 12,453 | $ | 1,324 | $ | 14,373 | ||||||||||||||||
Other noncurrent | $ | 474 | $ | 19,256 | $ | 1,046 | $ | 31,957 | ||||||||||||||||
In 2012, the Company recognized an impairment loss of $15.7 million to write off a contract acquired with the ICG acquisition with an original acquired fair value of $17.5 million. | ||||||||||||||||||||||||
The Company anticipates amortization of acquired sales contracts, based upon expected shipments in the next five years, to be income of approximately $12.2 million in 2015, $7.2 million in 2016, $3.6 million in 2017, and $3.6 million in 2018 and $4.1 million in 2019. |
Derivatives
Derivatives | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||
Derivatives | Derivatives | |||||||||||||||||||||||||||
Diesel fuel price risk management | ||||||||||||||||||||||||||||
The Company is exposed to price risk with respect to diesel fuel purchased for use in its operations. The Company anticipates purchasing approximately 57 to 67 million gallons of diesel fuel for use in its operations during 2015. To protect the Company’s cash flows from increases in the price of diesel fuel for its operations, the Company may use forward physical diesel purchase contracts and purchase out-of-the-money heating oil call options to protect against substantial increases in pricing. At December 31, 2014, the Company had heating oil call options for approximately 56 million gallons at an average strike price of $3.13. | ||||||||||||||||||||||||||||
The Company has also at times purchased heating oil call options to manage the price risk associated with fuel surcharges on its barge and rail shipments, which cover increases in diesel fuel prices for the respective carriers. These positions reduce the Company’s risk of cash flow fluctuations related to these surcharges but the positions are not accounted for as hedges. The Company had no positions outstanding at December 31, 2014. | ||||||||||||||||||||||||||||
Coal risk management positions | ||||||||||||||||||||||||||||
The Company may sell or purchase forward contracts, swaps and options in the over-the-counter coal market in order to manage its exposure to coal prices. The Company has exposure to the risk of fluctuating coal prices related to forecasted sales or purchases of coal or to the risk of changes in the fair value of a fixed price physical sales contract. Certain derivative contracts may be designated as hedges of these risks. | ||||||||||||||||||||||||||||
At December 31, 2014, the Company held derivatives for risk management purposes that are expected to settle in the following years: | ||||||||||||||||||||||||||||
(Tons in thousands) | 2015 | 2016 | Total | |||||||||||||||||||||||||
Coal sales | 4,522 | 280 | 4,802 | |||||||||||||||||||||||||
Coal purchases | 2,134 | — | 2,134 | |||||||||||||||||||||||||
Coal trading positions | ||||||||||||||||||||||||||||
The Company may sell or purchase forward contracts, swaps and options in the over-the-counter coal market for trading purposes. The Company is exposed to the risk of changes in coal prices on the value of its coal trading portfolio. The unrecognized gains of $3.7 million in the trading portfolio are expected to be realized in 2015. | ||||||||||||||||||||||||||||
Tabular derivatives disclosures | ||||||||||||||||||||||||||||
The Company has master netting agreements with all of its counterparties which allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduce the Company’s credit exposure related to these counterparties. For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the consolidated balance sheets. The amounts shown in the table below represent the fair value position of individual contracts, and not the net position presented in the accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||
The fair value and location of derivatives reflected in the accompanying consolidated balance sheets are as follows: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Fair Value of Derivatives | Asset | Liability | Asset | Liability | ||||||||||||||||||||||||
(In thousands) | Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Coal | $ | 6,535 | $ | (2,492 | ) | $ | 909 | $ | (26 | ) | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Heating oil -- diesel purchases | 300 | — | 4,681 | — | ||||||||||||||||||||||||
Heating oil -- fuel surcharges | — | — | 422 | — | ||||||||||||||||||||||||
Coal held for trading purposes, exchange traded swaps and futures | 96,898 | (93,272 | ) | 55,327 | (45,763 | ) | ||||||||||||||||||||||
Coal -- risk management | 8,510 | (3,688 | ) | 6,342 | (1,950 | ) | ||||||||||||||||||||||
Total | 105,708 | (96,960 | ) | 66,772 | (47,713 | ) | ||||||||||||||||||||||
Total derivatives | 112,243 | (99,452 | ) | 67,681 | (47,739 | ) | ||||||||||||||||||||||
Effect of counterparty netting | (98,686 | ) | 98,686 | (47,727 | ) | 47,727 | ||||||||||||||||||||||
Net derivatives as classified in the balance sheets | $ | 13,557 | $ | (766 | ) | $ | 12,791 | $ | 19,954 | $ | (12 | ) | $ | 19,942 | ||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Net derivatives as reflected on the balance sheets | ||||||||||||||||||||||||||||
Heating oil | Other current assets | $ | 300 | $ | 5,103 | |||||||||||||||||||||||
Coal | Coal derivative assets | 13,257 | 14,851 | |||||||||||||||||||||||||
Accrued expenses and other current liabilities | (766 | ) | (12 | ) | ||||||||||||||||||||||||
$ | 12,791 | $ | 19,942 | |||||||||||||||||||||||||
The Company had a current liability for the obligation to return cash collateral of $2.4 million and a current asset for the right to reclaim cash collateral of $2.2 million at December 31, 2014 and 2013, respectively. These amounts are not included with the derivatives presented in the table above and are included in "other current liabilities" and “other current assets”, respectively, in the accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||
The effects of derivatives on measures of financial performance are as follows: | ||||||||||||||||||||||||||||
Derivatives used in Cash Flow Hedging Relationships (in thousands) | ||||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | Gains (Losses) Reclassified from Other Comprehensive Income into Income | |||||||||||||||||||||||||||
(Effective Portion) | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Coal sales | (1) | $ | 10,842 | $ | (338 | ) | 7,690 | $ | 5,336 | $ | 3,664 | $ | 2,675 | |||||||||||||||
Coal purchases | (2) | (5,097 | ) | 526 | (2,440 | ) | (2,693 | ) | (683 | ) | — | |||||||||||||||||
$ | 5,745 | $ | 188 | $ | 5,250 | $ | 2,643 | $ | 2,981 | $ | 2,675 | |||||||||||||||||
No ineffectiveness or amounts excluded from effectiveness testing relating to the Company’s cash flow hedging relationships were recognized in the results of operations in the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | ||||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||||
Gain (Loss) Recognized | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Coal — unrealized | (3) | $ | 430 | $ | (12,700 | ) | $ | 8,272 | ||||||||||||||||||||
Coal — realized | (4) | $ | 5,956 | $ | 32,534 | $ | 43,990 | |||||||||||||||||||||
Heating oil — diesel purchases | (4) | $ | (7,848 | ) | $ | (9,791 | ) | $ | (22,281 | ) | ||||||||||||||||||
Heating oil — fuel surcharges | (4) | $ | (405 | ) | $ | (947 | ) | $ | (2,209 | ) | ||||||||||||||||||
Location in statement of operations: | ||||||||||||||||||||||||||||
(1) — Revenues | ||||||||||||||||||||||||||||
(2) — Cost of sales | ||||||||||||||||||||||||||||
(3) — Change in fair value of coal derivatives and coal trading activities, net | ||||||||||||||||||||||||||||
(4) — Other operating income, net | ||||||||||||||||||||||||||||
During the first quarter of 2012, the Company determined that the effectiveness of heating oil options as a hedge for diesel fuel purchases could not be established as of December 31, 2011. As a result, the amount remaining in accumulated other comprehensive income of $8.2 million was recorded in the "Other operating income, net" line in the consolidated statement of operations, or $5.2 million, net of income taxes. | ||||||||||||||||||||||||||||
The Company recognized net unrealized and realized gains of $3.2 million, $4.9 million, and $8.3 million during the years ended December 31, 2014, 2013 and 2012, respectively, related to its trading portfolio, which are included in the caption “Change in fair value of coal derivatives and coal trading activities, net” in the accompanying consolidated statements of operations, and are not included in the previous tables reflecting the effects of derivatives on measures of financial performance. | ||||||||||||||||||||||||||||
Based on fair values at December 31, 2014, gains on derivative contracts designated as hedge instruments in cash flow hedges of approximately $4.0 million are expected to be reclassified from other comprehensive income into earnings during the next twelve months. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Payroll and employee benefits | $ | 73,362 | $ | 67,621 | |||||
Taxes other than income taxes | 114,598 | 114,664 | |||||||
Interest | 30,384 | 18,528 | |||||||
Acquired sales contracts | 12,453 | 14,373 | |||||||
Workers’ compensation | 16,714 | 12,434 | |||||||
Asset retirement obligations | 19,222 | 24,940 | |||||||
Other | 35,663 | 26,027 | |||||||
$ | 302,396 | $ | 278,587 | ||||||
Debt_and_Financing_Arrangement
Debt and Financing Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Financing Arrangements | Debt and Financing Arrangements | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Term loan due 2018 ($1.9 billion and $1.93 billion face value, respectively) | $ | 1,890,846 | $ | 1,906,975 | |||||
7.00% senior notes due 2019 at par | 1,000,000 | 1,000,000 | |||||||
8.00% senior secured notes due 2019 at par | 350,000 | 350,000 | |||||||
9.875% senior notes ($375.0 million face value) due 2019 | 363,493 | 362,358 | |||||||
7.25% senior notes due 2020 at par | 500,000 | 500,000 | |||||||
7.25% senior notes due 2021 at par | 1,000,000 | 1,000,000 | |||||||
Other | 56,031 | 32,162 | |||||||
5,160,370 | 5,151,495 | ||||||||
Less current maturities of debt | 36,885 | 33,493 | |||||||
Long-term debt | $ | 5,123,485 | $ | 5,118,002 | |||||
Credit Facilities | |||||||||
Under the Company's senior secured revolving credit facility, borrowings of up to $250 million bear interest at a floating rate based on LIBOR determined by reference to the Company's leverage ratio, as calculated in accordance with the underlying amended credit agreement. The credit agreement, which also governs its term loan due 2018, was amended in 2013 to decrease the available capacity of the senior secured revolving credit facility from $350 million to the current level. The credit facility expires on June 14, 2016 and is secured by assets pledged by the Company, including equity interests in wholly‑owned subsidiaries, certain real property interests, accounts receivable and inventory of the Company. Commitment fees of 0.50% to 0.75% per annum are payable on the average unused daily balance of the revolving credit facility. | |||||||||
The Company is also party to an accounts receivable securitization program under which eligible trade receivables are sold, without recourse, to a multi‑seller, asset‑backed commercial paper conduit. The entity through which these receivables are sold is consolidated into the Company's financial statements. The Company may borrow and draw letters of credit against the facility, and pays facility fees, program fees and letter of credit fees (based on amounts of outstanding letters of credit). The total aggregate borrowings and letters of credit are limited by eligible accounts receivable, as defined under the terms of the credit facility agreement. The credit agreement expires on December 8, 2017, unless the Company's minimum liquidity, including liquid assets, falls below $550 million. | |||||||||
At December 31, 2014, the available borrowing capacity under the Company's lines of credit was approximately $215.1 million. | |||||||||
Term Loan | |||||||||
On May 16, 2012, the Company borrowed $1.4 billion under a secured term loan facility, issued at a 1% discount. The proceeds from the term loan were used to retire all outstanding borrowings under the revolving credit facility and the outstanding $450.0 million principal amount of 6.75% Senior Notes due 2013 issued by Arch Western Finance, LLC, the Company’s indirect subsidiary. On November 21, 2012, the Company borrowed an incremental $250.0 million on the term loan facility at a 1% discount at the same rate as the initial borrowing. On December 17, 2013 the credit facility amendment increased the maximum amount of term loans allowed under the facility, and the Company borrowed an incremental $300.0 million aggregate principal amount at 98% of the face amount. | |||||||||
The term loan contains no financial maintenance covenants, is prepayable, and is secured by the same assets as borrowings under the revolving credit facility. Quarterly principal payments of $3.5 million began in September 2012, increased to $4.125 million per quarter as a result of the incremental borrowing in November, 2012, and increased further to $4.875 million with the December 17, 2013 borrowing. A balloon payment of $1.8 billion is due in May, 2018. Interest is payable at a rate that is equal to a base of the greater of a LIBOR-based rate and 1.25%, plus 500 basis points. | |||||||||
2019 9.875% Notes | |||||||||
On November 21, 2012, the Company issued $375.0 million aggregate principal amount of 9.875% senior unsecured notes due 2019 (the “2019 9.875% Notes”) at an issue price of 95.934% of the face amount. Interest is payable on the 2019 9.875% Notes annually on June 15 and December 15. The Company may redeem some or all of the notes at prices that are reflected as a percentage of the principal amount, as follows: 104.938% commencing December 15, 2016; 102.469% commencing December 15, 2017; and 100% on or after December 15, 2018. | |||||||||
The unsecured senior notes are guaranteed by substantially all of the Company's subsidiaries, except for Arch Receivable Company, LLC, which is the conduit for the accounts receivable securitization program, and the Company's subsidiaries outside the U.S. | |||||||||
2019 Secured Notes | |||||||||
On December 17, 2013, the Company issued $350.0 million aggregate principal amount of 8.00% senior secured second lien notes due 2019 (the “2019 Secured Notes”) at par. The 2019 Secured Notes are secured by the same assets that secure indebtedness under the senior secured credit facility, but on a second priority basis, subject to certain exceptions and permitted liens. Interest is payable on the 2019 Secured Notes on January 15 and July 15 of each year. The Company may redeem some or all of the notes at prices that are reflected as a percentage of the principal amount, as follows: 104.0% commencing January 15, 2016, 102.0% commencing January 15, 2017, and 100% on or after January 15, 2018. | |||||||||
2020 Notes | |||||||||
The Company has outstanding $500.0 million in aggregate principal amount of 7.25% senior unsecured notes due in 2020 (“2020 Notes”) at par. Interest is payable on the 2020 Notes on April 1 and October 1 of each year. The Company may redeem some or all of the 2020 Notes during the respective 12 month periods at prices that are reflected as a percentage of the principal amount, as follows: 103.625% commencing October 1, 2015; 102.417% commencing October 1, 2016; 101.208% commencing October 1, 2017; and 100% on or after October 1, 2018. | |||||||||
2019 7% Notes and 2021 Notes | |||||||||
The Company has outstanding $1.0 billion of 7.00% unsecured senior notes due 2019 (“2019 7% Notes”) and $1.0 billion of 7.25% unsecured senior notes due 2021 (“2021 Notes”). Interest is payable on the 2019 7% Notes and 2021 Notes on June 15 and December 15 of each year. The Company may redeem some or all of the 2019 7% Notes at prices that are reflected as a percentage of the principal amount, as follows: 103.5% commencing June 15, 2015; 101.75% commencing June 15, 2016; and 100% on or after June 15, 2017. The Company may redeem some or all of the 2021 Notes at prices that are reflected as a percentage of the principal amount, as follows: 103.625% commencing June 15, 2016; 102.417% commencing June 15, 2017; 101.208% commencing June 15, 2018 and 100% on or after June 15, 2019. In each case, accrued and unpaid interest at the redemption date is due upon redemption. | |||||||||
Other Debt Retirements | |||||||||
On December 17, 2013, the Company retired the outstanding $600 million in aggregate principal amount of 8.75% senior unsecured notes due 2016 (“2016 Notes”) for $628.7 million with the proceeds from the incremental term loan and the 2019 Secured Notes. | |||||||||
On May 16, 2012, Arch Western Finance accepted for purchase an aggregate of approximately $304.0 million principal amount of its 6.75% Senior Notes due 2013 for $308.0 million. On May 30, 2012, the remaining notes with an outstanding principal amount of $146.0 million were redeemed at par value. | |||||||||
Debt Maturities | |||||||||
The expected maturities of debt are as follows: | |||||||||
Year | |||||||||
2015 | $ | 36,915 | |||||||
2016 | 29,875 | ||||||||
2017 | 30,091 | ||||||||
2018 | 1,858,145 | ||||||||
2019 | 1,730,670 | ||||||||
Thereafter | 1,500,960 | ||||||||
$ | 5,186,656 | ||||||||
Debt Covenants | |||||||||
Financial covenant requirements may restrict the amount of unused capacity available to the Company for borrowings and letters of credit under credit facilities. The credit facility amendment on December 17, 2013 amended financial maintenance covenants to include only a minimum liquidity test until June, 2015, at which time a maximum secured leverage ratio test takes effect. The amendment also limits dividends to one cent per share per fiscal year. | |||||||||
Terms of the Company's credit facilities and leases also contain covenants that limit the ability of the Company to, among other things, acquire, dispose, merge or consolidate assets; incur additional debt; pay dividends and make distributions or repurchase stock; make investments; create liens; issue and sell capital stock of subsidiaries; enter into restrictions affecting the ability of restricted subsidiaries to make distributions, loans or advances to the Company; engage in transactions with affiliates and enter into sale and leaseback transactions. Failure by the Company to comply with such covenants could result in an event of default, which, if not cured or waived, could have a material adverse effect on the Company. | |||||||||
Financing Costs | |||||||||
The Company paid financing costs of $4.5 million, $20.5 million and $50.6 million in conjunction with its financing activities during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
During the years ended December 31, 2013 and 2012, the Company wrote off deferred financing costs of $5.4 million and $1.1 million, respectively, and $6.9 million of unamortized discount and $0.8 million of unamortized issue premium, respectively, related to the redemption of senior notes. In addition, the Company wrote off $1.9 million and $23.4 million of deferred financing costs relating to the reduction in capacity of the senior secured revolving credit facility during the years ended December 31, 2013 and 2012 respectively. The write-off of deferred financing fees, along with other transaction fees associated with these transactions, is reflected in the line "Net loss resulting from early retirement and refinancing of debt " in the consolidated statement of operations. |
Taxes
Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Taxes [Abstract] | ||||||||||||
Taxes | Taxes | |||||||||||
The Company is subject to U.S. federal income tax as well as income tax in multiple state jurisdictions. The tax years 2002 through 2014 remain open to examination for U.S. federal income tax matters and 1998 through 2014 remain open to examination for various state income tax matters. | ||||||||||||
Significant components of the provision for (benefit from) income taxes are as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | (20,022 | ) | |||||
State | 25 | (647 | ) | 575 | ||||||||
Total current | 25 | (647 | ) | (19,447 | ) | |||||||
Deferred: | ||||||||||||
Federal | 18,535 | (318,956 | ) | (341,486 | ) | |||||||
State | 7,074 | (15,895 | ) | 7,026 | ||||||||
Total deferred | 25,609 | (334,851 | ) | (334,460 | ) | |||||||
$ | 25,634 | $ | (335,498 | ) | $ | (353,907 | ) | |||||
A reconciliation of the statutory federal income tax provision (benefit) at the statutory rate to the actual provision for (benefit from) income taxes follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income tax provision (benefit) at statutory rate | $ | (186,452 | ) | $ | (378,463 | ) | $ | (382,581 | ) | |||
Percentage depletion allowance | (12,692 | ) | (15,796 | ) | (33,654 | ) | ||||||
Goodwill | — | 70,301 | 56,916 | |||||||||
State taxes, net of effect of federal taxes | (3,903 | ) | (25,265 | ) | (24,231 | ) | ||||||
Change in valuation allowance | 226,929 | 8,659 | 31,832 | |||||||||
Other, net | 1,752 | 5,066 | (2,189 | ) | ||||||||
$ | 25,634 | $ | (335,498 | ) | $ | (353,907 | ) | |||||
In 2014, 2013 and 2012, compensatory stock options and other equity based compensation awards were exercised resulting in a tax expense (benefit) of $1.6 million, $1.5 million and $0.3 million, respectively. The tax benefit will be recorded in paid-in capital at such point in time when a cash tax benefit is recognized. | ||||||||||||
Significant components of the Company's deferred tax assets and liabilities that result from carryforwards and temporary differences between the financial statement basis and tax basis of assets and liabilities are summarized as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 871,848 | $ | 660,916 | ||||||||
Alternative minimum tax credit carryforwards | 127,169 | 126,755 | ||||||||||
Reclamation and mine closure | 114,430 | 113,843 | ||||||||||
Goodwill | 50,072 | 52,636 | ||||||||||
Workers' compensation | 38,924 | 31,641 | ||||||||||
Share based compensation | 30,283 | 28,494 | ||||||||||
Acquired sales contracts | 26,833 | 33,392 | ||||||||||
Retiree benefit plans | 22,913 | 20,527 | ||||||||||
Contract obligations | 15,693 | 19,327 | ||||||||||
Other, primarily accrued liabilities | 64,503 | 68,969 | ||||||||||
Gross deferred tax assets | 1,362,668 | 1,156,500 | ||||||||||
Valuation allowance | (270,251 | ) | (43,322 | ) | ||||||||
Total deferred tax assets | 1,092,417 | 1,113,178 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Plant and equipment | 1,354,396 | 1,364,382 | ||||||||||
Deferred development | 95,129 | 91,126 | ||||||||||
Investment in tax partnerships | 7,377 | 8,170 | ||||||||||
Other | 5,533 | 13,902 | ||||||||||
Total deferred tax liabilities | 1,462,435 | 1,477,580 | ||||||||||
Net deferred liability | 370,018 | 364,402 | ||||||||||
The Company has federal net operating loss carryforwards for regular income tax purposes of $2.4 billion at December 31, 2014 that will expire between 2022 and 2034. The Company has an alternative minimum tax credit carryforward of $127.2 million at December 31, 2014, which has no expiration date and can be used to offset future regular tax in excess of the alternative minimum tax. | ||||||||||||
The Company recorded increases in its valuation allowance against its deferred tax assets of $226.9 million, $8.7 million and $31.8 million in 2014, 2013 and 2012, respectively. In 2014, the Company determined that it would not realize the all of the benefit from federal and state net operating losses, based on projections of reversing timing differences in the future. Adjustments in 2013 and 2012 relate to certain state and foreign net operating loss benefits. | ||||||||||||
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits follows: | ||||||||||||
(In thousands) | ||||||||||||
Balance at | January 1, 2012 | $ | 8,798 | |||||||||
Additions based on tax positions related to the current year | 409 | |||||||||||
Additions for tax positions of prior years | 21,943 | |||||||||||
Balance at | December 31, 2012 | 31,150 | ||||||||||
Additions based on tax positions related to the current year | 1,199 | |||||||||||
Additions for tax positions of prior years | 688 | |||||||||||
Reductions as a result of lapses in the statute of limitations | (1,248 | ) | ||||||||||
Balance at | December 31, 2013 | 31,789 | ||||||||||
Additions for tax positions of the current year | 2,920 | |||||||||||
Balance at | December 31, 2014 | $ | 34,709 | |||||||||
If recognized, the entire amount of the gross unrecognized tax benefits at December 31, 2014 would affect the effective tax rate. | ||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company had accrued interest and penalties of $1.5 million and $1.3 million at December 31, 2014 and 2013, respectively. In the next 12 months, no gross unrecognized tax benefits are expected to be reduced due to the expiration of the statute of limitations. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Asset Retirement Obligations | Asset Retirement Obligations | |||||||
The Company's asset retirement obligations arise from the Federal Surface Mining Control and Reclamation Act of 1977 and similar state statutes, which require that mine property be restored in accordance with specified standards and an approved reclamation plan. The required reclamation activities to be performed are outlined in the Company's mining permits. These activities include reclaiming the pit and support acreage at surface mines, sealing portals at underground mines, and reclaiming refuse areas and slurry ponds. | ||||||||
The following table describes the changes to the Company's asset retirement obligation liability: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at January 1 (including current portion) | $ | 427,653 | $ | 448,625 | ||||
Accretion expense | 32,909 | 35,727 | ||||||
Obligations of divested operations | (30,684 | ) | (8,440 | ) | ||||
Adjustments to the liability from changes in estimates | 627 | (26,578 | ) | |||||
Liabilities settled | (12,387 | ) | (21,681 | ) | ||||
Balance at December 31 | $ | 418,118 | $ | 427,653 | ||||
Current portion included in accrued expenses | (19,222 | ) | (24,940 | ) | ||||
Noncurrent liability | $ | 398,896 | $ | 402,713 | ||||
As of December 31, 2014, the Company had $177.7 million in surety bonds outstanding, $458.5 million in self-bonding, and $3.5 million in letters of credit to secure reclamation bonding obligations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
The hierarchy of fair value measurements assigns a level to fair value measurements based on the inputs used in the respective valuation techniques. The levels of the hierarchy, as defined below, give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |||||||||||||||||
· Level 1 is defined as observable inputs such as quoted prices in active markets for identical assets. Level 1 assets include available-for-sale equity securities, U.S. Treasury securities, and coal swaps and futures that are submitted for clearing on the New York Mercantile Exchange. | |||||||||||||||||
· Level 2 is defined as observable inputs other than Level 1 prices. These include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s level 2 assets and liabilities include U.S. government agency securities and coal commodity contracts with fair values derived from quoted prices in over-the-counter markets or from prices received from direct broker quotes. | |||||||||||||||||
· Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. These include the Company’s commodity option contracts (coal and heating oil) valued using modeling techniques, such as Black-Scholes, that require the use of inputs, particularly volatility, that are rarely observable. Changes in the unobservable inputs would not have had a significant impact on the reported Level 3 fair values at December 31, 2014 and 2013. | |||||||||||||||||
The table below sets forth, by level, the Company’s financial assets and liabilities that are recorded at fair value in the accompanying consolidated balance sheet: | |||||||||||||||||
Fair Value at | December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments in marketable securities | $ | 254,099 | $ | 5,145 | $ | 248,954 | $ | — | |||||||||
Derivatives | 13,557 | 9,026 | 1,491 | 3,040 | |||||||||||||
Total assets | $ | 267,656 | $ | 14,171 | $ | 250,445 | $ | 3,040 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 766 | $ | — | $ | 766 | $ | — | |||||||||
Fair Value at | December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments in marketable securities | $ | 264,443 | $ | 77,967 | $ | 186,476 | $ | — | |||||||||
Derivatives | 19,954 | 14,847 | — | 5,107 | |||||||||||||
Total assets | $ | 284,397 | $ | 92,814 | $ | 186,476 | $ | 5,107 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 12 | $ | — | $ | (149 | ) | $ | 161 | ||||||||
The Company’s contracts with its counterparties allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. For classification purposes, the Company records the net fair value of all the positions with these counterparties as a net asset or liability. Each level in the table above displays the underlying contracts according to their classification in the accompanying consolidated balance sheet, based on this counterparty netting. | |||||||||||||||||
The following table summarizes the change in the fair values of financial instruments categorized as level 3. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance, beginning of period | $ | 4,946 | $ | 8,174 | |||||||||||||
Realized and unrealized losses recognized in earnings, net | (6,572 | ) | (10,253 | ) | |||||||||||||
Purchases | 5,288 | 8,654 | |||||||||||||||
Issuances | (622 | ) | (25 | ) | |||||||||||||
Settlements | — | (1,604 | ) | ||||||||||||||
Ending balance | $ | 3,040 | $ | 4,946 | |||||||||||||
Net unrealized losses of $2.1 million were recognized during the year ended December 31, 2014 related to level 3 financial instruments held on December 31, 2014. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
At December 31, 2014 and 2013, the carrying amounts of cash and cash equivalents approximate their fair value. | |||||||||||||||||
Fair Value of Long-Term Debt | |||||||||||||||||
At December 31, 2014 and 2013, the fair value of the Company’s debt, including amounts classified as current, was $2.7 billion and $4.6 billion, respectively. Fair values are based upon observed prices in an active market, when available, or from valuation models using market information, which fall into Level 2 in the fair value hierarchy. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2014 | |
Capital Stock [Abstract] | |
Capital Stock | Capital Stock |
On March 1, 2012, the Company filed a registration statement on Form S-3 with the SEC. The registration statement allows the Company to offer, from time to time, an unlimited amount of debt securities, preferred stock, depositary shares, purchase contracts, purchase units, common stock and related rights and warrants. | |
Stock Repurchase Plan | |
The Company's share repurchase program allows for the purchase of up to 14,000,000 shares of the Company's common stock. At December 31, 2014, 10,925,800 shares of common stock were available for repurchase under the plan. There is no expiration date on the program. Any future repurchases under the plan will be made at management's discretion and will depend on market conditions and other factors. |
StockBased_Compensation_and_Ot
Stock-Based Compensation and Other Incentive Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Stock-Based Compensation And Other Incentive Plans | Stock-Based Compensation and Other Incentive Plans | |||||||||||||
Under the Company's Stock Incentive Plan (the "Incentive Plan"), 30.9 million shares of the Company's common stock were reserved for awards to officers and other selected key management employees of the Company. The Incentive Plan provides the Board of Directors with the flexibility to grant stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock or units, merit awards, phantom stock awards and rights to acquire stock through purchase under a stock purchase program ("Awards"). Awards the Board of Directors elects to pay out in cash do not impact the shares authorized in the Incentive Plan. Shares available for award under the plan were 10.3 million at December 31, 2014. | ||||||||||||||
Stock Options | ||||||||||||||
Stock options are granted at a strike price equal to the closing market price of the Company's common stock on the date of grant and are generally subject to vesting provisions of at least one year from the date of grant. Information regarding stock option activity under the Incentive Plan follows for the year ended December 31, 2014: | ||||||||||||||
Weighted Average | Aggregate | Average | ||||||||||||
Common | Exercise | Intrinsic | Remaining | |||||||||||
Shares | Price | Value | Life | |||||||||||
(In thousands) | (years) | |||||||||||||
Options outstanding at January 1 | 6,939 | $ | 19.86 | |||||||||||
Canceled | (88 | ) | $ | 17.61 | ||||||||||
Expired | (29 | ) | $ | 29.84 | ||||||||||
Options outstanding at December 31 | 6,822 | $ | 19.84 | $ | — | 5.68 | ||||||||
Options exercisable at December 31 | 5,123 | $ | 24.01 | — | 5.01 | |||||||||
Unvested options at December 31 | 1,699 | |||||||||||||
The remaining unvested options have a weighted average fair value of $3.10 per share. | ||||||||||||||
The total grant-date fair value of options vested during the years ended December 31, 2014, 2013 and 2012 was $8.7 million, $8.9 million and $8.0 million, respectively. The options provide for the continuation of vesting for retirement-eligible recipients that meet certain criteria. The expense for these options is recognized through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn part or all of the award. Compensation expense related to stock options for the years ended December 31, 2014, 2013 and 2012 was $3.2 million, $6.7 million and $8.0 million, respectively. Unrecognized compensation cost related to the unvested stock options of $1.6 million at December 31, 2014 will be recognized in 2015.The majority of the cost relating to the stock-based compensation plans is included in "Selling, general and administrative expenses" in the accompanying consolidated statements of operations. | ||||||||||||||
Weighted average assumptions used in the Black-Scholes option pricing model for granted options follow: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average grant-date fair value per share of options granted | $ | 2.37 | $ | 5.27 | ||||||||||
Assumptions (weighted average): | ||||||||||||||
Risk-free interest rate | 0.65% | 0.76% | ||||||||||||
Expected dividend yield | 2.30% | 2.92% | ||||||||||||
Expected volatility | 66.70% | 60.70% | ||||||||||||
Expected life (in years) | 4.5 | 4.5 | ||||||||||||
Expected volatilities are based on historical stock price movement and implied volatility from traded options on the Company's stock. The expected life of options is determined based on historical exercise activity. | ||||||||||||||
Restricted Stock and Restricted Stock Unit Awards | ||||||||||||||
The Company may issue restricted stock and restricted stock units, which require no payment from the employee. Restricted stock cliff-vests at various dates and restricted stock units either vest ratably over or vest at the end of three years. Compensation expense is based on the fair value on the grant date and is recorded ratably over the vesting period. The employee receives cash compensation equal to the amount of dividends that would have been paid on the underlying shares. | ||||||||||||||
Information regarding restricted stock and restricted stock unit activity and weighted average grant-date fair value follows for the year ended December 31, 2014: | ||||||||||||||
Restricted Stock | Restricted Stock Units | |||||||||||||
Weighted Average | Weighted Average | |||||||||||||
Common | Grant-Date | Common | Grant-Date | |||||||||||
Shares | Fair Value | Shares | Fair Value | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Outstanding at January 1 | 143 | $ | 27.52 | 1,373 | $ | 7.95 | ||||||||
Granted | — | — | 1,521 | 4.51 | ||||||||||
Vested | (120 | ) | 30.08 | — | — | |||||||||
Canceled | (1 | ) | 32.49 | (70 | ) | 6.34 | ||||||||
Outstanding at December 31 | 22 | 13.44 | 2,824 | 6.14 | ||||||||||
The Company's recognized expense related to restricted stock and restricted stock units was $5.6 million, $5.0 million, and $3.5 million for the years ended December 31, 2014, 2013 and 2012, respectively | ||||||||||||||
Long-Term Incentive Compensation | ||||||||||||||
The Company has a long-term incentive program that allows for the award of performance units. The total number of units earned by a participant is based on financial and operational performance measures, and may be paid out in cash or in shares of the Company's common stock. The Company recognizes compensation expense over the three year term of the grant. The liabilities are remeasured quarterly. The Company recognized $10.1 million, $9.1 million and $8.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The expense is included primarily in "Selling, general and administrative expenses" in the accompanying consolidated statements of operations. Amounts accrued and unpaid for all grants under the plan totaled $21.1 million and $17.2 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||
Deferred Compensation Plan | ||||||||||||||
The Company maintains a deferred compensation plan that allows eligible employees to defer receipt of compensation until the dates elected by the participant. Participants in the plan may defer up to 85% of their base salaries and up to 100% of their annual incentive awards. The plan also allows participants to defer receipt of up to 100% of the shares under any restricted stock unit or performance-contingent stock awards. The amounts deferred are invested in accounts that mirror the gains and losses of a number of different investment funds, including a hypothetical investment in shares of the Company's common stock. Participants are always vested in their deferrals to the plan and any related earnings. The Company has established a grantor trust to fund the obligations under the plan. The trust has purchased corporate-owned life insurance to offset these obligations. The net cash surrender values of the policies of $37.6 million and $39.4 million at December 31, 2014 and 2013 , respectively, are included in "Other noncurrent assets" in the accompanying consolidated balance sheets. The participants have an unsecured contractual commitment by the Company to pay the amounts due under the plan. Any assets placed in trust by the Company to fund future obligations of the plan are subject to the claims of creditors in the event of insolvency or bankruptcy, and participants are general creditors of the company as to their deferred compensation in the plans. | ||||||||||||||
Under the plan, the Company credits each participant's account with the number of units equal to the number of shares or units that the participant could purchase or receive with the amount of compensation deferred, based upon the fair market value of the underlying investment on that date. The amount the employee will receive from the plan will be based on the number of units credited to each participant's account, valued on the basis of the fair market value of an equivalent number of shares or units of the underlying investment on that date. The liability under the plan was $35.1 million and $37.0 million at December 31, 2014 and 2013. | ||||||||||||||
The Company's net income related to the deferred compensation plan for the years ended December 31, 2014, 2013 and 2012 was $1.6 million, $2.6 million and $3.3 million, respectively, most of which is included in "Selling, general and administrative expenses in the accompanying consolidated statements of operations. |
Workers_Compensation_Expense
Workers' Compensation Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Workers' Compensation Expense [Abstract] | |||||||||||||
Workers' Compensation Expense | Workers’ Compensation Expense | ||||||||||||
The following table details the components of workers’ compensation expense: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Total occupational disease | 4,432 | 6,137 | 6,962 | ||||||||||
Traumatic injury claims and assessments | 19,924 | 21,089 | 26,565 | ||||||||||
Total workers’ compensation expense | $ | 24,356 | $ | 27,226 | $ | 33,527 | |||||||
Summarized below is information about the amounts recognized in the accompanying consolidated balance sheets for workers' compensation benefits: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Occupational disease costs | $ | 72,749 | $ | 55,228 | |||||||||
Traumatic and other workers' compensation claims | 38,256 | 35,268 | |||||||||||
Total obligations | 111,005 | 90,496 | |||||||||||
Less amount included in accrued expenses | 16,714 | 12,434 | |||||||||||
Noncurrent obligations | $ | 94,291 | $ | 78,062 | |||||||||
As of December 31, 2014, the Company had $121.4 million in surety bonds and letters of credit outstanding to secure workers' compensation obligations. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||||||||||||||||||
Defined Benefit Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||
The Company provides funded and unfunded non-contributory defined benefit pension plans covering certain of its salaried and hourly employees. Benefits are generally based on the employee's age and compensation. The Company funds the plans in an amount not less than the minimum statutory funding requirements or more than the maximum amount that can be deducted for U.S. federal income tax purposes. | ||||||||||||||||||||||||||||||||
The Company also currently provides certain postretirement medical and life insurance coverage for eligible employees. Generally, covered employees who terminate employment after meeting eligibility requirements are eligible for postretirement coverage for themselves and their dependents. The salaried employee postretirement benefit plans are contributory, with retiree contributions adjusted annually, and contain other cost-sharing features such as deductibles and coinsurance. The Company's current funding policy is to fund the cost of all postretirement benefits as they are paid. | ||||||||||||||||||||||||||||||||
The idling of the Cumberland River mining operations in Appalachia in the third quarter of 2014 reduced the estimated years of future service for the CRCC Scotia Employee Association Pension Plan. On January 1, 2015, the Company's cash balance and excess plans were amended to freeze benefits at the amount accrued at that date. These two events triggered curtailment accounting, resulting in an immediate recognition of any unamortized gain or loss and the reduction in the projected benefit obligation. | ||||||||||||||||||||||||||||||||
A curtailment was triggered in the third quarter of 2013 by reductions in employees' expected years of future service resulting primarily from the sale of Canyon Fuel. | ||||||||||||||||||||||||||||||||
Obligations and Funded Status. | ||||||||||||||||||||||||||||||||
Summaries of the changes in the benefit obligations, plan assets and funded status of the plans are as follows: | ||||||||||||||||||||||||||||||||
Other Postretirement | ||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
CHANGE IN BENEFIT OBLIGATIONS | ||||||||||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 355,468 | $ | 390,894 | $ | 42,531 | $ | 49,326 | ||||||||||||||||||||||||
Service cost | 21,478 | 27,065 | 1,649 | 2,027 | ||||||||||||||||||||||||||||
Interest cost | 17,070 | 16,207 | 1,841 | 1,739 | ||||||||||||||||||||||||||||
Plan amendments | (23 | ) | — | — | — | |||||||||||||||||||||||||||
Curtailments | (25,787 | ) | (3,027 | ) | — | (2,519 | ) | |||||||||||||||||||||||||
Benefits paid | (53,974 | ) | (41,562 | ) | (3,431 | ) | (3,276 | ) | ||||||||||||||||||||||||
Other-primarily actuarial loss (gain) | 39,504 | (34,109 | ) | (6,492 | ) | (4,766 | ) | |||||||||||||||||||||||||
Benefit obligations at December 31 | $ | 353,736 | $ | 355,468 | $ | 36,098 | $ | 42,531 | ||||||||||||||||||||||||
CHANGE IN PLAN ASSETS | ||||||||||||||||||||||||||||||||
Value of plan assets at January 1 | $ | 347,952 | $ | 322,874 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 36,130 | 52,247 | — | — | ||||||||||||||||||||||||||||
Employer contributions | 6,601 | 14,393 | 3,431 | 3,276 | ||||||||||||||||||||||||||||
Benefits paid | (53,974 | ) | (41,562 | ) | (3,431 | ) | (3,276 | ) | ||||||||||||||||||||||||
Value of plan assets at December 31 | $ | 336,709 | $ | 347,952 | $ | — | $ | — | ||||||||||||||||||||||||
Accrued benefit cost | $ | (17,027 | ) | $ | (7,516 | ) | $ | (36,098 | ) | $ | (42,531 | ) | ||||||||||||||||||||
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST | ||||||||||||||||||||||||||||||||
Prior service credit (cost) | $ | — | $ | 1,732 | $ | 21,972 | $ | 31,925 | ||||||||||||||||||||||||
Accumulated gain (loss) | (11,332 | ) | 10,096 | 9,125 | 3,394 | |||||||||||||||||||||||||||
$ | (11,332 | ) | $ | 11,828 | $ | 31,097 | $ | 35,319 | ||||||||||||||||||||||||
BALANCE SHEET AMOUNTS | ||||||||||||||||||||||||||||||||
Current liability | $ | (767 | ) | $ | (405 | ) | $ | (3,430 | ) | $ | (3,276 | ) | ||||||||||||||||||||
Noncurrent liability | $ | (16,260 | ) | $ | (7,111 | ) | $ | (32,668 | ) | $ | (39,255 | ) | ||||||||||||||||||||
$ | (17,027 | ) | $ | (7,516 | ) | $ | (36,098 | ) | $ | (42,531 | ) | |||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||
The accumulated benefit obligation for all pension plans was $353.7 million and $341.1 million at December 31, 2014 and 2013, respectively. The accumulated benefit obligation differs from the benefit obligation in that it includes no assumptions about future compensation levels. | ||||||||||||||||||||||||||||||||
Net actuarial loss of $8.2 million will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2015. | ||||||||||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
Prior service credit and net actuarial gain of $8.3 million and $1.8 million, respectively, will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2015. | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost. The following table details the components of pension and postretirement benefit costs (credits): | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Service cost | $ | 21,478 | $ | 27,065 | $ | 27,466 | $ | 1,649 | $ | 2,027 | $ | 2,142 | ||||||||||||||||||||
Interest cost | 17,070 | 16,207 | 15,668 | 1,841 | 1,739 | 2,020 | ||||||||||||||||||||||||||
Curtailments | (25,368 | ) | 47 | 324 | — | (5,444 | ) | (4,049 | ) | |||||||||||||||||||||||
Settlements | 646 | — | — | — | — | — | ||||||||||||||||||||||||||
Expected return on plan assets | (23,756 | ) | (23,761 | ) | (22,030 | ) | — | — | — | |||||||||||||||||||||||
Amortization of prior service credits | (257 | ) | (204 | ) | 259 | (10,003 | ) | (10,621 | ) | (11,458 | ) | |||||||||||||||||||||
Amortization of other actuarial losses | 3,128 | 14,616 | 14,666 | (761 | ) | (252 | ) | (522 | ) | |||||||||||||||||||||||
Net benefit cost (credit) | $ | (7,059 | ) | $ | 33,970 | $ | 36,353 | $ | (7,274 | ) | $ | (12,551 | ) | $ | (11,867 | ) | ||||||||||||||||
The differences generated from changes in assumed discount rates and returns on plan assets are amortized into earnings over a five-year period. | ||||||||||||||||||||||||||||||||
Assumptions. The following table provides the weighted average assumptions used to determine the actuarial present value of projected benefit obligations at December 31 of the respective years. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.15% | 5.08% | 3.91% | 4.58% | ||||||||||||||||||||||||||||
Rate of compensation increase | N/A | 3.39% | N/A | N/A | ||||||||||||||||||||||||||||
The following table provides the weighted average assumptions used to determine net periodic benefit cost for the respective years ended December 31. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 5.08/ | 4.23/ | 4.14% | 4.13 | / | 5.05% | 4.91% | 4.58% | 3.64/ | 4.58% | 4.52% | |||||||||||||||||||||
Rate of compensation increase | 3.39% | 3.39% | 3.39% | N/A | N/A | N/A | ||||||||||||||||||||||||||
Expected return on plan assets | 7.75% | 7.75% | 7.75% | N/A | N/A | N/A | ||||||||||||||||||||||||||
The discount rates used in 2014 and 2013 were reevaluated during the year for settlements and the curtailments settlements as described previously. The obligations are remeasured at an updated discount rate that impacts the benefit cost recognized subsequent to the remeasurement. | ||||||||||||||||||||||||||||||||
The Company establishes the expected long-term rate of return at the beginning of each fiscal year based upon historical returns and projected returns on the underlying mix of invested assets. The Company utilizes modern portfolio theory modeling techniques in the development of its return assumptions. This technique projects rates of return that can be generated through various asset allocations that lie within the risk tolerance set forth by members of the Company's pension committee (the "Pension Committee"). The risk assessment provides a link between a pension plan's risk capacity, management's willingness to accept investment risk and the asset allocation process, which ultimately leads to the return generated by the invested assets. | ||||||||||||||||||||||||||||||||
The health care cost trend rate assumed for 2015 is 7.1% and is expected to reach an ultimate trend rate of 4.5% by 2028. A one-percentage-point increase in the health care cost trend rate would not have increased the postretirement benefit obligation at December 31, 2014 or the net periodic postretirement benefit cost for the year ended December 31, 2014 by a material amount. | ||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||
The Pension Committee is responsible for overseeing the investment of pension plan assets. The Pension Committee is responsible for determining and monitoring appropriate asset allocations and for selecting or replacing investment managers, trustees and custodians. The pension plan's current investment targets are 65% equity and 35% fixed income securities. The Pension Committee reviews the actual asset allocation in light of these targets on a periodic basis and rebalances among investments as necessary. The Pension Committee evaluates the performance of investment managers as compared to the performance of specified benchmarks and peers and monitors the investment managers to ensure adherence to their stated investment style and to the plan's investment guidelines. | ||||||||||||||||||||||||||||||||
The Company's pension plan assets at December 31, 2014 and 2013, respectively, are categorized below according to the fair value hierarchy as defined in Note 16, "Fair Value Measurements": | ||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Equity Securities:(A) | ||||||||||||||||||||||||||||||||
U.S. small-cap | $ | 16,512 | $ | 14,901 | $ | 16,512 | $ | 14,901 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
U.S. mid-cap | 46,481 | 62,271 | 17,301 | 28,654 | 29,180 | 33,617 | — | — | ||||||||||||||||||||||||
U.S. large-cap | 89,008 | 110,947 | 43,181 | 53,708 | 45,827 | 57,239 | — | — | ||||||||||||||||||||||||
Non-U.S. | 25,905 | 29,165 | — | — | 25,905 | 29,165 | — | — | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||
U.S. government securities(B) | 13,708 | 18,545 | 12,988 | 17,714 | 720 | 831 | — | — | ||||||||||||||||||||||||
Non-U.S. government securities(C) | 1,599 | 2,143 | — | — | 1,599 | 2,143 | — | — | ||||||||||||||||||||||||
U.S. government asset and mortgage backed securities(D) | 830 | 600 | — | — | 830 | 600 | — | — | ||||||||||||||||||||||||
Corporate fixed income(E) | 22,702 | 9,902 | — | — | 22,702 | 9,902 | — | — | ||||||||||||||||||||||||
State and local government securities(F) | 8,005 | 8,301 | — | — | 8,005 | 8,301 | — | — | ||||||||||||||||||||||||
Other fixed income(G) | 83,735 | 58,093 | — | — | 83,735 | 58,093 | — | — | ||||||||||||||||||||||||
Short-term investments(H) | 6,818 | 14,663 | — | — | 6,818 | 14,663 | — | — | ||||||||||||||||||||||||
Other investments(I) | 21,406 | 18,421 | — | — | 3,336 | 1,404 | 18,070 | 17,017 | ||||||||||||||||||||||||
Total | $ | 336,709 | $ | 347,952 | $ | 89,982 | $ | 114,977 | $ | 228,657 | $ | 215,958 | $ | 18,070 | $ | 17,017 | ||||||||||||||||
(A) Equity securities includes investments in 1) common stock, 2) preferred stock and 3) mutual funds. Investments in common and preferred stocks are valued using quoted market prices multiplied by the number of shares owned. Investments in mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges. | ||||||||||||||||||||||||||||||||
(B) U.S. government securities includes agency and treasury debt. These investments are valued using dealer quotes in an active market. | ||||||||||||||||||||||||||||||||
(C) Non-U.S. government securities includes debt securities issued by foreign governments and are valued utilizing a price spread basis valuation technique with observable sources from investment dealers and research vendors. | ||||||||||||||||||||||||||||||||
(D) U.S. government asset and mortgage backed securities includes government-backed mortgage funds which are valued utilizing an income approach that includes various valuation techniques and sources such as discounted cash flows models, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. | ||||||||||||||||||||||||||||||||
(E) Corporate fixed income is primarily comprised of corporate bonds and certain corporate asset-backed securities that are denominated in the U.S. dollar and are investment-grade securities. These investments are valued using dealer quotes. | ||||||||||||||||||||||||||||||||
(F) State and local government securities include different U.S. state and local municipal bonds and asset backed securities, these investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. | ||||||||||||||||||||||||||||||||
(G) Other fixed income investments are actively managed fixed income vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||||||
(H) Short-term investments include governmental agency funds, government repurchase agreements, commingled funds, and pooled funds and mutual funds. Governmental agency funds are valued utilizing an option adjusted spread valuation technique and sources such as interest rate generation processes, benchmark yields and broker quotes. Investments in governmental repurchase agreements, commingled funds and pooled funds and mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||||||
(I) Other investments includes cash, forward contracts, derivative instruments, credit default swaps, interest rate swaps and mutual funds. Investments in interest rate swaps are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. Forward contracts and derivative instruments are valued at their exchange listed price or broker quote in an active market. The mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges. | ||||||||||||||||||||||||||||||||
During 2013, the plan invested $16.0 million in Level 3 investments. Subsequent changes in fair value are the result of unrealized gains on the investment. | ||||||||||||||||||||||||||||||||
Cash Flows. The Company expects to make contributions of $0.5 million to the pension plans in 2015, which is impacted by the Moving Ahead for Progress in the 21st Century Act (MAP-21). MAP-21 does not reduce the Company's obligations under the plan, but redistributes the timing of required payments by providing near term funding relief for sponsors under the Pension Protection Act. | ||||||||||||||||||||||||||||||||
The following represents expected future benefit payments from the plan, which reflect expected future service, as appropriate: | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
2015 | $ | 17,737 | $ | 3,665 | ||||||||||||||||||||||||||||
2016 | 20,544 | 3,657 | ||||||||||||||||||||||||||||||
2017 | 22,503 | 3,551 | ||||||||||||||||||||||||||||||
2018 | 24,086 | 3,486 | ||||||||||||||||||||||||||||||
2019 | 22,943 | 3,421 | ||||||||||||||||||||||||||||||
Next 5 years | 130,088 | 14,680 | ||||||||||||||||||||||||||||||
$ | 237,901 | $ | 32,460 | |||||||||||||||||||||||||||||
Other Plans | ||||||||||||||||||||||||||||||||
The Company sponsors savings plans which were established to assist eligible employees provide for their future retirement needs. The Company's expense, representing its contributions to the plans, was $22.9 million, $25.1 million and $27.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share |
The effect of options, restricted stock and restricted stock units representing 7.7 million , 7.5 million, and 4.9 million shares of common stock were excluded from the calculation of diluted weighted average shares outstanding for the years ended December 31, 2014, 2013 and 2012, respectively because the exercise price or grant price of the securities exceeded the average market price of the Company's common stock for these periods. The effect of options, restricted stock and restricted stock units representing 2.0 million shares were excluded from the calculation of weighted average shares due to the Company's incurring a net loss for the years ended December 31, 2014. |
Leases
Leases | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Leases [Abstract] | ||||||||
Leases | Leases | |||||||
The Company leases equipment, land and various other properties under non-cancelable long-term leases, expiring at various dates. Certain leases contain options that would allow the Company to extend the lease or purchase the leased asset at the end of the base lease term. | ||||||||
In addition, the Company enters into various non-cancelable royalty lease agreements under which future minimum payments are due. | ||||||||
Minimum payments due in future years under these agreements in effect at December 31, 2014 are as follows: | ||||||||
Operating | ||||||||
Leases | Royalties | |||||||
(In thousands) | ||||||||
2015 | $ | 25,685 | $ | 14,587 | ||||
2016 | 19,242 | 18,632 | ||||||
2017 | 17,065 | 17,932 | ||||||
2018 | 6,334 | 17,584 | ||||||
2019 | 3,370 | 13,875 | ||||||
Thereafter | 11,880 | 83,282 | ||||||
$ | 83,576 | $ | 165,892 | |||||
Obligations for the future minimum payments under capital leases for equipment totaling $46.0. million and $20.8. million at December 31, 2014 and 2013, respectively, are included in other long term debt obligations in Note 13. "Debt and Financing Arrangements". | ||||||||
Rental expense, including amounts related to these operating leases and other shorter-term arrangements, amounted to $42.9 million in 2014, $42.2 million in 2013 and $41.2 million in 2012. | ||||||||
Royalties are paid to lessors either as a fixed price per ton or as a percentage of the gross selling price of the mined coal. Royalties under the majority of the Company's significant leases are paid on the percentage of gross selling price basis. Royalty expense, including production royalties, was $242.5 million in 2014, $261.1 million in 2013 and $302.0 million in 2012. | ||||||||
As of December 31, 2014, certain of the Company's lease obligations were secured by outstanding surety bonds totaling $49.4 million. |
Risk_Concentrations
Risk Concentrations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Risks Concentrations [Abstract] | ||||||||||||
Risk Concentrations | Risk Concentrations | |||||||||||
Credit Risk and Major Customers | ||||||||||||
The Company has a formal written credit policy that establishes procedures to determine creditworthiness and credit limits for trade customers and counterparties in the over-the-counter coal market. Generally, credit is extended based on an evaluation of the customer's financial condition. Collateral is not generally required, unless credit cannot be established. Credit losses are provided for in the financial statements and historically have been minimal. | ||||||||||||
The Company markets its steam coal principally to domestic and foreign electric utilities and its metallurgical coal to domestic and foreign steel producers. As of December 31, 2014 and 2013, accounts receivable from electric utilities of $134.7 million and $125.7 million, respectively, represented 64% of total trade receivables at each date. As of December 31, 2014 and 2013, accounts receivable from sales of metallurgical-quality coal of $76.0 million and $70.5 million, respectively, represented 36% of total trade receivables at each date. | ||||||||||||
The Company uses shipping destination as the basis for attributing revenue to individual countries. Because title may transfer on brokered transactions at a point that does not reflect the end usage point, they are reflected as exports, and attributed to an end delivery point if that knowledge is known to the Company. The Company's foreign revenues by geographical location are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Europe | $ | 277,565 | $ | 371,363 | $ | 674,754 | ||||||
Asia | 156,057 | 160,404 | 203,193 | |||||||||
North America | 78,445 | 80,322 | 72,542 | |||||||||
Central and South America | 20,496 | 55,493 | 57,184 | |||||||||
Brokered Sales | 79,354 | 154,442 | 145,438 | |||||||||
Total | $ | 611,917 | $ | 822,024 | $ | 1,153,111 | ||||||
The Company is committed under long-term contracts to supply steam coal that meets certain quality requirements at specified prices. These prices are generally adjusted based on market indices. Quantities sold under some of these contracts may vary from year to year within certain limits at the option of the customer. The Company sold approximately 134.4 million tons of coal in 2014. Approximately 60% of this tonnage (representing approximately 48% of the Company's revenues) was sold under long-term contracts (contracts having a term of greater than one year). Long-term contracts range in remaining life from one to six years. | ||||||||||||
Third-party sources of coal | ||||||||||||
The Company uses independent contractors to mine coal at certain mining complexes. The Company also purchases coal from third parties that it sells to customers. Factors beyond the Company's control could affect the availability of coal produced for or purchased by the Company. Disruptions in the quantities of coal produced for or purchased by the Company could impair its ability to fill customer orders or require it to purchase coal from other sources at prevailing market prices in order to satisfy those orders. | ||||||||||||
Transportation | ||||||||||||
The Company depends upon barge, rail, truck and belt transportation systems to deliver coal to its customers. Disruption of these transportation services due to weather-related problems, mechanical difficulties, strikes, lockouts, bottlenecks, and other events could temporarily impair the Company's ability to supply coal to its customers In the past, disruptions in rail service have resulted in missed shipments and production interruptions. |
Settlement_with_Patriot_Coal
Settlement with Patriot Coal | 12 Months Ended |
Dec. 31, 2014 | |
Settlement with Patriot Coal [Abstract] | |
Settlement with Patriot Coal | Settlement with Patriot Coal |
On December 31, 2005, Arch entered into a purchase and sale agreement to sell mining complexes to Magnum Coal Company ("Magnum"). On July 23, 2008, Patriot Coal Corporation acquired Magnum from Arc Light Capital Partners. On July 9, 2012, Patriot Coal Corporation and certain of its wholly owned subsidiaries, including Magnum, (collectively, "Patriot") filed voluntary petitions for reorganization under Chapter 11 of the U.S. Code in the U.S. Bankruptcy Court for the Southern District of New York. | |
On October 4, 2013, we entered into a term sheet that was approved by the U.S. Bankruptcy Court on November 7, 2013, that resolves all pending and potential legal claims with Patriot stemming from the Company's sale of mining complexes to Magnum and the subsequent purchase of those companies by Patriot in 2008. | |
The Company paid $5.0 million in cash to Patriot upon its exit from bankruptcy, which is reflected in "Other operating income, net" in the consolidated statement of operations for the year ended December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company accrues for cost related to contingencies when a loss is probable and the amount is reasonably determinable. Disclosure of contingencies is included in the financial statements when it is at least reasonably possible that a material loss or an additional material loss in excess of amounts already accrued may be incurred. | |
Allegheny Energy Supply (“Allegheny”), the sole customer of coal produced at the Company's subsidiary Wolf Run Mining Company's (“Wolf Run”) Sycamore No. 2 mine, filed a lawsuit against Wolf Run, Hunter Ridge Holdings, Inc. (“Hunter Ridge”), and ICG in state court in Allegheny County, Pennsylvania on December 28, 2006, and amended its complaint on April 23, 2007. Allegheny claimed that Wolf Run breached a coal supply contract when it declared force majeure under the contract upon idling the Sycamore No. 2 mine in the third quarter of 2006, and that Wolf Run continued to breach the contract by failing to ship in volumes referenced in the contract. The Sycamore No. 2 mine was idled after encountering adverse geologic conditions and abandoned gas wells that were previously unidentified and unmapped. | |
After extensive searching for gas wells and rehabilitation of the mine, it was re-opened in 2007, but with notice to Allegheny that it would necessarily operate at reduced volumes in order to safely and effectively avoid the many gas wells within the reserve. The amended complaint also alleged that the production stoppages constitute a breach of the guarantee agreement by Hunter Ridge and breach of certain representations made upon entering into the contract in early 2005. Allegheny voluntarily dropped the breach of representation claims later. Allegheny claimed that it would incur costs in excess of $100 million to purchase replacement coal over the life of the contract. ICG, Wolf Run and Hunter Ridge answered the amended complaint on August 13, 2007, disputing all of the remaining claims. | |
On November 3, 2008, ICG, Wolf Run and Hunter Ridge filed an amended answer and counterclaim against the plaintiffs seeking to void the coal supply agreement due to, among other things, fraudulent inducement and conspiracy. On September 23, 2009, Allegheny filed a second amended complaint alleging several alternative theories of liability in its effort to extend contractual liability to ICG, which was not a party to the original contract and did not exist at the time Wolf Run and Allegheny entered into the contract. No new substantive claims were asserted. ICG answered the second amended complaint on October 13, 2009, denying all of the new claims. The Company's counterclaim was dismissed on motion for summary judgment entered on May 11, 2010. Allegheny's claims against ICG were also dismissed by summary judgment, but the claims against Wolf Run and Hunter Ridge were not. The court conducted a non-jury trial of this matter beginning on January 10, 2011 and concluding on February 1, 2011. | |
At the trial, Allegheny presented its evidence for breach of contract and claimed that it is entitled to past and future damages in the aggregate of between $228 million and $377 million. Wolf Run and Hunter Ridge presented their defense of the claims, including evidence with respect to the existence of force majeure conditions and excuse under the contract and applicable law. Wolf Run and Hunter Ridge presented evidence that Allegheny's damages calculations were significantly inflated because it did not seek to determine damages as of the time of the breach and in some instances artificially assumed future nondelivery or did not take into account the apparent requirement to supply coal in the future. On May 2, 2011, the trial court entered a Memorandum and Verdict determining that Wolf Run had breached the coal supply contract and that the performance shortfall was not excused by force majeure. The trial court awarded total damages and interest in the amount of $104.1 million, which consisted of $13.8 million for past damages, and $90.3 million for future damages. ICG and Allegheny filed post-verdict motions in the trial court and on August 23, 2011, the court denied the parties' motions. The court entered a final judgment on August 25, 2011, in the amount of $104.1 million, which included pre-judgment interest. | |
The parties appealed the lower court's decision to the Superior Court of Pennsylvania. On August 13, 2012, the Superior Court of Pennsylvania affirmed the award of past damages, but ruled that the lower court should have calculated future damages as of the date of breach, and remanded the matter back to the lower court with instructions to recalculate that portion of the award. On November 19, 2012, Allegheny filed a Petition for Allowance of Appeal with the Supreme Court of Pennsylvania and Wolf Run and Hunter Ridge filed an Answer. On July 2, 2013, the Supreme Court of Pennsylvania denied the Petition of Allowance. As this action finalized the past damage award, Wolf Run paid $15.6 million for the past damage amount, including interest, to Allegheny in July 2013. The court held a hearing on this matter on November 5, 2014 and on February 16, 2015 awarded Allegheny$7.5 million plus interest for the future damages. | |
In addition, the Company is a party to numerous claims and lawsuits with respect to various matters. As of December 31, 2014 and 2013, the Company had accrued $22.3 million and $30.4 million, respectively, for all legal matters, including $10.1 million and $11.7 million, respectively, classified as current. The ultimate resolution of any such legal matter could result in outcomes which may be materially different from amounts the Company has accrued for such matters. | |
The Company has unconditional purchase obligations relating to purchases of coal, materials and supplies and capital commitments, other than reserve acquisitions, and is also a party to transportation capacity commitments. The future commitments under these agreements total $265.6 million in 2015, $118.1 million in 2016, $114.7 million in 2017, $82.2 million in 2018, $73.5 million in 2019 and $279.4 million thereafter. During the years ended December 31, 2014, 2013 and 2012, the Company fulfilled its commitments under agreements containing unconditional obligations. The Company recognized expense relating to transportation capacity agreements of $36.5 million, $12.0 million, and $2.3 million during the years ended December 31, 2014, 2013 and 2012, respectively. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||
The Company's reportable business segments are based on the major coal producing basins in which the Company operates and may include a number of mine complexes. The Company manages its coal sales by coal basin, not by individual mining complex. Geology, coal transportation routes to customers, regulatory environments and coal quality or type are characteristic to a basin, and, accordingly, market and contract pricing have developed by coal basin. Mining operations are evaluated based on their per-ton operating costs (defined as including all mining costs but excluding pass-through transportation expenses), as well as on other non-financial measures, such as safety and environmental performance. The Company’s reportable segments are the Powder River Basin (PRB) segment, with operations in Wyoming; and the Appalachia (APP) segment, with operations in West Virginia, Kentucky, Maryland and Virginia. “All Other” includes the Company’s coal mining operations in Colorado and Illinois and our ADDCAR subsidiary. | ||||||||||||||||||||||
In 2014, the Company changed its measure of segment profit and loss to assess operating segment's performance and to allocate resources from "income from operations" to "adjusted earnings before interest, taxes, depreciation, depletion and amortization (Adjusted EBITDA)." The Company's management believes that Adjusted EBITDA presents a useful measure of our ability to service existing debt and incur additional debt based on ongoing operations. Adjusted EBITDA does not reflect mine closure or impairment costs, since those are not reflected in the operating income reviewed by management. See Note 5. "Impairment Charges and Mine Closure Costs" for discussion of these costs. The Corporate, Other and Eliminations grouping includes these charges, as well as the change in fair value of coal derivatives and coal trading activities, net; corporate overhead; land management activities; other support functions; and the elimination of intercompany transactions. | ||||||||||||||||||||||
The asset amounts below represent an allocation of assets consistent with the basis used for the Company’s incentive compensation plans. The amounts in Corporate, Other and Eliminations represent primarily corporate assets (cash, receivables, investments, plant, property and equipment) as well as unassigned coal reserves, above-market acquired sales contracts and other unassigned assets. | ||||||||||||||||||||||
PRB | APP | All Other | Corporate, | Consolidated | ||||||||||||||||||
Other and | ||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||
Year Ended | December 31, 2014 | |||||||||||||||||||||
Revenues | $ | 1,490,377 | $ | 1,108,358 | $ | 338,384 | $ | — | $2,937,119 | |||||||||||||
Adjusted EBITDA | 198,074 | 110,693 | 56,612 | (85,236 | ) | 280,143 | ||||||||||||||||
Depreciation, depletion and amortization | 168,522 | 205,732 | 40,125 | 4,369 | 418,748 | |||||||||||||||||
Amortization of acquired sales contracts, net | (3,961 | ) | (9,433 | ) | 207 | — | (13,187 | ) | ||||||||||||||
Total assets | 1,772,230 | 3,379,834 | 339,809 | 2,937,850 | 8,429,723 | |||||||||||||||||
Capital expenditures | 44,305 | 23,638 | 12,993 | 66,350 | 147,286 | |||||||||||||||||
Year Ended | December 31, 2013 | |||||||||||||||||||||
Revenues | $ | 1,482,812 | $ | 1,145,801 | $ | 385,744 | $ | — | $ | 3,014,357 | ||||||||||||
Adjusted EBITDA | 206,910 | 88,883 | 94,948 | (138,595 | ) | 252,146 | ||||||||||||||||
Depreciation, depletion and amortization | 171,324 | 202,952 | 45,741 | 6,425 | 426,442 | |||||||||||||||||
Amortization of acquired sales contracts, net | (3,656 | ) | (10,364 | ) | 4,563 | — | (9,457 | ) | ||||||||||||||
Total assets | 1,841,835 | 3,971,764 | 402,922 | 2,773,672 | 8,990,193 | |||||||||||||||||
Capital expenditures | 9,784 | 167,759 | 23,122 | 96,319 | 296,984 | |||||||||||||||||
Year Ended | December 31, 2012 | |||||||||||||||||||||
Revenues | $ | 1,524,536 | $ | 1,793,576 | $ | 450,014 | $ | — | $ | 3,768,126 | ||||||||||||
Adjusted EBITDA | 262,155 | 405,981 | 112,982 | (201,246 | ) | 579,872 | ||||||||||||||||
Depreciation, depletion and amortization | 166,539 | 271,221 | 49,911 | 4,540 | 492,211 | |||||||||||||||||
Amortization of acquired sales contracts, net | (1,987 | ) | (23,926 | ) | 724 | — | (25,189 | ) | ||||||||||||||
Total assets | 1,972,522 | 3,875,105 | 834,287 | 3,324,863 | 10,006,777 | |||||||||||||||||
Capital expenditures | 23,410 | 275,476 | 68,220 | 28,119 | 395,225 | |||||||||||||||||
A reconciliation of segment losses to consolidated loss from continuing operations before income taxes follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Adjusted EBITDA | $ | 280,143 | $ | 252,146 | $ | 579,872 | ||||||||||||||||
Depreciation, depletion and amortization | (418,748 | ) | (426,442 | ) | (492,211 | ) | ||||||||||||||||
Amortization of acquired sales contracts, net | 13,187 | 9,457 | 25,189 | |||||||||||||||||||
Asset impairment costs | (24,113 | ) | (220,879 | ) | (539,182 | ) | ||||||||||||||||
Goodwill impairment | — | (265,423 | ) | (330,680 | ) | |||||||||||||||||
Settlement of UMWA legal claims | — | (12,000 | ) | — | ||||||||||||||||||
Interest expense, net | (383,188 | ) | (374,664 | ) | (312,142 | ) | ||||||||||||||||
Nonoperating expense | — | (42,921 | ) | (23,668 | ) | |||||||||||||||||
Loss from continuing operations before income taxes | $ | (532,719 | ) | $ | (1,080,726 | ) | $ | (1,092,822 | ) |
Quarterly_Selected_Financial_D
Quarterly Selected Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information [Abstract] | |||||||||||||||||
Quarterly Selected Financial Data | Quarterly Selected Financial Data | ||||||||||||||||
Year Ended | December 31, 2014 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||
(a) | (a) (c) | (a) (c) | (a) (c) | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenues | $ | 735,971 | $ | 713,776 | $ | 742,180 | $ | 745,192 | |||||||||
Gross profit (loss) | $ | (49,842 | ) | $ | (6,350 | ) | $ | (5,851 | ) | $ | 32,264 | ||||||
Asset impairment and mine closure costs | $ | — | $ | 1,512 | $ | 5,060 | $ | 17,541 | |||||||||
Loss from operations | $ | (73,123 | ) | $ | (35,805 | ) | $ | (35,300 | ) | $ | (5,303 | ) | |||||
Net loss | $ | (124,140 | ) | $ | (96,860 | ) | $ | (97,218 | ) | $ | (240,135 | ) | |||||
Diluted loss per common share | $ | (0.59 | ) | $ | (0.46 | ) | $ | (0.46 | ) | $ | (1.13 | ) | |||||
Year Ended | December 31, 2013 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||
(a) | (a) | (a) | (a) | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenues | $ | 737,370 | $ | 766,332 | $ | 791,269 | $ | 719,386 | |||||||||
Gross profit (loss) | $ | (18,560 | ) | $ | 2,505 | $ | 90 | $ | (44,801 | ) | |||||||
Asset impairment and mine closure costs | $ | — | $ | 20,482 | $ | 200,397 | $ | — | |||||||||
Goodwill impairment | $ | — | $ | — | $ | — | $ | 265,423 | |||||||||
Loss from operations | $ | (51,431 | ) | $ | (36,279 | ) | $ | (234,753 | ) | $ | (340,678 | ) | |||||
Loss from continuing operations | $ | (84,316 | ) | $ | (80,351 | ) | $ | (207,767 | ) | $ | (372,794 | ) | |||||
Income from discontinued operations, net of tax (b) | $ | 14,267 | $ | 8,145 | $ | 79,404 | $ | 1,580 | |||||||||
Net loss | $ | (70,049 | ) | $ | (72,206 | ) | $ | (128,363 | ) | $ | (371,214 | ) | |||||
Diluted loss per common share from: | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.40 | ) | $ | (0.38 | ) | $ | (0.98 | ) | $ | (1.76 | ) | |||||
Net loss | $ | (0.33 | ) | $ | (0.34 | ) | $ | (0.61 | ) | $ | (1.75 | ) | |||||
(a) Challenging coal markets resulted in impairment charges relating to mining and other operations, investments in equity method subsidiaries, prepaid mining royalties and goodwill in 2014 and 2013. See further discussion in Note 5, "Impairment Charges and Mine Closure Costs ", Note 6, "Goodwill ", and Note 9, " Equity Method Investments and Membership Interests in Joint Ventures." | |||||||||||||||||
(b) The Company entered into a definitive agreement on June 27, 2013 to sell Canyon Fuel and the sale was completed on August 16, 2013. Beginning in the second quarter of 2013, all quarterly filings with the Securities and Exchange Commission reflected Canyon Fuel as a discontinued operation in the consolidated statements of operations. See further information in Note 3, "Divestitures". | |||||||||||||||||
(c) The Company determined that it would not realize the benefit from federal and state net operating losses it generated in 2014, based on projections of future taxable income, and as a result, recorded a valuation allowance against net operating losses of $23.8. million, $18.3 million, $15.8 million and $169.0 million in the second, third and fourth quarters of 2014, respectively. |
Supplemental_Consolidating_Fin
Supplemental Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Supplemental Consolidating Financial Information | Supplemental Consolidating Financial Information | ||||||||||||||||||||
Pursuant to the indentures governing Arch Coal, Inc.’s senior notes, certain wholly-owned subsidiaries of the Company have fully and unconditionally guaranteed the senior notes on a joint and several basis. The following tables present consolidating financial information for (i) the Company, (ii) the issuer of the senior notes, (iii) the guarantors under the senior notes, and (iv) the entities which are not guarantors under the senior notes (Arch Receivable Company, LLC and the Company’s subsidiaries outside the United States): | |||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | — | $ | 2,937,119 | $ | — | $ | — | $ | 2,937,119 | |||||||||||
Costs, expenses and other | |||||||||||||||||||||
Cost of sales (exclusive of items shown separately below) | 3,016 | 2,566,572 | — | (3,395 | ) | 2,566,193 | |||||||||||||||
Depreciation, depletion and amortization | 5,154 | 413,559 | 35 | — | 418,748 | ||||||||||||||||
Amortization of acquired sales contracts, net | — | (13,187 | ) | — | — | (13,187 | ) | ||||||||||||||
Change in fair value of coal derivatives and coal trading activities, net | — | (3,686 | ) | — | — | (3,686 | ) | ||||||||||||||
Asset impairment and mine closure costs | 3,642 | 20,471 | — | — | 24,113 | ||||||||||||||||
Selling, general and administrative expenses | 79,902 | 29,739 | 6,626 | (2,044 | ) | 114,223 | |||||||||||||||
Other operating income, net | (4,480 | ) | (15,726 | ) | (4,987 | ) | 5,439 | (19,754 | ) | ||||||||||||
87,234 | 2,997,742 | 1,674 | — | 3,086,650 | |||||||||||||||||
Loss from investment in subsidiaries | (13,085 | ) | — | — | 13,085 | — | |||||||||||||||
Loss from operations | (100,319 | ) | (60,623 | ) | (1,674 | ) | 13,085 | (149,531 | ) | ||||||||||||
Interest expense, net | |||||||||||||||||||||
Interest expense | (463,823 | ) | (26,137 | ) | (4,259 | ) | 103,273 | (390,946 | ) | ||||||||||||
Interest and investment income | 31,389 | 74,511 | 5,131 | (103,273 | ) | 7,758 | |||||||||||||||
(432,434 | ) | 48,374 | 872 | — | (383,188 | ) | |||||||||||||||
Loss from continuing operations before income taxes | (532,753 | ) | (12,249 | ) | (802 | ) | 13,085 | (532,719 | ) | ||||||||||||
Provision for (benefit from) income taxes | 25,600 | — | 34 | — | 25,634 | ||||||||||||||||
Net loss | (558,353 | ) | (12,249 | ) | (836 | ) | 13,085 | (558,353 | ) | ||||||||||||
Total comprehensive loss | $ | (592,804 | ) | $ | (34,439 | ) | $ | (836 | ) | $ | 35,275 | $ | (592,804 | ) | |||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | — | $ | 3,014,357 | $ | — | $ | — | $ | 3,014,357 | |||||||||||
Costs, expenses and other | |||||||||||||||||||||
Cost of sales (exclusive of items shown separately below) | 9,117 | 2,657,583 | — | (3,564 | ) | 2,663,136 | |||||||||||||||
Depreciation, depletion and amortization | 5,949 | 420,458 | 35 | — | 426,442 | ||||||||||||||||
Amortization of acquired sales contracts, net | — | (9,457 | ) | — | — | (9,457 | ) | ||||||||||||||
Change in fair value of coal derivatives and coal trading activities, net | — | 7,845 | — | — | 7,845 | ||||||||||||||||
Asset impairment and mine closure costs | 78,150 | 142,729 | — | — | 220,879 | ||||||||||||||||
Goodwill impairment | — | 265,423 | — | — | 265,423 | ||||||||||||||||
Selling, general and administrative expenses | 88,820 | 39,825 | 7,038 | (2,235 | ) | 133,448 | |||||||||||||||
Other operating income, net | 4,209 | (34,856 | ) | (5,370 | ) | 5,799 | (30,218 | ) | |||||||||||||
186,245 | 3,489,550 | 1,703 | — | 3,677,498 | |||||||||||||||||
Loss from investment in subsidiaries | (328,889 | ) | — | — | 328,889 | — | |||||||||||||||
Loss from operations | (515,134 | ) | (475,193 | ) | (1,703 | ) | 328,889 | (663,141 | ) | ||||||||||||
Interest expense, net | |||||||||||||||||||||
Interest expense | (449,614 | ) | (24,747 | ) | (4,214 | ) | 97,308 | (381,267 | ) | ||||||||||||
Interest and investment income | 30,285 | 68,248 | 5,378 | (97,308 | ) | 6,603 | |||||||||||||||
(419,329 | ) | 43,501 | 1,164 | — | (374,664 | ) | |||||||||||||||
Net loss resulting from early retirement and refinancing of debt | (42,921 | ) | — | — | — | (42,921 | ) | ||||||||||||||
Loss from continuing operations before income taxes | (977,384 | ) | (431,692 | ) | (539 | ) | 328,889 | (1,080,726 | ) | ||||||||||||
Provision for (benefit from) income taxes | (335,552 | ) | — | 54 | — | (335,498 | ) | ||||||||||||||
Loss from continuing operations | (641,832 | ) | (431,692 | ) | (593 | ) | 328,889 | (745,228 | ) | ||||||||||||
Income from discontinued operations, including gain on sale - net of tax | — | 103,396 | — | — | 103,396 | ||||||||||||||||
Net loss | $ | (641,832 | ) | $ | (328,296 | ) | $ | (593 | ) | $ | 328,889 | $ | (641,832 | ) | |||||||
Total comprehensive loss | $ | (587,633 | ) | $ | (304,278 | ) | $ | (593 | ) | $ | 304,871 | $ | (587,633 | ) | |||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | — | $ | 3,768,126 | $ | — | $ | — | $ | 3,768,126 | |||||||||||
Costs, expenses and other | — | ||||||||||||||||||||
Cost of sales (exclusive of items shown separately below) | 10,921 | 3,144,178 | — | — | 3,155,099 | ||||||||||||||||
Depreciation, depletion and amortization | 5,392 | 486,786 | 33 | — | 492,211 | ||||||||||||||||
Amortization of acquired sales contracts, net | — | (25,189 | ) | — | — | (25,189 | ) | ||||||||||||||
Change in fair value of coal derivatives and coal trading activities, net | — | (16,590 | ) | — | — | (16,590 | ) | ||||||||||||||
Asset impairment and mine closure costs | — | 539,182 | — | — | 539,182 | ||||||||||||||||
Goodwill impairment | — | 330,680 | — | — | 330,680 | ||||||||||||||||
Contract settlement resulting from Patriot Coal bankruptcy | — | 58,335 | — | — | 58,335 | ||||||||||||||||
Reduction in accrual related to acquired litigation | — | (79,532 | ) | — | — | (79,532 | ) | ||||||||||||||
Selling, general and administrative expenses | 84,199 | 44,363 | 8,785 | (3,048 | ) | 134,299 | |||||||||||||||
Other operating income, net | (13,392 | ) | (39,209 | ) | (13,804 | ) | 3,048 | (63,357 | ) | ||||||||||||
87,120 | 4,443,004 | (4,986 | ) | — | 4,525,138 | ||||||||||||||||
Loss from investment in subsidiaries | (589,665 | ) | — | — | 589,665 | — | |||||||||||||||
Income (loss) from operations | (676,785 | ) | (674,878 | ) | 4,986 | 589,665 | (757,012 | ) | |||||||||||||
Interest expense, net | |||||||||||||||||||||
Interest expense | (366,584 | ) | (34,849 | ) | (3,221 | ) | 87,039 | (317,615 | ) | ||||||||||||
Interest and investment income | 27,750 | 57,268 | 7,494 | (87,039 | ) | 5,473 | |||||||||||||||
(338,834 | ) | 22,419 | 4,273 | — | (312,142 | ) | |||||||||||||||
Other non-operating expense | |||||||||||||||||||||
Net loss resulting from early retirement of debt | (21,975 | ) | (1,693 | ) | — | — | (23,668 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | (1,037,594 | ) | (654,152 | ) | 9,259 | 589,665 | (1,092,822 | ) | |||||||||||||
Provision for (benefit from) income taxes | (353,907 | ) | — | — | — | (353,907 | ) | ||||||||||||||
Income (loss) from continuing operations | (683,687 | ) | (654,152 | ) | 9,259 | 589,665 | (738,915 | ) | |||||||||||||
Income from discontinued operations, net of tax | — | 55,228 | — | — | 55,228 | ||||||||||||||||
Net Income (loss) | (683,687 | ) | (598,924 | ) | 9,259 | 589,665 | (683,687 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interest | (268 | ) | — | — | — | (268 | ) | ||||||||||||||
Net Income (loss) attributable to Arch Coal, Inc. | $ | (683,955 | ) | $ | (598,924 | ) | $ | 9,259 | $ | 589,665 | $ | (683,955 | ) | ||||||||
Total comprehensive income (loss) | $ | (692,239 | ) | $ | (604,903 | ) | $ | 9,259 | $ | 595,644 | $ | (692,239 | ) | ||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 572,185 | $ | 150,358 | $ | 11,688 | $ | — | $ | 734,231 | |||||||||||
Short term investments | 248,954 | — | — | — | 248,954 | ||||||||||||||||
Receivables | 9,656 | 15,933 | 211,043 | (4,615 | ) | 232,017 | |||||||||||||||
Inventories | — | 190,253 | — | — | 190,253 | ||||||||||||||||
Other | 89,211 | 41,455 | 6,630 | — | 137,296 | ||||||||||||||||
Total current assets | 920,006 | 397,999 | 229,361 | (4,615 | ) | 1,542,751 | |||||||||||||||
Property, plant and equipment, net | 10,470 | 6,442,623 | 2 | 363 | 6,453,458 | ||||||||||||||||
Investment in subsidiaries | 7,464,221 | — | — | (7,464,221 | ) | — | |||||||||||||||
Intercompany receivables | — | 2,021,110 | — | (2,021,110 | ) | — | |||||||||||||||
Note receivable from Arch Western | 675,000 | — | — | (675,000 | ) | — | |||||||||||||||
Other | 131,884 | 300,058 | 1,572 | — | 433,514 | ||||||||||||||||
Total assets | $ | 9,201,581 | $ | 9,161,790 | $ | 230,935 | $ | (10,164,583 | ) | $ | 8,429,723 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Accounts payable | $ | 23,394 | $ | 156,664 | $ | 55 | $ | — | $ | 180,113 | |||||||||||
Accrued expenses and other current liabilities | 85,899 | 220,017 | 1,095 | (4,615 | ) | 302,396 | |||||||||||||||
Current maturities of debt | 27,625 | 9,260 | — | — | 36,885 | ||||||||||||||||
Total current liabilities | 136,918 | 385,941 | 1,150 | (4,615 | ) | 519,394 | |||||||||||||||
Long-term debt | 5,084,839 | 38,646 | — | — | 5,123,485 | ||||||||||||||||
Intercompany payables | 1,817,755 | — | 203,355 | (2,021,110 | ) | — | |||||||||||||||
Note payable to Arch Coal | — | 675,000 | — | (675,000 | ) | — | |||||||||||||||
Asset retirement obligations | 981 | 397,915 | — | — | 398,896 | ||||||||||||||||
Accrued pension benefits | 5,967 | 10,293 | — | — | 16,260 | ||||||||||||||||
Accrued postretirement benefits other than pension | 4,430 | 28,238 | — | — | 32,668 | ||||||||||||||||
Accrued workers’ compensation | 9,172 | 85,119 | — | — | 94,291 | ||||||||||||||||
Deferred income taxes | 422,809 | — | — | — | 422,809 | ||||||||||||||||
Other noncurrent liabilities | 50,919 | 102,461 | 386 | — | 153,766 | ||||||||||||||||
Total liabilities | 7,533,790 | 1,723,613 | 204,891 | (2,700,725 | ) | 6,761,569 | |||||||||||||||
Stockholders’ equity | 1,667,791 | 7,438,177 | 26,044 | (7,463,858 | ) | 1,668,154 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,201,581 | $ | 9,161,790 | $ | 230,935 | $ | (10,164,583 | ) | $ | 8,429,723 | ||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 799,333 | $ | 100,418 | $ | 11,348 | $ | — | $ | 911,099 | |||||||||||
Short term investments | 248,414 | — | — | — | 248,414 | ||||||||||||||||
Receivables | 14,177 | 23,018 | 197,015 | (4,637 | ) | 229,573 | |||||||||||||||
Inventories | — | 264,161 | — | — | 264,161 | ||||||||||||||||
Other | 84,401 | 43,617 | 806 | — | 128,824 | ||||||||||||||||
Total current assets | 1,146,325 | 431,214 | 209,169 | (4,637 | ) | 1,782,071 | |||||||||||||||
Property, plant and equipment, net | 24,851 | 6,709,398 | 37 | — | 6,734,286 | ||||||||||||||||
Investment in subsidiaries | 7,741,589 | — | — | (7,741,589 | ) | — | |||||||||||||||
Intercompany receivables | 1,953,719 | — | (1,953,719 | ) | — | ||||||||||||||||
Note receivable from Arch Western | 675,000 | — | — | (675,000 | ) | — | |||||||||||||||
Other | 162,287 | 311,463 | 86 | — | 473,836 | ||||||||||||||||
Total other assets | 8,578,876 | 2,265,182 | 86 | (10,370,308 | ) | 473,836 | |||||||||||||||
Total assets | $ | 9,750,052 | $ | 9,405,794 | $ | 209,292 | $ | (10,374,945 | ) | $ | 8,990,193 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Accounts payable | $ | 17,781 | $ | 158,224 | $ | 137 | $ | — | $ | 176,142 | |||||||||||
Accrued expenses and other current liabilities | 53,779 | 228,664 | 781 | (4,637 | ) | 278,587 | |||||||||||||||
Current maturities of debt | 28,882 | 4,611 | — | — | 33,493 | ||||||||||||||||
Total current liabilities | 100,442 | 391,499 | 918 | (4,637 | ) | 488,222 | |||||||||||||||
Long-term debt | 5,099,833 | 18,169 | — | 5,118,002 | |||||||||||||||||
Intercompany payables | 1,772,624 | — | 181,095 | (1,953,719 | ) | — | |||||||||||||||
Note payable to Arch Coal | — | 675,000 | — | (675,000 | ) | — | |||||||||||||||
Asset retirement obligations | 1,095 | 401,618 | — | — | 402,713 | ||||||||||||||||
Accrued pension benefits | 7,797 | (686 | ) | — | — | 7,111 | |||||||||||||||
Accrued postretirement benefits other than pension | 12,079 | 27,176 | — | — | 39,255 | ||||||||||||||||
Accrued workers’ compensation | 21,546 | 56,516 | — | — | 78,062 | ||||||||||||||||
Deferred income taxes | 413,546 | — | — | — | 413,546 | ||||||||||||||||
Other noncurrent liabilities | 67,841 | 121,794 | 398 | — | 190,033 | ||||||||||||||||
Total liabilities | 7,496,803 | 1,691,086 | 182,411 | (2,633,356 | ) | 6,736,944 | |||||||||||||||
Stockholders’ equity | 2,253,249 | 7,714,708 | 26,881 | (7,741,589 | ) | 2,253,249 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,750,052 | $ | 9,405,794 | $ | 209,292 | $ | (10,374,945 | ) | $ | 8,990,193 | ||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (324,688 | ) | $ | 305,048 | $ | (13,942 | ) | $ | — | $ | (33,582 | ) | ||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | (2,700 | ) | (144,586 | ) | — | — | (147,286 | ) | |||||||||||||
Additions to prepaid royalties | — | (7,317 | ) | — | — | (7,317 | ) | ||||||||||||||
Proceeds from disposals and divestitures | 57,625 | 4,733 | — | — | 62,358 | ||||||||||||||||
Purchases of short term investments | (211,929 | ) | — | — | — | (211,929 | ) | ||||||||||||||
Proceeds from sales of short term investments | 205,611 | — | — | — | 205,611 | ||||||||||||||||
Proceeds from sales of investments in equity securities | 9,464 | — | — | — | 9,464 | ||||||||||||||||
Investments in and advances to affiliates | (2,541 | ) | (14,116 | ) | — | — | (16,657 | ) | |||||||||||||
Cash provided by (used in) investing activities | 55,530 | (161,286 | ) | — | — | (105,756 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||
Payments on term loan | (19,500 | ) | — | — | — | (19,500 | ) | ||||||||||||||
Net payments on other debt | (1,258 | ) | (4,437 | ) | — | — | (5,695 | ) | |||||||||||||
Debt financing costs | (2,219 | ) | — | (2,300 | ) | — | (4,519 | ) | |||||||||||||
Dividends paid | (2,123 | ) | — | — | — | (2,123 | ) | ||||||||||||||
Other | (15 | ) | — | (5,678 | ) | — | (5,693 | ) | |||||||||||||
Transactions with affiliates, net | 67,125 | (89,385 | ) | 22,260 | — | — | |||||||||||||||
Cash provided by (used in) financing activities | 42,010 | (93,822 | ) | 14,282 | — | (37,530 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (227,148 | ) | 49,940 | 340 | — | (176,868 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 799,333 | 100,418 | 11,348 | — | 911,099 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 572,185 | $ | 150,358 | $ | 11,688 | $ | — | $ | 734,231 | |||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (632,060 | ) | $ | 637,193 | $ | 50,609 | $ | — | $ | 55,742 | ||||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | (3,320 | ) | (293,664 | ) | — | — | (296,984 | ) | |||||||||||||
Additions to prepaid royalties | — | (14,947 | ) | — | — | (14,947 | ) | ||||||||||||||
Proceeds from disposals and divestitures | — | 433,453 | — | — | 433,453 | ||||||||||||||||
Proceeds from sales-leaseback transactions | — | 34,919 | — | — | 34,919 | ||||||||||||||||
Purchases of short term investments | (213,726 | ) | — | — | — | (213,726 | ) | ||||||||||||||
Proceeds from sales of short term investments | 194,537 | — | — | — | 194,537 | ||||||||||||||||
Investments in and advances to affiliates | (5,451 | ) | (10,321 | ) | — | 512 | (15,260 | ) | |||||||||||||
Change in restricted cash | 3,453 | — | — | — | 3,453 | ||||||||||||||||
Cash provided by (used in) investing activities | (24,507 | ) | 149,440 | — | 512 | 125,445 | |||||||||||||||
Financing Activities | |||||||||||||||||||||
Contributions from parent | — | 512 | — | (512 | ) | — | |||||||||||||||
Proceeds from term loan and senior notes | 644,000 | — | — | — | 644,000 | ||||||||||||||||
Payments to retire debt | (628,660 | ) | — | — | — | (628,660 | ) | ||||||||||||||
Payments on term loan | (17,250 | ) | — | — | — | (17,250 | ) | ||||||||||||||
Net payments on other debt | (6,324 | ) | (512 | ) | — | — | (6,836 | ) | |||||||||||||
Debt financing costs | (19,864 | ) | — | (625 | ) | — | (20,489 | ) | |||||||||||||
Dividends paid | (25,475 | ) | — | — | — | (25,475 | ) | ||||||||||||||
Transactions with affiliates, net | 838,160 | (786,683 | ) | (51,477 | ) | — | — | ||||||||||||||
Cash provided by (used in) financing activities | 784,587 | (786,683 | ) | (52,102 | ) | (512 | ) | (54,710 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 128,020 | (50 | ) | (1,493 | ) | — | 126,477 | ||||||||||||||
Cash and cash equivalents, beginning of period | 671,313 | 100,468 | 12,841 | — | 784,622 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 799,333 | $ | 100,418 | $ | 11,348 | $ | — | $ | 911,099 | |||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (571,576 | ) | $ | 781,551 | $ | 122,829 | $ | — | $ | 332,804 | ||||||||||
Investing Activities | |||||||||||||||||||||
Change in restricted cash | 6,869 | — | — | — | 6,869 | ||||||||||||||||
Capital expenditures | (4,424 | ) | (390,801 | ) | — | — | (395,225 | ) | |||||||||||||
Proceeds from disposals and divestitures | — | 1,328 | 21,497 | — | 22,825 | ||||||||||||||||
Investments in and advances to affiliates | (6,287 | ) | (13,134 | ) | — | 1,663 | (17,758 | ) | |||||||||||||
Purchases of short term investments | (236,862 | ) | — | — | — | (236,862 | ) | ||||||||||||||
Proceeds from sales of short term investments | 1,754 | — | — | — | 1,754 | ||||||||||||||||
Purchase of noncontrolling interest | (17,500 | ) | — | — | — | (17,500 | ) | ||||||||||||||
Additions to prepaid royalties | — | (13,269 | ) | — | — | (13,269 | ) | ||||||||||||||
Cash provided by (used in) investing activities | (256,450 | ) | (415,876 | ) | 21,497 | 1,663 | (649,166 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Contributions from parent | — | 1,663 | — | (1,663 | ) | — | |||||||||||||||
Proceeds from term loan and senior notes | 1,993,253 | — | — | — | 1,993,253 | ||||||||||||||||
Payments to retire debt | — | (452,934 | ) | — | — | (452,934 | ) | ||||||||||||||
Net decrease in borrowings under lines of credit and commercial paper program | (375,000 | ) | — | (106,300 | ) | — | (481,300 | ) | |||||||||||||
Payments on term loan | (7,625 | ) | — | — | — | (7,625 | ) | ||||||||||||||
Net payments on other debt | (682 | ) | — | — | — | (682 | ) | ||||||||||||||
Debt financing costs | (50,022 | ) | — | (546 | ) | — | (50,568 | ) | |||||||||||||
Dividends paid | (42,440 | ) | — | — | — | (42,440 | ) | ||||||||||||||
Issuance of common stock under incentive plans | 5,131 | — | — | — | 5,131 | ||||||||||||||||
Transactions with affiliates, net | (84,651 | ) | 110,639 | (25,988 | ) | — | — | ||||||||||||||
Cash provided by (used in) financing activities | 1,437,964 | (340,632 | ) | (132,834 | ) | (1,663 | ) | 962,835 | |||||||||||||
Increase in cash and cash equivalents | 609,938 | 25,043 | 11,492 | — | 646,473 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 61,375 | 75,425 | 1,349 | — | 138,149 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 671,313 | $ | 100,468 | $ | 12,841 | $ | — | $ | 784,622 | |||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts | |||||||||||||||||||
Additions | ||||||||||||||||||||
(Reductions) | ||||||||||||||||||||
Balance at | Charged to | Charged to | Balance at | |||||||||||||||||
Beginning of | Costs and | Other | End of | |||||||||||||||||
Year | Expenses | Accounts | Deductions (a) | Year | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Reserves deducted from asset accounts: | ||||||||||||||||||||
Accounts receivable and other receivables | $ | 775 | $ | — | $ | — | $ | 616 | $ | 159 | ||||||||||
Current assets — supplies and inventory | 8,446 | 580 | (76 | ) | (b) | 2,325 | 6,625 | |||||||||||||
Deferred income taxes | 43,322 | 226,929 | — | — | 270,251 | |||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Reserves deducted from asset accounts: | ||||||||||||||||||||
Accounts receivable and other receivables | $ | 1,043 | $ | 346 | $ | — | $ | 614 | $ | 775 | ||||||||||
Current assets — supplies and inventory | 12,589 | 503 | (2,274 | ) | (b) | 2,372 | 8,446 | |||||||||||||
Deferred income taxes | 34,663 | 8,659 | — | — | 43,322 | |||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Reserves deducted from asset accounts: | ||||||||||||||||||||
Accounts receivable and other receivables | $ | 17 | $ | 1,039 | $ | — | $ | 13 | $ | 1,043 | ||||||||||
Current assets — supplies and inventory | 13,107 | 1,961 | — | 2,479 | 12,589 | |||||||||||||||
Deferred income taxes | 2,831 | 31,832 | — | — | 34,663 | |||||||||||||||
(a) Reserves utilized, unless otherwise indicated. | ||||||||||||||||||||
(b) Disposition of subsidiaries |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Basis of Presentation |
The accompanying consolidated financial statements include the accounts of Arch Coal, Inc. and its subsidiaries and controlled entities (the “Company”). The Company’s primary business is the production of thermal and metallurgical coal from surface and underground mines located throughout the United States, for sale to utility, industrial and steel producers both in the United States and around the world. The Company currently operates mining complexes in West Virginia, Kentucky, Maryland, Virginia, Illinois, Wyoming and Colorado. All subsidiaries are wholly-owned. Intercompany transactions and accounts have been eliminated in consolidation. | |
The Company completed the sale of Canyon Fuel Company, LLC (Canyon Fuel) on August 16, 2013. The results of these mining complexes have been segregated from continuing operations and are reflected, net of tax, as discontinued operations in the consolidated statements of operations for all periods presented. See further discussion in Note 3, "Divestitures". | |
In response to weak coal markets, the Company has idled or closed mines in the Appalachia region and sold other non-core operating subsidiaries and assets. The results from these operations and gains or losses on the disposal are reflected in income from continuing operations in the consolidated statements of operations. See further discussion in Note 5, "Impairment Charges and Mine Closure Costs". | |
Accounting Pronouncements | Accounting Pronouncements |
There are no accounting pronouncements whose adoption had, or is expected to have, a material impact on the Company's consolidated financial statements. | |
Accounting Estimates | Accounting Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses in the accompanying consolidated financial statements and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents are stated at cost. Cash equivalents consist of highly-liquid investments with an original maturity of three months or less when purchased. | |
Accounts Receivable | Accounts Receivable |
Accounts receivable are recorded at amounts that are expected to be collected, based on past collection history, the economic environment and specified risks identified in the receivables portfolio. | |
Inventories | Inventories |
Coal and supplies inventories are valued at the lower of average cost or market. Coal inventory costs include labor, supplies, equipment costs, transportation costs incurred prior to the transfer of title to customers and operating overhead. The costs of removing overburden, called stripping costs, incurred during the production phase of the mine are considered variable production costs and are included in the cost of the coal extracted during the period the stripping costs are incurred. | |
Investments and Membership Interests in Joint Ventures | Investments and Membership Interests in Joint Ventures |
Investments and membership interests in joint ventures are accounted for under the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the entity. The Company's share of the entity's income or loss is reflected in "Other operating income, net" in the consolidated statements of operations. Information about investment activity is provided in Note 9, " Equity Method Investments and Membership Interests in Joint Ventures". | |
Investments in debt securities and marketable equity securities that do not qualify for equity method accounting are classified as available-for-sale and are recorded at their fair values. Unrealized gains and losses on these investments are recorded in other comprehensive income or loss. A decline in the value of an investment that is considered other-than-temporary would be recognized in operating expenses. | |
Acquired Sales Contracts | Acquired Sales Contracts |
Coal supply agreements (sales contracts) acquired in a business combination are capitalized at their fair value and amortized over the tons of coal shipped during the term of the contract. The fair value of a sales contract is determined by discounting the cash flows attributable to the difference between the contract price and the prevailing forward prices for the tons under contract at the date of acquisition. See Note 10, "Acquired Sales Contracts" for further information related to the Company's acquired sales contracts. | |
Exploration Costs | Exploration Costs |
Costs to acquire permits for exploration activities are capitalized. Drilling and other costs related to locating coal deposits and evaluating the economic viability of such deposits are expensed as incurred. | |
Prepaid Royalties | Prepaid Royalties |
Leased mineral rights are often acquired through royalty payments. When royalty payments represent prepayments recoupable against royalties owed on future revenues from the underlying coal, they are recorded as a prepaid asset, with amounts expected to be recouped within one year classified as current. When coal from these leases is sold, the royalties owed are recouped against the prepayment and charged to cost of sales. An impairment charge is recognized for prepaid royalties that are not expected to be recouped. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Plant and Equipment | |
Plant and equipment are recorded at cost. Interest costs incurred during the construction period for major asset additions are capitalized. We capitalized $15.9 million and $15.6 million of interest costs during the years ended December 31, 2013 and 2012, respectively. Expenditures that extend the useful lives of existing plant and equipment or increase the productivity of the asset are capitalized. The cost of maintenance and repairs that do not extend the useful life or increase the productivity of the asset is expensed as incurred. | |
Preparation plants and loadouts are depreciated using the units-of-production method over the estimated recoverable reserves, subject to a minimum level of depreciation. Other plant and equipment are depreciated principally using the straight-line method over the estimated useful lives of the assets, limited by the remaining life of the mine. The useful lives of mining equipment, including longwalls, draglines and shovels, range from 5 to 32 years. The useful lives of buildings and leasehold improvements generally range from 10 to 30 years. | |
Deferred Mine Development | |
Costs of developing new mines or significantly expanding the capacity of existing mines are capitalized and amortized using the units-of-production method over the estimated recoverable reserves that are associated with the property being benefited. Costs may include construction permits and licenses; mine design; construction of access roads, shafts, slopes and main entries; and removing overburden to access reserves in a new pit. Additionally, deferred mine development includes the asset cost associated with asset retirement obligations. | |
Coal Lands and Mineral Rights | |
Rights to coal reserves may be acquired directly through governmental or private entities. A significant portion of the Company's coal reserves are controlled through leasing arrangements. Lease agreements are generally long-term in nature (original terms range from 10 to 50 years), and substantially all of the leases contain provisions that allow for automatic extension of the lease term providing certain requirements are met. | |
The net book value of the Company's coal interests was $4.7 billion and $4.8 billion at December 31, 2014 and 2013, respectively. Payments to acquire royalty lease agreements and lease bonus payments are capitalized as a cost of the underlying mineral reserves and depleted over the life of proven and probable reserves. Coal lease rights are depleted using the units-of-production method, and the rights are assumed to have no residual value. | |
Future lease bonus payments total $75.4 million in 2015 and $60.0 million in 2016. | |
Depreciation, depletion and amortization. | |
The depreciation, depletion and amortization related to long-lived assets is reflected in the statement of operations as a separate line item. No depreciation, depletion or amortization is included in any other operating cost categories. | |
Impairment | |
If facts and circumstances suggest that the carrying value of a long-lived asset or asset group may not be recoverable, the asset or asset group is reviewed for potential impairment. If this review indicates that the carrying amount of the asset will not be recoverable through projected undiscounted cash flows generated by the asset and its related asset group over its remaining life, then an impairment loss is recognized by reducing the carrying value of the asset to its fair value. The Company may, under certain circumstances, idle mining operations in response to market conditions or other factors. Because an idling is not a permanent closure, it is not considered an automatic indicator of impairment. See additional discussion in Note 5, "Impairment Charges and Mine Closure Costs". | |
Goodwill | Goodwill |
In a business combination, goodwill represents the excess of the purchase price over the fair value assigned to the net tangible and identifiable intangible assets acquired. The Company tests goodwill for impairment annually as of the beginning of the fourth quarter, or when circumstances indicate a possible impairment may exist. If the results of the testing indicate that the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the fair value of goodwill must be calculated. An impairment loss generally would be recognized when the carrying amount of goodwill exceeds the implied fair value of goodwill, determined by subtracting the fair value of the other assets and liabilities associated with the reporting unit from the total fair value of the reporting unit. The fair value of a reporting unit is determined using a discounted cash flow ("DCF") technique. A number of significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including the discount rate, projections of production volumes, quality and costs to produce; projections of sales volumes by market (e.g., thermal versus metallurgical); and projections of market prices. See additional discussion in Note 6, "Goodwill." | |
Deferred Financing Costs | Deferred Financing Costs |
The Company capitalizes costs incurred in connection with new borrowings, the establishment or enhancement of credit facilities and the issuance of debt securities. These costs are amortized as an adjustment to interest expense over the life of the borrowing or term of the credit facility using the interest method. The unamortized balance of deferred financing costs was $89.1 million and $99.2 million at December 31, 2014 and 2013, respectively. Amounts classified as current were $25.5 million and $19.7 million at December 31, 2014 and 2013, respectively. Current amounts are recorded in "Other current assets" and noncurrent amounts are recorded in "Other noncurrent assets" in the accompanying consolidated balance sheets. | |
Revenue Recognition | Revenue Recognition |
Revenues include sales to customers of coal produced at Company operations and coal purchased from third parties. The Company recognizes revenue at the time risk of loss passes to the customer at contracted amounts. Transportation costs are included in cost of sales and amounts billed by the Company to its customers for transportation are included in revenues. | |
Other Operating Income and Expenses | Other Operating Income and Expenses |
Other operating income, net in the accompanying consolidated statements of operations reflects income and expense from sources other than physical coal sales, including: bookouts, or the practice of offsetting purchase and sale contracts for shipping convenience purposes; contract settlements; liquidated damage charges related to unused terminal and port capacity; royalties earned from properties leased to third parties; income from equity investments (Note 9); gains and losses from divestitures and dispositions of assets (Note 3 ); and realized gains and losses on derivatives that do not qualify for hedge accounting and are not held for trading purposes (Note 11). | |
Asset Retirement Obligations | Asset Retirement Obligations |
The Company's legal obligations associated with the retirement of long-lived assets are recognized at fair value at the time the obligations are incurred. Accretion expense is recognized through the expected settlement date of the obligation. Obligations are incurred at the time development of a mine commences for underground and surface mines or construction begins for support facilities, refuse areas and slurry ponds. The obligation's fair value is determined using a discounted cash flow technique and is based upon permit requirements and various estimates and assumptions that would be used by market participants, including estimates of disturbed acreage, reclamation costs and assumptions regarding equipment productivity. Upon initial recognition of a liability, a corresponding amount is capitalized as part of the carrying value of the related long-lived asset. | |
The Company reviews its asset retirement obligation at least annually and makes necessary adjustments for permit changes as granted by state authorities and for revisions of estimates of the amount and timing of costs. For ongoing operations, adjustments to the liability result in an adjustment to the corresponding asset. For idle operations, adjustments to the liability are recognized as income or expense in the period the adjustment is recorded. Any difference between the recorded obligation and the actual cost of reclamation is recorded in profit or loss in the period the obligation is settled. See additional discussion in Note 15, "Asset Retirement Obligations." | |
Derivative Instruments | Derivative Instruments |
The Company generally utilizes derivative instruments to manage exposures to commodity prices. Additionally, the Company may hold certain coal derivative instruments for trading purposes. Derivative financial instruments are recognized in the balance sheet at fair value. Certain coal contracts may meet the definition of a derivative instrument, but because they provide for the physical purchase or sale of coal in quantities expected to be used or sold by the Company over a reasonable period in the normal course of business, they are not recognized on the balance sheet. | |
Certain derivative instruments are designated as the hedge instrument in a hedging relationship. In a fair value hedge, the Company hedges the risk of changes in the fair value of a firm commitment, typically a fixed-price coal sales contract. Changes in both the hedged firm commitment and the fair value of a derivative used as a hedge instrument in a fair value hedge are recorded in earnings. In a cash flow hedge, the Company hedges the risk of changes in future cash flows related to a forecasted purchase or sale. Changes in the fair value of the derivative instrument used as a hedge instrument in a cash flow hedge are recorded in other comprehensive income or loss. Amounts in other comprehensive income or loss are reclassified to earnings when the hedged transaction affects earnings and are classified in a manner consistent with the transaction being hedged. The Company formally documents the relationships between hedging instruments and the respective hedged items, as well as its risk management objectives for hedge transactions. | |
The Company evaluates the effectiveness of its hedging relationships both at the hedge's inception and on an ongoing basis. Any ineffective portion of the change in fair value of a derivative instrument used as a hedge instrument in a fair value or cash flow hedge is recognized immediately in earnings. The ineffective portion is based on the extent to which exact offset is not achieved between the change in fair value of the hedge instrument and the cumulative change in expected future cash flows on the hedged transaction from inception of the hedge in a cash flow hedge or the change in the fair value. Ineffectiveness was insignificant for the years ended December 31, 2014, 2013 and 2012 | |
See Note 11, "Derivatives" for further disclosures related to the Company's derivative instruments. | |
Fair Value | Fair Value |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly hypothetical transaction between market participants at a given measurement date. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs. See Note 16, "Fair Values Measurements" for further disclosures related to the Company's recurring fair value estimates. | |
Income Taxes | Income Taxes |
Deferred income taxes are provided for temporary differences arising from differences between the financial statement and tax basis of assets and liabilities existing at each balance sheet date using enacted tax rates anticipated to be in effect when the related taxes are expected to be paid or recovered. A valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. Management reassesses the ability to realize its deferred tax assets annually in the fourth quarter or when circumstances indicate that the ability to realize deferred tax assets has changed. In determining the need for a valuation allowance, the Company considers projected realization of tax benefits based on expected levels of future taxable income, available tax planning strategies and the reversal of temporary differences. | |
Benefits from tax positions that are uncertain are not recognized unless the Company concludes that it is more likely than not that the position would be sustained in a dispute with taxing authorities, should the dispute be taken to the court of last resort. The Company would measure any such benefit at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement with taxing authorities. | |
See Note 14, "Taxes" for further disclosures about income taxes. | |
Benefit Plans | Benefit Plans |
The Company has non-contributory defined benefit pension plans covering most of its salaried and hourly employees. Benefits are generally based on the employee's age and compensation. The Company also currently provides certain postretirement medical and life insurance coverage for eligible employees. The cost of providing these benefits are determined on an actuarial basis and accrued over the employee's period of active service. | |
The Company recognizes the overfunded or underfunded status of these plans as determined on an actuarial basis on the balance sheet and the changes in the funded status are recognized in other comprehensive income. See Note 20, "Employee Benefit Plans" for additional disclosures relating to these obligations. | |
Stock-Based Compensation | Stock-Based Compensation |
The compensation cost of all stock-based awards is determined based on the grant-date fair value of the award, and is recognized over the requisite service period. The grant-date fair value of option awards is determined using a Black-Scholes option pricing model. Compensation cost for an award with performance conditions is accrued if it is probable that the conditions will be met. See further discussion in Note 18, "Stock-Based Compensation and Other Incentive Plans ." | |
Accounting Standards Issued | Accounting Standards Issued |
In May 2014, the FASB issued comprehensive authoritative guidance for the recognition and presentation of revenue from contracts with customers. The revenue recognition model is based on changes in contract assets (right to receive consideration) and liabilities (obligations to provide a good or perform a service). The guidance also requires comprehensive quantitative and qualitative disclosures intended to enable financial statement users to understand the nature, timing and uncertainty of revenue and the related cash flows. This guidance will be effective for the Company in the first quarter of 2017, with early adoption not permitted. The Company is currently assessing the impact the guidance will have upon adoption, but expects no significant changes to its existing revenue recognition policies. | |
In August 2014, the FASB issued guidance requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and requires disclosures to describe the principal conditions or events that raise substantial doubt and management's evaluation and plans to alleviate such doubt. If the doubt is not alleviated by management's plans, the notes to the financial statements must include a statement that the doubt exists. This requirement is effective for annual and interim periods starting with the period ending December 31, 2016. |
Divestitures_Tables
Divestitures (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table summarizes the assets and liabilities of these divested operations reflected in the December 31, 2013 consolidated balance sheet (in thousands): | |||||||||
Inventories | $ | 33,730 | ||||||||
Other current assets | 2,060 | |||||||||
Net property, plant & equipment | 35,560 | |||||||||
Other noncurrent assets | 190 | |||||||||
Accounts payable and accrued expenses | 10,599 | |||||||||
Other noncurrent liabilities | 38,340 | |||||||||
As part of a strategy to divest non-core thermal coal assets, the Company entered into a definitive agreement on June 27, 2013 to sell Canyon Fuel, to Bowie Resources, LLC. Canyon Fuel operated two longwall mining complexes and a continuous miner operation in Utah. The sale was completed on August 16, 2013, for $422.7 million in cash, including adjustments to the purchase price to finalize working capital. | ||||||||||
The following table summarizes the results of discontinued operations through the date of disposition: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Total Revenues | $ | 219,002 | $ | 390,912 | ||||||
Income from discontinued operations before income taxes | $ | 32,167 | $ | 75,418 | ||||||
Gain on sale | 120,321 | — | ||||||||
Less: income tax expense | 49,092 | 20,190 | ||||||||
Income from discontinued operations, including gain on sale - net of tax | $ | 103,396 | $ | 55,228 | ||||||
Basic earnings per common share from discontinued operations | $ | 0.49 | $ | 0.26 | ||||||
Diluted earnings per common share from discontinued operations | $ | 0.49 | $ | 0.26 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following items are included in accumulated other comprehensive income (loss): | ||||||||||||||||
Pension, | |||||||||||||||||
Postretirement | Accumulated | ||||||||||||||||
and Other Post- | Other | ||||||||||||||||
Derivative | Employment | Available-for- | Comprehensive | ||||||||||||||
Instruments | Benefits | Sale Securities | Income (Loss) | ||||||||||||||
(In thousands) | |||||||||||||||||
Balance at | January 1, 2013 | $ | 2,244 | $ | (18,286 | ) | $ | (465 | ) | $ | (16,507 | ) | |||||
Unrealized gains | 168 | 48,482 | 5,935 | 54,585 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,847 | ) | 916 | 545 | (386 | ) | |||||||||||
Balance at | December 31, 2013 | 565 | 31,112 | 6,015 | 37,692 | ||||||||||||
Unrealized gains (losses) | 3,677 | (22,516 | ) | (5,727 | ) | (24,566 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,692 | ) | (5,736 | ) | (2,457 | ) | (9,885 | ) | |||||||||
Balance at | December 31, 2014 | $ | 2,550 | $ | 2,860 | $ | (2,169 | ) | $ | 3,241 | |||||||
Schedule of comprehensive income reclassifications | The following amounts were reclassified out of accumulated other comprehensive income (loss) during the years ended December 31, 2014 and 2013, respectively: | ||||||||||||||||
Details about accumulated | Reclassifications | Line Item in the | |||||||||||||||
other comprehensive income components | Consolidated Statement of Operations | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Derivative instruments | $ | 2,643 | $ | 2,886 | Revenues | ||||||||||||
(951 | ) | (1,039 | ) | Provision for (benefit from) income taxes | |||||||||||||
$ | 1,692 | $ | 1,847 | Net of tax | |||||||||||||
Pension, postretirement and other post-employment benefits | |||||||||||||||||
Amortization of prior service credits | $ | 11,760 | 1 | $ | 13,705 | ||||||||||||
Amortization of net actuarial gains (losses) | (2,797 | ) | 1 | (15,136 | ) | ||||||||||||
8,963 | (1,431 | ) | Total before tax | ||||||||||||||
(3,227 | ) | 515 | Provision for (benefit from) income taxes | ||||||||||||||
$ | 5,736 | $ | (916 | ) | Net of tax | ||||||||||||
Available-for-sale securities | $ | 3,838 | 2 | $ | (852 | ) | Interest and investment income | ||||||||||
(1,381 | ) | 307 | Provision for (benefit from) income taxes | ||||||||||||||
$ | 2,457 | $ | (545 | ) | Net of tax | ||||||||||||
1 Production-related benefits and workers' compensation costs are included in costs to produce coal. | |||||||||||||||||
2 The gains and losses on sales of available-for-sale-securities are determined on a specific identification basis. |
Impairment_Charges_and_Mine_Cl1
Impairment Charges and Mine Closure Costs (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Impairment Charges and Mine Closure Costs [Abstract] | ||||
Restructuring and Related Costs | In 2012, the closure and idling of mines in Appalachia discussed in Note 1, "Basis of Presentation" resulted in closure costs and related impairment charges as follow: | |||
In millions | ||||
Parts and supplies inventory writedown | $ | 2.6 | ||
Impairment of property, plant and equipment | 95.6 | |||
Impairment of coal properties and deferred development costs | 403.3 | |||
Royalty obligations | 11.5 | |||
Employee termination benefits | 12.3 | |||
Pension, postretirement and occupational disease curtailment gain, net | (1.8 | ) | ||
$ | 523.5 | |||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Schedule of Goodwill | Changes in the carrying value of goodwill for the three years ended December 31, 2014 are as follows: | ||||
(In thousands) | |||||
Balance at January 1, 2012 | $ | 596,103 | |||
Impairment | (330,680 | ) | |||
Balance at December 31, 2012 | 265,423 | ||||
Impairment | (265,423 | ) | |||
Balance at December 31, 2013 | $ | — | |||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories consist of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Coal | $ | 71,901 | $ | 117,531 | |||||
Repair parts and supplies | 118,352 | 137,497 | |||||||
Work-in-process | — | 9,133 | |||||||
$ | 190,253 | $ | 264,161 | ||||||
Investments_in_AvailableforSal1
Investments in Available-for-Sale Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Available-for-sale Securities | The Company's investments in available-for-sale marketable securities are as follows: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Classification | ||||||||||||||||||||||
Unrealized | Unrealized | Fair | Short-Term | Other | ||||||||||||||||||||
Cost Basis | Gains | Losses | Value | Investments | Assets | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Corporate notes and bonds | $ | 253,590 | $ | — | $ | (4,636 | ) | $ | 248,954 | $ | 248,954 | $ | — | |||||||||||
Equity securities | 3,910 | 4,125 | (2,890 | ) | 5,145 | — | 5,145 | |||||||||||||||||
Total Investments | $ | 257,500 | $ | 4,125 | $ | (7,526 | ) | $ | 254,099 | $ | 248,954 | $ | 5,145 | |||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
Gross | Gross | Classification | ||||||||||||||||||||||
Unrealized | Unrealized | Fair | Short-Term | Other | ||||||||||||||||||||
Cost Basis | Gains | Losses | Value | Investments | Assets | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
U.S. government and agency securities | $ | 65,002 | $ | 11 | $ | (75 | ) | $ | 64,938 | $ | 64,938 | $ | — | |||||||||||
Corporate notes and bonds | 184,773 | 7 | (1,304 | ) | 183,476 | 183,476 | — | |||||||||||||||||
Equity securities | 5,271 | 13,660 | (2,902 | ) | 16,029 | — | 16,029 | |||||||||||||||||
Total Investments | $ | 255,046 | $ | 13,678 | $ | (4,281 | ) | $ | 264,443 | $ | 248,414 | $ | 16,029 | |||||||||||
Equity_Method_Investments_and_1
Equity Method Investments and Membership Interests in Joint Ventures (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule Of Equity Method Investments | Below are the equity method investments reflected in the consolidated balance sheets: | |||||||||||||||||||||||||||||||||
Investee | Knight Hawk | DTA | Millennium | Tongue River | DKRW | Tenaska | Other | Total | ||||||||||||||||||||||||||
Balance at | January 1, 2012 | $ | 135,225 | $ | 16,086 | $ | 26,324 | $ | 12,989 | $ | 19,715 | $ | 15,266 | $ | — | $ | 225,605 | |||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Advances to (distributions from) affiliates, net | (7,151 | ) | 4,335 | 8,798 | 1,708 | — | — | — | 7,690 | |||||||||||||||||||||||||
Equity in comprehensive income (loss) | 20,989 | (4,959 | ) | (2,908 | ) | — | (4,200 | ) | (2 | ) | — | 8,920 | ||||||||||||||||||||||
Balance at | December 31, 2012 | 149,063 | 15,462 | 32,214 | 14,697 | 15,515 | 15,264 | — | 242,215 | |||||||||||||||||||||||||
Advances to (distributions from) affiliates, net | (13,536 | ) | 3,644 | 6,476 | 4,004 | — | — | 200 | 788 | |||||||||||||||||||||||||
Equity in comprehensive income (loss) | 17,279 | (4,969 | ) | (2,796 | ) | (282 | ) | (1,832 | ) | — | — | 7,400 | ||||||||||||||||||||||
Impairment of equity investment | — | — | — | — | (13,683 | ) | (15,264 | ) | — | (28,947 | ) | |||||||||||||||||||||||
Balance at | December 31, 2013 | 152,806 | 14,137 | 35,894 | 18,419 | — | — | 200 | 221,456 | |||||||||||||||||||||||||
Advances to (distributions from) affiliates, net | (12,603 | ) | 3,774 | 6,742 | 2,541 | — | — | 3,600 | 4,054 | |||||||||||||||||||||||||
Equity in comprehensive income (loss) | 18,274 | (4,173 | ) | (2,413 | ) | (220 | ) | — | — | (1,136 | ) | 10,332 | ||||||||||||||||||||||
Balance at | December 31, 2014 | $ | 158,477 | $ | 13,738 | $ | 40,223 | $ | 20,740 | $ | — | $ | — | $ | 2,664 | $ | 235,842 | |||||||||||||||||
Acquired_Sales_Contracts_Table
Acquired Sales Contracts (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Acquired Sales Contracts [Abstract] | ||||||||||||||||||||||||
Schedule Of Acquired Sales Contracts | The acquired sales contracts reflected in the consolidated balance sheets are as follows: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Assets | Liabilities | Net Total | Assets | Liabilities | Net Total | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Acquired fair value | $ | 131,299 | $ | 166,697 | $ | 131,819 | $ | 166,697 | ||||||||||||||||
Accumulated amortization | (130,363 | ) | (134,988 | ) | (129,449 | ) | (120,367 | ) | ||||||||||||||||
Total | $ | 936 | $ | 31,709 | $ | (30,773 | ) | $ | 2,370 | $ | 46,330 | $ | (43,960 | ) | ||||||||||
Balance Sheet classification: | ||||||||||||||||||||||||
Other current | $ | 462 | $ | 12,453 | $ | 1,324 | $ | 14,373 | ||||||||||||||||
Other noncurrent | $ | 474 | $ | 19,256 | $ | 1,046 | $ | 31,957 | ||||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule of Price Risk Derivatives | At December 31, 2014, the Company held derivatives for risk management purposes that are expected to settle in the following years: | |||||||||||||||||||||||||||
(Tons in thousands) | 2015 | 2016 | Total | |||||||||||||||||||||||||
Coal sales | 4,522 | 280 | 4,802 | |||||||||||||||||||||||||
Coal purchases | 2,134 | — | 2,134 | |||||||||||||||||||||||||
Disclosure Of Fair Value Of Derivatives | The fair value and location of derivatives reflected in the accompanying consolidated balance sheets are as follows: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Fair Value of Derivatives | Asset | Liability | Asset | Liability | ||||||||||||||||||||||||
(In thousands) | Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Coal | $ | 6,535 | $ | (2,492 | ) | $ | 909 | $ | (26 | ) | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Heating oil -- diesel purchases | 300 | — | 4,681 | — | ||||||||||||||||||||||||
Heating oil -- fuel surcharges | — | — | 422 | — | ||||||||||||||||||||||||
Coal held for trading purposes, exchange traded swaps and futures | 96,898 | (93,272 | ) | 55,327 | (45,763 | ) | ||||||||||||||||||||||
Coal -- risk management | 8,510 | (3,688 | ) | 6,342 | (1,950 | ) | ||||||||||||||||||||||
Total | 105,708 | (96,960 | ) | 66,772 | (47,713 | ) | ||||||||||||||||||||||
Total derivatives | 112,243 | (99,452 | ) | 67,681 | (47,739 | ) | ||||||||||||||||||||||
Effect of counterparty netting | (98,686 | ) | 98,686 | (47,727 | ) | 47,727 | ||||||||||||||||||||||
Net derivatives as classified in the balance sheets | $ | 13,557 | $ | (766 | ) | $ | 12,791 | $ | 19,954 | $ | (12 | ) | $ | 19,942 | ||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Net derivatives as reflected on the balance sheets | ||||||||||||||||||||||||||||
Heating oil | Other current assets | $ | 300 | $ | 5,103 | |||||||||||||||||||||||
Coal | Coal derivative assets | 13,257 | 14,851 | |||||||||||||||||||||||||
Accrued expenses and other current liabilities | (766 | ) | (12 | ) | ||||||||||||||||||||||||
$ | 12,791 | $ | 19,942 | |||||||||||||||||||||||||
Effects Of Derivatives On Measures Of Financial Performance | The effects of derivatives on measures of financial performance are as follows: | |||||||||||||||||||||||||||
Derivatives used in Cash Flow Hedging Relationships (in thousands) | ||||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion) | Gains (Losses) Reclassified from Other Comprehensive Income into Income | |||||||||||||||||||||||||||
(Effective Portion) | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Coal sales | (1) | $ | 10,842 | $ | (338 | ) | 7,690 | $ | 5,336 | $ | 3,664 | $ | 2,675 | |||||||||||||||
Coal purchases | (2) | (5,097 | ) | 526 | (2,440 | ) | (2,693 | ) | (683 | ) | — | |||||||||||||||||
$ | 5,745 | $ | 188 | $ | 5,250 | $ | 2,643 | $ | 2,981 | $ | 2,675 | |||||||||||||||||
No ineffectiveness or amounts excluded from effectiveness testing relating to the Company’s cash flow hedging relationships were recognized in the results of operations in the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | ||||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||||
Gain (Loss) Recognized | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Coal — unrealized | (3) | $ | 430 | $ | (12,700 | ) | $ | 8,272 | ||||||||||||||||||||
Coal — realized | (4) | $ | 5,956 | $ | 32,534 | $ | 43,990 | |||||||||||||||||||||
Heating oil — diesel purchases | (4) | $ | (7,848 | ) | $ | (9,791 | ) | $ | (22,281 | ) | ||||||||||||||||||
Heating oil — fuel surcharges | (4) | $ | (405 | ) | $ | (947 | ) | $ | (2,209 | ) | ||||||||||||||||||
Location in statement of operations: | ||||||||||||||||||||||||||||
(1) — Revenues | ||||||||||||||||||||||||||||
(2) — Cost of sales | ||||||||||||||||||||||||||||
(3) — Change in fair value of coal derivatives and coal trading activities, net | ||||||||||||||||||||||||||||
(4) — Other operating income, net |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | |||||||||
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consist of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Payroll and employee benefits | $ | 73,362 | $ | 67,621 | |||||
Taxes other than income taxes | 114,598 | 114,664 | |||||||
Interest | 30,384 | 18,528 | |||||||
Acquired sales contracts | 12,453 | 14,373 | |||||||
Workers’ compensation | 16,714 | 12,434 | |||||||
Asset retirement obligations | 19,222 | 24,940 | |||||||
Other | 35,663 | 26,027 | |||||||
$ | 302,396 | $ | 278,587 | ||||||
Debt_and_Financing_Arrangement1
Debt and Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Term loan due 2018 ($1.9 billion and $1.93 billion face value, respectively) | $ | 1,890,846 | $ | 1,906,975 | |||||
7.00% senior notes due 2019 at par | 1,000,000 | 1,000,000 | |||||||
8.00% senior secured notes due 2019 at par | 350,000 | 350,000 | |||||||
9.875% senior notes ($375.0 million face value) due 2019 | 363,493 | 362,358 | |||||||
7.25% senior notes due 2020 at par | 500,000 | 500,000 | |||||||
7.25% senior notes due 2021 at par | 1,000,000 | 1,000,000 | |||||||
Other | 56,031 | 32,162 | |||||||
5,160,370 | 5,151,495 | ||||||||
Less current maturities of debt | 36,885 | 33,493 | |||||||
Long-term debt | $ | 5,123,485 | $ | 5,118,002 | |||||
Schedule of Maturities of Long-term Debt | |||||||||
Year | |||||||||
2015 | $ | 36,915 | |||||||
2016 | 29,875 | ||||||||
2017 | 30,091 | ||||||||
2018 | 1,858,145 | ||||||||
2019 | 1,730,670 | ||||||||
Thereafter | 1,500,960 | ||||||||
$ | 5,186,656 | ||||||||
Taxes_Tables
Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Taxes [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for (benefit from) income taxes are as follows: | |||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | — | $ | (20,022 | ) | |||||
State | 25 | (647 | ) | 575 | ||||||||
Total current | 25 | (647 | ) | (19,447 | ) | |||||||
Deferred: | ||||||||||||
Federal | 18,535 | (318,956 | ) | (341,486 | ) | |||||||
State | 7,074 | (15,895 | ) | 7,026 | ||||||||
Total deferred | 25,609 | (334,851 | ) | (334,460 | ) | |||||||
$ | 25,634 | $ | (335,498 | ) | $ | (353,907 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax provision (benefit) at the statutory rate to the actual provision for (benefit from) income taxes follows: | |||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income tax provision (benefit) at statutory rate | $ | (186,452 | ) | $ | (378,463 | ) | $ | (382,581 | ) | |||
Percentage depletion allowance | (12,692 | ) | (15,796 | ) | (33,654 | ) | ||||||
Goodwill | — | 70,301 | 56,916 | |||||||||
State taxes, net of effect of federal taxes | (3,903 | ) | (25,265 | ) | (24,231 | ) | ||||||
Change in valuation allowance | 226,929 | 8,659 | 31,832 | |||||||||
Other, net | 1,752 | 5,066 | (2,189 | ) | ||||||||
$ | 25,634 | $ | (335,498 | ) | $ | (353,907 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities that result from carryforwards and temporary differences between the financial statement basis and tax basis of assets and liabilities are summarized as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 871,848 | $ | 660,916 | ||||||||
Alternative minimum tax credit carryforwards | 127,169 | 126,755 | ||||||||||
Reclamation and mine closure | 114,430 | 113,843 | ||||||||||
Goodwill | 50,072 | 52,636 | ||||||||||
Workers' compensation | 38,924 | 31,641 | ||||||||||
Share based compensation | 30,283 | 28,494 | ||||||||||
Acquired sales contracts | 26,833 | 33,392 | ||||||||||
Retiree benefit plans | 22,913 | 20,527 | ||||||||||
Contract obligations | 15,693 | 19,327 | ||||||||||
Other, primarily accrued liabilities | 64,503 | 68,969 | ||||||||||
Gross deferred tax assets | 1,362,668 | 1,156,500 | ||||||||||
Valuation allowance | (270,251 | ) | (43,322 | ) | ||||||||
Total deferred tax assets | 1,092,417 | 1,113,178 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Plant and equipment | 1,354,396 | 1,364,382 | ||||||||||
Deferred development | 95,129 | 91,126 | ||||||||||
Investment in tax partnerships | 7,377 | 8,170 | ||||||||||
Other | 5,533 | 13,902 | ||||||||||
Total deferred tax liabilities | 1,462,435 | 1,477,580 | ||||||||||
Net deferred liability | 370,018 | 364,402 | ||||||||||
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits follows: | |||||||||||
(In thousands) | ||||||||||||
Balance at | January 1, 2012 | $ | 8,798 | |||||||||
Additions based on tax positions related to the current year | 409 | |||||||||||
Additions for tax positions of prior years | 21,943 | |||||||||||
Balance at | December 31, 2012 | 31,150 | ||||||||||
Additions based on tax positions related to the current year | 1,199 | |||||||||||
Additions for tax positions of prior years | 688 | |||||||||||
Reductions as a result of lapses in the statute of limitations | (1,248 | ) | ||||||||||
Balance at | December 31, 2013 | 31,789 | ||||||||||
Additions for tax positions of the current year | 2,920 | |||||||||||
Balance at | December 31, 2014 | $ | 34,709 | |||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Schedule of Change in Asset Retirement Obligation | The following table describes the changes to the Company's asset retirement obligation liability: | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at January 1 (including current portion) | $ | 427,653 | $ | 448,625 | ||||
Accretion expense | 32,909 | 35,727 | ||||||
Obligations of divested operations | (30,684 | ) | (8,440 | ) | ||||
Adjustments to the liability from changes in estimates | 627 | (26,578 | ) | |||||
Liabilities settled | (12,387 | ) | (21,681 | ) | ||||
Balance at December 31 | $ | 418,118 | $ | 427,653 | ||||
Current portion included in accrued expenses | (19,222 | ) | (24,940 | ) | ||||
Noncurrent liability | $ | 398,896 | $ | 402,713 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary Of Financial Assets And Liabilities Accounted For At Fair Value | The table below sets forth, by level, the Company’s financial assets and liabilities that are recorded at fair value in the accompanying consolidated balance sheet: | ||||||||||||||||
Fair Value at | December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments in marketable securities | $ | 254,099 | $ | 5,145 | $ | 248,954 | $ | — | |||||||||
Derivatives | 13,557 | 9,026 | 1,491 | 3,040 | |||||||||||||
Total assets | $ | 267,656 | $ | 14,171 | $ | 250,445 | $ | 3,040 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 766 | $ | — | $ | 766 | $ | — | |||||||||
Fair Value at | December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments in marketable securities | $ | 264,443 | $ | 77,967 | $ | 186,476 | $ | — | |||||||||
Derivatives | 19,954 | 14,847 | — | 5,107 | |||||||||||||
Total assets | $ | 284,397 | $ | 92,814 | $ | 186,476 | $ | 5,107 | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 12 | $ | — | $ | (149 | ) | $ | 161 | ||||||||
Summary Of Change In The Fair Values Of Financial Instruments Categorized As Level 3 | The following table summarizes the change in the fair values of financial instruments categorized as level 3. | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance, beginning of period | $ | 4,946 | $ | 8,174 | |||||||||||||
Realized and unrealized losses recognized in earnings, net | (6,572 | ) | (10,253 | ) | |||||||||||||
Purchases | 5,288 | 8,654 | |||||||||||||||
Issuances | (622 | ) | (25 | ) | |||||||||||||
Settlements | — | (1,604 | ) | ||||||||||||||
Ending balance | $ | 3,040 | $ | 4,946 | |||||||||||||
StockBased_Compensation_and_Ot1
Stock-Based Compensation and Other Incentive Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Information regarding stock option activity under the Incentive Plan follows for the year ended December 31, 2014: | |||||||||||||
Weighted Average | Aggregate | Average | ||||||||||||
Common | Exercise | Intrinsic | Remaining | |||||||||||
Shares | Price | Value | Life | |||||||||||
(In thousands) | (years) | |||||||||||||
Options outstanding at January 1 | 6,939 | $ | 19.86 | |||||||||||
Canceled | (88 | ) | $ | 17.61 | ||||||||||
Expired | (29 | ) | $ | 29.84 | ||||||||||
Options outstanding at December 31 | 6,822 | $ | 19.84 | $ | — | 5.68 | ||||||||
Options exercisable at December 31 | 5,123 | $ | 24.01 | — | 5.01 | |||||||||
Unvested options at December 31 | 1,699 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Weighted average assumptions used in the Black-Scholes option pricing model for granted options follow: | |||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average grant-date fair value per share of options granted | $ | 2.37 | $ | 5.27 | ||||||||||
Assumptions (weighted average): | ||||||||||||||
Risk-free interest rate | 0.65% | 0.76% | ||||||||||||
Expected dividend yield | 2.30% | 2.92% | ||||||||||||
Expected volatility | 66.70% | 60.70% | ||||||||||||
Expected life (in years) | 4.5 | 4.5 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Information regarding restricted stock and restricted stock unit activity and weighted average grant-date fair value follows for the year ended December 31, 2014: | |||||||||||||
Restricted Stock | Restricted Stock Units | |||||||||||||
Weighted Average | Weighted Average | |||||||||||||
Common | Grant-Date | Common | Grant-Date | |||||||||||
Shares | Fair Value | Shares | Fair Value | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Outstanding at January 1 | 143 | $ | 27.52 | 1,373 | $ | 7.95 | ||||||||
Granted | — | — | 1,521 | 4.51 | ||||||||||
Vested | (120 | ) | 30.08 | — | — | |||||||||
Canceled | (1 | ) | 32.49 | (70 | ) | 6.34 | ||||||||
Outstanding at December 31 | 22 | 13.44 | 2,824 | 6.14 | ||||||||||
Workers_Compensation_Expense_T
Workers' Compensation Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Workers' Compensation Expense [Abstract] | |||||||||||||
Workers' compensation liabilities | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Occupational disease costs | $ | 72,749 | $ | 55,228 | |||||||||
Traumatic and other workers' compensation claims | 38,256 | 35,268 | |||||||||||
Total obligations | 111,005 | 90,496 | |||||||||||
Less amount included in accrued expenses | 16,714 | 12,434 | |||||||||||
Noncurrent obligations | $ | 94,291 | $ | 78,062 | |||||||||
Workers' Compensation Expense | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Total occupational disease | 4,432 | 6,137 | 6,962 | ||||||||||
Traumatic injury claims and assessments | 19,924 | 21,089 | 26,565 | ||||||||||
Total workers’ compensation expense | $ | 24,356 | $ | 27,226 | $ | 33,527 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ||||||||||||||||||||||||||||||||
Pension Benefit Costs | Summaries of the changes in the benefit obligations, plan assets and funded status of the plans are as follows: | |||||||||||||||||||||||||||||||
Other Postretirement | ||||||||||||||||||||||||||||||||
Pension Benefits | Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
CHANGE IN BENEFIT OBLIGATIONS | ||||||||||||||||||||||||||||||||
Benefit obligations at January 1 | $ | 355,468 | $ | 390,894 | $ | 42,531 | $ | 49,326 | ||||||||||||||||||||||||
Service cost | 21,478 | 27,065 | 1,649 | 2,027 | ||||||||||||||||||||||||||||
Interest cost | 17,070 | 16,207 | 1,841 | 1,739 | ||||||||||||||||||||||||||||
Plan amendments | (23 | ) | — | — | — | |||||||||||||||||||||||||||
Curtailments | (25,787 | ) | (3,027 | ) | — | (2,519 | ) | |||||||||||||||||||||||||
Benefits paid | (53,974 | ) | (41,562 | ) | (3,431 | ) | (3,276 | ) | ||||||||||||||||||||||||
Other-primarily actuarial loss (gain) | 39,504 | (34,109 | ) | (6,492 | ) | (4,766 | ) | |||||||||||||||||||||||||
Benefit obligations at December 31 | $ | 353,736 | $ | 355,468 | $ | 36,098 | $ | 42,531 | ||||||||||||||||||||||||
CHANGE IN PLAN ASSETS | ||||||||||||||||||||||||||||||||
Value of plan assets at January 1 | $ | 347,952 | $ | 322,874 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 36,130 | 52,247 | — | — | ||||||||||||||||||||||||||||
Employer contributions | 6,601 | 14,393 | 3,431 | 3,276 | ||||||||||||||||||||||||||||
Benefits paid | (53,974 | ) | (41,562 | ) | (3,431 | ) | (3,276 | ) | ||||||||||||||||||||||||
Value of plan assets at December 31 | $ | 336,709 | $ | 347,952 | $ | — | $ | — | ||||||||||||||||||||||||
Accrued benefit cost | $ | (17,027 | ) | $ | (7,516 | ) | $ | (36,098 | ) | $ | (42,531 | ) | ||||||||||||||||||||
ITEMS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC BENEFIT COST | ||||||||||||||||||||||||||||||||
Prior service credit (cost) | $ | — | $ | 1,732 | $ | 21,972 | $ | 31,925 | ||||||||||||||||||||||||
Accumulated gain (loss) | (11,332 | ) | 10,096 | 9,125 | 3,394 | |||||||||||||||||||||||||||
$ | (11,332 | ) | $ | 11,828 | $ | 31,097 | $ | 35,319 | ||||||||||||||||||||||||
BALANCE SHEET AMOUNTS | ||||||||||||||||||||||||||||||||
Current liability | $ | (767 | ) | $ | (405 | ) | $ | (3,430 | ) | $ | (3,276 | ) | ||||||||||||||||||||
Noncurrent liability | $ | (16,260 | ) | $ | (7,111 | ) | $ | (32,668 | ) | $ | (39,255 | ) | ||||||||||||||||||||
$ | (17,027 | ) | $ | (7,516 | ) | $ | (36,098 | ) | $ | (42,531 | ) | |||||||||||||||||||||
Other Postretirement Benefit Costs Table Text Block | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Service cost | $ | 21,478 | $ | 27,065 | $ | 27,466 | $ | 1,649 | $ | 2,027 | $ | 2,142 | ||||||||||||||||||||
Interest cost | 17,070 | 16,207 | 15,668 | 1,841 | 1,739 | 2,020 | ||||||||||||||||||||||||||
Curtailments | (25,368 | ) | 47 | 324 | — | (5,444 | ) | (4,049 | ) | |||||||||||||||||||||||
Settlements | 646 | — | — | — | — | — | ||||||||||||||||||||||||||
Expected return on plan assets | (23,756 | ) | (23,761 | ) | (22,030 | ) | — | — | — | |||||||||||||||||||||||
Amortization of prior service credits | (257 | ) | (204 | ) | 259 | (10,003 | ) | (10,621 | ) | (11,458 | ) | |||||||||||||||||||||
Amortization of other actuarial losses | 3,128 | 14,616 | 14,666 | (761 | ) | (252 | ) | (522 | ) | |||||||||||||||||||||||
Net benefit cost (credit) | $ | (7,059 | ) | $ | 33,970 | $ | 36,353 | $ | (7,274 | ) | $ | (12,551 | ) | $ | (11,867 | ) | ||||||||||||||||
Schedule of Assumptions Used | Assumptions. The following table provides the weighted average assumptions used to determine the actuarial present value of projected benefit obligations at December 31 of the respective years. | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.15% | 5.08% | 3.91% | 4.58% | ||||||||||||||||||||||||||||
Rate of compensation increase | N/A | 3.39% | N/A | N/A | ||||||||||||||||||||||||||||
The following table provides the weighted average assumptions used to determine net periodic benefit cost for the respective years ended December 31. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 5.08/ | 4.23/ | 4.14% | 4.13 | / | 5.05% | 4.91% | 4.58% | 3.64/ | 4.58% | 4.52% | |||||||||||||||||||||
Rate of compensation increase | 3.39% | 3.39% | 3.39% | N/A | N/A | N/A | ||||||||||||||||||||||||||
Expected return on plan assets | 7.75% | 7.75% | 7.75% | N/A | N/A | N/A | ||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The Company's pension plan assets at December 31, 2014 and 2013, respectively, are categorized below according to the fair value hierarchy as defined in Note 16, "Fair Value Measurements": | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Equity Securities:(A) | ||||||||||||||||||||||||||||||||
U.S. small-cap | $ | 16,512 | $ | 14,901 | $ | 16,512 | $ | 14,901 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
U.S. mid-cap | 46,481 | 62,271 | 17,301 | 28,654 | 29,180 | 33,617 | — | — | ||||||||||||||||||||||||
U.S. large-cap | 89,008 | 110,947 | 43,181 | 53,708 | 45,827 | 57,239 | — | — | ||||||||||||||||||||||||
Non-U.S. | 25,905 | 29,165 | — | — | 25,905 | 29,165 | — | — | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||
U.S. government securities(B) | 13,708 | 18,545 | 12,988 | 17,714 | 720 | 831 | — | — | ||||||||||||||||||||||||
Non-U.S. government securities(C) | 1,599 | 2,143 | — | — | 1,599 | 2,143 | — | — | ||||||||||||||||||||||||
U.S. government asset and mortgage backed securities(D) | 830 | 600 | — | — | 830 | 600 | — | — | ||||||||||||||||||||||||
Corporate fixed income(E) | 22,702 | 9,902 | — | — | 22,702 | 9,902 | — | — | ||||||||||||||||||||||||
State and local government securities(F) | 8,005 | 8,301 | — | — | 8,005 | 8,301 | — | — | ||||||||||||||||||||||||
Other fixed income(G) | 83,735 | 58,093 | — | — | 83,735 | 58,093 | — | — | ||||||||||||||||||||||||
Short-term investments(H) | 6,818 | 14,663 | — | — | 6,818 | 14,663 | — | — | ||||||||||||||||||||||||
Other investments(I) | 21,406 | 18,421 | — | — | 3,336 | 1,404 | 18,070 | 17,017 | ||||||||||||||||||||||||
Total | $ | 336,709 | $ | 347,952 | $ | 89,982 | $ | 114,977 | $ | 228,657 | $ | 215,958 | $ | 18,070 | $ | 17,017 | ||||||||||||||||
(A) Equity securities includes investments in 1) common stock, 2) preferred stock and 3) mutual funds. Investments in common and preferred stocks are valued using quoted market prices multiplied by the number of shares owned. Investments in mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges. | ||||||||||||||||||||||||||||||||
(B) U.S. government securities includes agency and treasury debt. These investments are valued using dealer quotes in an active market. | ||||||||||||||||||||||||||||||||
(C) Non-U.S. government securities includes debt securities issued by foreign governments and are valued utilizing a price spread basis valuation technique with observable sources from investment dealers and research vendors. | ||||||||||||||||||||||||||||||||
(D) U.S. government asset and mortgage backed securities includes government-backed mortgage funds which are valued utilizing an income approach that includes various valuation techniques and sources such as discounted cash flows models, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. | ||||||||||||||||||||||||||||||||
(E) Corporate fixed income is primarily comprised of corporate bonds and certain corporate asset-backed securities that are denominated in the U.S. dollar and are investment-grade securities. These investments are valued using dealer quotes. | ||||||||||||||||||||||||||||||||
(F) State and local government securities include different U.S. state and local municipal bonds and asset backed securities, these investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. | ||||||||||||||||||||||||||||||||
(G) Other fixed income investments are actively managed fixed income vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||||||
(H) Short-term investments include governmental agency funds, government repurchase agreements, commingled funds, and pooled funds and mutual funds. Governmental agency funds are valued utilizing an option adjusted spread valuation technique and sources such as interest rate generation processes, benchmark yields and broker quotes. Investments in governmental repurchase agreements, commingled funds and pooled funds and mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||||||
(I) Other investments includes cash, forward contracts, derivative instruments, credit default swaps, interest rate swaps and mutual funds. Investments in interest rate swaps are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer trades and/or other applicable data. Forward contracts and derivative instruments are valued at their exchange listed price or broker quote in an active market. The mutual funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date and are traded on listed exchanges. | ||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The following represents expected future benefit payments from the plan, which reflect expected future service, as appropriate: | |||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
2015 | $ | 17,737 | $ | 3,665 | ||||||||||||||||||||||||||||
2016 | 20,544 | 3,657 | ||||||||||||||||||||||||||||||
2017 | 22,503 | 3,551 | ||||||||||||||||||||||||||||||
2018 | 24,086 | 3,486 | ||||||||||||||||||||||||||||||
2019 | 22,943 | 3,421 | ||||||||||||||||||||||||||||||
Next 5 years | 130,088 | 14,680 | ||||||||||||||||||||||||||||||
$ | 237,901 | $ | 32,460 | |||||||||||||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Leases [Abstract] | ||||||||
Operating Leases of Lessee Disclosure | Minimum payments due in future years under these agreements in effect at December 31, 2014 are as follows: | |||||||
Operating | ||||||||
Leases | Royalties | |||||||
(In thousands) | ||||||||
2015 | $ | 25,685 | $ | 14,587 | ||||
2016 | 19,242 | 18,632 | ||||||
2017 | 17,065 | 17,932 | ||||||
2018 | 6,334 | 17,584 | ||||||
2019 | 3,370 | 13,875 | ||||||
Thereafter | 11,880 | 83,282 | ||||||
$ | 83,576 | $ | 165,892 | |||||
Risk_Concentrations_Tables
Risk Concentrations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Risks Concentrations [Abstract] | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The Company's foreign revenues by geographical location are as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Europe | $ | 277,565 | $ | 371,363 | $ | 674,754 | ||||||
Asia | 156,057 | 160,404 | 203,193 | |||||||||
North America | 78,445 | 80,322 | 72,542 | |||||||||
Central and South America | 20,496 | 55,493 | 57,184 | |||||||||
Brokered Sales | 79,354 | 154,442 | 145,438 | |||||||||
Total | $ | 611,917 | $ | 822,024 | $ | 1,153,111 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Schedule Of Operating Segment Results | ||||||||||||||||||||||
PRB | APP | All Other | Corporate, | Consolidated | ||||||||||||||||||
Other and | ||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||
Year Ended | December 31, 2014 | |||||||||||||||||||||
Revenues | $ | 1,490,377 | $ | 1,108,358 | $ | 338,384 | $ | — | $2,937,119 | |||||||||||||
Adjusted EBITDA | 198,074 | 110,693 | 56,612 | (85,236 | ) | 280,143 | ||||||||||||||||
Depreciation, depletion and amortization | 168,522 | 205,732 | 40,125 | 4,369 | 418,748 | |||||||||||||||||
Amortization of acquired sales contracts, net | (3,961 | ) | (9,433 | ) | 207 | — | (13,187 | ) | ||||||||||||||
Total assets | 1,772,230 | 3,379,834 | 339,809 | 2,937,850 | 8,429,723 | |||||||||||||||||
Capital expenditures | 44,305 | 23,638 | 12,993 | 66,350 | 147,286 | |||||||||||||||||
Year Ended | December 31, 2013 | |||||||||||||||||||||
Revenues | $ | 1,482,812 | $ | 1,145,801 | $ | 385,744 | $ | — | $ | 3,014,357 | ||||||||||||
Adjusted EBITDA | 206,910 | 88,883 | 94,948 | (138,595 | ) | 252,146 | ||||||||||||||||
Depreciation, depletion and amortization | 171,324 | 202,952 | 45,741 | 6,425 | 426,442 | |||||||||||||||||
Amortization of acquired sales contracts, net | (3,656 | ) | (10,364 | ) | 4,563 | — | (9,457 | ) | ||||||||||||||
Total assets | 1,841,835 | 3,971,764 | 402,922 | 2,773,672 | 8,990,193 | |||||||||||||||||
Capital expenditures | 9,784 | 167,759 | 23,122 | 96,319 | 296,984 | |||||||||||||||||
Year Ended | December 31, 2012 | |||||||||||||||||||||
Revenues | $ | 1,524,536 | $ | 1,793,576 | $ | 450,014 | $ | — | $ | 3,768,126 | ||||||||||||
Adjusted EBITDA | 262,155 | 405,981 | 112,982 | (201,246 | ) | 579,872 | ||||||||||||||||
Depreciation, depletion and amortization | 166,539 | 271,221 | 49,911 | 4,540 | 492,211 | |||||||||||||||||
Amortization of acquired sales contracts, net | (1,987 | ) | (23,926 | ) | 724 | — | (25,189 | ) | ||||||||||||||
Total assets | 1,972,522 | 3,875,105 | 834,287 | 3,324,863 | 10,006,777 | |||||||||||||||||
Capital expenditures | 23,410 | 275,476 | 68,220 | 28,119 | 395,225 | |||||||||||||||||
Reconciliation Statement Of Segment Income From Operations To Consolidated Income Before Income Taxes | A reconciliation of segment losses to consolidated loss from continuing operations before income taxes follows: | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Adjusted EBITDA | $ | 280,143 | $ | 252,146 | $ | 579,872 | ||||||||||||||||
Depreciation, depletion and amortization | (418,748 | ) | (426,442 | ) | (492,211 | ) | ||||||||||||||||
Amortization of acquired sales contracts, net | 13,187 | 9,457 | 25,189 | |||||||||||||||||||
Asset impairment costs | (24,113 | ) | (220,879 | ) | (539,182 | ) | ||||||||||||||||
Goodwill impairment | — | (265,423 | ) | (330,680 | ) | |||||||||||||||||
Settlement of UMWA legal claims | — | (12,000 | ) | — | ||||||||||||||||||
Interest expense, net | (383,188 | ) | (374,664 | ) | (312,142 | ) | ||||||||||||||||
Nonoperating expense | — | (42,921 | ) | (23,668 | ) | |||||||||||||||||
Loss from continuing operations before income taxes | $ | (532,719 | ) | $ | (1,080,726 | ) | $ | (1,092,822 | ) |
Quarterly_Selected_Financial_D1
Quarterly Selected Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||
Year Ended | December 31, 2014 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||
(a) | (a) (c) | (a) (c) | (a) (c) | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenues | $ | 735,971 | $ | 713,776 | $ | 742,180 | $ | 745,192 | |||||||||
Gross profit (loss) | $ | (49,842 | ) | $ | (6,350 | ) | $ | (5,851 | ) | $ | 32,264 | ||||||
Asset impairment and mine closure costs | $ | — | $ | 1,512 | $ | 5,060 | $ | 17,541 | |||||||||
Loss from operations | $ | (73,123 | ) | $ | (35,805 | ) | $ | (35,300 | ) | $ | (5,303 | ) | |||||
Net loss | $ | (124,140 | ) | $ | (96,860 | ) | $ | (97,218 | ) | $ | (240,135 | ) | |||||
Diluted loss per common share | $ | (0.59 | ) | $ | (0.46 | ) | $ | (0.46 | ) | $ | (1.13 | ) | |||||
Year Ended | December 31, 2013 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||
(a) | (a) | (a) | (a) | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenues | $ | 737,370 | $ | 766,332 | $ | 791,269 | $ | 719,386 | |||||||||
Gross profit (loss) | $ | (18,560 | ) | $ | 2,505 | $ | 90 | $ | (44,801 | ) | |||||||
Asset impairment and mine closure costs | $ | — | $ | 20,482 | $ | 200,397 | $ | — | |||||||||
Goodwill impairment | $ | — | $ | — | $ | — | $ | 265,423 | |||||||||
Loss from operations | $ | (51,431 | ) | $ | (36,279 | ) | $ | (234,753 | ) | $ | (340,678 | ) | |||||
Loss from continuing operations | $ | (84,316 | ) | $ | (80,351 | ) | $ | (207,767 | ) | $ | (372,794 | ) | |||||
Income from discontinued operations, net of tax (b) | $ | 14,267 | $ | 8,145 | $ | 79,404 | $ | 1,580 | |||||||||
Net loss | $ | (70,049 | ) | $ | (72,206 | ) | $ | (128,363 | ) | $ | (371,214 | ) | |||||
Diluted loss per common share from: | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.40 | ) | $ | (0.38 | ) | $ | (0.98 | ) | $ | (1.76 | ) | |||||
Net loss | $ | (0.33 | ) | $ | (0.34 | ) | $ | (0.61 | ) | $ | (1.75 | ) | |||||
(a) Challenging coal markets resulted in impairment charges relating to mining and other operations, investments in equity method subsidiaries, prepaid mining royalties and goodwill in 2014 and 2013. See further discussion in Note 5, "Impairment Charges and Mine Closure Costs ", Note 6, "Goodwill ", and Note 9, " Equity Method Investments and Membership Interests in Joint Ventures." | |||||||||||||||||
(b) The Company entered into a definitive agreement on June 27, 2013 to sell Canyon Fuel and the sale was completed on August 16, 2013. Beginning in the second quarter of 2013, all quarterly filings with the Securities and Exchange Commission reflected Canyon Fuel as a discontinued operation in the consolidated statements of operations. See further information in Note 3, "Divestitures". | |||||||||||||||||
(c) The Company determined that it would not realize the benefit from federal and state net operating losses it generated in 2014, based on projections of future taxable income, and as a result, recorded a valuation allowance against net operating losses of $23.8. million, $18.3 million, $15.8 million and $169.0 million in the second, third and fourth quarters of 2014, respectively. |
Supplemental_Consolidating_Fin1
Supplemental Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | — | $ | 2,937,119 | $ | — | $ | — | $ | 2,937,119 | |||||||||||
Costs, expenses and other | |||||||||||||||||||||
Cost of sales (exclusive of items shown separately below) | 3,016 | 2,566,572 | — | (3,395 | ) | 2,566,193 | |||||||||||||||
Depreciation, depletion and amortization | 5,154 | 413,559 | 35 | — | 418,748 | ||||||||||||||||
Amortization of acquired sales contracts, net | — | (13,187 | ) | — | — | (13,187 | ) | ||||||||||||||
Change in fair value of coal derivatives and coal trading activities, net | — | (3,686 | ) | — | — | (3,686 | ) | ||||||||||||||
Asset impairment and mine closure costs | 3,642 | 20,471 | — | — | 24,113 | ||||||||||||||||
Selling, general and administrative expenses | 79,902 | 29,739 | 6,626 | (2,044 | ) | 114,223 | |||||||||||||||
Other operating income, net | (4,480 | ) | (15,726 | ) | (4,987 | ) | 5,439 | (19,754 | ) | ||||||||||||
87,234 | 2,997,742 | 1,674 | — | 3,086,650 | |||||||||||||||||
Loss from investment in subsidiaries | (13,085 | ) | — | — | 13,085 | — | |||||||||||||||
Loss from operations | (100,319 | ) | (60,623 | ) | (1,674 | ) | 13,085 | (149,531 | ) | ||||||||||||
Interest expense, net | |||||||||||||||||||||
Interest expense | (463,823 | ) | (26,137 | ) | (4,259 | ) | 103,273 | (390,946 | ) | ||||||||||||
Interest and investment income | 31,389 | 74,511 | 5,131 | (103,273 | ) | 7,758 | |||||||||||||||
(432,434 | ) | 48,374 | 872 | — | (383,188 | ) | |||||||||||||||
Loss from continuing operations before income taxes | (532,753 | ) | (12,249 | ) | (802 | ) | 13,085 | (532,719 | ) | ||||||||||||
Provision for (benefit from) income taxes | 25,600 | — | 34 | — | 25,634 | ||||||||||||||||
Net loss | (558,353 | ) | (12,249 | ) | (836 | ) | 13,085 | (558,353 | ) | ||||||||||||
Total comprehensive loss | $ | (592,804 | ) | $ | (34,439 | ) | $ | (836 | ) | $ | 35,275 | $ | (592,804 | ) | |||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | — | $ | 3,014,357 | $ | — | $ | — | $ | 3,014,357 | |||||||||||
Costs, expenses and other | |||||||||||||||||||||
Cost of sales (exclusive of items shown separately below) | 9,117 | 2,657,583 | — | (3,564 | ) | 2,663,136 | |||||||||||||||
Depreciation, depletion and amortization | 5,949 | 420,458 | 35 | — | 426,442 | ||||||||||||||||
Amortization of acquired sales contracts, net | — | (9,457 | ) | — | — | (9,457 | ) | ||||||||||||||
Change in fair value of coal derivatives and coal trading activities, net | — | 7,845 | — | — | 7,845 | ||||||||||||||||
Asset impairment and mine closure costs | 78,150 | 142,729 | — | — | 220,879 | ||||||||||||||||
Goodwill impairment | — | 265,423 | — | — | 265,423 | ||||||||||||||||
Selling, general and administrative expenses | 88,820 | 39,825 | 7,038 | (2,235 | ) | 133,448 | |||||||||||||||
Other operating income, net | 4,209 | (34,856 | ) | (5,370 | ) | 5,799 | (30,218 | ) | |||||||||||||
186,245 | 3,489,550 | 1,703 | — | 3,677,498 | |||||||||||||||||
Loss from investment in subsidiaries | (328,889 | ) | — | — | 328,889 | — | |||||||||||||||
Loss from operations | (515,134 | ) | (475,193 | ) | (1,703 | ) | 328,889 | (663,141 | ) | ||||||||||||
Interest expense, net | |||||||||||||||||||||
Interest expense | (449,614 | ) | (24,747 | ) | (4,214 | ) | 97,308 | (381,267 | ) | ||||||||||||
Interest and investment income | 30,285 | 68,248 | 5,378 | (97,308 | ) | 6,603 | |||||||||||||||
(419,329 | ) | 43,501 | 1,164 | — | (374,664 | ) | |||||||||||||||
Net loss resulting from early retirement and refinancing of debt | (42,921 | ) | — | — | — | (42,921 | ) | ||||||||||||||
Loss from continuing operations before income taxes | (977,384 | ) | (431,692 | ) | (539 | ) | 328,889 | (1,080,726 | ) | ||||||||||||
Provision for (benefit from) income taxes | (335,552 | ) | — | 54 | — | (335,498 | ) | ||||||||||||||
Loss from continuing operations | (641,832 | ) | (431,692 | ) | (593 | ) | 328,889 | (745,228 | ) | ||||||||||||
Income from discontinued operations, including gain on sale - net of tax | — | 103,396 | — | — | 103,396 | ||||||||||||||||
Net loss | $ | (641,832 | ) | $ | (328,296 | ) | $ | (593 | ) | $ | 328,889 | $ | (641,832 | ) | |||||||
Total comprehensive loss | $ | (587,633 | ) | $ | (304,278 | ) | $ | (593 | ) | $ | 304,871 | $ | (587,633 | ) | |||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | — | $ | 3,768,126 | $ | — | $ | — | $ | 3,768,126 | |||||||||||
Costs, expenses and other | — | ||||||||||||||||||||
Cost of sales (exclusive of items shown separately below) | 10,921 | 3,144,178 | — | — | 3,155,099 | ||||||||||||||||
Depreciation, depletion and amortization | 5,392 | 486,786 | 33 | — | 492,211 | ||||||||||||||||
Amortization of acquired sales contracts, net | — | (25,189 | ) | — | — | (25,189 | ) | ||||||||||||||
Change in fair value of coal derivatives and coal trading activities, net | — | (16,590 | ) | — | — | (16,590 | ) | ||||||||||||||
Asset impairment and mine closure costs | — | 539,182 | — | — | 539,182 | ||||||||||||||||
Goodwill impairment | — | 330,680 | — | — | 330,680 | ||||||||||||||||
Contract settlement resulting from Patriot Coal bankruptcy | — | 58,335 | — | — | 58,335 | ||||||||||||||||
Reduction in accrual related to acquired litigation | — | (79,532 | ) | — | — | (79,532 | ) | ||||||||||||||
Selling, general and administrative expenses | 84,199 | 44,363 | 8,785 | (3,048 | ) | 134,299 | |||||||||||||||
Other operating income, net | (13,392 | ) | (39,209 | ) | (13,804 | ) | 3,048 | (63,357 | ) | ||||||||||||
87,120 | 4,443,004 | (4,986 | ) | — | 4,525,138 | ||||||||||||||||
Loss from investment in subsidiaries | (589,665 | ) | — | — | 589,665 | — | |||||||||||||||
Income (loss) from operations | (676,785 | ) | (674,878 | ) | 4,986 | 589,665 | (757,012 | ) | |||||||||||||
Interest expense, net | |||||||||||||||||||||
Interest expense | (366,584 | ) | (34,849 | ) | (3,221 | ) | 87,039 | (317,615 | ) | ||||||||||||
Interest and investment income | 27,750 | 57,268 | 7,494 | (87,039 | ) | 5,473 | |||||||||||||||
(338,834 | ) | 22,419 | 4,273 | — | (312,142 | ) | |||||||||||||||
Other non-operating expense | |||||||||||||||||||||
Net loss resulting from early retirement of debt | (21,975 | ) | (1,693 | ) | — | — | (23,668 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | (1,037,594 | ) | (654,152 | ) | 9,259 | 589,665 | (1,092,822 | ) | |||||||||||||
Provision for (benefit from) income taxes | (353,907 | ) | — | — | — | (353,907 | ) | ||||||||||||||
Income (loss) from continuing operations | (683,687 | ) | (654,152 | ) | 9,259 | 589,665 | (738,915 | ) | |||||||||||||
Income from discontinued operations, net of tax | — | 55,228 | — | — | 55,228 | ||||||||||||||||
Net Income (loss) | (683,687 | ) | (598,924 | ) | 9,259 | 589,665 | (683,687 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interest | (268 | ) | — | — | — | (268 | ) | ||||||||||||||
Net Income (loss) attributable to Arch Coal, Inc. | $ | (683,955 | ) | $ | (598,924 | ) | $ | 9,259 | $ | 589,665 | $ | (683,955 | ) | ||||||||
Total comprehensive income (loss) | $ | (692,239 | ) | $ | (604,903 | ) | $ | 9,259 | $ | 595,644 | $ | (692,239 | ) | ||||||||
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 572,185 | $ | 150,358 | $ | 11,688 | $ | — | $ | 734,231 | |||||||||||
Short term investments | 248,954 | — | — | — | 248,954 | ||||||||||||||||
Receivables | 9,656 | 15,933 | 211,043 | (4,615 | ) | 232,017 | |||||||||||||||
Inventories | — | 190,253 | — | — | 190,253 | ||||||||||||||||
Other | 89,211 | 41,455 | 6,630 | — | 137,296 | ||||||||||||||||
Total current assets | 920,006 | 397,999 | 229,361 | (4,615 | ) | 1,542,751 | |||||||||||||||
Property, plant and equipment, net | 10,470 | 6,442,623 | 2 | 363 | 6,453,458 | ||||||||||||||||
Investment in subsidiaries | 7,464,221 | — | — | (7,464,221 | ) | — | |||||||||||||||
Intercompany receivables | — | 2,021,110 | — | (2,021,110 | ) | — | |||||||||||||||
Note receivable from Arch Western | 675,000 | — | — | (675,000 | ) | — | |||||||||||||||
Other | 131,884 | 300,058 | 1,572 | — | 433,514 | ||||||||||||||||
Total assets | $ | 9,201,581 | $ | 9,161,790 | $ | 230,935 | $ | (10,164,583 | ) | $ | 8,429,723 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Accounts payable | $ | 23,394 | $ | 156,664 | $ | 55 | $ | — | $ | 180,113 | |||||||||||
Accrued expenses and other current liabilities | 85,899 | 220,017 | 1,095 | (4,615 | ) | 302,396 | |||||||||||||||
Current maturities of debt | 27,625 | 9,260 | — | — | 36,885 | ||||||||||||||||
Total current liabilities | 136,918 | 385,941 | 1,150 | (4,615 | ) | 519,394 | |||||||||||||||
Long-term debt | 5,084,839 | 38,646 | — | — | 5,123,485 | ||||||||||||||||
Intercompany payables | 1,817,755 | — | 203,355 | (2,021,110 | ) | — | |||||||||||||||
Note payable to Arch Coal | — | 675,000 | — | (675,000 | ) | — | |||||||||||||||
Asset retirement obligations | 981 | 397,915 | — | — | 398,896 | ||||||||||||||||
Accrued pension benefits | 5,967 | 10,293 | — | — | 16,260 | ||||||||||||||||
Accrued postretirement benefits other than pension | 4,430 | 28,238 | — | — | 32,668 | ||||||||||||||||
Accrued workers’ compensation | 9,172 | 85,119 | — | — | 94,291 | ||||||||||||||||
Deferred income taxes | 422,809 | — | — | — | 422,809 | ||||||||||||||||
Other noncurrent liabilities | 50,919 | 102,461 | 386 | — | 153,766 | ||||||||||||||||
Total liabilities | 7,533,790 | 1,723,613 | 204,891 | (2,700,725 | ) | 6,761,569 | |||||||||||||||
Stockholders’ equity | 1,667,791 | 7,438,177 | 26,044 | (7,463,858 | ) | 1,668,154 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,201,581 | $ | 9,161,790 | $ | 230,935 | $ | (10,164,583 | ) | $ | 8,429,723 | ||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 799,333 | $ | 100,418 | $ | 11,348 | $ | — | $ | 911,099 | |||||||||||
Short term investments | 248,414 | — | — | — | 248,414 | ||||||||||||||||
Receivables | 14,177 | 23,018 | 197,015 | (4,637 | ) | 229,573 | |||||||||||||||
Inventories | — | 264,161 | — | — | 264,161 | ||||||||||||||||
Other | 84,401 | 43,617 | 806 | — | 128,824 | ||||||||||||||||
Total current assets | 1,146,325 | 431,214 | 209,169 | (4,637 | ) | 1,782,071 | |||||||||||||||
Property, plant and equipment, net | 24,851 | 6,709,398 | 37 | — | 6,734,286 | ||||||||||||||||
Investment in subsidiaries | 7,741,589 | — | — | (7,741,589 | ) | — | |||||||||||||||
Intercompany receivables | 1,953,719 | — | (1,953,719 | ) | — | ||||||||||||||||
Note receivable from Arch Western | 675,000 | — | — | (675,000 | ) | — | |||||||||||||||
Other | 162,287 | 311,463 | 86 | — | 473,836 | ||||||||||||||||
Total other assets | 8,578,876 | 2,265,182 | 86 | (10,370,308 | ) | 473,836 | |||||||||||||||
Total assets | $ | 9,750,052 | $ | 9,405,794 | $ | 209,292 | $ | (10,374,945 | ) | $ | 8,990,193 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Accounts payable | $ | 17,781 | $ | 158,224 | $ | 137 | $ | — | $ | 176,142 | |||||||||||
Accrued expenses and other current liabilities | 53,779 | 228,664 | 781 | (4,637 | ) | 278,587 | |||||||||||||||
Current maturities of debt | 28,882 | 4,611 | — | — | 33,493 | ||||||||||||||||
Total current liabilities | 100,442 | 391,499 | 918 | (4,637 | ) | 488,222 | |||||||||||||||
Long-term debt | 5,099,833 | 18,169 | — | 5,118,002 | |||||||||||||||||
Intercompany payables | 1,772,624 | — | 181,095 | (1,953,719 | ) | — | |||||||||||||||
Note payable to Arch Coal | — | 675,000 | — | (675,000 | ) | — | |||||||||||||||
Asset retirement obligations | 1,095 | 401,618 | — | — | 402,713 | ||||||||||||||||
Accrued pension benefits | 7,797 | (686 | ) | — | — | 7,111 | |||||||||||||||
Accrued postretirement benefits other than pension | 12,079 | 27,176 | — | — | 39,255 | ||||||||||||||||
Accrued workers’ compensation | 21,546 | 56,516 | — | — | 78,062 | ||||||||||||||||
Deferred income taxes | 413,546 | — | — | — | 413,546 | ||||||||||||||||
Other noncurrent liabilities | 67,841 | 121,794 | 398 | — | 190,033 | ||||||||||||||||
Total liabilities | 7,496,803 | 1,691,086 | 182,411 | (2,633,356 | ) | 6,736,944 | |||||||||||||||
Stockholders’ equity | 2,253,249 | 7,714,708 | 26,881 | (7,741,589 | ) | 2,253,249 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,750,052 | $ | 9,405,794 | $ | 209,292 | $ | (10,374,945 | ) | $ | 8,990,193 | ||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (324,688 | ) | $ | 305,048 | $ | (13,942 | ) | $ | — | $ | (33,582 | ) | ||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | (2,700 | ) | (144,586 | ) | — | — | (147,286 | ) | |||||||||||||
Additions to prepaid royalties | — | (7,317 | ) | — | — | (7,317 | ) | ||||||||||||||
Proceeds from disposals and divestitures | 57,625 | 4,733 | — | — | 62,358 | ||||||||||||||||
Purchases of short term investments | (211,929 | ) | — | — | — | (211,929 | ) | ||||||||||||||
Proceeds from sales of short term investments | 205,611 | — | — | — | 205,611 | ||||||||||||||||
Proceeds from sales of investments in equity securities | 9,464 | — | — | — | 9,464 | ||||||||||||||||
Investments in and advances to affiliates | (2,541 | ) | (14,116 | ) | — | — | (16,657 | ) | |||||||||||||
Cash provided by (used in) investing activities | 55,530 | (161,286 | ) | — | — | (105,756 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||
Payments on term loan | (19,500 | ) | — | — | — | (19,500 | ) | ||||||||||||||
Net payments on other debt | (1,258 | ) | (4,437 | ) | — | — | (5,695 | ) | |||||||||||||
Debt financing costs | (2,219 | ) | — | (2,300 | ) | — | (4,519 | ) | |||||||||||||
Dividends paid | (2,123 | ) | — | — | — | (2,123 | ) | ||||||||||||||
Other | (15 | ) | — | (5,678 | ) | — | (5,693 | ) | |||||||||||||
Transactions with affiliates, net | 67,125 | (89,385 | ) | 22,260 | — | — | |||||||||||||||
Cash provided by (used in) financing activities | 42,010 | (93,822 | ) | 14,282 | — | (37,530 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (227,148 | ) | 49,940 | 340 | — | (176,868 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 799,333 | 100,418 | 11,348 | — | 911,099 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 572,185 | $ | 150,358 | $ | 11,688 | $ | — | $ | 734,231 | |||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (632,060 | ) | $ | 637,193 | $ | 50,609 | $ | — | $ | 55,742 | ||||||||||
Investing Activities | |||||||||||||||||||||
Capital expenditures | (3,320 | ) | (293,664 | ) | — | — | (296,984 | ) | |||||||||||||
Additions to prepaid royalties | — | (14,947 | ) | — | — | (14,947 | ) | ||||||||||||||
Proceeds from disposals and divestitures | — | 433,453 | — | — | 433,453 | ||||||||||||||||
Proceeds from sales-leaseback transactions | — | 34,919 | — | — | 34,919 | ||||||||||||||||
Purchases of short term investments | (213,726 | ) | — | — | — | (213,726 | ) | ||||||||||||||
Proceeds from sales of short term investments | 194,537 | — | — | — | 194,537 | ||||||||||||||||
Investments in and advances to affiliates | (5,451 | ) | (10,321 | ) | — | 512 | (15,260 | ) | |||||||||||||
Change in restricted cash | 3,453 | — | — | — | 3,453 | ||||||||||||||||
Cash provided by (used in) investing activities | (24,507 | ) | 149,440 | — | 512 | 125,445 | |||||||||||||||
Financing Activities | |||||||||||||||||||||
Contributions from parent | — | 512 | — | (512 | ) | — | |||||||||||||||
Proceeds from term loan and senior notes | 644,000 | — | — | — | 644,000 | ||||||||||||||||
Payments to retire debt | (628,660 | ) | — | — | — | (628,660 | ) | ||||||||||||||
Payments on term loan | (17,250 | ) | — | — | — | (17,250 | ) | ||||||||||||||
Net payments on other debt | (6,324 | ) | (512 | ) | — | — | (6,836 | ) | |||||||||||||
Debt financing costs | (19,864 | ) | — | (625 | ) | — | (20,489 | ) | |||||||||||||
Dividends paid | (25,475 | ) | — | — | — | (25,475 | ) | ||||||||||||||
Transactions with affiliates, net | 838,160 | (786,683 | ) | (51,477 | ) | — | — | ||||||||||||||
Cash provided by (used in) financing activities | 784,587 | (786,683 | ) | (52,102 | ) | (512 | ) | (54,710 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 128,020 | (50 | ) | (1,493 | ) | — | 126,477 | ||||||||||||||
Cash and cash equivalents, beginning of period | 671,313 | 100,468 | 12,841 | — | 784,622 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 799,333 | $ | 100,418 | $ | 11,348 | $ | — | $ | 911,099 | |||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent/Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (571,576 | ) | $ | 781,551 | $ | 122,829 | $ | — | $ | 332,804 | ||||||||||
Investing Activities | |||||||||||||||||||||
Change in restricted cash | 6,869 | — | — | — | 6,869 | ||||||||||||||||
Capital expenditures | (4,424 | ) | (390,801 | ) | — | — | (395,225 | ) | |||||||||||||
Proceeds from disposals and divestitures | — | 1,328 | 21,497 | — | 22,825 | ||||||||||||||||
Investments in and advances to affiliates | (6,287 | ) | (13,134 | ) | — | 1,663 | (17,758 | ) | |||||||||||||
Purchases of short term investments | (236,862 | ) | — | — | — | (236,862 | ) | ||||||||||||||
Proceeds from sales of short term investments | 1,754 | — | — | — | 1,754 | ||||||||||||||||
Purchase of noncontrolling interest | (17,500 | ) | — | — | — | (17,500 | ) | ||||||||||||||
Additions to prepaid royalties | — | (13,269 | ) | — | — | (13,269 | ) | ||||||||||||||
Cash provided by (used in) investing activities | (256,450 | ) | (415,876 | ) | 21,497 | 1,663 | (649,166 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Contributions from parent | — | 1,663 | — | (1,663 | ) | — | |||||||||||||||
Proceeds from term loan and senior notes | 1,993,253 | — | — | — | 1,993,253 | ||||||||||||||||
Payments to retire debt | — | (452,934 | ) | — | — | (452,934 | ) | ||||||||||||||
Net decrease in borrowings under lines of credit and commercial paper program | (375,000 | ) | — | (106,300 | ) | — | (481,300 | ) | |||||||||||||
Payments on term loan | (7,625 | ) | — | — | — | (7,625 | ) | ||||||||||||||
Net payments on other debt | (682 | ) | — | — | — | (682 | ) | ||||||||||||||
Debt financing costs | (50,022 | ) | — | (546 | ) | — | (50,568 | ) | |||||||||||||
Dividends paid | (42,440 | ) | — | — | — | (42,440 | ) | ||||||||||||||
Issuance of common stock under incentive plans | 5,131 | — | — | — | 5,131 | ||||||||||||||||
Transactions with affiliates, net | (84,651 | ) | 110,639 | (25,988 | ) | — | — | ||||||||||||||
Cash provided by (used in) financing activities | 1,437,964 | (340,632 | ) | (132,834 | ) | (1,663 | ) | 962,835 | |||||||||||||
Increase in cash and cash equivalents | 609,938 | 25,043 | 11,492 | — | 646,473 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 61,375 | 75,425 | 1,349 | — | 138,149 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 671,313 | $ | 100,468 | $ | 12,841 | $ | — | $ | 784,622 | |||||||||||
Accounting_Policies_Narrative_
Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statutory Accounting Practices | |||
Interest Costs Capitalized | $15,900,000 | $15,600,000 | |
Mineral Rights | 4,700,000,000 | 4,800,000,000 | |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 265,600,000 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 118,100,000 | ||
Deferred Finance Costs, Net | 89,066,000 | 99,185,000 | |
Deferred Finance Costs, Current, Net | 25,500,000 | 19,700,000 | |
number of mining complexes temporarily idled | 1 | ||
Exploration and Production Equipment [Member] | Minimum [Member] | |||
Statutory Accounting Practices | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Exploration and Production Equipment [Member] | Maximum [Member] | |||
Statutory Accounting Practices | |||
Property, Plant and Equipment, Useful Life | 32 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Statutory Accounting Practices | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Statutory Accounting Practices | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Mining Properties and Mineral Rights [Member] | Minimum [Member] | |||
Statutory Accounting Practices | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years | ||
Mining Properties and Mineral Rights [Member] | Maximum [Member] | |||
Statutory Accounting Practices | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 50 years | ||
Capital Addition Purchase Commitments [Member] | |||
Statutory Accounting Practices | |||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 75,400,000 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $60,000,000 |
Divestitures_Schedule_of_Resul
Divestitures (Schedule of Results of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Disposal Group, Including Discontinued Operation, Inventory, Current | $33,730 | $33,730 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 2,060 | 2,060 | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 35,560 | 35,560 | |||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 190 | 190 | |||||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities | 10,599 | 10,599 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 38,340 | 38,340 | |||||
Total Revenues | 219,002 | 390,912 | |||||
Income from discontinued operations before income taxes | 32,167 | 75,418 | |||||
Gain on sale | 27,512 | 120,321 | 0 | ||||
Less: income tax expense | 49,092 | 20,190 | |||||
Income from discontinued operations, including gain on sale - net of tax | $1,580 | $79,404 | $8,145 | $14,267 | $0 | $103,396 | $55,228 |
Basic earnings per common share from discontinued operations | $0.49 | $0.26 | |||||
Diluted earnings per common share from discontinued operations | $0.49 | $0.26 |
Divestitures_Narrative_Details
Divestitures (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Proceeds from disposals and divestitures | $46,711,000 | $422,731,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $17,800,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | ||
Balance at | $37,692 | ($16,507) |
Unrealized gains (losses) | -24,566 | 54,585 |
Amounts reclassified from accumulated other comprehensive income (loss) | -9,885 | -386 |
Balance at | 3,241 | 37,692 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | ||
Balance at | 565 | 2,244 |
Unrealized gains (losses) | 3,677 | 168 |
Amounts reclassified from accumulated other comprehensive income (loss) | -1,692 | -1,847 |
Balance at | 2,550 | 565 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | ||
Balance at | 31,112 | -18,286 |
Unrealized gains (losses) | -22,516 | 48,482 |
Amounts reclassified from accumulated other comprehensive income (loss) | -5,736 | 916 |
Balance at | 2,860 | 31,112 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | ||
Balance at | 6,015 | -465 |
Unrealized gains (losses) | -5,727 | 5,935 |
Amounts reclassified from accumulated other comprehensive income (loss) | -2,457 | 545 |
Balance at | ($2,169) | $6,015 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Schedule of Reclassifications) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenues | $745,192 | $742,180 | $713,776 | $735,971 | $719,386 | $791,269 | $766,332 | $737,370 | $2,937,119 | $3,014,357 | $3,768,126 |
Loss from continuing operations before income taxes | -532,719 | -1,080,726 | -1,092,822 | ||||||||
Provision for (benefit from) income taxes | -25,634 | 335,498 | 353,907 | ||||||||
Net income (loss) | -240,135 | -97,218 | -96,860 | -124,140 | -371,214 | -128,363 | -72,206 | -70,049 | -558,353 | -641,832 | -683,687 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 9,885 | 386 | |||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,692 | 1,847 | |||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,736 | -916 | |||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,457 | -545 | |||||||||
Reclassification out of accumulated other comprehensive income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenues | 2,643 | 2,886 | |||||||||
Provision for (benefit from) income taxes | -951 | -1,039 | |||||||||
Net income (loss) | 1,692 | 1,847 | |||||||||
Reclassification out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Amortization of prior service credits | 11,760 | 13,705 | |||||||||
Amortization of net actuarial gains (losses) | -2,797 | -15,136 | |||||||||
Loss from continuing operations before income taxes | 8,963 | -1,431 | |||||||||
Provision for (benefit from) income taxes | -3,227 | 515 | |||||||||
Net income (loss) | 5,736 | -916 | |||||||||
Reclassification out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Interest and investment income | 3,838 | -852 | |||||||||
Provision for (benefit from) income taxes | -1,381 | 307 | |||||||||
Net income (loss) | $2,457 | ($545) |
Impairment_Charges_and_Mine_Cl2
Impairment Charges and Mine Closure Costs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Restructuring Charges | $5.10 | |
Impairment Charge | 15.4 | |
Inventory Write-down | 2.6 | |
Impairment of Long-Lived Assets Held-for-use | 142.8 | |
Severance Costs | 12.3 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | -1.8 | |
Restructuring and Related Cost, Incurred Cost | 523.5 | |
Assets, Fair Value Disclosure, Nonrecurring | 71.3 | |
Productive Land [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | 403.3 | |
Machinery and Equipment [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | 95.6 | |
Mining Properties and Mineral Rights [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | $11.50 |
Goodwill_Narrative_Details
Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ||||||
Goodwill impairment | $0 | $0 | $0 | $0 | $265,423 | $330,680 |
Black Thunder [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | 115,800 | |||||
APP [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | $265,400 | $214,900 |
Goodwill_Schedule_of_Goodwill_
Goodwill (Schedule of Goodwill) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ||||||
Balance | $265,423 | $0 | $265,423 | $596,103 | ||
Goodwill impairment | 0 | 0 | 0 | 0 | -265,423 | -330,680 |
Balance | $0 | $265,423 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Inventory Disclosure [Abstract] | ||||
Coal | $71,901 | $117,531 | ||
Repair parts and supplies | 118,352 | 137,497 | ||
Work-in-process | 0 | 9,133 | ||
Inventories | 190,253 | 264,161 | ||
Inventories | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for slow-moving and obsolete inventories | 6,625 | |||
Valuation allowances and reserves | $8,446 | $12,589 | $13,107 |
Investments_in_AvailableforSal2
Investments in Available-for-Sale Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $257,500 | $255,046 |
Gross Unrealized Gains | 4,125 | 13,678 |
Gross Unrealized Losses | -7,526 | -4,281 |
Fair Value | 254,099 | 264,443 |
Total Investments | 248,954 | 248,414 |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 65,002 | |
Available-for-sale Debt Securities Gross Unrealized Gain | 11 | |
Available-for-sale Debt Securities, Gross Unrealized Loss | -75 | |
Fair Value | 64,938 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 253,590 | 184,773 |
Available-for-sale Debt Securities Gross Unrealized Gain | 7 | |
Available-for-sale Debt Securities, Gross Unrealized Loss | -4,636 | -1,304 |
Fair Value | 248,954 | 183,476 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 3,910 | 5,271 |
Available-for-sale Equity Securities, Gross Unrealized Gain | 4,125 | 13,660 |
Available-for-sale Equity Securities, Gross Unrealized Loss | -2,890 | -2,902 |
Fair Value | 5,145 | 16,029 |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
U.S. government and agency securities | 64,938 | |
Corporate notes and bonds | 248,954 | 183,476 |
Total Investments | 248,954 | 248,414 |
Other Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | $5,145 | $16,029 |
Investments_in_AvailableforSal3
Investments in Available-for-Sale Securities (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale Securities [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $163 | $164.30 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Greater than Twelve Months, Fair Value | $86.10 | $48.70 |
Equity_Method_Investments_and_2
Equity Method Investments and Membership Interests in Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | $4,054,000 | $788,000 | $7,690,000 | |
Impairment of equity investment | 28,947,000 | |||
Provision for Loan, Lease, and Other Losses | -5,200,000 | |||
Investments in affiliates | 0 | |||
Knight Hawk [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | -12,603,000 | -13,536,000 | -7,151,000 | |
DTA [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 22.00% | |||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 3,774,000 | 3,644,000 | 4,335,000 | |
Millennium [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 38.00% | |||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 6,742,000 | 6,476,000 | 8,798,000 | |
Tongue River [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 35.00% | |||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 2,541,000 | 4,004,000 | 1,708,000 | |
Investments in affiliates | 0 | |||
DKRW [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 24.00% | |||
Other than Temporary Impairment Losses, Investments | -57,700,000 | |||
Impairment of equity investment | 13,683,000 | |||
Provision for Loan, Lease, and Other Losses | -44,000,000 | |||
Tenaska [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 35.00% | |||
Other than Temporary Impairment Losses, Investments | -20,500,000 | |||
Impairment of equity investment | 15,264,000 | |||
Investments in affiliates | 0 | |||
Equity Method Investee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Future development costs, maximum limit | $58,500,000 |
Equity_Method_Investments_and_3
Equity Method Investments and Membership Interests in Joint Ventures (Schedule of Equity Method Investments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | $221,456 | $242,215 | $225,605 |
Investments in affiliates | 0 | ||
Advances to (distributions from) affiliates, net | 4,054 | 788 | 7,690 |
Equity in comprehensive income (loss) | -10,332 | -7,400 | -8,920 |
Impairment of equity investment | 28,947 | ||
Ending Balance | 235,842 | 221,456 | 242,215 |
Knight Hawk [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | 152,806 | 149,063 | 135,225 |
Advances to (distributions from) affiliates, net | -12,603 | -13,536 | -7,151 |
Equity in comprehensive income (loss) | -18,274 | -17,279 | -20,989 |
Ending Balance | 158,477 | 152,806 | 149,063 |
DTA [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | 14,137 | 15,462 | 16,086 |
Advances to (distributions from) affiliates, net | 3,774 | 3,644 | 4,335 |
Equity in comprehensive income (loss) | 4,173 | 4,969 | 4,959 |
Ending Balance | 13,738 | 14,137 | 15,462 |
Millennium [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | 35,894 | 32,214 | 26,324 |
Advances to (distributions from) affiliates, net | 6,742 | 6,476 | 8,798 |
Equity in comprehensive income (loss) | 2,413 | 2,796 | 2,908 |
Ending Balance | 40,223 | 35,894 | 32,214 |
Tongue River [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | 18,419 | 14,697 | 12,989 |
Investments in affiliates | 0 | ||
Advances to (distributions from) affiliates, net | 2,541 | 4,004 | 1,708 |
Equity in comprehensive income (loss) | 220 | 282 | |
Ending Balance | 20,740 | 18,419 | 14,697 |
DKRW [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | 15,515 | 19,715 | |
Equity in comprehensive income (loss) | 1,832 | 4,200 | |
Impairment of equity investment | 13,683 | ||
Ending Balance | 15,515 | ||
Tenaska [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | 15,264 | 15,266 | |
Investments in affiliates | 0 | ||
Equity in comprehensive income (loss) | 2 | ||
Impairment of equity investment | 15,264 | ||
Ending Balance | 0 | 15,264 | |
Other Affiliates [Member] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||
Beginning Balance | 200 | ||
Investments in affiliates | 0 | ||
Advances to (distributions from) affiliates, net | 3,600 | 200 | |
Equity in comprehensive income (loss) | 1,136 | ||
Ending Balance | $2,664 | $200 |
Acquired_Sales_Contracts_Narra
Acquired Sales Contracts (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Supply Commitment [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | $15,700,000 | |
Acquired fair value, Assets | 131,819,000 | 131,299,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 12,200,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7,200,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,600,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,600,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,100,000 | |
imparment of intangible asset [Member] | ||
Supply Commitment [Line Items] | ||
Acquired fair value, Assets | $17,500,000 |
Acquired_Sales_Contracts_Sched
Acquired Sales Contracts (Schedule of Acquired Sales Contracts) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets And Liabilities By Major Class [Line Items] | ||
Impairment of Intangible Assets, Finite-lived | $15,700,000 | |
Acquired fair value, Assets | 131,819,000 | 131,299,000 |
Acquired fair value, Liabilities | 166,697,000 | 166,697,000 |
Accumulated amortization, Asset | -129,449,000 | -130,363,000 |
Accumulated amortization, Liabilities | -120,367,000 | -134,988,000 |
Total, Assets | 2,370,000 | 936,000 |
Total, Liabilities | 46,330,000 | 31,709,000 |
Net total, Liabilites | -30,773,000 | |
Coal Supply Agreement, Liabilities | 14,373,000 | 12,453,000 |
Other Current Assets [Member] | ||
Acquired Finite-Lived Intangible Assets And Liabilities By Major Class [Line Items] | ||
Coal supply agreement, Assets | 1,324,000 | 462,000 |
Accrued Liabilities [Member] | ||
Acquired Finite-Lived Intangible Assets And Liabilities By Major Class [Line Items] | ||
Coal Supply Agreement, Liabilities | 14,373,000 | 12,453,000 |
Other Assets [Member] | ||
Acquired Finite-Lived Intangible Assets And Liabilities By Major Class [Line Items] | ||
Coal supply agreement, Assets | 1,046,000 | 474,000 |
Other Noncurrent Liabilities [Member] | ||
Acquired Finite-Lived Intangible Assets And Liabilities By Major Class [Line Items] | ||
Coal Supply Agreement, Liabilities | $31,957,000 | $19,256,000 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | ($2.40) | ||
Gain (Loss) on Components Excluded from Assessment of Price Risk Hedge Effectiveness | 8.2 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 5.2 | ||
Current asset (liability) for the right to reclaim cash collateral | 2.2 | ||
Net unrealized and realized gains (losses) related to trading portfolio | 3.2 | 4.9 | 8.3 |
Gain on derivative contracts designated as hedge instruments in cash flow hedges to be reclassified from OCI into earnings during the next twelve months | 4 | ||
Year One [Member] | |||
Derivative [Line Items] | |||
Value of trading portfolio realized | $3.70 | ||
Heating Oil [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Price Risk Option Strike Price | 3.13 | ||
Diesel Purchases [Member] | Heating Oil [Member] | |||
Derivative [Line Items] | |||
Quantities under derivative contracts | 56,000,000 | ||
Diesel Purchases [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Gallons of diesel fuel purchased annually | 57,000,000 | ||
Diesel Purchases [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Gallons of diesel fuel purchased annually | 67,000,000 |
Derivatives_Schedule_of_Price_
Derivatives (Schedule of Price Risk Derivatives) (Details) | Dec. 31, 2014 |
Coal Sales [Member] | |
Derivative [Line Items] | |
Derivatives Held | 4,802,000 |
Coal Purchases [Member] | |
Derivative [Line Items] | |
Derivatives Held | 2,134,000 |
Year One [Member] | Coal Sales [Member] | |
Derivative [Line Items] | |
Derivatives Held | 4,522,000 |
Year One [Member] | Coal Purchases [Member] | |
Derivative [Line Items] | |
Derivatives Held | 2,134,000 |
Year Two [Member] | Coal Sales [Member] | |
Derivative [Line Items] | |
Derivatives Held | 280,000 |
Year Two [Member] | Coal Purchases [Member] | |
Derivative [Line Items] | |
Derivatives Held | 0 |
Derivatives_Disclosure_of_Fair
Derivatives (Disclosure of Fair Value of Derivatives) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Derivative Assets | $112,243 | $67,681 |
Derivative Liabilities | -99,452 | -47,739 |
Effect of counterparty netting in derivative assets | -98,686 | -47,727 |
Effect of counterparty netting in derivative liabilities | 98,686 | 47,727 |
Net derivative assets as classified in the balance sheet | 13,557 | 19,954 |
Net derivative liabilities as classified in the balance sheet | -766 | -12 |
Net derivatives as classified in the balance sheet | 12,791 | 19,942 |
Designated as Hedging Instrument [Member] | Coal [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,535 | 909 |
Derivative Liabilities | -2,492 | -26 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 105,708 | 66,772 |
Derivative Liabilities | -96,960 | -47,713 |
Not Designated as Hedging Instrument [Member] | Heating Oil-Diesel Purchases [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 300 | 4,681 |
Not Designated as Hedging Instrument [Member] | Heating Oil-Fuel Surchages [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 422 |
Not Designated as Hedging Instrument [Member] | Coal Held for Trading Purposes [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 96,898 | 55,327 |
Derivative Liabilities | -93,272 | -45,763 |
Not Designated as Hedging Instrument [Member] | Coal [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,510 | 6,342 |
Derivative Liabilities | ($3,688) | ($1,950) |
Derivatives_Net_Derivatives_as
Derivatives (Net Derivatives as Reflected on the Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | $12,791 | $19,942 |
Other Current Assets [Member] | Heating Oil [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | 300 | 5,103 |
Coal Derivative Assets [Member] | Coal [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | 13,257 | 14,851 |
Coal Derivative Liabilities [Member] | Coal [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | ($766) | ($12) |
Derivatives_Effects_of_Derivat
Derivatives (Effects of Derivatives on Measures of Financial Performance) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI (Effective Portion) | $5,745 | $188 | $5,250 | ||
Gains (Losses) Reclassified from OCI into Income (Effective Portion) | -2,643 | -2,981 | -2,675 | ||
Coal Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI (Effective Portion) | 10,842 | [1] | -338 | [1] | 7,690 |
Gains (Losses) Reclassified from OCI into Income (Effective Portion) | -5,336 | [1] | -3,664 | [1] | -2,675 |
Coal Purchases [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI (Effective Portion) | -5,097 | [2] | 526 | [2] | -2,440 |
Gains (Losses) Reclassified from OCI into Income (Effective Portion) | -2,693 | [2] | -683 | [2] | 0 |
Coal [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized Gain (Loss) on Derivatives | 430 | [3] | -12,700 | [3] | 8,272 |
Coal derivative settlements, non-hedging | 5,956 | [4] | 32,534 | [4] | 43,990 |
Heating Oil-Diesel Purchases [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Realized Gains (Losses) | -7,848 | [4] | -9,791 | [4] | -22,281 |
Heating Oil-Fuel Surchages [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Realized Gains (Losses) | ($405) | [4] | ($947) | [4] | ($2,209) |
[1] | Revenues | ||||
[2] | Cost of sales | ||||
[3] | Change in fair value of coal derivatives and coal trading activities, net | ||||
[4] | Other operating income, net |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Payroll and employee benefits | $73,362 | $67,621 |
Taxes other than income taxes | 114,598 | 114,664 |
Interest | 30,384 | 18,528 |
Acquired sales contracts | 12,453 | 14,373 |
Workers’ compensation | 16,714 | 12,434 |
Asset retirement obligations | 19,222 | 24,940 |
Other | 35,663 | 26,027 |
Accrued Liabilities, Current | $302,396 | $278,587 |
Debt_and_Financing_Arrangement2
Debt and Financing Arrangements (Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Other | $56,031,000 | $32,162,000 |
Total | 5,160,370,000 | 5,151,495,000 |
Current maturities of debt | 36,885,000 | 33,493,000 |
Long-term debt | 5,123,485,000 | 5,118,002,000 |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Term loan due 2018 ($1.9 billion and $1.93 billion face value, respectively) | 1,890,846,000 | 1,906,975,000 |
Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,850,000,000 | |
7.00% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000,000 | 1,000,000,000 |
8.00% Senior Secured Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000,000 | 350,000,000 |
9.875% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 363,493,000 | 362,358,000 |
7.25% Senior Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000,000 | 500,000,000 |
7.25% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $1,000,000,000 | $1,000,000,000 |
Debt_and_Financing_Arrangement3
Debt and Financing Arrangements (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 52 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 21, 2012 | 12-May-12 | Sep. 30, 2013 | Apr. 30, 2018 | 29-May-12 | 1-May-12 | Dec. 17, 2013 | Jun. 14, 2011 | 30-May-12 | 16-May-12 | |
Debt Instrument [Line Items] | |||||||||||||
Payments to retire debt | $300,000 | $628,660,000 | $452,934,000 | ||||||||||
Debt Instrument, Face Amount | 5,186,656,000 | ||||||||||||
Available borrowing capacity under lines of credit | 215,100,000 | ||||||||||||
Line of Credit Facility, Expiration Date | 8-Dec-17 | ||||||||||||
Proceeds from Issuance of Secured Debt | 294,000,000 | 1,633,500,000 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 36,915,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 29,875,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 30,091,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,858,145,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,730,670,000 | ||||||||||||
Payments of Financing Costs | 4,519,000 | 20,489,000 | 50,568,000 | ||||||||||
Write Off Of Unamortized Discount | 6,900,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,500,960,000 | ||||||||||||
8.00% Senior Secured Notes due 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior notes interest rate | 8.00% | ||||||||||||
Senior Notes | 350,000,000 | 350,000,000 | |||||||||||
Debt Instrument, Face Amount | 350,000,000 | ||||||||||||
8.00% Senior Secured Notes due 2019 [Member] | Redeemable between January 15, 2016 and January 14, 2017 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 104.00% | ||||||||||||
8.00% Senior Secured Notes due 2019 [Member] | Redeemable between January 15, 2017 and January 14, 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 102.00% | ||||||||||||
8.00% Senior Secured Notes due 2019 [Member] | Redeemable on or after January 15, 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 100.00% | ||||||||||||
Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of Deferred Debt Issuance Cost | 1,900,000 | 23,400,000 | |||||||||||
Line of Credit [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||||||||||
Line of Credit [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% | ||||||||||||
Term Loan Due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Frequency of Periodic Payment | Quarterly | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||||||||||
Proceeds from Issuance of Secured Debt | 300,000,000 | 1,400,000,000 | |||||||||||
Debt Instrument, Discount (Premium), Percentage | 1.00% | ||||||||||||
Payments on term loan | 4,125,000 | 3,500,000 | 4,875,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,850,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.25% | ||||||||||||
Loans Payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 1,905,625,000 | 300,000,000 | |||||||||||
Debt Instrument, Discounted Percentage From Face Amount | 98.00% | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | 350,000,000 | |||||||||||
9.875% Senior Notes Due 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior notes interest rate | 9.88% | ||||||||||||
Senior Notes | 363,493,000 | 362,358,000 | |||||||||||
Debt Instrument, Face Amount | 375,000,000 | ||||||||||||
Debt Instrument, Discount (Premium), Percentage | 95.93% | ||||||||||||
9.875% Senior Notes Due 2019 [Member] | Redeemable between December 15, 2016 and December 14, 2017 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 104.94% | ||||||||||||
9.875% Senior Notes Due 2019 [Member] | Redeemable between December 15, 2017 and December 14, 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 102.47% | ||||||||||||
9.875% Senior Notes Due 2019 [Member] | On or after December 15, 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 100.00% | ||||||||||||
7.25% Senior Notes Due 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior notes interest rate | 7.25% | ||||||||||||
Senior Notes | 500,000,000 | 500,000,000 | |||||||||||
Debt Instrument, Face Amount | 500,000,000 | ||||||||||||
7.25% Senior Notes Due October 10, 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Frequency of Periodic Payment | Interest is payable on the 2020 Notes on April 1 and October 1 of each year | ||||||||||||
7.25% Senior Notes Due October 10, 2020 [Member] | Redeemable between October 1, 2015 and September 30, 2016 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 0.00% | ||||||||||||
7.25% Senior Notes Due October 10, 2020 [Member] | Redeemable between October 1, 2016 and September 30, 2017 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 102.42% | ||||||||||||
7.25% Senior Notes Due October 10, 2020 [Member] | Redeemable between October 1, 2017 and September 30, 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 101.21% | ||||||||||||
7.25% Senior Notes Due October 10, 2020 [Member] | Redeemable on or after October 1, 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 100.00% | ||||||||||||
7.00% Senior Notes Due 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 1,000,000,000 | ||||||||||||
7.00% Senior Notes Due 2019 [Member] | Redeemable between June 15, 2015 and June 14, 2016 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 103.50% | ||||||||||||
7.00% Senior Notes Due 2019 [Member] | Redeemable between June 15, 2016 and June 14, 2017 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 101.75% | ||||||||||||
7.00% Senior Notes Due 2019 [Member] | June 15, 2017 and Beyond [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 100.00% | ||||||||||||
7.00% Senior Notes Due 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior notes interest rate | 7.00% | ||||||||||||
Senior Notes | 1,000,000,000 | 1,000,000,000 | |||||||||||
7.25% Senior Notes Due 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior notes interest rate | 7.25% | ||||||||||||
Senior Notes | 1,000,000,000 | 1,000,000,000 | |||||||||||
7.25% Senior Notes Due 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 1,000,000,000 | ||||||||||||
7.25% Senior Notes Due 2021 [Member] | Redeemable between June 15, 2016 and June 14, 2017 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 103.63% | ||||||||||||
7.25% Senior Notes Due 2021 [Member] | Redeemable between June 15, 2017 and June 14, 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 102.42% | ||||||||||||
7.25% Senior Notes Due 2021 [Member] | Redeemable between June 15, 2018 and June 14, 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 101.21% | ||||||||||||
7.25% Senior Notes Due 2021 [Member] | June 15, 2019 and Beyond [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
CallPremium | 100.00% | ||||||||||||
6.75% Senior Notes Due 2013 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payments to retire debt | 308,000,000 | ||||||||||||
Debt Instrument, Unamortized Premium | -800,000 | ||||||||||||
Six Point Seven Five Percentage Senior Notes Due Two Thousand Thirteen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | 304,000,000 | ||||||||||||
Debt Instrument, Repurchase Amount | 146,000,000 | ||||||||||||
Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Write off of Deferred Debt Issuance Cost | 5,400,000 | 1,100,000 | |||||||||||
Secured Debt [Member] | 6.75% Senior Notes Due 2013 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 450,000,000 | ||||||||||||
Unsecured Debt [Member] | 8.75% senior unsecured notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $600,000,000 |
Taxes_Schedule_of_Components_o
Taxes (Schedule of Components of Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Taxes [Abstract] | |||
Current Federal Tax Expense (Benefit) | $0 | $0 | ($20,022) |
Current State and Local Tax Expense (Benefit) | 25 | -647 | 575 |
Current Income Tax Expense (Benefit) | 25 | -647 | -19,447 |
Deferred Federal Income Tax Expense (Benefit) | 18,535 | -318,956 | -341,486 |
Deferred State and Local Income Tax Expense (Benefit) | 7,074 | -15,895 | 7,026 |
Deferred Income Tax Expense (Benefit) | 25,609 | -334,851 | -334,460 |
Provision for (benefit from) income taxes | $25,634 | ($335,498) | ($353,907) |
Taxes_Schedule_of_Effective_In
Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Taxes [Abstract] | |||
Income tax expense statutory rate | ($186,452) | ($378,463) | ($382,581) |
Percentage depletion allowance | -12,692 | -15,796 | -33,654 |
Goodwill | 70,301 | 56,916 | |
State taxes, net of effect of federal taxes | -3,903 | -25,265 | -24,231 |
Change in valuation allowance | 226,929 | 8,659 | 31,832 |
Other, net | 1,752 | 5,066 | -2,189 |
Provision for (benefit from) income taxes | $25,634 | ($335,498) | ($353,907) |
Taxes_Schedule_of_Deferred_Tax
Taxes (Schedule of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Taxes [Abstract] | ||
Net operating loss carryforwards | $871,848 | $660,916 |
Alternative minimum tax credit carryforwards | 127,169 | 126,755 |
Reclamation and mine closure | 114,430 | 113,843 |
Goodwill | 50,072 | 52,636 |
Workers' compensation | 38,924 | 31,641 |
Share based compensation | 30,283 | 28,494 |
Acquired sales contracts | 26,833 | 33,392 |
Retiree benefit plans | 22,913 | 20,527 |
Contract obligations | 15,693 | 19,327 |
Other, primarily accrued liabilities | 64,503 | 68,969 |
Gross deferred tax assets | 1,362,668 | 1,156,500 |
Valuation allowance | -270,251 | -43,322 |
Total deferred tax assets | 1,092,417 | 1,113,178 |
Plant and equipment | 1,354,396 | 1,364,382 |
Deferred development | 95,129 | 91,126 |
Investment in tax partnerships | 7,377 | 8,170 |
Other | 5,533 | 13,902 |
Deferred Tax Liabilities, Gross | 1,462,435 | 1,477,580 |
Total deferred tax liabilities | $370,018 | $364,402 |
Taxes_Schedule_of_Gross_Unreco
Taxes (Schedule of Gross Unrecognized Tax Benefits) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Beginning Balance | $34,709 | $31,789 | $31,150 | $8,798 |
Additions based on tax positions related to the current year | 2,920 | 1,199 | 409 | |
Additions for tax positions of prior years | 688 | 21,943 | ||
Reductions as a result of lapses in the statute of limitations | 0 | -1,248 | ||
Ending Balance | $34,709 | $31,789 | $31,150 |
Taxes_Narrative_Details
Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Taxes [Abstract] | |||||||
Stock options and other equity based compensation, tax expense (benefit) | $1,600,000 | $1,500,000 | $300,000 | ||||
Operating loss carryforwards | 2,400,000,000 | 2,400,000,000 | |||||
Alternative minimum tax credit carryforwards | 127,169,000 | 127,169,000 | 126,755,000 | ||||
Increase (decrease) in valuation allowance | 169,000,000 | 15,800,000 | 18,300,000 | 23,800,000 | 226,900,000 | 8,700,000 | 31,800,000 |
Interest and penalties accrued related to unrecognized tax benefits | $1,500,000 | $1,500,000 | $1,300,000 |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
asset retirement obligations [Line Items] | |
Letters of Credit Outstanding, Amount | $3.50 |
Asset retirement obligations [Member] | |
asset retirement obligations [Line Items] | |
Self-bonding obligations | 458.5 |
Asset retirement obligations [Member] | |
asset retirement obligations [Line Items] | |
Surety bonds outstanding | $177.70 |
Asset_Retirement_Obligations_S
Asset Retirement Obligations (Schedule of Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning Balance | $427,653 | $448,625 |
Accretion expense | 32,909 | 35,727 |
Obligations incurred or acquired | -30,684 | -8,440 |
Adjustments to the liability from changes in estimates | 627 | -26,578 |
Liabilities settled | -12,387 | -21,681 |
Ending Balance | 418,118 | 427,653 |
Current portion included in accrued expenses | -19,222 | -24,940 |
Noncurrent liability | $398,896 | $402,713 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of senior notes and other long-term debt, including amounts classified as current | $2,700,000,000 | $4,600,000,000 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net unrealized losses related to level 3 financial instruments | ($2,100,000) |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary of Financial Assets and Liabilities Accounted for at Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Investments in marketable securities | $254,099 | $264,443 |
Derivatives | 13,557 | 19,954 |
Total assets | 267,656 | 284,397 |
Liabilities: | ||
Coal derivative liabilities | 766 | 12 |
Level 1 [Member] | ||
Assets: | ||
Investments in marketable securities | 5,145 | 77,967 |
Derivatives | 9,026 | 14,847 |
Total assets | 14,171 | 92,814 |
Level 2 [Member] | ||
Assets: | ||
Investments in marketable securities | 248,954 | 186,476 |
Derivatives | 1,491 | |
Total assets | 250,445 | 186,476 |
Liabilities: | ||
Coal derivative liabilities | 766 | -149 |
Level 3 [Member] | ||
Assets: | ||
Derivatives | 3,040 | 5,107 |
Total assets | 3,040 | 5,107 |
Liabilities: | ||
Coal derivative liabilities | $0 | $161 |
Fair_Value_Measurements_Summar1
Fair Value Measurements (Summary of Change in the Fair Values of Financial Instruments Categorized as Level 3) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $4,946 | $8,174 |
Realized and unrealized losses recognized in earnings, net | -6,572 | -10,253 |
Purchases | 5,288 | 8,654 |
Issuances | -622 | -25 |
Settlements | 0 | -1,604 |
Ending balance | $3,040 | $4,946 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) | Dec. 31, 2014 |
Capital Stock [Abstract] | |
Stock repurchase authorized number | 14,000,000 |
Outstanding shares available for repurchase | 10,925,800 |
StockBased_Compensation_and_Ot2
Stock-Based Compensation and Other Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $5.60 | $5 | $3.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $3.10 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 10.3 | ||
Stock options compensation expense | 3.2 | 6.7 | 8 |
Unrecognized compensation cost | 1.6 | ||
Options vested in period fair value | 8.7 | 8.9 | 8 |
Amounts unpaid under long term incentive plan | 21.1 | 17.2 | |
Net cash surrender values | 37.6 | 39.4 | |
Participants maximum deferred amount in base salaries percentage | 85.00% | ||
Participants maximum deferred amount in annual incentive awards percentage | 100.00% | ||
Participants maximum deferred stock awards percentage | 100.00% | ||
Deferred compensation plan liability | 35.1 | 37 | |
Net income (expense) related to deferred compensation plan | -1.6 | 2.6 | 3.3 |
Weighted average grant-date fair value per share of options granted | $2.37 | $5.27 | |
Option, weighted average risk free rate | 0.65% | 0.76% | |
Option, weighted average dividend yield | 2.30% | 2.92% | |
Option, weighted average volatility | 66.70% | 60.72% | |
Expected life of options (Years) | 4 years 6 months | 4 years 6 months | |
Shares authorized for incentive plan | 30.9 | ||
long term incentive plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Compensation expense | $10.10 | $9.10 | $8.10 |
StockBased_Compensation_and_Ot3
Stock-Based Compensation and Other Incentive Plans (Schedule of Stock Option Activity Under Incentive Plan) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding at January 1 | 6,939 |
Cancelled, Common Shares | -88 |
Expired, Common Shares | -29 |
Options outstanding at December 31 | 6,822 |
Options exercisable at December 31 | 5,123 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $19.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $17.61 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $29.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $19.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $24.01 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,699 |
StockBased_Compensation_and_Ot4
Stock-Based Compensation and Other Incentive Plans (Schedule of Weighted Average Assumptions Used in Option Pricing) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | ||
Weighted average grant-date fair value per share of options granted | $2.37 | $5.27 |
Option, weighted average risk free rate | 0.65% | 0.76% |
Option, weighted average dividend yield | 2.30% | 2.92% |
Option, weighted average volatility | 66.70% | 60.72% |
Expected life of options (Years) | 4 years 6 months | 4 years 6 months |
StockBased_Compensation_and_Ot5
Stock-Based Compensation and Other Incentive Plans (Restricted Stock and Restricted Stock Unit Activity and Weighted Average Grant-Date Fair Value) (Details) (USD $) | 12 Months Ended | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Oustanding as of January 1 | 143 | |
Shares granted during period | 0 | |
Vested | -120 | |
Canceled | -1 | |
Outstanding as of December 31 | 22 | 22 |
Outstanding Weighted Average Grant Date Price | $13.44 | 13.44 |
Weighted average fair value of restricted stock granted | $0 | |
Vested, Weighted Average Grant-Date Fair Value | $30.08 | |
Canceled, Weighted Average Grant-Date Fair Value | $32.49 | |
Outstanding Weighted Average Grant Date Price | $27.52 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Oustanding as of January 1 | 1,373 | |
Shares granted during period | 1,521 | |
Vested | 0 | |
Canceled | -70 | |
Outstanding as of December 31 | 2,824 | 2,824 |
Outstanding Weighted Average Grant Date Price | $6.14 | 6.14 |
Weighted average fair value of restricted stock granted | $4.51 | |
Vested, Weighted Average Grant-Date Fair Value | $0 | |
Canceled, Weighted Average Grant-Date Fair Value | $6.34 | |
Outstanding Weighted Average Grant Date Price | $7.95 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Workers_Compensation_Expense_W
Workers' Compensation Expense (Worker's Compensation Expense) (Details) (Workers' Compensation [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Workers' Compensation [Member] | |||
Accrued Workers' Compensation [Line Items] | |||
Total net benefit | $4,432 | $6,137 | $6,962 |
Traumatic injury claims and assessments | 19,924 | 21,089 | 26,565 |
Total workers’ compensation expense | $24,356 | $27,226 | $33,527 |
Workers_Compensation_Expense_N
Workers' Compensation Expense (Narrative) (Details) (Workers' Compensation Benefits [Domain], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Workers' Compensation Benefits [Domain] | |
Workers' Compensation [Line Items] | |
Surety Bonds And Letters Of Credit Outstanding | $121.40 |
Workers_Compensation_Expense_S
Workers' Compensation Expense (Schedule of Amounts Recognized in Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Workers' Compensation [Line Items] | ||
Total obligations | $111,005 | $90,496 |
Less amount included in accrued expenses | 16,714 | 12,434 |
Noncurrent obligations | 94,291 | 78,062 |
Occupational Disease [Member] | ||
Accrued Workers' Compensation [Line Items] | ||
Occupational disease costs | 72,749 | 55,228 |
Workers' Compensation [Member] | ||
Accrued Workers' Compensation [Line Items] | ||
Occupational disease costs | $38,256 | $35,268 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation of pension plans | $353,700,000 | $341,100,000 | |
Health care cost trend rate assumed | 7.10% | ||
Ultimate trend rate | 4.50% | ||
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount invested by plan | 16,000,000 | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amortization of Net Gains (Losses) | -8,200,000 | ||
Pension Contributions | 500,000 | ||
Other postretirement benefits payments | 22,900,000 | 25,100,000 | 27,200,000 |
Defined Benefit Plan, Plan Amendments | -23,000 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net prior service cost | 8,000,000 | ||
Defined Benefit Plan, Amortization of Net Gains (Losses) | 1,800,000 | ||
Defined Benefit Plan, Plan Amendments | $0 | $0 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plans Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Value of Plan Assets at December 31 | $347,952 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligations at January 1 | 355,468 | 390,894 | |
Service cost | 21,478 | 27,065 | 27,466 |
Interest cost | 17,070 | 16,207 | 15,668 |
Plan Amendments | -23 | 0 | |
Benefits Paid | -53,974 | -41,562 | |
Curtailments | -25,787 | -3,027 | |
Other-primary actuarial loss (gain) | 39,504 | -34,109 | |
Benefit Obligations at December 31 | 353,736 | 355,468 | 390,894 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Value of Plan Assets at January 1 | 347,952 | 322,874 | |
Actual Return on Plan Assets | 36,130 | 52,247 | |
Employer contributions | 6,601 | 14,393 | |
Benefits Paid | -53,974 | -41,562 | |
Value of Plan Assets at December 31 | 336,709 | 347,952 | 322,874 |
Accrued benefit cost | -17,027 | -7,516 | |
Prior service cost (credit) | 0 | 1,732 | |
Accumulated gain (loss) | -11,332 | 10,096 | |
Total not yet recognized as a component of net periodic benefit cost | -11,332 | 11,828 | |
Current liability | -767 | -405 | |
Noncurrent liability | -16,260 | -7,111 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -17,027 | -7,516 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligations at January 1 | 42,531 | 49,326 | |
Service cost | 1,649 | 2,027 | 2,142 |
Interest cost | 1,841 | 1,739 | 2,020 |
Plan Amendments | 0 | 0 | |
Benefits Paid | -3,431 | -3,276 | |
Curtailments | 0 | -2,519 | |
Other-primary actuarial loss (gain) | -6,492 | -4,766 | |
Benefit Obligations at December 31 | 36,098 | 42,531 | 49,326 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Value of Plan Assets at January 1 | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Employer contributions | 3,431 | 3,276 | |
Benefits Paid | -3,431 | -3,276 | |
Value of Plan Assets at December 31 | 0 | 0 | 0 |
Accrued benefit cost | -36,098 | -42,531 | |
Prior service cost (credit) | 21,972 | 31,925 | |
Accumulated gain (loss) | 9,125 | 3,394 | |
Total not yet recognized as a component of net periodic benefit cost | 31,097 | 35,319 | |
Current liability | -3,430 | -3,276 | |
Noncurrent liability | -32,668 | -39,255 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | ($36,098) | ($42,531) |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule of Net Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $21,478 | $27,065 | $27,466 |
Interest cost | 17,070 | 16,207 | 15,668 |
Curtailments | -25,368 | 47 | 324 |
Settlements | 646 | 0 | 0 |
Expected return on plan assets | -23,756 | -23,761 | -22,030 |
Amortization of prior service cost (credit) | -257 | -204 | 259 |
Amortization of other actuarial (gains) losses | 3,128 | 14,616 | 14,666 |
Total net benefit | -7,059 | 33,970 | 36,353 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,649 | 2,027 | 2,142 |
Interest cost | 1,841 | 1,739 | 2,020 |
Curtailments | -5,444 | -4,049 | |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -10,003 | -10,621 | -11,458 |
Amortization of other actuarial (gains) losses | -761 | -252 | -522 |
Total net benefit | ($7,274) | ($12,551) | ($11,867) |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans (Schedule of Assumptions Used to Calculate Benefit Obligations) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.15% | 5.08% |
Rate of compensation increase | 3.39% | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.91% | 4.58% |
Employee_Benefit_Plans_Schedul3
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | 0 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 2 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Pension Plans, Defined Benefit [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount Rate | 4.14% | 5.05% | 4.13% | 5.08% | 4.91% | ||
Rate of Compensation Increase | 3.39% | 3.39% | 3.39% | ||||
Expected return on plan assets | 7.75% | 7.75% | 7.75% | ||||
Supplemental Employee Retirement Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount Rate | 4.23% | ||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount Rate | 4.58% | 3.64% | 4.58% | 4.52% |
Employee_Benefit_Plans_Schedul4
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $347,952 | |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 89,982 | 114,977 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 228,657 | 215,958 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 18,070 | 17,017 |
U.S. Small-Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 16,512 | 14,901 |
U.S. Small-Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 16,512 | 14,901 |
U.S. Mid-Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 46,481 | 62,271 |
U.S. Mid-Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17,301 | 28,654 |
U.S. Mid-Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 29,180 | 33,617 |
U.S. Large-Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 89,008 | 110,947 |
U.S. Large-Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 43,181 | 53,708 |
U.S. Large-Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 45,827 | 57,239 |
Non-U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 25,905 | 29,165 |
Non-U.S. [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 25,905 | 29,165 |
U.S. Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13,708 | 18,545 |
U.S. Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 12,988 | 17,714 |
U.S. Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 831 | |
Non-U.S. Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,599 | 2,143 |
Non-U.S. Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1,599 | 2,143 |
U.S. governement asset and mortgage backed securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 830 | 600 |
U.S. governement asset and mortgage backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 830 | 600 |
Corporate fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 22,702 | 9,902 |
Corporate fixed income [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 22,702 | 9,902 |
State and Local Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8,005 | 8,301 |
State and Local Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8,005 | 8,301 |
Other fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 83,735 | 58,093 |
Other fixed income [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 83,735 | 58,093 |
Short-term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6,818 | 14,663 |
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6,818 | 14,663 |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 21,406 | 18,421 |
Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,336 | 1,404 |
Other Investments [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $18,070 | $17,017 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary of Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $17,737 |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Year Two | 20,544 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 22,503 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 24,086 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 22,943 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 130,088 |
DefinedBenefitPlanExpectedFutureBenefitPaymentsTotal | 237,901 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 3,665 |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Year Two | 3,657 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 3,551 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 3,486 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 3,421 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 14,680 |
DefinedBenefitPlanExpectedFutureBenefitPaymentsTotal | $32,460 |
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Earnings Per Share, Potentially Dilutive Securities | 1953474 | ||
Effect of options to purchase common stock | 7.7 | 7.5 | 4.9 |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
lease payments [Line Items] | |||
Capital Lease Obligations | $46 | $20.80 | |
Rental expense | 42.9 | 42.2 | 41.2 |
Royalty expense | 242.5 | 261.1 | 302 |
lease [Member] | |||
lease payments [Line Items] | |||
Surety bonds outstanding | $49.40 |
Leases_Schedule_of_Lease_Minim
Leases (Schedule of Lease Minimum Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property Subject to Operating Lease [Member] | |
lease payments [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $25,685 |
Operating Leases, Future Minimum Payments, Due in Two Years | 19,242 |
Operating Leases, Future Minimum Payments, Due in Three Years | 17,065 |
Operating Leases, Future Minimum Payments, Due in Four Years | 6,334 |
Operating Leases, Future Minimum Payments, Due in Five Years | 3,370 |
Operating Leases, Future Minimum Payments, Due Thereafter | 11,880 |
Operating Leases, Future Minimum Payments Due | 83,576 |
Royalty Agreements [Member] | |
lease payments [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 14,587 |
Operating Leases, Future Minimum Payments, Due in Two Years | 18,632 |
Operating Leases, Future Minimum Payments, Due in Three Years | 17,932 |
Operating Leases, Future Minimum Payments, Due in Four Years | 17,584 |
Operating Leases, Future Minimum Payments, Due in Five Years | 13,875 |
Operating Leases, Future Minimum Payments, Due Thereafter | 83,282 |
Operating Leases, Future Minimum Payments Due | $165,892 |
Risk_Concentrations_Narrative_
Risk Concentrations (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
T | ||
Concentration Risk [Line Items] | ||
Receivables | $232,017 | $229,573 |
Trade accounts receivable | 211,506 | 198,020 |
Tons of coal sold | 134,400,000 | |
Percentage of tons sold under long term contract | 60.00% | |
Long term contracts percentage of company revenue | 48.00% | |
Long-term contracts, life term, minimum | 1 year | |
Long-term contracts, life term, maximum | 6 years | |
Electric Utilities [Member] | ||
Concentration Risk [Line Items] | ||
Receivables | 134,700 | 125,700 |
Percentage of total trade accounts receivable | 64.00% | |
Domestic And Foreign Steel Producers [Member] | ||
Concentration Risk [Line Items] | ||
Trade accounts receivable | $76,000 | $70,500 |
Trade receivables, percentage | 36.00% |
Risk_Concentrations_Schedule_o
Risk Concentrations (Schedule of Foreign Revenues) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Europe [Member] | |||
foreign revenue [Line Items] | |||
Sales to customers in foreign countries | $277,565 | $371,363 | $674,754 |
Asia [Member] | |||
foreign revenue [Line Items] | |||
Sales to customers in foreign countries | 156,057 | 160,404 | 203,193 |
North America [Member] | |||
foreign revenue [Line Items] | |||
Sales to customers in foreign countries | 78,445 | 80,322 | 72,542 |
South America [Member] | |||
foreign revenue [Line Items] | |||
Sales to customers in foreign countries | 20,496 | 55,493 | 57,184 |
Brokered Sales [Member] | |||
foreign revenue [Line Items] | |||
Sales to customers in foreign countries | 79,354 | 154,442 | 145,438 |
Total [Member] | |||
foreign revenue [Line Items] | |||
Sales to customers in foreign countries | $611,917 | $822,024 | $1,153,111 |
Settlement_with_Patriot_Coal_D
Settlement with Patriot Coal (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | |||
Gain (Loss) Related to Litigation Settlement | $0 | ($12,000,000) | $0 |
Patriot Coal [Member] | |||
Loss Contingencies [Line Items] | |||
Payments for Legal Settlements | $5,000,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 01, 2011 | Mar. 31, 2015 | Jul. 31, 2013 | Aug. 25, 2011 | Aug. 13, 2007 |
Loss Contingencies [Line Items] | ||||||||
Unrecorded Unconditional Purchase Obligation, Purchases | ($36.50) | ($12) | ($2.30) | |||||
Purchase replacement coal | 100 | |||||||
Damages and interest awarded | 104.1 | |||||||
Amount accrued | 22.3 | 30.4 | ||||||
Amount accrued current portion | 10.1 | 11.7 | ||||||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 265.6 | |||||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 118.1 | |||||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 114.7 | |||||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 82.2 | |||||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 73.5 | |||||||
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 279.4 | |||||||
Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Aggregate amount of past and future damages | 228 | |||||||
Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Aggregate amount of past and future damages | 377 | |||||||
past damages [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages and interest awarded | 13.8 | |||||||
future damages [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages and interest awarded | 90.3 | |||||||
Pending Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation Settlement, Amount | 7.5 | |||||||
Judicial Ruling [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments for Legal Settlements | $15.60 |
Segment_Information_Schedule_o
Segment Information (Schedule of Operating Segment Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $745,192 | $742,180 | $713,776 | $735,971 | $719,386 | $791,269 | $766,332 | $737,370 | $2,937,119 | $3,014,357 | $3,768,126 |
Adjusted EBITDA | 280,143 | 252,146 | 579,872 | ||||||||
Depreciation, depletion and amortization | 418,748 | 426,442 | 492,211 | ||||||||
Amortization of acquired sales contracts, net | -13,187 | -9,457 | -25,189 | ||||||||
Total assets | 8,429,723 | 8,990,193 | 8,429,723 | 8,990,193 | 10,006,777 | ||||||
Capital expenditures | 147,286 | 296,984 | 395,225 | ||||||||
PRB [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,490,377 | 1,482,812 | 1,524,536 | ||||||||
Adjusted EBITDA | 198,074 | 206,910 | 262,155 | ||||||||
Depreciation, depletion and amortization | 168,522 | 171,324 | 166,539 | ||||||||
Amortization of acquired sales contracts, net | -3,961 | -3,656 | -1,987 | ||||||||
Total assets | 1,772,230 | 1,841,835 | 1,772,230 | 1,841,835 | 1,972,522 | ||||||
Capital expenditures | 44,305 | 9,784 | 23,410 | ||||||||
APP [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,108,358 | 1,145,801 | 1,793,576 | ||||||||
Adjusted EBITDA | 110,693 | 88,883 | 405,981 | ||||||||
Depreciation, depletion and amortization | 205,732 | 202,952 | 271,221 | ||||||||
Amortization of acquired sales contracts, net | -9,433 | -10,364 | -23,926 | ||||||||
Total assets | 3,379,834 | 3,971,764 | 3,379,834 | 3,971,764 | 3,875,105 | ||||||
Capital expenditures | 23,638 | 167,759 | 275,476 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 338,384 | 385,744 | 450,014 | ||||||||
Adjusted EBITDA | 56,612 | 94,948 | 112,982 | ||||||||
Depreciation, depletion and amortization | 40,125 | 45,741 | 49,911 | ||||||||
Amortization of acquired sales contracts, net | 207 | 4,563 | 724 | ||||||||
Total assets | 339,809 | 402,922 | 339,809 | 402,922 | 834,287 | ||||||
Capital expenditures | 12,993 | 23,122 | 68,220 | ||||||||
Corporate, Other and Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | -85,236 | -138,595 | -201,246 | ||||||||
Depreciation, depletion and amortization | 4,369 | 6,425 | 4,540 | ||||||||
Amortization of acquired sales contracts, net | 0 | 0 | |||||||||
Total assets | 2,937,850 | 2,773,672 | 2,937,850 | 2,773,672 | 3,324,863 | ||||||
Capital expenditures | $66,350 | $96,319 | $28,119 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Income from Operations to Consolidated Income Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||||||||||
Adjusted EBITDA | $280,143 | $252,146 | $579,872 | ||||||||
Depreciation, depletion and amortization | -418,748 | -426,442 | -492,211 | ||||||||
Other Depreciation and Amortization | 13,187 | 9,457 | 25,189 | ||||||||
Asset impairment and mine closure costs | -17,541 | -5,060 | -1,512 | 0 | 0 | -200,397 | -20,482 | 0 | -24,113 | -220,879 | -539,182 |
Goodwill impairment | 0 | 0 | 0 | 0 | -265,423 | -330,680 | |||||
Gain (Loss) Related to Litigation Settlement | 0 | -12,000 | 0 | ||||||||
Interest expense, net | -383,188 | -374,664 | -312,142 | ||||||||
Net loss resulting from early retirement and refinancing of debt | 0 | -42,921 | -23,668 | ||||||||
Nonoperating expense | -42,921 | -23,668 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ($532,719) | ($1,080,726) | ($1,092,822) |
Quarterly_Selected_Financial_D2
Quarterly Selected Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information [Abstract] | |||||||||||
Coal Products and Services Revenue | $745,192,000 | $742,180,000 | $713,776,000 | $735,971,000 | $719,386,000 | $791,269,000 | $766,332,000 | $737,370,000 | $2,937,119,000 | $3,014,357,000 | $3,768,126,000 |
Gross Profit | 32,264,000 | -5,851,000 | -6,350,000 | -49,842,000 | -44,801,000 | 90,000 | 2,505,000 | -18,560,000 | |||
Asset impairment and mine closure costs | 17,541,000 | 5,060,000 | 1,512,000 | 0 | 0 | 200,397,000 | 20,482,000 | 0 | 24,113,000 | 220,879,000 | 539,182,000 |
Goodwill impairment | 0 | 0 | 0 | 0 | 265,423,000 | 330,680,000 | |||||
Asset Impairment Charges | 265,423,000 | ||||||||||
Income (loss) from operations | -5,303,000 | -35,300,000 | -35,805,000 | -73,123,000 | -340,678,000 | -234,753,000 | -36,279,000 | -51,431,000 | -149,531,000 | -663,141,000 | -757,012,000 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -372,794,000 | -207,767,000 | -80,351,000 | -84,316,000 | -558,353,000 | -745,228,000 | -738,915,000 | ||||
Income from discontinued operations, including gain on sale - net of tax | 1,580,000 | 79,404,000 | 8,145,000 | 14,267,000 | 0 | 103,396,000 | 55,228,000 | ||||
Net loss | -240,135,000 | -97,218,000 | -96,860,000 | -124,140,000 | -371,214,000 | -128,363,000 | -72,206,000 | -70,049,000 | -558,353,000 | -641,832,000 | -683,687,000 |
Income (Loss) from Continuing Operations, Per Diluted Share | ($1.76) | ($0.98) | ($0.38) | ($0.40) | |||||||
Earnings Per Share, Diluted | ($1.13) | ($0.46) | ($0.46) | ($0.59) | ($1.75) | ($0.61) | ($0.34) | ($0.33) | |||
Increase (decrease) in valuation allowance | $169,000,000 | $15,800,000 | $18,300,000 | $23,800,000 | $226,900,000 | $8,700,000 | $31,800,000 |
Supplemental_Consolidating_Fin2
Supplemental Consolidating Financial Information (Schedule of Consolidating Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends declared per common share | $0.01 | $0.12 | $0.20 | ||||||||
Revenues | $745,192 | $742,180 | $713,776 | $735,971 | $719,386 | $791,269 | $766,332 | $737,370 | $2,937,119 | $3,014,357 | $3,768,126 |
Costs, expenses and other | |||||||||||
Cost of sales (exclusive of items shown separately below) | 2,566,193 | 2,663,136 | 3,155,099 | ||||||||
Depreciation, depletion and amortization | 418,748 | 426,442 | 492,211 | ||||||||
Amortization of acquired sales contracts, net | -13,187 | -9,457 | -25,189 | ||||||||
Change in fair value of coal derivatives and coal trading activities, net | -3,686 | 7,845 | -16,590 | ||||||||
Asset impairment and mine closure costs | 17,541 | 5,060 | 1,512 | 0 | 0 | 200,397 | 20,482 | 0 | 24,113 | 220,879 | 539,182 |
Goodwill impairment | 0 | 0 | 0 | 0 | 265,423 | 330,680 | |||||
Contract settlement resulting from Patriot Coal bankruptcy | 0 | 0 | 58,335 | ||||||||
Reduction in accrual related to acquired litigation | 0 | -79,532 | |||||||||
Selling, general and administrative expenses | 114,223 | 133,448 | 134,299 | ||||||||
Other operating income, net | -19,754 | -30,218 | -63,357 | ||||||||
Total operating expenses | 3,086,650 | 3,677,498 | 4,525,138 | ||||||||
Loss from investment in subsidiaries | 0 | ||||||||||
Loss from operations | -5,303 | -35,300 | -35,805 | -73,123 | -340,678 | -234,753 | -36,279 | -51,431 | -149,531 | -663,141 | -757,012 |
Interest expense, net | |||||||||||
Interest expense | -390,946 | -381,267 | -317,615 | ||||||||
Interest and investment income | 7,758 | 6,603 | 5,473 | ||||||||
Interest expense, net | -383,188 | -374,664 | -312,142 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||
Net loss resulting from early retirement of debt and financing activities | -42,921 | -23,668 | |||||||||
Net loss resulting from early retirement and refinancing of debt | 0 | -42,921 | -23,668 | ||||||||
Loss from continuing operations before income taxes | -532,719 | -1,080,726 | -1,092,822 | ||||||||
Provision for (benefit from) income taxes | 25,634 | -335,498 | -353,907 | ||||||||
Loss from continuing operations | -372,794 | -207,767 | -80,351 | -84,316 | -558,353 | -745,228 | -738,915 | ||||
Income from discontinued operations, including gain on sale - net of tax | 1,580 | 79,404 | 8,145 | 14,267 | 0 | 103,396 | 55,228 | ||||
Net income (loss) | -240,135 | -97,218 | -96,860 | -124,140 | -371,214 | -128,363 | -72,206 | -70,049 | -558,353 | -641,832 | -683,687 |
Less: Net income attributable to noncontrolling interest | 0 | -268 | |||||||||
Net loss attributable to Arch Coal, Inc. | -558,353 | -641,832 | -683,955 | ||||||||
Total comprehensive income (loss) | -592,804 | -587,633 | -692,239 | ||||||||
Parent/Issuer [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Costs, expenses and other | |||||||||||
Cost of sales (exclusive of items shown separately below) | 3,016 | 9,117 | 10,921 | ||||||||
Depreciation, depletion and amortization | 5,154 | 5,949 | 5,392 | ||||||||
Amortization of acquired sales contracts, net | 0 | ||||||||||
Change in fair value of coal derivatives and coal trading activities, net | 0 | ||||||||||
Asset impairment and mine closure costs | 3,642 | 78,150 | |||||||||
Goodwill impairment | 0 | ||||||||||
Reduction in accrual related to acquired litigation | 0 | ||||||||||
Selling, general and administrative expenses | 79,902 | 88,820 | 84,199 | ||||||||
Other operating income, net | -4,480 | 4,209 | -13,392 | ||||||||
Total operating expenses | 87,234 | 186,245 | 87,120 | ||||||||
Loss from investment in subsidiaries | -13,085 | -328,889 | -589,665 | ||||||||
Loss from operations | -100,319 | -515,134 | -676,785 | ||||||||
Interest expense, net | |||||||||||
Interest expense | 463,823 | -449,614 | -366,584 | ||||||||
Interest and investment income | 31,389 | 30,285 | 27,750 | ||||||||
Interest expense, net | -432,434 | -419,329 | -338,834 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||
Net loss resulting from early retirement and refinancing of debt | -42,921 | -21,975 | |||||||||
Loss from continuing operations before income taxes | -532,753 | -977,384 | -1,037,594 | ||||||||
Provision for (benefit from) income taxes | 25,600 | -335,552 | -353,907 | ||||||||
Loss from continuing operations | -641,832 | -683,687 | |||||||||
Income from discontinued operations, including gain on sale - net of tax | 0 | ||||||||||
Net income (loss) | -683,687 | ||||||||||
Less: Net income attributable to noncontrolling interest | -268 | ||||||||||
Net loss attributable to Arch Coal, Inc. | -558,353 | -641,832 | -683,955 | ||||||||
Total comprehensive income (loss) | -592,804 | -587,633 | -692,239 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 2,937,119 | 3,014,357 | 3,768,126 | ||||||||
Costs, expenses and other | |||||||||||
Cost of sales (exclusive of items shown separately below) | 2,566,572 | 2,657,583 | 3,144,178 | ||||||||
Depreciation, depletion and amortization | 413,559 | 420,458 | 486,786 | ||||||||
Amortization of acquired sales contracts, net | -13,187 | -9,457 | -25,189 | ||||||||
Change in fair value of coal derivatives and coal trading activities, net | -3,686 | 7,845 | -16,590 | ||||||||
Asset impairment and mine closure costs | 20,471 | 142,729 | 539,182 | ||||||||
Goodwill impairment | 265,423 | 330,680 | |||||||||
Contract settlement resulting from Patriot Coal bankruptcy | 58,335 | ||||||||||
Reduction in accrual related to acquired litigation | -79,532 | ||||||||||
Selling, general and administrative expenses | 29,739 | 39,825 | 44,363 | ||||||||
Other operating income, net | -15,726 | -34,856 | -39,209 | ||||||||
Total operating expenses | 2,997,742 | 3,489,550 | 4,443,004 | ||||||||
Loss from investment in subsidiaries | 0 | ||||||||||
Loss from operations | -60,623 | -475,193 | -674,878 | ||||||||
Interest expense, net | |||||||||||
Interest expense | 26,137 | -24,747 | -34,849 | ||||||||
Interest and investment income | 74,511 | 68,248 | 57,268 | ||||||||
Interest expense, net | 48,374 | 43,501 | 22,419 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||
Net loss resulting from early retirement and refinancing of debt | 0 | -1,693 | |||||||||
Loss from continuing operations before income taxes | -12,249 | -431,692 | -654,152 | ||||||||
Provision for (benefit from) income taxes | 0 | ||||||||||
Loss from continuing operations | -431,692 | -654,152 | |||||||||
Income from discontinued operations, including gain on sale - net of tax | 103,396 | 55,228 | |||||||||
Net income (loss) | -598,924 | ||||||||||
Net loss attributable to Arch Coal, Inc. | -12,249 | -328,296 | -598,924 | ||||||||
Total comprehensive income (loss) | -34,439 | -304,278 | -604,903 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Costs, expenses and other | |||||||||||
Cost of sales (exclusive of items shown separately below) | 0 | ||||||||||
Depreciation, depletion and amortization | 35 | 35 | 33 | ||||||||
Amortization of acquired sales contracts, net | 0 | ||||||||||
Change in fair value of coal derivatives and coal trading activities, net | 0 | ||||||||||
Asset impairment and mine closure costs | 0 | ||||||||||
Goodwill impairment | 0 | ||||||||||
Reduction in accrual related to acquired litigation | 0 | ||||||||||
Selling, general and administrative expenses | 6,626 | 7,038 | 8,785 | ||||||||
Other operating income, net | -4,987 | -5,370 | -13,804 | ||||||||
Total operating expenses | 1,674 | 1,703 | -4,986 | ||||||||
Loss from investment in subsidiaries | 0 | ||||||||||
Loss from operations | -1,674 | -1,703 | 4,986 | ||||||||
Interest expense, net | |||||||||||
Interest expense | 4,259 | -4,214 | -3,221 | ||||||||
Interest and investment income | 5,131 | 5,378 | 7,494 | ||||||||
Interest expense, net | 872 | 1,164 | 4,273 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||
Net loss resulting from early retirement and refinancing of debt | 0 | ||||||||||
Loss from continuing operations before income taxes | -802 | -539 | 9,259 | ||||||||
Provision for (benefit from) income taxes | 34 | 54 | |||||||||
Loss from continuing operations | -593 | 9,259 | |||||||||
Income from discontinued operations, including gain on sale - net of tax | 0 | ||||||||||
Net income (loss) | 9,259 | ||||||||||
Net loss attributable to Arch Coal, Inc. | -836 | -593 | 9,259 | ||||||||
Total comprehensive income (loss) | -836 | -593 | 9,259 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Costs, expenses and other | |||||||||||
Cost of sales (exclusive of items shown separately below) | -3,395 | -3,564 | |||||||||
Depreciation, depletion and amortization | 0 | ||||||||||
Amortization of acquired sales contracts, net | 0 | ||||||||||
Change in fair value of coal derivatives and coal trading activities, net | 0 | ||||||||||
Asset impairment and mine closure costs | 0 | ||||||||||
Goodwill impairment | 0 | ||||||||||
Reduction in accrual related to acquired litigation | 0 | ||||||||||
Selling, general and administrative expenses | -2,044 | -2,235 | -3,048 | ||||||||
Other operating income, net | 5,439 | 5,799 | 3,048 | ||||||||
Total operating expenses | 0 | ||||||||||
Loss from investment in subsidiaries | 13,085 | 328,889 | 589,665 | ||||||||
Loss from operations | 13,085 | 328,889 | 589,665 | ||||||||
Interest expense, net | |||||||||||
Interest expense | -103,273 | 97,308 | 87,039 | ||||||||
Interest and investment income | -103,273 | -97,308 | -87,039 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||
Net loss resulting from early retirement and refinancing of debt | 0 | ||||||||||
Loss from continuing operations before income taxes | 13,085 | 328,889 | 589,665 | ||||||||
Provision for (benefit from) income taxes | 0 | ||||||||||
Loss from continuing operations | 328,889 | 589,665 | |||||||||
Income from discontinued operations, including gain on sale - net of tax | 0 | ||||||||||
Net income (loss) | 589,665 | ||||||||||
Net loss attributable to Arch Coal, Inc. | 13,085 | 328,889 | 589,665 | ||||||||
Total comprehensive income (loss) | $35,275 | $304,871 | $595,644 |
Supplemental_Consolidating_Fin3
Supplemental Consolidating Financial Information (Schedule of Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
Assets | |||||
Cash and cash equivalents | $734,231 | $911,099 | $784,622 | $138,149 | |
Short term investments | 248,954 | 248,414 | |||
Receivables, Net, Current | 232,017 | 229,573 | |||
Inventory, Net | 190,253 | 264,161 | |||
Prepaid Expense and Other Assets, Current | 137,296 | 128,824 | |||
Assets, Current | 1,542,751 | 1,782,071 | |||
Property, Plant and Equipment, Net | 6,453,458 | 6,734,286 | |||
Prepaid Expense and Other Assets, Noncurrent | 473,836 | ||||
Assets, Noncurrent | 433,514 | 473,836 | |||
Total assets | 8,429,723 | 8,990,193 | 10,006,777 | ||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 180,113 | 176,142 | |||
Accrued Expenses Derivatives And Other Liabilities Current | 278,587 | ||||
Accrued expenses and other current liabilities | 302,396 | 278,587 | |||
Debt, Current | 36,885 | 33,493 | |||
Liabilities, Current | 519,394 | 488,222 | |||
Long-term Debt, Excluding Current Maturities | 5,123,485 | 5,118,002 | |||
Mine Reclamation and Closing Liability, Noncurrent | 398,896 | 402,713 | |||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 16,260 | 7,111 | |||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 32,668 | 39,255 | |||
Accrued workers’ compensation | 94,291 | 78,062 | |||
Deferred income taxes | 422,809 | 413,546 | |||
Other noncurrent liabilities | 153,766 | 190,033 | |||
Liabilities | 6,761,569 | 6,736,944 | |||
Stockholders' Equity Attributable to Parent | 1,668,154 | 2,253,249 | 2,854,567 | 3,578,040 | |
Liabilities and Equity | 8,429,723 | 8,990,193 | |||
Parent/Issuer [Member] | |||||
Assets | |||||
Cash and cash equivalents | 572,185 | 799,333 | 671,313 | 61,375 | |
Short term investments | 248,954 | 248,414 | |||
Receivables, Net, Current | 9,656 | 14,177 | |||
Inventory, Net | 0 | ||||
Prepaid Expense and Other Assets, Current | 89,211 | 84,401 | |||
Assets, Current | 920,006 | 1,146,325 | |||
Property, Plant and Equipment, Net | 10,470 | 24,851 | |||
Investment in subsidiaries | 7,464,221 | 7,741,589 | |||
Due from Affiliate, Noncurrent | 0 | ||||
Notes Receivable, Related Parties | 675,000 | 675,000 | |||
Prepaid Expense and Other Assets, Noncurrent | 131,884 | 162,287 | |||
Assets, Noncurrent | 8,578,876 | ||||
Total assets | 9,201,581 | 9,750,052 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 23,394 | 17,781 | |||
Accrued Expenses Derivatives And Other Liabilities Current | 53,779 | ||||
Accrued expenses and other current liabilities | 85,899 | ||||
Debt, Current | 27,625 | 28,882 | |||
Liabilities, Current | 136,918 | 100,442 | |||
Long-term Debt, Excluding Current Maturities | 5,084,839 | 5,099,833 | |||
Intercompany payables | 1,817,755 | 1,772,624 | |||
Notes Payable, Related Parties | 0 | ||||
Mine Reclamation and Closing Liability, Noncurrent | 981 | 1,095 | |||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 5,967 | 7,797 | |||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 4,430 | 12,079 | |||
Accrued workers’ compensation | 9,172 | 21,546 | |||
Deferred income taxes | 422,809 | 413,546 | |||
Other noncurrent liabilities | 50,919 | 67,841 | |||
Liabilities | 7,533,790 | 7,496,803 | |||
Stockholders' Equity Attributable to Parent | 1,667,791 | 2,253,249 | |||
Liabilities and Equity | 9,201,581 | 9,750,052 | |||
Guarantor Subsidiaries [Member] | |||||
Assets | |||||
Cash and cash equivalents | 150,358 | 100,418 | 100,468 | 75,425 | |
Short term investments | 0 | ||||
Receivables, Net, Current | 15,933 | 23,018 | |||
Inventory, Net | 190,253 | 264,161 | |||
Prepaid Expense and Other Assets, Current | 41,455 | 43,617 | |||
Assets, Current | 397,999 | 431,214 | |||
Property, Plant and Equipment, Net | 6,442,623 | 6,709,398 | |||
Investment in subsidiaries | 0 | ||||
Due from Affiliate, Noncurrent | 2,021,110 | 1,953,719 | |||
Notes Receivable, Related Parties | 0 | ||||
Prepaid Expense and Other Assets, Noncurrent | 300,058 | 311,463 | |||
Assets, Noncurrent | 2,265,182 | ||||
Total assets | 9,161,790 | 9,405,794 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 156,664 | 158,224 | |||
Accrued Expenses Derivatives And Other Liabilities Current | 228,664 | ||||
Accrued expenses and other current liabilities | 220,017 | ||||
Debt, Current | 9,260 | 4,611 | |||
Liabilities, Current | 385,941 | 391,499 | |||
Long-term Debt, Excluding Current Maturities | 38,646 | 18,169 | |||
Notes Payable | 675,000 | ||||
Notes Payable, Related Parties | 675,000 | ||||
Mine Reclamation and Closing Liability, Noncurrent | 397,915 | 401,618 | |||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 10,293 | -686 | |||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 28,238 | 27,176 | |||
Accrued workers’ compensation | 85,119 | 56,516 | |||
Other noncurrent liabilities | 102,461 | 121,794 | |||
Liabilities | 1,723,613 | 1,691,086 | |||
Stockholders' Equity Attributable to Parent | 7,438,177 | 7,714,708 | |||
Liabilities and Equity | 9,161,790 | 9,405,794 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Assets | |||||
Cash and cash equivalents | 11,688 | 11,348 | 12,841 | 1,349 | |
Short term investments | 0 | ||||
Receivables, Net, Current | 211,043 | 197,015 | |||
Inventory, Net | 0 | ||||
Prepaid Expense and Other Assets, Current | 6,630 | 806 | |||
Assets, Current | 229,361 | 209,169 | |||
Property, Plant and Equipment, Net | 2 | 37 | |||
Investment in subsidiaries | 0 | ||||
Due from Affiliate, Noncurrent | 0 | ||||
Notes Receivable, Related Parties | 0 | ||||
Prepaid Expense and Other Assets, Noncurrent | 1,572 | 86 | |||
Assets, Noncurrent | 86 | ||||
Total assets | 230,935 | 209,292 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 55 | 137 | |||
Accrued Expenses Derivatives And Other Liabilities Current | 781 | ||||
Accrued expenses and other current liabilities | 1,095 | ||||
Debt, Current | 0 | ||||
Liabilities, Current | 1,150 | 918 | |||
Long-term Debt, Excluding Current Maturities | 0 | ||||
Intercompany payables | 203,355 | 181,095 | |||
Notes Payable, Related Parties | 0 | ||||
Mine Reclamation and Closing Liability, Noncurrent | 0 | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ||||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 0 | ||||
Accrued workers’ compensation | 0 | ||||
Deferred income taxes | 0 | ||||
Other noncurrent liabilities | 386 | 398 | |||
Liabilities | 204,891 | 182,411 | |||
Stockholders' Equity Attributable to Parent | 26,044 | 26,881 | |||
Liabilities and Equity | 230,935 | 209,292 | |||
Eliminations [Member] | |||||
Assets | |||||
Cash and cash equivalents | 0 | ||||
Short term investments | 0 | ||||
Receivables, Net, Current | -4,615 | -4,637 | |||
Inventory, Net | 0 | ||||
Prepaid Expense and Other Assets, Current | 0 | ||||
Assets, Current | -4,615 | -4,637 | |||
Property, Plant and Equipment, Net | 363 | ||||
Investment in subsidiaries | -7,464,221 | -7,741,589 | |||
Due from Affiliate, Noncurrent | -2,021,110 | -1,953,719 | |||
Notes Receivable, Related Parties | -675,000 | -675,000 | |||
Prepaid Expense and Other Assets, Noncurrent | 0 | ||||
Assets, Noncurrent | -10,370,308 | ||||
Total assets | -10,164,583 | -10,374,945 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 0 | ||||
Accrued Expenses Derivatives And Other Liabilities Current | -4,637 | ||||
Accrued expenses and other current liabilities | -4,615 | ||||
Debt, Current | 0 | ||||
Liabilities, Current | -4,615 | -4,637 | |||
Long-term Debt, Excluding Current Maturities | 0 | ||||
Intercompany payables | -2,021,110 | -1,953,719 | |||
Notes Payable | -675,000 | ||||
Notes Payable, Related Parties | -675,000 | ||||
Mine Reclamation and Closing Liability, Noncurrent | 0 | ||||
Defined Benefit Pension Plan, Liabilities, Noncurrent | 0 | ||||
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 0 | ||||
Accrued workers’ compensation | 0 | ||||
Deferred income taxes | 0 | ||||
Other noncurrent liabilities | 0 | ||||
Liabilities | -2,700,725 | -2,633,356 | |||
Stockholders' Equity Attributable to Parent | -7,463,858 | -7,741,589 | |||
Liabilities and Equity | ($10,164,583) | ($10,374,945) |
Supplemental_Consolidating_Fin4
Supplemental Consolidating Financial Information (Schedule of Consolidating Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash provided by (used in) operating activities | ($33,582) | $55,742 | $332,804 |
Investing Activities | |||
Capital expenditures | -147,286 | -296,984 | -395,225 |
Minimum royalty payments | -7,317 | -14,947 | -13,269 |
Proceeds from disposals and divestitures | 62,358 | 433,453 | 22,825 |
Proceeds from sale-leaseback transactions | 0 | 34,919 | |
Purchases of short term investments | -211,929 | -213,726 | -236,862 |
Proceeds from sales of short term investments | 205,611 | 194,537 | 1,754 |
Proceeds from Sale of Available-for-sale Securities, Equity | 9,464 | 0 | 0 |
Investments in and advances to affiliates, net | -16,657 | -15,260 | -17,758 |
Change in restricted cash | 0 | 3,453 | 6,869 |
Purchase of noncontrolling interest | 0 | 0 | 17,500 |
Cash provided by (used in) investing activities | -105,756 | 125,445 | -649,166 |
Financing Activities | |||
Proceeds from Issuance of Long-term Debt | 644,000 | 1,993,253 | |
Payments to retire debt | -628,660 | -452,934 | |
Payments on term loan | -19,500 | -17,250 | -7,625 |
Net payments on other debt | -5,695 | -6,836 | -682 |
Net decrease in borrowings under lines of credit | 0 | -481,300 | |
Debt financing costs | -4,519 | -20,489 | -50,568 |
Dividends paid | -2,123 | -25,475 | -42,440 |
Proceeds from (Payments for) Other Financing Activities | -5,693 | 0 | 0 |
Proceeds from exercise of options under incentive plans | 5,131 | ||
Cash provided by (used in) financing activities | -37,530 | -54,710 | 962,835 |
Increase (decrease) in cash and cash equivalents | -176,868 | 126,477 | 646,473 |
Cash and cash equivalents, beginning of period | 911,099 | 784,622 | 138,149 |
Cash and cash equivalents, end of period | 734,231 | 911,099 | 784,622 |
Parent/Issuer [Member] | |||
Cash provided by (used in) operating activities | -324,688 | -632,060 | -571,576 |
Investing Activities | |||
Capital expenditures | -2,700 | -3,320 | -4,424 |
Proceeds from disposals and divestitures | 57,625 | 0 | 0 |
Purchases of short term investments | -211,929 | -213,726 | -236,862 |
Proceeds from sales of short term investments | 205,611 | 194,537 | 1,754 |
Proceeds from Sale of Available-for-sale Securities, Equity | 9,464 | ||
Investments in and advances to affiliates, net | -2,541 | -5,451 | -6,287 |
Change in restricted cash | 3,453 | 6,869 | |
Purchase of noncontrolling interest | 17,500 | ||
Cash provided by (used in) investing activities | 55,530 | -24,507 | -256,450 |
Financing Activities | |||
Proceeds from Issuance of Long-term Debt | 644,000 | 1,993,253 | |
Payments to retire debt | -628,660 | ||
Payments on term loan | -19,500 | -17,250 | -7,625 |
Net payments on other debt | -1,258 | -6,324 | -682 |
Net decrease in borrowings under lines of credit | -375,000 | ||
Debt financing costs | -2,219 | -19,864 | -50,022 |
Dividends paid | -2,123 | -25,475 | -42,440 |
Proceeds from (Payments for) Other Financing Activities | -15 | ||
Proceeds from exercise of options under incentive plans | 5,131 | ||
Transactions with affiliates, net | 67,125 | 838,160 | -84,651 |
Cash provided by (used in) financing activities | 42,010 | 784,587 | 1,437,964 |
Increase (decrease) in cash and cash equivalents | -227,148 | 128,020 | 609,938 |
Cash and cash equivalents, beginning of period | 799,333 | 671,313 | 61,375 |
Cash and cash equivalents, end of period | 572,185 | 799,333 | 671,313 |
Guarantor Subsidiaries [Member] | |||
Cash provided by (used in) operating activities | 305,048 | 637,193 | 781,551 |
Investing Activities | |||
Capital expenditures | -144,586 | -293,664 | -390,801 |
Minimum royalty payments | -7,317 | -14,947 | -13,269 |
Proceeds from disposals and divestitures | 4,733 | 433,453 | 1,328 |
Proceeds from sale-leaseback transactions | 34,919 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | ||
Investments in and advances to affiliates, net | -14,116 | -10,321 | -13,134 |
Purchase of noncontrolling interest | 0 | ||
Cash provided by (used in) investing activities | -161,286 | 149,440 | -415,876 |
Financing Activities | |||
Proceeds from Contributions from Parent | 512 | 1,663 | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | |
Payments to retire debt | -452,934 | ||
Payments on term loan | 0 | 0 | 0 |
Net payments on other debt | -4,437 | -512 | |
Debt financing costs | 0 | 0 | 0 |
Dividends paid | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | ||
Transactions with affiliates, net | -89,385 | -786,683 | 110,639 |
Cash provided by (used in) financing activities | -93,822 | -786,683 | -340,632 |
Increase (decrease) in cash and cash equivalents | 49,940 | -50 | 25,043 |
Cash and cash equivalents, beginning of period | 100,418 | 100,468 | 75,425 |
Cash and cash equivalents, end of period | 150,358 | 100,418 | 100,468 |
Non-Guarantor Subsidiaries [Member] | |||
Cash provided by (used in) operating activities | -13,942 | 50,609 | 122,829 |
Investing Activities | |||
Proceeds from disposals and divestitures | 0 | 0 | 21,497 |
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | ||
Purchase of noncontrolling interest | 0 | ||
Cash provided by (used in) investing activities | 21,497 | ||
Financing Activities | |||
Proceeds from Issuance of Long-term Debt | 0 | 0 | |
Payments on term loan | 0 | 0 | 0 |
Net decrease in borrowings under lines of credit | -106,300 | ||
Debt financing costs | -2,300 | -625 | -546 |
Proceeds from (Payments for) Other Financing Activities | -5,678 | ||
Transactions with affiliates, net | 22,260 | -51,477 | -25,988 |
Cash provided by (used in) financing activities | 14,282 | -52,102 | -132,834 |
Increase (decrease) in cash and cash equivalents | 340 | -1,493 | 11,492 |
Cash and cash equivalents, beginning of period | 11,348 | 12,841 | 1,349 |
Cash and cash equivalents, end of period | 11,688 | 11,348 | 12,841 |
Eliminations [Member] | |||
Investing Activities | |||
Proceeds from disposals and divestitures | 0 | 0 | 0 |
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | ||
Investments in and advances to affiliates, net | 512 | 1,663 | |
Purchase of noncontrolling interest | 0 | ||
Cash provided by (used in) investing activities | 512 | 1,663 | |
Financing Activities | |||
Proceeds from Contributions from Parent | -512 | -1,663 | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | |
Payments on term loan | 0 | 0 | 0 |
Debt financing costs | 0 | 0 | 0 |
Dividends paid | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | ||
Cash provided by (used in) financing activities | -512 | -1,663 | |
Cash and cash equivalents, end of period | $0 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other assets — other notes and accounts receivable | |||
Reserves deducted from asset accounts: | |||
Balance at Beginning of Year | $775 | $1,043 | $17 |
Additions (Reductions) Charged to Costs and Expenses | 0 | 346 | 1,039 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 616 | 614 | 13 |
Balance at End of Year | 159 | 775 | 1,043 |
Current assets — supplies and inventory | |||
Reserves deducted from asset accounts: | |||
Balance at Beginning of Year | 8,446 | 12,589 | 13,107 |
Additions (Reductions) Charged to Costs and Expenses | 580 | 503 | 1,961 |
Charged to Other Accounts | -76 | -2,274 | 0 |
Deductions | 2,325 | 2,372 | 2,479 |
Balance at End of Year | 8,446 | 12,589 | |
Deferred income taxes | |||
Reserves deducted from asset accounts: | |||
Balance at Beginning of Year | 43,322 | 34,663 | 2,831 |
Additions (Reductions) Charged to Costs and Expenses | 8,659 | 31,832 | |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | $270,251 | $43,322 | $34,663 |