Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 20, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ARCH COAL INC | |
Entity Central Index Key | 1,037,676 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 21,291,635 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 688,544 | $ 742,180 | $ 2,010,011 | $ 2,191,927 |
Costs, expenses and other operating | ||||
Cost of sales (exclusive of items shown separately below) | 540,192 | 647,096 | 1,668,766 | 1,955,547 |
Depreciation, depletion and amortization | 103,965 | 105,155 | 306,211 | 312,042 |
Amortization of acquired sales contracts, net | (1,994) | (3,013) | (7,028) | (9,948) |
Change in fair value of coal derivatives and coal trading activities, net | (3,559) | (3,733) | (1,128) | (5,811) |
Asset impairment and mine closure costs | 2,120,292 | 5,060 | 2,139,438 | 6,572 |
Losses from disposed operations resulting from Patriot Coal bankruptcy | (149,314) | 0 | (149,314) | 0 |
Selling, general and administrative expenses | 25,731 | 28,136 | 72,604 | 87,203 |
Other operating (income) expense, net | (8,625) | (1,221) | 7,864 | (9,451) |
Total operating expenses | 2,925,316 | 777,480 | 4,336,041 | 2,336,154 |
Loss from operations | (2,236,772) | (35,300) | (2,326,030) | (144,227) |
Interest expense, net | ||||
Interest expense | (99,759) | (98,217) | (298,585) | (292,648) |
Interest and investment income | 672 | 1,949 | 4,007 | 5,828 |
Interest expense, net | (99,087) | (96,268) | (294,578) | (286,820) |
Nonoperating expense | ||||
Expenses related to debt restructuring | (7,482) | 0 | (11,498) | 0 |
Loss before income taxes | (2,343,341) | (131,568) | (2,632,106) | (431,047) |
Benefit from income taxes | (343,865) | (34,350) | (351,332) | (112,830) |
Net loss | $ (1,999,476) | $ (97,218) | $ (2,280,774) | $ (318,217) |
Net loss per common share | ||||
Basic and diluted LPS - Net loss (usd per share) | $ (93.91) | $ (4.58) | $ (107.16) | $ (15) |
Basic and diluted weighted average shares outstanding (shares) | 21,292 | 21,224 | 21,283 | 21,221 |
Dividends declared per common share (usd per share) | $ 0 | $ 0 | $ 0 | $ 0.1 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net loss | $ (1,999,476) | $ (97,218) | $ (2,280,774) | $ (318,217) |
Derivative instruments | ||||
Comprehensive income (loss) before tax | (2,527) | 520 | (681) | 1,298 |
Income tax benefit (provision) | 910 | (187) | 246 | (467) |
Derivatives qualifying as hedges, adjustment, net of tax | (1,617) | 333 | (435) | 831 |
Pension, postretirement and other post-employment benefits | ||||
Comprehensive income (loss) before tax | 1,182 | (1,210) | 4,950 | (5,326) |
Income tax benefit (provision) | (425) | 435 | (1,782) | 1,917 |
Pension and other postretirement benefit plans, adjustment, net of tax | 757 | (775) | 3,168 | (3,409) |
Available-for-sale securities | ||||
Comprehensive income (loss) before tax | (362) | (2,401) | (3) | (5,637) |
Income tax benefit (provision) | 128 | 864 | (4) | 2,029 |
Available-for-sale securities adjustment, net of tax | (234) | (1,537) | (7) | (3,608) |
Total other comprehensive income (loss) | (1,094) | (1,979) | 2,726 | (6,186) |
Total comprehensive loss | $ (2,000,570) | $ (99,197) | $ (2,278,048) | $ (324,403) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 494,788 | $ 734,231 |
Short term investments | 199,731 | 248,954 |
Restricted cash | 50,409 | 5,678 |
Trade accounts receivable | 217,667 | 211,506 |
Other receivables | 21,742 | 20,511 |
Inventories | 239,035 | 190,253 |
Prepaid royalties | 10,352 | 11,118 |
Deferred income taxes | 20,454 | 52,728 |
Coal derivative assets | 13,743 | 13,257 |
Other current assets | 51,398 | 54,515 |
Total current assets | 1,319,319 | 1,542,751 |
Property, plant and equipment, net | 4,173,038 | 6,453,458 |
Other assets | ||
Prepaid royalties | 29,867 | 66,806 |
Equity investments | 206,347 | 235,842 |
Other noncurrent assets | 119,426 | 130,866 |
Total other assets | 355,640 | 433,514 |
Total assets | 5,847,997 | 8,429,723 |
Current liabilities | ||
Accounts payable | 152,229 | 180,113 |
Accrued expenses and other current liabilities | 310,747 | 302,396 |
Current maturities of debt | 32,237 | 36,885 |
Total current liabilities | 495,213 | 519,394 |
Long-term debt | 5,108,492 | 5,123,485 |
Asset retirement obligations | 414,194 | 398,896 |
Accrued pension benefits | 12,061 | 16,260 |
Accrued postretirement benefits other than pension | 33,966 | 32,668 |
Accrued workers’ compensation | 95,905 | 94,291 |
Deferred income taxes | 44,806 | 422,809 |
Other noncurrent liabilities | 248,800 | 153,766 |
Total liabilities | 6,453,437 | 6,761,569 |
Stockholders' deficit | ||
Common stock, $0.01 par value, authorized 26,000 shares, issued 21,443 shares and 21,379 shares at September 30, 2015 and December 31, 2014, respectively | 2,145 | 2,141 |
Paid-in capital | 3,052,910 | 3,048,460 |
Treasury stock, at cost, 152 shares at September 30, 2015 and December 31, 2014 | (53,863) | (53,863) |
Accumulated deficit | (3,612,599) | (1,331,825) |
Accumulated other comprehensive income | 5,967 | 3,241 |
Total stockholders’ deficit | (605,440) | 1,668,154 |
Total liabilities and stockholders’ deficit | $ 5,847,997 | $ 8,429,723 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 21,443,000 | 21,379,000 |
Treasury Stock, Shares | 152,000 | 152,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activties | ||
Net loss | $ (2,280,774) | $ (318,217) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation, depletion and amortization | 306,211 | 312,042 |
Amortization of acquired sales contracts, net | (7,028) | (9,948) |
Amortization relating to financing activities | 18,960 | 12,349 |
Prepaid royalties expensed | 6,661 | 5,645 |
Employee stock-based compensation expense | 4,459 | 7,689 |
Asset impairment and non-cash mine closure costs | 2,136,610 | 1,512 |
Losses from disposed operations resulting from Patriot Coal bankruptcy | 149,314 | 0 |
Expenses related to debt restructuring | 11,498 | 0 |
Amortization of premiums on debt securities held | 2,143 | 0 |
Gains on disposals and divestitures, net | (1,191) | (21,965) |
Deferred income taxes | (347,180) | (112,998) |
Changes in: | ||
Receivables | (3,165) | (6,779) |
Inventories | (48,848) | 22,589 |
Accounts payable, accrued expenses and other current liabilities | (19,338) | 73,324 |
Income taxes, net | (4,303) | (514) |
Other | (3,711) | 37,261 |
Cash provided by (used in) operating activities | (79,682) | 1,990 |
Investing activities | ||
Capital expenditures | (109,250) | (118,701) |
Additions to prepaid royalties | (5,808) | (3,604) |
Proceeds from disposals and divestitures | 1,020 | 50,971 |
Purchases of marketable securities | (203,094) | (181,546) |
Proceeds from sale or maturity of marketable securities and other investments | 248,362 | 178,293 |
Investments in and advances to affiliates | (7,944) | (13,393) |
Cash used in investing activities | (76,714) | (87,980) |
Financing activities | ||
Payments on term loan | (14,625) | (14,625) |
Net payments on other debt | (12,192) | (10,187) |
Expenses related to debt restructuring | (11,498) | 0 |
Dividends paid | 0 | (2,123) |
Debt financing costs | 0 | (2,219) |
Deposits of restricted cash | (44,732) | (6) |
Other | 0 | (15) |
Cash used in financing activities | (83,047) | (29,175) |
Decrease in cash and cash equivalents | (239,443) | (115,165) |
Cash and cash equivalents, beginning of period | 734,231 | 911,099 |
Cash and cash equivalents, end of period | $ 494,788 | $ 795,934 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Arch Coal, Inc. and its subsidiaries (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. On August 4, 2015 we effected a 1-for-10 reverse stock split of our common stock. Each stockholder's percentage ownership and proportional voting power remained unchanged as a result of the reverse stock split. All applicable share data, per share amounts and related information in the Condensed Consolidated Financial Statements and notes thereto have been adjusted retroactively to give effect to the 1-for-10 reverse stock split. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and U.S. Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015 . These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Company incurred a net loss for the years ended 2014, 2013 and 2012 and will report a net loss in the current year as well. Additionally, in 2014 and 2015, the Company has been unable to generate sufficient cash to cover interest expense and capital expenditures. The Company launched subordinated debt exchange offers in July 2015 that, if successful, would have substantially improved the Company’s leverage profile. The exchange offers were terminated on October 27, 2015 as a result of various factors, including the actions of the Company’s term lenders in directing the term loan agent not to execute the required documents as well as highly challenging market conditions. With the extremely challenging market conditions currently facing the industry, the Company will require a significant restructuring of its balance sheet to continue to operate as a going concern over the long term. The Company is currently in active dialogue with various creditors with respect to restructuring of the Company’s balance sheet. The Company’s mining operations and customer shipments are continuing as normal and the Company has no near-term maturities. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company’s ability to continue as a going concern is contingent upon the Company’s ability to restructure its balance sheet with the various creditor parties; there can be no assurance that these efforts will results in any such agreement. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies In April 2015, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. Amendments in this update are effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Upon adoption of this guidance, the current financial statement classification of debt issuance costs will change from total assets to long-term debt on our Condensed Consolidated Balance Sheet. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following items are included in accumulated other comprehensive income ("AOCI"): Pension, Postretirement and Other Accumulated Post- Other Derivative Employment Available-for- Comprehensive Instruments Benefits Sale Securities Income (In thousands) Balance at December 31, 2014 $ 2,550 $ 2,860 $ (2,169 ) $ 3,241 Unrealized gains (losses) 3,919 — (3,401 ) 518 Amounts reclassified from AOCI (4,354 ) 3,168 3,394 2,208 Balance at September 30, 2015 $ 2,115 $ 6,028 $ (2,176 ) $ 5,967 The following amounts were reclassified out of AOCI: Amounts Reclassified from AOCI Line Item in the Condensed Consolidated Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, Details About AOCI Components 2015 2014 2015 2014 (In thousands) Derivative instruments $ 3,598 $ 892 $ 6,806 $ 1,346 Revenues (1,295 ) (321 ) (2,452 ) (485 ) Benefit from income taxes $ 2,303 $ 571 $ 4,354 $ 861 Net of tax Pension, postretirement and other post-employment benefits Amortization of prior service credits (1) $ 2,083 $ 1,759 $ 6,250 $ 6,976 Amortization of actuarial gains (losses), net (1) (3,266 ) (550 ) (11,200 ) (1,650 ) (1,183 ) 1,209 (4,950 ) 5,326 426 (435 ) 1,782 (1,917 ) Benefit from income taxes $ (757 ) $ 774 $ (3,168 ) $ 3,409 Net of tax Available-for-sale securities $ (1,081 ) $ (145 ) $ (5,308 ) $ (1,824 ) Interest and investment income 358 53 1,914 657 Benefit from income taxes $ (723 ) $ (92 ) $ (3,394 ) $ (1,167 ) Net of tax 1 Production-related benefits and workers' compensation costs are included in inventoriable production costs. |
Divestitures
Divestitures | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures During the first quarter of 2014, the Company entered into agreements to sell an operating thermal coal complex and an idled thermal coal mine in Kentucky and the Company's ADDCAR subsidiary, which manufactures a patented highwall mining system. The sales closed in the first quarter of 2014 for total consideration of $45.3 million . The Company received $26.3 million in cash in the first quarter of 2014, and the remainder was paid in the second and fourth quarters of 2014. The Company recognized a net pre-tax gain of $14.3 million from these divestitures, reflected in "other operating (income) expense, net" in the Condensed Consolidated Statements of Operations. |
Asset Impairment and Mine Closu
Asset Impairment and Mine Closure Costs | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairment and Mine Closure Costs | Asset Impairment and Mine Closure Costs The following describes the costs reflected on the line "Asset impairment and mine closure costs" in the Condensed Consolidated Statements of Operations. As a result of the continued deterioration in thermal and metallurgical coal markets and projections for a muted pricing recovery, certain of the Company’s mine complexes have incurred and are expected to continue to incur operating losses. The company has determined that the further weakening of the pricing environment in the third quarter and the projected operating losses represent indicators of impairment with respect to certain of its long-lived assets or assets groups. Using current pricing expectations which reflect marketplace participant assumptions, life of mine cash flows were used to determine if the undiscounted cash flows exceed the current asset values for certain operating complexes in the Company’s Appalachia segment. For two operating complexes, the undiscounted cash flows did not exceed the carrying value of the long-lived assets. Discounted cash flows were utilized to reduce the carrying value of those assets to fair value. The discount rate used reflects the current financial difficulties present in the commodities sector in general and coal mining specifically; the perceived risk of financing coal mining in light of industry defaults; and the lack of an active market for buying or selling coal mining assets. Additionally, the Company determined that the current market conditions represent an indicator of impairment for certain undeveloped coal properties that were acquired in times of significantly higher coal prices. Current prices and the significant capital outlay that would be required to develop these reserves indicate that the carrying value is not recoverable. As a result the Company recorded a $2.1 billion asset impairment charge in the current quarter of which $1.7 billion was recorded to our Appalachian segment, and the remaining $0.4 billion to other operating segments. The remaining fair value of the impaired assets is $470.6 million . During the second quarter of 2015, the Company recorded $19.1 million to "Asset impairment and mine closure costs" in the Condensed Consolidated Statements of Operations. An impairment charge of $12.2 million relates to the portion of an advance royalty balance on a reserve base mined at the Company's Mountain Laurel, Spruce and Briar Branch operations that will not be recouped based on latest estimates of sales volume and pricing through the March 2017 recoupment period. Additionally, the company recorded a $5.6 million impairment charge related to the closure of a higher-cost mining complex serving the metallurgical coal markets. 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. |
Losses Related to Patriot Coal
Losses Related to Patriot Coal Bankruptcy | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Losses Related to Patriot Coal Bankruptcy | Losses from disposed operations resulting from Patriot Coal bankruptcy On December 31, 2005, Arch entered into a purchase and sale agreement with Magnum to sell certain operations. On July 23, 2008, Patriot acquired Magnum. On May 12, 2015, Patriot and certain of its wholly owned subsidiaries (“Debtors”), including Magnum, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Code in the U.S. Bankruptcy Court for the Eastern District of Virginia. Subsequently, on October 28, 2015, Patriot’s Plan of Reorganization was approved, including an authorization to reject their collective bargaining agreements and modify certain union-related retiree benefits. As a result of the Plan of Reorganization, the Company became statutorily responsible for retiree medical benefits pursuant to Section 9711 of the Coal Industry Retiree Health Benefit Act of 1992 for certain retirees of Magnum who retired prior to October 1, 1994. In addition, the Company has provided surety bonds to Patriot related to permits that were sold to an affiliate of Virginia Conservation Legacy Fund, Inc. (“VCLF”). Should VCLF not perform required reclamation, the Company would incur losses under the bonds and related indemnity agreements. During the third quarter of 2015, the Company recognized $149.3 million in losses related to the previously disposed operations as a result of the Patriot Coal bankruptcy. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: September 30, December 31, 2015 2014 (In thousands) Coal $ 119,785 $ 71,901 Repair parts and supplies 119,250 118,352 $ 239,035 $ 190,253 The repair parts and supplies are stated net of an allowance for slow-moving and obsolete inventories of $6.7 million at September 30, 2015 and $6.6 million at December 31, 2014 . |
Investments in Available-for-Sa
Investments in Available-for-Sale Securities | 9 Months Ended |
Sep. 30, 2015 | |
Available-for-sale Securities [Abstract] | |
Investments in Available-for-Sale Securities | Investments in Available-for-Sale Securities The Company has invested in marketable debt securities, primarily 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: September 30, 2015 Balance Sheet Accumulated Classification Gross Unrealized Fair Short-Term Other Cost Basis Gains Losses Value Investments Assets (In thousands) Available-for-sale: Corporate notes and bonds $ 199,440 $ 359 $ (68 ) $ 199,731 $ 199,731 $ — Equity securities 3,937 549 (2,871 ) 1,615 — 1,615 Total Investments $ 203,377 $ 908 $ (2,939 ) $ 201,346 $ 199,731 $ 1,615 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 The aggregate fair value of investments with unrealized losses that were owned for less than a year was $56.1 million and $163.0 million at September 30, 2015 and December 31, 2014 , respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year, and were also in a continuous unrealized loss position during that time, was $0.2 million and $86.1 million at September 30, 2015 and December 31, 2014 , respectively. The unrealized losses in the Company's portfolio are the result of normal market fluctuations. The Company does not currently intend to sell these investments before recovery of their amortized cost base. The debt securities outstanding at September 30, 2015 have maturity dates ranging from the fourth quarter of 2015 through the first quarter of 2017 . 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. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2015 | |
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 55 to 65 million gallons per year of diesel fuel for use in its operations during 2015 and 2016. To protect the Company’s cash flows from increases in the price of diesel fuel for its operations, the Company uses forward physical diesel purchase contracts and purchased heating oil call options. At September 30, 2015 , the Company had protected the price of approximately 100% of its expected purchases for the remainder of the year with out-of-the-money call options with an average strike price of $3.13 per gallon. Additionally, the Company has protected approximately 67% of our expected 2016 purchases with out-of-the-money call options with an average strike price of $2.26 per gallon. At September 30, 2015 , the Company had outstanding heating oil call options for approximately 54 million gallons for the purpose of managing the price risk associated with future diesel purchases. These positions are not accounted for as hedges. Coal price 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 September 30, 2015 , 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 1,205 280 1,485 Coal purchases 696 240 936 The Company has also entered into a nominal quantity of natural gas put options to protect the Company from decreases in natural gas prices, which could impact coal demand. These options are not accounted for as hedges. 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 estimated future realization of the value of the trading portfolio is $1.4 million of gains during the remainder of 2015 and $5.3 million of gains in 2016 . 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 condensed 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 condensed consolidated balance sheets. The fair value and location of derivatives reflected in the accompanying Condensed Consolidated Balance Sheets are as follows: September 30, 2015 December 31, 2014 Fair Value of Derivatives Asset Liability Asset Liability (In thousands) Derivative Derivative Derivative Derivative Derivatives Designated as Hedging Instruments Coal $ 1,608 $ — $ 6,535 $ (2,492 ) Derivatives Not Designated as Hedging Instruments Heating oil -- diesel purchases 600 — 300 — Coal -- held for trading purposes 121,312 (114,636 ) 96,898 (93,272 ) Coal -- risk management 9,965 (6,257 ) 8,510 (3,688 ) Natural gas 1,215 — — — Foreign currency 285 — Total 133,377 (120,893 ) 105,708 (96,960 ) Total derivatives 134,985 (120,893 ) 112,243 (99,452 ) Effect of counterparty netting (120,357 ) 120,357 (98,686 ) 98,686 Net derivatives as classified in the balance sheets $ 14,628 $ (536 ) $ 14,092 $ 13,557 $ (766 ) $ 12,791 September 30, 2015 December 31, 2014 Net derivatives as reflected on the balance sheets (in thousands) Heating oil and foreign currency Other current assets $ 885 $ 300 Coal and natural gas Coal derivative assets 13,743 13,257 Accrued expenses and other current liabilities (536 ) (766 ) $ 14,092 $ 12,791 The Company had a current asset for the right to reclaim cash collateral of $2.9 million at September 30, 2015 and the obligation to return cash collateral of $2.4 million at December 31, 2014 , respectively. These amounts are not included with the derivatives presented in the table above and are included in "other current assets" and "accrued expenses and other current liabilities", respectively, in the accompanying Condensed Consolidated Balance Sheets. The effects of derivatives on measures of financial performance are as follows: Derivatives used in Cash Flow Hedging Relationships (in thousands) Three Months Ended September 30, Gain (Loss) Recognized in Other Comprehensive Income(Effective Portion) Gains (Losses) Reclassified from Other Comprehensive Income into Income (Effective Portion) 2015 2014 2015 2014 Coal sales (1) $ 3,636 $ 3,449 $ 6,683 $ 1,639 Coal purchases (2) (2,561 ) (2,041 ) (3,084 ) (747 ) Totals $ 1,075 $ 1,408 $ 3,599 $ 892 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 three month periods ended September 30, 2015 and 2014 . Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended September 30, Gain (Loss) Recognized 2015 2014 Coal — unrealized (3) $ (809 ) $ 1,610 Coal — realized (4) $ 511 $ 502 Natural gas — unrealized (3) $ (16 ) $ 238 Heating oil — diesel purchases (4) $ (5,525 ) $ (3,746 ) Heating oil — fuel surcharges (4) $ — $ (104 ) Foreign currency (4) $ (602 ) $ — ____________________________________________________________ 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) expense, net Derivatives used in Cash Flow Hedging Relationships (in thousands) Nine Months Ended September 30, Gain (Loss) Recognized in Other Comprehensive Income(Effective Portion) Gains (Losses) Reclassified from Other Comprehensive Income into Income 2015 2014 2015 2014 Coal sales (1) 12,738 $ 4,806 $ 12,555 $ 2,568 Coal purchases (2) (6,612 ) (2,162 ) (5,748 ) (1,222 ) Totals $ 6,126 $ 2,644 $ 6,807 $ 1,346 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 nine month periods ended September 30, 2015 and 2014 . Derivatives Not Designated as Hedging Instruments (in thousands) Nine Months Ended September 30, Gain (Loss) Recognized 2015 2014 Coal — unrealized (3) $ (2,095 ) $ 455 Coal — realized (4) $ 2,428 $ 4,699 Natural gas — unrealized (3) $ (78 ) $ (21 ) Heating oil — diesel purchases (4) $ (7,262 ) $ (6,709 ) Heating oil — fuel surcharges (4) $ — $ (405 ) Foreign currency (4) $ (602 ) $ — ____________________________________________________________ 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) expense, net Based on fair values at September 30, 2015 , gains on derivative contracts designated as hedge instruments in cash flow hedges of approximately $0.9 million are expected to be reclassified from other comprehensive income into earnings during the next twelve months. Related to its trading portfolio, the Company recognized net unrealized and realized gains of $4.4 million and $1.9 million during the three months ended September 30, 2015 and 2014 , respectively; and net unrealized and realized gains of $3.3 million and $5.4 million during the nine months ended September 30, 2015 and 2014 . Gains and losses from trading activities are included in the caption “Change in fair value of coal derivatives and coal trading activities, net” in the accompanying Condensed Consolidated Statements of Operations, and are not included in the previous tables reflecting the effects of derivatives on measures of financial performance. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: September 30, December 31, 2015 2014 (In thousands) Payroll and employee benefits $ 52,305 $ 73,362 Taxes other than income taxes 111,208 114,598 Interest 77,423 30,384 Acquired sales contracts 4,946 12,453 Workers’ compensation 17,635 16,714 Asset retirement obligations 19,199 19,222 Other 28,031 35,663 $ 310,747 $ 302,396 |
Debt and Financing Arrangements
Debt and Financing Arrangements | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Debt and Financing Arrangements September 30, December 31, 2015 2014 (In thousands) Term loan due 2018 ($1.9 billion face value) $ 1,879,261 $ 1,890,846 7.00% senior notes due 2019 at par 1,000,000 1,000,000 9.875% senior notes due 2019 ($375.0 million face value) 365,050 363,493 8.00% senior secured notes due 2019 at par 350,000 350,000 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 46,418 56,031 5,140,729 5,160,370 Less current maturities of debt 32,237 36,885 Long-term debt $ 5,108,492 $ 5,123,485 As of September 30, 2015, availability under our revolver was subject to limits on secured debt in our indentures. At September 30, 2015, the limit under our most restrictive indenture did not provide meaningful availability under the revolver and, as a result, on November 6, 2015 we delivered an irrevocable 5 day notice to the administrative agent to voluntarily terminate all commitments thereunder, which will terminate on November 11, 2015. We had no borrowings outstanding under our revolving credit facility at September 30, 2015 and had not been using it as a source of liquidity in the recent past. At September 30, 2015, we had utilized $185.2 million of our $200.0 million receivables securitization facility for letters of credit. The credit agreement related to the securitization facility expires on December 8, 2017, unless the Company's minimum liquidity, including liquid assets, falls below $550 million . If liquidity falls below $550 million , the expiration date of the securitization facility becomes the earlier of December 8, 2017 or nine months from the date that liquidity falls below the minimum. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes During the first nine months of 2015, the Company determined it was more likely than not that the federal and state net operating losses it expects to generate in 2015 will not be realized based on projections of future taxable income. Accordingly, the estimated annual effective rate for the year ended December 31, 2015 includes the impact of recording a valuation allowance against these attributes. During the nine months ended September 30, 2015 , the Company realized a net tax benefit of $351.3 million , which included a $794.0 million tax benefit associated with the asset impairment charges partially offset by a valuation allowance of $426.4 million for federal net operating losses and tax credits and $19.3 million for the state net operating losses. During the first nine months of 2014, the Company increased its valuation allowance for the portion of the federal and state net operating losses it expected to generate in 2014. The Company increased its valuation allowance by $51.7 million for the federal net operating losses and $6.3 million for the state net operating losses. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
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 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 commodity contracts (coal and heating oil) 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, natural gas 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 a significant impact on the reported Level 3 fair values at September 30, 2015 . The table below sets forth, by level, the Company’s financial assets and liabilities that are recorded at fair value in the accompanying condensed consolidated balance sheet: September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investments in marketable securities $ 201,346 $ 1,615 $ 199,731 $ — Derivatives 14,628 8,322 890 5,416 Total assets $ 215,974 $ 9,937 $ 200,621 $ 5,416 Liabilities: Derivatives $ 536 $ — $ 536 $ — 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 Condensed 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. Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In thousands) Balance, beginning of period $ 7,840 $ 3,040 Realized and unrealized losses recognized in earnings, net (4,200 ) (6,028 ) Realized and unrealized gains recognized in other comprehensive income, net — (1,341 ) Purchases 2,334 11,959 Issuances (558 ) (2,214 ) Ending balance $ 5,416 $ 5,416 Net unrealized losses of $3.9 million and net unrealized losses of $5.1 million were recognized during the three and nine months ended September 30, 2015 , respectively, related to level 3 financial instruments held on September 30, 2015 . Fair Value of Long-Term Debt At September 30, 2015 and December 31, 2014 , the fair value of the Company’s debt, including amounts classified as current, was $1.4 billion and $2.7 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. |
Loss Per Common Share
Loss Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Loss Per Common Share | Loss Per Common Share The effect of options, restricted stock and restricted stock units that were excluded from the calculation of diluted weighted average shares outstanding because the exercise price or grant price of the securities exceeded the average market price of the Company's common stock were: 1.0 million shares of common stock for both the three and nine months ended September 30, 2015 , respectively; and 1.0 million shares of common stock for both the three and nine months ended September 30, 2014 . The weighted average share impacts of options, restricted stock and restricted stock units that were excluded from the calculation of weighted average shares due to the Company's incurring a net loss for the three and nine months ended September 30, 2015 were 0.1 million shares; and 0.2 million shares for the both the three and nine months ended September 30, 2014, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The following table details the components of pension benefit costs (credits): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Service cost $ 2 $ 4,910 $ 7 $ 16,311 Interest cost 3,688 4,278 10,953 12,834 Expected return on plan assets (5,044 ) (5,929 ) (15,275 ) (17,786 ) Curtailments 526 1,504 526 1,504 Amortization of prior service costs (credits) — (51 ) — (158 ) Amortization of other actuarial losses 1,395 741 6,638 2,221 Net benefit cost $ 567 $ 5,453 $ 2,849 $ 14,926 The following table details the components of other postretirement benefit costs (credits): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Service cost $ 216 $ 383 $ 649 $ 1,267 Interest cost 321 460 964 1,381 Amortization of prior service credits (2,084 ) (2,500 ) (6,251 ) (7,502 ) Amortization of other actuarial losses (gains) (527 ) (191 ) (1,582 ) (571 ) Net benefit credit $ (2,074 ) $ (1,848 ) $ (6,220 ) $ (5,425 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company accrues for costs 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. In addition, the Company is a party to numerous other claims and lawsuits with respect to various matters. As of September 30, 2015 and December 31, 2014 , the Company had accrued $4.1 million and $22.3 million , respectively, for all legal matters, including $4.1 million and $10.1 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. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
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 adjusted EBITDA, 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 primarily in West Virginia. The “Other” category combines other operating segments and includes the Company’s coal mining operations in Colorado and Illinois. Operating segment results for the three and nine months ended September 30, 2015 and 2014 are presented below. The Company uses Adjusted EBITDA to assess the operating segments’ performance and to allocate resources. 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. Corporate, Other and Eliminations includes the change in fair value of coal derivatives and coal trading activities, net; corporate overhead; land management; other support functions; and the elimination of intercompany transactions. PRB APP Other Operating Segments Corporate, Other and Eliminations Consolidated (in thousands) Three Months Ended September 30, 2015 Revenues $ 390,360 $ 205,573 $ 92,611 $ — $ 688,544 Adjusted EBITDA 86,204 41,754 12,927 (6,080 ) 134,805 Depreciation, depletion and amortization 47,321 44,098 11,193 1,353 103,965 Amortization of acquired sales contracts, net (1,124 ) (870 ) — — (1,994 ) Capital expenditures 869 3,990 2,889 2,141 9,889 Three Months Ended September 30, 2014 Revenues $ 389,386 $ 272,354 $ 80,440 $ — $ 742,180 Adjusted EBITDA 62,771 12,327 22,412 (25,608 ) 71,902 Depreciation, depletion and amortization 43,962 48,867 10,499 1,827 105,155 Amortization of acquired sales contracts, net (1,200 ) (1,815 ) 3 (1 ) (3,013 ) Capital expenditures 8,174 9,240 4,678 863 22,955 Nine Months Ended September 30, 2015 Revenues $ 1,124,046 $ 653,310 $ 232,655 $ — $ 2,010,011 Adjusted EBITDA 214,920 92,988 22,074 (68,077 ) 261,905 Depreciation, depletion and amortization 134,393 135,028 32,082 4,708 306,211 Amortization of acquired sales contracts, net (3,170 ) (3,858 ) — — (7,028 ) Total assets 1,711,945 1,374,436 321,449 2,440,167 5,847,997 Capital expenditures 22,263 15,323 7,199 64,465 109,250 Nine Months Ended September 30, 2014 Revenues $ 1,106,258 $ 832,452 $ 251,239 $ 1,978 $ 2,191,927 Adjusted EBITDA 135,136 67,794 44,007 (82,498 ) 164,439 Depreciation, depletion and amortization 124,243 155,087 29,601 3,111 312,042 Amortization of acquired sales contracts, net (2,774 ) (7,266 ) 93 (1 ) (9,948 ) Capital expenditures 17,230 28,232 8,626 64,613 118,701 A reconciliation of adjusted EBITDA to consolidated loss before income taxes follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Adjusted EBITDA $ 134,805 $ 71,902 $ 261,905 $ 164,439 Depreciation, depletion and amortization (103,965 ) (105,155 ) (306,211 ) (312,042 ) Amortization of acquired sales contracts, net 1,994 3,013 7,028 9,948 Asset impairment and mine closure costs (2,120,292 ) (5,060 ) (2,139,438 ) (6,572 ) Losses from disposed operations resulting from Patriot Coal bankruptcy (149,314 ) — (149,314 ) — Interest expense, net (99,087 ) (96,268 ) (294,578 ) (286,820 ) Nonoperating expense (7,482 ) — (11,498 ) — Loss before income taxes $ (2,343,341 ) $ (131,568 ) $ (2,632,106 ) $ (431,047 ) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 2, 2015 we launched two private debt exchange offers in an effort to de-lever our balance sheet and improve our liquidity profile. However, as a result of various factors, including the actions of our term lenders in directing the term loan agent not to execute required documents and current market conditions, on October 27, 2015 we announced termination of the exchange offers. |
Supplemental Consolidating Fina
Supplemental Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
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 condensed 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 Three Months Ended September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 688,544 $ — $ — $ 688,544 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 3,211 537,471 — (490 ) 540,192 Depreciation, depletion and amortization 896 103,069 — — 103,965 Amortization of acquired sales contracts, net — (1,994 ) — — (1,994 ) Change in fair value of coal derivatives and coal trading activities, net — (3,559 ) — — (3,559 ) Asset impairment and mine closure costs 21,292 2,099,000 — — 2,120,292 Losses from disposed operations resulting from Patriot Coal bankruptcy 149,314 — — 149,314 Selling, general and administrative expenses 18,059 6,725 1,489 (542 ) 25,731 Other operating (income) expense, net 3,503 (12,343 ) (817 ) 1,032 (8,625 ) 196,275 2,728,369 672 — 2,925,316 Loss from investment in subsidiaries (2,025,900 ) — — 2,025,900 — Loss from operations (2,222,175 ) (2,039,825 ) (672 ) 2,025,900 (2,236,772 ) Interest expense, net Interest expense (120,404 ) (6,629 ) (1,199 ) 28,473 (99,759 ) Interest and investment income 6,710 20,781 1,654 (28,473 ) 672 (113,694 ) 14,152 455 — (99,087 ) Expenses related to debt restructuring (7,482 ) — — — (7,482 ) Income (loss) from continuing operations before income taxes (2,343,351 ) (2,025,673 ) (217 ) 2,025,900 (2,343,341 ) Provision for (benefit from) income taxes (343,875 ) — 10 — (343,865 ) Net income (loss) $ (1,999,476 ) $ (2,025,673 ) $ (227 ) $ 2,025,900 $ (1,999,476 ) Total comprehensive income (loss) $ (2,000,570 ) $ (2,026,697 ) $ (227 ) $ 2,026,924 $ (2,000,570 ) Condensed Consolidating Statements of Operations Three Months Ended September 30, 2014 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 742,180 $ — $ — $ 742,180 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 2,442 645,672 — (1,018 ) 647,096 Depreciation, depletion and amortization 1,175 103,971 9 — 105,155 Amortization of acquired sales contracts, net — (3,013 ) — — (3,013 ) Change in fair value of coal derivatives and coal trading activities, net — (3,733 ) — — (3,733 ) Asset impairment and mine closure costs — 5,060 — — 5,060 Selling, general and administrative expenses 19,542 7,427 1,679 (512 ) 28,136 Other operating (income) expense, net 1,562 (2,942 ) (1,371 ) 1,530 (1,221 ) 24,721 752,442 317 — 777,480 Income from investment in subsidiaries 2,005 — — (2,005 ) — Loss from operations (22,716 ) (10,262 ) (317 ) (2,005 ) (35,300 ) Interest expense, net Interest expense (116,742 ) (6,577 ) (1,116 ) 26,218 (98,217 ) Interest and investment income 7,872 18,987 1,308 (26,218 ) 1,949 (108,870 ) 12,410 192 — (96,268 ) Income (loss) from continuing operations before income taxes (131,586 ) 2,148 (125 ) (2,005 ) (131,568 ) Provision for (benefit from) income taxes (34,368 ) — (21 ) — (34,350 ) Net loss $ (97,218 ) $ 2,148 $ (104 ) $ (2,005 ) $ (97,218 ) Total comprehensive income (loss) $ (99,197 ) $ 1,717 $ (143 ) $ (1,574 ) $ (99,197 ) Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 2,010,011 $ — $ — $ 2,010,011 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 16,589 1,654,348 — (2,171 ) 1,668,766 Depreciation, depletion and amortization 2,969 303,240 2 — 306,211 Amortization of acquired sales contracts, net — (7,028 ) — — (7,028 ) Change in fair value of coal derivatives and coal trading activities, net — (1,128 ) — — (1,128 ) Asset impairment and mine closure costs 22,517 2,116,921 — — 2,139,438 Losses from disposed operations resulting from Patriot Coal bankruptcy 149,314 — — — 149,314 Selling, general and administrative expenses 50,664 19,239 4,262 (1,561 ) 72,604 Other operating (income) expense, net 7,065 417 (3,350 ) 3,732 7,864 249,118 4,086,009 914 — 4,336,041 Loss from investment in subsidiaries (2,035,313 ) — — 2,035,313 — Loss from operations (2,284,431 ) (2,075,998 ) (914 ) 2,035,313 (2,326,030 ) Interest expense, net Interest expense (357,690 ) (19,969 ) (3,601 ) 82,675 (298,585 ) Interest and investment income 21,457 60,811 4,414 (82,675 ) 4,007 (336,233 ) 40,842 813 — (294,578 ) Expenses related to debt restructuring (11,498 ) — — — (11,498 ) Income (loss) from continuing operations before income taxes (2,632,162 ) (2,035,156 ) (101 ) 2,035,313 (2,632,106 ) Provision for (benefit from) income taxes (351,388 ) — 56 — (351,332 ) Net income (loss) $ (2,280,774 ) $ (2,035,156 ) $ (157 ) $ 2,035,313 $ (2,280,774 ) Total comprehensive income (loss) $ (2,278,048 ) $ (2,033,102 ) $ (157 ) $ 2,033,259 $ (2,278,048 ) Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2014 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 2,191,927 $ — $ — $ 2,191,927 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 9,378 1,948,918 — (2,749 ) 1,955,547 Depreciation, depletion and amortization 3,993 308,022 27 — 312,042 Amortization of acquired sales contracts, net — (9,948 ) — — (9,948 ) Change in fair value of coal derivatives and coal trading activities, net — (5,811 ) — — (5,811 ) Asset impairment and mine closure costs 1,512 5,060 — — 6,572 Selling, general and administrative expenses 61,216 22,540 4,971 (1,524 ) 87,203 Other operating (income) expense, net 1,272 (10,869 ) (4,127 ) 4,273 (9,451 ) 77,371 2,257,912 871 — 2,336,154 Loss from investment in subsidiaries (30,839 ) — — 30,839 — Loss from operations (108,210 ) (65,985 ) (871 ) 30,839 (144,227 ) Interest expense, net Interest expense (346,481 ) (19,466 ) (3,258 ) 76,557 (292,648 ) Interest and investment income 23,598 54,979 3,808 (76,557 ) 5,828 (322,883 ) 35,513 550 — (286,820 ) Loss from continuing operations before income taxes (431,093 ) (30,472 ) (321 ) 30,839 (431,047 ) Provision for (benefit from) income taxes (112,876 ) — 46 — (112,830 ) Net loss $ (318,217 ) $ (30,472 ) $ (367 ) $ 30,839 $ (318,217 ) Total comprehensive loss $ (324,403 ) $ (33,062 ) $ (367 ) $ 33,429 $ (324,403 ) Condensed Consolidating Balance Sheets September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Assets Cash and cash equivalents $ 362,643 $ 120,484 $ 11,661 $ — $ 494,788 Short term investments 199,731 — — — 199,731 Restricted cash — — 50,409 — 50,409 Receivables 14,307 12,502 216,959 (4,359 ) 239,409 Inventories — 239,035 — — 239,035 Other 50,449 44,565 933 — 95,947 Total current assets 627,130 416,586 279,962 (4,359 ) 1,319,319 Property, plant and equipment, net 8,447 4,164,189 — 402 4,173,038 Investment in subsidiaries 5,421,088 — — (5,421,088 ) — Intercompany receivables — 2,225,149 — (2,225,149 ) — Note receivable from Arch Western 675,000 — — (675,000 ) — Other 99,939 254,712 989 — 355,640 Total other assets 6,196,027 2,479,861 989 (8,321,237 ) 355,640 Total assets $ 6,831,604 $ 7,060,636 $ 280,951 $ (8,325,194 ) $ 5,847,997 Liabilities and Stockholders’ Equity Accounts payable $ 13,566 $ 138,624 $ 39 $ — $ 152,229 Accrued expenses and other current liabilities 118,662 195,577 867 (4,359 ) 310,747 Current maturities of debt 21,810 10,427 — — 32,237 Total current liabilities 154,038 344,628 906 (4,359 ) 495,213 Long-term debt 5,074,812 33,680 — — 5,108,492 Intercompany payables 1,971,290 — 253,859 (2,225,149 ) — Note payable to Arch Coal — 675,000 — (675,000 ) — Asset retirement obligations 1,037 413,157 — — 414,194 Accrued pension benefits 4,247 7,814 — — 12,061 Accrued postretirement benefits other than pension 4,234 29,732 — — 33,966 Accrued workers’ compensation 10,291 85,614 — — 95,905 Deferred income taxes 44,806 — — — 44,806 Other noncurrent liabilities 172,691 75,810 299 — 248,800 Total liabilities 7,437,446 1,665,435 255,064 (2,904,508 ) 6,453,437 Stockholders’ equity (605,842 ) 5,395,201 25,887 (5,420,686 ) (605,440 ) Total liabilities and stockholders’ equity $ 6,831,604 $ 7,060,636 $ 280,951 $ (8,325,194 ) $ 5,847,997 Condensed Consolidating Balance Sheets December 31, 2014 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Assets Cash and cash equivalents $ 572,185 $ 150,358 $ 11,688 $ — $ 734,231 Short term investments 248,954 — — — 248,954 Restricted cash — — 5,678 — 5,678 Receivables 9,656 15,933 211,043 (4,615 ) 232,017 Inventories — 190,253 — — 190,253 Other 89,211 41,455 952 — 131,618 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 other assets 8,271,105 2,321,168 1,572 (10,160,331 ) 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 Statements of Cash Flows Nine Months Ended September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Cash provided by (used in) operating activities $ (353,386 ) $ 279,503 $ (5,799 ) $ — $ (79,682 ) Investing Activities Capital expenditures (956 ) (108,294 ) — — (109,250 ) Additions to prepaid royalties — (5,808 ) — — (5,808 ) Proceeds from disposals and divestitures — 1,020 — — 1,020 Purchases of marketable securities (203,094 ) — — — (203,094 ) Proceeds from sale or maturity of marketable securities and other investments 248,362 — — — 248,362 Investments in and advances to affiliates (788 ) (7,156 ) — — (7,944 ) Cash used in investing activities 43,524 (120,238 ) — — (76,714 ) Financing Activities Payments on term loan (14,625 ) — — — (14,625 ) Net payments on other debt (5,814 ) (6,378 ) — — (12,192 ) Expenses related to debt restructuring (11,498 ) — — — (11,498 ) Deposits of restricted cash — — (44,732 ) — (44,732 ) Transactions with affiliates, net 132,257 (182,761 ) 50,504 — — Cash provided by (used in) financing activities 100,320 (189,139 ) 5,772 — (83,047 ) Decrease in cash and cash equivalents (209,542 ) (29,874 ) (27 ) — (239,443 ) Cash and cash equivalents, beginning of period 572,185 150,358 11,688 — 734,231 Cash and cash equivalents, end of period $ 362,643 $ 120,484 $ 11,661 $ — $ 494,788 Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2014 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Cash provided by (used in) operating activities $ (342,497 ) $ 360,036 $ (15,549 ) $ — $ 1,990 Investing Activities Capital expenditures (1,195 ) (117,506 ) — — (118,701 ) Additions to prepaid royalties — (3,604 ) — — (3,604 ) Proceeds from disposals and divestitures 46,634 4,337 — — 50,971 Purchases of short term investments (181,546 ) — — — (181,546 ) Proceeds from sales of short term investments 178,293 — — — 178,293 Investments in and advances to affiliates (2,047 ) (11,346 ) — — (13,393 ) Cash provided by (used in) investing activities 40,139 (128,119 ) — — (87,980 ) Financing Activities — Payments on term loan (14,625 ) — — — (14,625 ) Debt financing costs (2,219 ) — — — (2,219 ) Net payments on other debt (6,814 ) (3,373 ) — — (10,187 ) Dividends paid (2,123 ) — — — (2,123 ) Change in restricted cash — — (6 ) — (6 ) Other (15 ) — — — (15 ) Transactions with affiliates, net 162,643 (178,603 ) 15,960 — — Cash provided by (used in) financing activities 136,847 (181,976 ) 15,954 — (29,175 ) Increase (decrease) in cash and cash equivalents (165,511 ) 49,941 405 — (115,165 ) Cash and cash equivalents, beginning of period 799,333 100,418 11,348 — 911,099 Cash and cash equivalents, end of period $ 633,822 $ 150,359 $ 11,753 $ — $ 795,934 |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and U.S. Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015 . These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission. The Company incurred a net loss for the years ended 2014, 2013 and 2012 and will report a net loss in the current year as well. Additionally, in 2014 and 2015, the Company has been unable to generate sufficient cash to cover interest expense and capital expenditures. The Company launched subordinated debt exchange offers in July 2015 that, if successful, would have substantially improved the Company’s leverage profile. The exchange offers were terminated on October 27, 2015 as a result of various factors, including the actions of the Company’s term lenders in directing the term loan agent not to execute the required documents as well as highly challenging market conditions. With the extremely challenging market conditions currently facing the industry, the Company will require a significant restructuring of its balance sheet to continue to operate as a going concern over the long term. The Company is currently in active dialogue with various creditors with respect to restructuring of the Company’s balance sheet. The Company’s mining operations and customer shipments are continuing as normal and the Company has no near-term maturities. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company’s ability to continue as a going concern is contingent upon the Company’s ability to restructure its balance sheet with the various creditor parties; there can be no assurance that these efforts will results in any such agreement. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following items are included in accumulated other comprehensive income ("AOCI"): Pension, Postretirement and Other Accumulated Post- Other Derivative Employment Available-for- Comprehensive Instruments Benefits Sale Securities Income (In thousands) Balance at December 31, 2014 $ 2,550 $ 2,860 $ (2,169 ) $ 3,241 Unrealized gains (losses) 3,919 — (3,401 ) 518 Amounts reclassified from AOCI (4,354 ) 3,168 3,394 2,208 Balance at September 30, 2015 $ 2,115 $ 6,028 $ (2,176 ) $ 5,967 |
Schedule of Comprehensive Income Reclassifications | The following amounts were reclassified out of AOCI: Amounts Reclassified from AOCI Line Item in the Condensed Consolidated Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, Details About AOCI Components 2015 2014 2015 2014 (In thousands) Derivative instruments $ 3,598 $ 892 $ 6,806 $ 1,346 Revenues (1,295 ) (321 ) (2,452 ) (485 ) Benefit from income taxes $ 2,303 $ 571 $ 4,354 $ 861 Net of tax Pension, postretirement and other post-employment benefits Amortization of prior service credits (1) $ 2,083 $ 1,759 $ 6,250 $ 6,976 Amortization of actuarial gains (losses), net (1) (3,266 ) (550 ) (11,200 ) (1,650 ) (1,183 ) 1,209 (4,950 ) 5,326 426 (435 ) 1,782 (1,917 ) Benefit from income taxes $ (757 ) $ 774 $ (3,168 ) $ 3,409 Net of tax Available-for-sale securities $ (1,081 ) $ (145 ) $ (5,308 ) $ (1,824 ) Interest and investment income 358 53 1,914 657 Benefit from income taxes $ (723 ) $ (92 ) $ (3,394 ) $ (1,167 ) Net of tax 1 Production-related benefits and workers' compensation costs are included in inventoriable production costs. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: September 30, December 31, 2015 2014 (In thousands) Coal $ 119,785 $ 71,901 Repair parts and supplies 119,250 118,352 $ 239,035 $ 190,253 |
Investments in Available-for-29
Investments in Available-for-Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Available-for-sale Securities [Abstract] | |
Available-for-sale Securities | The Company's investments in available-for-sale marketable securities are as follows: September 30, 2015 Balance Sheet Accumulated Classification Gross Unrealized Fair Short-Term Other Cost Basis Gains Losses Value Investments Assets (In thousands) Available-for-sale: Corporate notes and bonds $ 199,440 $ 359 $ (68 ) $ 199,731 $ 199,731 $ — Equity securities 3,937 549 (2,871 ) 1,615 — 1,615 Total Investments $ 203,377 $ 908 $ (2,939 ) $ 201,346 $ 199,731 $ 1,615 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 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Price Risk Derivatives | At September 30, 2015 , 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 1,205 280 1,485 Coal purchases 696 240 936 |
Disclosure of Fair Value of Derivatives | The fair value and location of derivatives reflected in the accompanying Condensed Consolidated Balance Sheets are as follows: September 30, 2015 December 31, 2014 Fair Value of Derivatives Asset Liability Asset Liability (In thousands) Derivative Derivative Derivative Derivative Derivatives Designated as Hedging Instruments Coal $ 1,608 $ — $ 6,535 $ (2,492 ) Derivatives Not Designated as Hedging Instruments Heating oil -- diesel purchases 600 — 300 — Coal -- held for trading purposes 121,312 (114,636 ) 96,898 (93,272 ) Coal -- risk management 9,965 (6,257 ) 8,510 (3,688 ) Natural gas 1,215 — — — Foreign currency 285 — Total 133,377 (120,893 ) 105,708 (96,960 ) Total derivatives 134,985 (120,893 ) 112,243 (99,452 ) Effect of counterparty netting (120,357 ) 120,357 (98,686 ) 98,686 Net derivatives as classified in the balance sheets $ 14,628 $ (536 ) $ 14,092 $ 13,557 $ (766 ) $ 12,791 September 30, 2015 December 31, 2014 Net derivatives as reflected on the balance sheets (in thousands) Heating oil and foreign currency Other current assets $ 885 $ 300 Coal and natural gas Coal derivative assets 13,743 13,257 Accrued expenses and other current liabilities (536 ) (766 ) $ 14,092 $ 12,791 |
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) Three Months Ended September 30, Gain (Loss) Recognized in Other Comprehensive Income(Effective Portion) Gains (Losses) Reclassified from Other Comprehensive Income into Income (Effective Portion) 2015 2014 2015 2014 Coal sales (1) $ 3,636 $ 3,449 $ 6,683 $ 1,639 Coal purchases (2) (2,561 ) (2,041 ) (3,084 ) (747 ) Totals $ 1,075 $ 1,408 $ 3,599 $ 892 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 three month periods ended September 30, 2015 and 2014 . Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended September 30, Gain (Loss) Recognized 2015 2014 Coal — unrealized (3) $ (809 ) $ 1,610 Coal — realized (4) $ 511 $ 502 Natural gas — unrealized (3) $ (16 ) $ 238 Heating oil — diesel purchases (4) $ (5,525 ) $ (3,746 ) Heating oil — fuel surcharges (4) $ — $ (104 ) Foreign currency (4) $ (602 ) $ — ____________________________________________________________ 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) expense, net Derivatives used in Cash Flow Hedging Relationships (in thousands) Nine Months Ended September 30, Gain (Loss) Recognized in Other Comprehensive Income(Effective Portion) Gains (Losses) Reclassified from Other Comprehensive Income into Income 2015 2014 2015 2014 Coal sales (1) 12,738 $ 4,806 $ 12,555 $ 2,568 Coal purchases (2) (6,612 ) (2,162 ) (5,748 ) (1,222 ) Totals $ 6,126 $ 2,644 $ 6,807 $ 1,346 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 nine month periods ended September 30, 2015 and 2014 . Derivatives Not Designated as Hedging Instruments (in thousands) Nine Months Ended September 30, Gain (Loss) Recognized 2015 2014 Coal — unrealized (3) $ (2,095 ) $ 455 Coal — realized (4) $ 2,428 $ 4,699 Natural gas — unrealized (3) $ (78 ) $ (21 ) Heating oil — diesel purchases (4) $ (7,262 ) $ (6,709 ) Heating oil — fuel surcharges (4) $ — $ (405 ) Foreign currency (4) $ (602 ) $ — ____________________________________________________________ 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) expense, net |
Accrued Expenses and Other Cu31
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consist of the following: September 30, December 31, 2015 2014 (In thousands) Payroll and employee benefits $ 52,305 $ 73,362 Taxes other than income taxes 111,208 114,598 Interest 77,423 30,384 Acquired sales contracts 4,946 12,453 Workers’ compensation 17,635 16,714 Asset retirement obligations 19,199 19,222 Other 28,031 35,663 $ 310,747 $ 302,396 |
Debt and Financing Arrangemen32
Debt and Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | September 30, December 31, 2015 2014 (In thousands) Term loan due 2018 ($1.9 billion face value) $ 1,879,261 $ 1,890,846 7.00% senior notes due 2019 at par 1,000,000 1,000,000 9.875% senior notes due 2019 ($375.0 million face value) 365,050 363,493 8.00% senior secured notes due 2019 at par 350,000 350,000 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 46,418 56,031 5,140,729 5,160,370 Less current maturities of debt 32,237 36,885 Long-term debt $ 5,108,492 $ 5,123,485 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 condensed consolidated balance sheet: September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investments in marketable securities $ 201,346 $ 1,615 $ 199,731 $ — Derivatives 14,628 8,322 890 5,416 Total assets $ 215,974 $ 9,937 $ 200,621 $ 5,416 Liabilities: Derivatives $ 536 $ — $ 536 $ — |
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. Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In thousands) Balance, beginning of period $ 7,840 $ 3,040 Realized and unrealized losses recognized in earnings, net (4,200 ) (6,028 ) Realized and unrealized gains recognized in other comprehensive income, net — (1,341 ) Purchases 2,334 11,959 Issuances (558 ) (2,214 ) Ending balance $ 5,416 $ 5,416 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Pension Benefit Costs | The following table details the components of pension benefit costs (credits): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Service cost $ 2 $ 4,910 $ 7 $ 16,311 Interest cost 3,688 4,278 10,953 12,834 Expected return on plan assets (5,044 ) (5,929 ) (15,275 ) (17,786 ) Curtailments 526 1,504 526 1,504 Amortization of prior service costs (credits) — (51 ) — (158 ) Amortization of other actuarial losses 1,395 741 6,638 2,221 Net benefit cost $ 567 $ 5,453 $ 2,849 $ 14,926 The following table details the components of other postretirement benefit costs (credits): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Service cost $ 216 $ 383 $ 649 $ 1,267 Interest cost 321 460 964 1,381 Amortization of prior service credits (2,084 ) (2,500 ) (6,251 ) (7,502 ) Amortization of other actuarial losses (gains) (527 ) (191 ) (1,582 ) (571 ) Net benefit credit $ (2,074 ) $ (1,848 ) $ (6,220 ) $ (5,425 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Results | PRB APP Other Operating Segments Corporate, Other and Eliminations Consolidated (in thousands) Three Months Ended September 30, 2015 Revenues $ 390,360 $ 205,573 $ 92,611 $ — $ 688,544 Adjusted EBITDA 86,204 41,754 12,927 (6,080 ) 134,805 Depreciation, depletion and amortization 47,321 44,098 11,193 1,353 103,965 Amortization of acquired sales contracts, net (1,124 ) (870 ) — — (1,994 ) Capital expenditures 869 3,990 2,889 2,141 9,889 Three Months Ended September 30, 2014 Revenues $ 389,386 $ 272,354 $ 80,440 $ — $ 742,180 Adjusted EBITDA 62,771 12,327 22,412 (25,608 ) 71,902 Depreciation, depletion and amortization 43,962 48,867 10,499 1,827 105,155 Amortization of acquired sales contracts, net (1,200 ) (1,815 ) 3 (1 ) (3,013 ) Capital expenditures 8,174 9,240 4,678 863 22,955 Nine Months Ended September 30, 2015 Revenues $ 1,124,046 $ 653,310 $ 232,655 $ — $ 2,010,011 Adjusted EBITDA 214,920 92,988 22,074 (68,077 ) 261,905 Depreciation, depletion and amortization 134,393 135,028 32,082 4,708 306,211 Amortization of acquired sales contracts, net (3,170 ) (3,858 ) — — (7,028 ) Total assets 1,711,945 1,374,436 321,449 2,440,167 5,847,997 Capital expenditures 22,263 15,323 7,199 64,465 109,250 Nine Months Ended September 30, 2014 Revenues $ 1,106,258 $ 832,452 $ 251,239 $ 1,978 $ 2,191,927 Adjusted EBITDA 135,136 67,794 44,007 (82,498 ) 164,439 Depreciation, depletion and amortization 124,243 155,087 29,601 3,111 312,042 Amortization of acquired sales contracts, net (2,774 ) (7,266 ) 93 (1 ) (9,948 ) Capital expenditures 17,230 28,232 8,626 64,613 118,701 |
Reconciliation Statement of Segment Income from Operations to Consolidated Income Before Income Taxes | A reconciliation of adjusted EBITDA to consolidated loss before income taxes follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Adjusted EBITDA $ 134,805 $ 71,902 $ 261,905 $ 164,439 Depreciation, depletion and amortization (103,965 ) (105,155 ) (306,211 ) (312,042 ) Amortization of acquired sales contracts, net 1,994 3,013 7,028 9,948 Asset impairment and mine closure costs (2,120,292 ) (5,060 ) (2,139,438 ) (6,572 ) Losses from disposed operations resulting from Patriot Coal bankruptcy (149,314 ) — (149,314 ) — Interest expense, net (99,087 ) (96,268 ) (294,578 ) (286,820 ) Nonoperating expense (7,482 ) — (11,498 ) — Loss before income taxes $ (2,343,341 ) $ (131,568 ) $ (2,632,106 ) $ (431,047 ) |
Supplemental Consolidating Fi36
Supplemental Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Schedule of Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Operations Three Months Ended September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 688,544 $ — $ — $ 688,544 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 3,211 537,471 — (490 ) 540,192 Depreciation, depletion and amortization 896 103,069 — — 103,965 Amortization of acquired sales contracts, net — (1,994 ) — — (1,994 ) Change in fair value of coal derivatives and coal trading activities, net — (3,559 ) — — (3,559 ) Asset impairment and mine closure costs 21,292 2,099,000 — — 2,120,292 Losses from disposed operations resulting from Patriot Coal bankruptcy 149,314 — — 149,314 Selling, general and administrative expenses 18,059 6,725 1,489 (542 ) 25,731 Other operating (income) expense, net 3,503 (12,343 ) (817 ) 1,032 (8,625 ) 196,275 2,728,369 672 — 2,925,316 Loss from investment in subsidiaries (2,025,900 ) — — 2,025,900 — Loss from operations (2,222,175 ) (2,039,825 ) (672 ) 2,025,900 (2,236,772 ) Interest expense, net Interest expense (120,404 ) (6,629 ) (1,199 ) 28,473 (99,759 ) Interest and investment income 6,710 20,781 1,654 (28,473 ) 672 (113,694 ) 14,152 455 — (99,087 ) Expenses related to debt restructuring (7,482 ) — — — (7,482 ) Income (loss) from continuing operations before income taxes (2,343,351 ) (2,025,673 ) (217 ) 2,025,900 (2,343,341 ) Provision for (benefit from) income taxes (343,875 ) — 10 — (343,865 ) Net income (loss) $ (1,999,476 ) $ (2,025,673 ) $ (227 ) $ 2,025,900 $ (1,999,476 ) Total comprehensive income (loss) $ (2,000,570 ) $ (2,026,697 ) $ (227 ) $ 2,026,924 $ (2,000,570 ) Condensed Consolidating Statements of Operations Three Months Ended September 30, 2014 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 742,180 $ — $ — $ 742,180 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 2,442 645,672 — (1,018 ) 647,096 Depreciation, depletion and amortization 1,175 103,971 9 — 105,155 Amortization of acquired sales contracts, net — (3,013 ) — — (3,013 ) Change in fair value of coal derivatives and coal trading activities, net — (3,733 ) — — (3,733 ) Asset impairment and mine closure costs — 5,060 — — 5,060 Selling, general and administrative expenses 19,542 7,427 1,679 (512 ) 28,136 Other operating (income) expense, net 1,562 (2,942 ) (1,371 ) 1,530 (1,221 ) 24,721 752,442 317 — 777,480 Income from investment in subsidiaries 2,005 — — (2,005 ) — Loss from operations (22,716 ) (10,262 ) (317 ) (2,005 ) (35,300 ) Interest expense, net Interest expense (116,742 ) (6,577 ) (1,116 ) 26,218 (98,217 ) Interest and investment income 7,872 18,987 1,308 (26,218 ) 1,949 (108,870 ) 12,410 192 — (96,268 ) Income (loss) from continuing operations before income taxes (131,586 ) 2,148 (125 ) (2,005 ) (131,568 ) Provision for (benefit from) income taxes (34,368 ) — (21 ) — (34,350 ) Net loss $ (97,218 ) $ 2,148 $ (104 ) $ (2,005 ) $ (97,218 ) Total comprehensive income (loss) $ (99,197 ) $ 1,717 $ (143 ) $ (1,574 ) $ (99,197 ) Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 2,010,011 $ — $ — $ 2,010,011 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 16,589 1,654,348 — (2,171 ) 1,668,766 Depreciation, depletion and amortization 2,969 303,240 2 — 306,211 Amortization of acquired sales contracts, net — (7,028 ) — — (7,028 ) Change in fair value of coal derivatives and coal trading activities, net — (1,128 ) — — (1,128 ) Asset impairment and mine closure costs 22,517 2,116,921 — — 2,139,438 Losses from disposed operations resulting from Patriot Coal bankruptcy 149,314 — — — 149,314 Selling, general and administrative expenses 50,664 19,239 4,262 (1,561 ) 72,604 Other operating (income) expense, net 7,065 417 (3,350 ) 3,732 7,864 249,118 4,086,009 914 — 4,336,041 Loss from investment in subsidiaries (2,035,313 ) — — 2,035,313 — Loss from operations (2,284,431 ) (2,075,998 ) (914 ) 2,035,313 (2,326,030 ) Interest expense, net Interest expense (357,690 ) (19,969 ) (3,601 ) 82,675 (298,585 ) Interest and investment income 21,457 60,811 4,414 (82,675 ) 4,007 (336,233 ) 40,842 813 — (294,578 ) Expenses related to debt restructuring (11,498 ) — — — (11,498 ) Income (loss) from continuing operations before income taxes (2,632,162 ) (2,035,156 ) (101 ) 2,035,313 (2,632,106 ) Provision for (benefit from) income taxes (351,388 ) — 56 — (351,332 ) Net income (loss) $ (2,280,774 ) $ (2,035,156 ) $ (157 ) $ 2,035,313 $ (2,280,774 ) Total comprehensive income (loss) $ (2,278,048 ) $ (2,033,102 ) $ (157 ) $ 2,033,259 $ (2,278,048 ) Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2014 Parent/Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated (In thousands) Revenues $ — $ 2,191,927 $ — $ — $ 2,191,927 Costs, expenses and other Cost of sales (exclusive of items shown separately below) 9,378 1,948,918 — (2,749 ) 1,955,547 Depreciation, depletion and amortization 3,993 308,022 27 — 312,042 Amortization of acquired sales contracts, net — (9,948 ) — — (9,948 ) Change in fair value of coal derivatives and coal trading activities, net — (5,811 ) — — (5,811 ) Asset impairment and mine closure costs 1,512 5,060 — — 6,572 Selling, general and administrative expenses 61,216 22,540 4,971 (1,524 ) 87,203 Other operating (income) expense, net 1,272 (10,869 ) (4,127 ) 4,273 (9,451 ) 77,371 2,257,912 871 — 2,336,154 Loss from investment in subsidiaries (30,839 ) — — 30,839 — Loss from operations (108,210 ) (65,985 ) (871 ) 30,839 (144,227 ) Interest expense, net Interest expense (346,481 ) (19,466 ) (3,258 ) 76,557 (292,648 ) Interest and investment income 23,598 54,979 3,808 (76,557 ) 5,828 (322,883 ) 35,513 550 — (286,820 ) Loss from continuing operations before income taxes (431,093 ) (30,472 ) (321 ) 30,839 (431,047 ) Provision for (benefit from) income taxes (112,876 ) — 46 — (112,830 ) Net loss $ (318,217 ) $ (30,472 ) $ (367 ) $ 30,839 $ (318,217 ) Total comprehensive loss $ (324,403 ) $ (33,062 ) $ (367 ) $ 33,429 $ (324,403 ) |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Assets Cash and cash equivalents $ 362,643 $ 120,484 $ 11,661 $ — $ 494,788 Short term investments 199,731 — — — 199,731 Restricted cash — — 50,409 — 50,409 Receivables 14,307 12,502 216,959 (4,359 ) 239,409 Inventories — 239,035 — — 239,035 Other 50,449 44,565 933 — 95,947 Total current assets 627,130 416,586 279,962 (4,359 ) 1,319,319 Property, plant and equipment, net 8,447 4,164,189 — 402 4,173,038 Investment in subsidiaries 5,421,088 — — (5,421,088 ) — Intercompany receivables — 2,225,149 — (2,225,149 ) — Note receivable from Arch Western 675,000 — — (675,000 ) — Other 99,939 254,712 989 — 355,640 Total other assets 6,196,027 2,479,861 989 (8,321,237 ) 355,640 Total assets $ 6,831,604 $ 7,060,636 $ 280,951 $ (8,325,194 ) $ 5,847,997 Liabilities and Stockholders’ Equity Accounts payable $ 13,566 $ 138,624 $ 39 $ — $ 152,229 Accrued expenses and other current liabilities 118,662 195,577 867 (4,359 ) 310,747 Current maturities of debt 21,810 10,427 — — 32,237 Total current liabilities 154,038 344,628 906 (4,359 ) 495,213 Long-term debt 5,074,812 33,680 — — 5,108,492 Intercompany payables 1,971,290 — 253,859 (2,225,149 ) — Note payable to Arch Coal — 675,000 — (675,000 ) — Asset retirement obligations 1,037 413,157 — — 414,194 Accrued pension benefits 4,247 7,814 — — 12,061 Accrued postretirement benefits other than pension 4,234 29,732 — — 33,966 Accrued workers’ compensation 10,291 85,614 — — 95,905 Deferred income taxes 44,806 — — — 44,806 Other noncurrent liabilities 172,691 75,810 299 — 248,800 Total liabilities 7,437,446 1,665,435 255,064 (2,904,508 ) 6,453,437 Stockholders’ equity (605,842 ) 5,395,201 25,887 (5,420,686 ) (605,440 ) Total liabilities and stockholders’ equity $ 6,831,604 $ 7,060,636 $ 280,951 $ (8,325,194 ) $ 5,847,997 Condensed Consolidating Balance Sheets December 31, 2014 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Assets Cash and cash equivalents $ 572,185 $ 150,358 $ 11,688 $ — $ 734,231 Short term investments 248,954 — — — 248,954 Restricted cash — — 5,678 — 5,678 Receivables 9,656 15,933 211,043 (4,615 ) 232,017 Inventories — 190,253 — — 190,253 Other 89,211 41,455 952 — 131,618 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 other assets 8,271,105 2,321,168 1,572 (10,160,331 ) 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 |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2015 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Cash provided by (used in) operating activities $ (353,386 ) $ 279,503 $ (5,799 ) $ — $ (79,682 ) Investing Activities Capital expenditures (956 ) (108,294 ) — — (109,250 ) Additions to prepaid royalties — (5,808 ) — — (5,808 ) Proceeds from disposals and divestitures — 1,020 — — 1,020 Purchases of marketable securities (203,094 ) — — — (203,094 ) Proceeds from sale or maturity of marketable securities and other investments 248,362 — — — 248,362 Investments in and advances to affiliates (788 ) (7,156 ) — — (7,944 ) Cash used in investing activities 43,524 (120,238 ) — — (76,714 ) Financing Activities Payments on term loan (14,625 ) — — — (14,625 ) Net payments on other debt (5,814 ) (6,378 ) — — (12,192 ) Expenses related to debt restructuring (11,498 ) — — — (11,498 ) Deposits of restricted cash — — (44,732 ) — (44,732 ) Transactions with affiliates, net 132,257 (182,761 ) 50,504 — — Cash provided by (used in) financing activities 100,320 (189,139 ) 5,772 — (83,047 ) Decrease in cash and cash equivalents (209,542 ) (29,874 ) (27 ) — (239,443 ) Cash and cash equivalents, beginning of period 572,185 150,358 11,688 — 734,231 Cash and cash equivalents, end of period $ 362,643 $ 120,484 $ 11,661 $ — $ 494,788 Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2014 Parent/Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (In thousands) Cash provided by (used in) operating activities $ (342,497 ) $ 360,036 $ (15,549 ) $ — $ 1,990 Investing Activities Capital expenditures (1,195 ) (117,506 ) — — (118,701 ) Additions to prepaid royalties — (3,604 ) — — (3,604 ) Proceeds from disposals and divestitures 46,634 4,337 — — 50,971 Purchases of short term investments (181,546 ) — — — (181,546 ) Proceeds from sales of short term investments 178,293 — — — 178,293 Investments in and advances to affiliates (2,047 ) (11,346 ) — — (13,393 ) Cash provided by (used in) investing activities 40,139 (128,119 ) — — (87,980 ) Financing Activities — Payments on term loan (14,625 ) — — — (14,625 ) Debt financing costs (2,219 ) — — — (2,219 ) Net payments on other debt (6,814 ) (3,373 ) — — (10,187 ) Dividends paid (2,123 ) — — — (2,123 ) Change in restricted cash — — (6 ) — (6 ) Other (15 ) — — — (15 ) Transactions with affiliates, net 162,643 (178,603 ) 15,960 — — Cash provided by (used in) financing activities 136,847 (181,976 ) 15,954 — (29,175 ) Increase (decrease) in cash and cash equivalents (165,511 ) 49,941 405 — (115,165 ) Cash and cash equivalents, beginning of period 799,333 100,418 11,348 — 911,099 Cash and cash equivalents, end of period $ 633,822 $ 150,359 $ 11,753 $ — $ 795,934 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | Aug. 04, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reverse stock split, conversion ratio | 0.1 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2014 | $ 3,241 |
Unrealized gains (losses) | 518 |
Amounts reclassified from AOCI | 2,208 |
Balance at September 30, 2015 | 5,967 |
Derivative Instruments [Member] | |
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2014 | 2,550 |
Unrealized gains (losses) | 3,919 |
Amounts reclassified from AOCI | (4,354) |
Balance at September 30, 2015 | 2,115 |
Pension, Postretirement and Other Postemployment Benefits [Member] | |
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2014 | 2,860 |
Unrealized gains (losses) | 0 |
Amounts reclassified from AOCI | 3,168 |
Balance at September 30, 2015 | 6,028 |
Available-for-Sale Securities [Member] | |
Accumulated Other Comprenhensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2014 | (2,169) |
Unrealized gains (losses) | (3,401) |
Amounts reclassified from AOCI | 3,394 |
Balance at September 30, 2015 | $ (2,176) |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Schedule of Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Revenues | $ 688,544 | $ 742,180 | $ 2,010,011 | $ 2,191,927 |
Benefit from income taxes | 343,865 | 34,350 | 351,332 | 112,830 |
Net loss | (1,999,476) | (97,218) | (2,280,774) | (318,217) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Revenues | 3,598 | 892 | 6,806 | 1,346 |
Benefit from income taxes | (1,295) | (321) | (2,452) | (485) |
Net loss | 2,303 | 571 | 4,354 | 861 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension, Postretirement and Other Postemployment Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service credits | 2,083 | 1,759 | 6,250 | 6,976 |
Amortization of actuarial gains (losses), net | (3,266) | (550) | (11,200) | (1,650) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (1,183) | 1,209 | (4,950) | 5,326 |
Benefit from income taxes | 426 | (435) | 1,782 | (1,917) |
Net of tax | (757) | 774 | (3,168) | 3,409 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit from income taxes | 358 | 53 | 1,914 | 657 |
Net loss | (723) | (92) | (3,394) | (1,167) |
Interest and investment income | $ (1,081) | $ (145) | $ (5,308) | $ (1,824) |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Total Consideration for Disposal Group | $ 45.3 | |
Proceeds from divestiture of businesses | $ 26.3 | |
Net gain on divestitures | $ 14.3 |
Asset Impairment and Mine Clo41
Asset Impairment and Mine Closure Costs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)operating_complex | Sep. 30, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Number of operating complexes | operating_complex | 2 | ||||
Asset impairment and mine closure costs | $ 2,120,292 | $ 19,100 | $ 5,060 | $ 2,139,438 | $ 6,572 |
Fair value of impaired assets | 470,600 | $ 470,600 | |||
Impairment of mining complex | 5,600 | ||||
Royalty Agreements [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Impairment of advance royalty | $ 12,200 | ||||
APP [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairment and mine closure costs | 1,700,000 | ||||
Other Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset impairment and mine closure costs | $ 400,000 |
Losses Related to Patriot Coa42
Losses Related to Patriot Coal Bankruptcy (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Losses from disposed operations resulting from Patriot Coal bankruptcy | $ 149,314 | $ 0 | $ 149,314 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Coal | $ 119,785 | $ 71,901 |
Repair parts and supplies | 119,250 | 118,352 |
Inventories | 239,035 | 190,253 |
Allowance for slow-moving and obsolete inventories | $ 6,700 | $ 6,600 |
Investments in Available-for-44
Investments in Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Current | $ 199,731 | $ 248,954 |
Total Investments, Cost Basis | 203,377 | 257,500 |
Total Investments, Accumulated Gross Unrealized Gains | 908 | 4,125 |
Total Investments, Accumulated Gross Unrealized Losses | (2,939) | (7,526) |
Total Investments | 201,346 | 254,099 |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Investments, Current | 199,731 | 248,954 |
Other Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Investments, Noncurrent | 1,615 | 5,145 |
Corporate Notes and Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Cost Basis | 199,440 | 253,590 |
Debt Securities, Accumulated Gross Unrealized Gains | 359 | 0 |
Debt Securities, Accumulated Gross Unrealized Losses | (68) | (4,636) |
Debt Securities | 199,731 | 248,954 |
Corporate Notes and Bonds [Member] | Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Current | 199,731 | 248,954 |
Corporate Notes and Bonds [Member] | Other Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Noncurrent | 0 | 0 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity Securities, Cost Basis | 3,937 | 3,910 |
Equity Securities, Accumulated Gross Unrealized Gains | 549 | 4,125 |
Equity Securities, Accumulated Gross Unrealized Losses | (2,871) | (2,890) |
Equity securities | 1,615 | 5,145 |
Equity Securities [Member] | Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity Securities, Current | 0 | 0 |
Equity Securities [Member] | Other Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity Securities, Noncurrent | $ 1,615 | $ 5,145 |
Investments in Available-for-45
Investments in Available-for-Sale Securities (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities [Abstract] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 56.1 | $ 163 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Greater than Twelve Months, Fair Value | $ 0.2 | $ 86.1 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) gal in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($)gal$ / option | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)gal$ / option | Sep. 30, 2014USD ($) | Dec. 31, 2016USD ($)$ / option | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | |||||||
Current liability for the obligation to return cash collateral | $ 2.9 | $ 2.9 | $ 2.4 | ||||
Gain on derivative contracts designated as hedge instruments in cash flow hedges to be reclassified from OCI into earnings during the next twelve months | 0.9 | 0.9 | |||||
Net unrealized and realized gains (losses) related to trading portfolio | $ 4.4 | $ 1.9 | $ 3.3 | $ 5.4 | |||
Scenario, Forecast [Member] | |||||||
Derivative [Line Items] | |||||||
Value of trading portfolio realized | $ 1.4 | $ 5.3 | |||||
Not Designated as Hedging Instrument [Member] | Heating Oil [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, average price risk option strike price | $ / option | 3.13 | 3.13 | |||||
Not Designated as Hedging Instrument [Member] | Heating Oil [Member] | Scenario, Forecast [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, average price risk option strike price | $ / option | 2.26 | ||||||
Not Designated as Hedging Instrument [Member] | Diesel Purchases [Member] | |||||||
Derivative [Line Items] | |||||||
Percent of expected requirements covered | 100.00% | 100.00% | |||||
Not Designated as Hedging Instrument [Member] | Diesel Purchases [Member] | Scenario, Forecast [Member] | |||||||
Derivative [Line Items] | |||||||
Percent of expected requirements covered | 67.00% | ||||||
Not Designated as Hedging Instrument [Member] | Diesel Purchases [Member] | Heating Oil [Member] | |||||||
Derivative [Line Items] | |||||||
Quantities under derivative contracts | gal | 54 | 54 | |||||
Not Designated as Hedging Instrument [Member] | Diesel Purchases [Member] | Minimum [Member] | |||||||
Derivative [Line Items] | |||||||
Gallons of diesel fuel purchased annually | gal | 55 | ||||||
Not Designated as Hedging Instrument [Member] | Diesel Purchases [Member] | Maximum [Member] | |||||||
Derivative [Line Items] | |||||||
Gallons of diesel fuel purchased annually | gal | 65 |
Derivatives (Schedule of Price
Derivatives (Schedule of Price Risk Derivatives) (Details) T in Thousands | Sep. 30, 2015T |
Coal sales [Member] | |
Derivative [Line Items] | |
Derivatives Held | 1,485 |
Coal purchases [Member] | |
Derivative [Line Items] | |
Derivatives Held | 936 |
Year One, Remainder [Member] | Coal sales [Member] | |
Derivative [Line Items] | |
Derivatives Held | 1,205 |
Year One, Remainder [Member] | Coal purchases [Member] | |
Derivative [Line Items] | |
Derivatives Held | 696 |
Year Two [Member] | Coal sales [Member] | |
Derivative [Line Items] | |
Derivatives Held | 280 |
Year Two [Member] | Coal purchases [Member] | |
Derivative [Line Items] | |
Derivatives Held | 240 |
Derivatives (Disclosure Of Fair
Derivatives (Disclosure Of Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability | $ (120,357) | $ (98,686) |
Derivative Liability, Fair Value, Gross Asset | 120,357 | 98,686 |
Derivative Asset | 14,628 | 13,557 |
Derivative Liability | (536) | (766) |
Net derivatives as classified in the balance sheet | 14,092 | 12,791 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 133,377 | 105,708 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | (120,893) | (96,960) |
Not Designated as Hedging Instrument [Member] | Coal Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 121,312 | 96,898 |
Derivative Liabilities | (114,636) | (93,272) |
Heating Oil-Diesel Purchases [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 600 | 300 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | 0 |
Coal Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,608 | 6,535 |
Derivative Liabilities | 0 | (2,492) |
Coal Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 9,965 | 8,510 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | (6,257) | (3,688) |
Natural Gas [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 1,215 | 0 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | 0 |
Foreign Currency [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 285 | |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | |
Price Risk Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 134,985 | 112,243 |
Derivative Liabilities | $ (120,893) | $ (99,452) |
Derivatives (Net Derivatives As
Derivatives (Net Derivatives As Reflected On The Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | $ 14,092 | $ 12,791 |
Heating Oil [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | 885 | 300 |
Coal Contract [Member] | Coal Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | 13,743 | 13,257 |
Coal Contract [Member] | Accrued expenses and other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | $ (536) | $ (766) |
Derivatives (Effects Of Derivat
Derivatives (Effects Of Derivatives On Measures Of Financial Performance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income(Effective Portion) | $ 1,075 | $ 1,408 | $ 6,126 | $ 2,644 |
Gains (Losses) Reclassified from Other Comprehensive Income into Income (Effective Portion) | 3,599 | 892 | 6,807 | 1,346 |
Designated as Hedging Instrument [Member] | Coal Contract [Member] | Coal sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income(Effective Portion) | 3,636 | 3,449 | 12,738 | 4,806 |
Designated as Hedging Instrument [Member] | Coal Contract [Member] | Coal sales [Member] | Sales Revenue, Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Reclassified from Other Comprehensive Income into Income (Effective Portion) | 6,683 | 1,639 | 12,555 | 2,568 |
Designated as Hedging Instrument [Member] | Coal Contract [Member] | Coal purchases [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income(Effective Portion) | (2,561) | (2,041) | (6,612) | (2,162) |
Designated as Hedging Instrument [Member] | Coal Contract [Member] | Coal purchases [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Reclassified from Other Comprehensive Income into Income (Effective Portion) | (3,084) | (747) | (5,748) | (1,222) |
Not Designated as Hedging Instrument [Member] | Coal Contract [Member] | Change in Fair Value of Coal Derivatives and Coal Trading Activity, Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | (809) | 1,610 | (2,095) | 455 |
Not Designated as Hedging Instrument [Member] | Coal Contract [Member] | Other Operating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized Gain (Loss) on Derivatives | 511 | 502 | 2,428 | 4,699 |
Not Designated as Hedging Instrument [Member] | Natural Gas [Member] | Change in Fair Value of Coal Derivatives and Coal Trading Activity, Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | (16) | 238 | (78) | (21) |
Not Designated as Hedging Instrument [Member] | Heating Oil-Diesel Purchases [Member] | Other Operating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Heating oil realized and unrealized gains and losses | (5,525) | (3,746) | (7,262) | (6,709) |
Not Designated as Hedging Instrument [Member] | Heating Oil-Fuel Surcharges [Member] | Other Operating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Heating oil realized and unrealized gains and losses | 0 | (104) | 0 | (405) |
Not Designated as Hedging Instrument [Member] | Foreign Currency [Member] | Other Operating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Heating oil realized and unrealized gains and losses | $ (602) | $ 0 | $ (602) | $ 0 |
Accrued Expenses and Other Cu51
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Payroll and employee benefits | $ 52,305 | $ 73,362 |
Taxes other than income taxes | 111,208 | 114,598 |
Interest | 77,423 | 30,384 |
Acquired sales contracts | 4,946 | 12,453 |
Workers’ compensation | 17,635 | 16,714 |
Asset retirement obligations | 19,199 | 19,222 |
Other | 28,031 | 35,663 |
Accrued Liabilities, Current | $ 310,747 | $ 302,396 |
Debt and Financing Arrangemen52
Debt and Financing Arrangements - Long term Debt (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Other | $ 46,418,000 | $ 56,031,000 |
Total | 5,140,729,000 | 5,160,370,000 |
Current maturities of debt | 32,237,000 | 36,885,000 |
Long-term debt | 5,108,492,000 | 5,123,485,000 |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Term loan due 2018 ($1.9 billion face value) | 1,879,261,000 | 1,890,846,000 |
Debt instrument, face amount | 1,900,000,000 | 1,900,000,000 |
7.00% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 1,000,000,000 | 1,000,000,000 |
Senior notes interest rate | 7.00% | |
9.875% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 365,050,000 | 363,493,000 |
Senior notes interest rate | 9.875% | |
Debt instrument, face amount | $ 375,000,000 | 375,000,000 |
8.00% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 350,000,000 | 350,000,000 |
Senior notes interest rate | 8.00% | |
7.25% Senior Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 500,000,000 | 500,000,000 |
Senior notes interest rate | 7.25% | |
7.25% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 1,000,000,000 | $ 1,000,000,000 |
Senior notes interest rate | 7.25% |
Debt and Financing Arrangemen53
Debt and Financing Arrangements - Narrative (Details) - USD ($) | Nov. 06, 2015 | Sep. 30, 2015 |
Line of Credit Facility [Line Items] | ||
Minimum liquidity covenant | $ 550,000,000 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 0 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||
Line of Credit Facility [Line Items] | ||
Voluntary termination notice period | 5 days | |
Line of Credit [Member] | Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 185,200,000 | |
Maximum borrowing capacity | $ 200,000,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Valuation Allowance [Line Items] | ||||
Benefit from income taxes | $ 343,865 | $ 34,350 | $ 351,332 | $ 112,830 |
Benefit associated with asset impairment charges | 794,000 | 794,000 | ||
Federal net operating losses and tax credits | 426,400 | 426,400 | ||
State operating losses | $ 19,300 | $ 19,300 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | Domestic Tax Authority [Member] | ||||
Valuation Allowance [Line Items] | ||||
Change in amount of valuation allowance | 51,700 | |||
Valuation Allowance, Operating Loss Carryforwards [Member] | State and Local Jurisdiction [Member] | ||||
Valuation Allowance [Line Items] | ||||
Change in amount of valuation allowance | $ 6,300 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
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 | $ 1,400 | $ 1,400 | $ 2,700 |
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unrealized gains (losses) related to level 3 financial instruments | $ (3.9) | $ (5.1) |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities Accounted For At Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Investments in marketable securities | $ 201,346 | $ 254,099 |
Derivatives | 14,628 | $ 13,557 |
Total assets | 215,974 | |
Liabilities: | ||
Derivatives | 536 | |
Level 1 [Member] | ||
Assets: | ||
Investments in marketable securities | 1,615 | |
Derivatives | 8,322 | |
Total assets | 9,937 | |
Liabilities: | ||
Derivatives | 0 | |
Level 2 [Member] | ||
Assets: | ||
Investments in marketable securities | 199,731 | |
Derivatives | 890 | |
Total assets | 200,621 | |
Liabilities: | ||
Derivatives | 536 | |
Level 3 [Member] | ||
Assets: | ||
Investments in marketable securities | 0 | |
Derivatives | 5,416 | |
Total assets | 5,416 | |
Liabilities: | ||
Derivatives | $ 0 |
Fair Value Measurements (Summ57
Fair Value Measurements (Summary Of Change In The Fair Values Of Financial Instruments Categorized As Level 3) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 7,840 | $ 3,040 |
Realized and unrealized losses recognized in earnings, net | (4,200) | (6,028) |
Realized and unrealized gains recognized in other comprehensive income, net | 0 | (1,341) |
Purchases | 2,334 | 11,959 |
Issuances | (558) | (2,214) |
Ending balance | $ 5,416 | $ 5,416 |
Loss Per Common Share (Narrativ
Loss Per Common Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive due to price [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 1 | 0.1 | 1 | 1 |
Antidilutive as a result of loss for period [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 0.1 | 0.2 | 0.1 | 0.2 |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension And Other Postretirement Benefit Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2 | $ 4,910 | $ 7 | $ 16,311 |
Interest cost | 3,688 | 4,278 | 10,953 | 12,834 |
Expected return on plan assets | (5,044) | (5,929) | (15,275) | (17,786) |
Curtailments | 526 | 1,504 | 526 | 1,504 |
Amortization of prior service cost (credit) | 0 | (51) | 0 | (158) |
Amortization of other actuarial losses (gains) | 1,395 | 741 | 6,638 | 2,221 |
Net benefit cost (credit) | 567 | 5,453 | 2,849 | 14,926 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 216 | 383 | 649 | 1,267 |
Interest cost | 321 | 460 | 964 | 1,381 |
Amortization of prior service cost (credit) | (2,084) | (2,500) | (6,251) | (7,502) |
Amortization of other actuarial losses (gains) | (527) | (191) | (1,582) | (571) |
Net benefit cost (credit) | $ (2,074) | $ (1,848) | $ (6,220) | $ (5,425) |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Amount accrued | $ 4.1 | $ 22.3 |
Amount accrued current portion | $ 4.1 | $ 10.1 |
Segment Information (Schedule O
Segment Information (Schedule Of Operating Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 688,544 | $ 742,180 | $ 2,010,011 | $ 2,191,927 | |
Adjusted EBITDA | 134,805 | 71,902 | 261,905 | 164,439 | |
Depreciation, depletion and amortization | 103,965 | 105,155 | 306,211 | 312,042 | |
Amortization of acquired sales contracts, net | (1,994) | (3,013) | (7,028) | (9,948) | |
Total assets | 5,847,997 | 5,847,997 | $ 8,429,723 | ||
Capital expenditures | 9,889 | 22,955 | 109,250 | 118,701 | |
Operating Segments [Member] | PRB [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 390,360 | 389,386 | 1,124,046 | 1,106,258 | |
Adjusted EBITDA | 86,204 | 62,771 | 214,920 | 135,136 | |
Depreciation, depletion and amortization | 47,321 | 43,962 | 134,393 | 124,243 | |
Amortization of acquired sales contracts, net | (1,124) | (1,200) | (3,170) | (2,774) | |
Total assets | 1,711,945 | 1,711,945 | |||
Capital expenditures | 869 | 8,174 | 22,263 | 17,230 | |
Operating Segments [Member] | APP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 205,573 | 272,354 | 653,310 | 832,452 | |
Adjusted EBITDA | 41,754 | 12,327 | 92,988 | 67,794 | |
Depreciation, depletion and amortization | 44,098 | 48,867 | 135,028 | 155,087 | |
Amortization of acquired sales contracts, net | (870) | (1,815) | (3,858) | (7,266) | |
Total assets | 1,374,436 | 1,374,436 | |||
Capital expenditures | 3,990 | 9,240 | 15,323 | 28,232 | |
Operating Segments [Member] | Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 92,611 | 80,440 | 232,655 | 251,239 | |
Adjusted EBITDA | 12,927 | 22,412 | 22,074 | 44,007 | |
Depreciation, depletion and amortization | 11,193 | 10,499 | 32,082 | 29,601 | |
Amortization of acquired sales contracts, net | 0 | 3 | 0 | 93 | |
Total assets | 321,449 | 321,449 | |||
Capital expenditures | 2,889 | 4,678 | 7,199 | 8,626 | |
Intersegment Eliminations [Member] | Corporate, Other and Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 1,978 | |
Adjusted EBITDA | (6,080) | (25,608) | (68,077) | (82,498) | |
Depreciation, depletion and amortization | 1,353 | 1,827 | 4,708 | 3,111 | |
Amortization of acquired sales contracts, net | 0 | (1) | 0 | (1) | |
Total assets | 2,440,167 | 2,440,167 | |||
Capital expenditures | $ 2,141 | $ 863 | $ 64,465 | $ 64,613 |
Segment Information (Reconcilia
Segment Information (Reconciliation Statement Of Segment Income from Operations To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting [Abstract] | |||||
Adjusted EBITDA | $ 134,805 | $ 71,902 | $ 261,905 | $ 164,439 | |
Depreciation, depletion and amortization | (103,965) | (105,155) | (306,211) | (312,042) | |
Amortization of acquired sales contracts, net | 1,994 | 3,013 | 7,028 | 9,948 | |
Asset impairment and mine closure costs | (2,120,292) | $ (19,100) | (5,060) | (2,139,438) | (6,572) |
Losses from disposed operations resulting from Patriot Coal bankruptcy | (149,314) | 0 | (149,314) | 0 | |
Interest expense, net | (99,087) | (96,268) | (294,578) | (286,820) | |
Nonoperating expense | (7,482) | 0 | (11,498) | 0 | |
Loss before income taxes | $ (2,343,341) | $ (131,568) | $ (2,632,106) | $ (431,047) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Jul. 02, 2015offer |
Subsequent Events [Abstract] | |
Debt restructuring, number of private debt exchange offers | 2 |
Supplemental Consolidating Fi64
Supplemental Consolidating Financial Information (Schedule Of Condensed Consolidating Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Revenues | $ 688,544 | $ 742,180 | $ 2,010,011 | $ 2,191,927 | |
Costs, expenses and other | |||||
Cost of sales (exclusive of items shown separately below) | 540,192 | 647,096 | 1,668,766 | 1,955,547 | |
Depreciation, depletion and amortization | 103,965 | 105,155 | 306,211 | 312,042 | |
Amortization of acquired sales contracts, net | (1,994) | (3,013) | (7,028) | (9,948) | |
Change in fair value of coal derivatives and coal trading activities, net | (3,559) | (3,733) | (1,128) | (5,811) | |
Asset impairment and mine closure costs | 2,120,292 | $ 19,100 | 5,060 | 2,139,438 | 6,572 |
Losses from disposed operations resulting from Patriot Coal bankruptcy | (149,314) | 0 | (149,314) | 0 | |
Selling, general and administrative expenses | 25,731 | 28,136 | 72,604 | 87,203 | |
Other operating (income) expense, net | (8,625) | (1,221) | 7,864 | (9,451) | |
Total operating expenses | 2,925,316 | 777,480 | 4,336,041 | 2,336,154 | |
Income (loss) from investment in subsidiaries | 0 | 0 | 0 | 0 | |
Loss from operations | (2,236,772) | (35,300) | (2,326,030) | (144,227) | |
Interest expense, net | |||||
Interest expense | (99,759) | (98,217) | (298,585) | (292,648) | |
Interest and investment income | 672 | 1,949 | 4,007 | 5,828 | |
Interest expense, net | (99,087) | (96,268) | (294,578) | (286,820) | |
Nonoperating expense | |||||
Expenses related to debt restructuring | (7,482) | 0 | (11,498) | 0 | |
Loss before income taxes | (2,343,341) | (131,568) | (2,632,106) | (431,047) | |
Provision for (benefit from) income taxes | (343,865) | (34,350) | (351,332) | (112,830) | |
Net loss | (1,999,476) | (97,218) | (2,280,774) | (318,217) | |
Total comprehensive income (loss) | (2,000,570) | (99,197) | (2,278,048) | (324,403) | |
Parent/Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs, expenses and other | |||||
Cost of sales (exclusive of items shown separately below) | 3,211 | 2,442 | 16,589 | 9,378 | |
Depreciation, depletion and amortization | 896 | 1,175 | 2,969 | 3,993 | |
Amortization of acquired sales contracts, net | 0 | 0 | 0 | 0 | |
Change in fair value of coal derivatives and coal trading activities, net | 0 | 0 | 0 | 0 | |
Asset impairment and mine closure costs | 21,292 | 0 | 22,517 | 1,512 | |
Losses from disposed operations resulting from Patriot Coal bankruptcy | (149,314) | (149,314) | |||
Selling, general and administrative expenses | 18,059 | 19,542 | 50,664 | 61,216 | |
Other operating (income) expense, net | 3,503 | 1,562 | 7,065 | 1,272 | |
Total operating expenses | 196,275 | 24,721 | 249,118 | 77,371 | |
Income (loss) from investment in subsidiaries | (2,025,900) | 2,005 | (2,035,313) | (30,839) | |
Loss from operations | (2,222,175) | (22,716) | (2,284,431) | (108,210) | |
Interest expense, net | |||||
Interest expense | (120,404) | (116,742) | (357,690) | (346,481) | |
Interest and investment income | 6,710 | 7,872 | 21,457 | 23,598 | |
Interest expense, net | (113,694) | (108,870) | (336,233) | (322,883) | |
Nonoperating expense | |||||
Expenses related to debt restructuring | (7,482) | (11,498) | |||
Loss before income taxes | (2,343,351) | (131,586) | (2,632,162) | (431,093) | |
Provision for (benefit from) income taxes | (343,875) | (34,368) | (351,388) | (112,876) | |
Net loss | (1,999,476) | (97,218) | (2,280,774) | (318,217) | |
Total comprehensive income (loss) | (2,000,570) | (99,197) | (2,278,048) | (324,403) | |
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenues | 688,544 | 742,180 | 2,010,011 | 2,191,927 | |
Costs, expenses and other | |||||
Cost of sales (exclusive of items shown separately below) | 537,471 | 645,672 | 1,654,348 | 1,948,918 | |
Depreciation, depletion and amortization | 103,069 | 103,971 | 303,240 | 308,022 | |
Amortization of acquired sales contracts, net | (1,994) | (3,013) | (7,028) | (9,948) | |
Change in fair value of coal derivatives and coal trading activities, net | (3,559) | (3,733) | (1,128) | (5,811) | |
Asset impairment and mine closure costs | 2,099,000 | 5,060 | 2,116,921 | 5,060 | |
Losses from disposed operations resulting from Patriot Coal bankruptcy | 0 | 0 | |||
Selling, general and administrative expenses | 6,725 | 7,427 | 19,239 | 22,540 | |
Other operating (income) expense, net | (12,343) | (2,942) | 417 | (10,869) | |
Total operating expenses | 2,728,369 | 752,442 | 4,086,009 | 2,257,912 | |
Income (loss) from investment in subsidiaries | 0 | 0 | 0 | 0 | |
Loss from operations | (2,039,825) | (10,262) | (2,075,998) | (65,985) | |
Interest expense, net | |||||
Interest expense | (6,629) | (6,577) | (19,969) | (19,466) | |
Interest and investment income | 20,781 | 18,987 | 60,811 | 54,979 | |
Interest expense, net | 14,152 | 12,410 | 40,842 | 35,513 | |
Nonoperating expense | |||||
Expenses related to debt restructuring | 0 | 0 | |||
Loss before income taxes | (2,025,673) | 2,148 | (2,035,156) | (30,472) | |
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | |
Net loss | (2,025,673) | 2,148 | (2,035,156) | (30,472) | |
Total comprehensive income (loss) | (2,026,697) | 1,717 | (2,033,102) | (33,062) | |
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs, expenses and other | |||||
Cost of sales (exclusive of items shown separately below) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 0 | 9 | 2 | 27 | |
Amortization of acquired sales contracts, net | 0 | 0 | 0 | 0 | |
Change in fair value of coal derivatives and coal trading activities, net | 0 | 0 | 0 | 0 | |
Asset impairment and mine closure costs | 0 | 0 | 0 | 0 | |
Losses from disposed operations resulting from Patriot Coal bankruptcy | 0 | 0 | |||
Selling, general and administrative expenses | 1,489 | 1,679 | 4,262 | 4,971 | |
Other operating (income) expense, net | (817) | (1,371) | (3,350) | (4,127) | |
Total operating expenses | 672 | 317 | 914 | 871 | |
Income (loss) from investment in subsidiaries | 0 | 0 | 0 | 0 | |
Loss from operations | (672) | (317) | (914) | (871) | |
Interest expense, net | |||||
Interest expense | (1,199) | (1,116) | (3,601) | (3,258) | |
Interest and investment income | 1,654 | 1,308 | 4,414 | 3,808 | |
Interest expense, net | 455 | 192 | 813 | 550 | |
Nonoperating expense | |||||
Expenses related to debt restructuring | 0 | 0 | |||
Loss before income taxes | (217) | (125) | (101) | (321) | |
Provision for (benefit from) income taxes | 10 | (21) | 56 | 46 | |
Net loss | (227) | (104) | (157) | (367) | |
Total comprehensive income (loss) | (227) | (143) | (157) | (367) | |
Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Costs, expenses and other | |||||
Cost of sales (exclusive of items shown separately below) | (490) | (1,018) | (2,171) | (2,749) | |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 | |
Amortization of acquired sales contracts, net | 0 | 0 | 0 | 0 | |
Change in fair value of coal derivatives and coal trading activities, net | 0 | 0 | 0 | 0 | |
Asset impairment and mine closure costs | 0 | 0 | 0 | 0 | |
Losses from disposed operations resulting from Patriot Coal bankruptcy | 0 | ||||
Selling, general and administrative expenses | (542) | (512) | (1,561) | (1,524) | |
Other operating (income) expense, net | 1,032 | 1,530 | 3,732 | 4,273 | |
Total operating expenses | 0 | 0 | 0 | 0 | |
Income (loss) from investment in subsidiaries | 2,025,900 | (2,005) | 2,035,313 | 30,839 | |
Loss from operations | 2,025,900 | (2,005) | 2,035,313 | 30,839 | |
Interest expense, net | |||||
Interest expense | 28,473 | 26,218 | 82,675 | 76,557 | |
Interest and investment income | (28,473) | (26,218) | (82,675) | (76,557) | |
Interest expense, net | 0 | 0 | 0 | 0 | |
Nonoperating expense | |||||
Expenses related to debt restructuring | 0 | 0 | |||
Loss before income taxes | 2,025,900 | (2,005) | 2,035,313 | 30,839 | |
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | |
Net loss | 2,025,900 | (2,005) | 2,035,313 | 30,839 | |
Total comprehensive income (loss) | $ 2,026,924 | $ (1,574) | $ 2,033,259 | $ 33,429 |
Supplemental Consolidating Fi65
Supplemental Consolidating Financial Information (Schedule Of Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | |||||
Cash and cash equivalents | $ 494,788 | $ 734,231 | $ 795,934 | $ 795,934 | $ 911,099 |
Short term investments | 199,731 | 248,954 | |||
Restricted cash | 50,409 | 5,678 | |||
Receivables | 239,409 | 232,017 | |||
Inventories | 239,035 | 190,253 | |||
Other | 95,947 | 131,618 | |||
Total current assets | 1,319,319 | 1,542,751 | |||
Property, plant and equipment, net | 4,173,038 | 6,453,458 | |||
Investment in subsidiaries | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Note receivable from Arch Western | 0 | 0 | |||
Other | 355,640 | 433,514 | |||
Total other assets | 355,640 | 433,514 | |||
Total assets | 5,847,997 | 8,429,723 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 152,229 | 180,113 | |||
Accrued expenses and other current liabilities | 310,747 | 302,396 | |||
Current maturities of debt | 32,237 | 36,885 | |||
Total current liabilities | 495,213 | 519,394 | |||
Long-term debt | 5,108,492 | 5,123,485 | |||
Intercompany payables | 0 | 0 | |||
Note payable to Arch Coal | 0 | 0 | |||
Asset retirement obligations | 414,194 | 398,896 | |||
Accrued pension benefits | 12,061 | 16,260 | |||
Accrued postretirement benefits other than pension | 33,966 | 32,668 | |||
Accrued workers’ compensation | 95,905 | 94,291 | |||
Deferred income taxes | 44,806 | 422,809 | |||
Other noncurrent liabilities | 248,800 | 153,766 | |||
Total liabilities | 6,453,437 | 6,761,569 | |||
Stockholders' equity | (605,440) | 1,668,154 | |||
Total liabilities and stockholders’ deficit | 5,847,997 | 8,429,723 | |||
Parent/Issuer [Member] | |||||
Assets | |||||
Cash and cash equivalents | 362,643 | 572,185 | 633,822 | 799,333 | |
Short term investments | 199,731 | 248,954 | |||
Restricted cash | 0 | 0 | |||
Receivables | 14,307 | 9,656 | |||
Inventories | 0 | 0 | |||
Other | 50,449 | 89,211 | |||
Total current assets | 627,130 | 920,006 | |||
Property, plant and equipment, net | 8,447 | 10,470 | |||
Investment in subsidiaries | 5,421,088 | 7,464,221 | |||
Intercompany receivables | 0 | 0 | |||
Note receivable from Arch Western | 675,000 | 675,000 | |||
Other | 99,939 | 131,884 | |||
Total other assets | 6,196,027 | 8,271,105 | |||
Total assets | 6,831,604 | 9,201,581 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 13,566 | 23,394 | |||
Accrued expenses and other current liabilities | 118,662 | 85,899 | |||
Current maturities of debt | 21,810 | 27,625 | |||
Total current liabilities | 154,038 | 136,918 | |||
Long-term debt | 5,074,812 | 5,084,839 | |||
Intercompany payables | 1,971,290 | 1,817,755 | |||
Note payable to Arch Coal | 0 | 0 | |||
Asset retirement obligations | 1,037 | 981 | |||
Accrued pension benefits | 4,247 | 5,967 | |||
Accrued postretirement benefits other than pension | 4,234 | 4,430 | |||
Accrued workers’ compensation | 10,291 | 9,172 | |||
Deferred income taxes | 44,806 | 422,809 | |||
Other noncurrent liabilities | 172,691 | 50,919 | |||
Total liabilities | 7,437,446 | 7,533,790 | |||
Stockholders' equity | (605,842) | 1,667,791 | |||
Total liabilities and stockholders’ deficit | 6,831,604 | 9,201,581 | |||
Guarantor Subsidiaries [Member] | |||||
Assets | |||||
Cash and cash equivalents | 120,484 | 150,358 | 150,359 | 100,418 | |
Short term investments | 0 | 0 | |||
Restricted cash | 0 | 0 | |||
Receivables | 12,502 | 15,933 | |||
Inventories | 239,035 | 190,253 | |||
Other | 44,565 | 41,455 | |||
Total current assets | 416,586 | 397,999 | |||
Property, plant and equipment, net | 4,164,189 | 6,442,623 | |||
Investment in subsidiaries | 0 | 0 | |||
Intercompany receivables | 2,225,149 | 2,021,110 | |||
Note receivable from Arch Western | 0 | 0 | |||
Other | 254,712 | 300,058 | |||
Total other assets | 2,479,861 | 2,321,168 | |||
Total assets | 7,060,636 | 9,161,790 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 138,624 | 156,664 | |||
Accrued expenses and other current liabilities | 195,577 | 220,017 | |||
Current maturities of debt | 10,427 | 9,260 | |||
Total current liabilities | 344,628 | 385,941 | |||
Long-term debt | 33,680 | 38,646 | |||
Intercompany payables | 0 | 0 | |||
Note payable to Arch Coal | 675,000 | 675,000 | |||
Asset retirement obligations | 413,157 | 397,915 | |||
Accrued pension benefits | 7,814 | 10,293 | |||
Accrued postretirement benefits other than pension | 29,732 | 28,238 | |||
Accrued workers’ compensation | 85,614 | 85,119 | |||
Deferred income taxes | 0 | 0 | |||
Other noncurrent liabilities | 75,810 | 102,461 | |||
Total liabilities | 1,665,435 | 1,723,613 | |||
Stockholders' equity | 5,395,201 | 7,438,177 | |||
Total liabilities and stockholders’ deficit | 7,060,636 | 9,161,790 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Assets | |||||
Cash and cash equivalents | 11,661 | 11,688 | 11,753 | 11,348 | |
Short term investments | 0 | 0 | |||
Restricted cash | 50,409 | 5,678 | |||
Receivables | 216,959 | 211,043 | |||
Inventories | 0 | 0 | |||
Other | 933 | 952 | |||
Total current assets | 279,962 | 229,361 | |||
Property, plant and equipment, net | 0 | 2 | |||
Investment in subsidiaries | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Note receivable from Arch Western | 0 | 0 | |||
Other | 989 | 1,572 | |||
Total other assets | 989 | 1,572 | |||
Total assets | 280,951 | 230,935 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 39 | 55 | |||
Accrued expenses and other current liabilities | 867 | 1,095 | |||
Current maturities of debt | 0 | 0 | |||
Total current liabilities | 906 | 1,150 | |||
Long-term debt | 0 | 0 | |||
Intercompany payables | 253,859 | 203,355 | |||
Note payable to Arch Coal | 0 | 0 | |||
Asset retirement obligations | 0 | 0 | |||
Accrued pension benefits | 0 | 0 | |||
Accrued postretirement benefits other than pension | 0 | 0 | |||
Accrued workers’ compensation | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other noncurrent liabilities | 299 | 386 | |||
Total liabilities | 255,064 | 204,891 | |||
Stockholders' equity | 25,887 | 26,044 | |||
Total liabilities and stockholders’ deficit | 280,951 | 230,935 | |||
Eliminations [Member] | |||||
Assets | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Short term investments | 0 | 0 | |||
Restricted cash | 0 | 0 | |||
Receivables | (4,359) | (4,615) | |||
Inventories | 0 | 0 | |||
Other | 0 | 0 | |||
Total current assets | (4,359) | (4,615) | |||
Property, plant and equipment, net | 402 | 363 | |||
Investment in subsidiaries | (5,421,088) | (7,464,221) | |||
Intercompany receivables | (2,225,149) | (2,021,110) | |||
Note receivable from Arch Western | (675,000) | (675,000) | |||
Other | 0 | 0 | |||
Total other assets | (8,321,237) | (10,160,331) | |||
Total assets | (8,325,194) | (10,164,583) | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | 0 | 0 | |||
Accrued expenses and other current liabilities | (4,359) | (4,615) | |||
Current maturities of debt | 0 | 0 | |||
Total current liabilities | (4,359) | (4,615) | |||
Long-term debt | 0 | 0 | |||
Intercompany payables | (2,225,149) | (2,021,110) | |||
Note payable to Arch Coal | (675,000) | (675,000) | |||
Asset retirement obligations | 0 | 0 | |||
Accrued pension benefits | 0 | 0 | |||
Accrued postretirement benefits other than pension | 0 | 0 | |||
Accrued workers’ compensation | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other noncurrent liabilities | 0 | 0 | |||
Total liabilities | (2,904,508) | (2,700,725) | |||
Stockholders' equity | (5,420,686) | (7,463,858) | |||
Total liabilities and stockholders’ deficit | $ (8,325,194) | $ (10,164,583) |
Supplemental Consolidating Fi66
Supplemental Consolidating Financial Information (Schedule Of Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash provided by (used in) operating activities | $ (79,682) | $ 1,990 | ||
Investing Activities | ||||
Capital expenditures | $ (9,889) | $ (22,955) | (109,250) | (118,701) |
Additions to prepaid royalties | (5,808) | (3,604) | ||
Proceeds from disposals and divestitures | 1,020 | 50,971 | ||
Purchases of marketable securities | (203,094) | (181,546) | ||
Proceeds from sales of short term investments | 248,362 | 178,293 | ||
Investments in and advances to affiliates | (7,944) | (13,393) | ||
Cash used in investing activities | (76,714) | (87,980) | ||
Financing Activities | ||||
Payments on term loan | (14,625) | (14,625) | ||
Debt financing costs | 0 | (2,219) | ||
Net payments on other debt | (12,192) | (10,187) | ||
Expenses related to debt restructuring | (11,498) | 0 | ||
Dividends paid | 0 | (2,123) | ||
Deposits of restricted cash | (44,732) | (6) | ||
Other | 0 | (15) | ||
Transactions with affiliates, net | 0 | 0 | ||
Cash used in financing activities | (83,047) | (29,175) | ||
Decrease in cash and cash equivalents | (239,443) | (115,165) | ||
Cash and cash equivalents, beginning of period | 734,231 | 911,099 | ||
Cash and cash equivalents, end of period | 494,788 | 795,934 | 494,788 | 795,934 |
Parent/Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash provided by (used in) operating activities | (353,386) | (342,497) | ||
Investing Activities | ||||
Capital expenditures | (956) | (1,195) | ||
Additions to prepaid royalties | 0 | 0 | ||
Proceeds from disposals and divestitures | 0 | 46,634 | ||
Purchases of marketable securities | (203,094) | (181,546) | ||
Proceeds from sales of short term investments | 248,362 | 178,293 | ||
Investments in and advances to affiliates | (788) | (2,047) | ||
Cash used in investing activities | 43,524 | 40,139 | ||
Financing Activities | ||||
Payments on term loan | (14,625) | (14,625) | ||
Debt financing costs | (2,219) | |||
Net payments on other debt | (5,814) | (6,814) | ||
Expenses related to debt restructuring | (11,498) | |||
Dividends paid | (2,123) | |||
Deposits of restricted cash | 0 | 0 | ||
Other | (15) | |||
Transactions with affiliates, net | 132,257 | 162,643 | ||
Cash used in financing activities | 100,320 | 136,847 | ||
Decrease in cash and cash equivalents | (209,542) | (165,511) | ||
Cash and cash equivalents, beginning of period | 572,185 | 799,333 | ||
Cash and cash equivalents, end of period | 362,643 | 633,822 | 362,643 | 633,822 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash provided by (used in) operating activities | 279,503 | 360,036 | ||
Investing Activities | ||||
Capital expenditures | (108,294) | (117,506) | ||
Additions to prepaid royalties | (5,808) | (3,604) | ||
Proceeds from disposals and divestitures | 1,020 | 4,337 | ||
Purchases of marketable securities | 0 | 0 | ||
Proceeds from sales of short term investments | 0 | 0 | ||
Investments in and advances to affiliates | (7,156) | (11,346) | ||
Cash used in investing activities | (120,238) | (128,119) | ||
Financing Activities | ||||
Payments on term loan | 0 | 0 | ||
Debt financing costs | 0 | |||
Net payments on other debt | (6,378) | (3,373) | ||
Expenses related to debt restructuring | 0 | |||
Dividends paid | 0 | |||
Deposits of restricted cash | 0 | 0 | ||
Other | 0 | |||
Transactions with affiliates, net | (182,761) | (178,603) | ||
Cash used in financing activities | (189,139) | (181,976) | ||
Decrease in cash and cash equivalents | (29,874) | 49,941 | ||
Cash and cash equivalents, beginning of period | 150,358 | 100,418 | ||
Cash and cash equivalents, end of period | 120,484 | 150,359 | 120,484 | 150,359 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash provided by (used in) operating activities | (5,799) | (15,549) | ||
Investing Activities | ||||
Capital expenditures | 0 | 0 | ||
Additions to prepaid royalties | 0 | 0 | ||
Proceeds from disposals and divestitures | 0 | 0 | ||
Purchases of marketable securities | 0 | 0 | ||
Proceeds from sales of short term investments | 0 | 0 | ||
Investments in and advances to affiliates | 0 | 0 | ||
Cash used in investing activities | 0 | 0 | ||
Financing Activities | ||||
Payments on term loan | 0 | 0 | ||
Debt financing costs | 0 | |||
Net payments on other debt | 0 | 0 | ||
Expenses related to debt restructuring | 0 | |||
Dividends paid | 0 | |||
Deposits of restricted cash | (44,732) | (6) | ||
Other | 0 | |||
Transactions with affiliates, net | 50,504 | 15,960 | ||
Cash used in financing activities | 5,772 | 15,954 | ||
Decrease in cash and cash equivalents | (27) | 405 | ||
Cash and cash equivalents, beginning of period | 11,688 | 11,348 | ||
Cash and cash equivalents, end of period | 11,661 | 11,753 | 11,661 | 11,753 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash provided by (used in) operating activities | 0 | 0 | ||
Investing Activities | ||||
Capital expenditures | 0 | 0 | ||
Additions to prepaid royalties | 0 | 0 | ||
Proceeds from disposals and divestitures | 0 | 0 | ||
Purchases of marketable securities | 0 | 0 | ||
Proceeds from sales of short term investments | 0 | 0 | ||
Investments in and advances to affiliates | 0 | 0 | ||
Cash used in investing activities | 0 | 0 | ||
Financing Activities | ||||
Payments on term loan | 0 | 0 | ||
Debt financing costs | 0 | |||
Net payments on other debt | 0 | 0 | ||
Expenses related to debt restructuring | 0 | |||
Dividends paid | 0 | |||
Deposits of restricted cash | 0 | 0 | ||
Other | 0 | |||
Transactions with affiliates, net | 0 | 0 | ||
Cash used in financing activities | 0 | 0 | ||
Decrease in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 | $ 0 |