Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 23, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'WESTMORELAND COAL Co | ' |
Entity Central Index Key | '0000106455 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 15,072,421 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $61,900 | $61,110 |
Receivables: | ' | ' |
Trade | 64,715 | 66,196 |
Contractual third-party reclamation receivables | 8,213 | 8,487 |
Other | 1,375 | 5,086 |
Total receivables | 74,303 | 79,769 |
Inventories | 35,447 | 39,972 |
Restricted investments and bond collateral | 16,900 | 5,998 |
Other current assets | 16,643 | 18,190 |
Total current assets | 205,193 | 205,039 |
Property, plant and equipment: | ' | ' |
Land and mineral rights | 278,198 | 278,188 |
Plant and equipment | 673,189 | 657,696 |
Gross property, plant and equipment | 951,387 | 935,884 |
Less accumulated depreciation, depletion and amortization | 461,754 | 445,848 |
Net property, plant and equipment | 489,633 | 490,036 |
Advanced coal royalties | 7,263 | 7,311 |
Reclamation deposits | 75,315 | 74,921 |
Total restricted investments and bond collateral, less current portion | 523,483 | 69,235 |
Contractual third-party reclamation receivables, less current portion | 88,036 | 88,303 |
Intangible assets, net of accumulated amortization of $14.5 million and $14.1 million at March 31, 2014 and December 31, 2013, respectively | 1,099 | 1,520 |
Other assets | 17,125 | 10,320 |
Total Assets | 1,407,147 | 946,685 |
Current liabilities: | ' | ' |
Current installments of long-term debt | 48,586 | 44,343 |
Accounts payable and accrued expenses: | ' | ' |
Trade | 62,598 | 57,507 |
Production taxes | 46,794 | 41,905 |
Workers' compensation | 712 | 717 |
Postretirement medical benefits | 13,955 | 13,955 |
SERP | 390 | 390 |
Deferred revenue | 16,034 | 14,068 |
Asset retirement obligations | 22,227 | 23,353 |
Other current liabilities | 24,390 | 16,790 |
Total current liabilities | 235,686 | 213,028 |
Long-term debt, less current installments | 751,645 | 295,494 |
Workers' compensation, less current portion | 6,680 | 6,744 |
Excess of black lung benefit obligation over trust assets | 9,376 | 8,675 |
Postretirement medical benefits, less current portion | 271,275 | 270,374 |
Pension and SERP obligations, less current portion | 23,524 | 24,176 |
Deferred revenue, less current portion | 43,299 | 46,567 |
Asset retirement obligations, less current portion | 259,036 | 256,511 |
Intangible liabilities, net of accumulated amortization of $12.7 million and $12.4 million at March 31, 2014 and December 31, 2013, respectively | 5,339 | 5,606 |
Other liabilities | 7,503 | 7,389 |
Total liabilities | 1,613,363 | 1,134,564 |
Shareholders' deficit: | ' | ' |
Preferred stock of $1.00 par value Authorized 5,000,000 shares; Issued and outstanding 121,223 shares at March 31, 2014 and 159,960 at December 31, 2013 | 121 | 160 |
Common stock of $2.50 par value Authorized 30,000,000 shares; Issued and outstanding 14,862,595 shares at March 31, 2014 and 14,592,231 shares at December 31, 2013 | 37,155 | 36,479 |
Other paid-in capital | 134,952 | 134,861 |
Accumulated other comprehensive loss | -63,369 | -63,595 |
Accumulated deficit | -315,075 | -295,784 |
Total shareholders’ deficit | -206,216 | -187,879 |
Total Liabilities and Shareholders' Deficit | $1,407,147 | $946,685 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Intangible assets, accumulated amortization | $14.50 | $14.10 |
Intangible liabilities, accumulated amortization | $12.70 | $12.40 |
Preferred stock, par value (in USD per share) | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 121,223 | 159,960 |
Preferred stock, shares outstanding | 121,223 | 159,960 |
Common stock, par value (in USD per share) | $2.50 | $2.50 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 14,862,595 | 14,592,231 |
Common stock, shares outstanding | 14,862,595 | 14,592,231 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenues | $180,202 | $161,448 |
Costs, expenses and other: | ' | ' |
Cost of sales | 138,630 | 130,421 |
Depreciation, depletion and amortization | 16,059 | 14,426 |
Selling and administrative | 13,331 | 11,887 |
Heritage health benefit expenses | 3,544 | 3,951 |
Loss (gain) on sales of assets | 38 | -234 |
Restructuring charges | 397 | 0 |
Other operating loss (income) | 150 | -4,737 |
Total costs, expenses and other | 172,149 | 155,714 |
Operating income | 8,053 | 5,734 |
Other income (expense): | ' | ' |
Interest expense | -20,798 | -10,160 |
Interest income | 302 | 297 |
Loss on foreign exchange | -6,790 | 0 |
Other income | 93 | 70 |
Total other income (expense) | -27,193 | -9,793 |
Loss before income taxes | -19,140 | -4,059 |
Income tax expense (benefit) | -110 | 28 |
Net loss | -19,030 | -4,087 |
Less net loss attributable to noncontrolling interest | 0 | -1,702 |
Net loss attributable to the Parent company | -19,030 | -2,385 |
Less preferred stock dividend requirements | 261 | 340 |
Net loss applicable to common shareholders | ($19,291) | ($2,725) |
Net loss per share applicable to common shareholders: | ' | ' |
Basic and diluted (in dollars per share) | ($1.30) | ($0.19) |
Weighted average number of common shares outstanding: | ' | ' |
Basic and diluted (shares) | 14,787 | 14,282 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net loss | ($19,030) | ($4,087) |
Other comprehensive income (loss): | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 359 | 741 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 5 | 1,001 |
Tax effect of other comprehensive income gains | -138 | 0 |
Other comprehensive income | 226 | 1,742 |
Comprehensive loss attributable to the Parent company | ($18,804) | ($2,345) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Deficit (USD $) | Total | Preferred Stock | Common Stock | Other Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance at Dec. 31, 2013 | ($187,879,000) | $160,000 | $36,479,000 | $134,861,000 | ($63,595,000) | ($295,784,000) |
Beginning balance, shares at Dec. 31, 2013 | ' | 159,960 | 14,592,231 | ' | ' | ' |
Preferred dividends declared | -261,000 | ' | ' | ' | ' | -261,000 |
Common stock issued as compensation | 728,000 | ' | 0 | 728,000 | ' | ' |
Common stock issued as compensation, shares | ' | ' | 0 | ' | ' | ' |
SARs exercised | 0 | ' | 14,000 | -14,000 | ' | ' |
SARs exercised, shares | ' | ' | 5,723 | ' | ' | ' |
Conversion of convertible notes and securities | 0 | -39,000 | 662,000 | -623,000 | ' | ' |
Conversion of convertible notes and securities, shares | ' | -38,737 | 264,641 | ' | ' | ' |
Net loss | -19,030,000 | ' | ' | ' | ' | -19,030,000 |
Other comprehensive income | 226,000 | ' | ' | ' | 226,000 | ' |
Ending balance at Mar. 31, 2014 | ($206,216,000) | $121,000 | $37,155,000 | $134,952,000 | ($63,369,000) | ($315,075,000) |
Ending balance, shares at Mar. 31, 2014 | ' | 121,223 | 14,862,595 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($19,030) | ($4,087) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 16,059 | 14,426 |
Accretion of asset retirement obligation and receivable | 3,479 | 3,180 |
Non-cash tax benefits | -138 | 0 |
Amortization of intangible assets and liabilities, net | 153 | 164 |
Share-based compensation | 728 | 2,386 |
Loss (gain) on sales of assets | 38 | -234 |
Amortization of deferred financing costs | 271 | 933 |
Loss on sales of investment securities | 0 | 7 |
Loss on foreign exchange | 6,790 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 5,202 | 120 |
Inventories | 4,525 | -2,687 |
Excess of black lung benefit obligation over trust assets | 701 | 83 |
Accounts payable and accrued expenses | 10,959 | 3,245 |
Deferred revenue | -1,302 | 160 |
Income tax payable | 28 | 27 |
Accrual for workers' compensation | -69 | -191 |
Asset retirement obligation | -1,352 | -3,207 |
Accrual for postretirement medical benefits | 906 | 1,985 |
Pension and SERP obligations | -293 | 742 |
Other assets and liabilities | 1,993 | 4,164 |
Net cash provided by operating activities | 29,648 | 21,216 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -3,050 | -5,301 |
Change in restricted investments and bond collateral and reclamation deposits | -465,544 | -6,435 |
Net proceeds from sales of assets | 0 | 441 |
Proceeds from sale of restricted investments | 0 | 5,619 |
Receivable from customer for property and equipment purchases | -10 | -49 |
Other | -60 | 0 |
Net cash used in investing activities | -468,664 | -5,725 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | -315 | 820 |
Borrowings from long-term debt, net of debt discount | 454,219 | 0 |
Repayments of long-term debt | -6,239 | -6,573 |
Borrowings on revolving lines of credit | 0 | 6,000 |
Repayments of revolving lines of credit | 0 | -6,000 |
Debt issuance costs and other refinancing costs | -7,598 | -156 |
Preferred dividends paid | -261 | -340 |
Net cash provided by (used in) financing activities | 439,806 | -6,249 |
Net increase in cash and cash equivalents | 790 | 9,242 |
Cash and cash equivalents, beginning of period | 61,110 | 31,610 |
Cash and cash equivalents, end of period | $61,900 | $40,852 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
BASIS OF PRESENTATION | ' | ||||||||||||||
BASIS OF PRESENTATION | |||||||||||||||
The accompanying unaudited consolidated financial statements include accounts of Westmoreland Coal Company, or the Company, or Parent, and its subsidiaries and controlled entities. The Company’s current principal activities, all conducted within the United States, are the production and sale of coal from its mines in Montana, Wyoming, North Dakota and Texas, and the ownership of the Roanoke Valley power plants, or ROVA, in North Carolina. The Company’s activities are primarily conducted through wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. | |||||||||||||||
The Company’s Kemmerer Mine is owned by its subsidiary Westmoreland Kemmerer, Inc., or Kemmerer. The Company’s Absaloka Mine is owned by its subsidiary Westmoreland Resources, Inc., or WRI. The Beulah, Jewett, Rosebud, and Savage Mines are owned through the Company’s subsidiary Westmoreland Mining LLC, or WML. | |||||||||||||||
The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles and require use of management’s estimates. The financial information contained in this Form 10-Q is unaudited, but reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial information for the periods shown. Such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014. | |||||||||||||||
These quarterly consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, or the 2013 Form 10-K. The accounting principles followed by the Company are set forth in the Notes to the Company’s consolidated financial statements in its 2013 Form 10-K. Most of the descriptions of the accounting principles and other footnote disclosures previously made have been omitted in this report so long as the interim information presented is not misleading or inconsistent. | |||||||||||||||
Sherritt Acquisition | |||||||||||||||
On December 24, 2013, the Company entered into an agreement to acquire the coal operations of Sherritt International Corporation, or Sherritt, which consist of its Prairie and Mountain coal mining operations, collectively referred to as the Sherritt Acquisition. These operations include seven producing thermal coal mines in the Canadian provinces of Alberta and Saskatchewan, a 50% interest in an activated carbon plant and a Char production facility. The preliminary purchase price of $435 million will be made up of $293 million of cash consideration and the assumption of an estimated $142 million of capital lease liabilities, subject to certain adjustments provided for in the agreement, relating to, among other things, working capital, indebtedness, pension plan funding and coal inventory. Acquisition and financing costs of $18.1 million have been expensed for the three months ended March 31, 2014; which includes $6.8 million of loss on foreign exchange as described in Note 8, $6.1 million of interest expense on the New Notes as described in Note 4, $4.9 million included in Interest expense related to a bridge facility commitment fee, and $0.3 million of other expenses included in Selling and administrative costs. The Company expects this acquisition to be completed during the second quarter of 2014. | |||||||||||||||
Debt Obligations | |||||||||||||||
The Company is subject to three major debt arrangements: (1) $81.0 million in aggregate principal amount of senior secured notes at WML that are collateralized by all assets of WML, Westmoreland Savage Corporation, or WSC, Western Energy Company, or WECO, and Dakota Westmoreland Corporation, or DWC; and (2) $251.5 million in aggregate principal amount of senior secured notes at the Parent level that are collateralized by the assets of the Parent, WRI, Kemmerer and ROVA; and (3) $425.0 million in aggregate principal amount of 10.75% senior secured notes, referred to as the New Notes, which are also collateralized by the assets of the Parent, WRI, Kemmerer and ROVA. The proceeds from the New Notes will be used primarily to pay the purchase price and related expenses for the Sherritt Acquisition, to prepay the outstanding senior secured notes issued of WML debt, and for working capital. The proceeds are being held in escrow pending the completion of the Sherritt Acquisition. See Note 4 for additional details. | |||||||||||||||
Business Interruption Insurance | |||||||||||||||
The Company received business interruption insurance proceeds for the three months ended March 31, 2014 due to an explosion and subsequent fire at a customer’s facility that occurred in November 2011. Operations at that facility resumed during October 2013. The Company recognizes income as business interruption losses are incurred and reimbursement is virtually assured. The Company reports this income in Other operating income and recognized nil and $4.8 million of income for the three months ended March 31, 2014 and 2013, respectively. The Company received $4.6 million of cash proceeds for the three months ended March 31, 2014 related to income recorded in 2013. Insurance proceeds are included in Net cash provided by operating activities. As of March 31, 2014, the Company has collected all cash proceeds related to income recognized. | |||||||||||||||
Derivatives | |||||||||||||||
The Company utilized foreign exchange derivatives to manage exposure to fluctuations in the exchange rates of the Canadian dollar regarding the Sherritt acquisition. The Company does not utilize derivative financial instruments for trading purposes or for speculative purposes. The Company's derivative instruments are recorded on the Consolidated Balance Sheets in Other current assets and Other current liabilities at fair value with changes in fair value recognized in the statement of operations at the end of each period in Loss on foreign exchange. | |||||||||||||||
Income Taxes | |||||||||||||||
The difference between the statutory income tax rate and the effective income tax rate is due to a change in the valuation allowance recorded against the net deferred tax assets. | |||||||||||||||
Restructuring Charges | |||||||||||||||
In 2013, the Company entered into an agreement with Dominion Virginia Power, a subsidiary of Dominion, to restructure the remaining five years of the ROVA I and ROVA II contracts. During the first quarter of 2014, the Company recorded a restructuring charge of $0.4 million for additional contractual obligations. The Company expects that the $5.1 million of accruals will be paid out in the second quarter of 2014. | |||||||||||||||
The table below represents the restructuring provision activity during the three months ended March 31, 2014 (in millions): | |||||||||||||||
Beginning Balance | Restructuring Charges | Restructuring Payments | Ending Balance | ||||||||||||
$ | 5.1 | $ | 0.4 | $ | 0.4 | $ | 5.1 | ||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||||
The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2014. |
INVENTORIES
INVENTORIES | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Coal stockpiles | $ | 1,189 | $ | 543 | ||||
Coal fuel inventories | 1,844 | 6,161 | ||||||
Materials and supplies | 33,189 | 34,233 | ||||||
Reserve for obsolete inventory | (775 | ) | (965 | ) | ||||
Total | $ | 35,447 | $ | 39,972 | ||||
RESTRICTED_INVESTMENTS_AND_BON
RESTRICTED INVESTMENTS AND BOND COLLATERAL | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure Restricted Investments and Bond Collateral [Abstract] | ' | |||||||
RESTRICTED INVESTMENTS AND BOND COLLATERAL | ' | |||||||
RESTRICTED INVESTMENTS AND BOND COLLATERAL | ||||||||
The Company’s restricted investments and bond collateral consist of the following: | ||||||||
March 31, 2014 | 31-Dec-13 | |||||||
(In thousands) | ||||||||
Coal Segment: | ||||||||
WML debt reserve account | $ | 13,068 | $ | 13,067 | ||||
Reclamation bond collateral: | ||||||||
Kemmerer Mine | 24,944 | 24,966 | ||||||
Absaloka Mine | 11,670 | 11,653 | ||||||
Rosebud Mine | 3,145 | 3,145 | ||||||
Beulah Mine | 1,270 | 1,270 | ||||||
Power Segment: | ||||||||
Letter of credit account | — | 5,998 | ||||||
Corporate Segment: | ||||||||
Proceeds from the New Notes held in escrow | 454,219 | — | ||||||
Other requirements for Sherritt Acquisition held in escrow | 16,900 | — | ||||||
Postretirement medical benefit bonds | 8,481 | 8,467 | ||||||
Workers’ compensation bonds | 6,686 | 6,667 | ||||||
Total restricted investments and bond collateral | 540,383 | 75,233 | ||||||
Less current portion | (16,900 | ) | (5,998 | ) | ||||
Total restricted investments and bond collateral, less current portion | $ | 523,483 | $ | 69,235 | ||||
For all of its restricted investments and bond collateral accounts, the Company can select from limited fixed-income investment options for the funds and receive the investment returns on these investments. Funds in the restricted investments and bond collateral accounts are not available to meet the Company’s general cash needs. Net proceeds from the New Notes (see Note 4) are held in escrow pending the completion of the Sherritt Acquisition and are held entirely in cash. Other requirements for the Sherritt Acquisition include cash required to be deposited in a restricted account for interest accrued as of March 31, 2014 for the New Notes and other fees expected to be paid in connection with the Sherritt Acquisition. | ||||||||
These accounts include held-to-maturity securities. Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts calculated on the effective interest method. Interest income is recognized when earned. | ||||||||
The Company’s carrying value and estimated fair value of its restricted investments and bond collateral at March 31, 2014 are as follows: | ||||||||
Carrying Value | Fair Value | |||||||
(In thousands) | ||||||||
Cash and cash equivalents | $ | 503,391 | $ | 503,391 | ||||
Time deposits | 2,444 | 2,444 | ||||||
Held-to-maturity securities | 34,548 | 34,707 | ||||||
$ | 540,383 | $ | 540,542 | |||||
Held-to-Maturity Restricted Investments and Bond Collateral | ||||||||
The amortized cost, gross unrealized holding gains and fair value of held-to-maturity securities at March 31, 2014 is as follows (in thousands): | ||||||||
Amortized cost | $ | 34,548 | ||||||
Gross unrealized holding gains | 440 | |||||||
Gross unrealized holding losses | (281 | ) | ||||||
Fair value | $ | 34,707 | ||||||
Maturities of held-to-maturity securities are as follows at March 31, 2014: | ||||||||
Amortized Cost | Fair Value | |||||||
(In thousands) | ||||||||
Due within one year | $ | 1,193 | $ | 1,217 | ||||
Due in five years or less | 19,539 | 19,752 | ||||||
Due after five years to ten years | 6,718 | 6,717 | ||||||
Due in more than ten years | 7,098 | 7,021 | ||||||
$ | 34,548 | $ | 34,707 | |||||
The Company does not intend to sell its held-to-maturity securities and it is not more likely than not that the Company will be required to sell the securities before recovery of amortized cost bases, which may be at maturity. | ||||||||
As of February 2014, the Company is no longer required to fund a letter of credit account for its power operations. |
LINES_OF_CREDIT_AND_LONGTERM_D
LINES OF CREDIT AND LONG-TERM DEBT | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LINES OF CREDIT AND LONG-TERM DEBT | ' | |||||||
LINES OF CREDIT AND LONG-TERM DEBT | ||||||||
The amounts outstanding under the Company’s long-term debt consisted of the following as of the dates indicated: | ||||||||
Total Debt Outstanding | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
10.75% Senior Notes due 2018 | $ | 251,500 | $ | 251,500 | ||||
New Notes - 10.75% senior notes due 2018 | 425,000 | — | ||||||
8.02% WML term debt due 2018 | 81,000 | 85,500 | ||||||
Capital lease obligations | 21,465 | 10,153 | ||||||
Other | 1,093 | 1,209 | ||||||
Debt premium (discount), net | 20,173 | (8,525 | ) | |||||
Total debt outstanding | 800,231 | 339,837 | ||||||
Less current installments | (48,586 | ) | (44,343 | ) | ||||
Total debt outstanding, less current installments | $ | 751,645 | $ | 295,494 | ||||
The following table presents aggregate contractual debt maturities of all long-term debt: | ||||||||
As of March 31, 2014 | ||||||||
(In thousands) | ||||||||
2014 | $ | 19,569 | ||||||
2015 | 24,710 | |||||||
2016 | 24,055 | |||||||
2017 | 24,664 | |||||||
2018 | 684,556 | |||||||
Thereafter | 2,504 | |||||||
Total | 780,058 | |||||||
Plus: debt premium (discount), net | 20,173 | |||||||
Total debt | $ | 800,231 | ||||||
On February 7, 2014, the Company closed on a private offering of $425.0 million in aggregate principal amount of 10.75% senior notes due 2018 at a price of 106.875% plus accrued interest from February 1, 2014, referred to as the New Notes. Total proceeds of the offering was $454.2 million, which included $29.2 million of debt premium. The net proceeds of the offering of the New Notes will be used to finance the approximately $293 million cash portion of the purchase price of the Sherritt Acquisition, an estimated $58 million to satisfy the cash bonding obligations for the Sherritt mines and cash transaction costs associated with the acquisition and offering of the New Notes of approximately $26 million. The remaining balance of the proceeds will be used to fund the prepayment of the WML Notes and for other general corporate purposes. The proceeds of the offering are being held in escrow pending the completion of the acquisition. The Company will pay interest on the New Notes semi-annually on February 1st and August 1st of each year beginning on August 1, 2014. The Company capitalized debt issuance costs of $7.6 million during the three months ended March 31, 2014. | ||||||||
Promptly following the completion of the Sherritt Acquisition, the Company will exchange the New Notes for $425 million aggregate principal amount of add-on 10.75% senior secured notes due 2018 (the “Add-On Notes”) and the Company will become party to a registration rights agreement, pursuant to which the Company will agree to register with the Securities and Exchange Commission the exchange of Add-On Notes for registered notes with the same terms as the existing 10.75% Senior Notes due 2018. | ||||||||
If the Sherritt Acquisition is not completed on or prior to June 30, 2014, then the New Notes will be subject to a mandatory redemption at a redemption price equal to 101% of the offering price of the New Notes, plus accrued and unpaid interest through the mandatory redemption date. | ||||||||
During the three months ended March 31, 2014, we entered into $12.9 million of new capital leases at our Kemmerer Mine. | ||||||||
Additional information regarding the Company's debt is outlined in Note 5 to the Consolidated Financial Statements in the Company's 2013 Annual Report on Form 10-K. |
POSTRETIREMENT_MEDICAL_BENEFIT
POSTRETIREMENT MEDICAL BENEFITS AND PENSION | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
POSTRETIREMENT MEDICAL BENEFITS AND PENSION | ' | |||||||
POSTRETIREMENT MEDICAL BENEFITS AND PENSION | ||||||||
Postretirement Medical Benefits | ||||||||
The Company provides postretirement medical benefits to retired employees and their dependents as mandated by the Coal Industry Retiree Health Benefit Act of 1992 and pursuant to collective bargaining agreements. The Company also provides these benefits to qualified full-time employees pursuant to collective bargaining agreements. | ||||||||
The components of net periodic postretirement medical benefit cost are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 822 | $ | 1,109 | ||||
Interest cost | 3,203 | 3,035 | ||||||
Amortization of deferred items | 5 | 1,001 | ||||||
Total net periodic benefit cost | $ | 4,030 | $ | 5,145 | ||||
The following table shows the net periodic postretirement medical benefit costs that relate to current and former mining operations: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Former mining operations | $ | 2,403 | $ | 3,119 | ||||
Current operations | 1,627 | 2,026 | ||||||
Total net periodic benefit cost | $ | 4,030 | $ | 5,145 | ||||
The costs for the former mining operations are included in Heritage health benefit expenses and costs for current operations are included in Cost of sales and Selling and administrative expenses. | ||||||||
Pension | ||||||||
The Company provides pension benefits to qualified full-time employees pursuant to collective bargaining agreements. | ||||||||
The Company incurred net periodic benefit costs of providing these pension benefits as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 500 | $ | 534 | ||||
Interest cost | 1,747 | 1,625 | ||||||
Expected return on plan assets | (2,154 | ) | (2,060 | ) | ||||
Amortization of deferred items | 359 | 741 | ||||||
Total net periodic pension cost | $ | 452 | $ | 840 | ||||
These costs are included in Cost of sales and Selling and administrative expenses. | ||||||||
The Company contributed $0.6 million of cash contributions to its pension plans in the three months ended March 31, 2014 and expects to make $3.7 million of pension plan contributions during the remainder of 2014. |
HERITAGE_HEALTH_BENEFIT_EXPENS
HERITAGE HEALTH BENEFIT EXPENSES | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Heritage Health Benefit Expenses [Abstract] | ' | |||||||
HERITAGE HEALTH BENEFIT EXPENSES | ' | |||||||
HERITAGE HEALTH BENEFIT EXPENSES | ||||||||
The caption Heritage health benefit expenses used in the consolidated statements of operations refers to costs of benefits the Company provides to its former mining operation employees. The components of these expenses are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Health care benefits | $ | 2,276 | $ | 3,176 | ||||
Combined benefit fund payments | 512 | 576 | ||||||
Workers’ compensation benefits | 136 | 116 | ||||||
Black lung benefits | 620 | 83 | ||||||
Total | $ | 3,544 | $ | 3,951 | ||||
ASSET_RETIREMENT_OBLIGATIONS_C
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||||||
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS | ' | |||||||||||
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLE, AND RECLAMATION DEPOSITS | ||||||||||||
The asset retirement obligation, contractual third-party reclamation receivable, and reclamation deposits for each of the Company’s mines and ROVA at March 31, 2014 are summarized below: | ||||||||||||
Asset | Contractual | Reclamation | ||||||||||
Retirement | Third-Party | Deposits | ||||||||||
Obligation | Reclamation | |||||||||||
Receivable | ||||||||||||
(In thousands) | ||||||||||||
Rosebud | $ | 127,989 | $ | 21,656 | $ | 75,315 | ||||||
Jewett | 74,247 | 74,247 | — | |||||||||
Absaloka | 37,286 | 346 | — | |||||||||
Beulah | 17,764 | — | — | |||||||||
Kemmerer | 17,569 | — | — | |||||||||
Savage | 5,499 | — | — | |||||||||
ROVA | 909 | — | — | |||||||||
Total | $ | 281,263 | $ | 96,249 | $ | 75,315 | ||||||
Asset Retirement Obligations | ||||||||||||
Changes in the Company’s asset retirement obligations were as follows: | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Asset retirement obligations, beginning of year (including current portion) | $ | 279,864 | $ | 263,847 | ||||||||
Accretion | 5,836 | 5,481 | ||||||||||
Liabilities settled | (4,437 | ) | (5,839 | ) | ||||||||
Asset retirement obligations, end of period | 281,263 | 263,489 | ||||||||||
Less current portion | (22,227 | ) | (23,154 | ) | ||||||||
Asset retirement obligations, less current portion | $ | 259,036 | $ | 240,335 | ||||||||
Contractual Third-Party Reclamation Receivables | ||||||||||||
At March 31, 2014, the Company has recognized as an asset of $96.2 million as contractual third-party reclamation receivables, representing the present value of customer obligations to reimburse the Company for future reclamation expenditures at the Company’s Rosebud, Jewett and Absaloka Mines. | ||||||||||||
Reclamation Deposits | ||||||||||||
The Company’s reclamation deposits will be used to fund final reclamation activities. The Company’s carrying value and estimated fair value of its reclamation deposits at March 31, 2014 are as follows: | ||||||||||||
Carrying Value | Fair Value | Fair Value Hierarchy | ||||||||||
(In thousands) | ||||||||||||
Cash and cash equivalents | $ | 49,627 | $ | 49,627 | Level 1 | |||||||
Held-to-maturity securities | 25,688 | 26,401 | Level 2 | |||||||||
$ | 75,315 | $ | 76,028 | |||||||||
Held-to-Maturity Reclamation Deposits | ||||||||||||
The amortized cost, gross unrealized holding gains and losses and fair value of held-to-maturity securities at March 31, 2014 are as follows (in thousands): | ||||||||||||
Amortized cost | $ | 25,688 | ||||||||||
Gross unrealized holding gains | 826 | |||||||||||
Gross unrealized holding losses | (113 | ) | ||||||||||
Fair value | $ | 26,401 | ||||||||||
Maturities of held-to-maturity securities are as follows at March 31, 2014: | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In thousands) | ||||||||||||
Within one year | $ | 479 | $ | 468 | ||||||||
Due in five years or less | 17,562 | 17,880 | ||||||||||
Due after five years to ten years | 4,869 | 5,023 | ||||||||||
Due in more than ten years | 2,778 | 3,030 | ||||||||||
$ | 25,688 | $ | 26,401 | |||||||||
The Company does not intend to sell its held-to-maturity securities and it is not more likely than not that the Company will be required to sell the securities before recovery of amortized cost bases, which may be at maturity. |
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||
DERIVATIVE INSTRUMENTS | ' | ||||||
DERIVATIVE INSTRUMENTS | |||||||
Derivative Assets and Liabilities | |||||||
The Company evaluates all of its financial instruments to determine if such instruments are derivatives, derivatives that qualify for the normal purchase normal sale exception, or contain features that qualify as embedded derivatives. All derivative financial instruments, except for derivatives that qualify for the normal purchase normal sale exception, are recognized on the balance sheet at fair value. Changes in fair value are recognized in earnings if they are not eligible for hedge accounting or in other comprehensive income if they qualify for cash flow hedge accounting. | |||||||
In the first quarter of 2014, the Company entered into two foreign currency exchange forward contracts to purchase Canadian Dollars in order to hedge a portion of its exposure to fluctuating rates of exchange on anticipated Canadian Dollar-denominated Sherritt Acquisition cash flows. As of March 31, 2014, the Company had two individual foreign currency exchange forward contracts with external counterparties for a total notional amount of $348.3 million, which both have settlement dates of April 30, 2014. | |||||||
The fair value of outstanding derivative instruments not designated as hedging instruments on the accompanying Consolidated Balance Sheets was as follows (in thousands): | |||||||
Derivative Instruments | Balance Sheet Location | March 31, 2014 | |||||
Canadian dollar foreign exchange forward contracts | Other current assets | $ | 246 | ||||
Canadian dollar foreign exchange forward contracts | Other current liabilities | (7,036 | ) | ||||
The effect of derivative instruments not designated as hedging instruments on the accompanying Consolidated Statements of Operations was as follows (in thousands): | |||||||
Derivative Instruments | Statement of | Three Months Ended March 31, 2014 | |||||
Operations Location | |||||||
Canadian dollar foreign exchange forward contracts | Loss on foreign exchange | $ | (6,790 | ) |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
FAIR VALUE MEASUREMENTS | ' | |||||||
FAIR VALUE MEASUREMENTS | ||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Notes 3, 7 and 8 for additional disclosures related to fair value measurements. | ||||||||
Fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | ||||||||
• | Level 1, defined as observable inputs such as quoted prices in active markets for identical assets. | |||||||
• | Level 2, 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. | |||||||
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||
Long-term debt fair value estimates are based on observed prices for securities with an active trading market when available (Level 2) and otherwise using discount rate estimates based on interest rates as of March 31, 2014 (Level 3). The estimated fair values of the Company’s debt with fixed interest rates are as follows: | ||||||||
Carrying Value | Fair Value | |||||||
(In thousands) | ||||||||
31-Dec-13 | $ | 328,473 | $ | 364,329 | ||||
March 31, 2014 | $ | 777,670 | $ | 823,603 | ||||
The Company uses derivative financial instruments, primarily foreign exchange contracts, to reduce its exposure to market risks from changes in foreign exchange rates. These foreign exchange contracts are measured at fair value using quoted forward foreign exchange prices from counterparties corroborated by market-based pricing (Level 2). Additional information related to the Company’s derivative financial instruments is disclosed in Note 1 and Note 8 to the consolidated financial statements. | ||||||||
The Company’s non-recurring fair value measurements include asset retirement obligations (refer to Note 7). | ||||||||
The Company determines the estimated fair value of its asset retirement obligations by calculating the present value of estimated cash flows related to reclamation liabilities using Level 3 inputs. The significant inputs used to calculate such liabilities includes estimates of costs to be incurred, the Company’s credit adjusted discount rate, inflation rates and estimated dates of reclamation. The asset retirement liability is accreted to its present value each period and the capitalized asset retirement cost is depleted using the units-of-production method. | ||||||||
The fair value of assets and liabilities acquired through business combinations is calculated using a discounted-cash flow approach using Level 3 inputs. Cash flow estimates require forecasts and assumptions for many years into the future for a variety of factors. |
SHAREHOLDERS_EQUITY_AND_ACCUMU
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||||
SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Preferred Stock | ||||||||||||||||
The Company has outstanding Series A Convertible Exchangeable Preferred Stock on which cumulative dividends of $2.125 per share are payable quarterly. The Company paid $0.3 million of preferred stock dividends for the three months ended March 31, 2014. During the three months ended March 31, 2014, approximately 38,737 shares of preferred stock were converted into 264,641 shares of common stock. Subsequent to March 31, 2014 and through April 23, 2014, approximately 7,830 shares of preferred stock were converted into 53,486 shares of common stock. | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income | ||||||||||||||||
The following table reflects the changes in accumulated other comprehensive loss by component: | ||||||||||||||||
Pension | Postretirement | Tax effect of | Accumulated | |||||||||||||
medical benefits | other | other | ||||||||||||||
comprehensive | comprehensive | |||||||||||||||
income gains | loss | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | (12,255 | ) | $ | (20,292 | ) | $ | (31,048 | ) | $ | (63,595 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | — | (138 | ) | (138 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 359 | 5 | — | 364 | ||||||||||||
Balance at March 31, 2014 | $ | (11,896 | ) | $ | (20,287 | ) | $ | (31,186 | ) | $ | (63,369 | ) | ||||
The following table reflects the reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2014 are as follows (in thousands): | ||||||||||||||||
Details about accumulated other comprehensive loss components | Amount reclassified from accumulated | Affected line item | ||||||||||||||
other comprehensive loss1 | in the statement | |||||||||||||||
where net income | ||||||||||||||||
Three Months Ended March 31, 2014 | (loss) is presented | |||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||
Actuarial losses | $ | 359 | 2 | |||||||||||||
Amortization of postretirement medical items | ||||||||||||||||
Prior service costs | $ | (159 | ) | 3 | ||||||||||||
Actuarial losses | 164 | 3 | ||||||||||||||
$ | 5 | Total | ||||||||||||||
____________________ | ||||||||||||||||
-1 | Amounts in parentheses indicate debits to income/loss. | |||||||||||||||
-2 | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 5 - Pension for additional details) | |||||||||||||||
-3 | These accumulated other comprehensive loss components are included in the computation of net periodic postretirement medical cost. (See Note 5 - Postretirement Medical Benefits for additional details) |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
The Company grants employees and non-employee directors restricted stock units from the Amended and Restated 2007 Equity Incentive Stock Plan. | ||||||||||||||||||
The Company recognized compensation expense from share-based arrangements shown in the following table: | ||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Recognition of fair value of restricted stock units, stock options and SARs over vesting period; and issuance of stock | $ | 728 | $ | 1,663 | ||||||||||||||
Contributions of stock to the Company's 401(k) plan | — | 723 | ||||||||||||||||
Total share-based compensation expense | $ | 728 | $ | 2,386 | ||||||||||||||
Restricted Stock Units | ||||||||||||||||||
A summary of restricted stock award activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||||||
Units | Weighted | Unamortized | ||||||||||||||||
Average | Compensation | |||||||||||||||||
Grant-Date | Expense | |||||||||||||||||
Fair Value | (In thousands) | |||||||||||||||||
Non-vested at December 31, 2013 | 588,727 | $ | 9.37 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Vested | — | — | ||||||||||||||||
Non-vested at March 31, 2014 | 588,727 | $ | 9.37 | $ | 1,618 | (1) | ||||||||||||
____________________ | ||||||||||||||||||
-1 | Expected to be recognized over the next three years. | |||||||||||||||||
Stock Options | ||||||||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate Intrinsic | Unamortized | ||||||||||||||
Average | Average | Value | Compensation | |||||||||||||||
Exercise Price | Remaining | (In thousands) | Expense | |||||||||||||||
Contractual | (In thousands) | |||||||||||||||||
Life | ||||||||||||||||||
(In years) | ||||||||||||||||||
Outstanding at December 31, 2013 | 145,806 | $ | 21.97 | |||||||||||||||
Exercised | — | $ | — | |||||||||||||||
Expired | — | $ | — | |||||||||||||||
Outstanding and exercisable at March 31, 2014 | 145,806 | $ | 21.97 | 4 | $ | 1,139 | $ | — | ||||||||||
There were no stock options granted during the three months ended March 31, 2014. | ||||||||||||||||||
SARs | ||||||||||||||||||
A summary of SARs activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||||||
SARs | Weighted | Weighted | Aggregate Intrinsic | Unamortized | ||||||||||||||
Average Exercise Price | Average | Value | Compensation | |||||||||||||||
Remaining | (In thousands) | Expense | ||||||||||||||||
Contractual | (In thousands) | |||||||||||||||||
Life | ||||||||||||||||||
(In years) | ||||||||||||||||||
Outstanding at December 31, 2013 | 70,734 | $ | 22.6 | |||||||||||||||
Exercised | (25,667 | ) | $ | — | ||||||||||||||
Expired | — | $ | — | |||||||||||||||
Outstanding and exercisable at March 31, 2014 | 45,067 | $ | 23.95 | 1.9 | $ | 352 | $ | — | ||||||||||
There were no SARs granted during the three months ended March 31, 2014. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
EARNINGS PER SHARE | ' | |||||
EARNINGS PER SHARE | ||||||
Basic earnings (loss) per share has been computed by dividing the net income (loss) applicable to common shareholders by the weighted average number of shares of common stock outstanding during each period. Net income (loss) applicable to common shareholders includes the adjustment for net income or loss attributable to noncontrolling interest. Diluted earnings (loss) per share is computed by including the dilutive effect of common stock that would be issued assuming conversion or exercise of outstanding convertible notes and securities, stock options, stock appreciation rights, and restricted stock units. No such items were included in the computations of diluted loss per share in the three months ended March 31, 2014 and March 31, 2013 because the Company incurred a net loss applicable to common shareholders in these periods and the effect of inclusion would have been anti-dilutive. | ||||||
The table below shows the number of shares that were excluded from the calculation of diluted loss per share because their inclusion would be anti-dilutive to the calculation: | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Convertible securities | 828 | 1,093 | ||||
Restricted stock units, stock options and SARs | 779 | 978 | ||||
Total shares excluded from diluted shares calculation | 1,607 | 2,071 | ||||
BUSINESS_SEGMENT_INFORMATION
BUSINESS SEGMENT INFORMATION | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
BUSINESS SEGMENT INFORMATION | ' | |||||||||||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||||||||||
Segment information is based on a management approach, which requires segmentation based upon the Company’s internal organization, reporting of revenue, and operating income. | ||||||||||||||||||||
The Company’s operations are classified into four reporting segments: coal, power, heritage and corporate. | ||||||||||||||||||||
Summarized financial information by segment is as follows: | ||||||||||||||||||||
Coal | Power | Heritage | Corporate | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Revenues | $ | 158,190 | $ | 22,012 | $ | — | $ | — | $ | 180,202 | ||||||||||
Restructuring charges | — | 397 | — | — | 397 | |||||||||||||||
Depreciation, depletion, and amortization | 13,459 | 2,524 | — | 76 | 16,059 | |||||||||||||||
Operating income (loss) | 13,447 | 1,744 | (3,830 | ) | (3,308 | ) | 8,053 | |||||||||||||
Total assets | 697,916 | 167,998 | 15,622 | 525,611 | 1,407,147 | |||||||||||||||
Capital expenditures | 3,053 | 35 | — | (38 | ) | 3,050 | ||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Revenues | $ | 142,112 | $ | 19,336 | $ | — | $ | — | $ | 161,448 | ||||||||||
Depreciation, depletion, and amortization | 11,801 | 2,531 | — | 94 | 14,426 | |||||||||||||||
Operating income (loss) | 13,472 | (1,003 | ) | (4,175 | ) | (2,560 | ) | 5,734 | ||||||||||||
Total assets | 711,128 | 186,309 | 15,877 | 29,701 | 943,015 | |||||||||||||||
Capital expenditures | 5,010 | 134 | — | 157 | 5,301 | |||||||||||||||
A reconciliation of segment income (loss) from operations to loss before income taxes follows: | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Income from operations | $ | 8,053 | $ | 5,734 | ||||||||||||||||
Interest expense | (20,798 | ) | (10,160 | ) | ||||||||||||||||
Interest income | 302 | 297 | ||||||||||||||||||
Loss on foreign exchange | (6,790 | ) | — | |||||||||||||||||
Other income | 93 | 70 | ||||||||||||||||||
Loss before income taxes | $ | (19,140 | ) | $ | (4,059 | ) |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
The Company is a party to routine claims and lawsuits with respect to various matters. The Company provides for costs related to contingencies when a loss is probable and the amount is reasonably estimable. After conferring with counsel, it is the opinion of management that the ultimate resolution of pending claims will not have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of the Company. |
SUPPLEMENTAL_CONSOLIDATING_FIN
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION | ' | ||||||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||||||||
Pursuant to the indenture governing the 10.75% Senior Notes, certain 100% owned subsidiaries of the Company have fully and unconditionally guaranteed the notes on a joint and several basis. | |||||||||||||||||||||||||
Guarantees of the Senior Notes will be released under certain circumstances, including: | |||||||||||||||||||||||||
-1 | in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor Subsidiary, by way of merger, consolidation or otherwise, a sale or other disposition of all of the Equity Interests of such Guarantor Subsidiary then held by the Issuers or any Restricted Subsidiary; provided, that the sale or other disposition does not violate the “Asset Sales” provisions of the Indenture; | ||||||||||||||||||||||||
-2 | if such Guarantor Subsidiary is designated as an Unrestricted Subsidiary in accordance with the provisions of the Indenture, upon effectiveness of such designation; | ||||||||||||||||||||||||
-3 | upon Legal Defeasance or Covenant Defeasance (as such terms are defined in the indenture) or upon satisfaction and discharge of the Indenture; | ||||||||||||||||||||||||
-4 | upon the liquidation or dissolution of such Guarantor Subsidiary, provided no event of default has occurred and is continuing; or | ||||||||||||||||||||||||
-5 | at such time as such Guarantor Subsidiary is no longer required to be a Guarantor Subsidiary of the Senior Notes as described in the Indenture, provided no event of default has occurred and is continuing. | ||||||||||||||||||||||||
The following tables present unaudited consolidating financial information for (i) the issuer of the notes (Westmoreland Coal Company), (ii) the co-issuer of the notes (Westmoreland Partners), (iii) the guarantors under the notes, and (iv) the entities that are not guarantors under the notes: | |||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 28,759 | $ | 4,043 | $ | 8,794 | $ | 20,304 | $ | — | $ | 61,900 | |||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,456 | 22,857 | 29,402 | — | 64,715 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 44 | 8,169 | — | 8,213 | |||||||||||||||||||
Intercompany receivable/payable | (2,263 | ) | — | 3,499 | (33,946 | ) | 32,710 | — | |||||||||||||||||
Other | 273 | 208 | 244 | 681 | (31 | ) | 1,375 | ||||||||||||||||||
(1,990 | ) | 12,664 | 26,644 | 4,306 | 32,679 | 74,303 | |||||||||||||||||||
Inventories | — | 1,845 | 15,133 | 18,469 | — | 35,447 | |||||||||||||||||||
Restricted investments and bond collateral | 16,900 | — | — | — | — | 16,900 | |||||||||||||||||||
Other current assets | 7,044 | 425 | 3,168 | 6,005 | 1 | 16,643 | |||||||||||||||||||
Total current assets | 50,713 | 18,977 | 53,739 | 49,084 | 32,680 | 205,193 | |||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 104,640 | 172,163 | — | 278,198 | |||||||||||||||||||
Plant and equipment | 3,966 | 220,932 | 245,368 | 202,923 | — | 673,189 | |||||||||||||||||||
3,966 | 222,327 | 350,008 | 375,086 | — | 951,387 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,781 | 74,177 | 138,718 | 246,079 | (1 | ) | 461,754 | ||||||||||||||||||
Net property, plant and equipment | 1,185 | 148,150 | 211,290 | 129,007 | 1 | 489,633 | |||||||||||||||||||
Advanced coal royalties | — | — | 3,000 | 4,263 | — | 7,263 | |||||||||||||||||||
Reclamation deposits | — | — | — | 75,315 | — | 75,315 | |||||||||||||||||||
Restricted investments and bond collateral | 469,385 | — | 36,615 | 17,483 | — | 523,483 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 302 | 87,734 | — | 88,036 | |||||||||||||||||||
Intangible assets | — | 871 | — | 228 | — | 1,099 | |||||||||||||||||||
Investment in subsidiaries | 237,926 | — | — | 3,770 | (241,696 | ) | — | ||||||||||||||||||
Other assets | 15,563 | — | 569 | 4,493 | (3,500 | ) | 17,125 | ||||||||||||||||||
Total assets | $ | 774,772 | $ | 167,998 | $ | 305,515 | $ | 371,377 | $ | (212,515 | ) | $ | 1,407,147 | ||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Liabilities and Shareholders’ Deficit | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current installments of long-term debt | $ | 22,785 | $ | — | $ | 4,596 | $ | 21,205 | $ | — | $ | 48,586 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade | 9,000 | 6,331 | 14,710 | 32,557 | — | 62,598 | |||||||||||||||||||
Production taxes | — | 405 | 22,442 | 23,947 | — | 46,794 | |||||||||||||||||||
Workers’ compensation | 712 | — | — | — | — | 712 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 329 | 1,583 | 1 | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,581 | 4,813 | 1,640 | — | 16,034 | |||||||||||||||||||
Asset retirement obligations | — | — | 3,554 | 18,673 | — | 22,227 | |||||||||||||||||||
Other current liabilities | 19,196 | 5,053 | — | 172 | (31 | ) | 24,390 | ||||||||||||||||||
Total current liabilities | 64,125 | 21,370 | 50,444 | 99,777 | (30 | ) | 235,686 | ||||||||||||||||||
Long-term debt, less current installments | 677,385 | — | 12,912 | 64,848 | (3,500 | ) | 751,645 | ||||||||||||||||||
Workers’ compensation, less current portion | 6,680 | — | — | — | — | 6,680 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 9,376 | — | — | — | — | 9,376 | |||||||||||||||||||
Postretirement medical benefits, less current portion | 185,447 | — | 50,472 | 35,356 | — | 271,275 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 12,921 | 98 | 9,494 | 1,011 | — | 23,524 | |||||||||||||||||||
Deferred revenue, less current portion | — | 38,325 | — | 4,974 | — | 43,299 | |||||||||||||||||||
Asset retirement obligations, less current portion | — | 909 | 51,300 | 206,827 | — | 259,036 | |||||||||||||||||||
Intangible liabilities | — | 5,339 | — | — | — | 5,339 | |||||||||||||||||||
Other liabilities | 6,440 | — | — | 1,063 | — | 7,503 | |||||||||||||||||||
Intercompany receivable/payable | 18,613 | — | (4,326 | ) | 5,633 | (19,920 | ) | — | |||||||||||||||||
Total liabilities | 980,987 | 66,041 | 170,296 | 419,489 | (23,450 | ) | 1,613,363 | ||||||||||||||||||
Shareholders’ deficit | |||||||||||||||||||||||||
Preferred stock | 121 | — | — | — | — | 121 | |||||||||||||||||||
Common stock | 37,155 | 5 | 110 | 132 | (247 | ) | 37,155 | ||||||||||||||||||
Other paid-in capital | 134,953 | 52,842 | 92,896 | 66,027 | (211,766 | ) | 134,952 | ||||||||||||||||||
Accumulated other comprehensive loss | (63,369 | ) | (162 | ) | 17,372 | (13,937 | ) | (3,273 | ) | (63,369 | ) | ||||||||||||||
Accumulated earnings (deficit) | (315,075 | ) | 49,272 | 24,841 | (100,334 | ) | 26,221 | (315,075 | ) | ||||||||||||||||
Total equity (deficit) | (206,215 | ) | 101,957 | 135,219 | (48,112 | ) | (189,065 | ) | (206,216 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 774,772 | $ | 167,998 | $ | 305,515 | $ | 371,377 | $ | (212,515 | ) | $ | 1,407,147 | ||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 25,326 | $ | 3,341 | $ | 7,942 | $ | 24,501 | $ | — | $ | 61,110 | |||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,934 | 17,389 | 35,873 | — | 66,196 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 44 | 8,443 | — | 8,487 | |||||||||||||||||||
Intercompany receivable/payable | (3,568 | ) | — | 4,384 | (33,681 | ) | 32,865 | — | |||||||||||||||||
Other | 95 | 210 | 2,974 | 1,831 | (24 | ) | 5,086 | ||||||||||||||||||
(3,473 | ) | 13,144 | 24,791 | 12,466 | 32,841 | 79,769 | |||||||||||||||||||
Inventories | — | 6,161 | 16,077 | 17,735 | (1 | ) | 39,972 | ||||||||||||||||||
Deferred income taxes | — | — | 870 | — | (870 | ) | — | ||||||||||||||||||
Restricted investments and bond collateral | — | 5,998 | — | — | — | 5,998 | |||||||||||||||||||
Other current assets | 6,115 | 143 | 6,883 | 5,049 | — | 18,190 | |||||||||||||||||||
Total current assets | 27,968 | 28,787 | 56,563 | 59,751 | 31,970 | 205,039 | |||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 104,631 | 172,163 | (1 | ) | 278,188 | ||||||||||||||||||
Plant and equipment | 3,939 | 220,872 | 229,998 | 202,886 | 1 | 657,696 | |||||||||||||||||||
3,939 | 222,267 | 334,629 | 375,049 | — | 935,884 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,705 | 71,653 | 132,189 | 239,302 | (1 | ) | 445,848 | ||||||||||||||||||
Net property, plant and equipment | 1,234 | 150,614 | 202,440 | 135,747 | 1 | 490,036 | |||||||||||||||||||
Advanced coal royalties | — | — | 3,000 | 4,311 | — | 7,311 | |||||||||||||||||||
Reclamation deposits | — | — | — | 74,921 | — | 74,921 | |||||||||||||||||||
Restricted investments and bond collateral | 15,134 | — | 36,619 | 17,482 | — | 69,235 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 293 | 88,010 | — | 88,303 | |||||||||||||||||||
Intangible assets | — | 1,283 | — | 238 | (1 | ) | 1,520 | ||||||||||||||||||
Investment in subsidiaries | 266,847 | — | — | 3,770 | (270,617 | ) | — | ||||||||||||||||||
Other assets | 8,636 | — | 586 | 3,098 | (2,000 | ) | 10,320 | ||||||||||||||||||
Total assets | $ | 319,819 | $ | 180,684 | $ | 299,501 | $ | 387,328 | $ | (240,647 | ) | $ | 946,685 | ||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Liabilities and Shareholders’ Deficit | Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current installments of long-term debt | $ | 20,392 | $ | — | $ | 2,790 | $ | 21,161 | $ | — | $ | 44,343 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade | 4,122 | 10,119 | 12,522 | 30,743 | 1 | 57,507 | |||||||||||||||||||
Production taxes | — | 3 | 17,429 | 24,472 | 1 | 41,905 | |||||||||||||||||||
Workers’ compensation | 717 | — | — | — | — | 717 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 329 | 1,583 | 1 | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,024 | 3,969 | 1,075 | — | 14,068 | |||||||||||||||||||
Asset retirement obligations | — | — | 3,104 | 20,250 | (1 | ) | 23,353 | ||||||||||||||||||
Other current liabilities | 11,302 | 5,053 | 317 | 142 | (24 | ) | 16,790 | ||||||||||||||||||
Total current liabilities | 48,965 | 24,199 | 40,460 | 99,426 | (22 | ) | 213,028 | ||||||||||||||||||
Long-term debt, less current installments | 224,582 | — | 2,664 | 70,248 | (2,000 | ) | 295,494 | ||||||||||||||||||
Workers’ compensation, less current portion | 6,744 | — | — | — | — | 6,744 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 8,675 | — | — | — | — | 8,675 | |||||||||||||||||||
Postretirement medical benefits, less current portion | 185,858 | — | 49,418 | 35,098 | — | 270,374 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 13,069 | 99 | 9,381 | 1,627 | — | 24,176 | |||||||||||||||||||
Deferred revenue, less current portion | — | 41,297 | — | 5,271 | (1 | ) | 46,567 | ||||||||||||||||||
Asset retirement obligations, less current portion | — | 892 | 50,472 | 205,147 | — | 256,511 | |||||||||||||||||||
Intangible liabilities | — | 5,606 | — | — | — | 5,606 | |||||||||||||||||||
Other liabilities | 5,939 | — | 6,220 | 1,450 | (6,220 | ) | 7,389 | ||||||||||||||||||
Intercompany receivable/payable | 13,866 | — | 525 | 6,434 | (20,825 | ) | — | ||||||||||||||||||
Total liabilities | 507,698 | 72,093 | 159,140 | 424,701 | (29,068 | ) | 1,134,564 | ||||||||||||||||||
Shareholders’ deficit | |||||||||||||||||||||||||
Preferred stock | 160 | — | — | — | — | 160 | |||||||||||||||||||
Common stock | 36,479 | 5 | 110 | 132 | (247 | ) | 36,479 | ||||||||||||||||||
Other paid-in capital | 134,861 | 52,835 | 94,370 | 64,401 | (211,606 | ) | 134,861 | ||||||||||||||||||
Accumulated other comprehensive loss | (63,595 | ) | (164 | ) | 17,492 | (14,153 | ) | (3,175 | ) | (63,595 | ) | ||||||||||||||
Accumulated earnings (deficit) | (295,784 | ) | 55,915 | 28,389 | (87,753 | ) | 3,449 | (295,784 | ) | ||||||||||||||||
Total equity (deficit) | (187,879 | ) | 108,591 | 140,361 | (37,373 | ) | (211,579 | ) | (187,879 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 319,819 | $ | 180,684 | $ | 299,501 | $ | 387,328 | $ | (240,647 | ) | $ | 946,685 | ||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 22,012 | $ | 64,292 | $ | 93,898 | $ | — | $ | 180,202 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | — | 16,454 | 50,558 | 71,618 | — | 138,630 | |||||||||||||||||||
Depreciation, depletion and amortization | 76 | 2,524 | 6,269 | 7,190 | — | 16,059 | |||||||||||||||||||
Selling and administrative | 3,746 | 894 | 2,994 | 5,697 | — | 13,331 | |||||||||||||||||||
Heritage health benefit expenses | 3,326 | — | — | 218 | — | 3,544 | |||||||||||||||||||
Loss (gain) on sales of assets | — | — | (1 | ) | 39 | — | 38 | ||||||||||||||||||
Restructuring charges | — | 397 | — | — | — | 397 | |||||||||||||||||||
Other operating income | — | — | 150 | — | — | 150 | |||||||||||||||||||
7,148 | 20,269 | 59,970 | 84,762 | — | 172,149 | ||||||||||||||||||||
Operating income (loss) | (7,148 | ) | 1,743 | 4,322 | 9,136 | — | 8,053 | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (18,673 | ) | (44 | ) | (110 | ) | (1,978 | ) | 7 | (20,798 | ) | ||||||||||||||
Interest income | 123 | 4 | 25 | 157 | (7 | ) | 302 | ||||||||||||||||||
Loss on foreign exchange | (6,790 | ) | — | — | — | — | (6,790 | ) | |||||||||||||||||
Other income | 1 | — | 55 | 37 | — | 93 | |||||||||||||||||||
(25,339 | ) | (40 | ) | (30 | ) | (1,784 | ) | — | (27,193 | ) | |||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (32,487 | ) | 1,703 | 4,292 | 7,352 | — | (19,140 | ) | |||||||||||||||||
Equity in income of subsidiaries | 13,319 | — | — | — | (13,319 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (19,168 | ) | 1,703 | 4,292 | 7,352 | (13,319 | ) | (19,140 | ) | ||||||||||||||||
Income tax expense (benefit) | (138 | ) | — | (1,511 | ) | 6,626 | (5,087 | ) | (110 | ) | |||||||||||||||
Net income (loss) | (19,030 | ) | 1,703 | 5,803 | 726 | (8,232 | ) | (19,030 | ) | ||||||||||||||||
Less net loss attributable to noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (19,030 | ) | $ | 1,703 | $ | 5,803 | $ | 726 | $ | (8,232 | ) | $ | (19,030 | ) | ||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 19,336 | $ | 50,687 | $ | 100,401 | $ | (8,976 | ) | $ | 161,448 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | — | 16,954 | 40,421 | 82,022 | (8,976 | ) | 130,421 | ||||||||||||||||||
Depreciation, depletion and amortization | 94 | 2,531 | 5,189 | 6,612 | — | 14,426 | |||||||||||||||||||
Selling and administrative | 3,054 | 855 | 2,637 | 5,341 | — | 11,887 | |||||||||||||||||||
Heritage health benefit expenses | 3,689 | — | — | 262 | — | 3,951 | |||||||||||||||||||
Gain on sales of assets | — | — | (133 | ) | (101 | ) | — | (234 | ) | ||||||||||||||||
Other operating income | — | — | (4,737 | ) | — | — | (4,737 | ) | |||||||||||||||||
6,837 | 20,340 | 43,377 | 94,136 | (8,976 | ) | 155,714 | |||||||||||||||||||
Operating income (loss) | (6,837 | ) | (1,004 | ) | 7,310 | 6,265 | — | 5,734 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (7,584 | ) | (10 | ) | (74 | ) | (2,500 | ) | 8 | (10,160 | ) | ||||||||||||||
Interest income | 30 | 10 | 44 | 221 | (8 | ) | 297 | ||||||||||||||||||
Other income (loss) | — | — | 92 | (22 | ) | — | 70 | ||||||||||||||||||
(7,554 | ) | — | 62 | (2,301 | ) | — | (9,793 | ) | |||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (14,391 | ) | (1,004 | ) | 7,372 | 3,964 | — | (4,059 | ) | ||||||||||||||||
Equity in income of subsidiaries | 10,304 | — | — | — | (10,304 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (4,087 | ) | (1,004 | ) | 7,372 | 3,964 | (10,304 | ) | (4,059 | ) | |||||||||||||||
Income tax expense (benefit) | — | — | 496 | 2,823 | (3,291 | ) | 28 | ||||||||||||||||||
Net income (loss) | (4,087 | ) | (1,004 | ) | 6,876 | 1,141 | (7,013 | ) | (4,087 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | (1,702 | ) | — | — | — | — | (1,702 | ) | |||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (2,385 | ) | $ | (1,004 | ) | $ | 6,876 | $ | 1,141 | $ | (7,013 | ) | $ | (2,385 | ) | |||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (19,030 | ) | $ | 1,703 | $ | 5,803 | $ | 726 | $ | (8,232 | ) | $ | (19,030 | ) | ||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 359 | 2 | — | 128 | (130 | ) | 359 | ||||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 5 | — | (119 | ) | 88 | 31 | 5 | ||||||||||||||||||
Tax effect of other comprehensive income gains | (138 | ) | — | — | — | — | (138 | ) | |||||||||||||||||
Other comprehensive income (loss) | 226 | 2 | (119 | ) | 216 | (99 | ) | 226 | |||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (18,804 | ) | $ | 1,705 | $ | 5,684 | $ | 942 | $ | (8,331 | ) | $ | (18,804 | ) | ||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (4,087 | ) | $ | (1,004 | ) | $ | 6,876 | $ | 1,141 | $ | (7,013 | ) | $ | (4,087 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 741 | 6 | — | 193 | (199 | ) | 741 | ||||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 1,001 | — | — | 213 | (213 | ) | 1,001 | ||||||||||||||||||
Other comprehensive income (loss) | 1,742 | 6 | — | 406 | (412 | ) | 1,742 | ||||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (2,345 | ) | $ | (998 | ) | $ | 6,876 | $ | 1,547 | $ | (7,425 | ) | $ | (2,345 | ) | |||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Statements of Cash Flows | Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (19,030 | ) | $ | 1,703 | $ | 5,803 | $ | 726 | $ | (8,232 | ) | $ | (19,030 | ) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | (13,319 | ) | — | — | — | 13,319 | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 76 | 2,524 | 6,269 | 7,190 | — | 16,059 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 18 | 1,278 | 2,183 | — | 3,479 | |||||||||||||||||||
Non-cash tax benefits | (138 | ) | — | — | — | — | (138 | ) | |||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 146 | — | 7 | — | 153 | |||||||||||||||||||
Share-based compensation | 569 | 7 | 37 | 115 | — | 728 | |||||||||||||||||||
Loss (gain) on sales of assets | — | — | (1 | ) | 39 | — | 38 | ||||||||||||||||||
Amortization of deferred financing costs | 149 | — | — | 122 | — | 271 | |||||||||||||||||||
Loss on foreign exchange | 6,790 | — | — | — | — | 6,790 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | (178 | ) | 480 | (2,738 | ) | 6,104 | 1,534 | 5,202 | |||||||||||||||||
Inventories | — | 4,316 | 944 | (735 | ) | — | 4,525 | ||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 701 | — | — | — | — | 701 | |||||||||||||||||||
Accounts payable and accrued expenses | 5,670 | (3,386 | ) | 7,356 | 1,327 | (8 | ) | 10,959 | |||||||||||||||||
Deferred revenue | — | (2,415 | ) | 844 | 269 | — | (1,302 | ) | |||||||||||||||||
Income tax payable | — | — | — | 28 | — | 28 | |||||||||||||||||||
Accrual for workers’ compensation | (69 | ) | — | — | — | — | (69 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (9 | ) | (1,343 | ) | — | (1,352 | ) | ||||||||||||||||
Accrual for postretirement medical benefits | (374 | ) | — | 935 | 345 | — | 906 | ||||||||||||||||||
Pension and SERP obligations | 83 | 1 | 113 | (490 | ) | — | (293 | ) | |||||||||||||||||
Other assets and liabilities | (183 | ) | (309 | ) | (1,616 | ) | (2,880 | ) | 6,981 | 1,993 | |||||||||||||||
Distributions received from subsidiaries | 42,500 | — | — | — | (42,500 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | 23,247 | 3,085 | 19,215 | 13,007 | (28,906 | ) | 29,648 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | 38 | (35 | ) | (2,609 | ) | (444 | ) | — | (3,050 | ) | |||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | (471,151 | ) | 5,998 | 4 | (395 | ) | — | (465,544 | ) | ||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||||
Other | — | — | — | (60 | ) | — | (60 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | (471,113 | ) | 5,963 | (2,605 | ) | (909 | ) | — | (468,664 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | — | (317 | ) | 2 | — | (315 | ) | |||||||||||||||||
Borrowings from long-term debt | 454,219 | — | — | — | — | 454,219 | |||||||||||||||||||
Repayments of long-term debt | — | — | (875 | ) | (5,364 | ) | — | (6,239 | ) | ||||||||||||||||
Debt issuance costs and other refinancing costs | (7,598 | ) | — | — | — | — | (7,598 | ) | |||||||||||||||||
Dividends/distributions | (261 | ) | (8,500 | ) | (18,000 | ) | (16,000 | ) | 42,500 | (261 | ) | ||||||||||||||
Transactions with Parent/affiliates | 4,939 | 154 | 3,434 | 5,067 | (13,594 | ) | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 451,299 | (8,346 | ) | (15,758 | ) | (16,295 | ) | 28,906 | 439,806 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,433 | 702 | 852 | (4,197 | ) | — | 790 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | 25,326 | 3,341 | 7,942 | 24,501 | — | 61,110 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 28,759 | $ | 4,043 | $ | 8,794 | $ | 20,304 | $ | — | $ | 61,900 | |||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Statements of Cash Flows | Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (4,087 | ) | $ | (1,004 | ) | $ | 6,876 | $ | 1,141 | $ | (7,013 | ) | $ | (4,087 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | (10,304 | ) | — | — | — | 10,304 | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 94 | 2,531 | 5,189 | 6,612 | — | 14,426 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 16 | 1,050 | 2,114 | — | 3,180 | |||||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 156 | — | 8 | — | 164 | |||||||||||||||||||
Share-based compensation | 682 | 10 | 681 | 1,013 | — | 2,386 | |||||||||||||||||||
Gain on sales of assets | — | — | (133 | ) | (101 | ) | — | (234 | ) | ||||||||||||||||
Amortization of deferred financing costs | 771 | — | 13 | 149 | — | 933 | |||||||||||||||||||
Loss on sales of investment securities | — | — | 7 | — | — | 7 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | 49 | 2,885 | (2,467 | ) | (3,355 | ) | 3,008 | 120 | |||||||||||||||||
Inventories | — | (2,181 | ) | (753 | ) | 247 | — | (2,687 | ) | ||||||||||||||||
Excess of black lung benefit obligation over trust assets | 83 | — | — | — | — | 83 | |||||||||||||||||||
Accounts payable and accrued expenses | (8,202 | ) | 5,960 | (10 | ) | 6,979 | (1,482 | ) | 3,245 | ||||||||||||||||
Deferred revenue | — | (1,927 | ) | 1,703 | 384 | — | 160 | ||||||||||||||||||
Income tax payable | — | — | (1,679 | ) | 1,706 | — | 27 | ||||||||||||||||||
Accrual for workers’ compensation | (191 | ) | — | — | — | — | (191 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (190 | ) | (3,017 | ) | — | (3,207 | ) | ||||||||||||||||
Accrual for postretirement medical benefits | (100 | ) | — | 1,478 | 607 | — | 1,985 | ||||||||||||||||||
Pension and SERP obligations | 320 | 4 | 177 | 241 | — | 742 | |||||||||||||||||||
Other assets and liabilities | (187 | ) | 465 | (195 | ) | 4,081 | — | 4,164 | |||||||||||||||||
Distributions received from subsidiaries | 19,600 | — | — | — | (19,600 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | (1,472 | ) | 6,915 | 11,747 | 18,809 | (14,783 | ) | 21,216 | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | (157 | ) | (134 | ) | (4,224 | ) | (786 | ) | — | (5,301 | ) | ||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | (398 | ) | (3 | ) | (151 | ) | (5,883 | ) | — | (6,435 | ) | ||||||||||||||
Net proceeds from sales of assets | — | — | 309 | 132 | — | 441 | |||||||||||||||||||
Proceeds from the sale of investments | — | — | 120 | 5,499 | — | 5,619 | |||||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | — | (49 | ) | — | (49 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | (555 | ) | (137 | ) | (3,946 | ) | (1,087 | ) | — | (5,725 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | — | (7 | ) | 827 | — | 820 | ||||||||||||||||||
Repayments of long-term debt | — | — | (713 | ) | (5,860 | ) | — | (6,573 | ) | ||||||||||||||||
Borrowings on revolving lines of credit | — | — | — | 6,000 | — | 6,000 | |||||||||||||||||||
Repayments on revolving lines of credit | — | — | — | (6,000 | ) | — | (6,000 | ) | |||||||||||||||||
Debt issuance costs and other refinancing costs | — | — | — | (156 | ) | — | (156 | ) | |||||||||||||||||
Dividends/distributions | (340 | ) | (6,500 | ) | (8,000 | ) | (5,100 | ) | 19,600 | (340 | ) | ||||||||||||||
Transactions with Parent/affiliates | (22,106 | ) | (16 | ) | 2,255 | 4,076 | 15,791 | — | |||||||||||||||||
Net cash provided by (used in) financing activities | (22,446 | ) | (6,516 | ) | (6,465 | ) | (6,213 | ) | 35,391 | (6,249 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (24,473 | ) | 262 | 1,336 | 11,509 | 20,608 | 9,242 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | 14,836 | 4,545 | 5,362 | 6,867 | — | 31,610 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | (9,637 | ) | $ | 4,807 | $ | 6,698 | $ | 18,376 | $ | 20,608 | $ | 40,852 | ||||||||||||
BASIS_OF_PRESENTATION_BASIS_OF
BASIS OF PRESENTATION BASIS OF PRESENTATION (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
Restructuring reserve | ' | ||||||||||||||
The table below represents the restructuring provision activity during the three months ended March 31, 2014 (in millions): | |||||||||||||||
Beginning Balance | Restructuring Charges | Restructuring Payments | Ending Balance | ||||||||||||
$ | 5.1 | $ | 0.4 | $ | 0.4 | $ | 5.1 | ||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Coal stockpiles | $ | 1,189 | $ | 543 | ||||
Coal fuel inventories | 1,844 | 6,161 | ||||||
Materials and supplies | 33,189 | 34,233 | ||||||
Reserve for obsolete inventory | (775 | ) | (965 | ) | ||||
Total | $ | 35,447 | $ | 39,972 | ||||
RESTRICTED_INVESTMENTS_AND_BON1
RESTRICTED INVESTMENTS AND BOND COLLATERAL (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure Restricted Investments and Bond Collateral [Abstract] | ' | |||||||
Components of restricted investments and bond collateral | ' | |||||||
The Company’s restricted investments and bond collateral consist of the following: | ||||||||
March 31, 2014 | 31-Dec-13 | |||||||
(In thousands) | ||||||||
Coal Segment: | ||||||||
WML debt reserve account | $ | 13,068 | $ | 13,067 | ||||
Reclamation bond collateral: | ||||||||
Kemmerer Mine | 24,944 | 24,966 | ||||||
Absaloka Mine | 11,670 | 11,653 | ||||||
Rosebud Mine | 3,145 | 3,145 | ||||||
Beulah Mine | 1,270 | 1,270 | ||||||
Power Segment: | ||||||||
Letter of credit account | — | 5,998 | ||||||
Corporate Segment: | ||||||||
Proceeds from the New Notes held in escrow | 454,219 | — | ||||||
Other requirements for Sherritt Acquisition held in escrow | 16,900 | — | ||||||
Postretirement medical benefit bonds | 8,481 | 8,467 | ||||||
Workers’ compensation bonds | 6,686 | 6,667 | ||||||
Total restricted investments and bond collateral | 540,383 | 75,233 | ||||||
Less current portion | (16,900 | ) | (5,998 | ) | ||||
Total restricted investments and bond collateral, less current portion | $ | 523,483 | $ | 69,235 | ||||
Carrying value and estimated fair value of restricted investments and bond collateral | ' | |||||||
The Company’s carrying value and estimated fair value of its restricted investments and bond collateral at March 31, 2014 are as follows: | ||||||||
Carrying Value | Fair Value | |||||||
(In thousands) | ||||||||
Cash and cash equivalents | $ | 503,391 | $ | 503,391 | ||||
Time deposits | 2,444 | 2,444 | ||||||
Held-to-maturity securities | 34,548 | 34,707 | ||||||
$ | 540,383 | $ | 540,542 | |||||
Amortized cost, gross unrealized holding gains and losses and fair value of held-to-maturity securities | ' | |||||||
The amortized cost, gross unrealized holding gains and fair value of held-to-maturity securities at March 31, 2014 is as follows (in thousands): | ||||||||
Amortized cost | $ | 34,548 | ||||||
Gross unrealized holding gains | 440 | |||||||
Gross unrealized holding losses | (281 | ) | ||||||
Fair value | $ | 34,707 | ||||||
Restricted Investments and Bond Collateral [Member] | ' | |||||||
Schedule of Held-to-maturity Securities [Line Items] | ' | |||||||
Maturities of held-to-maturity securities | ' | |||||||
Maturities of held-to-maturity securities are as follows at March 31, 2014: | ||||||||
Amortized Cost | Fair Value | |||||||
(In thousands) | ||||||||
Due within one year | $ | 1,193 | $ | 1,217 | ||||
Due in five years or less | 19,539 | 19,752 | ||||||
Due after five years to ten years | 6,718 | 6,717 | ||||||
Due in more than ten years | 7,098 | 7,021 | ||||||
$ | 34,548 | $ | 34,707 | |||||
LINES_OF_CREDIT_AND_LONGTERM_D1
LINES OF CREDIT AND LONG-TERM DEBT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Outstanding lines of credit and long-term debt | ' | |||||||
The amounts outstanding under the Company’s long-term debt consisted of the following as of the dates indicated: | ||||||||
Total Debt Outstanding | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
10.75% Senior Notes due 2018 | $ | 251,500 | $ | 251,500 | ||||
New Notes - 10.75% senior notes due 2018 | 425,000 | — | ||||||
8.02% WML term debt due 2018 | 81,000 | 85,500 | ||||||
Capital lease obligations | 21,465 | 10,153 | ||||||
Other | 1,093 | 1,209 | ||||||
Debt premium (discount), net | 20,173 | (8,525 | ) | |||||
Total debt outstanding | 800,231 | 339,837 | ||||||
Less current installments | (48,586 | ) | (44,343 | ) | ||||
Total debt outstanding, less current installments | $ | 751,645 | $ | 295,494 | ||||
Contractual maturities of all long-term debt | ' | |||||||
The following table presents aggregate contractual debt maturities of all long-term debt: | ||||||||
As of March 31, 2014 | ||||||||
(In thousands) | ||||||||
2014 | $ | 19,569 | ||||||
2015 | 24,710 | |||||||
2016 | 24,055 | |||||||
2017 | 24,664 | |||||||
2018 | 684,556 | |||||||
Thereafter | 2,504 | |||||||
Total | 780,058 | |||||||
Plus: debt premium (discount), net | 20,173 | |||||||
Total debt | $ | 800,231 | ||||||
POSTRETIREMENT_MEDICAL_BENEFIT1
POSTRETIREMENT MEDICAL BENEFITS AND PENSION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Postretirement Medical Benefits | ' | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||
Components of net periodic benefit cost | ' | |||||||
The components of net periodic postretirement medical benefit cost are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 822 | $ | 1,109 | ||||
Interest cost | 3,203 | 3,035 | ||||||
Amortization of deferred items | 5 | 1,001 | ||||||
Total net periodic benefit cost | $ | 4,030 | $ | 5,145 | ||||
The following table shows the net periodic postretirement medical benefit costs that relate to current and former mining operations: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Former mining operations | $ | 2,403 | $ | 3,119 | ||||
Current operations | 1,627 | 2,026 | ||||||
Total net periodic benefit cost | $ | 4,030 | $ | 5,145 | ||||
Pension | ' | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||
Components of net periodic benefit cost | ' | |||||||
The Company incurred net periodic benefit costs of providing these pension benefits as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 500 | $ | 534 | ||||
Interest cost | 1,747 | 1,625 | ||||||
Expected return on plan assets | (2,154 | ) | (2,060 | ) | ||||
Amortization of deferred items | 359 | 741 | ||||||
Total net periodic pension cost | $ | 452 | $ | 840 | ||||
HERITAGE_HEALTH_BENEFIT_EXPENS1
HERITAGE HEALTH BENEFIT EXPENSES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Heritage Health Benefit Expenses [Abstract] | ' | |||||||
Components of costs of benefits to former mining operation employees | ' | |||||||
The components of these expenses are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Health care benefits | $ | 2,276 | $ | 3,176 | ||||
Combined benefit fund payments | 512 | 576 | ||||||
Workers’ compensation benefits | 136 | 116 | ||||||
Black lung benefits | 620 | 83 | ||||||
Total | $ | 3,544 | $ | 3,951 | ||||
ASSET_RETIREMENT_OBLIGATIONS_C1
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||||||
Summary of asset retirement obligations, contractual third-party reclamation receivables and reclamation deposits | ' | |||||||||||
The asset retirement obligation, contractual third-party reclamation receivable, and reclamation deposits for each of the Company’s mines and ROVA at March 31, 2014 are summarized below: | ||||||||||||
Asset | Contractual | Reclamation | ||||||||||
Retirement | Third-Party | Deposits | ||||||||||
Obligation | Reclamation | |||||||||||
Receivable | ||||||||||||
(In thousands) | ||||||||||||
Rosebud | $ | 127,989 | $ | 21,656 | $ | 75,315 | ||||||
Jewett | 74,247 | 74,247 | — | |||||||||
Absaloka | 37,286 | 346 | — | |||||||||
Beulah | 17,764 | — | — | |||||||||
Kemmerer | 17,569 | — | — | |||||||||
Savage | 5,499 | — | — | |||||||||
ROVA | 909 | — | — | |||||||||
Total | $ | 281,263 | $ | 96,249 | $ | 75,315 | ||||||
Changes in Company's asset retirement obligations | ' | |||||||||||
Changes in the Company’s asset retirement obligations were as follows: | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Asset retirement obligations, beginning of year (including current portion) | $ | 279,864 | $ | 263,847 | ||||||||
Accretion | 5,836 | 5,481 | ||||||||||
Liabilities settled | (4,437 | ) | (5,839 | ) | ||||||||
Asset retirement obligations, end of period | 281,263 | 263,489 | ||||||||||
Less current portion | (22,227 | ) | (23,154 | ) | ||||||||
Asset retirement obligations, less current portion | $ | 259,036 | $ | 240,335 | ||||||||
Carrying value and estimated fair value of reclamation deposits | ' | |||||||||||
The Company’s carrying value and estimated fair value of its reclamation deposits at March 31, 2014 are as follows: | ||||||||||||
Carrying Value | Fair Value | Fair Value Hierarchy | ||||||||||
(In thousands) | ||||||||||||
Cash and cash equivalents | $ | 49,627 | $ | 49,627 | Level 1 | |||||||
Held-to-maturity securities | 25,688 | 26,401 | Level 2 | |||||||||
$ | 75,315 | $ | 76,028 | |||||||||
Amortized cost, gross unrealized holding gains and losses and fair value of held-to-maturity securities | ' | |||||||||||
The amortized cost, gross unrealized holding gains and losses and fair value of held-to-maturity securities at March 31, 2014 are as follows (in thousands): | ||||||||||||
Amortized cost | $ | 25,688 | ||||||||||
Gross unrealized holding gains | 826 | |||||||||||
Gross unrealized holding losses | (113 | ) | ||||||||||
Fair value | $ | 26,401 | ||||||||||
Reclamation Deposits [Member] | ' | |||||||||||
Schedule of Held-to-maturity Securities [Line Items] | ' | |||||||||||
Schedule of maturities of held-to-maturity investments | ' | |||||||||||
Maturities of held-to-maturity securities are as follows at March 31, 2014: | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In thousands) | ||||||||||||
Within one year | $ | 479 | $ | 468 | ||||||||
Due in five years or less | 17,562 | 17,880 | ||||||||||
Due after five years to ten years | 4,869 | 5,023 | ||||||||||
Due in more than ten years | 2,778 | 3,030 | ||||||||||
$ | 25,688 | $ | 26,401 | |||||||||
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||
The fair value of outstanding derivative instruments not designated as hedging instruments on the accompanying Consolidated Balance Sheets was as follows (in thousands): | |||||||
Derivative Instruments | Balance Sheet Location | March 31, 2014 | |||||
Canadian dollar foreign exchange forward contracts | Other current assets | $ | 246 | ||||
Canadian dollar foreign exchange forward contracts | Other current liabilities | (7,036 | ) | ||||
The effect of derivative instruments not designated as hedging instruments on the accompanying Consolidated Statements of Operations was as follows (in thousands): | |||||||
Derivative Instruments | Statement of | Three Months Ended March 31, 2014 | |||||
Operations Location | |||||||
Canadian dollar foreign exchange forward contracts | Loss on foreign exchange | $ | (6,790 | ) |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Estimated fair values of Company's debt | ' | |||||||
The estimated fair values of the Company’s debt with fixed interest rates are as follows: | ||||||||
Carrying Value | Fair Value | |||||||
(In thousands) | ||||||||
31-Dec-13 | $ | 328,473 | $ | 364,329 | ||||
March 31, 2014 | $ | 777,670 | $ | 823,603 | ||||
SHAREHOLDERS_EQUITY_AND_ACCUMU1
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Changes in Accumulated Other Comprehensive Income by component | ' | |||||||||||||||
The following table reflects the changes in accumulated other comprehensive loss by component: | ||||||||||||||||
Pension | Postretirement | Tax effect of | Accumulated | |||||||||||||
medical benefits | other | other | ||||||||||||||
comprehensive | comprehensive | |||||||||||||||
income gains | loss | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | (12,255 | ) | $ | (20,292 | ) | $ | (31,048 | ) | $ | (63,595 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | — | (138 | ) | (138 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 359 | 5 | — | 364 | ||||||||||||
Balance at March 31, 2014 | $ | (11,896 | ) | $ | (20,287 | ) | $ | (31,186 | ) | $ | (63,369 | ) | ||||
Reclassifications out of Accumulated Other Comprehensive Income for the period | ' | |||||||||||||||
The following table reflects the reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2014 are as follows (in thousands): | ||||||||||||||||
Details about accumulated other comprehensive loss components | Amount reclassified from accumulated | Affected line item | ||||||||||||||
other comprehensive loss1 | in the statement | |||||||||||||||
where net income | ||||||||||||||||
Three Months Ended March 31, 2014 | (loss) is presented | |||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||
Actuarial losses | $ | 359 | 2 | |||||||||||||
Amortization of postretirement medical items | ||||||||||||||||
Prior service costs | $ | (159 | ) | 3 | ||||||||||||
Actuarial losses | 164 | 3 | ||||||||||||||
$ | 5 | Total | ||||||||||||||
____________________ | ||||||||||||||||
-1 | Amounts in parentheses indicate debits to income/loss. | |||||||||||||||
-2 | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 5 - Pension for additional details) | |||||||||||||||
-3 | These accumulated other comprehensive loss components are included in the computation of net periodic postretirement medical cost. (See Note 5 - Postretirement Medical Benefits for additional details) |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Compensation cost arising from share-based arrangements | ' | |||||||||||||||||
The Company recognized compensation expense from share-based arrangements shown in the following table: | ||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Recognition of fair value of restricted stock units, stock options and SARs over vesting period; and issuance of stock | $ | 728 | $ | 1,663 | ||||||||||||||
Contributions of stock to the Company's 401(k) plan | — | 723 | ||||||||||||||||
Total share-based compensation expense | $ | 728 | $ | 2,386 | ||||||||||||||
Summary of Restricted Stock Unit activity | ' | |||||||||||||||||
A summary of restricted stock award activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||||||
Units | Weighted | Unamortized | ||||||||||||||||
Average | Compensation | |||||||||||||||||
Grant-Date | Expense | |||||||||||||||||
Fair Value | (In thousands) | |||||||||||||||||
Non-vested at December 31, 2013 | 588,727 | $ | 9.37 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Vested | — | — | ||||||||||||||||
Non-vested at March 31, 2014 | 588,727 | $ | 9.37 | $ | 1,618 | (1) | ||||||||||||
____________________ | ||||||||||||||||||
-1 | Expected to be recognized over the next three years. | |||||||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||||||
Stock Options | Weighted | Weighted | Aggregate Intrinsic | Unamortized | ||||||||||||||
Average | Average | Value | Compensation | |||||||||||||||
Exercise Price | Remaining | (In thousands) | Expense | |||||||||||||||
Contractual | (In thousands) | |||||||||||||||||
Life | ||||||||||||||||||
(In years) | ||||||||||||||||||
Outstanding at December 31, 2013 | 145,806 | $ | 21.97 | |||||||||||||||
Exercised | — | $ | — | |||||||||||||||
Expired | — | $ | — | |||||||||||||||
Outstanding and exercisable at March 31, 2014 | 145,806 | $ | 21.97 | 4 | $ | 1,139 | $ | — | ||||||||||
Summary of Stock Appreciation Rights | ' | |||||||||||||||||
A summary of SARs activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||||||
SARs | Weighted | Weighted | Aggregate Intrinsic | Unamortized | ||||||||||||||
Average Exercise Price | Average | Value | Compensation | |||||||||||||||
Remaining | (In thousands) | Expense | ||||||||||||||||
Contractual | (In thousands) | |||||||||||||||||
Life | ||||||||||||||||||
(In years) | ||||||||||||||||||
Outstanding at December 31, 2013 | 70,734 | $ | 22.6 | |||||||||||||||
Exercised | (25,667 | ) | $ | — | ||||||||||||||
Expired | — | $ | — | |||||||||||||||
Outstanding and exercisable at March 31, 2014 | 45,067 | $ | 23.95 | 1.9 | $ | 352 | $ | — | ||||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||
The table below shows the number of shares that were excluded from the calculation of diluted loss per share because their inclusion would be anti-dilutive to the calculation: | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Convertible securities | 828 | 1,093 | ||||
Restricted stock units, stock options and SARs | 779 | 978 | ||||
Total shares excluded from diluted shares calculation | 1,607 | 2,071 | ||||
BUSINESS_SEGMENT_INFORMATION_T
BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Summarized financial information by segment | ' | |||||||||||||||||||
Summarized financial information by segment is as follows: | ||||||||||||||||||||
Coal | Power | Heritage | Corporate | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Revenues | $ | 158,190 | $ | 22,012 | $ | — | $ | — | $ | 180,202 | ||||||||||
Restructuring charges | — | 397 | — | — | 397 | |||||||||||||||
Depreciation, depletion, and amortization | 13,459 | 2,524 | — | 76 | 16,059 | |||||||||||||||
Operating income (loss) | 13,447 | 1,744 | (3,830 | ) | (3,308 | ) | 8,053 | |||||||||||||
Total assets | 697,916 | 167,998 | 15,622 | 525,611 | 1,407,147 | |||||||||||||||
Capital expenditures | 3,053 | 35 | — | (38 | ) | 3,050 | ||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Revenues | $ | 142,112 | $ | 19,336 | $ | — | $ | — | $ | 161,448 | ||||||||||
Depreciation, depletion, and amortization | 11,801 | 2,531 | — | 94 | 14,426 | |||||||||||||||
Operating income (loss) | 13,472 | (1,003 | ) | (4,175 | ) | (2,560 | ) | 5,734 | ||||||||||||
Total assets | 711,128 | 186,309 | 15,877 | 29,701 | 943,015 | |||||||||||||||
Capital expenditures | 5,010 | 134 | — | 157 | 5,301 | |||||||||||||||
Reconciliation of segment operating income to income (loss) | ' | |||||||||||||||||||
A reconciliation of segment income (loss) from operations to loss before income taxes follows: | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Income from operations | $ | 8,053 | $ | 5,734 | ||||||||||||||||
Interest expense | (20,798 | ) | (10,160 | ) | ||||||||||||||||
Interest income | 302 | 297 | ||||||||||||||||||
Loss on foreign exchange | (6,790 | ) | — | |||||||||||||||||
Other income | 93 | 70 | ||||||||||||||||||
Loss before income taxes | $ | (19,140 | ) | $ | (4,059 | ) |
SUPPLEMENTAL_CONSOLIDATING_FIN1
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Supplemental Consolidating Balance Sheet Information | ' | ||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 28,759 | $ | 4,043 | $ | 8,794 | $ | 20,304 | $ | — | $ | 61,900 | |||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,456 | 22,857 | 29,402 | — | 64,715 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 44 | 8,169 | — | 8,213 | |||||||||||||||||||
Intercompany receivable/payable | (2,263 | ) | — | 3,499 | (33,946 | ) | 32,710 | — | |||||||||||||||||
Other | 273 | 208 | 244 | 681 | (31 | ) | 1,375 | ||||||||||||||||||
(1,990 | ) | 12,664 | 26,644 | 4,306 | 32,679 | 74,303 | |||||||||||||||||||
Inventories | — | 1,845 | 15,133 | 18,469 | — | 35,447 | |||||||||||||||||||
Restricted investments and bond collateral | 16,900 | — | — | — | — | 16,900 | |||||||||||||||||||
Other current assets | 7,044 | 425 | 3,168 | 6,005 | 1 | 16,643 | |||||||||||||||||||
Total current assets | 50,713 | 18,977 | 53,739 | 49,084 | 32,680 | 205,193 | |||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 104,640 | 172,163 | — | 278,198 | |||||||||||||||||||
Plant and equipment | 3,966 | 220,932 | 245,368 | 202,923 | — | 673,189 | |||||||||||||||||||
3,966 | 222,327 | 350,008 | 375,086 | — | 951,387 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,781 | 74,177 | 138,718 | 246,079 | (1 | ) | 461,754 | ||||||||||||||||||
Net property, plant and equipment | 1,185 | 148,150 | 211,290 | 129,007 | 1 | 489,633 | |||||||||||||||||||
Advanced coal royalties | — | — | 3,000 | 4,263 | — | 7,263 | |||||||||||||||||||
Reclamation deposits | — | — | — | 75,315 | — | 75,315 | |||||||||||||||||||
Restricted investments and bond collateral | 469,385 | — | 36,615 | 17,483 | — | 523,483 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 302 | 87,734 | — | 88,036 | |||||||||||||||||||
Intangible assets | — | 871 | — | 228 | — | 1,099 | |||||||||||||||||||
Investment in subsidiaries | 237,926 | — | — | 3,770 | (241,696 | ) | — | ||||||||||||||||||
Other assets | 15,563 | — | 569 | 4,493 | (3,500 | ) | 17,125 | ||||||||||||||||||
Total assets | $ | 774,772 | $ | 167,998 | $ | 305,515 | $ | 371,377 | $ | (212,515 | ) | $ | 1,407,147 | ||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Liabilities and Shareholders’ Deficit | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current installments of long-term debt | $ | 22,785 | $ | — | $ | 4,596 | $ | 21,205 | $ | — | $ | 48,586 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade | 9,000 | 6,331 | 14,710 | 32,557 | — | 62,598 | |||||||||||||||||||
Production taxes | — | 405 | 22,442 | 23,947 | — | 46,794 | |||||||||||||||||||
Workers’ compensation | 712 | — | — | — | — | 712 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 329 | 1,583 | 1 | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,581 | 4,813 | 1,640 | — | 16,034 | |||||||||||||||||||
Asset retirement obligations | — | — | 3,554 | 18,673 | — | 22,227 | |||||||||||||||||||
Other current liabilities | 19,196 | 5,053 | — | 172 | (31 | ) | 24,390 | ||||||||||||||||||
Total current liabilities | 64,125 | 21,370 | 50,444 | 99,777 | (30 | ) | 235,686 | ||||||||||||||||||
Long-term debt, less current installments | 677,385 | — | 12,912 | 64,848 | (3,500 | ) | 751,645 | ||||||||||||||||||
Workers’ compensation, less current portion | 6,680 | — | — | — | — | 6,680 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 9,376 | — | — | — | — | 9,376 | |||||||||||||||||||
Postretirement medical benefits, less current portion | 185,447 | — | 50,472 | 35,356 | — | 271,275 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 12,921 | 98 | 9,494 | 1,011 | — | 23,524 | |||||||||||||||||||
Deferred revenue, less current portion | — | 38,325 | — | 4,974 | — | 43,299 | |||||||||||||||||||
Asset retirement obligations, less current portion | — | 909 | 51,300 | 206,827 | — | 259,036 | |||||||||||||||||||
Intangible liabilities | — | 5,339 | — | — | — | 5,339 | |||||||||||||||||||
Other liabilities | 6,440 | — | — | 1,063 | — | 7,503 | |||||||||||||||||||
Intercompany receivable/payable | 18,613 | — | (4,326 | ) | 5,633 | (19,920 | ) | — | |||||||||||||||||
Total liabilities | 980,987 | 66,041 | 170,296 | 419,489 | (23,450 | ) | 1,613,363 | ||||||||||||||||||
Shareholders’ deficit | |||||||||||||||||||||||||
Preferred stock | 121 | — | — | — | — | 121 | |||||||||||||||||||
Common stock | 37,155 | 5 | 110 | 132 | (247 | ) | 37,155 | ||||||||||||||||||
Other paid-in capital | 134,953 | 52,842 | 92,896 | 66,027 | (211,766 | ) | 134,952 | ||||||||||||||||||
Accumulated other comprehensive loss | (63,369 | ) | (162 | ) | 17,372 | (13,937 | ) | (3,273 | ) | (63,369 | ) | ||||||||||||||
Accumulated earnings (deficit) | (315,075 | ) | 49,272 | 24,841 | (100,334 | ) | 26,221 | (315,075 | ) | ||||||||||||||||
Total equity (deficit) | (206,215 | ) | 101,957 | 135,219 | (48,112 | ) | (189,065 | ) | (206,216 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 774,772 | $ | 167,998 | $ | 305,515 | $ | 371,377 | $ | (212,515 | ) | $ | 1,407,147 | ||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 25,326 | $ | 3,341 | $ | 7,942 | $ | 24,501 | $ | — | $ | 61,110 | |||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,934 | 17,389 | 35,873 | — | 66,196 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 44 | 8,443 | — | 8,487 | |||||||||||||||||||
Intercompany receivable/payable | (3,568 | ) | — | 4,384 | (33,681 | ) | 32,865 | — | |||||||||||||||||
Other | 95 | 210 | 2,974 | 1,831 | (24 | ) | 5,086 | ||||||||||||||||||
(3,473 | ) | 13,144 | 24,791 | 12,466 | 32,841 | 79,769 | |||||||||||||||||||
Inventories | — | 6,161 | 16,077 | 17,735 | (1 | ) | 39,972 | ||||||||||||||||||
Deferred income taxes | — | — | 870 | — | (870 | ) | — | ||||||||||||||||||
Restricted investments and bond collateral | — | 5,998 | — | — | — | 5,998 | |||||||||||||||||||
Other current assets | 6,115 | 143 | 6,883 | 5,049 | — | 18,190 | |||||||||||||||||||
Total current assets | 27,968 | 28,787 | 56,563 | 59,751 | 31,970 | 205,039 | |||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 104,631 | 172,163 | (1 | ) | 278,188 | ||||||||||||||||||
Plant and equipment | 3,939 | 220,872 | 229,998 | 202,886 | 1 | 657,696 | |||||||||||||||||||
3,939 | 222,267 | 334,629 | 375,049 | — | 935,884 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,705 | 71,653 | 132,189 | 239,302 | (1 | ) | 445,848 | ||||||||||||||||||
Net property, plant and equipment | 1,234 | 150,614 | 202,440 | 135,747 | 1 | 490,036 | |||||||||||||||||||
Advanced coal royalties | — | — | 3,000 | 4,311 | — | 7,311 | |||||||||||||||||||
Reclamation deposits | — | — | — | 74,921 | — | 74,921 | |||||||||||||||||||
Restricted investments and bond collateral | 15,134 | — | 36,619 | 17,482 | — | 69,235 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 293 | 88,010 | — | 88,303 | |||||||||||||||||||
Intangible assets | — | 1,283 | — | 238 | (1 | ) | 1,520 | ||||||||||||||||||
Investment in subsidiaries | 266,847 | — | — | 3,770 | (270,617 | ) | — | ||||||||||||||||||
Other assets | 8,636 | — | 586 | 3,098 | (2,000 | ) | 10,320 | ||||||||||||||||||
Total assets | $ | 319,819 | $ | 180,684 | $ | 299,501 | $ | 387,328 | $ | (240,647 | ) | $ | 946,685 | ||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Liabilities and Shareholders’ Deficit | Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current installments of long-term debt | $ | 20,392 | $ | — | $ | 2,790 | $ | 21,161 | $ | — | $ | 44,343 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade | 4,122 | 10,119 | 12,522 | 30,743 | 1 | 57,507 | |||||||||||||||||||
Production taxes | — | 3 | 17,429 | 24,472 | 1 | 41,905 | |||||||||||||||||||
Workers’ compensation | 717 | — | — | — | — | 717 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 329 | 1,583 | 1 | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,024 | 3,969 | 1,075 | — | 14,068 | |||||||||||||||||||
Asset retirement obligations | — | — | 3,104 | 20,250 | (1 | ) | 23,353 | ||||||||||||||||||
Other current liabilities | 11,302 | 5,053 | 317 | 142 | (24 | ) | 16,790 | ||||||||||||||||||
Total current liabilities | 48,965 | 24,199 | 40,460 | 99,426 | (22 | ) | 213,028 | ||||||||||||||||||
Long-term debt, less current installments | 224,582 | — | 2,664 | 70,248 | (2,000 | ) | 295,494 | ||||||||||||||||||
Workers’ compensation, less current portion | 6,744 | — | — | — | — | 6,744 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 8,675 | — | — | — | — | 8,675 | |||||||||||||||||||
Postretirement medical benefits, less current portion | 185,858 | — | 49,418 | 35,098 | — | 270,374 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 13,069 | 99 | 9,381 | 1,627 | — | 24,176 | |||||||||||||||||||
Deferred revenue, less current portion | — | 41,297 | — | 5,271 | (1 | ) | 46,567 | ||||||||||||||||||
Asset retirement obligations, less current portion | — | 892 | 50,472 | 205,147 | — | 256,511 | |||||||||||||||||||
Intangible liabilities | — | 5,606 | — | — | — | 5,606 | |||||||||||||||||||
Other liabilities | 5,939 | — | 6,220 | 1,450 | (6,220 | ) | 7,389 | ||||||||||||||||||
Intercompany receivable/payable | 13,866 | — | 525 | 6,434 | (20,825 | ) | — | ||||||||||||||||||
Total liabilities | 507,698 | 72,093 | 159,140 | 424,701 | (29,068 | ) | 1,134,564 | ||||||||||||||||||
Shareholders’ deficit | |||||||||||||||||||||||||
Preferred stock | 160 | — | — | — | — | 160 | |||||||||||||||||||
Common stock | 36,479 | 5 | 110 | 132 | (247 | ) | 36,479 | ||||||||||||||||||
Other paid-in capital | 134,861 | 52,835 | 94,370 | 64,401 | (211,606 | ) | 134,861 | ||||||||||||||||||
Accumulated other comprehensive loss | (63,595 | ) | (164 | ) | 17,492 | (14,153 | ) | (3,175 | ) | (63,595 | ) | ||||||||||||||
Accumulated earnings (deficit) | (295,784 | ) | 55,915 | 28,389 | (87,753 | ) | 3,449 | (295,784 | ) | ||||||||||||||||
Total equity (deficit) | (187,879 | ) | 108,591 | 140,361 | (37,373 | ) | (211,579 | ) | (187,879 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 319,819 | $ | 180,684 | $ | 299,501 | $ | 387,328 | $ | (240,647 | ) | $ | 946,685 | ||||||||||||
Supplemental Consolidating Statement of Operations Information | ' | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 22,012 | $ | 64,292 | $ | 93,898 | $ | — | $ | 180,202 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | — | 16,454 | 50,558 | 71,618 | — | 138,630 | |||||||||||||||||||
Depreciation, depletion and amortization | 76 | 2,524 | 6,269 | 7,190 | — | 16,059 | |||||||||||||||||||
Selling and administrative | 3,746 | 894 | 2,994 | 5,697 | — | 13,331 | |||||||||||||||||||
Heritage health benefit expenses | 3,326 | — | — | 218 | — | 3,544 | |||||||||||||||||||
Loss (gain) on sales of assets | — | — | (1 | ) | 39 | — | 38 | ||||||||||||||||||
Restructuring charges | — | 397 | — | — | — | 397 | |||||||||||||||||||
Other operating income | — | — | 150 | — | — | 150 | |||||||||||||||||||
7,148 | 20,269 | 59,970 | 84,762 | — | 172,149 | ||||||||||||||||||||
Operating income (loss) | (7,148 | ) | 1,743 | 4,322 | 9,136 | — | 8,053 | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (18,673 | ) | (44 | ) | (110 | ) | (1,978 | ) | 7 | (20,798 | ) | ||||||||||||||
Interest income | 123 | 4 | 25 | 157 | (7 | ) | 302 | ||||||||||||||||||
Loss on foreign exchange | (6,790 | ) | — | — | — | — | (6,790 | ) | |||||||||||||||||
Other income | 1 | — | 55 | 37 | — | 93 | |||||||||||||||||||
(25,339 | ) | (40 | ) | (30 | ) | (1,784 | ) | — | (27,193 | ) | |||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (32,487 | ) | 1,703 | 4,292 | 7,352 | — | (19,140 | ) | |||||||||||||||||
Equity in income of subsidiaries | 13,319 | — | — | — | (13,319 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (19,168 | ) | 1,703 | 4,292 | 7,352 | (13,319 | ) | (19,140 | ) | ||||||||||||||||
Income tax expense (benefit) | (138 | ) | — | (1,511 | ) | 6,626 | (5,087 | ) | (110 | ) | |||||||||||||||
Net income (loss) | (19,030 | ) | 1,703 | 5,803 | 726 | (8,232 | ) | (19,030 | ) | ||||||||||||||||
Less net loss attributable to noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (19,030 | ) | $ | 1,703 | $ | 5,803 | $ | 726 | $ | (8,232 | ) | $ | (19,030 | ) | ||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 19,336 | $ | 50,687 | $ | 100,401 | $ | (8,976 | ) | $ | 161,448 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | — | 16,954 | 40,421 | 82,022 | (8,976 | ) | 130,421 | ||||||||||||||||||
Depreciation, depletion and amortization | 94 | 2,531 | 5,189 | 6,612 | — | 14,426 | |||||||||||||||||||
Selling and administrative | 3,054 | 855 | 2,637 | 5,341 | — | 11,887 | |||||||||||||||||||
Heritage health benefit expenses | 3,689 | — | — | 262 | — | 3,951 | |||||||||||||||||||
Gain on sales of assets | — | — | (133 | ) | (101 | ) | — | (234 | ) | ||||||||||||||||
Other operating income | — | — | (4,737 | ) | — | — | (4,737 | ) | |||||||||||||||||
6,837 | 20,340 | 43,377 | 94,136 | (8,976 | ) | 155,714 | |||||||||||||||||||
Operating income (loss) | (6,837 | ) | (1,004 | ) | 7,310 | 6,265 | — | 5,734 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (7,584 | ) | (10 | ) | (74 | ) | (2,500 | ) | 8 | (10,160 | ) | ||||||||||||||
Interest income | 30 | 10 | 44 | 221 | (8 | ) | 297 | ||||||||||||||||||
Other income (loss) | — | — | 92 | (22 | ) | — | 70 | ||||||||||||||||||
(7,554 | ) | — | 62 | (2,301 | ) | — | (9,793 | ) | |||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (14,391 | ) | (1,004 | ) | 7,372 | 3,964 | — | (4,059 | ) | ||||||||||||||||
Equity in income of subsidiaries | 10,304 | — | — | — | (10,304 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (4,087 | ) | (1,004 | ) | 7,372 | 3,964 | (10,304 | ) | (4,059 | ) | |||||||||||||||
Income tax expense (benefit) | — | — | 496 | 2,823 | (3,291 | ) | 28 | ||||||||||||||||||
Net income (loss) | (4,087 | ) | (1,004 | ) | 6,876 | 1,141 | (7,013 | ) | (4,087 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | (1,702 | ) | — | — | — | — | (1,702 | ) | |||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (2,385 | ) | $ | (1,004 | ) | $ | 6,876 | $ | 1,141 | $ | (7,013 | ) | $ | (2,385 | ) | |||||||||
Supplemental Consolidating Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (19,030 | ) | $ | 1,703 | $ | 5,803 | $ | 726 | $ | (8,232 | ) | $ | (19,030 | ) | ||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 359 | 2 | — | 128 | (130 | ) | 359 | ||||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 5 | — | (119 | ) | 88 | 31 | 5 | ||||||||||||||||||
Tax effect of other comprehensive income gains | (138 | ) | — | — | — | — | (138 | ) | |||||||||||||||||
Other comprehensive income (loss) | 226 | 2 | (119 | ) | 216 | (99 | ) | 226 | |||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (18,804 | ) | $ | 1,705 | $ | 5,684 | $ | 942 | $ | (8,331 | ) | $ | (18,804 | ) | ||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (4,087 | ) | $ | (1,004 | ) | $ | 6,876 | $ | 1,141 | $ | (7,013 | ) | $ | (4,087 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 741 | 6 | — | 193 | (199 | ) | 741 | ||||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 1,001 | — | — | 213 | (213 | ) | 1,001 | ||||||||||||||||||
Other comprehensive income (loss) | 1,742 | 6 | — | 406 | (412 | ) | 1,742 | ||||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (2,345 | ) | $ | (998 | ) | $ | 6,876 | $ | 1,547 | $ | (7,425 | ) | $ | (2,345 | ) | |||||||||
Supplemental Consolidating Statement of Cash Flow Information | ' | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Statements of Cash Flows | Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (19,030 | ) | $ | 1,703 | $ | 5,803 | $ | 726 | $ | (8,232 | ) | $ | (19,030 | ) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | (13,319 | ) | — | — | — | 13,319 | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 76 | 2,524 | 6,269 | 7,190 | — | 16,059 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 18 | 1,278 | 2,183 | — | 3,479 | |||||||||||||||||||
Non-cash tax benefits | (138 | ) | — | — | — | — | (138 | ) | |||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 146 | — | 7 | — | 153 | |||||||||||||||||||
Share-based compensation | 569 | 7 | 37 | 115 | — | 728 | |||||||||||||||||||
Loss (gain) on sales of assets | — | — | (1 | ) | 39 | — | 38 | ||||||||||||||||||
Amortization of deferred financing costs | 149 | — | — | 122 | — | 271 | |||||||||||||||||||
Loss on foreign exchange | 6,790 | — | — | — | — | 6,790 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | (178 | ) | 480 | (2,738 | ) | 6,104 | 1,534 | 5,202 | |||||||||||||||||
Inventories | — | 4,316 | 944 | (735 | ) | — | 4,525 | ||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 701 | — | — | — | — | 701 | |||||||||||||||||||
Accounts payable and accrued expenses | 5,670 | (3,386 | ) | 7,356 | 1,327 | (8 | ) | 10,959 | |||||||||||||||||
Deferred revenue | — | (2,415 | ) | 844 | 269 | — | (1,302 | ) | |||||||||||||||||
Income tax payable | — | — | — | 28 | — | 28 | |||||||||||||||||||
Accrual for workers’ compensation | (69 | ) | — | — | — | — | (69 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (9 | ) | (1,343 | ) | — | (1,352 | ) | ||||||||||||||||
Accrual for postretirement medical benefits | (374 | ) | — | 935 | 345 | — | 906 | ||||||||||||||||||
Pension and SERP obligations | 83 | 1 | 113 | (490 | ) | — | (293 | ) | |||||||||||||||||
Other assets and liabilities | (183 | ) | (309 | ) | (1,616 | ) | (2,880 | ) | 6,981 | 1,993 | |||||||||||||||
Distributions received from subsidiaries | 42,500 | — | — | — | (42,500 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | 23,247 | 3,085 | 19,215 | 13,007 | (28,906 | ) | 29,648 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | 38 | (35 | ) | (2,609 | ) | (444 | ) | — | (3,050 | ) | |||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | (471,151 | ) | 5,998 | 4 | (395 | ) | — | (465,544 | ) | ||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||||
Other | — | — | — | (60 | ) | — | (60 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | (471,113 | ) | 5,963 | (2,605 | ) | (909 | ) | — | (468,664 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | — | (317 | ) | 2 | — | (315 | ) | |||||||||||||||||
Borrowings from long-term debt | 454,219 | — | — | — | — | 454,219 | |||||||||||||||||||
Repayments of long-term debt | — | — | (875 | ) | (5,364 | ) | — | (6,239 | ) | ||||||||||||||||
Debt issuance costs and other refinancing costs | (7,598 | ) | — | — | — | — | (7,598 | ) | |||||||||||||||||
Dividends/distributions | (261 | ) | (8,500 | ) | (18,000 | ) | (16,000 | ) | 42,500 | (261 | ) | ||||||||||||||
Transactions with Parent/affiliates | 4,939 | 154 | 3,434 | 5,067 | (13,594 | ) | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 451,299 | (8,346 | ) | (15,758 | ) | (16,295 | ) | 28,906 | 439,806 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,433 | 702 | 852 | (4,197 | ) | — | 790 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | 25,326 | 3,341 | 7,942 | 24,501 | — | 61,110 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 28,759 | $ | 4,043 | $ | 8,794 | $ | 20,304 | $ | — | $ | 61,900 | |||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Statements of Cash Flows | Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income (loss) | $ | (4,087 | ) | $ | (1,004 | ) | $ | 6,876 | $ | 1,141 | $ | (7,013 | ) | $ | (4,087 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | (10,304 | ) | — | — | — | 10,304 | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 94 | 2,531 | 5,189 | 6,612 | — | 14,426 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 16 | 1,050 | 2,114 | — | 3,180 | |||||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 156 | — | 8 | — | 164 | |||||||||||||||||||
Share-based compensation | 682 | 10 | 681 | 1,013 | — | 2,386 | |||||||||||||||||||
Gain on sales of assets | — | — | (133 | ) | (101 | ) | — | (234 | ) | ||||||||||||||||
Amortization of deferred financing costs | 771 | — | 13 | 149 | — | 933 | |||||||||||||||||||
Loss on sales of investment securities | — | — | 7 | — | — | 7 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | 49 | 2,885 | (2,467 | ) | (3,355 | ) | 3,008 | 120 | |||||||||||||||||
Inventories | — | (2,181 | ) | (753 | ) | 247 | — | (2,687 | ) | ||||||||||||||||
Excess of black lung benefit obligation over trust assets | 83 | — | — | — | — | 83 | |||||||||||||||||||
Accounts payable and accrued expenses | (8,202 | ) | 5,960 | (10 | ) | 6,979 | (1,482 | ) | 3,245 | ||||||||||||||||
Deferred revenue | — | (1,927 | ) | 1,703 | 384 | — | 160 | ||||||||||||||||||
Income tax payable | — | — | (1,679 | ) | 1,706 | — | 27 | ||||||||||||||||||
Accrual for workers’ compensation | (191 | ) | — | — | — | — | (191 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (190 | ) | (3,017 | ) | — | (3,207 | ) | ||||||||||||||||
Accrual for postretirement medical benefits | (100 | ) | — | 1,478 | 607 | — | 1,985 | ||||||||||||||||||
Pension and SERP obligations | 320 | 4 | 177 | 241 | — | 742 | |||||||||||||||||||
Other assets and liabilities | (187 | ) | 465 | (195 | ) | 4,081 | — | 4,164 | |||||||||||||||||
Distributions received from subsidiaries | 19,600 | — | — | — | (19,600 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | (1,472 | ) | 6,915 | 11,747 | 18,809 | (14,783 | ) | 21,216 | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | (157 | ) | (134 | ) | (4,224 | ) | (786 | ) | — | (5,301 | ) | ||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | (398 | ) | (3 | ) | (151 | ) | (5,883 | ) | — | (6,435 | ) | ||||||||||||||
Net proceeds from sales of assets | — | — | 309 | 132 | — | 441 | |||||||||||||||||||
Proceeds from the sale of investments | — | — | 120 | 5,499 | — | 5,619 | |||||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | — | (49 | ) | — | (49 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | (555 | ) | (137 | ) | (3,946 | ) | (1,087 | ) | — | (5,725 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | — | (7 | ) | 827 | — | 820 | ||||||||||||||||||
Repayments of long-term debt | — | — | (713 | ) | (5,860 | ) | — | (6,573 | ) | ||||||||||||||||
Borrowings on revolving lines of credit | — | — | — | 6,000 | — | 6,000 | |||||||||||||||||||
Repayments on revolving lines of credit | — | — | — | (6,000 | ) | — | (6,000 | ) | |||||||||||||||||
Debt issuance costs and other refinancing costs | — | — | — | (156 | ) | — | (156 | ) | |||||||||||||||||
Dividends/distributions | (340 | ) | (6,500 | ) | (8,000 | ) | (5,100 | ) | 19,600 | (340 | ) | ||||||||||||||
Transactions with Parent/affiliates | (22,106 | ) | (16 | ) | 2,255 | 4,076 | 15,791 | — | |||||||||||||||||
Net cash provided by (used in) financing activities | (22,446 | ) | (6,516 | ) | (6,465 | ) | (6,213 | ) | 35,391 | (6,249 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (24,473 | ) | 262 | 1,336 | 11,509 | 20,608 | 9,242 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | 14,836 | 4,545 | 5,362 | 6,867 | — | 31,610 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | (9,637 | ) | $ | 4,807 | $ | 6,698 | $ | 18,376 | $ | 20,608 | $ | 40,852 | ||||||||||||
BASIS_OF_PRESENTATION_Sherritt
BASIS OF PRESENTATION - Sherritt Acquisition (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 24, 2013 | Mar. 31, 2014 | |
Sherritt International Corporation [Member] | Sherritt International Corporation [Member] | |||
mines | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of Mines | ' | ' | 7 | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | 50.00% | ' |
Business Combination, Consideration Transferred | ' | ' | $435,000,000 | ' |
Payments to Acquire Businesses, Gross | ' | ' | 293,000,000 | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | 142,000,000 | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | 18,100,000 |
Loss on foreign exchange | -6,790,000 | 0 | ' | 6,800,000 |
Interest Expense, Debt | ' | ' | ' | 6,100,000 |
Interest Expense | 20,798,000 | 10,160,000 | ' | 4,900,000 |
Other Expenses | ' | ' | ' | $300,000 |
BASIS_OF_PRESENTATION_Debt_Obl
BASIS OF PRESENTATION - Debt Obligations (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | |
Term Debt [Member] | Term Debt [Member] | Senior secured notes | Senior secured notes | Other operating income | New Notes - 10.75% senior notes due 2018 | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt arrangements | $800,231,000 | $339,837,000 | $81,000,000 | $85,500,000 | $251,500,000 | $251,500,000 | ' | ' |
Business interruption insurance proceeds recorded in income | ' | ' | ' | ' | ' | ' | 4,800,000 | ' |
Cash proceeds from business interruption insurance | 4,600,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | $425,000,000 |
Stated interest rate (percent) | ' | ' | 8.02% | ' | 10.75% | ' | ' | 10.75% |
BASIS_OF_PRESENTATION_Restruct
BASIS OF PRESENTATION - Restructuring Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Other Restructuring [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Remaining Period of Contract | ' | ' | ' | '5 years |
Beginning balance | ' | ' | $5,100,000 | ' |
Restructuring charges | 397,000 | 0 | 400,000 | ' |
Restructuring Payments | ' | ' | 400,000 | ' |
Ending balance | ' | ' | $5,100,000 | $5,100,000 |
INVENTORIES_Detail
INVENTORIES (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Coal stockpiles | $1,189 | $543 |
Coal fuel inventories | 1,844 | 6,161 |
Materials and supplies | 33,189 | 34,233 |
Reserve for obsolete inventory | -775 | -965 |
Total | $35,447 | $39,972 |
RESTRICTED_INVESTMENTS_AND_BON2
RESTRICTED INVESTMENTS AND BOND COLLATERAL - Components of Restricted Investments and Bond Collateral (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | $540,383 | $75,233 |
Less current portion | -16,900 | -5,998 |
Total restricted investments and bond collateral, less current portion | 523,483 | 69,235 |
Debt Reserve Account | Coal Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 13,068 | 13,067 |
Reclamation Bond Collateral | Coal Segment | Kemmerer Mine | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 24,944 | 24,966 |
Reclamation Bond Collateral | Coal Segment | Absaloka Mine | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 11,670 | 11,653 |
Reclamation Bond Collateral | Coal Segment | Rosebud Mine | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 3,145 | 3,145 |
Reclamation Bond Collateral | Coal Segment | Beulah Mine | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 1,270 | 1,270 |
Letter of Credit Account | Power Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 0 | 5,998 |
Proceeds From New Notes Held In Escrow | Corporate Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 454,219 | 0 |
Other Requirements for Sherritt Acquisition Held in Escrow | Corporate Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 16,900 | 0 |
Postretirement Medical Benefit Bonds | Corporate Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 8,481 | 8,467 |
Workers' Compensation Bonds | Corporate Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | $6,686 | $6,667 |
RESTRICTED_INVESTMENTS_AND_BON3
RESTRICTED INVESTMENTS AND BOND COLLATERAL - Carrying Value and Estimated Fair Value of Restricted Investments and Bond Collateral (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Restricted investments and bond collateral | $523,483 | $69,235 |
Carrying Value | ' | ' |
Investment [Line Items] | ' | ' |
Cash and cash equivalents | 503,391 | ' |
Time deposits | 2,444 | ' |
Held-to-maturity securities | 34,548 | ' |
Restricted investments and bond collateral | 540,383 | ' |
Fair Value | ' | ' |
Investment [Line Items] | ' | ' |
Cash and cash equivalents | 503,391 | ' |
Time deposits | 2,444 | ' |
Held-to-maturity securities | 34,707 | ' |
Restricted investments and bond collateral | $540,542 | ' |
RESTRICTED_INVESTMENTS_AND_BON4
RESTRICTED INVESTMENTS AND BOND COLLATERAL - Amortized Cost, Gross Unrealized Holding Gains and Losses and Fair Value of Held-to-Maturity Securities (Detail) (Held-to-maturity securities, USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Held-to-maturity securities | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Amortized cost | $34,548 |
Gross unrealized holding gains | 440 |
Gross unrealized holding losses | -281 |
Fair value | $34,707 |
RESTRICTED_INVESTMENTS_AND_BON5
RESTRICTED INVESTMENTS AND BOND COLLATERAL - Maturities of Held-to-Maturity Securities (Detail) (Held-to-maturity securities, USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Held-to-maturity securities | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Within one year, Amortized cost | $1,193 |
Due in five years or less, Amortized cost | 19,539 |
Due after five years to ten years, Amortized cost | 6,718 |
Due in more than ten years, Amortized cost | 7,098 |
Maturities of held-to-maturity securities, Amortized cost | 34,548 |
Within one year, Fair Value | 1,217 |
Due in five years or less, Fair Value | 19,752 |
Due after five years to ten years, Fair Value | 6,717 |
Due in more than ten years, Fair Value | 7,021 |
Fair value | $34,707 |
LINES_OF_CREDIT_AND_LONGTERM_D2
LINES OF CREDIT AND LONG-TERM DEBT - Outstanding Lines of Credit and Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | $800,231 | $339,837 |
Less current portion | -48,586 | -44,343 |
Total debt outstanding, less current portion | 751,645 | 295,494 |
10.75% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 251,500 | 251,500 |
New Notes - 10.75% senior notes due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 425,000 | 0 |
WML Term Debt due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 81,000 | 85,500 |
Capital Lease Obligations | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 21,465 | 10,153 |
Other | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | 1,093 | 1,209 |
Debt premium (discount), net | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt outstanding | $20,173 | ($8,525) |
LINES_OF_CREDIT_AND_LONGTERM_D3
LINES OF CREDIT AND LONG-TERM DEBT - Contractual Maturities of Long Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $19,569 | ' |
2015 | 24,710 | ' |
2016 | 24,055 | ' |
2017 | 24,664 | ' |
2018 | 684,556 | ' |
Thereafter | 2,504 | ' |
Total | 780,058 | ' |
Less: debt premium (discount), net | 20,173 | ' |
Total debt outstanding | $800,231 | $339,837 |
LINES_OF_CREDIT_AND_LONGTERM_D4
LINES OF CREDIT AND LONG-TERM DEBT - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Feb. 07, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | 10.75% Senior Notes | Senior Notes Due 2018 | Senior Notes Due 2018 | Term Debt [Member] | Sherritt International Corporation [Member] | Subsequent Event | Kemmerer Mine |
Add-On Notes | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $425 | ' | ' | ' | $425 | ' |
Debt Instrument Price As Percentage Of Face Value | ' | 106.88% | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | 454.2 | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Premium | ' | 29.2 | ' | ' | ' | ' | ' |
Stated interest rate (percent) | 10.75% | 10.75% | 10.75% | 8.02% | ' | 10.75% | ' |
Debt issuance costs capitalized | ' | ' | 7.6 | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | 293 | ' | ' |
Cash Bonding Obligations Financed By Net Proceeds Of Debt Issued | ' | 58 | ' | ' | ' | ' | ' |
Payments for Debt Issuance and Business Acquisition Transaction Costs | ' | 26 | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | 101.00% | ' | ' | ' | ' |
Capital Lease Obligations | ' | ' | ' | ' | ' | ' | $12.90 |
POSTRETIREMENT_MEDICAL_BENEFIT2
POSTRETIREMENT MEDICAL BENEFITS AND PENSION - Postretirement Medicial Benefit Obligations Balance Sheet Disclosures (Details) (Postretirement Medical Benefits, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Postretirement Medical Benefits | ' | ' |
Components of net periodic benefit cost: | ' | ' |
Service cost | $822 | $1,109 |
Interest cost | 3,203 | 3,035 |
Amortization of deferred items | 5 | 1,001 |
Total net periodic benefit cost | $4,030 | $5,145 |
POSTRETIREMENT_MEDICAL_BENEFIT3
POSTRETIREMENT MEDICAL BENEFITS AND PENSION - Postretirement Medical Benefit Obligations Income Statement Disclosures (Details) (Postretirement Medical Benefits, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net periodic postretirement medical benefit costs relating to current and former mining operations: | ' | ' |
Total net periodic benefit cost | $4,030 | $5,145 |
Former Mining Operations | ' | ' |
Net periodic postretirement medical benefit costs relating to current and former mining operations: | ' | ' |
Total net periodic benefit cost | 2,403 | 3,119 |
Current Operations | ' | ' |
Net periodic postretirement medical benefit costs relating to current and former mining operations: | ' | ' |
Total net periodic benefit cost | $1,627 | $2,026 |
POSTRETIREMENT_MEDICAL_BENEFIT4
POSTRETIREMENT MEDICAL BENEFITS AND PENSION - Pension Benefit Disclosures (Details) (Pension, USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Pension | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Service cost | $500,000 | $534,000 |
Interest cost | 1,747,000 | 1,625,000 |
Expected return on plan assets | -2,154,000 | -2,060,000 |
Amortization of deferred items | 359,000 | 741,000 |
Total net periodic benefit cost | 452,000 | 840,000 |
Cash contributions during the period | 600,000 | ' |
Expected contributions during the remainder of 2014 | $3,700,000 | ' |
HERITAGE_HEALTH_BENEFIT_EXPENS2
HERITAGE HEALTH BENEFIT EXPENSES - Components of Costs of Benefits to Former Mining Operation Employees (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Heritage Health Benefit Expenses [Abstract] | ' | ' |
Health care benefits | $2,276 | $3,176 |
Combined benefit fund payments | 512 | 576 |
Workers' compensation benefits | 136 | 116 |
Black lung benefits (credit) | 620 | 83 |
Total | $3,544 | $3,951 |
ASSET_RETIREMENT_OBLIGATIONS_C2
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS - Summary of Asset Retirement Obligations, Contractual Third-Party Reclamation Receivables, and Reclamation Deposits (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | $281,263 | $279,864 | $263,489 | $263,847 |
Contractual Third- Party Reclamation Receivable | 96,249 | ' | ' | ' |
Reclamation deposits | 75,315 | 74,921 | ' | ' |
Rosebud Mine | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 127,989 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 21,656 | ' | ' | ' |
Reclamation deposits | 75,315 | ' | ' | ' |
Jewett Mine | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 74,247 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 74,247 | ' | ' | ' |
Reclamation deposits | 0 | ' | ' | ' |
Absaloka Mine | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 37,286 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 346 | ' | ' | ' |
Reclamation deposits | 0 | ' | ' | ' |
Beulah Mine | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 17,764 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 0 | ' | ' | ' |
Reclamation deposits | 0 | ' | ' | ' |
Kemmerer Mine | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 17,569 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 0 | ' | ' | ' |
Reclamation deposits | 0 | ' | ' | ' |
Savage | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 5,499 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 0 | ' | ' | ' |
Reclamation deposits | 0 | ' | ' | ' |
ROVA | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 909 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 0 | ' | ' | ' |
Reclamation deposits | $0 | ' | ' | ' |
ASSET_RETIREMENT_OBLIGATIONS_C3
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS - Changes in Company's Asset Retirement Obligations (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset retirement obligations, beginning of period (including current portion) | $279,864 | $263,847 | ' |
Accretion | 5,836 | 5,481 | ' |
Liabilities settled | -4,437 | -5,839 | ' |
Asset retirement obligations, end of period | 281,263 | 263,489 | ' |
Less current portion | -22,227 | -23,154 | -23,353 |
Asset retirement obligations, less current portion | $259,036 | $240,335 | $256,511 |
ASSET_RETIREMENT_OBLIGATIONS_C4
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS - Carrying Value and Estimated Fair Value of Reclamation Deposits (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | $75,315 | $74,921 |
Carrying Value | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 75,315 | ' |
Carrying Value | Cash and cash equivalents | Level 1 | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 49,627 | ' |
Carrying Value | Held-to-maturity securities | Level 2 | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 25,688 | ' |
Fair Value | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 76,028 | ' |
Fair Value | Cash and cash equivalents | Level 1 | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 49,627 | ' |
Fair Value | Held-to-maturity securities | Level 2 | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | $26,401 | ' |
ASSET_RETIREMENT_OBLIGATIONS_C5
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS - Amortized Cost, Gross Unrealized Holding Gains and Losses and Fair Value of Held-to-Maturity Securities (Detail) (Reclamation Deposits [Member], USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Reclamation Deposits [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Amortized cost | $25,688 |
Gross unrealized holding gains | 826 |
Gross unrealized holding losses | -113 |
Fair value | $26,401 |
ASSET_RETIREMENT_OBLIGATIONS_C6
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS - Maturities of Held-to-Maturity Securities (Detail) (Reclamation Deposits [Member], USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Reclamation Deposits [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Within one year, Amortized cost | $479 |
Due in five years or less, Amortized cost | 17,562 |
Due after five years to ten years, Amortized cost | 4,869 |
Due in more than ten years, Amortized cost | 2,778 |
Maturities of held-to-maturity securities, Amortized cost | 25,688 |
Within one year, Fair Value | 468 |
Due in five years or less, Fair Value | 17,880 |
Due after five years to ten years, Fair Value | 5,023 |
Due in more than ten years, Fair Value | 3,030 |
Fair value | $26,401 |
DERIVATIVE_INSTRUMENTS_Details
DERIVATIVE INSTRUMENTS (Details) (Not Designated as Hedging Instrument [Member], Foreign Exchange Forward [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Derivative [Line Items] | ' |
Derivative, Number of Instruments Held | 2 |
Derivative, Notional Amount | $348,300,000 |
Foreign Currency Gain (Loss) [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Gain (Loss) on Derivative, Net | -6,790,000 |
Other Current Assets [Member] | ' |
Derivative [Line Items] | ' |
Derivative Asset | 246,000 |
Other Current Liabilities [Member] | ' |
Derivative [Line Items] | ' |
Derivative Liability | ($7,036,000) |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Significant unobservable inputs, Level 3, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | $777,670 | $328,473 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | $823,603 | $364,329 |
SHAREHOLDERS_EQUITY_AND_ACCUMU2
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in Accumulated Other Comprehensive Income by component (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | ($63,595) |
Other comprehensive income before reclassifications | -138 |
Amounts reclassified from accumulated other comprehensive income (loss) | 364 |
Balance at end of period | -63,369 |
Defined benefit plans adjustment | Pension | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | -12,255 |
Amounts reclassified from accumulated other comprehensive income (loss) | 359 |
Balance at end of period | -11,896 |
Defined benefit plans adjustment | Postretirement Medical Benefits | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | -20,292 |
Amounts reclassified from accumulated other comprehensive income (loss) | 5 |
Balance at end of period | -20,287 |
Tax effect of other comprehensive income gains | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | -31,048 |
Other comprehensive income before reclassifications | -138 |
Balance at end of period | ($31,186) |
SHAREHOLDERS_EQUITY_AND_ACCUMU3
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of Accumulated Other Comprehensive Income (Details) (Defined benefit plans adjustment, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | |
Pension | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | |
Actuarial losses | $359 | [1],[2] |
Postretirement Medical Benefits | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | |
Prior service costs | -159 | [1],[3] |
Actuarial losses | 164 | [1],[3] |
Amortization of defined benefit pension and postretirement medical benefits | $5 | [1] |
[1] | Amounts in parentheses indicate debits to income/loss. | |
[2] | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 5 - Pension for additional details) | |
[3] | These accumulated other comprehensive loss components are included in the computation of net periodic postretirement medical cost. (See Note 5 - Postretirement Medical Benefits for additional details) |
SHAREHOLDERS_EQUITY_AND_ACCUMU4
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 23, 2014 | Apr. 23, 2014 |
Preferred Stock [Member] | Common Stock [Member] | Subsequent Event | Subsequent Event | |||
Preferred Stock [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Cumulative dividends paid on Series A Convertible Exchangeable Preferred Stock (in USD per share) | ' | ' | $2.13 | ' | ' | ' |
Preferred dividends paid | $261 | $340 | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | 38,737 | ' | 7,830 | ' |
Conversion of convertible notes and securities, shares | ' | ' | ' | 264,641 | ' | 53,486 |
SHAREBASED_COMPENSATION_Compen
SHARE-BASED COMPENSATION - Compensation Expense from Share-Based Arrangements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Recognition of fair value of restricted stock units, stock options, and SARs over vesting period; and issuance of common stock | $728 | $1,663 |
Contributions of stock to the Company's 401(k) plan | 0 | 723 |
Total share-based compensation expense | $728 | $2,386 |
SHAREBASED_COMPENSATION_Summar
SHARE-BASED COMPENSATION - Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | |
Restricted Stock Units (RSUs) | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | |
Balance beginning of period (units) | 588,727 | |
Granted (units) | 0 | |
Vested (units) | 0 | |
Balance end of period (units) | 588,727 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | |
Weighted Average Grant Date Fair Value, beginning of period (in USD per share) | $9.37 | |
Weighted Average Grant Date Fair Value, Awards granted (in USD per share) | $0 | |
Weighted Average Grant Date Fair Value, Awards vested (in USD per share) | $0 | |
Weighted Average Grant Date Fair Value, end of period (in USD per share) | $9.37 | |
Unamortized Compensation Expense | $1,618 | [1] |
[1] | Expected to be recognized over the next three years. |
SHAREBASED_COMPENSATION_Summar1
SHARE-BASED COMPENSATION - Summary of Stock Options and SARs (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Stock Appreciation Rights (SARs) | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance, beginning of period, shares | 70,734 |
Exercised, shares | -25,667 |
Expired, shares | 0 |
Balance, end of period, shares | 45,067 |
Balance, beginning of period, weighted average exercise price | $22.60 |
Exercised, weighted average exercise price | $0 |
Expired, weighted average exercise price | $0 |
Balance, end of period, weighted average exercise price | $23.95 |
Outstanding - Weighted Average Remaining Contractual Life (In years) | '1 year 10 months 24 days |
Exercisable - Weighted Average Remaining Contractual Life (In years) | '1 year 10 months 24 days |
Aggregate Intrinsic Value | $352 |
Unamortized Compensation Expense | 0 |
Granted, shares | 0 |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance, beginning of period, shares | 145,806 |
Exercised, shares | 0 |
Expired, shares | 0 |
Balance, end of period, shares | 145,806 |
Balance, beginning of period, weighted average exercise price | $21.97 |
Exercised, weighted average exercise price | $0 |
Expired, weighted average exercise price | $0 |
Balance, end of period, weighted average exercise price | $21.97 |
Outstanding - Weighted Average Remaining Contractual Life (In years) | '4 years |
Exercisable - Weighted Average Remaining Contractual Life (In years) | '4 years |
Aggregate Intrinsic Value | 1,139 |
Unamortized Compensation Expense | $0 |
Granted, shares | 0 |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION - Narrative (Details) (Restricted Stock Units (RSUs)) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Units (RSUs) | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Period for recognition of unamortized compensation expense | '3 years |
EARNINGS_PER_SHARE_Antidilutiv
EARNINGS PER SHARE - Antidilutive securities excluded from the computation of earnings per share (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Shares excluded from diluted shares calculation | 1,607 | 2,071 |
Convertible securities | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares excluded from diluted shares calculation | 828 | 1,093 |
Restricted stock units, stock options and SARs | ' | ' |
Class of Stock [Line Items] | ' | ' |
Shares excluded from diluted shares calculation | 779 | 978 |
BUSINESS_SEGMENT_INFORMATION_S
BUSINESS SEGMENT INFORMATION - Summarized Financial Information by Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
segments | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of Reportable Segments | 4 | ' | ' |
Revenues | $180,202 | $161,448 | ' |
Restructuring charges | 397 | 0 | ' |
Operating income (loss) | 8,053 | 5,734 | ' |
Depreciation, depletion and amortization | 16,059 | 14,426 | ' |
Total assets | 1,407,147 | 943,015 | 946,685 |
Capital expenditures | 3,050 | 5,301 | ' |
Coal Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 158,190 | 142,112 | ' |
Restructuring charges | 0 | ' | ' |
Operating income (loss) | 13,447 | 13,472 | ' |
Depreciation, depletion and amortization | 13,459 | 11,801 | ' |
Total assets | 697,916 | 711,128 | ' |
Capital expenditures | 3,053 | 5,010 | ' |
Power Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 22,012 | 19,336 | ' |
Restructuring charges | 397 | ' | ' |
Operating income (loss) | 1,744 | -1,003 | ' |
Depreciation, depletion and amortization | 2,524 | 2,531 | ' |
Total assets | 167,998 | 186,309 | ' |
Capital expenditures | 35 | 134 | ' |
Heritage Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Restructuring charges | 0 | ' | ' |
Operating income (loss) | -3,830 | -4,175 | ' |
Depreciation, depletion and amortization | 0 | 0 | ' |
Total assets | 15,622 | 15,877 | ' |
Capital expenditures | 0 | 0 | ' |
Corporate Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Restructuring charges | 0 | ' | ' |
Operating income (loss) | -3,308 | -2,560 | ' |
Depreciation, depletion and amortization | 76 | 94 | ' |
Total assets | 525,611 | 29,701 | ' |
Capital expenditures | ($38) | $157 | ' |
BUSINESS_SEGMENT_INFORMATION_R
BUSINESS SEGMENT INFORMATION - Reconciliation of Segment Operating Income to Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting [Abstract] | ' | ' |
Income (loss) from operations | $8,053 | $5,734 |
Interest expense | -20,798 | -10,160 |
Interest income | 302 | 297 |
Loss on foreign exchange | -6,790 | 0 |
Other income | 93 | 70 |
Loss before income taxes | ($19,140) | ($4,059) |
SUPPLEMENTAL_CONSOLIDATING_FIN2
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Balance Sheet Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $61,900 | $61,110 | $40,852 | $31,610 |
Receivables: | ' | ' | ' | ' |
Trade | 64,715 | 66,196 | ' | ' |
Contractual third-party reclamation receivables | 8,213 | 8,487 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Other | 1,375 | 5,086 | ' | ' |
Total receivables | 74,303 | 79,769 | ' | ' |
Inventories | 35,447 | 39,972 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Restricted investments and bond collateral | 16,900 | 5,998 | ' | ' |
Other current assets | 16,643 | 18,190 | ' | ' |
Total current assets | 205,193 | 205,039 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 278,198 | 278,188 | ' | ' |
Plant and equipment | 673,189 | 657,696 | ' | ' |
Gross property, plant and equipment | 951,387 | 935,884 | ' | ' |
Less accumulated depreciation, depletion and amortization | 461,754 | 445,848 | ' | ' |
Net property, plant and equipment | 489,633 | 490,036 | ' | ' |
Advanced coal royalties | 7,263 | 7,311 | ' | ' |
Reclamation deposits | 75,315 | 74,921 | ' | ' |
Total restricted investments and bond collateral, less current portion | 523,483 | 69,235 | ' | ' |
Contractual third-party reclamation receivables | 88,036 | 88,303 | ' | ' |
Intangible assets | 1,099 | 1,520 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 17,125 | 10,320 | ' | ' |
Total Assets | 1,407,147 | 946,685 | 943,015 | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 48,586 | 44,343 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade | 62,598 | 57,507 | ' | ' |
Production taxes | 46,794 | 41,905 | ' | ' |
Workers' compensation | 712 | 717 | ' | ' |
Postretirement medical benefits | 13,955 | 13,955 | ' | ' |
SERP | 390 | 390 | ' | ' |
Deferred revenue | 16,034 | 14,068 | ' | ' |
Asset retirement obligations | 22,227 | 23,353 | 23,154 | ' |
Other current liabilities | 24,390 | 16,790 | ' | ' |
Total current liabilities | 235,686 | 213,028 | ' | ' |
Long-term debt, less current installments | 751,645 | 295,494 | ' | ' |
Workers' compensation, less current portion | 6,680 | 6,744 | ' | ' |
Excess of black lung benefit obligation over trust assets | 9,376 | 8,675 | ' | ' |
Postretirement medical benefits, less current portion | 271,275 | 270,374 | ' | ' |
Pension and SERP obligations, less current portion | 23,524 | 24,176 | ' | ' |
Deferred revenue, less current portion | 43,299 | 46,567 | ' | ' |
Asset retirement obligations, less current portion | 259,036 | 256,511 | 240,335 | ' |
Intangible liabilities | 5,339 | 5,606 | ' | ' |
Other liabilities | 7,503 | 7,389 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Total liabilities | 1,613,363 | 1,134,564 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 121 | 160 | ' | ' |
Common stock | 37,155 | 36,479 | ' | ' |
Other paid-in capital | 134,952 | 134,861 | ' | ' |
Accumulated other comprehensive loss | -63,369 | -63,595 | ' | ' |
Accumulated earnings (deficit) | -315,075 | -295,784 | ' | ' |
Total equity (deficit) | -206,216 | -187,879 | ' | ' |
Total Liabilities and Shareholders' Deficit | 1,407,147 | 946,685 | ' | ' |
Parent/ Issuer | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 28,759 | 25,326 | -9,637 | 14,836 |
Receivables: | ' | ' | ' | ' |
Trade | 0 | 0 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intercompany receivable/payable | -2,263 | -3,568 | ' | ' |
Other | 273 | 95 | ' | ' |
Total receivables | -1,990 | -3,473 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Restricted investments and bond collateral | 16,900 | 0 | ' | ' |
Other current assets | 7,044 | 6,115 | ' | ' |
Total current assets | 50,713 | 27,968 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 0 | 0 | ' | ' |
Plant and equipment | 3,966 | 3,939 | ' | ' |
Gross property, plant and equipment | 3,966 | 3,939 | ' | ' |
Less accumulated depreciation, depletion and amortization | 2,781 | 2,705 | ' | ' |
Net property, plant and equipment | 1,185 | 1,234 | ' | ' |
Advanced coal royalties | 0 | 0 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Total restricted investments and bond collateral, less current portion | 469,385 | 15,134 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Investment in subsidiaries | 237,926 | 266,847 | ' | ' |
Other assets | 15,563 | 8,636 | ' | ' |
Total Assets | 774,772 | 319,819 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 22,785 | 20,392 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade | 9,000 | 4,122 | ' | ' |
Production taxes | 0 | 0 | ' | ' |
Workers' compensation | 712 | 717 | ' | ' |
Postretirement medical benefits | 12,042 | 12,042 | ' | ' |
SERP | 390 | 390 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Other current liabilities | 19,196 | 11,302 | ' | ' |
Total current liabilities | 64,125 | 48,965 | ' | ' |
Long-term debt, less current installments | 677,385 | 224,582 | ' | ' |
Workers' compensation, less current portion | 6,680 | 6,744 | ' | ' |
Excess of black lung benefit obligation over trust assets | 9,376 | 8,675 | ' | ' |
Postretirement medical benefits, less current portion | 185,447 | 185,858 | ' | ' |
Pension and SERP obligations, less current portion | 12,921 | 13,069 | ' | ' |
Deferred revenue, less current portion | 0 | 0 | ' | ' |
Asset retirement obligations, less current portion | 0 | 0 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Other liabilities | 6,440 | 5,939 | ' | ' |
Intercompany receivable/payable | 18,613 | 13,866 | ' | ' |
Total liabilities | 980,987 | 507,698 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 121 | 160 | ' | ' |
Common stock | 37,155 | 36,479 | ' | ' |
Other paid-in capital | 134,953 | 134,861 | ' | ' |
Accumulated other comprehensive loss | -63,369 | -63,595 | ' | ' |
Accumulated earnings (deficit) | -315,075 | -295,784 | ' | ' |
Total equity (deficit) | -206,215 | -187,879 | ' | ' |
Total Liabilities and Shareholders' Deficit | 774,772 | 319,819 | ' | ' |
Co-Issuer | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 4,043 | 3,341 | 4,807 | 4,545 |
Receivables: | ' | ' | ' | ' |
Trade | 12,456 | 12,934 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Other | 208 | 210 | ' | ' |
Total receivables | 12,664 | 13,144 | ' | ' |
Inventories | 1,845 | 6,161 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Restricted investments and bond collateral | 0 | 5,998 | ' | ' |
Other current assets | 425 | 143 | ' | ' |
Total current assets | 18,977 | 28,787 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 1,395 | 1,395 | ' | ' |
Plant and equipment | 220,932 | 220,872 | ' | ' |
Gross property, plant and equipment | 222,327 | 222,267 | ' | ' |
Less accumulated depreciation, depletion and amortization | 74,177 | 71,653 | ' | ' |
Net property, plant and equipment | 148,150 | 150,614 | ' | ' |
Advanced coal royalties | 0 | 0 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Total restricted investments and bond collateral, less current portion | 0 | 0 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intangible assets | 871 | 1,283 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total Assets | 167,998 | 180,684 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade | 6,331 | 10,119 | ' | ' |
Production taxes | 405 | 3 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 0 | 0 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 9,581 | 9,024 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Other current liabilities | 5,053 | 5,053 | ' | ' |
Total current liabilities | 21,370 | 24,199 | ' | ' |
Long-term debt, less current installments | 0 | 0 | ' | ' |
Workers' compensation, less current portion | 0 | 0 | ' | ' |
Excess of black lung benefit obligation over trust assets | 0 | 0 | ' | ' |
Postretirement medical benefits, less current portion | 0 | 0 | ' | ' |
Pension and SERP obligations, less current portion | 98 | 99 | ' | ' |
Deferred revenue, less current portion | 38,325 | 41,297 | ' | ' |
Asset retirement obligations, less current portion | 909 | 892 | ' | ' |
Intangible liabilities | 5,339 | 5,606 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Total liabilities | 66,041 | 72,093 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | 5 | 5 | ' | ' |
Other paid-in capital | 52,842 | 52,835 | ' | ' |
Accumulated other comprehensive loss | -162 | -164 | ' | ' |
Accumulated earnings (deficit) | 49,272 | 55,915 | ' | ' |
Total equity (deficit) | 101,957 | 108,591 | ' | ' |
Total Liabilities and Shareholders' Deficit | 167,998 | 180,684 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 8,794 | 7,942 | 6,698 | 5,362 |
Receivables: | ' | ' | ' | ' |
Trade | 22,857 | 17,389 | ' | ' |
Contractual third-party reclamation receivables | 44 | 44 | ' | ' |
Intercompany receivable/payable | 3,499 | 4,384 | ' | ' |
Other | 244 | 2,974 | ' | ' |
Total receivables | 26,644 | 24,791 | ' | ' |
Inventories | 15,133 | 16,077 | ' | ' |
Deferred income taxes | ' | 870 | ' | ' |
Restricted investments and bond collateral | 0 | 0 | ' | ' |
Other current assets | 3,168 | 6,883 | ' | ' |
Total current assets | 53,739 | 56,563 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 104,640 | 104,631 | ' | ' |
Plant and equipment | 245,368 | 229,998 | ' | ' |
Gross property, plant and equipment | 350,008 | 334,629 | ' | ' |
Less accumulated depreciation, depletion and amortization | 138,718 | 132,189 | ' | ' |
Net property, plant and equipment | 211,290 | 202,440 | ' | ' |
Advanced coal royalties | 3,000 | 3,000 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Total restricted investments and bond collateral, less current portion | 36,615 | 36,619 | ' | ' |
Contractual third-party reclamation receivables | 302 | 293 | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets | 569 | 586 | ' | ' |
Total Assets | 305,515 | 299,501 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 4,596 | 2,790 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade | 14,710 | 12,522 | ' | ' |
Production taxes | 22,442 | 17,429 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 329 | 329 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 4,813 | 3,969 | ' | ' |
Asset retirement obligations | 3,554 | 3,104 | ' | ' |
Other current liabilities | 0 | 317 | ' | ' |
Total current liabilities | 50,444 | 40,460 | ' | ' |
Long-term debt, less current installments | 12,912 | 2,664 | ' | ' |
Workers' compensation, less current portion | 0 | 0 | ' | ' |
Excess of black lung benefit obligation over trust assets | 0 | 0 | ' | ' |
Postretirement medical benefits, less current portion | 50,472 | 49,418 | ' | ' |
Pension and SERP obligations, less current portion | 9,494 | 9,381 | ' | ' |
Deferred revenue, less current portion | 0 | 0 | ' | ' |
Asset retirement obligations, less current portion | 51,300 | 50,472 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Other liabilities | 0 | 6,220 | ' | ' |
Intercompany receivable/payable | -4,326 | 525 | ' | ' |
Total liabilities | 170,296 | 159,140 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | 110 | 110 | ' | ' |
Other paid-in capital | 92,896 | 94,370 | ' | ' |
Accumulated other comprehensive loss | 17,372 | 17,492 | ' | ' |
Accumulated earnings (deficit) | 24,841 | 28,389 | ' | ' |
Total equity (deficit) | 135,219 | 140,361 | ' | ' |
Total Liabilities and Shareholders' Deficit | 305,515 | 299,501 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 20,304 | 24,501 | 18,376 | 6,867 |
Receivables: | ' | ' | ' | ' |
Trade | 29,402 | 35,873 | ' | ' |
Contractual third-party reclamation receivables | 8,169 | 8,443 | ' | ' |
Intercompany receivable/payable | -33,946 | -33,681 | ' | ' |
Other | 681 | 1,831 | ' | ' |
Total receivables | 4,306 | 12,466 | ' | ' |
Inventories | 18,469 | 17,735 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Restricted investments and bond collateral | 0 | 0 | ' | ' |
Other current assets | 6,005 | 5,049 | ' | ' |
Total current assets | 49,084 | 59,751 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 172,163 | 172,163 | ' | ' |
Plant and equipment | 202,923 | 202,886 | ' | ' |
Gross property, plant and equipment | 375,086 | 375,049 | ' | ' |
Less accumulated depreciation, depletion and amortization | 246,079 | 239,302 | ' | ' |
Net property, plant and equipment | 129,007 | 135,747 | ' | ' |
Advanced coal royalties | 4,263 | 4,311 | ' | ' |
Reclamation deposits | 75,315 | 74,921 | ' | ' |
Total restricted investments and bond collateral, less current portion | 17,483 | 17,482 | ' | ' |
Contractual third-party reclamation receivables | 87,734 | 88,010 | ' | ' |
Intangible assets | 228 | 238 | ' | ' |
Investment in subsidiaries | 3,770 | 3,770 | ' | ' |
Other assets | 4,493 | 3,098 | ' | ' |
Total Assets | 371,377 | 387,328 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 21,205 | 21,161 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade | 32,557 | 30,743 | ' | ' |
Production taxes | 23,947 | 24,472 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 1,583 | 1,583 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 1,640 | 1,075 | ' | ' |
Asset retirement obligations | 18,673 | 20,250 | ' | ' |
Other current liabilities | 172 | 142 | ' | ' |
Total current liabilities | 99,777 | 99,426 | ' | ' |
Long-term debt, less current installments | 64,848 | 70,248 | ' | ' |
Workers' compensation, less current portion | 0 | 0 | ' | ' |
Excess of black lung benefit obligation over trust assets | 0 | 0 | ' | ' |
Postretirement medical benefits, less current portion | 35,356 | 35,098 | ' | ' |
Pension and SERP obligations, less current portion | 1,011 | 1,627 | ' | ' |
Deferred revenue, less current portion | 4,974 | 5,271 | ' | ' |
Asset retirement obligations, less current portion | 206,827 | 205,147 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Other liabilities | 1,063 | 1,450 | ' | ' |
Intercompany receivable/payable | 5,633 | 6,434 | ' | ' |
Total liabilities | 419,489 | 424,701 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | 132 | 132 | ' | ' |
Other paid-in capital | 66,027 | 64,401 | ' | ' |
Accumulated other comprehensive loss | -13,937 | -14,153 | ' | ' |
Accumulated earnings (deficit) | -100,334 | -87,753 | ' | ' |
Total equity (deficit) | -48,112 | -37,373 | ' | ' |
Total Liabilities and Shareholders' Deficit | 371,377 | 387,328 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 20,608 | 0 |
Receivables: | ' | ' | ' | ' |
Trade | 0 | 0 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intercompany receivable/payable | 32,710 | 32,865 | ' | ' |
Other | -31 | -24 | ' | ' |
Total receivables | 32,679 | 32,841 | ' | ' |
Inventories | 0 | -1 | ' | ' |
Deferred income taxes | ' | -870 | ' | ' |
Restricted investments and bond collateral | 0 | 0 | ' | ' |
Other current assets | 1 | 0 | ' | ' |
Total current assets | 32,680 | 31,970 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 0 | -1 | ' | ' |
Plant and equipment | 0 | 1 | ' | ' |
Gross property, plant and equipment | 0 | 0 | ' | ' |
Less accumulated depreciation, depletion and amortization | -1 | -1 | ' | ' |
Net property, plant and equipment | 1 | 1 | ' | ' |
Advanced coal royalties | 0 | 0 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Total restricted investments and bond collateral, less current portion | 0 | 0 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intangible assets | 0 | -1 | ' | ' |
Investment in subsidiaries | -241,696 | -270,617 | ' | ' |
Other assets | -3,500 | -2,000 | ' | ' |
Total Assets | -212,515 | -240,647 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade | 0 | 1 | ' | ' |
Production taxes | 0 | 1 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 1 | 1 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Asset retirement obligations | 0 | -1 | ' | ' |
Other current liabilities | -31 | -24 | ' | ' |
Total current liabilities | -30 | -22 | ' | ' |
Long-term debt, less current installments | -3,500 | -2,000 | ' | ' |
Workers' compensation, less current portion | 0 | 0 | ' | ' |
Excess of black lung benefit obligation over trust assets | 0 | 0 | ' | ' |
Postretirement medical benefits, less current portion | 0 | 0 | ' | ' |
Pension and SERP obligations, less current portion | 0 | 0 | ' | ' |
Deferred revenue, less current portion | 0 | -1 | ' | ' |
Asset retirement obligations, less current portion | 0 | 0 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Other liabilities | 0 | -6,220 | ' | ' |
Intercompany receivable/payable | -19,920 | -20,825 | ' | ' |
Total liabilities | -23,450 | -29,068 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | -247 | -247 | ' | ' |
Other paid-in capital | -211,766 | -211,606 | ' | ' |
Accumulated other comprehensive loss | -3,273 | -3,175 | ' | ' |
Accumulated earnings (deficit) | 26,221 | 3,449 | ' | ' |
Total equity (deficit) | -189,065 | -211,579 | ' | ' |
Total Liabilities and Shareholders' Deficit | ($212,515) | ($240,647) | ' | ' |
SUPPLEMENTAL_CONSOLIDATING_FIN3
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Statement of Operations Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | $180,202 | $161,448 |
Costs, expenses and other: | ' | ' |
Cost of sales | 138,630 | 130,421 |
Depreciation, depletion and amortization | 16,059 | 14,426 |
Selling and administrative | 13,331 | 11,887 |
Heritage health benefit expenses | 3,544 | 3,951 |
Loss (gain) on sales of assets | 38 | -234 |
Restructuring charges | 397 | 0 |
Other operating loss (income) | 150 | -4,737 |
Total costs, expenses and other | 172,149 | 155,714 |
Operating income (loss) | 8,053 | 5,734 |
Other income (expense): | ' | ' |
Interest expense | -20,798 | -10,160 |
Interest income | 302 | 297 |
Loss on foreign exchange | -6,790 | 0 |
Other income | 93 | 70 |
Total other income (expense) | -27,193 | -9,793 |
Income (loss) before income taxes and income of consolidated subsidiaries | -19,140 | -4,059 |
Equity in income of subsidiaries | 0 | 0 |
Loss before income taxes | -19,140 | -4,059 |
Income tax expense (benefit) | -110 | 28 |
Net loss | -19,030 | -4,087 |
Less net loss attributable to noncontrolling interest | 0 | -1,702 |
Net income (loss) attributable to the Parent company | -19,030 | -2,385 |
Parent/ Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 0 | 0 |
Costs, expenses and other: | ' | ' |
Cost of sales | 0 | 0 |
Depreciation, depletion and amortization | 76 | 94 |
Selling and administrative | 3,746 | 3,054 |
Heritage health benefit expenses | 3,326 | 3,689 |
Loss (gain) on sales of assets | 0 | 0 |
Restructuring charges | 0 | ' |
Other operating loss (income) | 0 | 0 |
Total costs, expenses and other | 7,148 | 6,837 |
Operating income (loss) | -7,148 | -6,837 |
Other income (expense): | ' | ' |
Interest expense | -18,673 | -7,584 |
Interest income | 123 | 30 |
Loss on foreign exchange | -6,790 | ' |
Other income | 1 | 0 |
Total other income (expense) | -25,339 | -7,554 |
Income (loss) before income taxes and income of consolidated subsidiaries | -32,487 | -14,391 |
Equity in income of subsidiaries | 13,319 | 10,304 |
Loss before income taxes | -19,168 | -4,087 |
Income tax expense (benefit) | -138 | 0 |
Net loss | -19,030 | -4,087 |
Less net loss attributable to noncontrolling interest | 0 | -1,702 |
Net income (loss) attributable to the Parent company | -19,030 | -2,385 |
Co-Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 22,012 | 19,336 |
Costs, expenses and other: | ' | ' |
Cost of sales | 16,454 | 16,954 |
Depreciation, depletion and amortization | 2,524 | 2,531 |
Selling and administrative | 894 | 855 |
Heritage health benefit expenses | 0 | 0 |
Loss (gain) on sales of assets | 0 | 0 |
Restructuring charges | 397 | ' |
Other operating loss (income) | 0 | 0 |
Total costs, expenses and other | 20,269 | 20,340 |
Operating income (loss) | 1,743 | -1,004 |
Other income (expense): | ' | ' |
Interest expense | -44 | -10 |
Interest income | 4 | 10 |
Loss on foreign exchange | 0 | ' |
Other income | 0 | 0 |
Total other income (expense) | -40 | 0 |
Income (loss) before income taxes and income of consolidated subsidiaries | 1,703 | -1,004 |
Equity in income of subsidiaries | 0 | 0 |
Loss before income taxes | 1,703 | -1,004 |
Income tax expense (benefit) | 0 | 0 |
Net loss | 1,703 | -1,004 |
Less net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to the Parent company | 1,703 | -1,004 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 64,292 | 50,687 |
Costs, expenses and other: | ' | ' |
Cost of sales | 50,558 | 40,421 |
Depreciation, depletion and amortization | 6,269 | 5,189 |
Selling and administrative | 2,994 | 2,637 |
Heritage health benefit expenses | 0 | 0 |
Loss (gain) on sales of assets | -1 | -133 |
Restructuring charges | 0 | ' |
Other operating loss (income) | 150 | -4,737 |
Total costs, expenses and other | 59,970 | 43,377 |
Operating income (loss) | 4,322 | 7,310 |
Other income (expense): | ' | ' |
Interest expense | -110 | -74 |
Interest income | 25 | 44 |
Loss on foreign exchange | 0 | ' |
Other income | 55 | 92 |
Total other income (expense) | -30 | 62 |
Income (loss) before income taxes and income of consolidated subsidiaries | 4,292 | 7,372 |
Equity in income of subsidiaries | 0 | 0 |
Loss before income taxes | 4,292 | 7,372 |
Income tax expense (benefit) | -1,511 | 496 |
Net loss | 5,803 | 6,876 |
Less net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to the Parent company | 5,803 | 6,876 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 93,898 | 100,401 |
Costs, expenses and other: | ' | ' |
Cost of sales | 71,618 | 82,022 |
Depreciation, depletion and amortization | 7,190 | 6,612 |
Selling and administrative | 5,697 | 5,341 |
Heritage health benefit expenses | 218 | 262 |
Loss (gain) on sales of assets | 39 | -101 |
Restructuring charges | 0 | ' |
Other operating loss (income) | 0 | 0 |
Total costs, expenses and other | 84,762 | 94,136 |
Operating income (loss) | 9,136 | 6,265 |
Other income (expense): | ' | ' |
Interest expense | -1,978 | -2,500 |
Interest income | 157 | 221 |
Loss on foreign exchange | 0 | ' |
Other income | 37 | -22 |
Total other income (expense) | -1,784 | -2,301 |
Income (loss) before income taxes and income of consolidated subsidiaries | 7,352 | 3,964 |
Equity in income of subsidiaries | 0 | 0 |
Loss before income taxes | 7,352 | 3,964 |
Income tax expense (benefit) | 6,626 | 2,823 |
Net loss | 726 | 1,141 |
Less net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to the Parent company | 726 | 1,141 |
Consolidating Adjustments | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 0 | -8,976 |
Costs, expenses and other: | ' | ' |
Cost of sales | 0 | -8,976 |
Depreciation, depletion and amortization | 0 | 0 |
Selling and administrative | 0 | 0 |
Heritage health benefit expenses | 0 | 0 |
Loss (gain) on sales of assets | 0 | 0 |
Restructuring charges | 0 | ' |
Other operating loss (income) | 0 | 0 |
Total costs, expenses and other | 0 | -8,976 |
Operating income (loss) | 0 | 0 |
Other income (expense): | ' | ' |
Interest expense | 7 | 8 |
Interest income | -7 | -8 |
Loss on foreign exchange | 0 | ' |
Other income | 0 | 0 |
Total other income (expense) | 0 | 0 |
Income (loss) before income taxes and income of consolidated subsidiaries | 0 | 0 |
Equity in income of subsidiaries | -13,319 | -10,304 |
Loss before income taxes | -13,319 | -10,304 |
Income tax expense (benefit) | -5,087 | -3,291 |
Net loss | -8,232 | -7,013 |
Less net loss attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to the Parent company | ($8,232) | ($7,013) |
SUPPLEMENTAL_CONSOLIDATING_FIN4
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | ($19,030) | ($4,087) |
Other comprehensive income (loss) | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 359 | 741 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 5 | 1,001 |
Tax effect of other comprehensive income gains | -138 | 0 |
Other comprehensive income | 226 | 1,742 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | -18,804 | -2,345 |
Parent/ Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | -19,030 | -4,087 |
Other comprehensive income (loss) | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 359 | 741 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 5 | 1,001 |
Tax effect of other comprehensive income gains | -138 | ' |
Other comprehensive income | 226 | 1,742 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | -18,804 | -2,345 |
Co-Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | 1,703 | -1,004 |
Other comprehensive income (loss) | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 2 | 6 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 0 | 0 |
Tax effect of other comprehensive income gains | 0 | ' |
Other comprehensive income | 2 | 6 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | 1,705 | -998 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | 5,803 | 6,876 |
Other comprehensive income (loss) | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 0 | 0 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | -119 | 0 |
Tax effect of other comprehensive income gains | 0 | ' |
Other comprehensive income | -119 | 0 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | 5,684 | 6,876 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | 726 | 1,141 |
Other comprehensive income (loss) | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 128 | 193 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 88 | 213 |
Tax effect of other comprehensive income gains | 0 | ' |
Other comprehensive income | 216 | 406 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | 942 | 1,547 |
Consolidating Adjustments | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | -8,232 | -7,013 |
Other comprehensive income (loss) | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | -130 | -199 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 31 | -213 |
Tax effect of other comprehensive income gains | 0 | ' |
Other comprehensive income | -99 | -412 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | ($8,331) | ($7,425) |
SUPPLEMENTAL_CONSOLIDATING_FIN5
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Statement of Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($19,030) | ($4,087) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | 0 | 0 |
Depreciation, depletion, and amortization | 16,059 | 14,426 |
Accretion of asset retirement obligation and receivable | 3,479 | 3,180 |
Non-cash tax benefits | -138 | 0 |
Amortization of intangible assets and liabilities, net | 153 | 164 |
Share-based compensation | 728 | 2,386 |
Loss (gain) on sales of assets | 38 | -234 |
Amortization of deferred financing costs | 271 | 933 |
Loss on sales of investment securities | 0 | 7 |
Loss on foreign exchange | 6,790 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 5,202 | 120 |
Inventories | 4,525 | -2,687 |
Excess of black lung benefit obligation over trust assets | 701 | 83 |
Accounts payable and accrued expenses | 10,959 | 3,245 |
Deferred revenue | -1,302 | 160 |
Income tax payable | 28 | 27 |
Accrual for workers' compensation | -69 | -191 |
Asset retirement obligations | -1,352 | -3,207 |
Accrual for postretirement medical benefits | 906 | 1,985 |
Pension and SERP obligations | -293 | 742 |
Other assets and liabilities | 1,993 | 4,164 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | 29,648 | 21,216 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -3,050 | -5,301 |
Change in restricted investments and bond collateral and reclamation deposits | -465,544 | -6,435 |
Net proceeds from sales of assets | 0 | 441 |
Proceeds from sale of restricted investments | 0 | 5,619 |
Receivable from customer for property and equipment purchases | -10 | -49 |
Other | -60 | 0 |
Net cash used in investing activities | -468,664 | -5,725 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | -315 | 820 |
Borrowings from long-term debt | 454,219 | 0 |
Repayments of long-term debt | -6,239 | -6,573 |
Borrowings on revolving lines of credit | 0 | 6,000 |
Repayments on revolving lines of credit | 0 | -6,000 |
Debt issuance costs and other refinancing costs | -7,598 | -156 |
Dividends/distributions | -261 | -340 |
Transactions with Parent/affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 439,806 | -6,249 |
Net increase (decrease) in cash and cash equivalents | 790 | 9,242 |
Cash and cash equivalents, beginning of period | 61,110 | 31,610 |
Cash and cash equivalents, end of period | 61,900 | 40,852 |
Parent/ Issuer | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -19,030 | -4,087 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | -13,319 | -10,304 |
Depreciation, depletion, and amortization | 76 | 94 |
Accretion of asset retirement obligation and receivable | 0 | 0 |
Non-cash tax benefits | -138 | ' |
Amortization of intangible assets and liabilities, net | 0 | 0 |
Share-based compensation | 569 | 682 |
Loss (gain) on sales of assets | 0 | 0 |
Amortization of deferred financing costs | 149 | 771 |
Loss on sales of investment securities | ' | 0 |
Loss on foreign exchange | 6,790 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | -178 | 49 |
Inventories | 0 | 0 |
Excess of black lung benefit obligation over trust assets | 701 | 83 |
Accounts payable and accrued expenses | 5,670 | -8,202 |
Deferred revenue | 0 | 0 |
Income tax payable | 0 | 0 |
Accrual for workers' compensation | -69 | -191 |
Asset retirement obligations | 0 | 0 |
Accrual for postretirement medical benefits | -374 | -100 |
Pension and SERP obligations | 83 | 320 |
Other assets and liabilities | -183 | -187 |
Distributions received from subsidiaries | 42,500 | 19,600 |
Net cash provided by operating activities | 23,247 | -1,472 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | 38 | -157 |
Change in restricted investments and bond collateral and reclamation deposits | -471,151 | -398 |
Net proceeds from sales of assets | ' | 0 |
Proceeds from sale of restricted investments | ' | 0 |
Receivable from customer for property and equipment purchases | 0 | 0 |
Other | 0 | ' |
Net cash used in investing activities | -471,113 | -555 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 0 | 0 |
Borrowings from long-term debt | 454,219 | ' |
Repayments of long-term debt | 0 | 0 |
Borrowings on revolving lines of credit | ' | 0 |
Repayments on revolving lines of credit | ' | 0 |
Debt issuance costs and other refinancing costs | -7,598 | 0 |
Dividends/distributions | -261 | -340 |
Transactions with Parent/affiliates | 4,939 | -22,106 |
Net cash provided by (used in) financing activities | 451,299 | -22,446 |
Net increase (decrease) in cash and cash equivalents | 3,433 | -24,473 |
Cash and cash equivalents, beginning of period | 25,326 | 14,836 |
Cash and cash equivalents, end of period | 28,759 | -9,637 |
Co-Issuer | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | 1,703 | -1,004 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | 0 | 0 |
Depreciation, depletion, and amortization | 2,524 | 2,531 |
Accretion of asset retirement obligation and receivable | 18 | 16 |
Non-cash tax benefits | 0 | ' |
Amortization of intangible assets and liabilities, net | 146 | 156 |
Share-based compensation | 7 | 10 |
Loss (gain) on sales of assets | 0 | 0 |
Amortization of deferred financing costs | 0 | 0 |
Loss on sales of investment securities | ' | 0 |
Loss on foreign exchange | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 480 | 2,885 |
Inventories | 4,316 | -2,181 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Accounts payable and accrued expenses | -3,386 | 5,960 |
Deferred revenue | -2,415 | -1,927 |
Income tax payable | 0 | 0 |
Accrual for workers' compensation | 0 | 0 |
Asset retirement obligations | 0 | 0 |
Accrual for postretirement medical benefits | 0 | 0 |
Pension and SERP obligations | 1 | 4 |
Other assets and liabilities | -309 | 465 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | 3,085 | 6,915 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -35 | -134 |
Change in restricted investments and bond collateral and reclamation deposits | 5,998 | -3 |
Net proceeds from sales of assets | ' | 0 |
Proceeds from sale of restricted investments | ' | 0 |
Receivable from customer for property and equipment purchases | 0 | 0 |
Other | 0 | ' |
Net cash used in investing activities | 5,963 | -137 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 0 | 0 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Borrowings on revolving lines of credit | ' | 0 |
Repayments on revolving lines of credit | ' | 0 |
Debt issuance costs and other refinancing costs | 0 | 0 |
Dividends/distributions | -8,500 | -6,500 |
Transactions with Parent/affiliates | 154 | -16 |
Net cash provided by (used in) financing activities | -8,346 | -6,516 |
Net increase (decrease) in cash and cash equivalents | 702 | 262 |
Cash and cash equivalents, beginning of period | 3,341 | 4,545 |
Cash and cash equivalents, end of period | 4,043 | 4,807 |
Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | 5,803 | 6,876 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | 0 | 0 |
Depreciation, depletion, and amortization | 6,269 | 5,189 |
Accretion of asset retirement obligation and receivable | 1,278 | 1,050 |
Non-cash tax benefits | 0 | ' |
Amortization of intangible assets and liabilities, net | 0 | 0 |
Share-based compensation | 37 | 681 |
Loss (gain) on sales of assets | -1 | -133 |
Amortization of deferred financing costs | 0 | 13 |
Loss on sales of investment securities | ' | 7 |
Loss on foreign exchange | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | -2,738 | -2,467 |
Inventories | 944 | -753 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Accounts payable and accrued expenses | 7,356 | -10 |
Deferred revenue | 844 | 1,703 |
Income tax payable | 0 | -1,679 |
Accrual for workers' compensation | 0 | 0 |
Asset retirement obligations | -9 | -190 |
Accrual for postretirement medical benefits | 935 | 1,478 |
Pension and SERP obligations | 113 | 177 |
Other assets and liabilities | -1,616 | -195 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | 19,215 | 11,747 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -2,609 | -4,224 |
Change in restricted investments and bond collateral and reclamation deposits | 4 | -151 |
Net proceeds from sales of assets | ' | 309 |
Proceeds from sale of restricted investments | ' | 120 |
Receivable from customer for property and equipment purchases | 0 | 0 |
Other | 0 | ' |
Net cash used in investing activities | -2,605 | -3,946 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | -317 | -7 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | -875 | -713 |
Borrowings on revolving lines of credit | ' | 0 |
Repayments on revolving lines of credit | ' | 0 |
Debt issuance costs and other refinancing costs | 0 | 0 |
Dividends/distributions | -18,000 | -8,000 |
Transactions with Parent/affiliates | 3,434 | 2,255 |
Net cash provided by (used in) financing activities | -15,758 | -6,465 |
Net increase (decrease) in cash and cash equivalents | 852 | 1,336 |
Cash and cash equivalents, beginning of period | 7,942 | 5,362 |
Cash and cash equivalents, end of period | 8,794 | 6,698 |
Non-Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | 726 | 1,141 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | 0 | 0 |
Depreciation, depletion, and amortization | 7,190 | 6,612 |
Accretion of asset retirement obligation and receivable | 2,183 | 2,114 |
Non-cash tax benefits | 0 | ' |
Amortization of intangible assets and liabilities, net | 7 | 8 |
Share-based compensation | 115 | 1,013 |
Loss (gain) on sales of assets | 39 | -101 |
Amortization of deferred financing costs | 122 | 149 |
Loss on sales of investment securities | ' | 0 |
Loss on foreign exchange | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 6,104 | -3,355 |
Inventories | -735 | 247 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Accounts payable and accrued expenses | 1,327 | 6,979 |
Deferred revenue | 269 | 384 |
Income tax payable | 28 | 1,706 |
Accrual for workers' compensation | 0 | 0 |
Asset retirement obligations | -1,343 | -3,017 |
Accrual for postretirement medical benefits | 345 | 607 |
Pension and SERP obligations | -490 | 241 |
Other assets and liabilities | -2,880 | 4,081 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | 13,007 | 18,809 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -444 | -786 |
Change in restricted investments and bond collateral and reclamation deposits | -395 | -5,883 |
Net proceeds from sales of assets | ' | 132 |
Proceeds from sale of restricted investments | ' | 5,499 |
Receivable from customer for property and equipment purchases | -10 | -49 |
Other | -60 | ' |
Net cash used in investing activities | -909 | -1,087 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 2 | 827 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | -5,364 | -5,860 |
Borrowings on revolving lines of credit | ' | 6,000 |
Repayments on revolving lines of credit | ' | -6,000 |
Debt issuance costs and other refinancing costs | 0 | -156 |
Dividends/distributions | -16,000 | -5,100 |
Transactions with Parent/affiliates | 5,067 | 4,076 |
Net cash provided by (used in) financing activities | -16,295 | -6,213 |
Net increase (decrease) in cash and cash equivalents | -4,197 | 11,509 |
Cash and cash equivalents, beginning of period | 24,501 | 6,867 |
Cash and cash equivalents, end of period | 20,304 | 18,376 |
Consolidating Adjustments | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -8,232 | -7,013 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | 13,319 | 10,304 |
Depreciation, depletion, and amortization | 0 | 0 |
Accretion of asset retirement obligation and receivable | 0 | 0 |
Non-cash tax benefits | 0 | ' |
Amortization of intangible assets and liabilities, net | 0 | 0 |
Share-based compensation | 0 | 0 |
Loss (gain) on sales of assets | 0 | 0 |
Amortization of deferred financing costs | 0 | 0 |
Loss on sales of investment securities | ' | 0 |
Loss on foreign exchange | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 1,534 | 3,008 |
Inventories | 0 | 0 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Accounts payable and accrued expenses | -8 | -1,482 |
Deferred revenue | 0 | 0 |
Income tax payable | 0 | 0 |
Accrual for workers' compensation | 0 | 0 |
Asset retirement obligations | 0 | 0 |
Accrual for postretirement medical benefits | 0 | 0 |
Pension and SERP obligations | 0 | 0 |
Other assets and liabilities | 6,981 | 0 |
Distributions received from subsidiaries | -42,500 | -19,600 |
Net cash provided by operating activities | -28,906 | -14,783 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | 0 | 0 |
Change in restricted investments and bond collateral and reclamation deposits | 0 | 0 |
Net proceeds from sales of assets | ' | 0 |
Proceeds from sale of restricted investments | ' | 0 |
Receivable from customer for property and equipment purchases | 0 | 0 |
Other | 0 | ' |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 0 | 0 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Borrowings on revolving lines of credit | ' | 0 |
Repayments on revolving lines of credit | ' | 0 |
Debt issuance costs and other refinancing costs | 0 | 0 |
Dividends/distributions | 42,500 | 19,600 |
Transactions with Parent/affiliates | -13,594 | 15,791 |
Net cash provided by (used in) financing activities | 28,906 | 35,391 |
Net increase (decrease) in cash and cash equivalents | 0 | 20,608 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $20,608 |