Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 22, 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 | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 17,074,140 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $123,690 | $61,110 |
Receivables: | ' | ' |
Trade | 138,779 | 66,196 |
Loan and lease receivables | 10,332 | 0 |
Contractual third-party reclamation receivables | 7,666 | 8,487 |
Other | 2,437 | 5,086 |
Total receivables | 159,214 | 79,769 |
Inventories | 114,225 | 39,972 |
Deferred income taxes | 2,226 | 5,355 |
Restricted investments and bond collateral | 0 | 5,998 |
Other current assets | 14,602 | 12,835 |
Total current assets | 413,957 | 205,039 |
Property, plant and equipment: | ' | ' |
Land and mineral rights | 444,701 | 278,188 |
Plant and equipment | 801,967 | 657,696 |
Gross property, plant and equipment | 1,246,668 | 935,884 |
Less accumulated depreciation, depletion and amortization | 503,929 | 445,848 |
Net property, plant and equipment | 742,739 | 490,036 |
Loan and lease receivables | 76,080 | 0 |
Advanced coal royalties | 7,533 | 7,311 |
Reclamation deposits | 77,131 | 74,921 |
Restricted investments and bond collateral | 108,734 | 69,235 |
Contractual third-party reclamation receivables, less current portion | 90,248 | 88,303 |
Investment in joint venture | 30,766 | 0 |
Intangible assets, net of accumulated amortization of $15.3 million and $14.1 million at September 30, 2014 and December 31, 2013, respectively | 335 | 1,520 |
Other assets | 30,985 | 10,320 |
Total Assets | 1,578,508 | 946,685 |
Current liabilities: | ' | ' |
Current installments of long-term debt | 40,931 | 44,343 |
Accounts payable and accrued expenses: | ' | ' |
Trade and other accrued liabilities | 140,946 | 57,507 |
Interest payable | 12,510 | 11,321 |
Production taxes | 50,427 | 41,905 |
Workers' compensation | 702 | 717 |
Postretirement medical benefits | 13,955 | 13,955 |
SERP | 390 | 390 |
Deferred revenue | 13,554 | 14,068 |
Asset retirement obligations | 29,529 | 23,353 |
Other current liabilities | 9,775 | 5,469 |
Total current liabilities | 312,719 | 213,028 |
Long-term debt, less current installments | 777,999 | 295,494 |
Workers' compensation, less current portion | 6,580 | 6,744 |
Excess of black lung benefit obligation over trust assets | 10,768 | 8,675 |
Postretirement medical benefits, less current portion | 272,523 | 270,374 |
Pension and SERP obligations, less current portion | 20,772 | 24,176 |
Deferred revenue, less current portion | 37,984 | 46,567 |
Asset retirement obligations, less current portion | 355,278 | 256,511 |
Intangible liabilities, net of accumulated amortization of $13.2 million and $12.4 million at September 30, 2014 and December 31, 2013, respectively | 4,805 | 5,606 |
Deferred income taxes | 12,325 | 5,355 |
Other liabilities | 31,086 | 2,034 |
Total liabilities | 1,842,839 | 1,134,564 |
Shareholders' deficit: | ' | ' |
Preferred stock of $1.00 par value Authorized 5,000,000 shares; issued and outstanding 91,694 shares at September 30, 2014 and 159,960 at December 31, 2013 | 92 | 160 |
Common stock of $2.50 par value Authorized 30,000,000 shares; Issued and outstanding 17,059,922 shares at September 30, 2014 and 14,592,231 shares at December 31, 2013 | 42,649 | 36,479 |
Other paid-in capital | 188,214 | 134,861 |
Accumulated other comprehensive loss | -67,520 | -63,595 |
Accumulated deficit | -427,766 | -295,784 |
Total shareholders’ deficit | -264,331 | -187,879 |
Total Liabilities and Shareholders' Deficit | $1,578,508 | $946,685 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Intangible assets, accumulated amortization | $15.30 | $14.10 |
Intangible liabilities, accumulated amortization | $13.20 | $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 | 91,694 | 159,960 |
Preferred stock, shares outstanding | 91,694 | 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 | 17,059,922 | 14,592,231 |
Common stock, shares outstanding | 17,059,922 | 14,592,231 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $337,830 | $176,792 | $805,989 | $500,739 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of sales | 285,524 | 138,193 | 670,467 | 399,142 |
Depreciation, depletion and amortization | 28,175 | 17,434 | 68,713 | 47,257 |
Selling and administrative | 24,434 | 12,498 | 68,551 | 36,354 |
Heritage health benefit expenses | 3,315 | 4,057 | 10,246 | 11,117 |
Loss (gain) on sales of assets | 119 | -13 | 114 | -321 |
Restructuring charges | 3,265 | 0 | 11,207 | 0 |
Derivative loss | 23,691 | 0 | 29,621 | 0 |
Income from equity affiliates | -1,261 | 0 | -2,060 | 0 |
Other operating loss (income) | 0 | -3,913 | 151 | -19,055 |
Total costs, expenses and other | 367,262 | 168,256 | 857,010 | 474,494 |
Operating income (loss) | -29,432 | 8,536 | -51,021 | 26,245 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -21,251 | -9,909 | -63,835 | -30,145 |
Loss on extinguishment of debt | -13 | 0 | -12,648 | -64 |
Interest income | 2,468 | 301 | 4,351 | 878 |
Loss on foreign exchange | -1,742 | 0 | -5,883 | 0 |
Other income | 118 | 89 | 697 | 287 |
Total other income (expense) | -20,420 | -9,519 | -77,318 | -29,044 |
Loss before income taxes | -49,852 | -983 | -128,339 | -2,799 |
Income tax expense | -718 | 30 | 2,979 | 85 |
Net loss | -49,134 | -1,013 | -131,318 | -2,884 |
Less net loss attributable to noncontrolling interest | 0 | -3,774 | 0 | -2,976 |
Net income (loss) attributable to the Parent company | -49,134 | 2,761 | -131,318 | 92 |
Less preferred stock dividend requirements | 195 | 340 | 664 | 1,020 |
Net income (loss) applicable to common shareholders | ($49,329) | $2,421 | ($131,982) | ($928) |
Net loss per share applicable to common shareholders: | ' | ' | ' | ' |
Basic (in dollars per share) | ($2.95) | $0.17 | ($8.49) | ($0.06) |
Diluted (in dollars per share) | ($2.95) | $0.16 | ($8.49) | ($0.06) |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic (shares) | 16,729 | 14,592 | 15,554 | 14,457 |
Diluted (shares) | 16,729 | 14,927 | 15,554 | 14,457 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($49,134) | ($1,013) | ($131,318) | ($2,884) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 361 | 872 | 1,078 | 2,617 |
Adjustments to accumulated actuarial losses and transition obligations, pension | -371 | 0 | -172 | 0 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 3 | 1,002 | 13 | 3,004 |
Tax effect of other comprehensive income gains | -487 | 0 | -711 | 0 |
Change in foreign currency translation adjustment | -14,642 | 0 | -5,364 | 0 |
Unrealized and realized gains and losses on available-for-sale securities | 1,231 | -16 | 1,231 | -55 |
Other comprehensive income | -13,905 | 1,858 | -3,925 | 5,566 |
Comprehensive income (loss) attributable to the Parent company | ($63,039) | $845 | ($135,243) | $2,682 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Deficit (Unaudited) (USD $) | Total | Preferred Stock | Common Stock | Other Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2013 | ($187,879) | $160 | $36,479 | $134,861 | ($63,595) | ($295,784) |
Beginning balance, shares at Dec. 31, 2013 | ' | 159,960 | 14,592,231 | ' | ' | ' |
Preferred dividends declared | -664 | ' | ' | ' | ' | -664 |
Common stock issued as compensation | 3,456 | ' | 63 | 3,393 | ' | ' |
Common stock options exercised, shares | ' | ' | 26,045 | ' | ' | ' |
Common stock options exercised | 418 | ' | 49 | 369 | ' | ' |
Common stock issued as compensation, shares | ' | ' | 19,500 | ' | ' | ' |
SARs exercised | 0 | ' | 28 | -28 | ' | ' |
SARs exercised, shares | ' | ' | 11,042 | ' | ' | ' |
Conversion of convertible notes and securities | 0 | -68 | 1,167 | -1,099 | ' | ' |
Conversion of convertible notes and securities, shares | ' | -68,266 | 466,367 | ' | ' | ' |
Common stock issued to pension plan assets | 1,941 | ' | 117 | 1,824 | ' | ' |
Common stock issued to pension plan assets, shares | ' | ' | 46,323 | ' | ' | ' |
Offering shares | 56,473 | ' | 4,211 | 52,262 | ' | ' |
Offering shares, shares | ' | ' | 1,684,507 | ' | ' | ' |
Issuance of restricted stock | -2,833 | ' | 535 | -3,368 | ' | ' |
Issuance of restricted stock, shares | ' | ' | 213,907 | ' | ' | ' |
Net loss | -131,318 | ' | ' | ' | ' | -131,318 |
Other comprehensive income | -3,925 | ' | ' | ' | -3,925 | ' |
Ending balance at Sep. 30, 2014 | ($264,331) | $92 | $42,649 | $188,214 | ($67,520) | ($427,766) |
Ending balance, shares at Sep. 30, 2014 | ' | 91,694 | 17,059,922 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($131,318) | ($2,884) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 68,713 | 47,257 |
Accretion of asset retirement obligation and receivable | 16,257 | 9,507 |
Non-cash tax benefits | -711 | 0 |
Amortization of intangible assets and liabilities, net | 385 | 498 |
Share-based compensation | 3,456 | 4,594 |
Loss (gain) on sales of assets | 114 | -321 |
Amortization of deferred financing costs | 2,365 | 2,790 |
Loss on extinguishment of debt | 12,648 | 64 |
Loss (gain) on sales of investment securities | 36 | -25 |
Loss on derivative | 29,621 | 0 |
Loss on foreign exchange | 5,883 | 0 |
Pension settlement accounting | 814 | 0 |
Income from equity affiliates | -2,060 | 0 |
Distributions from equity affiliates | 2,948 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -24,520 | -8,491 |
Inventories | 55,399 | -1,600 |
Excess of black lung benefit obligation over trust assets | 2,093 | 53 |
Deferred income tax | 3,344 | 0 |
Accounts payable and accrued expenses | 6,377 | 12,457 |
Deferred revenue | -9,140 | -8,275 |
Income tax payable | 556 | -26 |
Accrual for workers' compensation | -178 | -359 |
Asset retirement obligation | -5,881 | -6,888 |
Accrual for postretirement medical benefits | 2,163 | 6,030 |
Pension and SERP obligations | -1,004 | 2,273 |
Other assets and liabilities | -149 | 1,815 |
Net cash provided by operating activities | 38,211 | 58,469 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -35,646 | -20,223 |
Change in restricted investments and bond collateral and reclamation deposits | -41,795 | -9,652 |
Cash payments related to Canadian Acquisition | -322,637 | 0 |
Cash acquired in related to Canadian Acquisition, net | 8,103 | 0 |
Net proceeds from sales of assets | 38,085 | 604 |
Proceeds from sale of restricted investments | 7,279 | 7,927 |
Payments related to loan and lease receivables | -2,514 | 0 |
Receipts from loan and lease receivables | 5,057 | 0 |
Receivable from customer for property and equipment purchases | 55 | -1 |
Other | -602 | 0 |
Net cash used in investing activities | -344,615 | -21,345 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | -317 | 20 |
Borrowings from long-term debt, net of debt discount | 454,219 | 0 |
Repayments of long-term debt | -110,792 | -22,065 |
Borrowings on revolving lines of credit | 15,000 | 7,000 |
Repayments of revolving lines of credit | -15,000 | -7,000 |
Debt issuance costs and other refinancing costs | -27,827 | -182 |
Preferred dividends paid | -664 | -1,020 |
Proceeds from Issuance of Common Stock | 56,473 | 0 |
Exercise of stock options | 417 | 0 |
Net cash provided by (used in) financing activities | 371,509 | -23,247 |
Effect of foreign exchange rates on cash | -2,525 | 0 |
Net increase in cash and cash equivalents | 62,580 | 13,877 |
Cash and cash equivalents, beginning of period | 61,110 | 31,610 |
Cash and cash equivalents, end of period | $123,690 | $45,487 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 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 are conducted within the United States and Canada. U.S. activities include 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. Canadian activities include the production and sale of coal from six surface mines in Alberta and Saskatchewan, selling char to the barbecue briquette industry, and a 50% interest in a joint venture which produces activated carbon for the removal of flue gas. The Company’s activities are primarily conducted through wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. | |
U.S. Operations – 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. | |
Canadian Operations – Prairie Mines & Royalty ULC, or PMRU, operates five surface coal mines in Alberta and Saskatchewan. PMRU owns and operates the Paintearth, Sheerness, Genesee, Poplar River and Estevan mines. PMRU directly owns a 50% joint venture interest in the Estevan Activated Carbon Joint Venture, at the Estevan mine, which produces activated carbon for the removal of mercury from flue gas. PMRU also sells char to the barbecue briquette industry. Coal Valley Resources Inc., or CVRI, operates the Coal Valley Mine which is a surface mine located in West Central Alberta where the majority of coal is exported overseas to Asian utility companies and commodity traders. CVRI operated the Obed Mountain surface mine, which ceased production in 2013 and is currently in reclamation. | |
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 nine months ended September 30, 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. | |
Debt Obligations | |
The Company is subject to one major debt arrangement of $675.5 million in aggregate principal amount of 10.75% senior secured notes at the Parent level that are collateralized by substantially all of the assets of the Company. | |
Business Interruption Insurance | |
The Company received business interruption insurance proceeds for the nine months ended September 30, 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 $16.3 million of income for the nine months ended September 30, 2014 and 2013, respectively. The Company received $4.6 million of cash proceeds for the nine months ended September 30, 2014 related to income recorded in 2013. Insurance proceeds are included in Net cash provided by operating activities. As of September 30, 2014, the Company has collected all cash proceeds related to income recognized. | |
Inventories | |
Inventories, which include materials and supplies as well as raw coal, are stated at the lower of cost or market. Cost is determined using the average cost method. Coal inventory costs include labor, supplies, equipment, depreciation, depletion, amortization, operating overhead and other related costs. | |
Derivatives | |
The Company enters into financial derivatives to manage exposure to fluctuations in foreign currency exchange rates and power prices. The Company does not utilize derivative financial instruments for trading purposes or for speculative purposes. | |
The Company’s derivative instruments are recorded at fair value with changes in fair value recognized in the Consolidated Statements of Operations at the end of each period in Loss on foreign exchange or Unrealized derivative loss. | |
Foreign Exchange Transactions | |
Amounts held and transactions denominated in foreign currencies other than the operating unit’s functional currency give rise to foreign exchange gains and losses which are included within Loss on foreign exchange. | |
Equity-Method Investments | |
The Company's 50% interest in the Estevan Activated Carbon Joint Venture is accounted for under the equity method of accounting. Investments in unconsolidated affiliates that the Company has the ability to exercise significant influence over, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company records its proportionate share of the entity’s net income or loss at each reporting period in Income from equity affiliates on the Consolidated Statements of Operations with a corresponding entry to increase or decrease the carrying value of the investment. | |
Loan and Lease Receivables | |
The Company periodically makes loans and finance leases at the Genesee mine in accordance with its operating agreement with its only customer for purposes of funding capital expenditures and working capital requirements. Finance lease and loan receivables are measured at the present value of the future lease payments at the inception of the arrangement. Lease payments received are comprised of a repayment of principal and finance income. Finance income is recognized based on the interest rate implicit in the finance lease. PMRU recognizes finance income over periods between 3 and 27 years, which reflect a constant periodic return on its net investment in the finance lease. Initial direct costs are included in the initial measurement of the finance lease receivables and reduce the amount of income recognized over the lease term. | |
Income Taxes | |
The Company’s effective tax rate in the nine months ended September 30, 2014, was lower than the effective tax rate in the nine months ended September 30, 2013, primarily due to the forecasted 2014 decrease in pre-tax loss and the related income tax expense from the Canadian Acquisition. | |
For the nine months ended September 30, 2014, the Company’s effective tax rate differs from the statutory rate primarily due to the U.S. valuation allowance and foreign operations. For the nine months ended September 30, 2013, the Company’s effective tax rate differs from the statutory rate primarily due to the U.S. valuation allowance. | |
The Company has recorded a $5.8 million liability for unrecognized tax benefits at September 30, 2014 with no liability recorded at December 31, 2013. This liability relates to the utilization of prior losses and is currently under review by taxing authorities. It is reasonably possible that the liability for unrecognized tax benefits will significantly change in the next twelve months upon the taxing authorities concluding the review. | |
Foreign Currency Translation | |
The functional currency of the Company’s Canadian operations is the Canadian dollar. The Company’s Canadian operations’ assets and liabilities are translated at period end exchange rates, and revenues and costs are translated using average exchange rates for the period. Foreign currency translation adjustments are reported in Other comprehensive income. | |
Reclassifications | |
Certain amounts in prior periods have been reclassified to conform with the presentation of 2014, with no effect on previously reported net loss, cash flows or shareholders’ deficit. The reclassification affected accounts within current assets, current liabilities and noncurrent liabilities on the Consolidated Balance Sheet. | |
Recently Adopted Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, issued as a new Topic, Accounting Standards Codification (ASC) Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective beginning in fiscal 2017 and can be adopted by the Company either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations, cash flows and financial position. | |
In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements. |
ACQUISITION
ACQUISITION | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
ACQUISITION | ' | |||||||||||
ACQUISITION | ||||||||||||
Agreement to Acquire the General Partner of Oxford Resource Partners | ||||||||||||
On October 16, 2014, Westmoreland, Oxford Resource Partners, LP (NYSE: OXF, “Oxford”) and Oxford Resources GP, LLC, the general partner of Oxford (“Oxford GP”), announced that Westmoreland plans to acquire Oxford GP and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. | ||||||||||||
The series of contemplated transactions are cross-conditioned upon each other and the transactions involving Oxford must be approved by a majority of the outstanding Oxford common unitholders that are not owned by Oxford GP and its affiliates and by a majority of the outstanding subordinated units. In addition, the transactions are conditioned upon Westmoreland either amending its existing credit facility and bond indenture or refinancing all of its existing debt, and also upon the refinancing of Oxford’s existing debt. Oxford intends to promptly file a proxy statement with the SEC for review and it is anticipated that the unitholder vote will be held in December 2014. Upon receiving unitholder approval, all of the transactions are expected to be closed concurrent with the debt transactions. It is anticipated that the transactions will be completed during the fourth quarter of 2014. | ||||||||||||
Canadian Acquisition | ||||||||||||
On December 24, 2013, the Company entered into an agreement to acquire Sherritt International Corporation’s Prairie and Mountain coal mining operations, collectively referred to as the Canadian Acquisition. On April 28, 2014, Westmoreland Coal Company consummated the Canadian Acquisition. These operations, referred to as the Canadian operations, include six producing thermal coal mines in the Canadian provinces of Alberta and Saskatchewan, a char production facility, and a 50% interest in an activated carbon plant. The Canadian properties include approximately 649 million tons of total proven or probable coal reserves as of December 31, 2013. The purchase consideration included a $282.8 million initial cash payment made on April 28, 2014, a cash payment for a working capital adjustment of $39.8 million made on June 25, 2014, and assumed liabilities of $332.3 million. | ||||||||||||
In connection with the Canadian Acquisition: (i) proceeds from a private offering of $425.0 million in aggregate principal amount of 10.75% senior secured notes, or the New Notes, were released from escrow and such notes were automatically exchanged for identical notes issued by Westmoreland and Westmoreland Partners, as co-issuers; (ii) Westmoreland increased its revolving line of credit to $60.0 million; and (iii) Westmoreland Mining LLC, or WML, a wholly owned subsidiary of Westmoreland, provided prepayment notices to holders of its 8.02% senior secured notes due 2018, which notes were prepaid at the end of May 2014. Acquisition related costs of $33.1 million have been expensed for the nine months ended September 30, 2014; which include a $14.2 million charge to cost of sales related to the sale of inventory written up to fair value in the acquisition, $7.8 million of expenses included in Selling and administrative costs, $6.2 million of loss on foreign exchange as described in Note 10, and $4.9 million included in Interest expense related to a bridge facility commitment fee. | ||||||||||||
The Canadian Acquisition has been accounted for under the acquisition method of accounting that requires the total purchase consideration to be allocated to the assets acquired and liabilities assumed based on estimates of fair value. | ||||||||||||
The allocation of the purchase price is preliminary pending the completion of various analyses and the finalization of estimates. During the measurement period (which is not to exceed one year from the acquisition date), additional assets or liabilities may be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets or liabilities as of that date. The preliminary allocation may be adjusted after obtaining additional information regarding, among other things, asset valuations, liabilities assumed and revisions of previous estimates. These adjustments may be significant and will be accounted for retrospectively. | ||||||||||||
A summary of the purchase consideration and a preliminary allocation of the purchase consideration follows (in millions): | ||||||||||||
Provisional | Adjustments | Provisional | ||||||||||
as of | as of | |||||||||||
June 30, | September 30, | |||||||||||
2014 | 2014 | |||||||||||
Purchase Price: | ||||||||||||
Cash paid - Initial payment | $ | 282.8 | $ | — | $ | 282.8 | ||||||
Cash paid - Working capital adjustment | 39.8 | — | 39.8 | |||||||||
Total cash consideration | $ | 322.6 | $ | — | $ | 322.6 | ||||||
Preliminary allocation of purchase price: | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 26.2 | $ | — | $ | 26.2 | ||||||
Trade receivables | 49.9 | — | 49.9 | |||||||||
Inventories - materials and supplies | 52 | — | 52 | |||||||||
Inventories - coal | 79.8 | — | 79.8 | |||||||||
Loan and lease receivables | 11.2 | — | 11.2 | |||||||||
Deferred tax assets | 6.7 | (5.7 | ) | 1 | ||||||||
Other current assets | 3.4 | — | 3.4 | |||||||||
Total current assets | 229.2 | (5.7 | ) | 223.5 | ||||||||
Land and mineral rights | 151.3 | 5.7 | 157 | |||||||||
Plant and equipment | 139.6 | (28.8 | ) | 110.8 | ||||||||
Loan and lease receivables | 83.8 | (4.7 | ) | 79.1 | ||||||||
Contractual third-party reclamation receivables, less current portion | 6.8 | — | 6.8 | |||||||||
Investment in joint venture | 32.1 | — | 32.1 | |||||||||
Intangible assets | — | 37 | 37 | |||||||||
Other assets | 10.3 | (1.7 | ) | 8.6 | ||||||||
Total Assets | 653.1 | 1.8 | 654.9 | |||||||||
Liabilities: | ||||||||||||
Current installments of long-term debt | (36.3 | ) | — | (36.3 | ) | |||||||
Trade payables and other accrued liabilities | (93.7 | ) | (6.5 | ) | (100.2 | ) | ||||||
Asset retirement obligations | (9.7 | ) | — | (9.7 | ) | |||||||
Total current liabilities | (139.7 | ) | (6.5 | ) | (146.2 | ) | ||||||
Long-term debt, less current installments | (86.3 | ) | — | (86.3 | ) | |||||||
Asset retirement obligations, less current portion | (92.4 | ) | — | (92.4 | ) | |||||||
Deferred tax liabilities | (12.1 | ) | 4.7 | (7.4 | ) | |||||||
Total Liabilities | (330.5 | ) | (1.8 | ) | (332.3 | ) | ||||||
Net fair value | $ | 322.6 | $ | — | $ | 322.6 | ||||||
The $26.2 million of cash and cash equivalents noted above includes $18.1 million which was used for immediate payment of an assumed liability on the acquisition date, leaving $8.1 million of net cash received upon the acquisition. | ||||||||||||
During the third quarter of 2014, the Company transferred to an unrelated 3rd party the contract related to the $37.0 million intangible asset noted above. Proceeds of $37.0 million were received from the unrelated 3rd party, with no gain or loss recognized on the transaction. | ||||||||||||
The results of operations of the Canadian operations from the acquisition date of April 28, 2014 have been included in the Company's consolidated results of operations for the three and nine months ended September 30, 2014. The Canadian operations generated $267.4 million of revenue and $14.2 million of operating loss since the April 28, 2014 acquisition date. | ||||||||||||
The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the acquisition occurred on January 1, 2013. The unaudited pro forma results have been prepared based on estimates and assumptions, which the Company believes are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the acquisition occurred on January 1, 2013, or of future results of operations. | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2014 | 2013 | ||||||||||
Total Revenues | (In thousands, except per share data) | |||||||||||
As reported | $ | 176,792 | $ | 805,989 | $ | 500,739 | ||||||
Pro forma | $ | 334,760 | $ | 1,012,209 | $ | 1,007,495 | ||||||
Operating Income | ||||||||||||
As reported | $ | 8,536 | $ | (51,021 | ) | $ | 26,245 | |||||
Pro forma | $ | 24,353 | $ | (43,867 | ) | $ | 54,458 | |||||
Net income (loss) applicable to common shareholders | ||||||||||||
As reported | $ | 2,421 | $ | (131,982 | ) | $ | (928 | ) | ||||
Pro forma | $ | 3,315 | $ | (146,837 | ) | $ | (5,816 | ) | ||||
Net income (loss) per share applicable to common shareholders | ||||||||||||
Basic, as reported | $ | 0.17 | $ | (8.49 | ) | $ | (0.06 | ) | ||||
Basic, pro forma | $ | 0.23 | $ | (9.44 | ) | $ | (0.40 | ) | ||||
Diluted, as reported | $ | 0.16 | $ | (8.49 | ) | $ | (0.06 | ) | ||||
Diluted, pro forma | $ | 0.22 | $ | (9.44 | ) | $ | (0.40 | ) | ||||
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Coal stockpiles | $ | 27,870 | $ | 543 | ||||
Coal fuel inventories | 3,425 | 6,161 | ||||||
Materials and supplies | 83,703 | 34,233 | ||||||
Reserve for obsolete inventory | (773 | ) | (965 | ) | ||||
Total | $ | 114,225 | $ | 39,972 | ||||
RESTRICTED_INVESTMENTS_AND_BON
RESTRICTED INVESTMENTS AND BOND COLLATERAL | 9 Months Ended | |||||||||
Sep. 30, 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: | ||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||
(In thousands) | ||||||||||
Coal - U.S. Segment: | ||||||||||
WML debt reserve account | $ | — | $ | 13,067 | ||||||
Reclamation bond collateral: | ||||||||||
Kemmerer Mine | 25,544 | 24,966 | ||||||||
Absaloka Mine | 11,775 | 11,653 | ||||||||
Rosebud Mine | 3,145 | 3,145 | ||||||||
Beulah Mine | 1,270 | 1,270 | ||||||||
Coal - Canada Segment: | ||||||||||
PMRU | 16,203 | — | ||||||||
CVRI | 31,867 | — | ||||||||
Power Segment: | ||||||||||
Restricted investments | 3,400 | 5,998 | ||||||||
Corporate Segment: | ||||||||||
Postretirement medical benefit bonds | 8,707 | 8,467 | ||||||||
Workers’ compensation bonds | 6,823 | 6,667 | ||||||||
Total restricted investments and bond collateral | 108,734 | 75,233 | ||||||||
Less current portion | — | (5,998 | ) | |||||||
Total restricted investments and bond collateral, less current portion | $ | 108,734 | $ | 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. | ||||||||||
These accounts include available-for-sale securities. Available-for-sale securities are reported at fair value with unrealized gains and losses excluded from earnings and reported in Accumulated other comprehensive loss. | ||||||||||
During the quarter ended September 30, 2014, the Company decided to more actively manage its investment yields. This decision resulted in the sale of $5.1 million carrying value of securities and realized gains of less than $0.1 million during the quarter ended September 30, 2014 that were previously designated as held-to-maturity. The Company transferred the remainder of its securities classified as held-to-maturity to available-for-sale securities. The carrying value of held-to-maturity securities held as Restricted investments and bond collateral transferred to available-for-sale during the quarter ended September 30, 2014 was $34.5 million. As a result of the transfer, the Company recorded $0.6 million of unrealized holding gains in Accumulated other comprehensive loss during the quarter ended September 30, 2014. | ||||||||||
The Company’s carrying value and estimated fair value of its restricted investments and bond collateral at September 30, 2014 were as follows: | ||||||||||
Carrying Value | Fair Value | Fair Value Hierarchy | ||||||||
(In thousands) | ||||||||||
Cash and cash equivalents | $ | 71,164 | $ | 71,164 | Level 1 | |||||
Time deposits | 2,451 | 2,451 | Level 1 | |||||||
Available-for-sale | 35,119 | 35,119 | Level 1 | |||||||
$ | 108,734 | $ | 108,734 | |||||||
Available-for-Sale Restricted Investments and Bond Collateral | ||||||||||
The cost basis, gross unrealized holding gains and losses, and fair value of available-for-sale securities at September 30, 2014 were as follows (in thousands): | ||||||||||
Cost basis | $ | 34,538 | ||||||||
Gross unrealized holding gains | 643 | |||||||||
Gross unrealized holding losses | (62 | ) | ||||||||
Fair value | $ | 35,119 | ||||||||
Maturities of available-for-sale securities were as follows at September 30, 2014: | ||||||||||
Amortized Cost | Fair Value | |||||||||
(In thousands) | ||||||||||
Due within one year | $ | 1,097 | $ | 1,106 | ||||||
Due in five years or less | 14,245 | 14,504 | ||||||||
Due after five years to ten years | 8,872 | 9,106 | ||||||||
Due in more than ten years | 10,324 | 10,403 | ||||||||
$ | 34,538 | $ | 35,119 | |||||||
RESTRUCTURING_CHARGES
RESTRUCTURING CHARGES | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||
RESTRUCTURING CHARGES | ' | ||||||||||||||
RESTRUCTURING CHARGES | |||||||||||||||
In 2013, the Company entered into an agreement with Dominion Virginia Power, a subsidiary of Dominion, to restructure the remaining 5 years of the ROVA contract. The Company recorded a restructuring charge for additional contractual obligations of less than $0.1 million and $0.5 million for the three and nine months ended September 30, 2014, respectively. The Company expects that the $0.4 million of accruals as of September 30, 2014 will be paid out by the end of 2014. | |||||||||||||||
The table below represents the restructuring provision activity related to the ROVA restructuring affecting our Power segment during the nine months ended September 30, 2014 (in millions): | |||||||||||||||
Beginning Balance | Restructuring Charges | Restructuring Payments | Ending Balance | ||||||||||||
$ | 5.1 | $ | 0.5 | $ | 5.2 | $ | 0.4 | ||||||||
During the second quarter of 2014, the Company initiated strategic changes related to the Canadian Acquisition. The restructuring actions are expected to be completed in 2014. The Company recorded restructuring charges for one-time employee termination benefits of $3.3 million and $10.7 million for the three and nine months ended September 30, 2014, respectively, and expects that accruals will be paid through 2016. | |||||||||||||||
The table below represents the restructuring provision activity related to the Canadian Acquisition affecting our Coal - Canada and Coal - U.S. segments during the nine months ended September 30, 2014 (in millions): | |||||||||||||||
Beginning Balance | Restructuring Charges | Restructuring Payments | Ending Balance | ||||||||||||
$ | — | $ | 10.7 | $ | 4.2 | $ | 6.5 | ||||||||
LINES_OF_CREDIT_AND_LONGTERM_D
LINES OF CREDIT AND LONG-TERM DEBT | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LINES OF CREDIT AND LONG-TERM DEBT | ' | |||||||
LINES OF CREDIT AND DEBT | ||||||||
The amounts outstanding under the Company’s debt consisted of the following as of the dates indicated: | ||||||||
Total Debt Outstanding | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
10.75% Senior Notes due 2018 | $ | 250,485 | $ | 251,500 | ||||
Add-On Notes - 10.75% senior notes due 2018 | 425,000 | — | ||||||
8.02% WML term debt due 2018 | — | 85,500 | ||||||
Capital lease obligations | 120,961 | 10,153 | ||||||
Other | 4,635 | 1,209 | ||||||
Debt premium (discount), net | 17,849 | (8,525 | ) | |||||
Total debt outstanding | 818,930 | 339,837 | ||||||
Less current installments | (40,931 | ) | (44,343 | ) | ||||
Total debt outstanding, less current installments | $ | 777,999 | $ | 295,494 | ||||
The following table presents aggregate contractual debt maturities of all debt: | ||||||||
As of September 30, 2014 | ||||||||
(In thousands) | ||||||||
2014 | $ | 10,896 | ||||||
2015 | 40,380 | |||||||
2016 | 38,559 | |||||||
2017 | 25,764 | |||||||
2018 | 682,978 | |||||||
Thereafter | 2,504 | |||||||
Total | 801,081 | |||||||
Plus: debt premium (discount), net | 17,849 | |||||||
Total debt | $ | 818,930 | ||||||
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 were $454.2 million, which included $29.2 million of debt premium. The net proceeds of the offering of the New Notes were used to finance the $282.8 million initial cash payment for the Canadian Acquisition and cash transaction costs associated with the Canadian Acquisition and offering of the New Notes of approximately $24.0 million. The remaining balance of the proceeds were used to fund the prepayment of the WML Notes and for other general corporate purposes. The Company recorded $12.5 million of loss on extinguishment of debt for the nine months ended September 30, 2014 related to the payoff of the WML term debt. This loss included an $11.6 million make-whole payment with the remaining loss due to the write-off of unamortized debt issuance costs. In connection with the WML prepayment, the WML revolving credit facility was terminated. Upon the prepayment of the WML Notes, WML’s assets were pledged as collateral for the senior notes. | ||||||||
Promptly following the completion of the Canadian Acquisition, the Company exchanged the New Notes for $425 million aggregate principal amount of add-on 10.75% senior secured notes due 2018, referred to as the Add-On Notes, and the Company became party to a registration rights agreement, pursuant to which the Company agreed 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. All of the Add-On Notes were exchanged for registered notes in September 2014. The Company will pay interest on the Add-On Notes semi-annually on February 1st and August 1st of each year beginning on August 1, 2014. | ||||||||
The Company amended its existing corporate revolving credit agreement to increase the maximum available borrowing amount to $60 million, with an “accordion feature” pursuant to which the maximum principal amount available for borrowings under the credit agreement can be increased to $100 million under certain circumstances. The revolver may support an equal amount of letters of credit, which would reduce the balance available under the revolver. At September 30, 2014, availability on the revolver was $35.2 million with no outstanding balance and $24.8 million of supported letters of credit. | ||||||||
The Company capitalized debt issuance costs of $16.2 million during the nine months ended September 30, 2014 related to the new senior notes and the amendment of its revolver. | ||||||||
During the nine months ended September 30, 2014, the Company paid $1.0 million, excluding accrued interest, to repurchase Senior Notes with a principal amount of $1.0 million pursuant to the excess cash flow offer requirements under its indenture described below. The Company recognized losses of $0.1 million on these repurchases, which were recorded as losses on extinguishment of debt. The losses on the repurchases were measured based on the carrying value of the repurchased portion of the Senior Notes, which included a portion of the unamortized debt issue costs and the debt discount on the dates of repurchase. | ||||||||
Under the indenture governing the 10.75% Senior Notes, the Company is required to offer a portion of our Excess Cash Flow (as defined by the indenture) for each fiscal year to purchase some of these notes at 100% of the principal amount. The Company had $29.5 million of Excess Cash Flow for the year ended December 31, 2013 and offered $22.1 million for repurchase during the second quarter of 2014. As of December 31, 2013, the Company had classified $22.1 million of the outstanding 10.75% Senior Notes to Current installments of long-term debt related to the required Excess Cash Flow offering. The Excess Cash Flow offer expired by June 30, 2014 with $1.0 million of principal being repaid. The remaining $21.1 million was reclassified to Long-term debt, less current installments as of June 30, 2014. | ||||||||
During the nine months ended September 30, 2014, the Company entered into $15.5 million of new capital leases. | ||||||||
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 | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 822 | $ | 1,109 | $ | 2,467 | $ | 3,327 | ||||||||
Interest cost | 3,203 | 3,035 | 9,610 | 9,104 | ||||||||||||
Amortization of deferred items | 4 | 1,001 | 13 | 3,004 | ||||||||||||
Total net periodic benefit cost | $ | 4,029 | $ | 5,145 | $ | 12,090 | $ | 15,435 | ||||||||
The following table shows the net periodic postretirement medical benefit costs that relate to current and former mining operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Former mining operations | $ | 2,402 | $ | 3,119 | $ | 7,210 | $ | 9,356 | ||||||||
Current operations | 1,627 | 2,026 | 4,880 | 6,079 | ||||||||||||
Total net periodic benefit cost | $ | 4,029 | $ | 5,145 | $ | 12,090 | $ | 15,435 | ||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 500 | $ | 587 | $ | 1,500 | $ | 1,760 | ||||||||
Interest cost | 1,747 | 1,590 | 5,240 | 4,771 | ||||||||||||
Expected return on plan assets | (2,154 | ) | (2,192 | ) | (6,461 | ) | (6,577 | ) | ||||||||
Amortization of deferred items | 359 | 872 | 1,078 | 2,617 | ||||||||||||
Total net periodic pension cost | $ | 452 | $ | 857 | $ | 1,357 | $ | 2,571 | ||||||||
These costs are included in Cost of sales and Selling and administrative expenses. | ||||||||||||||||
In one of the Company’s pension plans, lump sum distributions through the third quarter of 2014 exceeded the sum of that plan’s service and interest costs. As a result, the Company recorded a $0.8 million loss on settlement accounting in the third quarter of 2014. | ||||||||||||||||
The Company contributed $4.1 million to its pension plans in the nine months ended September 30, 2014. Of these contributions, $2.2 million was made in cash and $1.9 million was made in Company stock. The Company does not expect to make any additional pension plan contributions during the remainder of 2014. |
HERITAGE_HEALTH_BENEFIT_EXPENS
HERITAGE HEALTH BENEFIT EXPENSES | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Health care benefits | $ | 2,404 | $ | 3,179 | $ | 7,054 | $ | 9,446 | ||||||||
Combined benefit fund payments | 342 | 576 | 1,366 | 1,727 | ||||||||||||
Workers’ compensation benefits | 120 | 99 | 380 | 331 | ||||||||||||
Black lung benefits | 449 | 203 | 1,446 | (387 | ) | |||||||||||
Total | $ | 3,315 | $ | 4,057 | $ | 10,246 | $ | 11,117 | ||||||||
ASSET_RETIREMENT_OBLIGATIONS_C
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS | 9 Months Ended | |||||||||||
Sep. 30, 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 operating segments at September 30, 2014 are summarized below: | ||||||||||||
Asset | Contractual | Reclamation | ||||||||||
Retirement | Third-Party | Deposits | ||||||||||
Obligation | Reclamation | |||||||||||
Receivable | ||||||||||||
(In thousands) | ||||||||||||
Coal - U.S. | $ | 279,859 | $ | 91,370 | $ | 77,131 | ||||||
Coal - Canada | 104,004 | 6,544 | — | |||||||||
Power | 944 | — | — | |||||||||
Total | $ | 384,807 | $ | 97,914 | $ | 77,131 | ||||||
Asset Retirement Obligations | ||||||||||||
Changes in the Company’s asset retirement obligations were as follows: | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Asset retirement obligations, beginning of year (including current portion) | $ | 279,864 | $ | 263,847 | ||||||||
Accretion | 23,329 | 16,426 | ||||||||||
Liabilities settled | (18,759 | ) | (17,072 | ) | ||||||||
ARO acquired | 102,075 | — | ||||||||||
Changes due to foreign currency translation | (1,702 | ) | — | |||||||||
Asset retirement obligations, end of period | 384,807 | 263,201 | ||||||||||
Less current portion | (29,529 | ) | (25,038 | ) | ||||||||
Asset retirement obligations, less current portion | $ | 355,278 | $ | 238,163 | ||||||||
Contractual Third-Party Reclamation Receivables | ||||||||||||
At September 30, 2014, the Company recognized as an asset of $97.9 million as contractual third-party reclamation receivables, representing the present value of customer obligations to reimburse the Company for future reclamation expenditures. | ||||||||||||
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 September 30, 2014 were as follows: | ||||||||||||
Carrying Value | Fair Value | Fair Value Hierarchy | ||||||||||
(In thousands) | ||||||||||||
Cash and cash equivalents | $ | 44,248 | $ | 44,248 | Level 1 | |||||||
Available-for-sale securities | 32,883 | 32,883 | Level 1 | |||||||||
$ | 77,131 | $ | 77,131 | |||||||||
These accounts include available-for-sale securities. Available-for-sale securities are reported at fair value with unrealized gains and losses excluded from earnings and reported in Accumulated other comprehensive loss. | ||||||||||||
During the quarter ended September 30, 2014, the Company decided to more actively manage its investment yields. This decision resulted in the sale of $1.8 million carrying value of securities and realized losses of less than $0.1 million during the quarter ended September 30, 2014. The Company transferred the remainder of its securities classified as held-to-maturity to available-for-sale securities. The carrying value of held-to-maturity securities held as Reclamation deposits transferred to available-for-sale during the quarter ended September 30, 2014 was $32.2 million. As a result of the transfer, the Company recorded $0.6 million of unrealized holding gains in Accumulated other comprehensive loss during the quarter ended September 30, 2014. | ||||||||||||
Available-for-Sale Reclamation Deposits | ||||||||||||
The cost basis, gross unrealized holding gains and losses, and fair value of available-for-sale securities at September 30, 2014 were as follows (in thousands): | ||||||||||||
Cost basis | $ | 32,232 | ||||||||||
Gross unrealized holding gains | 911 | |||||||||||
Gross unrealized holding losses | (260 | ) | ||||||||||
Fair value | $ | 32,883 | ||||||||||
Maturities of available-for-sale securities were as follows at September 30, 2014: | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In thousands) | ||||||||||||
Within one year | $ | 530 | $ | 475 | ||||||||
Due in five years or less | 16,397 | 16,840 | ||||||||||
Due after five years to ten years | 7,793 | 7,856 | ||||||||||
Due in more than ten years | 7,512 | 7,712 | ||||||||||
$ | 32,232 | $ | 32,883 | |||||||||
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 9 Months Ended | ||||||||||
Sep. 30, 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 to manage a portion of its exposure to fluctuating rates of exchange on anticipated Canadian Dollar-denominated Canadian Acquisition cash flows. These two foreign currency contracts had a total notional amount of $348.3 million and were settled in April 2014. | |||||||||||
During 2014, the Company entered into contracts to purchase power at its ROVA facility to manage exposure to power price fluctuations. These contracts cover the period from April 2014 to March 2019 and contracted power prices range from $41.05 to $56.33 megawatts per hour, with a weighted average contract price of $43.73 over the remaining contract lives. The fair value of these power price derivatives are based on comparing contracted prices to projected future prices. | |||||||||||
The fair value of outstanding derivative instruments not designated as hedging instruments on the accompanying Consolidated Balance Sheet was as follows (in thousands): | |||||||||||
Derivative Instruments | Balance Sheet Location | September 30, 2014 | |||||||||
Contracts to purchase power | Other current liabilities | $ | 4,206 | ||||||||
Contracts to purchase power | Other liabilities | 25,415 | |||||||||
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 September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||||
Operations Location | |||||||||||
Canadian dollar foreign exchange forward contracts | Loss on foreign exchange | $ | — | $ | (6,209 | ) | |||||
Contracts to purchase power | Unrealized derivative loss | (23,691 | ) | (29,621 | ) |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||
Sep. 30, 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 4, 9 and 10 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. | |||||||
The table below sets forth, by level, the Company’s financial assets that are accounted for at fair value at September 30, 2014: | ||||||||
Level 1 | ||||||||
(In thousands) | ||||||||
Assets: | ||||||||
Available-for-sale investments included in Restricted investments and bond collateral | $ | 35,119 | ||||||
Available-for-sale investments included in Reclamation deposits | 32,883 | |||||||
Total assets | $ | 68,002 | ||||||
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 (Level 3). As of September 30, 2014, the Company had no long-term debt with Level 3 fair values. 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 | $ | 328,475 | $ | 364,329 | ||||
September 30, 2014 | $ | 693,334 | $ | 710,948 | ||||
The Company uses derivative financial instruments, primarily foreign exchange contracts and forward contracts to purchase power, to reduce its exposure to market risks from changes in foreign exchange rates and changes in prices for power, respectively. The foreign exchange contracts are measured at fair value using quoted forward foreign exchange prices from counterparties corroborated by market-based pricing (Level 2). The contracts to purchase power are measured at fair value using forward pricing curves for power from counterparties corroborated by market-based pricing (Level 2). Additional information related to the Company’s derivative financial instruments is disclosed in Notes 1 and 10 to the consolidated financial statements. | ||||||||
The Company’s non-recurring fair value measurements include asset retirement obligations (refer to Note 9). | ||||||||
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) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
SHAREHOLDERS' 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 $0.7 million of preferred stock dividends for the nine months ended September 30, 2014. During the three and nine months ended September 30, 2014, approximately 4,075 and 68,266 shares of preferred stock, respectively, were converted into 27,841 and 466,367 shares of common stock, respectively. | ||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
The following table reflects the changes in accumulated other comprehensive income (loss) by component: | ||||||||||||||||||||||||
Pension | Postretirement | Available for | Foreign currency translation adjustment | Tax effect of | Accumulated | |||||||||||||||||||
medical benefits | sale | other | other | |||||||||||||||||||||
securities | 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 | (172 | ) | — | 1,231 | (5,364 | ) | (711 | ) | (5,016 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,078 | 13 | — | — | — | 1,091 | ||||||||||||||||||
Balance at September 30, 2014 | $ | (11,349 | ) | $ | (20,279 | ) | $ | 1,231 | $ | (5,364 | ) | $ | (31,759 | ) | $ | (67,520 | ) | |||||||
The following table reflects the reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 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 September 30, 2014 | Nine Months Ended September 30, 2014 | (loss) is presented | ||||||||||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||||||||||
Actuarial losses | $ | 361 | $ | 1,078 | 2 | |||||||||||||||||||
Amortization of postretirement medical items | ||||||||||||||||||||||||
Prior service costs | $ | (161 | ) | $ | (479 | ) | 3 | |||||||||||||||||
Actuarial losses | 164 | 492 | 3 | |||||||||||||||||||||
Total | $ | 3 | $ | 13 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||
-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 7 - Pension for additional details) | |||||||||||||||||||||||
-3 | These accumulated other comprehensive loss components are included in the computation of net periodic postretirement medical cost. (See Note 7 - Postretirement Medical Benefits for additional details) | |||||||||||||||||||||||
Equity Offering | ||||||||||||||||||||||||
On July 16, 2014, the Company completed a public offering of 1,684,507 shares of common stock at $35.50 per share for gross proceeds of $59.8 million. Brokerage fees were $1.775 per share or $3.0 million and legal and other fees associated with the offering were $0.3 million. The Company intends to use the net proceeds of $56.5 million from the offering to increase its overall financial flexibility, pursue organic and acquisition growth strategies and for general corporate purposes. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 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. Non-employee directors receive equity awards with a value of $90,000 after each annual meeting. | |||||||||||||||||
In June 2014, the Company began contributing Company stock to its 401(k) plan instead of cash. | |||||||||||||||||
The Company recognized compensation expense from share-based arrangements shown in the following table: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Recognition of fair value of restricted stock units, stock options and SARs over vesting period; and issuance of stock | $ | 334 | $ | 728 | $ | 2,450 | $ | 2,239 | |||||||||
Contributions of stock to the Company's 401(k) plan | 677 | 95 | 1,006 | 2,355 | |||||||||||||
Total share-based compensation expense | $ | 1,011 | $ | 823 | $ | 3,456 | $ | 4,594 | |||||||||
Restricted Stock Units | |||||||||||||||||
A summary of restricted stock award activity for the nine months ended September 30, 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 | 178,031 | 30.53 | |||||||||||||||
Vested | (263,864 | ) | 11.37 | ||||||||||||||
Forfeited | (91,331 | ) | 6.55 | ||||||||||||||
Non-vested at September 30, 2014 | 411,563 | $ | 15.29 | $ | 4,022 | (1) | |||||||||||
____________________ | |||||||||||||||||
-1 | Expected to be recognized over the next three years. | ||||||||||||||||
Stock Options | |||||||||||||||||
A summary of stock option activity for the nine months ended September 30, 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 | (19,500 | ) | $ | 21.4 | |||||||||||||
Expired | — | $ | — | ||||||||||||||
Outstanding and exercisable at September 30, 2014 | 126,306 | $ | 22.06 | 3.5 | $ | 1,939 | $ | — | |||||||||
There were no stock options granted during the nine months ended September 30, 2014. | |||||||||||||||||
SARs | |||||||||||||||||
A summary of SARs activity for the nine months ended September 30, 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 | (40,891 | ) | $ | 21.42 | |||||||||||||
Expired | — | $ | — | ||||||||||||||
Outstanding and exercisable at September 30, 2014 | 29,843 | $ | 24.22 | 1.4 | $ | 393 | $ | — | |||||||||
There were no SARs granted during the nine months ended September 30, 2014. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||||
Sep. 30, 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 nine months ended September 30, 2014 and September 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Convertible securities | $ | 626 | $ | 1,093 | $ | 626 | $ | 1,093 | ||||||||
Restricted stock units, stock options and SARs | 568 | 478 | 568 | 813 | ||||||||||||
Total shares excluded from diluted shares calculation | $ | 1,194 | $ | 1,571 | $ | 1,194 | $ | 1,906 | ||||||||
BUSINESS_SEGMENT_INFORMATION
BUSINESS SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 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 five reporting segments: Coal - U.S., Coal - Canada, Power, Heritage and Corporate. The Canadian Acquisition was completed on April 28, 2014 and the segment "Coal - Canada" has not been previously presented. The business segment information for the Company's U.S. coal operations was previously reported in the "Coal" segment in the 2013 Form 10-K since the Company previously only held coal operations in the U.S. | ||||||||||||||||||||||||
Summarized financial information by segment is as follows: | ||||||||||||||||||||||||
Coal - U.S. | Coal - Canada(1) | Power | Heritage | Corporate | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||||
Revenues | $ | 165,051 | $ | 151,340 | $ | 21,439 | $ | — | $ | — | $ | 337,830 | ||||||||||||
Restructuring charges | 292 | 2,411 | (40 | ) | — | 602 | 3,265 | |||||||||||||||||
Depreciation, depletion, and amortization | 13,771 | 11,862 | 2,504 | — | 38 | 28,175 | ||||||||||||||||||
Operating income (loss) | 4,793 | (1,453 | ) | (26,413 | ) | (3,915 | ) | (2,444 | ) | (29,432 | ) | |||||||||||||
Total assets | 665,292 | 607,565 | 163,528 | 15,996 | 126,127 | 1,578,508 | ||||||||||||||||||
Capital expenditures | 12,841 | 5,280 | 164 | — | — | 18,285 | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Revenues | $ | 151,881 | $ | — | $ | 24,911 | $ | — | $ | — | $ | 176,792 | ||||||||||||
Depreciation, depletion, and amortization | 14,838 | — | 2,552 | — | 44 | 17,434 | ||||||||||||||||||
Operating income (loss) | 9,564 | — | 5,087 | (4,326 | ) | (1,789 | ) | 8,536 | ||||||||||||||||
Total assets | 714,841 | — | 180,967 | 15,419 | 28,612 | 939,839 | ||||||||||||||||||
Capital expenditures | 6,803 | — | 17 | — | (64 | ) | 6,756 | |||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Revenues | $ | 473,350 | $ | 267,387 | $ | 65,252 | $ | — | $ | — | $ | 805,989 | ||||||||||||
Restructuring charges | 783 | 9,058 | 459 | — | 907 | 11,207 | ||||||||||||||||||
Depreciation, depletion, and amortization | 40,552 | 20,533 | 7,512 | — | 116 | 68,713 | ||||||||||||||||||
Operating income (loss) | 17,069 | (14,162 | ) | (34,147 | ) | (11,303 | ) | (8,478 | ) | (51,021 | ) | |||||||||||||
Total assets | 665,292 | 607,565 | 163,528 | 15,996 | 126,127 | 1,578,508 | ||||||||||||||||||
Capital expenditures | 22,427 | 12,775 | 419 | — | 25 | 35,646 | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Revenues | $ | 433,330 | $ | — | $ | 67,409 | $ | — | $ | — | $ | 500,739 | ||||||||||||
Depreciation, depletion, and amortization | 39,496 | — | 7,632 | — | 129 | 47,257 | ||||||||||||||||||
Operating income (loss) | 35,130 | — | 8,922 | (12,031 | ) | (5,776 | ) | 26,245 | ||||||||||||||||
Total assets | 714,841 | — | 180,967 | 15,419 | 28,612 | 939,839 | ||||||||||||||||||
Capital expenditures | 19,022 | — | 715 | — | 486 | 20,223 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | The Canadian operations were acquired on April 28, 2014, therefore, information for the nine months ended September 30, 2014 includes approximately five months of operations and there is no activity for 2013. | |||||||||||||||||||||||
Certain amounts in prior periods have been reclassified to conform with the presentation of 2014. The reclassification affected depreciation, depletion and amortization and operating income (loss) between the Coal U.S. segment and the Corporate segment. | ||||||||||||||||||||||||
A reconciliation of segment income (loss) from operations to loss before income taxes follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Income (loss) from operations | $ | (29,432 | ) | $ | 8,536 | $ | (51,021 | ) | $ | 26,245 | ||||||||||||||
Loss on extinguishment of debt | (13 | ) | — | (12,648 | ) | (64 | ) | |||||||||||||||||
Interest expense | (21,251 | ) | (9,909 | ) | (63,835 | ) | (30,145 | ) | ||||||||||||||||
Interest income | 2,468 | 301 | 4,351 | 878 | ||||||||||||||||||||
Loss on foreign exchange | (1,742 | ) | — | (5,883 | ) | — | ||||||||||||||||||
Other income | 118 | 89 | 697 | 287 | ||||||||||||||||||||
Income (loss) before income taxes | $ | (49,852 | ) | $ | (983 | ) | $ | (128,339 | ) | $ | (2,799 | ) |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 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. | |||||||||||||||||||||||||
As a result of the prepayment of the WML Notes, WML became a Guarantor Subsidiary. The following tables include WML as a Guarantor Subsidiary, including the 2013 information which has been recast. | |||||||||||||||||||||||||
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 guarantor subsidiaries, and (iv) the non-guarantor subsidiaries: | |||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 95,245 | $ | — | $ | 27,974 | $ | 2,469 | $ | (1,998 | ) | $ | 123,690 | ||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,173 | 126,606 | — | — | 138,779 | |||||||||||||||||||
Loan and lease receivable | — | — | 10,332 | — | — | 10,332 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 7,666 | — | — | 7,666 | |||||||||||||||||||
Intercompany receivable/payable | 195 | — | 376 | (19,513 | ) | 18,942 | — | ||||||||||||||||||
Other | 1,856 | — | 570 | 59 | (48 | ) | 2,437 | ||||||||||||||||||
2,051 | 12,173 | 145,550 | (19,454 | ) | 18,894 | 159,214 | |||||||||||||||||||
Inventories | — | 3,425 | 110,800 | — | — | 114,225 | |||||||||||||||||||
Deferred income taxes | 5,455 | — | 865 | — | (4,094 | ) | 2,226 | ||||||||||||||||||
Other current assets | 926 | 640 | 11,423 | 1,613 | — | 14,602 | |||||||||||||||||||
Total current assets | 103,677 | 16,238 | 296,612 | (15,372 | ) | 12,802 | 413,957 | ||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 443,306 | — | — | 444,701 | |||||||||||||||||||
Plant and equipment | 4,022 | 221,530 | 576,415 | — | — | 801,967 | |||||||||||||||||||
4,022 | 222,925 | 1,019,721 | — | — | 1,246,668 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,933 | 79,165 | 421,831 | — | — | 503,929 | |||||||||||||||||||
Net property, plant and equipment | 1,089 | 143,760 | 597,890 | — | — | 742,739 | |||||||||||||||||||
Loan and lease receivables | — | — | 76,080 | — | — | 76,080 | |||||||||||||||||||
Advanced coal royalties | — | — | 7,533 | — | — | 7,533 | |||||||||||||||||||
Reclamation deposits | — | — | 77,131 | — | — | 77,131 | |||||||||||||||||||
Restricted investments and bond collateral | 63,602 | 3,400 | 41,732 | — | — | 108,734 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 90,248 | — | — | 90,248 | |||||||||||||||||||
Investment in joint venture | — | — | 30,766 | — | — | 30,766 | |||||||||||||||||||
Intangible assets | — | 129 | 206 | — | — | 335 | |||||||||||||||||||
Investment in subsidiaries | 337,967 | — | 10,333 | 3,770 | (352,070 | ) | — | ||||||||||||||||||
Intercompany receivable/payable | 171,304 | — | (171,304 | ) | — | — | — | ||||||||||||||||||
Other assets | 21,277 | — | 9,708 | 3,500 | (3,500 | ) | 30,985 | ||||||||||||||||||
Total assets | $ | 698,916 | $ | 163,527 | $ | 1,066,935 | $ | (8,102 | ) | $ | (342,768 | ) | $ | 1,578,508 | |||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
September 30, 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 | $ | — | $ | — | $ | 40,931 | $ | — | $ | — | $ | 40,931 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade and other accrued liabilities | 6,167 | 7,964 | 126,754 | 63 | (2 | ) | 140,946 | ||||||||||||||||||
Interest payable | 12,166 | — | 392 | (1 | ) | (47 | ) | 12,510 | |||||||||||||||||
Production taxes | — | 2 | 48,440 | 1,985 | — | 50,427 | |||||||||||||||||||
Workers’ compensation | 702 | — | — | — | — | 702 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 773 | 1,139 | 1 | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,581 | 3,973 | — | — | 13,554 | |||||||||||||||||||
Asset retirement obligations | — | — | 29,529 | — | — | 29,529 | |||||||||||||||||||
Intercompany receivable/payable | — | — | 13,664 | — | (13,664 | ) | — | ||||||||||||||||||
Other current liabilities | 1,080 | 5,099 | 5,596 | — | (2,000 | ) | 9,775 | ||||||||||||||||||
Total current liabilities | 32,547 | 22,646 | 270,052 | 3,186 | (15,712 | ) | 312,719 | ||||||||||||||||||
Long-term debt, less current installments | 696,833 | — | 84,666 | — | (3,500 | ) | 777,999 | ||||||||||||||||||
Workers’ compensation, less current portion | 6,580 | — | — | — | — | 6,580 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 10,768 | — | — | — | — | 10,768 | |||||||||||||||||||
Postretirement medical benefits, less current portion | 184,323 | — | 70,113 | 18,087 | — | 272,523 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 12,634 | 96 | 7,805 | 237 | — | 20,772 | |||||||||||||||||||
Deferred revenue, less current portion | — | 33,573 | 4,411 | — | — | 37,984 | |||||||||||||||||||
Asset retirement obligations, less current portion | — | 944 | 354,335 | (1 | ) | — | 355,278 | ||||||||||||||||||
Intangible liabilities | — | 4,805 | — | — | — | 4,805 | |||||||||||||||||||
Deferred income taxes | 5,455 | — | 6,870 | — | — | 12,325 | |||||||||||||||||||
Other liabilities | 707 | 25,415 | 3,167 | 1,797 | — | 31,086 | |||||||||||||||||||
Intercompany receivable/payable | 13,400 | — | (12,052 | ) | 14,654 | (16,002 | ) | — | |||||||||||||||||
Total liabilities | 963,247 | 87,479 | 789,367 | 37,960 | (35,214 | ) | 1,842,839 | ||||||||||||||||||
Shareholders’ deficit | |||||||||||||||||||||||||
Preferred stock | 92 | — | — | — | — | 92 | |||||||||||||||||||
Common stock | 42,649 | 5 | 10,379 | 132 | (10,516 | ) | 42,649 | ||||||||||||||||||
Other paid-in capital | 188,214 | 52,855 | 373,650 | (124 | ) | (426,381 | ) | 188,214 | |||||||||||||||||
Advances to Parent | — | 8,530 | (24,334 | ) | — | 15,804 | — | ||||||||||||||||||
Accumulated other comprehensive loss | (67,520 | ) | (158 | ) | 3,068 | (3,058 | ) | 148 | (67,520 | ) | |||||||||||||||
Accumulated earnings (deficit) | (427,766 | ) | 14,816 | (85,195 | ) | (43,012 | ) | 113,391 | (427,766 | ) | |||||||||||||||
Total equity (deficit) | (264,331 | ) | 76,048 | 277,568 | (46,062 | ) | (307,554 | ) | (264,331 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 698,916 | $ | 163,527 | $ | 1,066,935 | $ | (8,102 | ) | $ | (342,768 | ) | $ | 1,578,508 | |||||||||||
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 | $ | 27,451 | $ | 4,992 | $ | — | $ | 61,110 | |||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,934 | 46,985 | 6,277 | — | 66,196 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 8,487 | — | — | 8,487 | |||||||||||||||||||
Intercompany receivable/payable | (16,273 | ) | — | 2,761 | (19,353 | ) | 32,865 | — | |||||||||||||||||
Other | 1,616 | 210 | 3,256 | 28 | (24 | ) | 5,086 | ||||||||||||||||||
(14,657 | ) | 13,144 | 61,489 | (13,048 | ) | 32,841 | 79,769 | ||||||||||||||||||
Inventories | — | 6,161 | 33,811 | — | — | 39,972 | |||||||||||||||||||
Deferred income taxes | 5,355 | — | 870 | — | (870 | ) | 5,355 | ||||||||||||||||||
Restricted investments and bond collateral | — | 5,998 | — | — | — | 5,998 | |||||||||||||||||||
Other current assets | 789 | 143 | 11,069 | 834 | — | 12,835 | |||||||||||||||||||
Total current assets | 16,813 | 28,787 | 134,690 | (7,222 | ) | 31,971 | 205,039 | ||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 276,793 | — | — | 278,188 | |||||||||||||||||||
Plant and equipment | 3,973 | 220,872 | 432,851 | — | — | 657,696 | |||||||||||||||||||
3,973 | 222,267 | 709,644 | — | — | 935,884 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,707 | 71,653 | 371,488 | — | — | 445,848 | |||||||||||||||||||
Net property, plant and equipment | 1,266 | 150,614 | 338,156 | — | — | 490,036 | |||||||||||||||||||
Advanced coal royalties | — | — | 7,311 | — | — | 7,311 | |||||||||||||||||||
Reclamation deposits | — | — | 74,921 | — | — | 74,921 | |||||||||||||||||||
Restricted investments and bond collateral | 15,134 | — | 54,101 | — | — | 69,235 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 88,303 | — | — | 88,303 | |||||||||||||||||||
Intangible assets | — | 1,283 | 237 | — | — | 1,520 | |||||||||||||||||||
Investment in subsidiaries | 280,843 | — | — | 3,770 | (284,613 | ) | — | ||||||||||||||||||
Other assets | 8,636 | — | 1,683 | 2,000 | (1,999 | ) | 10,320 | ||||||||||||||||||
Total assets | $ | 322,692 | $ | 180,684 | $ | 699,402 | $ | (1,452 | ) | $ | (254,641 | ) | $ | 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 | $ | — | $ | 23,951 | $ | — | $ | — | $ | 44,343 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade | 6,840 | 10,119 | 38,061 | 2,487 | — | 57,507 | |||||||||||||||||||
Interest payable | 11,302 | — | 40 | — | (21 | ) | 11,321 | ||||||||||||||||||
Production taxes | — | 3 | 36,522 | 5,380 | — | 41,905 | |||||||||||||||||||
Workers’ compensation | 717 | — | — | — | — | 717 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 774 | 1,139 | — | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,024 | 5,044 | — | — | 14,068 | |||||||||||||||||||
Asset retirement obligations | — | — | 23,353 | — | — | 23,353 | |||||||||||||||||||
Other current liabilities | — | 5,053 | 417 | — | (1 | ) | 5,469 | ||||||||||||||||||
Total current liabilities | 51,683 | 24,199 | 128,162 | 9,006 | (22 | ) | 213,028 | ||||||||||||||||||
Long-term debt, less current installments | 224,582 | — | 72,912 | — | (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 | — | 66,439 | 18,077 | — | 270,374 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 13,069 | 99 | 10,765 | 243 | — | 24,176 | |||||||||||||||||||
Deferred revenue, less current portion | — | 41,297 | 5,270 | — | — | 46,567 | |||||||||||||||||||
Asset retirement obligations, less current portion | — | 892 | 255,619 | — | — | 256,511 | |||||||||||||||||||
Intangible liabilities | — | 5,606 | — | — | — | 5,606 | |||||||||||||||||||
Deferred income taxes | 5,355 | — | — | — | — | 5,355 | |||||||||||||||||||
Other liabilities | 584 | — | 6,687 | 983 | (6,220 | ) | 2,034 | ||||||||||||||||||
Intercompany receivable/payable | 14,021 | — | (7,851 | ) | 14,654 | (20,824 | ) | — | |||||||||||||||||
Total liabilities | 510,571 | 72,093 | 538,003 | 42,963 | (29,066 | ) | 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 | 157,984 | (124 | ) | (210,695 | ) | 134,861 | |||||||||||||||||
Accumulated other comprehensive loss | (63,595 | ) | (164 | ) | 6,425 | (3,086 | ) | (3,175 | ) | (63,595 | ) | ||||||||||||||
Accumulated earnings (deficit) | (295,784 | ) | 55,915 | (3,120 | ) | (41,337 | ) | (11,458 | ) | (295,784 | ) | ||||||||||||||
Total equity (deficit) | (187,879 | ) | 108,591 | 161,399 | (44,415 | ) | (225,575 | ) | (187,879 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 322,692 | $ | 180,684 | $ | 699,402 | $ | (1,452 | ) | $ | (254,641 | ) | $ | 946,685 | |||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 21,439 | $ | 316,391 | $ | — | $ | — | $ | 337,830 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (1,037 | ) | 20,799 | 265,762 | — | — | 285,524 | ||||||||||||||||||
Depreciation, depletion and amortization | 70 | 2,503 | 25,602 | — | — | 28,175 | |||||||||||||||||||
Selling and administrative | 5,124 | 899 | 18,834 | (423 | ) | — | 24,434 | ||||||||||||||||||
Heritage health benefit expenses | 3,099 | — | — | 216 | — | 3,315 | |||||||||||||||||||
Loss on sales of assets | — | — | 119 | — | — | 119 | |||||||||||||||||||
Restructuring charges | 663 | (39 | ) | 2,641 | — | — | 3,265 | ||||||||||||||||||
Unrealized derivative loss | — | 23,691 | — | — | — | 23,691 | |||||||||||||||||||
Income from equity affiliates | — | — | (1,261 | ) | — | — | (1,261 | ) | |||||||||||||||||
7,919 | 47,853 | 311,697 | (207 | ) | — | 367,262 | |||||||||||||||||||
Operating income (loss) | (7,919 | ) | (26,414 | ) | 4,694 | 207 | — | (29,432 | ) | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (18,302 | ) | (102 | ) | (10,614 | ) | — | 7,767 | (21,251 | ) | |||||||||||||||
Loss on extinguishment of debt | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||
Interest income | 7,891 | 1 | 2,343 | — | (7,767 | ) | 2,468 | ||||||||||||||||||
Loss on foreign exchange | (148 | ) | — | (1,594 | ) | — | — | (1,742 | ) | ||||||||||||||||
Other income | 5 | — | 113 | — | — | 118 | |||||||||||||||||||
(10,554 | ) | (101 | ) | (9,765 | ) | — | — | (20,420 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (18,473 | ) | (26,515 | ) | (5,071 | ) | 207 | — | (49,852 | ) | |||||||||||||||
Equity in income of subsidiaries | (31,128 | ) | — | — | — | 31,128 | — | ||||||||||||||||||
Income (loss) before income taxes | (49,601 | ) | (26,515 | ) | (5,071 | ) | 207 | 31,128 | (49,852 | ) | |||||||||||||||
Income tax expense (benefit) | (467 | ) | — | 3,362 | 1 | (3,614 | ) | (718 | ) | ||||||||||||||||
Net income (loss) | (49,134 | ) | (26,515 | ) | (8,433 | ) | 206 | 34,742 | (49,134 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (49,134 | ) | $ | (26,515 | ) | $ | (8,433 | ) | $ | 206 | $ | 34,742 | $ | (49,134 | ) | |||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 24,911 | $ | 149,079 | $ | 17,149 | $ | (14,347 | ) | $ | 176,792 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (371 | ) | 16,366 | 115,587 | 20,958 | (14,347 | ) | 138,193 | |||||||||||||||||
Depreciation, depletion and amortization | 93 | 2,551 | 14,791 | — | (1 | ) | 17,434 | ||||||||||||||||||
Selling and administrative | 4,191 | 907 | 7,867 | (467 | ) | — | 12,498 | ||||||||||||||||||
Heritage health benefit expenses | 3,789 | — | — | 268 | — | 4,057 | |||||||||||||||||||
Gain on sales of assets | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||
Other operating income | — | — | (3,913 | ) | — | — | (3,913 | ) | |||||||||||||||||
7,702 | 19,824 | 134,319 | 20,759 | (14,348 | ) | 168,256 | |||||||||||||||||||
Operating income (loss) | (7,702 | ) | 5,087 | 14,760 | (3,610 | ) | 1 | 8,536 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (7,622 | ) | (10 | ) | (2,281 | ) | (2 | ) | 6 | (9,909 | ) | ||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | |||||||||||||||||||
Interest income | 29 | 5 | 267 | 6 | (6 | ) | 301 | ||||||||||||||||||
Other income (loss) | — | — | 89 | — | — | 89 | |||||||||||||||||||
(7,593 | ) | (5 | ) | (1,925 | ) | 4 | — | (9,519 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (15,295 | ) | 5,082 | 12,835 | (3,606 | ) | 1 | (983 | ) | ||||||||||||||||
Equity in income of subsidiaries | 14,281 | — | — | — | (14,281 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (1,014 | ) | 5,082 | 12,835 | (3,606 | ) | (14,280 | ) | (983 | ) | |||||||||||||||
Income tax expense (benefit) | (1 | ) | — | 1,742 | 1 | (1,712 | ) | 30 | |||||||||||||||||
Net income (loss) | (1,013 | ) | 5,082 | 11,093 | (3,607 | ) | (12,568 | ) | (1,013 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | (3,774 | ) | — | — | — | — | (3,774 | ) | |||||||||||||||||
Net income (loss) attributable to the Parent company | $ | 2,761 | $ | 5,082 | $ | 11,093 | $ | (3,607 | ) | $ | (12,568 | ) | $ | 2,761 | |||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 65,254 | $ | 740,742 | $ | (7 | ) | $ | — | $ | 805,989 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (1,508 | ) | 58,845 | 613,075 | 55 | — | 670,467 | ||||||||||||||||||
Depreciation, depletion and amortization | 225 | 7,513 | 60,975 | — | — | 68,713 | |||||||||||||||||||
Selling and administrative | 22,092 | 2,961 | 44,694 | (1,196 | ) | — | 68,551 | ||||||||||||||||||
Heritage health benefit expenses | 9,602 | — | — | 644 | — | 10,246 | |||||||||||||||||||
Loss on sales of assets | — | — | 114 | — | — | 114 | |||||||||||||||||||
Restructuring charges | 1,460 | 459 | 9,288 | — | — | 11,207 | |||||||||||||||||||
Unrealized derivative loss | — | 29,621 | — | — | — | 29,621 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | — | — | (2,060 | ) | — | — | (2,060 | ) | |||||||||||||||||
Other operating income | — | — | 150 | 1 | — | 151 | |||||||||||||||||||
31,871 | 99,399 | 726,236 | (496 | ) | — | 857,010 | |||||||||||||||||||
Operating income (loss) | (31,871 | ) | (34,145 | ) | 14,506 | 489 | — | (51,021 | ) | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (55,584 | ) | (220 | ) | (15,813 | ) | — | 7,782 | (63,835 | ) | |||||||||||||||
Loss on extinguishment of debt | (64 | ) | — | (12,584 | ) | — | — | (12,648 | ) | ||||||||||||||||
Interest income | 8,160 | 8 | 3,941 | 24 | (7,782 | ) | 4,351 | ||||||||||||||||||
Loss on foreign exchange | (5,382 | ) | — | (501 | ) | — | — | (5,883 | ) | ||||||||||||||||
Other income | 7 | — | 691 | (1 | ) | — | 697 | ||||||||||||||||||
(52,863 | ) | (212 | ) | (24,266 | ) | 23 | — | (77,318 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (84,734 | ) | (34,357 | ) | (9,760 | ) | 512 | — | (128,339 | ) | |||||||||||||||
Equity in income of subsidiaries | (47,274 | ) | — | — | — | 47,274 | — | ||||||||||||||||||
Income (loss) before income taxes | (132,008 | ) | (34,357 | ) | (9,760 | ) | 512 | 47,274 | (128,339 | ) | |||||||||||||||
Income tax expense (benefit) | (690 | ) | — | 2,244 | — | 1,425 | 2,979 | ||||||||||||||||||
Net income (loss) | (131,318 | ) | (34,357 | ) | (12,004 | ) | 512 | 45,849 | (131,318 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (131,318 | ) | $ | (34,357 | ) | $ | (12,004 | ) | $ | 512 | $ | 45,849 | $ | (131,318 | ) | |||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 67,409 | $ | 423,266 | $ | 38,037 | $ | (27,973 | ) | $ | 500,739 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (1,141 | ) | 48,221 | 339,004 | 41,031 | (27,973 | ) | 399,142 | |||||||||||||||||
Depreciation, depletion and amortization | 280 | 7,632 | 39,345 | — | — | 47,257 | |||||||||||||||||||
Selling and administrative | 12,399 | 2,633 | 22,547 | (1,225 | ) | — | 36,354 | ||||||||||||||||||
Heritage health benefit expenses | 10,322 | — | — | 795 | — | 11,117 | |||||||||||||||||||
Loss (gain) on sales of assets | — | — | (321 | ) | — | — | (321 | ) | |||||||||||||||||
Other operating income | — | — | (19,054 | ) | (1 | ) | — | (19,055 | ) | ||||||||||||||||
21,860 | 58,486 | 381,521 | 40,600 | (27,973 | ) | 474,494 | |||||||||||||||||||
Operating income (loss) | (21,860 | ) | 8,923 | 41,745 | (2,563 | ) | — | 26,245 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (22,797 | ) | (30 | ) | (7,329 | ) | (12 | ) | 23 | (30,145 | ) | ||||||||||||||
Loss on extinguishment of debt | (64 | ) | — | — | — | — | (64 | ) | |||||||||||||||||
Interest income | 105 | 20 | 760 | 16 | (23 | ) | 878 | ||||||||||||||||||
Other income (loss) | — | — | 289 | (2 | ) | — | 287 | ||||||||||||||||||
(22,756 | ) | (10 | ) | (6,280 | ) | 2 | — | (29,044 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (44,616 | ) | 8,913 | 35,465 | (2,561 | ) | — | (2,799 | ) | ||||||||||||||||
Equity in income of subsidiaries | 41,732 | — | — | — | (41,732 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (2,884 | ) | 8,913 | 35,465 | (2,561 | ) | (41,732 | ) | (2,799 | ) | |||||||||||||||
Income tax expense (benefit) | — | — | 6,200 | — | (6,115 | ) | 85 | ||||||||||||||||||
Net income (loss) | (2,884 | ) | 8,913 | 29,265 | (2,561 | ) | (35,617 | ) | (2,884 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | (2,976 | ) | — | — | — | — | (2,976 | ) | |||||||||||||||||
Net income (loss) attributable to the Parent company | $ | 92 | $ | 8,913 | $ | 29,265 | $ | (2,561 | ) | $ | (35,617 | ) | $ | 92 | |||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (49,134 | ) | $ | (26,515 | ) | $ | (8,433 | ) | $ | 206 | $ | 34,742 | $ | (49,134 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 361 | (1 | ) | 127 | 15 | (141 | ) | 361 | |||||||||||||||||
Adjustments to accumulated actuarial losses and transition obligations, pension | (371 | ) | — | (371 | ) | — | 371 | (371 | ) | ||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 3 | — | (322 | ) | 8 | 314 | 3 | ||||||||||||||||||
Tax effect of other comprehensive income gains | (487 | ) | — | — | — | — | (487 | ) | |||||||||||||||||
Change in foreign currency translation adjustment | (14,642 | ) | — | (13,729 | ) | — | 13,729 | (14,642 | ) | ||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | 1,231 | — | 1,007 | — | (1,007 | ) | 1,231 | ||||||||||||||||||
Other comprehensive income (loss) | (13,905 | ) | (1 | ) | (13,288 | ) | 23 | 13,266 | (13,905 | ) | |||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (63,039 | ) | $ | (26,516 | ) | $ | (21,721 | ) | $ | 229 | $ | 48,008 | $ | (63,039 | ) | |||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (1,013 | ) | $ | 5,082 | $ | 11,093 | $ | (3,607 | ) | $ | (12,568 | ) | $ | (1,013 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 872 | 7 | 601 | (386 | ) | (222 | ) | 872 | |||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 1,002 | — | 433 | (220 | ) | (213 | ) | 1,002 | |||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | (16 | ) | — | (39 | ) | 23 | 16 | (16 | ) | ||||||||||||||||
Other comprehensive income (loss) | 1,858 | 7 | 995 | (583 | ) | (419 | ) | 1,858 | |||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | 845 | $ | 5,089 | $ | 12,088 | $ | (4,190 | ) | $ | (12,987 | ) | $ | 845 | |||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (131,318 | ) | $ | (34,357 | ) | $ | (12,004 | ) | $ | 512 | $ | 45,849 | $ | (131,318 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 1,078 | 7 | 366 | 15 | (388 | ) | 1,078 | ||||||||||||||||||
Adjustments to accumulated actuarial losses and transition obligations, pension | (172 | ) | — | (172 | ) | — | 172 | (172 | ) | ||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 13 | — | (108 | ) | 14 | 94 | 13 | ||||||||||||||||||
Tax effect of other comprehensive income gains | (711 | ) | — | — | — | — | (711 | ) | |||||||||||||||||
Change in foreign currency translation adjustment | (5,364 | ) | — | (4,451 | ) | — | 4,451 | (5,364 | ) | ||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | 1,231 | — | 1,007 | — | (1,007 | ) | 1,231 | ||||||||||||||||||
Other comprehensive income (loss) | (3,925 | ) | 7 | (3,358 | ) | 29 | 3,322 | (3,925 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (135,243 | ) | $ | (34,350 | ) | $ | (15,362 | ) | $ | 541 | $ | 49,171 | $ | (135,243 | ) | |||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (2,884 | ) | $ | 8,913 | $ | 29,265 | $ | (2,561 | ) | $ | (35,617 | ) | $ | (2,884 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 2,617 | 21 | 601 | 47 | (669 | ) | 2,617 | ||||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 3,004 | — | 433 | 207 | (640 | ) | 3,004 | ||||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | (55 | ) | — | (56 | ) | 1 | 55 | (55 | ) | ||||||||||||||||
Other comprehensive income (loss) | 5,566 | 21 | 978 | 255 | (1,254 | ) | 5,566 | ||||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | 2,682 | $ | 8,934 | $ | 30,243 | $ | (2,306 | ) | $ | (36,871 | ) | $ | 2,682 | |||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Nine Months Ended September 30, 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) | $ | (131,318 | ) | $ | (34,357 | ) | $ | (12,004 | ) | $ | 512 | $ | 45,849 | $ | (131,318 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | 47,274 | — | — | — | (47,274 | ) | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 225 | 7,513 | 60,975 | — | — | 68,713 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 51 | 16,206 | — | — | 16,257 | |||||||||||||||||||
Non-cash tax benefits | (711 | ) | — | — | — | — | (711 | ) | |||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 354 | 31 | — | — | 385 | |||||||||||||||||||
Share-based compensation | 2,256 | 20 | 1,180 | — | — | 3,456 | |||||||||||||||||||
Gain on sales of assets | — | — | 114 | — | — | 114 | |||||||||||||||||||
Amortization of deferred financing costs | 620 | — | 1,745 | — | — | 2,365 | |||||||||||||||||||
Loss on extinguishment of debt | 64 | — | 12,584 | — | — | 12,648 | |||||||||||||||||||
Loss on sales of investment securities | — | — | 36 | — | — | 36 | |||||||||||||||||||
Unrealized loss on derivative | — | 29,621 | — | — | — | 29,621 | |||||||||||||||||||
Loss on foreign exchange | 5,382 | — | 501 | — | — | 5,883 | |||||||||||||||||||
Pension settlement accounting | — | — | 814 | — | — | 814 | |||||||||||||||||||
Income from equity affiliates | — | — | (2,060 | ) | — | — | (2,060 | ) | |||||||||||||||||
Distributions from equity affiliates | — | — | 2,948 | — | — | 2,948 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | (240 | ) | 971 | (31,512 | ) | 4,719 | 1,542 | (24,520 | ) | ||||||||||||||||
Inventories | — | 2,736 | 52,663 | — | — | 55,399 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 2,093 | — | — | — | — | 2,093 | |||||||||||||||||||
Deferred income tax | — | — | (750 | ) | — | 4,094 | 3,344 | ||||||||||||||||||
Accounts payable and accrued expenses | 126 | (2,264 | ) | 14,361 | (5,820 | ) | (26 | ) | 6,377 | ||||||||||||||||
Deferred revenue | — | (7,167 | ) | (1,973 | ) | — | — | (9,140 | ) | ||||||||||||||||
Income tax payable | — | — | 556 | — | — | 556 | |||||||||||||||||||
Accrual for workers’ compensation | (179 | ) | — | 1 | — | — | (178 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (5,882 | ) | 1 | — | (5,881 | ) | |||||||||||||||||
Accrual for postretirement medical benefits | (1,428 | ) | — | 3,567 | 24 | — | 2,163 | ||||||||||||||||||
Pension and SERP obligations | 256 | 4 | (1,273 | ) | 9 | — | (1,004 | ) | |||||||||||||||||
Other assets and liabilities | (7,996 | ) | (5,282 | ) | 7,849 | (1,299 | ) | 6,579 | (149 | ) | |||||||||||||||
Distributions received from subsidiaries | 92,100 | — | — | — | (92,100 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | 8,524 | (7,800 | ) | 120,677 | (1,854 | ) | (81,336 | ) | 38,211 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | 16 | (419 | ) | (35,244 | ) | 1 | — | (35,646 | ) | ||||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | (48,244 | ) | 2,598 | 3,851 | — | — | (41,795 | ) | |||||||||||||||||
Cash payments related to Canadian acquisition | (282,788 | ) | — | (39,849 | ) | — | — | (322,637 | ) | ||||||||||||||||
Cash acquired related to Canadian acquisition | — | — | 8,103 | — | — | 8,103 | |||||||||||||||||||
Net proceeds from sales of assets | — | — | 38,085 | — | — | 38,085 | |||||||||||||||||||
Proceeds from the sale of investments | — | — | 7,279 | — | — | 7,279 | |||||||||||||||||||
Increase in loan and lease receivables | — | — | (2,514 | ) | — | — | (2,514 | ) | |||||||||||||||||
Receipts from loan and lease receivables | — | — | 5,057 | — | — | 5,057 | |||||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | 55 | — | — | 55 | |||||||||||||||||||
Investment of common shares | (2,992 | ) | — | 2,992 | — | — | — | ||||||||||||||||||
Other | — | — | (602 | ) | — | — | (602 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | (334,008 | ) | 2,179 | (12,787 | ) | 1 | — | (344,615 | ) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | 493 | 1,188 | — | (1,998 | ) | (317 | ) | |||||||||||||||||
Borrowings from long-term debt | 454,219 | — | — | — | — | 454,219 | |||||||||||||||||||
Repayments of long-term debt | (1,015 | ) | — | (109,777 | ) | — | — | (110,792 | ) | ||||||||||||||||
Borrowings on revolving lines of credit | — | — | 15,000 | — | — | 15,000 | |||||||||||||||||||
Repayments on revolving lines of credit | — | — | (15,000 | ) | — | — | (15,000 | ) | |||||||||||||||||
Debt issuance costs and other refinancing costs | (16,168 | ) | — | (11,659 | ) | — | — | (27,827 | ) | ||||||||||||||||
Dividends/distributions | (664 | ) | (8,500 | ) | (83,600 | ) | — | 92,100 | (664 | ) | |||||||||||||||
Proceeds from issuance of common shares | 56,473 | — | — | — | — | 56,473 | |||||||||||||||||||
Exercise of stock options | 417 | — | — | — | — | 417 | |||||||||||||||||||
Transactions with Parent/affiliates | (97,859 | ) | 10,287 | 99,006 | (670 | ) | (10,764 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 395,403 | 2,280 | (104,842 | ) | (670 | ) | 79,338 | 371,509 | |||||||||||||||||
Effect of foreign exchange rates on cash | — | — | (2,525 | ) | — | — | (2,525 | ) | |||||||||||||||||
Net decrease in cash and cash equivalents | 69,919 | (3,341 | ) | 523 | (2,523 | ) | (1,998 | ) | 62,580 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 25,326 | 3,341 | 27,451 | 4,992 | — | 61,110 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 95,245 | $ | — | $ | 27,974 | $ | 2,469 | $ | (1,998 | ) | $ | 123,690 | ||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Nine Months Ended September 30, 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) | $ | (2,884 | ) | $ | 8,913 | $ | 29,265 | $ | (2,561 | ) | $ | (35,617 | ) | $ | (2,884 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | (41,732 | ) | — | — | — | 41,732 | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 280 | 7,632 | 39,345 | — | — | 47,257 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 48 | 9,460 | (1 | ) | — | 9,507 | ||||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 467 | 32 | (1 | ) | — | 498 | ||||||||||||||||||
Share-based compensation | 2,233 | 30 | 2,333 | (2 | ) | — | 4,594 | ||||||||||||||||||
Gain on sales of assets | — | — | (321 | ) | — | — | (321 | ) | |||||||||||||||||
Amortization of deferred financing costs | 2,353 | — | 441 | (4 | ) | — | 2,790 | ||||||||||||||||||
Loss on extinguishment of debt | 64 | — | — | — | — | 64 | |||||||||||||||||||
Loss on sales of investment securities | — | — | (26 | ) | 1 | — | (25 | ) | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | (652 | ) | (1,651 | ) | (7,426 | ) | (3,248 | ) | 4,486 | (8,491 | ) | ||||||||||||||
Inventories | — | (1,020 | ) | (580 | ) | — | — | (1,600 | ) | ||||||||||||||||
Excess of black lung benefit obligation over trust assets | 53 | — | — | — | — | 53 | |||||||||||||||||||
Accounts payable and accrued expenses | (8,157 | ) | 4,314 | 14,783 | 4,472 | (2,955 | ) | 12,457 | |||||||||||||||||
Deferred revenue | — | (6,608 | ) | (1,667 | ) | — | — | (8,275 | ) | ||||||||||||||||
Income tax payable | — | — | (26 | ) | — | — | (26 | ) | |||||||||||||||||
Accrual for workers’ compensation | (359 | ) | — | — | — | — | (359 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (6,887 | ) | (1 | ) | — | (6,888 | ) | ||||||||||||||||
Accrual for postretirement medical benefits | 118 | — | 5,624 | 288 | — | 6,030 | |||||||||||||||||||
Pension and SERP obligations | 1,041 | 13 | 1,191 | 28 | — | 2,273 | |||||||||||||||||||
Other assets and liabilities | (240 | ) | (453 | ) | 2,971 | (464 | ) | 1 | 1,815 | ||||||||||||||||
Distributions received from subsidiaries | 50,800 | — | — | — | (50,800 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | 2,918 | 11,685 | 88,512 | (1,493 | ) | (43,153 | ) | 58,469 | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | (520 | ) | (715 | ) | (18,985 | ) | (3 | ) | — | (20,223 | ) | ||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | 91 | (6 | ) | (9,735 | ) | (2 | ) | — | (9,652 | ) | |||||||||||||||
Net proceeds from sales of assets | — | — | 604 | — | — | 604 | |||||||||||||||||||
Proceeds from the sale of investments | — | — | 7,927 | — | — | 7,927 | |||||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | (1 | ) | — | — | (1 | ) | |||||||||||||||||
Net cash used in investing activities | (429 | ) | (721 | ) | (20,190 | ) | (5 | ) | — | (21,345 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | — | 20 | — | — | 20 | |||||||||||||||||||
Repayments of long-term debt | (500 | ) | — | (21,558 | ) | (7 | ) | — | (22,065 | ) | |||||||||||||||
Borrowings on revolving lines of credit | — | — | 7,000 | — | — | 7,000 | |||||||||||||||||||
Repayments on revolving lines of credit | — | — | (7,000 | ) | — | — | (7,000 | ) | |||||||||||||||||
Debt issuance costs and other refinancing costs | (26 | ) | — | (156 | ) | — | — | (182 | ) | ||||||||||||||||
Dividends/distributions | (1,020 | ) | (14,500 | ) | (23,500 | ) | (12,800 | ) | 50,800 | (1,020 | ) | ||||||||||||||
Transactions with Parent/affiliates | (7,132 | ) | (102 | ) | (307 | ) | 15,188 | (7,647 | ) | — | |||||||||||||||
Net cash provided by (used in) financing activities | (8,678 | ) | (14,602 | ) | (45,501 | ) | 2,381 | 43,153 | (23,247 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (6,189 | ) | (3,638 | ) | 22,821 | 883 | — | 13,877 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 14,836 | 4,545 | 10,237 | 1,992 | — | 31,610 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,647 | $ | 907 | $ | 33,058 | $ | 2,875 | $ | — | $ | 45,487 | |||||||||||||
ACQUISITION_Tables
ACQUISITION (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Summary of purchase consideration and allocation of purchase consideration | ' | |||||||||||
A summary of the purchase consideration and a preliminary allocation of the purchase consideration follows (in millions): | ||||||||||||
Provisional | Adjustments | Provisional | ||||||||||
as of | as of | |||||||||||
June 30, | September 30, | |||||||||||
2014 | 2014 | |||||||||||
Purchase Price: | ||||||||||||
Cash paid - Initial payment | $ | 282.8 | $ | — | $ | 282.8 | ||||||
Cash paid - Working capital adjustment | 39.8 | — | 39.8 | |||||||||
Total cash consideration | $ | 322.6 | $ | — | $ | 322.6 | ||||||
Preliminary allocation of purchase price: | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 26.2 | $ | — | $ | 26.2 | ||||||
Trade receivables | 49.9 | — | 49.9 | |||||||||
Inventories - materials and supplies | 52 | — | 52 | |||||||||
Inventories - coal | 79.8 | — | 79.8 | |||||||||
Loan and lease receivables | 11.2 | — | 11.2 | |||||||||
Deferred tax assets | 6.7 | (5.7 | ) | 1 | ||||||||
Other current assets | 3.4 | — | 3.4 | |||||||||
Total current assets | 229.2 | (5.7 | ) | 223.5 | ||||||||
Land and mineral rights | 151.3 | 5.7 | 157 | |||||||||
Plant and equipment | 139.6 | (28.8 | ) | 110.8 | ||||||||
Loan and lease receivables | 83.8 | (4.7 | ) | 79.1 | ||||||||
Contractual third-party reclamation receivables, less current portion | 6.8 | — | 6.8 | |||||||||
Investment in joint venture | 32.1 | — | 32.1 | |||||||||
Intangible assets | — | 37 | 37 | |||||||||
Other assets | 10.3 | (1.7 | ) | 8.6 | ||||||||
Total Assets | 653.1 | 1.8 | 654.9 | |||||||||
Liabilities: | ||||||||||||
Current installments of long-term debt | (36.3 | ) | — | (36.3 | ) | |||||||
Trade payables and other accrued liabilities | (93.7 | ) | (6.5 | ) | (100.2 | ) | ||||||
Asset retirement obligations | (9.7 | ) | — | (9.7 | ) | |||||||
Total current liabilities | (139.7 | ) | (6.5 | ) | (146.2 | ) | ||||||
Long-term debt, less current installments | (86.3 | ) | — | (86.3 | ) | |||||||
Asset retirement obligations, less current portion | (92.4 | ) | — | (92.4 | ) | |||||||
Deferred tax liabilities | (12.1 | ) | 4.7 | (7.4 | ) | |||||||
Total Liabilities | (330.5 | ) | (1.8 | ) | (332.3 | ) | ||||||
Net fair value | $ | 322.6 | $ | — | $ | 322.6 | ||||||
Summary of pro forma information | ' | |||||||||||
The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the acquisition occurred on January 1, 2013. The unaudited pro forma results have been prepared based on estimates and assumptions, which the Company believes are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the acquisition occurred on January 1, 2013, or of future results of operations. | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2014 | 2013 | ||||||||||
Total Revenues | (In thousands, except per share data) | |||||||||||
As reported | $ | 176,792 | $ | 805,989 | $ | 500,739 | ||||||
Pro forma | $ | 334,760 | $ | 1,012,209 | $ | 1,007,495 | ||||||
Operating Income | ||||||||||||
As reported | $ | 8,536 | $ | (51,021 | ) | $ | 26,245 | |||||
Pro forma | $ | 24,353 | $ | (43,867 | ) | $ | 54,458 | |||||
Net income (loss) applicable to common shareholders | ||||||||||||
As reported | $ | 2,421 | $ | (131,982 | ) | $ | (928 | ) | ||||
Pro forma | $ | 3,315 | $ | (146,837 | ) | $ | (5,816 | ) | ||||
Net income (loss) per share applicable to common shareholders | ||||||||||||
Basic, as reported | $ | 0.17 | $ | (8.49 | ) | $ | (0.06 | ) | ||||
Basic, pro forma | $ | 0.23 | $ | (9.44 | ) | $ | (0.40 | ) | ||||
Diluted, as reported | $ | 0.16 | $ | (8.49 | ) | $ | (0.06 | ) | ||||
Diluted, pro forma | $ | 0.22 | $ | (9.44 | ) | $ | (0.40 | ) | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consisted of the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Coal stockpiles | $ | 27,870 | $ | 543 | ||||
Coal fuel inventories | 3,425 | 6,161 | ||||||
Materials and supplies | 83,703 | 34,233 | ||||||
Reserve for obsolete inventory | (773 | ) | (965 | ) | ||||
Total | $ | 114,225 | $ | 39,972 | ||||
RESTRICTED_INVESTMENTS_AND_BON1
RESTRICTED INVESTMENTS AND BOND COLLATERAL (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | |||||||||
Components of restricted investments and bond collateral | ' | |||||||||
The Company’s restricted investments and bond collateral consist of the following: | ||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||
(In thousands) | ||||||||||
Coal - U.S. Segment: | ||||||||||
WML debt reserve account | $ | — | $ | 13,067 | ||||||
Reclamation bond collateral: | ||||||||||
Kemmerer Mine | 25,544 | 24,966 | ||||||||
Absaloka Mine | 11,775 | 11,653 | ||||||||
Rosebud Mine | 3,145 | 3,145 | ||||||||
Beulah Mine | 1,270 | 1,270 | ||||||||
Coal - Canada Segment: | ||||||||||
PMRU | 16,203 | — | ||||||||
CVRI | 31,867 | — | ||||||||
Power Segment: | ||||||||||
Restricted investments | 3,400 | 5,998 | ||||||||
Corporate Segment: | ||||||||||
Postretirement medical benefit bonds | 8,707 | 8,467 | ||||||||
Workers’ compensation bonds | 6,823 | 6,667 | ||||||||
Total restricted investments and bond collateral | 108,734 | 75,233 | ||||||||
Less current portion | — | (5,998 | ) | |||||||
Total restricted investments and bond collateral, less current portion | $ | 108,734 | $ | 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 September 30, 2014 were as follows: | ||||||||||
Carrying Value | Fair Value | Fair Value Hierarchy | ||||||||
(In thousands) | ||||||||||
Cash and cash equivalents | $ | 71,164 | $ | 71,164 | Level 1 | |||||
Time deposits | 2,451 | 2,451 | Level 1 | |||||||
Available-for-sale | 35,119 | 35,119 | Level 1 | |||||||
$ | 108,734 | $ | 108,734 | |||||||
Amortized cost, gross unrealized holding gains and losses and fair value of available-for-sale securities | ' | |||||||||
The cost basis, gross unrealized holding gains and losses, and fair value of available-for-sale securities at September 30, 2014 were as follows (in thousands): | ||||||||||
Cost basis | $ | 34,538 | ||||||||
Gross unrealized holding gains | 643 | |||||||||
Gross unrealized holding losses | (62 | ) | ||||||||
Fair value | $ | 35,119 | ||||||||
Restricted Investments and Bond Collateral [Member] | ' | |||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | |||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||
Maturities of available-for-sale securities were as follows at September 30, 2014: | ||||||||||
Amortized Cost | Fair Value | |||||||||
(In thousands) | ||||||||||
Due within one year | $ | 1,097 | $ | 1,106 | ||||||
Due in five years or less | 14,245 | 14,504 | ||||||||
Due after five years to ten years | 8,872 | 9,106 | ||||||||
Due in more than ten years | 10,324 | 10,403 | ||||||||
$ | 34,538 | $ | 35,119 | |||||||
RESTRUCTURING_CHARGES_Tables
RESTRUCTURING CHARGES (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
ROVA I and ROVA II Contracts | ' | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||
Restructuring and Related Costs | ' | ||||||||||||||
The table below represents the restructuring provision activity related to the ROVA restructuring affecting our Power segment during the nine months ended September 30, 2014 (in millions): | |||||||||||||||
Beginning Balance | Restructuring Charges | Restructuring Payments | Ending Balance | ||||||||||||
$ | 5.1 | $ | 0.5 | $ | 5.2 | $ | 0.4 | ||||||||
Canadian Acquisition | ' | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||
Restructuring and Related Costs | ' | ||||||||||||||
The table below represents the restructuring provision activity related to the Canadian Acquisition affecting our Coal - Canada and Coal - U.S. segments during the nine months ended September 30, 2014 (in millions): | |||||||||||||||
Beginning Balance | Restructuring Charges | Restructuring Payments | Ending Balance | ||||||||||||
$ | — | $ | 10.7 | $ | 4.2 | $ | 6.5 | ||||||||
LINES_OF_CREDIT_AND_LONGTERM_D1
LINES OF CREDIT AND LONG-TERM DEBT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Outstanding lines of credit and long-term debt | ' | |||||||
The amounts outstanding under the Company’s debt consisted of the following as of the dates indicated: | ||||||||
Total Debt Outstanding | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
10.75% Senior Notes due 2018 | $ | 250,485 | $ | 251,500 | ||||
Add-On Notes - 10.75% senior notes due 2018 | 425,000 | — | ||||||
8.02% WML term debt due 2018 | — | 85,500 | ||||||
Capital lease obligations | 120,961 | 10,153 | ||||||
Other | 4,635 | 1,209 | ||||||
Debt premium (discount), net | 17,849 | (8,525 | ) | |||||
Total debt outstanding | 818,930 | 339,837 | ||||||
Less current installments | (40,931 | ) | (44,343 | ) | ||||
Total debt outstanding, less current installments | $ | 777,999 | $ | 295,494 | ||||
Contractual maturities of all long-term debt | ' | |||||||
The following table presents aggregate contractual debt maturities of all debt: | ||||||||
As of September 30, 2014 | ||||||||
(In thousands) | ||||||||
2014 | $ | 10,896 | ||||||
2015 | 40,380 | |||||||
2016 | 38,559 | |||||||
2017 | 25,764 | |||||||
2018 | 682,978 | |||||||
Thereafter | 2,504 | |||||||
Total | 801,081 | |||||||
Plus: debt premium (discount), net | 17,849 | |||||||
Total debt | $ | 818,930 | ||||||
POSTRETIREMENT_MEDICAL_BENEFIT1
POSTRETIREMENT MEDICAL BENEFITS AND PENSION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 822 | $ | 1,109 | $ | 2,467 | $ | 3,327 | ||||||||
Interest cost | 3,203 | 3,035 | 9,610 | 9,104 | ||||||||||||
Amortization of deferred items | 4 | 1,001 | 13 | 3,004 | ||||||||||||
Total net periodic benefit cost | $ | 4,029 | $ | 5,145 | $ | 12,090 | $ | 15,435 | ||||||||
The following table shows the net periodic postretirement medical benefit costs that relate to current and former mining operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Former mining operations | $ | 2,402 | $ | 3,119 | $ | 7,210 | $ | 9,356 | ||||||||
Current operations | 1,627 | 2,026 | 4,880 | 6,079 | ||||||||||||
Total net periodic benefit cost | $ | 4,029 | $ | 5,145 | $ | 12,090 | $ | 15,435 | ||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 500 | $ | 587 | $ | 1,500 | $ | 1,760 | ||||||||
Interest cost | 1,747 | 1,590 | 5,240 | 4,771 | ||||||||||||
Expected return on plan assets | (2,154 | ) | (2,192 | ) | (6,461 | ) | (6,577 | ) | ||||||||
Amortization of deferred items | 359 | 872 | 1,078 | 2,617 | ||||||||||||
Total net periodic pension cost | $ | 452 | $ | 857 | $ | 1,357 | $ | 2,571 | ||||||||
HERITAGE_HEALTH_BENEFIT_EXPENS1
HERITAGE HEALTH BENEFIT EXPENSES (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Health care benefits | $ | 2,404 | $ | 3,179 | $ | 7,054 | $ | 9,446 | ||||||||
Combined benefit fund payments | 342 | 576 | 1,366 | 1,727 | ||||||||||||
Workers’ compensation benefits | 120 | 99 | 380 | 331 | ||||||||||||
Black lung benefits | 449 | 203 | 1,446 | (387 | ) | |||||||||||
Total | $ | 3,315 | $ | 4,057 | $ | 10,246 | $ | 11,117 | ||||||||
ASSET_RETIREMENT_OBLIGATIONS_C1
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | |||||||||||
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 operating segments at September 30, 2014 are summarized below: | ||||||||||||
Asset | Contractual | Reclamation | ||||||||||
Retirement | Third-Party | Deposits | ||||||||||
Obligation | Reclamation | |||||||||||
Receivable | ||||||||||||
(In thousands) | ||||||||||||
Coal - U.S. | $ | 279,859 | $ | 91,370 | $ | 77,131 | ||||||
Coal - Canada | 104,004 | 6,544 | — | |||||||||
Power | 944 | — | — | |||||||||
Total | $ | 384,807 | $ | 97,914 | $ | 77,131 | ||||||
Changes in Company's asset retirement obligations | ' | |||||||||||
Changes in the Company’s asset retirement obligations were as follows: | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Asset retirement obligations, beginning of year (including current portion) | $ | 279,864 | $ | 263,847 | ||||||||
Accretion | 23,329 | 16,426 | ||||||||||
Liabilities settled | (18,759 | ) | (17,072 | ) | ||||||||
ARO acquired | 102,075 | — | ||||||||||
Changes due to foreign currency translation | (1,702 | ) | — | |||||||||
Asset retirement obligations, end of period | 384,807 | 263,201 | ||||||||||
Less current portion | (29,529 | ) | (25,038 | ) | ||||||||
Asset retirement obligations, less current portion | $ | 355,278 | $ | 238,163 | ||||||||
Carrying value and estimated fair value of reclamation deposits | ' | |||||||||||
The Company’s carrying value and estimated fair value of its reclamation deposits at September 30, 2014 were as follows: | ||||||||||||
Carrying Value | Fair Value | Fair Value Hierarchy | ||||||||||
(In thousands) | ||||||||||||
Cash and cash equivalents | $ | 44,248 | $ | 44,248 | Level 1 | |||||||
Available-for-sale securities | 32,883 | 32,883 | Level 1 | |||||||||
$ | 77,131 | $ | 77,131 | |||||||||
Available for sale reclamation deposits | ' | |||||||||||
The cost basis, gross unrealized holding gains and losses, and fair value of available-for-sale securities at September 30, 2014 were as follows (in thousands): | ||||||||||||
Cost basis | $ | 32,232 | ||||||||||
Gross unrealized holding gains | 911 | |||||||||||
Gross unrealized holding losses | (260 | ) | ||||||||||
Fair value | $ | 32,883 | ||||||||||
Reclamation Deposits [Member] | ' | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | |||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||||
Maturities of available-for-sale securities were as follows at September 30, 2014: | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In thousands) | ||||||||||||
Within one year | $ | 530 | $ | 475 | ||||||||
Due in five years or less | 16,397 | 16,840 | ||||||||||
Due after five years to ten years | 7,793 | 7,856 | ||||||||||
Due in more than ten years | 7,512 | 7,712 | ||||||||||
$ | 32,232 | $ | 32,883 | |||||||||
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 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 Sheet was as follows (in thousands): | |||||||||||
Derivative Instruments | Balance Sheet Location | September 30, 2014 | |||||||||
Contracts to purchase power | Other current liabilities | $ | 4,206 | ||||||||
Contracts to purchase power | Other liabilities | 25,415 | |||||||||
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 September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||||
Operations Location | |||||||||||
Canadian dollar foreign exchange forward contracts | Loss on foreign exchange | $ | — | $ | (6,209 | ) | |||||
Contracts to purchase power | Unrealized derivative loss | (23,691 | ) | (29,621 | ) |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Summary of financial assets at fair value | ' | |||||||
The table below sets forth, by level, the Company’s financial assets that are accounted for at fair value at September 30, 2014: | ||||||||
Level 1 | ||||||||
(In thousands) | ||||||||
Assets: | ||||||||
Available-for-sale investments included in Restricted investments and bond collateral | $ | 35,119 | ||||||
Available-for-sale investments included in Reclamation deposits | 32,883 | |||||||
Total assets | $ | 68,002 | ||||||
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 | $ | 328,475 | $ | 364,329 | ||||
September 30, 2014 | $ | 693,334 | $ | 710,948 | ||||
SHAREHOLDERS_EQUITY_AND_ACCUMU1
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by component | ' | |||||||||||||||||||||||
The following table reflects the changes in accumulated other comprehensive income (loss) by component: | ||||||||||||||||||||||||
Pension | Postretirement | Available for | Foreign currency translation adjustment | Tax effect of | Accumulated | |||||||||||||||||||
medical benefits | sale | other | other | |||||||||||||||||||||
securities | 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 | (172 | ) | — | 1,231 | (5,364 | ) | (711 | ) | (5,016 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,078 | 13 | — | — | — | 1,091 | ||||||||||||||||||
Balance at September 30, 2014 | $ | (11,349 | ) | $ | (20,279 | ) | $ | 1,231 | $ | (5,364 | ) | $ | (31,759 | ) | $ | (67,520 | ) | |||||||
Reclassifications out of Accumulated Other Comprehensive Income for the period | ' | |||||||||||||||||||||||
The following table reflects the reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 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 September 30, 2014 | Nine Months Ended September 30, 2014 | (loss) is presented | ||||||||||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||||||||||
Actuarial losses | $ | 361 | $ | 1,078 | 2 | |||||||||||||||||||
Amortization of postretirement medical items | ||||||||||||||||||||||||
Prior service costs | $ | (161 | ) | $ | (479 | ) | 3 | |||||||||||||||||
Actuarial losses | 164 | 492 | 3 | |||||||||||||||||||||
Total | $ | 3 | $ | 13 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||
-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 7 - Pension for additional details) | |||||||||||||||||||||||
-3 | These accumulated other comprehensive loss components are included in the computation of net periodic postretirement medical cost. (See Note 7 - Postretirement Medical Benefits for additional details) |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Recognition of fair value of restricted stock units, stock options and SARs over vesting period; and issuance of stock | $ | 334 | $ | 728 | $ | 2,450 | $ | 2,239 | |||||||||
Contributions of stock to the Company's 401(k) plan | 677 | 95 | 1,006 | 2,355 | |||||||||||||
Total share-based compensation expense | $ | 1,011 | $ | 823 | $ | 3,456 | $ | 4,594 | |||||||||
Summary of Restricted Stock Unit activity | ' | ||||||||||||||||
A summary of restricted stock award activity for the nine months ended September 30, 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 | 178,031 | 30.53 | |||||||||||||||
Vested | (263,864 | ) | 11.37 | ||||||||||||||
Forfeited | (91,331 | ) | 6.55 | ||||||||||||||
Non-vested at September 30, 2014 | 411,563 | $ | 15.29 | $ | 4,022 | (1) | |||||||||||
____________________ | |||||||||||||||||
-1 | Expected to be recognized over the next three years. | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity for the nine months ended September 30, 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 | (19,500 | ) | $ | 21.4 | |||||||||||||
Expired | — | $ | — | ||||||||||||||
Outstanding and exercisable at September 30, 2014 | 126,306 | $ | 22.06 | 3.5 | $ | 1,939 | $ | — | |||||||||
Summary of Stock Appreciation Rights | ' | ||||||||||||||||
A summary of SARs activity for the nine months ended September 30, 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 | (40,891 | ) | $ | 21.42 | |||||||||||||
Expired | — | $ | — | ||||||||||||||
Outstanding and exercisable at September 30, 2014 | 29,843 | $ | 24.22 | 1.4 | $ | 393 | $ | — | |||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Convertible securities | $ | 626 | $ | 1,093 | $ | 626 | $ | 1,093 | ||||||||
Restricted stock units, stock options and SARs | 568 | 478 | 568 | 813 | ||||||||||||
Total shares excluded from diluted shares calculation | $ | 1,194 | $ | 1,571 | $ | 1,194 | $ | 1,906 | ||||||||
BUSINESS_SEGMENT_INFORMATION_T
BUSINESS SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Summarized financial information by segment | ' | |||||||||||||||||||||||
Summarized financial information by segment is as follows: | ||||||||||||||||||||||||
Coal - U.S. | Coal - Canada(1) | Power | Heritage | Corporate | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||||
Revenues | $ | 165,051 | $ | 151,340 | $ | 21,439 | $ | — | $ | — | $ | 337,830 | ||||||||||||
Restructuring charges | 292 | 2,411 | (40 | ) | — | 602 | 3,265 | |||||||||||||||||
Depreciation, depletion, and amortization | 13,771 | 11,862 | 2,504 | — | 38 | 28,175 | ||||||||||||||||||
Operating income (loss) | 4,793 | (1,453 | ) | (26,413 | ) | (3,915 | ) | (2,444 | ) | (29,432 | ) | |||||||||||||
Total assets | 665,292 | 607,565 | 163,528 | 15,996 | 126,127 | 1,578,508 | ||||||||||||||||||
Capital expenditures | 12,841 | 5,280 | 164 | — | — | 18,285 | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Revenues | $ | 151,881 | $ | — | $ | 24,911 | $ | — | $ | — | $ | 176,792 | ||||||||||||
Depreciation, depletion, and amortization | 14,838 | — | 2,552 | — | 44 | 17,434 | ||||||||||||||||||
Operating income (loss) | 9,564 | — | 5,087 | (4,326 | ) | (1,789 | ) | 8,536 | ||||||||||||||||
Total assets | 714,841 | — | 180,967 | 15,419 | 28,612 | 939,839 | ||||||||||||||||||
Capital expenditures | 6,803 | — | 17 | — | (64 | ) | 6,756 | |||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Revenues | $ | 473,350 | $ | 267,387 | $ | 65,252 | $ | — | $ | — | $ | 805,989 | ||||||||||||
Restructuring charges | 783 | 9,058 | 459 | — | 907 | 11,207 | ||||||||||||||||||
Depreciation, depletion, and amortization | 40,552 | 20,533 | 7,512 | — | 116 | 68,713 | ||||||||||||||||||
Operating income (loss) | 17,069 | (14,162 | ) | (34,147 | ) | (11,303 | ) | (8,478 | ) | (51,021 | ) | |||||||||||||
Total assets | 665,292 | 607,565 | 163,528 | 15,996 | 126,127 | 1,578,508 | ||||||||||||||||||
Capital expenditures | 22,427 | 12,775 | 419 | — | 25 | 35,646 | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Revenues | $ | 433,330 | $ | — | $ | 67,409 | $ | — | $ | — | $ | 500,739 | ||||||||||||
Depreciation, depletion, and amortization | 39,496 | — | 7,632 | — | 129 | 47,257 | ||||||||||||||||||
Operating income (loss) | 35,130 | — | 8,922 | (12,031 | ) | (5,776 | ) | 26,245 | ||||||||||||||||
Total assets | 714,841 | — | 180,967 | 15,419 | 28,612 | 939,839 | ||||||||||||||||||
Capital expenditures | 19,022 | — | 715 | — | 486 | 20,223 | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | The Canadian operations were acquired on April 28, 2014, therefore, information for the nine months ended September 30, 2014 includes approximately five months of operations and there is no activity for 2013. | |||||||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Income (loss) from operations | $ | (29,432 | ) | $ | 8,536 | $ | (51,021 | ) | $ | 26,245 | ||||||||||||||
Loss on extinguishment of debt | (13 | ) | — | (12,648 | ) | (64 | ) | |||||||||||||||||
Interest expense | (21,251 | ) | (9,909 | ) | (63,835 | ) | (30,145 | ) | ||||||||||||||||
Interest income | 2,468 | 301 | 4,351 | 878 | ||||||||||||||||||||
Loss on foreign exchange | (1,742 | ) | — | (5,883 | ) | — | ||||||||||||||||||
Other income | 118 | 89 | 697 | 287 | ||||||||||||||||||||
Income (loss) before income taxes | $ | (49,852 | ) | $ | (983 | ) | $ | (128,339 | ) | $ | (2,799 | ) |
SUPPLEMENTAL_CONSOLIDATING_FIN1
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Supplemental Consolidating Balance Sheet Information | ' | ||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | Parent/ | Co-Issuer | Guarantor | Non- | Consolidating | Total | |||||||||||||||||||
Issuer | Subsidiaries | Guarantor | Adjustments | ||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 95,245 | $ | — | $ | 27,974 | $ | 2,469 | $ | (1,998 | ) | $ | 123,690 | ||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,173 | 126,606 | — | — | 138,779 | |||||||||||||||||||
Loan and lease receivable | — | — | 10,332 | — | — | 10,332 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 7,666 | — | — | 7,666 | |||||||||||||||||||
Intercompany receivable/payable | 195 | — | 376 | (19,513 | ) | 18,942 | — | ||||||||||||||||||
Other | 1,856 | — | 570 | 59 | (48 | ) | 2,437 | ||||||||||||||||||
2,051 | 12,173 | 145,550 | (19,454 | ) | 18,894 | 159,214 | |||||||||||||||||||
Inventories | — | 3,425 | 110,800 | — | — | 114,225 | |||||||||||||||||||
Deferred income taxes | 5,455 | — | 865 | — | (4,094 | ) | 2,226 | ||||||||||||||||||
Other current assets | 926 | 640 | 11,423 | 1,613 | — | 14,602 | |||||||||||||||||||
Total current assets | 103,677 | 16,238 | 296,612 | (15,372 | ) | 12,802 | 413,957 | ||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 443,306 | — | — | 444,701 | |||||||||||||||||||
Plant and equipment | 4,022 | 221,530 | 576,415 | — | — | 801,967 | |||||||||||||||||||
4,022 | 222,925 | 1,019,721 | — | — | 1,246,668 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,933 | 79,165 | 421,831 | — | — | 503,929 | |||||||||||||||||||
Net property, plant and equipment | 1,089 | 143,760 | 597,890 | — | — | 742,739 | |||||||||||||||||||
Loan and lease receivables | — | — | 76,080 | — | — | 76,080 | |||||||||||||||||||
Advanced coal royalties | — | — | 7,533 | — | — | 7,533 | |||||||||||||||||||
Reclamation deposits | — | — | 77,131 | — | — | 77,131 | |||||||||||||||||||
Restricted investments and bond collateral | 63,602 | 3,400 | 41,732 | — | — | 108,734 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 90,248 | — | — | 90,248 | |||||||||||||||||||
Investment in joint venture | — | — | 30,766 | — | — | 30,766 | |||||||||||||||||||
Intangible assets | — | 129 | 206 | — | — | 335 | |||||||||||||||||||
Investment in subsidiaries | 337,967 | — | 10,333 | 3,770 | (352,070 | ) | — | ||||||||||||||||||
Intercompany receivable/payable | 171,304 | — | (171,304 | ) | — | — | — | ||||||||||||||||||
Other assets | 21,277 | — | 9,708 | 3,500 | (3,500 | ) | 30,985 | ||||||||||||||||||
Total assets | $ | 698,916 | $ | 163,527 | $ | 1,066,935 | $ | (8,102 | ) | $ | (342,768 | ) | $ | 1,578,508 | |||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
September 30, 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 | $ | — | $ | — | $ | 40,931 | $ | — | $ | — | $ | 40,931 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade and other accrued liabilities | 6,167 | 7,964 | 126,754 | 63 | (2 | ) | 140,946 | ||||||||||||||||||
Interest payable | 12,166 | — | 392 | (1 | ) | (47 | ) | 12,510 | |||||||||||||||||
Production taxes | — | 2 | 48,440 | 1,985 | — | 50,427 | |||||||||||||||||||
Workers’ compensation | 702 | — | — | — | — | 702 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 773 | 1,139 | 1 | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,581 | 3,973 | — | — | 13,554 | |||||||||||||||||||
Asset retirement obligations | — | — | 29,529 | — | — | 29,529 | |||||||||||||||||||
Intercompany receivable/payable | — | — | 13,664 | — | (13,664 | ) | — | ||||||||||||||||||
Other current liabilities | 1,080 | 5,099 | 5,596 | — | (2,000 | ) | 9,775 | ||||||||||||||||||
Total current liabilities | 32,547 | 22,646 | 270,052 | 3,186 | (15,712 | ) | 312,719 | ||||||||||||||||||
Long-term debt, less current installments | 696,833 | — | 84,666 | — | (3,500 | ) | 777,999 | ||||||||||||||||||
Workers’ compensation, less current portion | 6,580 | — | — | — | — | 6,580 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 10,768 | — | — | — | — | 10,768 | |||||||||||||||||||
Postretirement medical benefits, less current portion | 184,323 | — | 70,113 | 18,087 | — | 272,523 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 12,634 | 96 | 7,805 | 237 | — | 20,772 | |||||||||||||||||||
Deferred revenue, less current portion | — | 33,573 | 4,411 | — | — | 37,984 | |||||||||||||||||||
Asset retirement obligations, less current portion | — | 944 | 354,335 | (1 | ) | — | 355,278 | ||||||||||||||||||
Intangible liabilities | — | 4,805 | — | — | — | 4,805 | |||||||||||||||||||
Deferred income taxes | 5,455 | — | 6,870 | — | — | 12,325 | |||||||||||||||||||
Other liabilities | 707 | 25,415 | 3,167 | 1,797 | — | 31,086 | |||||||||||||||||||
Intercompany receivable/payable | 13,400 | — | (12,052 | ) | 14,654 | (16,002 | ) | — | |||||||||||||||||
Total liabilities | 963,247 | 87,479 | 789,367 | 37,960 | (35,214 | ) | 1,842,839 | ||||||||||||||||||
Shareholders’ deficit | |||||||||||||||||||||||||
Preferred stock | 92 | — | — | — | — | 92 | |||||||||||||||||||
Common stock | 42,649 | 5 | 10,379 | 132 | (10,516 | ) | 42,649 | ||||||||||||||||||
Other paid-in capital | 188,214 | 52,855 | 373,650 | (124 | ) | (426,381 | ) | 188,214 | |||||||||||||||||
Advances to Parent | — | 8,530 | (24,334 | ) | — | 15,804 | — | ||||||||||||||||||
Accumulated other comprehensive loss | (67,520 | ) | (158 | ) | 3,068 | (3,058 | ) | 148 | (67,520 | ) | |||||||||||||||
Accumulated earnings (deficit) | (427,766 | ) | 14,816 | (85,195 | ) | (43,012 | ) | 113,391 | (427,766 | ) | |||||||||||||||
Total equity (deficit) | (264,331 | ) | 76,048 | 277,568 | (46,062 | ) | (307,554 | ) | (264,331 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 698,916 | $ | 163,527 | $ | 1,066,935 | $ | (8,102 | ) | $ | (342,768 | ) | $ | 1,578,508 | |||||||||||
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 | $ | 27,451 | $ | 4,992 | $ | — | $ | 61,110 | |||||||||||||
Receivables: | |||||||||||||||||||||||||
Trade | — | 12,934 | 46,985 | 6,277 | — | 66,196 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 8,487 | — | — | 8,487 | |||||||||||||||||||
Intercompany receivable/payable | (16,273 | ) | — | 2,761 | (19,353 | ) | 32,865 | — | |||||||||||||||||
Other | 1,616 | 210 | 3,256 | 28 | (24 | ) | 5,086 | ||||||||||||||||||
(14,657 | ) | 13,144 | 61,489 | (13,048 | ) | 32,841 | 79,769 | ||||||||||||||||||
Inventories | — | 6,161 | 33,811 | — | — | 39,972 | |||||||||||||||||||
Deferred income taxes | 5,355 | — | 870 | — | (870 | ) | 5,355 | ||||||||||||||||||
Restricted investments and bond collateral | — | 5,998 | — | — | — | 5,998 | |||||||||||||||||||
Other current assets | 789 | 143 | 11,069 | 834 | — | 12,835 | |||||||||||||||||||
Total current assets | 16,813 | 28,787 | 134,690 | (7,222 | ) | 31,971 | 205,039 | ||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||
Land and mineral rights | — | 1,395 | 276,793 | — | — | 278,188 | |||||||||||||||||||
Plant and equipment | 3,973 | 220,872 | 432,851 | — | — | 657,696 | |||||||||||||||||||
3,973 | 222,267 | 709,644 | — | — | 935,884 | ||||||||||||||||||||
Less accumulated depreciation, depletion and amortization | 2,707 | 71,653 | 371,488 | — | — | 445,848 | |||||||||||||||||||
Net property, plant and equipment | 1,266 | 150,614 | 338,156 | — | — | 490,036 | |||||||||||||||||||
Advanced coal royalties | — | — | 7,311 | — | — | 7,311 | |||||||||||||||||||
Reclamation deposits | — | — | 74,921 | — | — | 74,921 | |||||||||||||||||||
Restricted investments and bond collateral | 15,134 | — | 54,101 | — | — | 69,235 | |||||||||||||||||||
Contractual third-party reclamation receivables | — | — | 88,303 | — | — | 88,303 | |||||||||||||||||||
Intangible assets | — | 1,283 | 237 | — | — | 1,520 | |||||||||||||||||||
Investment in subsidiaries | 280,843 | — | — | 3,770 | (284,613 | ) | — | ||||||||||||||||||
Other assets | 8,636 | — | 1,683 | 2,000 | (1,999 | ) | 10,320 | ||||||||||||||||||
Total assets | $ | 322,692 | $ | 180,684 | $ | 699,402 | $ | (1,452 | ) | $ | (254,641 | ) | $ | 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 | $ | — | $ | 23,951 | $ | — | $ | — | $ | 44,343 | |||||||||||||
Accounts payable and accrued expenses: | |||||||||||||||||||||||||
Trade | 6,840 | 10,119 | 38,061 | 2,487 | — | 57,507 | |||||||||||||||||||
Interest payable | 11,302 | — | 40 | — | (21 | ) | 11,321 | ||||||||||||||||||
Production taxes | — | 3 | 36,522 | 5,380 | — | 41,905 | |||||||||||||||||||
Workers’ compensation | 717 | — | — | — | — | 717 | |||||||||||||||||||
Postretirement medical benefits | 12,042 | — | 774 | 1,139 | — | 13,955 | |||||||||||||||||||
SERP | 390 | — | — | — | — | 390 | |||||||||||||||||||
Deferred revenue | — | 9,024 | 5,044 | — | — | 14,068 | |||||||||||||||||||
Asset retirement obligations | — | — | 23,353 | — | — | 23,353 | |||||||||||||||||||
Other current liabilities | — | 5,053 | 417 | — | (1 | ) | 5,469 | ||||||||||||||||||
Total current liabilities | 51,683 | 24,199 | 128,162 | 9,006 | (22 | ) | 213,028 | ||||||||||||||||||
Long-term debt, less current installments | 224,582 | — | 72,912 | — | (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 | — | 66,439 | 18,077 | — | 270,374 | |||||||||||||||||||
Pension and SERP obligations, less current portion | 13,069 | 99 | 10,765 | 243 | — | 24,176 | |||||||||||||||||||
Deferred revenue, less current portion | — | 41,297 | 5,270 | — | — | 46,567 | |||||||||||||||||||
Asset retirement obligations, less current portion | — | 892 | 255,619 | — | — | 256,511 | |||||||||||||||||||
Intangible liabilities | — | 5,606 | — | — | — | 5,606 | |||||||||||||||||||
Deferred income taxes | 5,355 | — | — | — | — | 5,355 | |||||||||||||||||||
Other liabilities | 584 | — | 6,687 | 983 | (6,220 | ) | 2,034 | ||||||||||||||||||
Intercompany receivable/payable | 14,021 | — | (7,851 | ) | 14,654 | (20,824 | ) | — | |||||||||||||||||
Total liabilities | 510,571 | 72,093 | 538,003 | 42,963 | (29,066 | ) | 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 | 157,984 | (124 | ) | (210,695 | ) | 134,861 | |||||||||||||||||
Accumulated other comprehensive loss | (63,595 | ) | (164 | ) | 6,425 | (3,086 | ) | (3,175 | ) | (63,595 | ) | ||||||||||||||
Accumulated earnings (deficit) | (295,784 | ) | 55,915 | (3,120 | ) | (41,337 | ) | (11,458 | ) | (295,784 | ) | ||||||||||||||
Total equity (deficit) | (187,879 | ) | 108,591 | 161,399 | (44,415 | ) | (225,575 | ) | (187,879 | ) | |||||||||||||||
Total liabilities and shareholders’ deficit | $ | 322,692 | $ | 180,684 | $ | 699,402 | $ | (1,452 | ) | $ | (254,641 | ) | $ | 946,685 | |||||||||||
Supplemental Consolidating Statement of Operations Information | ' | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 21,439 | $ | 316,391 | $ | — | $ | — | $ | 337,830 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (1,037 | ) | 20,799 | 265,762 | — | — | 285,524 | ||||||||||||||||||
Depreciation, depletion and amortization | 70 | 2,503 | 25,602 | — | — | 28,175 | |||||||||||||||||||
Selling and administrative | 5,124 | 899 | 18,834 | (423 | ) | — | 24,434 | ||||||||||||||||||
Heritage health benefit expenses | 3,099 | — | — | 216 | — | 3,315 | |||||||||||||||||||
Loss on sales of assets | — | — | 119 | — | — | 119 | |||||||||||||||||||
Restructuring charges | 663 | (39 | ) | 2,641 | — | — | 3,265 | ||||||||||||||||||
Unrealized derivative loss | — | 23,691 | — | — | — | 23,691 | |||||||||||||||||||
Income from equity affiliates | — | — | (1,261 | ) | — | — | (1,261 | ) | |||||||||||||||||
7,919 | 47,853 | 311,697 | (207 | ) | — | 367,262 | |||||||||||||||||||
Operating income (loss) | (7,919 | ) | (26,414 | ) | 4,694 | 207 | — | (29,432 | ) | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (18,302 | ) | (102 | ) | (10,614 | ) | — | 7,767 | (21,251 | ) | |||||||||||||||
Loss on extinguishment of debt | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||
Interest income | 7,891 | 1 | 2,343 | — | (7,767 | ) | 2,468 | ||||||||||||||||||
Loss on foreign exchange | (148 | ) | — | (1,594 | ) | — | — | (1,742 | ) | ||||||||||||||||
Other income | 5 | — | 113 | — | — | 118 | |||||||||||||||||||
(10,554 | ) | (101 | ) | (9,765 | ) | — | — | (20,420 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (18,473 | ) | (26,515 | ) | (5,071 | ) | 207 | — | (49,852 | ) | |||||||||||||||
Equity in income of subsidiaries | (31,128 | ) | — | — | — | 31,128 | — | ||||||||||||||||||
Income (loss) before income taxes | (49,601 | ) | (26,515 | ) | (5,071 | ) | 207 | 31,128 | (49,852 | ) | |||||||||||||||
Income tax expense (benefit) | (467 | ) | — | 3,362 | 1 | (3,614 | ) | (718 | ) | ||||||||||||||||
Net income (loss) | (49,134 | ) | (26,515 | ) | (8,433 | ) | 206 | 34,742 | (49,134 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (49,134 | ) | $ | (26,515 | ) | $ | (8,433 | ) | $ | 206 | $ | 34,742 | $ | (49,134 | ) | |||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 24,911 | $ | 149,079 | $ | 17,149 | $ | (14,347 | ) | $ | 176,792 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (371 | ) | 16,366 | 115,587 | 20,958 | (14,347 | ) | 138,193 | |||||||||||||||||
Depreciation, depletion and amortization | 93 | 2,551 | 14,791 | — | (1 | ) | 17,434 | ||||||||||||||||||
Selling and administrative | 4,191 | 907 | 7,867 | (467 | ) | — | 12,498 | ||||||||||||||||||
Heritage health benefit expenses | 3,789 | — | — | 268 | — | 4,057 | |||||||||||||||||||
Gain on sales of assets | — | — | (13 | ) | — | — | (13 | ) | |||||||||||||||||
Other operating income | — | — | (3,913 | ) | — | — | (3,913 | ) | |||||||||||||||||
7,702 | 19,824 | 134,319 | 20,759 | (14,348 | ) | 168,256 | |||||||||||||||||||
Operating income (loss) | (7,702 | ) | 5,087 | 14,760 | (3,610 | ) | 1 | 8,536 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (7,622 | ) | (10 | ) | (2,281 | ) | (2 | ) | 6 | (9,909 | ) | ||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | — | |||||||||||||||||||
Interest income | 29 | 5 | 267 | 6 | (6 | ) | 301 | ||||||||||||||||||
Other income (loss) | — | — | 89 | — | — | 89 | |||||||||||||||||||
(7,593 | ) | (5 | ) | (1,925 | ) | 4 | — | (9,519 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (15,295 | ) | 5,082 | 12,835 | (3,606 | ) | 1 | (983 | ) | ||||||||||||||||
Equity in income of subsidiaries | 14,281 | — | — | — | (14,281 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (1,014 | ) | 5,082 | 12,835 | (3,606 | ) | (14,280 | ) | (983 | ) | |||||||||||||||
Income tax expense (benefit) | (1 | ) | — | 1,742 | 1 | (1,712 | ) | 30 | |||||||||||||||||
Net income (loss) | (1,013 | ) | 5,082 | 11,093 | (3,607 | ) | (12,568 | ) | (1,013 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | (3,774 | ) | — | — | — | — | (3,774 | ) | |||||||||||||||||
Net income (loss) attributable to the Parent company | $ | 2,761 | $ | 5,082 | $ | 11,093 | $ | (3,607 | ) | $ | (12,568 | ) | $ | 2,761 | |||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 65,254 | $ | 740,742 | $ | (7 | ) | $ | — | $ | 805,989 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (1,508 | ) | 58,845 | 613,075 | 55 | — | 670,467 | ||||||||||||||||||
Depreciation, depletion and amortization | 225 | 7,513 | 60,975 | — | — | 68,713 | |||||||||||||||||||
Selling and administrative | 22,092 | 2,961 | 44,694 | (1,196 | ) | — | 68,551 | ||||||||||||||||||
Heritage health benefit expenses | 9,602 | — | — | 644 | — | 10,246 | |||||||||||||||||||
Loss on sales of assets | — | — | 114 | — | — | 114 | |||||||||||||||||||
Restructuring charges | 1,460 | 459 | 9,288 | — | — | 11,207 | |||||||||||||||||||
Unrealized derivative loss | — | 29,621 | — | — | — | 29,621 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | — | — | (2,060 | ) | — | — | (2,060 | ) | |||||||||||||||||
Other operating income | — | — | 150 | 1 | — | 151 | |||||||||||||||||||
31,871 | 99,399 | 726,236 | (496 | ) | — | 857,010 | |||||||||||||||||||
Operating income (loss) | (31,871 | ) | (34,145 | ) | 14,506 | 489 | — | (51,021 | ) | ||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (55,584 | ) | (220 | ) | (15,813 | ) | — | 7,782 | (63,835 | ) | |||||||||||||||
Loss on extinguishment of debt | (64 | ) | — | (12,584 | ) | — | — | (12,648 | ) | ||||||||||||||||
Interest income | 8,160 | 8 | 3,941 | 24 | (7,782 | ) | 4,351 | ||||||||||||||||||
Loss on foreign exchange | (5,382 | ) | — | (501 | ) | — | — | (5,883 | ) | ||||||||||||||||
Other income | 7 | — | 691 | (1 | ) | — | 697 | ||||||||||||||||||
(52,863 | ) | (212 | ) | (24,266 | ) | 23 | — | (77,318 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (84,734 | ) | (34,357 | ) | (9,760 | ) | 512 | — | (128,339 | ) | |||||||||||||||
Equity in income of subsidiaries | (47,274 | ) | — | — | — | 47,274 | — | ||||||||||||||||||
Income (loss) before income taxes | (132,008 | ) | (34,357 | ) | (9,760 | ) | 512 | 47,274 | (128,339 | ) | |||||||||||||||
Income tax expense (benefit) | (690 | ) | — | 2,244 | — | 1,425 | 2,979 | ||||||||||||||||||
Net income (loss) | (131,318 | ) | (34,357 | ) | (12,004 | ) | 512 | 45,849 | (131,318 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Parent company | $ | (131,318 | ) | $ | (34,357 | ) | $ | (12,004 | ) | $ | 512 | $ | 45,849 | $ | (131,318 | ) | |||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/ | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Revenues | $ | — | $ | 67,409 | $ | 423,266 | $ | 38,037 | $ | (27,973 | ) | $ | 500,739 | ||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Cost of sales | (1,141 | ) | 48,221 | 339,004 | 41,031 | (27,973 | ) | 399,142 | |||||||||||||||||
Depreciation, depletion and amortization | 280 | 7,632 | 39,345 | — | — | 47,257 | |||||||||||||||||||
Selling and administrative | 12,399 | 2,633 | 22,547 | (1,225 | ) | — | 36,354 | ||||||||||||||||||
Heritage health benefit expenses | 10,322 | — | — | 795 | — | 11,117 | |||||||||||||||||||
Loss (gain) on sales of assets | — | — | (321 | ) | — | — | (321 | ) | |||||||||||||||||
Other operating income | — | — | (19,054 | ) | (1 | ) | — | (19,055 | ) | ||||||||||||||||
21,860 | 58,486 | 381,521 | 40,600 | (27,973 | ) | 474,494 | |||||||||||||||||||
Operating income (loss) | (21,860 | ) | 8,923 | 41,745 | (2,563 | ) | — | 26,245 | |||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest expense | (22,797 | ) | (30 | ) | (7,329 | ) | (12 | ) | 23 | (30,145 | ) | ||||||||||||||
Loss on extinguishment of debt | (64 | ) | — | — | — | — | (64 | ) | |||||||||||||||||
Interest income | 105 | 20 | 760 | 16 | (23 | ) | 878 | ||||||||||||||||||
Other income (loss) | — | — | 289 | (2 | ) | — | 287 | ||||||||||||||||||
(22,756 | ) | (10 | ) | (6,280 | ) | 2 | — | (29,044 | ) | ||||||||||||||||
Income (loss) before income taxes and income of consolidated subsidiaries | (44,616 | ) | 8,913 | 35,465 | (2,561 | ) | — | (2,799 | ) | ||||||||||||||||
Equity in income of subsidiaries | 41,732 | — | — | — | (41,732 | ) | — | ||||||||||||||||||
Income (loss) before income taxes | (2,884 | ) | 8,913 | 35,465 | (2,561 | ) | (41,732 | ) | (2,799 | ) | |||||||||||||||
Income tax expense (benefit) | — | — | 6,200 | — | (6,115 | ) | 85 | ||||||||||||||||||
Net income (loss) | (2,884 | ) | 8,913 | 29,265 | (2,561 | ) | (35,617 | ) | (2,884 | ) | |||||||||||||||
Less net loss attributable to noncontrolling interest | (2,976 | ) | — | — | — | — | (2,976 | ) | |||||||||||||||||
Net income (loss) attributable to the Parent company | $ | 92 | $ | 8,913 | $ | 29,265 | $ | (2,561 | ) | $ | (35,617 | ) | $ | 92 | |||||||||||
Supplemental Consolidating Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (49,134 | ) | $ | (26,515 | ) | $ | (8,433 | ) | $ | 206 | $ | 34,742 | $ | (49,134 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 361 | (1 | ) | 127 | 15 | (141 | ) | 361 | |||||||||||||||||
Adjustments to accumulated actuarial losses and transition obligations, pension | (371 | ) | — | (371 | ) | — | 371 | (371 | ) | ||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 3 | — | (322 | ) | 8 | 314 | 3 | ||||||||||||||||||
Tax effect of other comprehensive income gains | (487 | ) | — | — | — | — | (487 | ) | |||||||||||||||||
Change in foreign currency translation adjustment | (14,642 | ) | — | (13,729 | ) | — | 13,729 | (14,642 | ) | ||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | 1,231 | — | 1,007 | — | (1,007 | ) | 1,231 | ||||||||||||||||||
Other comprehensive income (loss) | (13,905 | ) | (1 | ) | (13,288 | ) | 23 | 13,266 | (13,905 | ) | |||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (63,039 | ) | $ | (26,516 | ) | $ | (21,721 | ) | $ | 229 | $ | 48,008 | $ | (63,039 | ) | |||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (1,013 | ) | $ | 5,082 | $ | 11,093 | $ | (3,607 | ) | $ | (12,568 | ) | $ | (1,013 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 872 | 7 | 601 | (386 | ) | (222 | ) | 872 | |||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 1,002 | — | 433 | (220 | ) | (213 | ) | 1,002 | |||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | (16 | ) | — | (39 | ) | 23 | 16 | (16 | ) | ||||||||||||||||
Other comprehensive income (loss) | 1,858 | 7 | 995 | (583 | ) | (419 | ) | 1,858 | |||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | 845 | $ | 5,089 | $ | 12,088 | $ | (4,190 | ) | $ | (12,987 | ) | $ | 845 | |||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (131,318 | ) | $ | (34,357 | ) | $ | (12,004 | ) | $ | 512 | $ | 45,849 | $ | (131,318 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 1,078 | 7 | 366 | 15 | (388 | ) | 1,078 | ||||||||||||||||||
Adjustments to accumulated actuarial losses and transition obligations, pension | (172 | ) | — | (172 | ) | — | 172 | (172 | ) | ||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 13 | — | (108 | ) | 14 | 94 | 13 | ||||||||||||||||||
Tax effect of other comprehensive income gains | (711 | ) | — | — | — | — | (711 | ) | |||||||||||||||||
Change in foreign currency translation adjustment | (5,364 | ) | — | (4,451 | ) | — | 4,451 | (5,364 | ) | ||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | 1,231 | — | 1,007 | — | (1,007 | ) | 1,231 | ||||||||||||||||||
Other comprehensive income (loss) | (3,925 | ) | 7 | (3,358 | ) | 29 | 3,322 | (3,925 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | (135,243 | ) | $ | (34,350 | ) | $ | (15,362 | ) | $ | 541 | $ | 49,171 | $ | (135,243 | ) | |||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Parent/Issuer | Co-Issuer | Guarantor | Non-Guarantor | Consolidating | Total | ||||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||||
Net income (loss) | $ | (2,884 | ) | $ | 8,913 | $ | 29,265 | $ | (2,561 | ) | $ | (35,617 | ) | $ | (2,884 | ) | |||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Amortization of accumulated actuarial gains or losses, pension | 2,617 | 21 | 601 | 47 | (669 | ) | 2,617 | ||||||||||||||||||
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 3,004 | — | 433 | 207 | (640 | ) | 3,004 | ||||||||||||||||||
Unrealized and realized gains and losses on available-for-sale securities | (55 | ) | — | (56 | ) | 1 | 55 | (55 | ) | ||||||||||||||||
Other comprehensive income (loss) | 5,566 | 21 | 978 | 255 | (1,254 | ) | 5,566 | ||||||||||||||||||
Comprehensive income (loss) attributable to the Parent company | $ | 2,682 | $ | 8,934 | $ | 30,243 | $ | (2,306 | ) | $ | (36,871 | ) | $ | 2,682 | |||||||||||
Supplemental Consolidating Statement of Cash Flow Information | ' | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Nine Months Ended September 30, 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) | $ | (131,318 | ) | $ | (34,357 | ) | $ | (12,004 | ) | $ | 512 | $ | 45,849 | $ | (131,318 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | 47,274 | — | — | — | (47,274 | ) | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 225 | 7,513 | 60,975 | — | — | 68,713 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 51 | 16,206 | — | — | 16,257 | |||||||||||||||||||
Non-cash tax benefits | (711 | ) | — | — | — | — | (711 | ) | |||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 354 | 31 | — | — | 385 | |||||||||||||||||||
Share-based compensation | 2,256 | 20 | 1,180 | — | — | 3,456 | |||||||||||||||||||
Gain on sales of assets | — | — | 114 | — | — | 114 | |||||||||||||||||||
Amortization of deferred financing costs | 620 | — | 1,745 | — | — | 2,365 | |||||||||||||||||||
Loss on extinguishment of debt | 64 | — | 12,584 | — | — | 12,648 | |||||||||||||||||||
Loss on sales of investment securities | — | — | 36 | — | — | 36 | |||||||||||||||||||
Unrealized loss on derivative | — | 29,621 | — | — | — | 29,621 | |||||||||||||||||||
Loss on foreign exchange | 5,382 | — | 501 | — | — | 5,883 | |||||||||||||||||||
Pension settlement accounting | — | — | 814 | — | — | 814 | |||||||||||||||||||
Income from equity affiliates | — | — | (2,060 | ) | — | — | (2,060 | ) | |||||||||||||||||
Distributions from equity affiliates | — | — | 2,948 | — | — | 2,948 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | (240 | ) | 971 | (31,512 | ) | 4,719 | 1,542 | (24,520 | ) | ||||||||||||||||
Inventories | — | 2,736 | 52,663 | — | — | 55,399 | |||||||||||||||||||
Excess of black lung benefit obligation over trust assets | 2,093 | — | — | — | — | 2,093 | |||||||||||||||||||
Deferred income tax | — | — | (750 | ) | — | 4,094 | 3,344 | ||||||||||||||||||
Accounts payable and accrued expenses | 126 | (2,264 | ) | 14,361 | (5,820 | ) | (26 | ) | 6,377 | ||||||||||||||||
Deferred revenue | — | (7,167 | ) | (1,973 | ) | — | — | (9,140 | ) | ||||||||||||||||
Income tax payable | — | — | 556 | — | — | 556 | |||||||||||||||||||
Accrual for workers’ compensation | (179 | ) | — | 1 | — | — | (178 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (5,882 | ) | 1 | — | (5,881 | ) | |||||||||||||||||
Accrual for postretirement medical benefits | (1,428 | ) | — | 3,567 | 24 | — | 2,163 | ||||||||||||||||||
Pension and SERP obligations | 256 | 4 | (1,273 | ) | 9 | — | (1,004 | ) | |||||||||||||||||
Other assets and liabilities | (7,996 | ) | (5,282 | ) | 7,849 | (1,299 | ) | 6,579 | (149 | ) | |||||||||||||||
Distributions received from subsidiaries | 92,100 | — | — | — | (92,100 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | 8,524 | (7,800 | ) | 120,677 | (1,854 | ) | (81,336 | ) | 38,211 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | 16 | (419 | ) | (35,244 | ) | 1 | — | (35,646 | ) | ||||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | (48,244 | ) | 2,598 | 3,851 | — | — | (41,795 | ) | |||||||||||||||||
Cash payments related to Canadian acquisition | (282,788 | ) | — | (39,849 | ) | — | — | (322,637 | ) | ||||||||||||||||
Cash acquired related to Canadian acquisition | — | — | 8,103 | — | — | 8,103 | |||||||||||||||||||
Net proceeds from sales of assets | — | — | 38,085 | — | — | 38,085 | |||||||||||||||||||
Proceeds from the sale of investments | — | — | 7,279 | — | — | 7,279 | |||||||||||||||||||
Increase in loan and lease receivables | — | — | (2,514 | ) | — | — | (2,514 | ) | |||||||||||||||||
Receipts from loan and lease receivables | — | — | 5,057 | — | — | 5,057 | |||||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | 55 | — | — | 55 | |||||||||||||||||||
Investment of common shares | (2,992 | ) | — | 2,992 | — | — | — | ||||||||||||||||||
Other | — | — | (602 | ) | — | — | (602 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | (334,008 | ) | 2,179 | (12,787 | ) | 1 | — | (344,615 | ) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | 493 | 1,188 | — | (1,998 | ) | (317 | ) | |||||||||||||||||
Borrowings from long-term debt | 454,219 | — | — | — | — | 454,219 | |||||||||||||||||||
Repayments of long-term debt | (1,015 | ) | — | (109,777 | ) | — | — | (110,792 | ) | ||||||||||||||||
Borrowings on revolving lines of credit | — | — | 15,000 | — | — | 15,000 | |||||||||||||||||||
Repayments on revolving lines of credit | — | — | (15,000 | ) | — | — | (15,000 | ) | |||||||||||||||||
Debt issuance costs and other refinancing costs | (16,168 | ) | — | (11,659 | ) | — | — | (27,827 | ) | ||||||||||||||||
Dividends/distributions | (664 | ) | (8,500 | ) | (83,600 | ) | — | 92,100 | (664 | ) | |||||||||||||||
Proceeds from issuance of common shares | 56,473 | — | — | — | — | 56,473 | |||||||||||||||||||
Exercise of stock options | 417 | — | — | — | — | 417 | |||||||||||||||||||
Transactions with Parent/affiliates | (97,859 | ) | 10,287 | 99,006 | (670 | ) | (10,764 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 395,403 | 2,280 | (104,842 | ) | (670 | ) | 79,338 | 371,509 | |||||||||||||||||
Effect of foreign exchange rates on cash | — | — | (2,525 | ) | — | — | (2,525 | ) | |||||||||||||||||
Net decrease in cash and cash equivalents | 69,919 | (3,341 | ) | 523 | (2,523 | ) | (1,998 | ) | 62,580 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 25,326 | 3,341 | 27,451 | 4,992 | — | 61,110 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 95,245 | $ | — | $ | 27,974 | $ | 2,469 | $ | (1,998 | ) | $ | 123,690 | ||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
Nine Months Ended September 30, 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) | $ | (2,884 | ) | $ | 8,913 | $ | 29,265 | $ | (2,561 | ) | $ | (35,617 | ) | $ | (2,884 | ) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Equity in income of subsidiaries | (41,732 | ) | — | — | — | 41,732 | — | ||||||||||||||||||
Depreciation, depletion, and amortization | 280 | 7,632 | 39,345 | — | — | 47,257 | |||||||||||||||||||
Accretion of asset retirement obligation and receivable | — | 48 | 9,460 | (1 | ) | — | 9,507 | ||||||||||||||||||
Amortization of intangible assets and liabilities, net | — | 467 | 32 | (1 | ) | — | 498 | ||||||||||||||||||
Share-based compensation | 2,233 | 30 | 2,333 | (2 | ) | — | 4,594 | ||||||||||||||||||
Gain on sales of assets | — | — | (321 | ) | — | — | (321 | ) | |||||||||||||||||
Amortization of deferred financing costs | 2,353 | — | 441 | (4 | ) | — | 2,790 | ||||||||||||||||||
Loss on extinguishment of debt | 64 | — | — | — | — | 64 | |||||||||||||||||||
Loss on sales of investment securities | — | — | (26 | ) | 1 | — | (25 | ) | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Receivables, net | (652 | ) | (1,651 | ) | (7,426 | ) | (3,248 | ) | 4,486 | (8,491 | ) | ||||||||||||||
Inventories | — | (1,020 | ) | (580 | ) | — | — | (1,600 | ) | ||||||||||||||||
Excess of black lung benefit obligation over trust assets | 53 | — | — | — | — | 53 | |||||||||||||||||||
Accounts payable and accrued expenses | (8,157 | ) | 4,314 | 14,783 | 4,472 | (2,955 | ) | 12,457 | |||||||||||||||||
Deferred revenue | — | (6,608 | ) | (1,667 | ) | — | — | (8,275 | ) | ||||||||||||||||
Income tax payable | — | — | (26 | ) | — | — | (26 | ) | |||||||||||||||||
Accrual for workers’ compensation | (359 | ) | — | — | — | — | (359 | ) | |||||||||||||||||
Asset retirement obligations | — | — | (6,887 | ) | (1 | ) | — | (6,888 | ) | ||||||||||||||||
Accrual for postretirement medical benefits | 118 | — | 5,624 | 288 | — | 6,030 | |||||||||||||||||||
Pension and SERP obligations | 1,041 | 13 | 1,191 | 28 | — | 2,273 | |||||||||||||||||||
Other assets and liabilities | (240 | ) | (453 | ) | 2,971 | (464 | ) | 1 | 1,815 | ||||||||||||||||
Distributions received from subsidiaries | 50,800 | — | — | — | (50,800 | ) | — | ||||||||||||||||||
Net cash provided by (used in) operating activities | 2,918 | 11,685 | 88,512 | (1,493 | ) | (43,153 | ) | 58,469 | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | (520 | ) | (715 | ) | (18,985 | ) | (3 | ) | — | (20,223 | ) | ||||||||||||||
Change in restricted investments and bond collateral and reclamation deposits | 91 | (6 | ) | (9,735 | ) | (2 | ) | — | (9,652 | ) | |||||||||||||||
Net proceeds from sales of assets | — | — | 604 | — | — | 604 | |||||||||||||||||||
Proceeds from the sale of investments | — | — | 7,927 | — | — | 7,927 | |||||||||||||||||||
Receivable from customer for property and equipment purchases | — | — | (1 | ) | — | — | (1 | ) | |||||||||||||||||
Net cash used in investing activities | (429 | ) | (721 | ) | (20,190 | ) | (5 | ) | — | (21,345 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Change in book overdrafts | — | — | 20 | — | — | 20 | |||||||||||||||||||
Repayments of long-term debt | (500 | ) | — | (21,558 | ) | (7 | ) | — | (22,065 | ) | |||||||||||||||
Borrowings on revolving lines of credit | — | — | 7,000 | — | — | 7,000 | |||||||||||||||||||
Repayments on revolving lines of credit | — | — | (7,000 | ) | — | — | (7,000 | ) | |||||||||||||||||
Debt issuance costs and other refinancing costs | (26 | ) | — | (156 | ) | — | — | (182 | ) | ||||||||||||||||
Dividends/distributions | (1,020 | ) | (14,500 | ) | (23,500 | ) | (12,800 | ) | 50,800 | (1,020 | ) | ||||||||||||||
Transactions with Parent/affiliates | (7,132 | ) | (102 | ) | (307 | ) | 15,188 | (7,647 | ) | — | |||||||||||||||
Net cash provided by (used in) financing activities | (8,678 | ) | (14,602 | ) | (45,501 | ) | 2,381 | 43,153 | (23,247 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (6,189 | ) | (3,638 | ) | 22,821 | 883 | — | 13,877 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 14,836 | 4,545 | 10,237 | 1,992 | — | 31,610 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,647 | $ | 907 | $ | 33,058 | $ | 2,875 | $ | — | $ | 45,487 | |||||||||||||
BASIS_OF_PRESENTATION_Business
BASIS OF PRESENTATION - Business Operations (Details) | 0 Months Ended | 9 Months Ended |
Apr. 28, 2014 | Sep. 30, 2014 | |
mines | mines | |
Canadian Acquisition | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of mines | 6 | 6 |
PMRU | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of mines | ' | 5 |
Corporate Joint Venture | Canadian Acquisition | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage in joint venture | ' | 50.00% |
Corporate Joint Venture | PMRU | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage in joint venture | ' | 50.00% |
BASIS_OF_PRESENTATION_Addition
BASIS OF PRESENTATION - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
PMRU | PMRU | Senior secured notes | Other operating income | |||
Minimum | Maximum | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt arrangement | ' | ' | ' | ' | $675.50 | ' |
Stated interest rate (percent) | ' | ' | ' | ' | 10.75% | ' |
Business interruption insurance proceeds recorded in income | ' | ' | ' | ' | ' | 16.3 |
Cash proceeds from business interruption insurance | 4.6 | ' | ' | ' | ' | ' |
Finance income, recognition period | ' | ' | '3 years | '27 years | ' | ' |
Liability for unrecognized tax benefits | $5.80 | $0 | ' | ' | ' | ' |
ACQUISITION_Narrative_Details
ACQUISITION - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
Apr. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Apr. 28, 2014 | Sep. 30, 2014 | Jun. 25, 2014 | Apr. 28, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 28, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 28, 2014 | Apr. 28, 2014 | Apr. 28, 2014 | Apr. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Senior Notes | Senior Notes | Term Debt | Revolving Credit Facility | Revolving Credit Facility | Cost of Sales - Inventory | Selling and Administrative Costs | Foreign Exchange | Interest Expense | PMRU | ||||||||
mines | mines | T | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | mines | |||||||||||||||
T | |||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mines | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 |
Voting interests acquired (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proven or probable coal reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 649,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | ' | ' | ' | $322,637,000 | $0 | ' | ' | $322,600,000 | $39,800,000 | $282,800,000 | $322,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed liabilities | ' | 332,300,000 | ' | 332,300,000 | ' | 330,500,000 | ' | ' | ' | ' | ' | ' | ' | 332,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 675,500,000 | 425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.75% | 10.75% | 8.02% | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,100,000 | ' | ' | ' | ' | ' | ' | ' | 14,200,000 | 7,800,000 | 6,200,000 | 4,900,000 | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 60,000,000 | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 26,200,000 | ' | 26,200,000 | ' | 26,200,000 | 26,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of assumed liability | 18,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash received upon acquisition | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | 37,000,000 | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 337,830,000 | 176,792,000 | 805,989,000 | 500,739,000 | ' | ' | ' | ' | ' | ' | 267,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from operations | ' | ($29,432,000) | $8,536,000 | ($51,021,000) | $26,245,000 | ' | ' | ' | ' | ' | ' | ($14,200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITION_Summary_of_purchas
ACQUISITION - Summary of purchase consideration and allocation of purchase consideration (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Apr. 28, 2014 | Sep. 30, 2014 | Jun. 25, 2014 | Apr. 28, 2014 | Jun. 30, 2014 | Apr. 28, 2014 | |
Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | ||||||
Purchase Price: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Business, Initial Payment | ' | ' | ' | ' | ' | $282,800,000 | ' | $282,800,000 | ' | ' |
Other Payments to Acquire Businesses | ' | ' | ' | ' | ' | 39,800,000 | 39,800,000 | ' | ' | ' |
Cash paid | ' | 322,637,000 | 0 | ' | ' | 322,600,000 | 39,800,000 | 282,800,000 | 322,600,000 | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 26,200,000 | 26,200,000 | ' | 26,200,000 | 26,200,000 | ' | ' | ' | ' | ' |
Trade receivables | 49,900,000 | 49,900,000 | ' | 49,900,000 | ' | ' | ' | ' | ' | ' |
Inventories - materials and supplies | 52,000,000 | 52,000,000 | ' | 52,000,000 | ' | ' | ' | ' | ' | ' |
Inventories - coal | 79,800,000 | 79,800,000 | ' | 79,800,000 | ' | ' | ' | ' | ' | ' |
Leases and loans receivable | 11,200,000 | 11,200,000 | ' | 11,200,000 | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 1,000,000 | 1,000,000 | ' | 6,700,000 | ' | ' | ' | ' | ' | ' |
Deferred tax assets, Adjustment | -5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | 3,400,000 | 3,400,000 | ' | 3,400,000 | ' | ' | ' | ' | ' | ' |
Total current assets | 223,500,000 | 223,500,000 | ' | 229,200,000 | ' | ' | ' | ' | ' | ' |
Total current assets, Adjustment | -5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land and mineral rights | 157,000,000 | 157,000,000 | ' | 151,300,000 | ' | ' | ' | ' | ' | ' |
Land and mineral rights, Adjustment | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant and equipment | 110,800,000 | 110,800,000 | ' | 139,600,000 | ' | ' | ' | ' | ' | ' |
Plant and equipment, Adjustment | -28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases and loans receivable | 79,100,000 | 79,100,000 | ' | 83,800,000 | ' | ' | ' | ' | ' | ' |
Leases and loans receivable, Adjustment | -4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual third-party reclamation receivables, less current portion | 6,800,000 | 6,800,000 | ' | 6,800,000 | ' | ' | ' | ' | ' | ' |
Investment in joint venture | 32,100,000 | 32,100,000 | ' | 32,100,000 | ' | ' | ' | ' | ' | ' |
Intangible assets, Adjustment | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 37,000,000 | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | 8,600,000 | 8,600,000 | ' | 10,300,000 | ' | ' | ' | ' | ' | ' |
Other assets, adjustment | -1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 654,900,000 | 654,900,000 | ' | 653,100,000 | ' | ' | ' | ' | ' | ' |
Total assets, Adjustment | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current installments of long-term debt | -36,300,000 | -36,300,000 | ' | -36,300,000 | ' | ' | ' | ' | ' | ' |
Trade payables and other accrued liabilities | -100,200,000 | -100,200,000 | ' | -93,700,000 | ' | ' | ' | ' | ' | ' |
Trade payables and other accrued liabilities, Adjustment | -6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset retirement obligations | -9,700,000 | -9,700,000 | ' | -9,700,000 | ' | ' | ' | ' | ' | ' |
Total current liabilities | -146,200,000 | -146,200,000 | ' | -139,700,000 | ' | ' | ' | ' | ' | ' |
Total current liabilities, Adjustment | -6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, less current installments | -86,300,000 | -86,300,000 | ' | -86,300,000 | ' | ' | ' | ' | ' | ' |
Asset retirement obligations, less current portion | -92,400,000 | -92,400,000 | ' | -92,400,000 | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | -7,400,000 | -7,400,000 | ' | -12,100,000 | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities, Adjustment | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Liabilities | -332,300,000 | -332,300,000 | ' | -330,500,000 | ' | ' | ' | ' | ' | -332,300,000 |
Total liabilities, Adjustment | -1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net fair value | $322,600,000 | $322,600,000 | ' | $322,600,000 | ' | ' | ' | ' | ' | ' |
ACQUISITION_Summary_of_Pro_For
ACQUISITION - Summary of Pro Forma Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Total Revenues | ' | ' | ' | ' |
As reported | $337,830 | $176,792 | $805,989 | $500,739 |
Pro forma | ' | 334,760 | 1,012,209 | 1,007,495 |
Operating Income | ' | ' | ' | ' |
As reported | -29,432 | 8,536 | -51,021 | 26,245 |
Pro forma | ' | 24,353 | -43,867 | 54,458 |
Net income (loss) applicable to common shareholders | ' | ' | ' | ' |
As reported | -49,329 | 2,421 | -131,982 | -928 |
Pro forma | ' | $3,315 | ($146,837) | ($5,816) |
Net income (loss) per share applicable to common shareholders | ' | ' | ' | ' |
Basic, as reported (in dollars per share) | ($2.95) | $0.17 | ($8.49) | ($0.06) |
Basic, pro forma (in dollars per share) | ' | $0.23 | ($9.44) | ($0.40) |
Diluted, as reported (in dollars per share) | ($2.95) | $0.16 | ($8.49) | ($0.06) |
Diluted, pro forma (in dollars per share) | ' | $0.22 | ($9.44) | ($0.40) |
INVENTORIES_Detail
INVENTORIES (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Coal stockpiles | $27,870 | $543 |
Coal fuel inventories | 3,425 | 6,161 |
Materials and supplies | 83,703 | 34,233 |
Reserve for obsolete inventory | -773 | -965 |
Total | $114,225 | $39,972 |
RESTRICTED_INVESTMENTS_AND_BON2
RESTRICTED INVESTMENTS AND BOND COLLATERAL - Components of Restricted Investments and Bond Collateral (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | $108,734 | $75,233 |
Less current portion | 0 | -5,998 |
Total restricted investments and bond collateral, less current portion | 108,734 | 69,235 |
Coal - Canada Segment | CVRI | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 31,867 | 0 |
Coal - Canada Segment | PMRU | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 16,203 | 0 |
Debt Reserve Account | Coal - U.S. Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 0 | 13,067 |
Reclamation Bond Collateral | Coal - U.S. Segment | Kemmerer Mine | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 25,544 | 24,966 |
Reclamation Bond Collateral | Coal - U.S. Segment | Absaloka Mine | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 11,775 | 11,653 |
Reclamation Bond Collateral | Coal - U.S. Segment | Rosebud Mine | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 3,145 | 3,145 |
Reclamation Bond Collateral | Coal - U.S. 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 | 3,400 | 5,998 |
Postretirement Medical Benefit Bonds | Corporate Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | 8,707 | 8,467 |
Workers' Compensation Bonds | Corporate Segment | ' | ' |
Restricted Investments and Bond Collateral [Line Items] | ' | ' |
Total restricted investments and bond collateral | $6,823 | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Restricted investments and bond collateral | $108,734 | $69,235 |
Carrying Value | ' | ' |
Investment [Line Items] | ' | ' |
Cash and cash equivalents | 71,164 | ' |
Time deposits | 2,451 | ' |
Available-for-sale | 35,119 | ' |
Restricted investments and bond collateral | 108,734 | ' |
Fair Value | ' | ' |
Investment [Line Items] | ' | ' |
Restricted investments and bond collateral | 108,734 | ' |
Level 1 | Fair Value | ' | ' |
Investment [Line Items] | ' | ' |
Cash and cash equivalents | 71,164 | ' |
Time deposits | 2,451 | ' |
Available-for-sale | $35,119 | ' |
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) (Restricted Investments and Bond Collateral [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Restricted Investments and Bond Collateral [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost basis | $34,538 |
Gross unrealized holding gains | 643 |
Gross unrealized holding losses | -62 |
Fair value | $35,119 |
RESTRICTED_INVESTMENTS_AND_BON5
RESTRICTED INVESTMENTS AND BOND COLLATERAL - Additional Information (Details) (Restricted Investments and Bond Collateral [Member], USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Loss | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Carrying value of securities sold | $5,100,000 | ' |
Realized gain on securities sold (less than) | 100,000 | ' |
Cost basis | 34,538,000 | ' |
Net unrealized holding gains | ' | $600,000 |
RESTRICTED_INVESTMENTS_AND_BON6
RESTRICTED INVESTMENTS AND BOND COLLATERAL - Maturities of Available-for-Sale Securities (Details) (Restricted Investments and Bond Collateral [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Restricted Investments and Bond Collateral [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Due within one year, Amortized Cost Basis | $1,097 |
Due in five years or less, Amortized Cost Basis | 14,245 |
Due after five years to ten years, Amortized Cost Basis | 8,872 |
Due in more than ten years, Amortized Cost Basis | 10,324 |
Available-for-sale Securities, Amortized Cost Basis | 34,538 |
Due within one year, Fair Value | 1,106 |
Due in five years or less, Fair Value | 14,504 |
Due after five years to ten years, Fair Value | 9,106 |
Due in more than ten years, Fair Value | 10,403 |
Available-for-sale Securities, Fair Value | $35,119 |
RESTRUCTURING_CHARGES_Details
RESTRUCTURING CHARGES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
ROVA I and ROVA II Contracts | ROVA I and ROVA II Contracts | ROVA I and ROVA II Contracts | Canadian Acquisition | Canadian Acquisition | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Period of Contract | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | ' | $5,100,000 | ' | ' | $0 |
Restructuring charges | 3,265,000 | 0 | 11,207,000 | 0 | 100,000 | 500,000 | ' | 3,300,000 | 10,700,000 |
Restructuring payments | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | 4,200,000 |
Ending balance | ' | ' | ' | ' | $400,000 | $400,000 | $5,100,000 | $6,500,000 | $6,500,000 |
LINES_OF_CREDIT_AND_LONGTERM_D2
LINES OF CREDIT AND LONG-TERM DEBT - Outstanding Lines of Credit and Long-Term Debt (Detail) (USD $) | Sep. 30, 2014 | Feb. 07, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total debt outstanding | $818,930 | ' | $339,837 |
Less current portion | -40,931 | ' | -44,343 |
Total debt outstanding, less current installments | 777,999 | ' | 295,494 |
Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated interest rate (percent) | 10.75% | ' | ' |
Capital Lease Obligations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt outstanding | 120,961 | ' | 10,153 |
Other | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt outstanding | 4,635 | ' | 1,209 |
Debt premium (discount), net | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt outstanding | 17,849 | ' | -8,525 |
Senior Notes due 2018 | Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt outstanding | 250,485 | ' | 251,500 |
Less current portion | ' | ' | -22,100 |
Total debt outstanding, less current installments | 21,100 | ' | ' |
Stated interest rate (percent) | 10.75% | 10.75% | 10.75% |
Add On Notes - Senior Notes due 2018 | Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt outstanding | 425,000 | ' | 0 |
Stated interest rate (percent) | 10.75% | ' | ' |
WML Term Debt Due 2018 | Term Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt outstanding | $0 | ' | $85,500 |
Stated interest rate (percent) | 8.02% | ' | ' |
LINES_OF_CREDIT_AND_LONGTERM_D3
LINES OF CREDIT AND LONG-TERM DEBT - Contractual Maturities of Long Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $10,896 | ' |
2015 | 40,380 | ' |
2016 | 38,559 | ' |
2017 | 25,764 | ' |
2018 | 682,978 | ' |
Thereafter | 2,504 | ' |
Total | 801,081 | ' |
Less: debt premium (discount), net | 17,849 | ' |
Total debt outstanding | $818,930 | $339,837 |
LINES_OF_CREDIT_AND_LONGTERM_D4
LINES OF CREDIT AND LONG-TERM DEBT - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||
Apr. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 25, 2014 | Apr. 28, 2014 | Jun. 30, 2014 | Apr. 28, 2014 | Apr. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 28, 2014 | Apr. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 07, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Senior Notes | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Canadian Acquisition | Kemmerer Mine | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Supported Letters of Credit | Add On Notes - Senior Notes due 2018 | Senior Notes due 2018 | Senior Notes due 2018 | Senior Notes due 2018 | Senior Notes due 2018 | WML Term Debt Due 2018 | Make-Whole Payment [Member] | |||||||
Senior Notes | Term Debt | Canadian Acquisition | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Term Debt | WML Term Debt Due 2018 | ||||||||||||||||
Term Debt | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | $675,500,000 | ' | ' | ' | ' | $425,000,000 | ' | ' | ' | ' | ' | ' | $425,000,000 | $425,000,000 | ' | ' | ' | ' | ' |
Stated interest rate (percent) | ' | ' | ' | ' | ' | ' | 10.75% | ' | ' | ' | ' | 10.75% | 8.02% | ' | ' | ' | ' | ' | 10.75% | 10.75% | 10.75% | 10.75% | 10.75% | 8.02% | ' |
Debt instrument price as percentage of face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.88% | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 454,200,000 | ' | ' | ' | ' | ' |
Debt premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,200,000 | ' | ' | ' | ' | ' |
Cash paid | ' | ' | ' | 322,637,000 | 0 | ' | ' | 322,600,000 | 39,800,000 | 282,800,000 | 322,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs for acquisition and note offering | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | -13,000 | 0 | -12,648,000 | -64,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,500,000 | -11,600,000 |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under accordion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 24,800,000 | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs capitalized | ' | ' | ' | 16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repurchased | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of senior notes repurchased | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on restructuring of debt | ' | ' | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess cash flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' | ' |
Excess cash flow offered for repurchase of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,100,000 | ' | ' | ' | ' |
Current installments of long-term debt | ' | 40,931,000 | ' | 40,931,000 | ' | 44,343,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,100,000 | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Redemption price as percentage of face value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Long-term debt, less current installments | ' | 777,999,000 | ' | 777,999,000 | ' | 295,494,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,100,000 | 21,100,000 | ' | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
POSTRETIREMENT_MEDICAL_BENEFIT2
POSTRETIREMENT MEDICAL BENEFITS AND PENSION - Postretirement Medicial Benefit Obligations Balance Sheet Disclosures (Details) (Postretirement Medical Benefits, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Postretirement Medical Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | $822 | $1,109 | $2,467 | $3,327 |
Interest cost | 3,203 | 3,035 | 9,610 | 9,104 |
Amortization of deferred items | 4 | 1,001 | 13 | 3,004 |
Total net periodic benefit cost | $4,029 | $5,145 | $12,090 | $15,435 |
POSTRETIREMENT_MEDICAL_BENEFIT3
POSTRETIREMENT MEDICAL BENEFITS AND PENSION - Postretirement Medical Benefit Obligations Income Statement Disclosures (Details) (Postretirement Medical Benefits, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net periodic postretirement medical benefit costs relating to current and former mining operations: | ' | ' | ' | ' |
Total net periodic benefit cost | $4,029 | $5,145 | $12,090 | $15,435 |
Former Mining Operations | ' | ' | ' | ' |
Net periodic postretirement medical benefit costs relating to current and former mining operations: | ' | ' | ' | ' |
Total net periodic benefit cost | 2,402 | 3,119 | 7,210 | 9,356 |
Current Operations | ' | ' | ' | ' |
Net periodic postretirement medical benefit costs relating to current and former mining operations: | ' | ' | ' | ' |
Total net periodic benefit cost | $1,627 | $2,026 | $4,880 | $6,079 |
POSTRETIREMENT_MEDICAL_BENEFIT4
POSTRETIREMENT MEDICAL BENEFITS AND PENSION - Pension Benefit Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension settlement accounting | ' | ' | ($814,000) | $0 |
Pension | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 500,000 | 587,000 | 1,500,000 | 1,760,000 |
Interest cost | 1,747,000 | 1,590,000 | 5,240,000 | 4,771,000 |
Expected return on plan assets | -2,154,000 | -2,192,000 | -6,461,000 | -6,577,000 |
Amortization of deferred items | 359,000 | 872,000 | 1,078,000 | 2,617,000 |
Total net periodic benefit cost | 452,000 | 857,000 | 1,357,000 | 2,571,000 |
Employer contributions during the period | ' | ' | 4,100,000 | ' |
Cash contributions made by employer during the period | ' | ' | 2,200,000 | ' |
Contributions of company stock made by employer during the period | ' | ' | $1,900,000 | ' |
HERITAGE_HEALTH_BENEFIT_EXPENS2
HERITAGE HEALTH BENEFIT EXPENSES - Components of Costs of Benefits to Former Mining Operation Employees (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Heritage Health Benefit Expenses [Abstract] | ' | ' | ' | ' |
Health care benefits | $2,404 | $3,179 | $7,054 | $9,446 |
Combined benefit fund payments | 342 | 576 | 1,366 | 1,727 |
Workers' compensation benefits | 120 | 99 | 380 | 331 |
Black lung benefits | 449 | 203 | 1,446 | -387 |
Total | $3,315 | $4,057 | $10,246 | $11,117 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | $384,807 | $279,864 | $263,201 | $263,847 |
Contractual Third- Party Reclamation Receivable | 97,914 | ' | ' | ' |
Reclamation deposits | 77,131 | 74,921 | ' | ' |
Coal - U.S. Segment | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 279,859 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 91,370 | ' | ' | ' |
Reclamation deposits | 77,131 | ' | ' | ' |
Coal - Canada Segment | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 104,004 | ' | ' | ' |
Contractual Third- Party Reclamation Receivable | 6,544 | ' | ' | ' |
Reclamation deposits | 0 | ' | ' | ' |
Power Segment | ' | ' | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' |
Asset Retirement Obligation | 944 | ' | ' | ' |
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 $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset retirement obligations, beginning of period (including current portion) | $279,864 | $263,847 | ' |
Accretion | 23,329 | 16,426 | ' |
Liabilities settled | -18,759 | -17,072 | ' |
ARO acquired | 102,075 | 0 | ' |
Changes due to foreign currency translation | -1,702 | 0 | ' |
Asset retirement obligations, end of period | 384,807 | 263,201 | ' |
Less current portion | -29,529 | -25,038 | -23,353 |
Asset retirement obligations, less current portion | $355,278 | $238,163 | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | $77,131 | $74,921 |
Carrying Value | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 77,131 | ' |
Carrying Value | Cash and cash equivalents | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 44,248 | ' |
Carrying Value | Available-for-sale Securities [Member] | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 32,883 | ' |
Fair Value | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 77,131 | ' |
Fair Value | Cash and cash equivalents | Level 1 | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | 44,248 | ' |
Fair Value | Available-for-sale Securities [Member] | Level 1 | ' | ' |
Asset Retirement Obligation [Line Items] | ' | ' |
Reclamation deposits | $32,883 | ' |
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 Available for Sale Securities (Details) (Reclamation Deposits [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Reclamation Deposits [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost basis | $32,232 |
Gross unrealized holding gains | 911 |
Gross unrealized holding losses | -260 |
Fair value | $32,883 |
ASSET_RETIREMENT_OBLIGATIONS_C6
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS - Additional Information (Details) (Reclamation Deposits [Member], USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Carrying value of securities sold | $1,800,000 |
Realized loss on securities sold (less than) | -100,000 |
Cost basis | 32,232,000 |
Accumulated Other Comprehensive Loss | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Net unrealized holding gains | $600,000 |
ASSET_RETIREMENT_OBLIGATIONS_C7
ASSET RETIREMENT OBLIGATIONS, CONTRACTUAL THIRD-PARTY RECLAMATION RECEIVABLES, AND RECLAMATION DEPOSITS Maturities of Available for Sale Maturities (Details) (Reclamation Deposits [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Reclamation Deposits [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Due within one year, Amortized Cost Basis | $530 |
Due in five years or less, Amortized Cost Basis | 16,397 |
Due after five years to ten years, Amortized Cost Basis | 7,793 |
Due in more than ten years, Amortized Cost Basis | 7,512 |
Available-for-sale Securities, Amortized Cost Basis | 32,232 |
Due within one year, Fair Value | 475 |
Due in five years or less, Fair Value | 16,840 |
Due after five years to ten years, Fair Value | 7,856 |
Due in more than ten years, Fair Value | 7,712 |
Available-for-sale Securities, Fair Value | $32,883 |
DERIVATIVE_INSTRUMENTS_Details
DERIVATIVE INSTRUMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Not Designated as Hedging Instrument | Foreign Exchange Forward | ' | ' |
Derivative [Line Items] | ' | ' |
Number of foreign currency exchange forward contracts | 2 | 2 |
Notional amount | $348,300,000 | $348,300,000 |
Not Designated as Hedging Instrument | Foreign Exchange Forward | Gain (loss) on foreign exchange | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (loss) on derivative, net | 0 | -6,209,000 |
Not Designated as Hedging Instrument | Power Contract [Member] | Derivative loss [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (loss) on derivative, net | -23,691,000 | -29,621,000 |
Not Designated as Hedging Instrument | Power Contract [Member] | Other current liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Liability | 4,206,000 | 4,206,000 |
Not Designated as Hedging Instrument | Power Contract [Member] | Other liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Liability | $25,415,000 | $25,415,000 |
Minimum | Power Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contracted power price notional amount | ' | 41.05 |
Maximum | Power Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contracted power price notional amount | ' | 56.33 |
Weighted Average [Member] | Power Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contracted power price notional amount | ' | 43.73 |
FAIR_VALUE_MEASUREMENTS_Summar
FAIR VALUE MEASUREMENTS Summary of Financial Assets at Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale investments included in Reclamation deposits | $77,131 | $74,921 |
Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale investments included in Reclamation deposits | 77,131 | ' |
Fair Value | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale investments included in Restricted investments and bond collateral | 35,119 | ' |
Available-for-sale investments | 68,002 | ' |
Available-for-sale Securities [Member] | Fair Value | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale investments included in Reclamation deposits | $32,883 | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Significant unobservable inputs, Level 3, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | $693,334 | $328,475 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt | $710,948 | $364,329 |
SHAREHOLDERS_EQUITY_AND_ACCUMU2
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in Accumulated Other Comprehensive Income by component (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | ($63,595) |
Other comprehensive income before reclassifications | -5,016 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,091 |
Balance at end of period | -67,520 |
Defined benefit plans adjustment | Pension | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | -12,255 |
Other comprehensive income before reclassifications | -172 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,078 |
Balance at end of period | -11,349 |
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) | 13 |
Balance at end of period | -20,279 |
Available for sale securities | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | 0 |
Other comprehensive income before reclassifications | 1,231 |
Balance at end of period | 1,231 |
Foreign currency translation adjustment | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at beginning of period | 0 |
Other comprehensive income before reclassifications | -5,364 |
Balance at end of period | -5,364 |
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 | -711 |
Balance at end of period | ($31,759) |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | ||
Pension | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Actuarial losses | $361 | [1],[2] | $1,078 | [1],[2] |
Postretirement Medical Benefits | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Prior service costs | -161 | [1],[3] | -479 | [1],[3] |
Actuarial losses | 164 | [1],[3] | 492 | [1],[3] |
Amortization of defined benefit pension and postretirement medical benefits | $3 | [1] | $13 | [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 7 - Pension for additional details) | |||
[3] | These accumulated other comprehensive loss components are included in the computation of net periodic postretirement medical cost. (See Note 7 - Postretirement Medical Benefits for additional details) |
SHAREHOLDERS_EQUITY_AND_ACCUMU4
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Preferred Stock | Preferred Stock | Common Stock | Common Stock | Common Stock | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cumulative dividends paid on Series A Convertible Exchangeable Preferred Stock (in USD per share) | ' | ' | ' | $2.13 | ' | ' | ' |
Preferred dividends paid | $664,000 | $1,020,000 | ' | ' | ' | ' | ' |
Shares converted | ' | ' | 4,075 | 68,266 | ' | ' | ' |
Conversion of convertible notes and securities, shares | ' | ' | ' | ' | ' | 27,841 | 466,367 |
Equity Offering | ' | ' | ' | ' | ' | ' | ' |
Stock issued (shares) | ' | ' | ' | ' | 1,684,507 | ' | ' |
Shares issued, (in USD per share) | ' | ' | ' | ' | $35.50 | ' | ' |
Gross proceeds from issuance of common stock | 56,473,000 | 0 | ' | ' | 59,800,000 | ' | ' |
Brokerage fees (in USD per share) | ' | ' | ' | ' | $1.77 | ' | ' |
Brokerage Fees | ' | ' | ' | ' | 3,000,000 | ' | ' |
Legal and other fees associated with the offering | ' | ' | ' | ' | 300,000 | ' | ' |
Net proceeds from issuance of common stock | ' | ' | ' | ' | $56,500,000 | ' | ' |
SHAREBASED_COMPENSATION_Compen
SHARE-BASED COMPENSATION - Compensation Expense from Share-Based Arrangements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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 | $334 | $728 | $2,450 | $2,239 |
Contributions of stock to the Company's 401(k) plan | 677 | 95 | 1,006 | 2,355 |
Total share-based compensation expense | $1,011 | $823 | $3,456 | $4,594 |
SHAREBASED_COMPENSATION_Summar
SHARE-BASED COMPENSATION - Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 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) | 178,031 | |
Vested (units) | -263,864 | |
Forfeited (units) | -91,331 | |
Balance end of period (units) | 411,563 | |
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) | $30.53 | |
Weighted Average Grant Date Fair Value, Awards vested (in USD per share) | $11.37 | |
Weighted Average Grant Date Fair Value, Awards Forfeited (in USD per share) | $6.55 | |
Weighted Average Grant Date Fair Value, end of period (in USD per share) | $15.29 | |
Unamortized Compensation Expense | $4,022 | [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 $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 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 | -40,891 |
Expired, shares | 0 |
Balance, end of period, shares | 29,843 |
Balance, beginning of period, weighted average exercise price | $22.60 |
Exercised, weighted average exercise price | $21.42 |
Expired, weighted average exercise price | $0 |
Balance, end of period, weighted average exercise price | $24.22 |
Outstanding - Weighted Average Remaining Contractual Life (In years) | '1 year 4 months 24 days |
Exercisable - Weighted Average Remaining Contractual Life (In years) | '1 year 4 months 24 days |
Aggregate Intrinsic Value | $393 |
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 | -19,500 |
Expired, shares | 0 |
Balance, end of period, shares | 126,306 |
Balance, beginning of period, weighted average exercise price | $21.97 |
Exercised, weighted average exercise price | $21.40 |
Expired, weighted average exercise price | $0 |
Balance, end of period, weighted average exercise price | $22.06 |
Outstanding - Weighted Average Remaining Contractual Life (In years) | '3 years 6 months |
Exercisable - Weighted Average Remaining Contractual Life (In years) | '3 years 6 months |
Aggregate Intrinsic Value | 1,939 |
Unamortized Compensation Expense | $0 |
Granted, shares | 0 |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION - Narrative (Details) (USD $) | 9 Months Ended |
Sep. 30, 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 |
Amended And Restated Equity Incentive Stock Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non Employee Directors Annual Equity Awards Amount | 90,000 |
EARNINGS_PER_SHARE_Antidilutiv
EARNINGS PER SHARE - Antidilutive securities excluded from the computation of earnings per share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Shares excluded from diluted shares calculation | 1,194 | 1,571 | 1,194 | 1,906 |
Convertible securities | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Shares excluded from diluted shares calculation | 626 | 1,093 | 626 | 1,093 |
Restricted stock units, stock options and SARs | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Shares excluded from diluted shares calculation | 568 | 478 | 568 | 813 |
BUSINESS_SEGMENT_INFORMATION_S
BUSINESS SEGMENT INFORMATION - Summarized Financial Information by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
segments | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Number of Reportable Segments | ' | ' | 5 | ' | ' | ||||
Revenues | $337,830 | $176,792 | $805,989 | $500,739 | ' | ||||
Restructuring charges | 3,265 | 0 | 11,207 | 0 | ' | ||||
Depreciation, depletion and amortization | 28,175 | 17,434 | 68,713 | 47,257 | ' | ||||
Income (loss) from operations | -29,432 | 8,536 | -51,021 | 26,245 | ' | ||||
Total assets | 1,578,508 | 939,839 | 1,578,508 | 939,839 | 946,685 | ||||
Capital expenditures | 18,285 | 6,756 | 35,646 | 20,223 | ' | ||||
Coal - U.S. Segment | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 165,051 | 151,881 | 473,350 | 433,330 | ' | ||||
Restructuring charges | 292 | ' | 783 | ' | ' | ||||
Depreciation, depletion and amortization | 13,771 | 14,838 | 40,552 | 39,496 | ' | ||||
Income (loss) from operations | 4,793 | 9,564 | 17,069 | 35,130 | ' | ||||
Total assets | 665,292 | 714,841 | 665,292 | 714,841 | ' | ||||
Capital expenditures | 12,841 | 6,803 | 22,427 | 19,022 | ' | ||||
Coal - Canada Segment | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 151,340 | [1] | 0 | [1] | 267,387 | [1] | 0 | [1] | ' |
Restructuring charges | 2,411 | [1] | ' | 9,058 | [1] | ' | ' | ||
Depreciation, depletion and amortization | 11,862 | [1] | 0 | [1] | 20,533 | [1] | 0 | [1] | ' |
Income (loss) from operations | -1,453 | [1] | 0 | [1] | -14,162 | [1] | 0 | [1] | ' |
Total assets | 607,565 | [1] | 0 | [1] | 607,565 | [1] | 0 | [1] | ' |
Capital expenditures | 5,280 | [1] | 0 | [1] | 12,775 | [1] | 0 | [1] | ' |
Power Segment | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 21,439 | 24,911 | 65,252 | 67,409 | ' | ||||
Restructuring charges | -40 | ' | 459 | ' | ' | ||||
Depreciation, depletion and amortization | 2,504 | 2,552 | 7,512 | 7,632 | ' | ||||
Income (loss) from operations | -26,413 | 5,087 | -34,147 | 8,922 | ' | ||||
Total assets | 163,528 | 180,967 | 163,528 | 180,967 | ' | ||||
Capital expenditures | 164 | 17 | 419 | 715 | ' | ||||
Heritage Segment | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ' | ||||
Restructuring charges | 0 | ' | 0 | ' | ' | ||||
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 | ' | ||||
Income (loss) from operations | -3,915 | -4,326 | -11,303 | -12,031 | ' | ||||
Total assets | 15,996 | 15,419 | 15,996 | 15,419 | ' | ||||
Capital expenditures | 0 | 0 | 0 | 0 | ' | ||||
Corporate Segment | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ' | ||||
Restructuring charges | 602 | ' | 907 | ' | ' | ||||
Depreciation, depletion and amortization | 38 | 44 | 116 | 129 | ' | ||||
Income (loss) from operations | -2,444 | -1,789 | -8,478 | -5,776 | ' | ||||
Total assets | 126,127 | 28,612 | 126,127 | 28,612 | ' | ||||
Capital expenditures | $0 | ($64) | $25 | $486 | ' | ||||
[1] | The Canadian operations were acquired on April 28, 2014, therefore, information for the nine months ended September 30, 2014 includes approximately five months of operations and there is no activity for 2013. |
BUSINESS_SEGMENT_INFORMATION_R
BUSINESS SEGMENT INFORMATION - Reconciliation of Segment Operating Income to Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Income (loss) from operations | ($29,432) | $8,536 | ($51,021) | $26,245 |
Loss on extinguishment of debt | -13 | 0 | -12,648 | -64 |
Interest expense | -21,251 | -9,909 | -63,835 | -30,145 |
Interest income | 2,468 | 301 | 4,351 | 878 |
Loss on foreign exchange | -1,742 | 0 | -5,883 | 0 |
Other income | 118 | 89 | 697 | 287 |
Loss before income taxes | ($49,852) | ($983) | ($128,339) | ($2,799) |
SUPPLEMENTAL_CONSOLIDATING_FIN2
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Balance Sheet Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $123,690 | $61,110 | $45,487 | $31,610 |
Receivables: | ' | ' | ' | ' |
Trade | 138,779 | 66,196 | ' | ' |
Loan and lease receivables | 10,332 | 0 | ' | ' |
Contractual third-party reclamation receivables | 7,666 | 8,487 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Other | 2,437 | 5,086 | ' | ' |
Total receivables | 159,214 | 79,769 | ' | ' |
Inventories | 114,225 | 39,972 | ' | ' |
Deferred income taxes | 2,226 | 5,355 | ' | ' |
Restricted investments and bond collateral | 0 | 5,998 | ' | ' |
Other current assets | 14,602 | 12,835 | ' | ' |
Total current assets | 413,957 | 205,039 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 444,701 | 278,188 | ' | ' |
Plant and equipment | 801,967 | 657,696 | ' | ' |
Gross property, plant and equipment | 1,246,668 | 935,884 | ' | ' |
Less accumulated depreciation, depletion and amortization | 503,929 | 445,848 | ' | ' |
Net property, plant and equipment | 742,739 | 490,036 | ' | ' |
Loan and lease receivables | 76,080 | 0 | ' | ' |
Advanced coal royalties | 7,533 | 7,311 | ' | ' |
Reclamation deposits | 77,131 | 74,921 | ' | ' |
Restricted investments and bond collateral | 108,734 | 69,235 | ' | ' |
Contractual third-party reclamation receivables | 90,248 | 88,303 | ' | ' |
Investment in joint venture | 30,766 | 0 | ' | ' |
Intangible assets | 335 | 1,520 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable/payable | 0 | ' | ' | ' |
Other assets | 30,985 | 10,320 | ' | ' |
Total Assets | 1,578,508 | 946,685 | 939,839 | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 40,931 | 44,343 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade and other accrued liabilities | 140,946 | 57,507 | ' | ' |
Interest payable | 12,510 | 11,321 | ' | ' |
Production taxes | 50,427 | 41,905 | ' | ' |
Workers' compensation | 702 | 717 | ' | ' |
Postretirement medical benefits | 13,955 | 13,955 | ' | ' |
SERP | 390 | 390 | ' | ' |
Deferred revenue | 13,554 | 14,068 | ' | ' |
Asset retirement obligations | 29,529 | 23,353 | 25,038 | ' |
Intercompany receivable/ payable | 0 | ' | ' | ' |
Other current liabilities | 9,775 | 5,469 | ' | ' |
Total current liabilities | 312,719 | 213,028 | ' | ' |
Long-term debt, less current installments | 777,999 | 295,494 | ' | ' |
Workers' compensation, less current portion | 6,580 | 6,744 | ' | ' |
Excess of black lung benefit obligation over trust assets | 10,768 | 8,675 | ' | ' |
Postretirement medical benefits, less current portion | 272,523 | 270,374 | ' | ' |
Pension and SERP obligations, less current portion | 20,772 | 24,176 | ' | ' |
Deferred revenue, less current portion | 37,984 | 46,567 | ' | ' |
Asset retirement obligations, less current portion | 355,278 | 256,511 | 238,163 | ' |
Intangible liabilities | 4,805 | 5,606 | ' | ' |
Deferred income taxes | 12,325 | 5,355 | ' | ' |
Other liabilities | 31,086 | 2,034 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Total liabilities | 1,842,839 | 1,134,564 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 92 | 160 | ' | ' |
Common stock | 42,649 | 36,479 | ' | ' |
Other paid-in capital | 188,214 | 134,861 | ' | ' |
Advances to Parent | 0 | ' | ' | ' |
Accumulated other comprehensive loss | -67,520 | -63,595 | ' | ' |
Accumulated earnings (deficit) | -427,766 | -295,784 | ' | ' |
Total shareholders’ deficit | -264,331 | -187,879 | ' | ' |
Total Liabilities and Shareholders' Deficit | 1,578,508 | 946,685 | ' | ' |
Parent/ Issuer | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 95,245 | 25,326 | 8,647 | 14,836 |
Receivables: | ' | ' | ' | ' |
Trade | 0 | 0 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intercompany receivable/payable | 195 | -16,273 | ' | ' |
Other | 1,856 | 1,616 | ' | ' |
Total receivables | 2,051 | -14,657 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 5,455 | 5,355 | ' | ' |
Restricted investments and bond collateral | ' | 0 | ' | ' |
Other current assets | 926 | 789 | ' | ' |
Total current assets | 103,677 | 16,813 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 0 | 0 | ' | ' |
Plant and equipment | 4,022 | 3,973 | ' | ' |
Gross property, plant and equipment | 4,022 | 3,973 | ' | ' |
Less accumulated depreciation, depletion and amortization | 2,933 | 2,707 | ' | ' |
Net property, plant and equipment | 1,089 | 1,266 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Advanced coal royalties | 0 | 0 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Restricted investments and bond collateral | 63,602 | 15,134 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Investment in joint venture | 0 | ' | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Investment in subsidiaries | 337,967 | 280,843 | ' | ' |
Intercompany receivable/payable | 171,304 | ' | ' | ' |
Other assets | 21,277 | 8,636 | ' | ' |
Total Assets | 698,916 | 322,692 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 0 | 20,392 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade and other accrued liabilities | 6,167 | 6,840 | ' | ' |
Interest payable | 12,166 | 11,302 | ' | ' |
Production taxes | 0 | 0 | ' | ' |
Workers' compensation | 702 | 717 | ' | ' |
Postretirement medical benefits | 12,042 | 12,042 | ' | ' |
SERP | 390 | 390 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Intercompany receivable/ payable | 0 | ' | ' | ' |
Other current liabilities | 1,080 | 0 | ' | ' |
Total current liabilities | 32,547 | 51,683 | ' | ' |
Long-term debt, less current installments | 696,833 | 224,582 | ' | ' |
Workers' compensation, less current portion | 6,580 | 6,744 | ' | ' |
Excess of black lung benefit obligation over trust assets | 10,768 | 8,675 | ' | ' |
Postretirement medical benefits, less current portion | 184,323 | 185,858 | ' | ' |
Pension and SERP obligations, less current portion | 12,634 | 13,069 | ' | ' |
Deferred revenue, less current portion | 0 | 0 | ' | ' |
Asset retirement obligations, less current portion | 0 | 0 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 5,455 | 5,355 | ' | ' |
Other liabilities | 707 | 584 | ' | ' |
Intercompany receivable/payable | 13,400 | 14,021 | ' | ' |
Total liabilities | 963,247 | 510,571 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 92 | 160 | ' | ' |
Common stock | 42,649 | 36,479 | ' | ' |
Other paid-in capital | 188,214 | 134,861 | ' | ' |
Advances to Parent | 0 | ' | ' | ' |
Accumulated other comprehensive loss | -67,520 | -63,595 | ' | ' |
Accumulated earnings (deficit) | -427,766 | -295,784 | ' | ' |
Total shareholders’ deficit | -264,331 | -187,879 | ' | ' |
Total Liabilities and Shareholders' Deficit | 698,916 | 322,692 | ' | ' |
Co-Issuer | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 3,341 | 907 | 4,545 |
Receivables: | ' | ' | ' | ' |
Trade | 12,173 | 12,934 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Other | 0 | 210 | ' | ' |
Total receivables | 12,173 | 13,144 | ' | ' |
Inventories | 3,425 | 6,161 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Restricted investments and bond collateral | ' | 5,998 | ' | ' |
Other current assets | 640 | 143 | ' | ' |
Total current assets | 16,238 | 28,787 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 1,395 | 1,395 | ' | ' |
Plant and equipment | 221,530 | 220,872 | ' | ' |
Gross property, plant and equipment | 222,925 | 222,267 | ' | ' |
Less accumulated depreciation, depletion and amortization | 79,165 | 71,653 | ' | ' |
Net property, plant and equipment | 143,760 | 150,614 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Advanced coal royalties | 0 | 0 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Restricted investments and bond collateral | 3,400 | 0 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Investment in joint venture | 0 | ' | ' | ' |
Intangible assets | 129 | 1,283 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable/payable | 0 | ' | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total Assets | 163,527 | 180,684 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade and other accrued liabilities | 7,964 | 10,119 | ' | ' |
Interest payable | 0 | 0 | ' | ' |
Production taxes | 2 | 3 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 0 | 0 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 9,581 | 9,024 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Intercompany receivable/ payable | 0 | ' | ' | ' |
Other current liabilities | 5,099 | 5,053 | ' | ' |
Total current liabilities | 22,646 | 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 | 96 | 99 | ' | ' |
Deferred revenue, less current portion | 33,573 | 41,297 | ' | ' |
Asset retirement obligations, less current portion | 944 | 892 | ' | ' |
Intangible liabilities | 4,805 | 5,606 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 25,415 | 0 | ' | ' |
Intercompany receivable/payable | 0 | 0 | ' | ' |
Total liabilities | 87,479 | 72,093 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | 5 | 5 | ' | ' |
Other paid-in capital | 52,855 | 52,835 | ' | ' |
Advances to Parent | 8,530 | ' | ' | ' |
Accumulated other comprehensive loss | -158 | -164 | ' | ' |
Accumulated earnings (deficit) | 14,816 | 55,915 | ' | ' |
Total shareholders’ deficit | 76,048 | 108,591 | ' | ' |
Total Liabilities and Shareholders' Deficit | 163,527 | 180,684 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 27,974 | 27,451 | 33,058 | 10,237 |
Receivables: | ' | ' | ' | ' |
Trade | 126,606 | 46,985 | ' | ' |
Loan and lease receivables | 10,332 | ' | ' | ' |
Contractual third-party reclamation receivables | 7,666 | 8,487 | ' | ' |
Intercompany receivable/payable | 376 | 2,761 | ' | ' |
Other | 570 | 3,256 | ' | ' |
Total receivables | 145,550 | 61,489 | ' | ' |
Inventories | 110,800 | 33,811 | ' | ' |
Deferred income taxes | 865 | 870 | ' | ' |
Restricted investments and bond collateral | ' | 0 | ' | ' |
Other current assets | 11,423 | 11,069 | ' | ' |
Total current assets | 296,612 | 134,690 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 443,306 | 276,793 | ' | ' |
Plant and equipment | 576,415 | 432,851 | ' | ' |
Gross property, plant and equipment | 1,019,721 | 709,644 | ' | ' |
Less accumulated depreciation, depletion and amortization | 421,831 | 371,488 | ' | ' |
Net property, plant and equipment | 597,890 | 338,156 | ' | ' |
Loan and lease receivables | 76,080 | ' | ' | ' |
Advanced coal royalties | 7,533 | 7,311 | ' | ' |
Reclamation deposits | 77,131 | 74,921 | ' | ' |
Restricted investments and bond collateral | 41,732 | 54,101 | ' | ' |
Contractual third-party reclamation receivables | 90,248 | 88,303 | ' | ' |
Investment in joint venture | 30,766 | ' | ' | ' |
Intangible assets | 206 | 237 | ' | ' |
Investment in subsidiaries | 10,333 | 0 | ' | ' |
Intercompany receivable/payable | -171,304 | ' | ' | ' |
Other assets | 9,708 | 1,683 | ' | ' |
Total Assets | 1,066,935 | 699,402 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 40,931 | 23,951 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade and other accrued liabilities | 126,754 | 38,061 | ' | ' |
Interest payable | 392 | 40 | ' | ' |
Production taxes | 48,440 | 36,522 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 773 | 774 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 3,973 | 5,044 | ' | ' |
Asset retirement obligations | 29,529 | 23,353 | ' | ' |
Intercompany receivable/ payable | 13,664 | ' | ' | ' |
Other current liabilities | 5,596 | 417 | ' | ' |
Total current liabilities | 270,052 | 128,162 | ' | ' |
Long-term debt, less current installments | 84,666 | 72,912 | ' | ' |
Workers' compensation, less current portion | 0 | 0 | ' | ' |
Excess of black lung benefit obligation over trust assets | 0 | 0 | ' | ' |
Postretirement medical benefits, less current portion | 70,113 | 66,439 | ' | ' |
Pension and SERP obligations, less current portion | 7,805 | 10,765 | ' | ' |
Deferred revenue, less current portion | 4,411 | 5,270 | ' | ' |
Asset retirement obligations, less current portion | 354,335 | 255,619 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 6,870 | 0 | ' | ' |
Other liabilities | 3,167 | 6,687 | ' | ' |
Intercompany receivable/payable | -12,052 | -7,851 | ' | ' |
Total liabilities | 789,367 | 538,003 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | 10,379 | 110 | ' | ' |
Other paid-in capital | 373,650 | 157,984 | ' | ' |
Advances to Parent | -24,334 | ' | ' | ' |
Accumulated other comprehensive loss | 3,068 | 6,425 | ' | ' |
Accumulated earnings (deficit) | -85,195 | -3,120 | ' | ' |
Total shareholders’ deficit | 277,568 | 161,399 | ' | ' |
Total Liabilities and Shareholders' Deficit | 1,066,935 | 699,402 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 2,469 | 4,992 | 2,875 | 1,992 |
Receivables: | ' | ' | ' | ' |
Trade | 0 | 6,277 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intercompany receivable/payable | -19,513 | -19,353 | ' | ' |
Other | 59 | 28 | ' | ' |
Total receivables | -19,454 | -13,048 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Restricted investments and bond collateral | ' | 0 | ' | ' |
Other current assets | 1,613 | 834 | ' | ' |
Total current assets | -15,372 | -7,222 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 0 | 0 | ' | ' |
Plant and equipment | 0 | 0 | ' | ' |
Gross property, plant and equipment | 0 | 0 | ' | ' |
Less accumulated depreciation, depletion and amortization | 0 | 0 | ' | ' |
Net property, plant and equipment | 0 | 0 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Advanced coal royalties | 0 | 0 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Restricted investments and bond collateral | 0 | 0 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Investment in joint venture | 0 | ' | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Investment in subsidiaries | 3,770 | 3,770 | ' | ' |
Intercompany receivable/payable | 0 | ' | ' | ' |
Other assets | 3,500 | 2,000 | ' | ' |
Total Assets | -8,102 | -1,452 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade and other accrued liabilities | 63 | 2,487 | ' | ' |
Interest payable | -1 | 0 | ' | ' |
Production taxes | 1,985 | 5,380 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 1,139 | 1,139 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Intercompany receivable/ payable | 0 | ' | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total current liabilities | 3,186 | 9,006 | ' | ' |
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 | 18,087 | 18,077 | ' | ' |
Pension and SERP obligations, less current portion | 237 | 243 | ' | ' |
Deferred revenue, less current portion | 0 | 0 | ' | ' |
Asset retirement obligations, less current portion | -1 | 0 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 1,797 | 983 | ' | ' |
Intercompany receivable/payable | 14,654 | 14,654 | ' | ' |
Total liabilities | 37,960 | 42,963 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | 132 | 132 | ' | ' |
Other paid-in capital | -124 | -124 | ' | ' |
Advances to Parent | 0 | ' | ' | ' |
Accumulated other comprehensive loss | -3,058 | -3,086 | ' | ' |
Accumulated earnings (deficit) | -43,012 | -41,337 | ' | ' |
Total shareholders’ deficit | -46,062 | -44,415 | ' | ' |
Total Liabilities and Shareholders' Deficit | -8,102 | -1,452 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | -1,998 | 0 | 0 | 0 |
Receivables: | ' | ' | ' | ' |
Trade | 0 | 0 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Intercompany receivable/payable | 18,942 | 32,865 | ' | ' |
Other | -48 | -24 | ' | ' |
Total receivables | 18,894 | 32,841 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | -4,094 | -870 | ' | ' |
Restricted investments and bond collateral | ' | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | 12,802 | 31,971 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Land and mineral rights | 0 | 0 | ' | ' |
Plant and equipment | 0 | 0 | ' | ' |
Gross property, plant and equipment | 0 | 0 | ' | ' |
Less accumulated depreciation, depletion and amortization | 0 | 0 | ' | ' |
Net property, plant and equipment | 0 | 0 | ' | ' |
Loan and lease receivables | 0 | ' | ' | ' |
Advanced coal royalties | 0 | 0 | ' | ' |
Reclamation deposits | 0 | 0 | ' | ' |
Restricted investments and bond collateral | 0 | 0 | ' | ' |
Contractual third-party reclamation receivables | 0 | 0 | ' | ' |
Investment in joint venture | 0 | ' | ' | ' |
Intangible assets | 0 | 0 | ' | ' |
Investment in subsidiaries | -352,070 | -284,613 | ' | ' |
Intercompany receivable/payable | 0 | ' | ' | ' |
Other assets | -3,500 | -1,999 | ' | ' |
Total Assets | -342,768 | -254,641 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current installments of long-term debt | 0 | 0 | ' | ' |
Accounts payable and accrued expenses: | ' | ' | ' | ' |
Trade and other accrued liabilities | -2 | 0 | ' | ' |
Interest payable | -47 | -21 | ' | ' |
Production taxes | 0 | 0 | ' | ' |
Workers' compensation | 0 | 0 | ' | ' |
Postretirement medical benefits | 1 | 0 | ' | ' |
SERP | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Intercompany receivable/ payable | -13,664 | ' | ' | ' |
Other current liabilities | -2,000 | -1 | ' | ' |
Total current liabilities | -15,712 | -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 | 0 | ' | ' |
Asset retirement obligations, less current portion | 0 | 0 | ' | ' |
Intangible liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 0 | -6,220 | ' | ' |
Intercompany receivable/payable | -16,002 | -20,824 | ' | ' |
Total liabilities | -35,214 | -29,066 | ' | ' |
Shareholders' deficit: | ' | ' | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | -10,516 | -247 | ' | ' |
Other paid-in capital | -426,381 | -210,695 | ' | ' |
Advances to Parent | 15,804 | ' | ' | ' |
Accumulated other comprehensive loss | 148 | -3,175 | ' | ' |
Accumulated earnings (deficit) | 113,391 | -11,458 | ' | ' |
Total shareholders’ deficit | -307,554 | -225,575 | ' | ' |
Total Liabilities and Shareholders' Deficit | ($342,768) | ($254,641) | ' | ' |
SUPPLEMENTAL_CONSOLIDATING_FIN3
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Statement of Operations Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | $337,830 | $176,792 | $805,989 | $500,739 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of sales | 285,524 | 138,193 | 670,467 | 399,142 |
Depreciation, depletion and amortization | 28,175 | 17,434 | 68,713 | 47,257 |
Selling and administrative | 24,434 | 12,498 | 68,551 | 36,354 |
Heritage health benefit expenses | 3,315 | 4,057 | 10,246 | 11,117 |
Loss on sales of assets | 119 | -13 | 114 | -321 |
Restructuring charges | 3,265 | 0 | 11,207 | 0 |
Derivative loss | 23,691 | 0 | 29,621 | 0 |
Income from equity affiliates | -1,261 | 0 | -2,060 | 0 |
Other operating loss (income) | 0 | -3,913 | 151 | -19,055 |
Total costs, expenses and other | 367,262 | 168,256 | 857,010 | 474,494 |
Operating income (loss) | -29,432 | 8,536 | -51,021 | 26,245 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -21,251 | -9,909 | -63,835 | -30,145 |
Loss on extinguishment of debt | -13 | 0 | -12,648 | -64 |
Interest income | 2,468 | 301 | 4,351 | 878 |
Loss on foreign exchange | -1,742 | 0 | -5,883 | 0 |
Other income | 118 | 89 | 697 | 287 |
Total other income (expense) | -20,420 | -9,519 | -77,318 | -29,044 |
Income (loss) before income taxes and income of consolidated subsidiaries | -49,852 | -983 | -128,339 | -2,799 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Loss before income taxes | -49,852 | -983 | -128,339 | -2,799 |
Income tax expense (benefit) | -718 | 30 | 2,979 | 85 |
Net loss | -49,134 | -1,013 | -131,318 | -2,884 |
Less net loss attributable to noncontrolling interest | 0 | -3,774 | 0 | -2,976 |
Net income (loss) attributable to the Parent company | -49,134 | 2,761 | -131,318 | 92 |
Parent/ Issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of sales | -1,037 | -371 | -1,508 | -1,141 |
Depreciation, depletion and amortization | 70 | 93 | 225 | 280 |
Selling and administrative | 5,124 | 4,191 | 22,092 | 12,399 |
Heritage health benefit expenses | 3,099 | 3,789 | 9,602 | 10,322 |
Loss on sales of assets | 0 | 0 | 0 | 0 |
Restructuring charges | 663 | ' | 1,460 | ' |
Derivative loss | 0 | ' | 0 | ' |
Income from equity affiliates | 0 | ' | 0 | ' |
Other operating loss (income) | ' | 0 | 0 | 0 |
Total costs, expenses and other | 7,919 | 7,702 | 31,871 | 21,860 |
Operating income (loss) | -7,919 | -7,702 | -31,871 | -21,860 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -18,302 | -7,622 | -55,584 | -22,797 |
Loss on extinguishment of debt | 0 | 0 | -64 | -64 |
Interest income | 7,891 | 29 | 8,160 | 105 |
Loss on foreign exchange | -148 | ' | -5,382 | ' |
Other income | 5 | 0 | 7 | 0 |
Total other income (expense) | -10,554 | -7,593 | -52,863 | -22,756 |
Income (loss) before income taxes and income of consolidated subsidiaries | -18,473 | -15,295 | -84,734 | -44,616 |
Equity in income of subsidiaries | -31,128 | 14,281 | -47,274 | 41,732 |
Loss before income taxes | -49,601 | -1,014 | -132,008 | -2,884 |
Income tax expense (benefit) | -467 | -1 | -690 | 0 |
Net loss | -49,134 | -1,013 | -131,318 | -2,884 |
Less net loss attributable to noncontrolling interest | 0 | -3,774 | ' | -2,976 |
Net income (loss) attributable to the Parent company | -49,134 | 2,761 | -131,318 | 92 |
Co-Issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 21,439 | 24,911 | 65,254 | 67,409 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of sales | 20,799 | 16,366 | 58,845 | 48,221 |
Depreciation, depletion and amortization | 2,503 | 2,551 | 7,513 | 7,632 |
Selling and administrative | 899 | 907 | 2,961 | 2,633 |
Heritage health benefit expenses | 0 | 0 | 0 | 0 |
Loss on sales of assets | 0 | 0 | 0 | 0 |
Restructuring charges | -39 | ' | 459 | ' |
Derivative loss | 23,691 | ' | 29,621 | ' |
Income from equity affiliates | 0 | ' | 0 | ' |
Other operating loss (income) | ' | 0 | 0 | 0 |
Total costs, expenses and other | 47,853 | 19,824 | 99,399 | 58,486 |
Operating income (loss) | -26,414 | 5,087 | -34,145 | 8,923 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -102 | -10 | -220 | -30 |
Loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Interest income | 1 | 5 | 8 | 20 |
Loss on foreign exchange | 0 | ' | 0 | ' |
Other income | 0 | 0 | 0 | 0 |
Total other income (expense) | -101 | -5 | -212 | -10 |
Income (loss) before income taxes and income of consolidated subsidiaries | -26,515 | 5,082 | -34,357 | 8,913 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Loss before income taxes | -26,515 | 5,082 | -34,357 | 8,913 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net loss | -26,515 | 5,082 | -34,357 | 8,913 |
Less net loss attributable to noncontrolling interest | 0 | 0 | ' | 0 |
Net income (loss) attributable to the Parent company | -26,515 | 5,082 | -34,357 | 8,913 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 316,391 | 149,079 | 740,742 | 423,266 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of sales | 265,762 | 115,587 | 613,075 | 339,004 |
Depreciation, depletion and amortization | 25,602 | 14,791 | 60,975 | 39,345 |
Selling and administrative | 18,834 | 7,867 | 44,694 | 22,547 |
Heritage health benefit expenses | 0 | 0 | 0 | 0 |
Loss on sales of assets | 119 | -13 | 114 | -321 |
Restructuring charges | 2,641 | ' | 9,288 | ' |
Derivative loss | 0 | ' | 0 | ' |
Income from equity affiliates | -1,261 | ' | -2,060 | ' |
Other operating loss (income) | ' | -3,913 | 150 | -19,054 |
Total costs, expenses and other | 311,697 | 134,319 | 726,236 | 381,521 |
Operating income (loss) | 4,694 | 14,760 | 14,506 | 41,745 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -10,614 | -2,281 | -15,813 | -7,329 |
Loss on extinguishment of debt | -13 | 0 | -12,584 | 0 |
Interest income | 2,343 | 267 | 3,941 | 760 |
Loss on foreign exchange | -1,594 | ' | -501 | ' |
Other income | 113 | 89 | 691 | 289 |
Total other income (expense) | -9,765 | -1,925 | -24,266 | -6,280 |
Income (loss) before income taxes and income of consolidated subsidiaries | -5,071 | 12,835 | -9,760 | 35,465 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Loss before income taxes | -5,071 | 12,835 | -9,760 | 35,465 |
Income tax expense (benefit) | 3,362 | 1,742 | 2,244 | 6,200 |
Net loss | -8,433 | 11,093 | -12,004 | 29,265 |
Less net loss attributable to noncontrolling interest | 0 | 0 | ' | 0 |
Net income (loss) attributable to the Parent company | -8,433 | 11,093 | -12,004 | 29,265 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 17,149 | -7 | 38,037 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of sales | 0 | 20,958 | 55 | 41,031 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Selling and administrative | -423 | -467 | -1,196 | -1,225 |
Heritage health benefit expenses | 216 | 268 | 644 | 795 |
Loss on sales of assets | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | ' | 0 | ' |
Derivative loss | 0 | ' | 0 | ' |
Income from equity affiliates | 0 | ' | 0 | ' |
Other operating loss (income) | ' | 0 | 1 | -1 |
Total costs, expenses and other | -207 | 20,759 | -496 | 40,600 |
Operating income (loss) | 207 | -3,610 | 489 | -2,563 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | -2 | 0 | -12 |
Loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Interest income | 0 | 6 | 24 | 16 |
Loss on foreign exchange | 0 | ' | 0 | ' |
Other income | 0 | 0 | -1 | -2 |
Total other income (expense) | 0 | 4 | 23 | 2 |
Income (loss) before income taxes and income of consolidated subsidiaries | 207 | -3,606 | 512 | -2,561 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Loss before income taxes | 207 | -3,606 | 512 | -2,561 |
Income tax expense (benefit) | 1 | 1 | 0 | 0 |
Net loss | 206 | -3,607 | 512 | -2,561 |
Less net loss attributable to noncontrolling interest | 0 | 0 | ' | 0 |
Net income (loss) attributable to the Parent company | 206 | -3,607 | 512 | -2,561 |
Consolidating Adjustments | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | -14,347 | 0 | -27,973 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of sales | 0 | -14,347 | 0 | -27,973 |
Depreciation, depletion and amortization | 0 | -1 | 0 | 0 |
Selling and administrative | 0 | 0 | 0 | 0 |
Heritage health benefit expenses | 0 | 0 | 0 | 0 |
Loss on sales of assets | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | ' | 0 | ' |
Derivative loss | 0 | ' | 0 | ' |
Income from equity affiliates | 0 | ' | 0 | ' |
Other operating loss (income) | ' | 0 | 0 | 0 |
Total costs, expenses and other | 0 | -14,348 | 0 | -27,973 |
Operating income (loss) | 0 | 1 | 0 | 0 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 7,767 | 6 | 7,782 | 23 |
Loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Interest income | -7,767 | -6 | -7,782 | -23 |
Loss on foreign exchange | 0 | ' | 0 | ' |
Other income | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | 0 | 0 |
Income (loss) before income taxes and income of consolidated subsidiaries | 0 | 1 | 0 | 0 |
Equity in income of subsidiaries | 31,128 | -14,281 | 47,274 | -41,732 |
Loss before income taxes | 31,128 | -14,280 | 47,274 | -41,732 |
Income tax expense (benefit) | -3,614 | -1,712 | 1,425 | -6,115 |
Net loss | 34,742 | -12,568 | 45,849 | -35,617 |
Less net loss attributable to noncontrolling interest | 0 | 0 | ' | 0 |
Net income (loss) attributable to the Parent company | $34,742 | ($12,568) | $45,849 | ($35,617) |
SUPPLEMENTAL_CONSOLIDATING_FIN4
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | ($49,134) | ($1,013) | ($131,318) | ($2,884) |
Other comprehensive income (loss) | ' | ' | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 361 | 872 | 1,078 | 2,617 |
Adjustments to accumulated actuarial losses and transition obligations, pension | -371 | 0 | -172 | 0 |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 3 | 1,002 | 13 | 3,004 |
Tax effect of other comprehensive income gains | -487 | 0 | -711 | 0 |
Change in foreign currency translation adjustment | -14,642 | 0 | -5,364 | 0 |
Unrealized and realized gains and losses on available-for-sale securities | 1,231 | -16 | 1,231 | -55 |
Other comprehensive income | -13,905 | 1,858 | -3,925 | 5,566 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | -63,039 | 845 | -135,243 | 2,682 |
Parent/ Issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | -49,134 | -1,013 | -131,318 | -2,884 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 361 | 872 | 1,078 | 2,617 |
Adjustments to accumulated actuarial losses and transition obligations, pension | -371 | ' | -172 | ' |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 3 | 1,002 | 13 | 3,004 |
Tax effect of other comprehensive income gains | -487 | ' | -711 | ' |
Change in foreign currency translation adjustment | -14,642 | ' | -5,364 | ' |
Unrealized and realized gains and losses on available-for-sale securities | 1,231 | -16 | 1,231 | -55 |
Other comprehensive income | -13,905 | 1,858 | -3,925 | 5,566 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | -63,039 | 845 | -135,243 | 2,682 |
Co-Issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | -26,515 | 5,082 | -34,357 | 8,913 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | -1 | 7 | 7 | 21 |
Adjustments to accumulated actuarial losses and transition obligations, pension | 0 | ' | 0 | ' |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 0 | 0 | 0 | 0 |
Tax effect of other comprehensive income gains | 0 | ' | 0 | ' |
Change in foreign currency translation adjustment | 0 | ' | 0 | ' |
Unrealized and realized gains and losses on available-for-sale securities | 0 | 0 | 0 | 0 |
Other comprehensive income | -1 | 7 | 7 | 21 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | -26,516 | 5,089 | -34,350 | 8,934 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | -8,433 | 11,093 | -12,004 | 29,265 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 127 | 601 | 366 | 601 |
Adjustments to accumulated actuarial losses and transition obligations, pension | -371 | ' | -172 | ' |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | -322 | 433 | -108 | 433 |
Tax effect of other comprehensive income gains | 0 | ' | 0 | ' |
Change in foreign currency translation adjustment | -13,729 | ' | -4,451 | ' |
Unrealized and realized gains and losses on available-for-sale securities | 1,007 | -39 | 1,007 | -56 |
Other comprehensive income | -13,288 | 995 | -3,358 | 978 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | -21,721 | 12,088 | -15,362 | 30,243 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | 206 | -3,607 | 512 | -2,561 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | 15 | -386 | 15 | 47 |
Adjustments to accumulated actuarial losses and transition obligations, pension | 0 | ' | 0 | ' |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 8 | -220 | 14 | 207 |
Tax effect of other comprehensive income gains | 0 | ' | 0 | ' |
Change in foreign currency translation adjustment | 0 | ' | 0 | ' |
Unrealized and realized gains and losses on available-for-sale securities | 0 | 23 | 0 | 1 |
Other comprehensive income | 23 | -583 | 29 | 255 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | 229 | -4,190 | 541 | -2,306 |
Consolidating Adjustments | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net loss | 34,742 | -12,568 | 45,849 | -35,617 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Amortization of accumulated actuarial gains or losses, pension | -141 | -222 | -388 | -669 |
Adjustments to accumulated actuarial losses and transition obligations, pension | 371 | ' | 172 | ' |
Amortization of accumulated actuarial gains or losses, transition obligations, and prior service costs, postretirement medical benefit | 314 | -213 | 94 | -640 |
Tax effect of other comprehensive income gains | 0 | ' | 0 | ' |
Change in foreign currency translation adjustment | 13,729 | ' | 4,451 | ' |
Unrealized and realized gains and losses on available-for-sale securities | -1,007 | 16 | -1,007 | 55 |
Other comprehensive income | 13,266 | -419 | 3,322 | -1,254 |
Comprehensive income (loss) attributable to Westmoreland Coal Company | $48,008 | ($12,987) | $49,171 | ($36,871) |
SUPPLEMENTAL_CONSOLIDATING_FIN5
SUPPLEMENTAL CONSOLIDATING FINANCIAL INFORMATION - Supplemental Consolidating Statement of Cash Flow Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($131,318) | ($2,884) |
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 | 68,713 | 47,257 |
Accretion of asset retirement obligation and receivable | 16,257 | 9,507 |
Non-cash tax benefits | -711 | 0 |
Amortization of intangible assets and liabilities, net | 385 | 498 |
Share-based compensation | 3,456 | 4,594 |
Loss (gain) on sales of assets | 114 | -321 |
Amortization of deferred financing costs | 2,365 | 2,790 |
Loss on sales of investment securities | ' | -25 |
Loss on extinguishment of debt | 12,648 | 64 |
Loss (gain) on sales of investment securities | 36 | -25 |
Derivative loss | 29,621 | 0 |
Loss on foreign exchange | 5,883 | 0 |
Pension settlement accounting | 814 | 0 |
Income from equity affiliates | -2,060 | 0 |
Distributions from equity affiliates | 2,948 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | -24,520 | -8,491 |
Inventories | 55,399 | -1,600 |
Excess of black lung benefit obligation over trust assets | 2,093 | 53 |
Deferred income tax | 3,344 | 0 |
Accounts payable and accrued expenses | 6,377 | 12,457 |
Deferred revenue | -9,140 | -8,275 |
Income tax payable | 556 | -26 |
Accrual for workers' compensation | -178 | -359 |
Asset retirement obligations | -5,881 | -6,888 |
Accrual for postretirement medical benefits | 2,163 | 6,030 |
Pension and SERP obligations | -1,004 | 2,273 |
Other assets and liabilities | -149 | 1,815 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | 38,211 | 58,469 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -35,646 | -20,223 |
Change in restricted investments and bond collateral and reclamation deposits | -41,795 | -9,652 |
Cash payments related to Canadian Acquisition | -322,637 | 0 |
Cash acquired in related to Canadian Acquisition, net | 8,103 | 0 |
Net proceeds from sales of assets | 38,085 | 604 |
Proceeds from sale of investments | 7,279 | 7,927 |
Increase in loan and lease receivables | -2,514 | 0 |
Receipts from loan and lease receivables | 5,057 | 0 |
Receivable from customer for property and equipment purchases | 55 | -1 |
Investment of common shares | 0 | ' |
Other | -602 | 0 |
Net cash used in investing activities | -344,615 | -21,345 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | -317 | 20 |
Borrowings from long-term debt | 454,219 | 0 |
Repayments of long-term debt | -110,792 | -22,065 |
Borrowings on revolving lines of credit | 15,000 | 7,000 |
Repayments on revolving lines of credit | -15,000 | -7,000 |
Debt issuance costs and other refinancing costs | -27,827 | -182 |
Dividends/distributions | -664 | -1,020 |
Proceeds from Issuance of Common Stock | 56,473 | 0 |
Exercise of stock options | 417 | 0 |
Transactions with Parent/affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 371,509 | -23,247 |
Effect of foreign exchange rates on cash | -2,525 | 0 |
Net increase (decrease) in cash and cash equivalents | 62,580 | 13,877 |
Cash and cash equivalents, beginning of period | 61,110 | 31,610 |
Cash and cash equivalents, end of period | 123,690 | 45,487 |
Parent/ Issuer | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -131,318 | -2,884 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | 47,274 | -41,732 |
Depreciation, depletion, and amortization | 225 | 280 |
Accretion of asset retirement obligation and receivable | 0 | 0 |
Non-cash tax benefits | -711 | ' |
Amortization of intangible assets and liabilities, net | 0 | 0 |
Share-based compensation | 2,256 | 2,233 |
Loss (gain) on sales of assets | 0 | 0 |
Amortization of deferred financing costs | 620 | 2,353 |
Loss on sales of investment securities | ' | 0 |
Loss on extinguishment of debt | 64 | 64 |
Loss (gain) on sales of investment securities | 0 | ' |
Derivative loss | 0 | ' |
Loss on foreign exchange | 5,382 | ' |
Pension settlement accounting | 0 | ' |
Income from equity affiliates | 0 | ' |
Distributions from equity affiliates | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | -240 | -652 |
Inventories | 0 | 0 |
Excess of black lung benefit obligation over trust assets | 2,093 | 53 |
Deferred income tax | 0 | ' |
Accounts payable and accrued expenses | 126 | -8,157 |
Deferred revenue | 0 | 0 |
Income tax payable | 0 | 0 |
Accrual for workers' compensation | -179 | -359 |
Asset retirement obligations | 0 | 0 |
Accrual for postretirement medical benefits | -1,428 | 118 |
Pension and SERP obligations | 256 | 1,041 |
Other assets and liabilities | -7,996 | -240 |
Distributions received from subsidiaries | 92,100 | 50,800 |
Net cash provided by operating activities | 8,524 | 2,918 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | 16 | -520 |
Change in restricted investments and bond collateral and reclamation deposits | -48,244 | 91 |
Cash payments related to Canadian Acquisition | -282,788 | ' |
Cash acquired in related to Canadian Acquisition, net | 0 | ' |
Net proceeds from sales of assets | 0 | 0 |
Proceeds from sale of investments | 0 | 0 |
Increase in loan and lease receivables | 0 | ' |
Receipts from loan and lease receivables | 0 | ' |
Receivable from customer for property and equipment purchases | 0 | 0 |
Investment of common shares | -2,992 | ' |
Other | 0 | ' |
Net cash used in investing activities | -334,008 | -429 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 0 | 0 |
Borrowings from long-term debt | 454,219 | ' |
Repayments of long-term debt | -1,015 | -500 |
Borrowings on revolving lines of credit | 0 | 0 |
Repayments on revolving lines of credit | 0 | 0 |
Debt issuance costs and other refinancing costs | -16,168 | -26 |
Dividends/distributions | -664 | -1,020 |
Proceeds from Issuance of Common Stock | 56,473 | ' |
Exercise of stock options | 417 | ' |
Transactions with Parent/affiliates | -97,859 | -7,132 |
Net cash provided by (used in) financing activities | 395,403 | -8,678 |
Effect of foreign exchange rates on cash | 0 | ' |
Net increase (decrease) in cash and cash equivalents | 69,919 | -6,189 |
Cash and cash equivalents, beginning of period | 25,326 | 14,836 |
Cash and cash equivalents, end of period | 95,245 | 8,647 |
Co-Issuer | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -34,357 | 8,913 |
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 | 7,513 | 7,632 |
Accretion of asset retirement obligation and receivable | 51 | 48 |
Non-cash tax benefits | 0 | ' |
Amortization of intangible assets and liabilities, net | 354 | 467 |
Share-based compensation | 20 | 30 |
Loss (gain) on sales of assets | 0 | 0 |
Amortization of deferred financing costs | 0 | 0 |
Loss on sales of investment securities | ' | 0 |
Loss on extinguishment of debt | 0 | 0 |
Loss (gain) on sales of investment securities | 0 | ' |
Derivative loss | 29,621 | ' |
Loss on foreign exchange | 0 | ' |
Pension settlement accounting | 0 | ' |
Income from equity affiliates | 0 | ' |
Distributions from equity affiliates | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 971 | -1,651 |
Inventories | 2,736 | -1,020 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Deferred income tax | 0 | ' |
Accounts payable and accrued expenses | -2,264 | 4,314 |
Deferred revenue | -7,167 | -6,608 |
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 | 4 | 13 |
Other assets and liabilities | -5,282 | -453 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | -7,800 | 11,685 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -419 | -715 |
Change in restricted investments and bond collateral and reclamation deposits | 2,598 | -6 |
Cash payments related to Canadian Acquisition | 0 | ' |
Cash acquired in related to Canadian Acquisition, net | 0 | ' |
Net proceeds from sales of assets | 0 | 0 |
Proceeds from sale of investments | 0 | 0 |
Increase in loan and lease receivables | 0 | ' |
Receipts from loan and lease receivables | 0 | ' |
Receivable from customer for property and equipment purchases | 0 | 0 |
Investment of common shares | 0 | ' |
Other | 0 | ' |
Net cash used in investing activities | 2,179 | -721 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 493 | 0 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Borrowings on revolving lines of credit | 0 | 0 |
Repayments on revolving lines of credit | 0 | 0 |
Debt issuance costs and other refinancing costs | 0 | 0 |
Dividends/distributions | -8,500 | -14,500 |
Proceeds from Issuance of Common Stock | 0 | ' |
Exercise of stock options | 0 | ' |
Transactions with Parent/affiliates | 10,287 | -102 |
Net cash provided by (used in) financing activities | 2,280 | -14,602 |
Effect of foreign exchange rates on cash | 0 | ' |
Net increase (decrease) in cash and cash equivalents | -3,341 | -3,638 |
Cash and cash equivalents, beginning of period | 3,341 | 4,545 |
Cash and cash equivalents, end of period | 0 | 907 |
Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -12,004 | 29,265 |
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 | 60,975 | 39,345 |
Accretion of asset retirement obligation and receivable | 16,206 | 9,460 |
Non-cash tax benefits | 0 | ' |
Amortization of intangible assets and liabilities, net | 31 | 32 |
Share-based compensation | 1,180 | 2,333 |
Loss (gain) on sales of assets | 114 | -321 |
Amortization of deferred financing costs | 1,745 | 441 |
Loss on sales of investment securities | ' | -26 |
Loss on extinguishment of debt | 12,584 | 0 |
Loss (gain) on sales of investment securities | 36 | ' |
Derivative loss | 0 | ' |
Loss on foreign exchange | 501 | ' |
Pension settlement accounting | 814 | ' |
Income from equity affiliates | -2,060 | ' |
Distributions from equity affiliates | 2,948 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | -31,512 | -7,426 |
Inventories | 52,663 | -580 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Deferred income tax | -750 | ' |
Accounts payable and accrued expenses | 14,361 | 14,783 |
Deferred revenue | -1,973 | -1,667 |
Income tax payable | 556 | -26 |
Accrual for workers' compensation | 1 | 0 |
Asset retirement obligations | -5,882 | -6,887 |
Accrual for postretirement medical benefits | 3,567 | 5,624 |
Pension and SERP obligations | -1,273 | 1,191 |
Other assets and liabilities | 7,849 | 2,971 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | 120,677 | 88,512 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -35,244 | -18,985 |
Change in restricted investments and bond collateral and reclamation deposits | 3,851 | -9,735 |
Cash payments related to Canadian Acquisition | -39,849 | ' |
Cash acquired in related to Canadian Acquisition, net | 8,103 | ' |
Net proceeds from sales of assets | 38,085 | 604 |
Proceeds from sale of investments | 7,279 | 7,927 |
Increase in loan and lease receivables | -2,514 | ' |
Receipts from loan and lease receivables | 5,057 | ' |
Receivable from customer for property and equipment purchases | 55 | -1 |
Investment of common shares | 2,992 | ' |
Other | -602 | ' |
Net cash used in investing activities | -12,787 | -20,190 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 1,188 | 20 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | -109,777 | -21,558 |
Borrowings on revolving lines of credit | 15,000 | 7,000 |
Repayments on revolving lines of credit | -15,000 | -7,000 |
Debt issuance costs and other refinancing costs | -11,659 | -156 |
Dividends/distributions | -83,600 | -23,500 |
Proceeds from Issuance of Common Stock | 0 | ' |
Exercise of stock options | 0 | ' |
Transactions with Parent/affiliates | 99,006 | -307 |
Net cash provided by (used in) financing activities | -104,842 | -45,501 |
Effect of foreign exchange rates on cash | -2,525 | ' |
Net increase (decrease) in cash and cash equivalents | 523 | 22,821 |
Cash and cash equivalents, beginning of period | 27,451 | 10,237 |
Cash and cash equivalents, end of period | 27,974 | 33,058 |
Non-Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | 512 | -2,561 |
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 | 0 | 0 |
Accretion of asset retirement obligation and receivable | 0 | -1 |
Non-cash tax benefits | 0 | ' |
Amortization of intangible assets and liabilities, net | 0 | -1 |
Share-based compensation | 0 | -2 |
Loss (gain) on sales of assets | 0 | 0 |
Amortization of deferred financing costs | 0 | -4 |
Loss on sales of investment securities | ' | 1 |
Loss on extinguishment of debt | 0 | 0 |
Loss (gain) on sales of investment securities | 0 | ' |
Derivative loss | 0 | ' |
Loss on foreign exchange | 0 | ' |
Pension settlement accounting | 0 | ' |
Income from equity affiliates | 0 | ' |
Distributions from equity affiliates | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 4,719 | -3,248 |
Inventories | 0 | 0 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Deferred income tax | 0 | ' |
Accounts payable and accrued expenses | -5,820 | 4,472 |
Deferred revenue | 0 | 0 |
Income tax payable | 0 | 0 |
Accrual for workers' compensation | 0 | 0 |
Asset retirement obligations | 1 | -1 |
Accrual for postretirement medical benefits | 24 | 288 |
Pension and SERP obligations | 9 | 28 |
Other assets and liabilities | -1,299 | -464 |
Distributions received from subsidiaries | 0 | 0 |
Net cash provided by operating activities | -1,854 | -1,493 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | 1 | -3 |
Change in restricted investments and bond collateral and reclamation deposits | 0 | -2 |
Cash payments related to Canadian Acquisition | 0 | ' |
Cash acquired in related to Canadian Acquisition, net | 0 | ' |
Net proceeds from sales of assets | 0 | 0 |
Proceeds from sale of investments | 0 | 0 |
Increase in loan and lease receivables | 0 | ' |
Receipts from loan and lease receivables | 0 | ' |
Receivable from customer for property and equipment purchases | 0 | 0 |
Investment of common shares | 0 | ' |
Other | 0 | ' |
Net cash used in investing activities | 1 | -5 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | 0 | 0 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | 0 | -7 |
Borrowings on revolving lines of credit | 0 | 0 |
Repayments on revolving lines of credit | 0 | 0 |
Debt issuance costs and other refinancing costs | 0 | 0 |
Dividends/distributions | 0 | -12,800 |
Proceeds from Issuance of Common Stock | 0 | ' |
Exercise of stock options | 0 | ' |
Transactions with Parent/affiliates | -670 | 15,188 |
Net cash provided by (used in) financing activities | -670 | 2,381 |
Effect of foreign exchange rates on cash | 0 | ' |
Net increase (decrease) in cash and cash equivalents | -2,523 | 883 |
Cash and cash equivalents, beginning of period | 4,992 | 1,992 |
Cash and cash equivalents, end of period | 2,469 | 2,875 |
Consolidating Adjustments | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | 45,849 | -35,617 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in income of subsidiaries | -47,274 | 41,732 |
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 extinguishment of debt | 0 | 0 |
Loss (gain) on sales of investment securities | 0 | ' |
Derivative loss | 0 | ' |
Loss on foreign exchange | 0 | ' |
Pension settlement accounting | 0 | ' |
Income from equity affiliates | 0 | ' |
Distributions from equity affiliates | 0 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivables, net | 1,542 | 4,486 |
Inventories | 0 | 0 |
Excess of black lung benefit obligation over trust assets | 0 | 0 |
Deferred income tax | 4,094 | ' |
Accounts payable and accrued expenses | -26 | -2,955 |
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 | 6,579 | 1 |
Distributions received from subsidiaries | -92,100 | -50,800 |
Net cash provided by operating activities | -81,336 | -43,153 |
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 |
Cash payments related to Canadian Acquisition | 0 | ' |
Cash acquired in related to Canadian Acquisition, net | 0 | ' |
Net proceeds from sales of assets | 0 | 0 |
Proceeds from sale of investments | 0 | 0 |
Increase in loan and lease receivables | 0 | ' |
Receipts from loan and lease receivables | 0 | ' |
Receivable from customer for property and equipment purchases | 0 | 0 |
Investment of common shares | 0 | ' |
Other | 0 | ' |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Change in book overdrafts | -1,998 | 0 |
Borrowings from long-term debt | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Borrowings on revolving lines of credit | 0 | 0 |
Repayments on revolving lines of credit | 0 | 0 |
Debt issuance costs and other refinancing costs | 0 | 0 |
Dividends/distributions | 92,100 | 50,800 |
Proceeds from Issuance of Common Stock | 0 | ' |
Exercise of stock options | 0 | ' |
Transactions with Parent/affiliates | -10,764 | -7,647 |
Net cash provided by (used in) financing activities | 79,338 | 43,153 |
Effect of foreign exchange rates on cash | 0 | ' |
Net increase (decrease) in cash and cash equivalents | -1,998 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | ($1,998) | $0 |