Statement Of Income Alternative
Statement Of Income Alternative (USD $) | |||
In Thousands, except Share data | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Sales-Outside | $4,311,791 | $4,181,569 | $3,324,346 |
Sales-Purchased Gas | 7,040 | 8,464 | 7,628 |
Sales-Gas Royalty Interests | 40,951 | 79,302 | 46,586 |
Freight-Outside | 148,907 | 216,968 | 186,909 |
Other Income (Note 3) | 113,186 | 166,142 | 196,728 |
Total Revenue and Other Income | 4,621,875 | 4,652,445 | 3,762,197 |
Cost of Goods Sold and Other Operating Charges (exclusive of depreciation, depletion and amortization shown below) | 2,757,052 | 2,843,203 | 2,352,000 |
Purchased Gas Costs | 6,442 | 8,175 | 7,162 |
Gas Royalty Interests Costs | 32,376 | 73,962 | 39,921 |
Freight Expense | 148,907 | 216,968 | 186,909 |
Selling, General and Administrative Expenses | 130,704 | 124,543 | 108,664 |
Depreciation, Depletion and Amortization | 437,417 | 389,621 | 324,715 |
Interest Expense (Note 4) | 31,419 | 36,183 | 30,851 |
Taxes Other Than Income (Note 5) | 289,941 | 289,990 | 258,926 |
Black Lung Excise Tax Refund | (728) | (55,795) | 24,092 |
Total Costs | 3,833,530 | 3,926,850 | 3,333,240 |
Earnings Before Income Taxes | 788,345 | 725,595 | 428,957 |
Income Taxes (Note 6) | 221,203 | 239,934 | 136,137 |
Net Income | 567,142 | 485,661 | 292,820 |
Less: Net Income Attributable to Noncontrolling Interest | (27,425) | (43,191) | (25,038) |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $539,717 | $442,470 | $267,782 |
Earnings Per Share (Note 1): | |||
Basic | 2.99 | 2.43 | 1.47 |
Dilutive | 2.95 | 2.4 | 1.45 |
Weighted Average Number of Common Shares Outstanding (Note 1): | |||
Basic | 180,693,243 | 182,386,011 | 182,050,627 |
Dilutive | 182,821,136 | 184,679,592 | 184,149,751 |
Dividends Paid Per Share | 0.4 | 0.4 | 0.31 |
Statement Of Financial Position
Statement Of Financial Position Classified (USD $) | ||
In Thousands | Dec. 31, 2009
| Dec. 31, 2008
|
Current Assets: | ||
Cash and Cash Equivalents | $65,607 | $138,512 |
Accounts and Notes Receivable: | ||
Trade | 317,460 | 221,729 |
Other Receivables | 15,983 | 79,552 |
Inventories (Note 8) | 307,597 | 227,810 |
Recoverable Income Taxes | 0 | 33,862 |
Deferred Income Taxes (Note 6) | 73,383 | 60,599 |
Prepaid Expenses | 161,006 | 221,750 |
Total Current Assets | 941,036 | 983,814 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 10,681,955 | 9,980,288 |
Less-Accumulated Depreciation, Depletion and Amortization | 4,557,665 | 4,214,316 |
Total Property, Plant and Equipment-Net (Note 10) | 6,124,290 | 5,765,972 |
Other Assets: | ||
Deferred Income Taxes (Note 6) | 425,297 | 333,543 |
Investment in Affiliates | 83,533 | 72,996 |
Other | 151,245 | 214,133 |
Total Other Assets | 660,075 | 620,672 |
TOTAL ASSETS | 7,725,401 | 7,370,458 |
Current Liabilities: | ||
Accounts Payable | 269,560 | 385,197 |
Short-Term Notes Payable (Note 11) | 472,850 | 557,700 |
Current Portion of Long-Term Debt (Note 13 and Note 14) | 45,394 | 22,401 |
Accrued Income Taxes | 27,944 | 0 |
Other Accrued Liabilities (Note 12) | 612,838 | 546,442 |
Total Current Liabilities | 1,428,586 | 1,511,740 |
Long-Term Debt: | ||
Long-Term Debt (Note 13) | 363,729 | 393,312 |
Capital Lease Obligations (Note 14) | 59,179 | 75,039 |
Total Long-Term Debt | 422,908 | 468,351 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions (Note 15) | 2,679,346 | 2,493,344 |
Pneumoconiosis Benefits (Note 16) | 184,965 | 190,261 |
Mine Closing | 397,320 | 404,629 |
Gas Well Closing | 85,992 | 80,554 |
Workers' Compensation (Note 16) | 152,486 | 128,477 |
Salary Retirement (Note 15) | 189,697 | 194,567 |
Reclamation | 27,105 | 38,193 |
Other | 132,517 | 185,996 |
Total Deferred Credits and Other Liabilities | 3,849,428 | 3,716,021 |
TOTAL LIABILITIES | 5,700,922 | 5,696,112 |
Stockholders' Equity: | ||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 183,014,426 Issued and 181,086,267 Outstanding at December 31, 2009; 183,014,426 Issued and 180,549,851 Outstanding at December 31, 2008 | 1,830 | 1,830 |
Capital in Excess of Par Value | 1,033,616 | 993,478 |
Preferred Stock, 15,000,000 authorized, None issued and outstanding | 0 | 0 |
Retained Earnings | 1,456,898 | 1,010,902 |
Accumulated Other Comprehensive Loss (Note 19) | (640,504) | (461,900) |
Common Stock in Treasury, at Cost-1,928,159 Shares at December 31, 2009 and 2,464,575 Shares at December 31, 2008 | (66,292) | (82,123) |
Total CONSOL Energy Inc. Stockholders' Equity | 1,785,548 | 1,462,187 |
Noncontrolling Interest | 238,931 | 212,159 |
TOTAL EQUITY | 2,024,479 | 1,674,346 |
TOTAL LIABILITIES AND EQUITY | $7,725,401 | $7,370,458 |
1_Statement Of Financial Positi
Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
Dec. 31, 2009
| Dec. 31, 2008
| |
Common Stock, Par Value | 0.01 | 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Issued | 183,014,426 | 183,014,426 |
Common Stock, Outstanding | 181,086,267 | 180,549,851 |
Preferred Stock, authorized | 15,000,000 | 15,000,000 |
Preferred Stock, issued | 0 | 0 |
Preferred Stock, outstanding | 0 | 0 |
Common Stock in Treasury, Shares | 1,928,159 | 2,464,575 |
Statement Of Shareholders Equit
Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | ||||||||
In Thousands | Common Stock
| Capital in Excess of Par Value
| Retained Earnings (Deficit)
| Accumulated Other Comprehensive Income (Loss)
| Common Stock in Treasury
| Total CONSOL Energy, Inc. Stockholders' Equity
| Non-Controlling Interest
| Total
|
Beginning Balance at Dec. 31, 2006 | $1,851 | $921,881 | $600,541 | ($375,717) | ($82,405) | $1,066,151 | $135,659 | $1,201,810 |
Net Income | 267,782 | 267,782 | 25,038 | 292,820 | ||||
Treasury Rate Lock (Net of $49 in 2009, $55 in 2008 and $52 in 2007 Tax) | (81) | (81) | (81) | |||||
Gas Cash Flow Hedge (Net of $34,932 in 2009, $77,292 in 2008 and $2,146 in 2007 Tax) | 3,445 | 3,445 | 769 | 4,214 | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of $77,361 in 2009, $82,156 in 2008 and $27,991 in 2007 Tax) | (46,931) | (46,931) | (78) | (47,009) | ||||
Comprehensive Income (Loss) | 267,782 | (43,567) | 224,215 | 25,729 | 249,944 | |||
Cumulative Effect of Adoption of Income Tax Uncertainties | (3,202) | (3,202) | (3,202) | |||||
Issuance of Treasury Stock | (42,110) | 61,334 | 19,224 | 19,224 | ||||
Issuance of CNX Gas Stock | 215 | 215 | ||||||
Purchases of Treasury Stock | (80,157) | (80,157) | (80,157) | |||||
Purchases of CNX Gas Stock | (1,762) | (1,762) | ||||||
Tax Benefit From Stock-Based Compensation | 23,682 | 23,682 | 16 | 23,698 | ||||
Amortization of Stock-Based Compensation Awards | 20,981 | 20,981 | 3,261 | 24,242 | ||||
Dividends (per share $0.40 in 2009, $0.40 in 2008 and $0.31 in 2007) | (56,475) | (56,475) | (56,475) | |||||
Ending Balance at Dec. 31, 2007 | 1,851 | 966,544 | 766,536 | (419,284) | (101,228) | 1,214,419 | 163,118 | 1,377,537 |
Net Income | 442,470 | 442,470 | 43,191 | 485,661 | ||||
Treasury Rate Lock (Net of $49 in 2009, $55 in 2008 and $52 in 2007 Tax) | (77) | (77) | (77) | |||||
Gas Cash Flow Hedge (Net of $34,932 in 2009, $77,292 in 2008 and $2,146 in 2007 Tax) | 97,833 | 97,833 | 20,813 | 118,646 | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of $77,361 in 2009, $82,156 in 2008 and $27,991 in 2007 Tax) | (140,289) | (140,289) | (16) | (140,305) | ||||
Comprehensive Income (Loss) | 442,470 | (42,533) | 399,937 | 63,988 | 463,925 | |||
Adoption of Actuarially Determined Long-Term Liability Measurement Provision (Net of $23,652 Tax) | (38,606) | (83) | (38,689) | (18) | (38,707) | |||
Issuance of Treasury Stock | (21,519) | 34,980 | 13,461 | 13,461 | ||||
Issuance of CNX Gas Stock | 312 | 312 | ||||||
Purchases of Treasury Stock | (15,875) | (15,875) | (15,875) | |||||
Purchases of CNX Gas Stock | (18,682) | (18,682) | ||||||
Retirement of Common Stock (2,112,200 Shares) | (21) | (16,876) | (65,022) | (81,919) | (81,919) | |||
Tax Benefit From Stock-Based Compensation | 22,003 | 22,003 | 62 | 22,065 | ||||
Amortization of Stock-Based Compensation Awards | 21,807 | 21,807 | 3,379 | 25,186 | ||||
Dividends (per share $0.40 in 2009, $0.40 in 2008 and $0.31 in 2007) | (72,957) | (72,957) | (72,957) | |||||
Ending Balance at Dec. 31, 2008 | 1,830 | 993,478 | 1,010,902 | (461,900) | (82,123) | 1,462,187 | 212,159 | 1,674,346 |
Net Income | 539,717 | 539,717 | 27,425 | 567,142 | ||||
Treasury Rate Lock (Net of $49 in 2009, $55 in 2008 and $52 in 2007 Tax) | (83) | (83) | (83) | |||||
Gas Cash Flow Hedge (Net of $34,932 in 2009, $77,292 in 2008 and $2,146 in 2007 Tax) | (44,270) | (44,270) | (8,862) | (53,132) | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of $77,361 in 2009, $82,156 in 2008 and $27,991 in 2007 Tax) | (134,251) | (134,251) | (298) | (134,549) | ||||
Comprehensive Income (Loss) | 539,717 | (178,604) | 361,113 | 18,265 | 379,378 | |||
Issuance of Treasury Stock | (21,429) | 15,831 | (5,598) | (5,598) | ||||
Issuance of CNX Gas Stock | 157 | 157 | ||||||
Tax Benefit From Stock-Based Compensation | 2,674 | 2,674 | 13 | 2,687 | ||||
Amortization of Stock-Based Compensation Awards | 32,723 | 32,723 | 16,658 | 49,381 | ||||
Stock-Based Compensation Awards to CNX Gas Employees | 4,741 | 4,741 | (3,951) | 790 | ||||
Net Change in Crown Drilling Noncontrolling Interest | (4,370) | (4,370) | ||||||
Dividends (per share $0.40 in 2009, $0.40 in 2008 and $0.31 in 2007) | (72,292) | (72,292) | (72,292) | |||||
Ending Balance at Dec. 31, 2009 | $1,830 | $1,033,616 | $1,456,898 | ($640,504) | ($66,292) | $1,785,548 | $238,931 | $2,024,479 |
2_Statement Of Shareholders Equ
Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $) | |||
In Thousands, except Per Share data | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Treasury Rate Lock, Tax | $49 | $55 | $52 |
Gas Cash Flow Hedge, Tax | 34,932 | 77,292 | 2,146 |
Actuarially Determined Long-Term Liability Adjustments, Tax | 77,361 | 82,156 | 27,991 |
Adoption of Actuarially Determined Long-Term Liability Measurement Provision, Tax | $23,652 | ||
Retirement of Common Stock, Shares | 2,112,200 | ||
Dividends, per share | 0.4 | 0.4 | 0.31 |
Statement Of Cash Flows Indirec
Statement Of Cash Flows Indirect (USD $) | |||
In Thousands | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Cash Flows from Operating Activities: | |||
Net Income | $567,142 | $485,661 | $292,820 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |||
Depreciation, Depletion and Amortization | 437,417 | 389,621 | 324,715 |
Stock-based Compensation | 39,032 | 25,186 | 24,243 |
Gain on Sale of Assets | (15,121) | (23,368) | (112,389) |
Amortization of Mineral Leases | 3,970 | 4,871 | 4,519 |
Deferred Income Taxes | 47,430 | 135,594 | 59,555 |
Equity in Earnings of Affiliates | (15,707) | (11,140) | (6,551) |
Changes in Operating Assets: | |||
Accounts Receivable Securitization | (115,000) | 39,600 | 125,400 |
Accounts and Notes Receivable | 84,597 | (79,747) | 14,074 |
Inventories | (79,787) | (53,994) | 13,448 |
Prepaid Expenses | 10,730 | (5,032) | (9,145) |
Changes in Other Assets | (724) | 17,081 | 40,164 |
Changes in Operating Liabilities: | |||
Accounts Payable | (70,458) | 64,851 | (2,435) |
Other Operating Liabilities | 80,527 | (14,020) | (30,978) |
Changes in Other Liabilities | (45,883) | 51,546 | (54,924) |
Other | 17,286 | 2,754 | 1,517 |
Net Cash Provided by Operating Activities | 945,451 | 1,029,464 | 684,033 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (920,080) | (1,061,669) | (743,114) |
Acquisition of AMVEST | 0 | 0 | (296,724) |
Proceeds from Sale of Assets | 69,884 | 28,193 | 84,791 |
Purchase of Stock in Subsidiary | 0 | (67,259) | (10,000) |
Net Investment in Equity Affiliates | 4,855 | 1,879 | (7,057) |
Net Cash Used in Investing Activities | (845,341) | (1,098,856) | (972,104) |
Cash Flows from Financing Activities: | |||
Payments on Long-Term Debt | 0 | 0 | (45,000) |
(Payments on) Proceeds from Short-Term Debt | (84,850) | 310,200 | 247,500 |
Payments on Miscellaneous Borrowings | (19,190) | (10,414) | (2,935) |
Tax Benefit from Stock-Based Compensation | 3,270 | 22,003 | 23,682 |
Dividends Paid | (72,292) | (72,957) | (56,475) |
Issuance of Treasury Stock | 2,547 | 15,215 | 19,224 |
Purchases of Treasury Stock | 0 | (97,794) | (80,157) |
Noncontrolling Interest Member Distribution | (2,500) | 0 | 0 |
Net Cash (Used In) Provided By Financing Activities | (173,015) | 166,253 | 105,839 |
Net Increase (Decrease) in Cash and Cash Equivalents | (72,905) | 96,861 | (182,232) |
Cash and Cash Equivalents at Beginning of Period | 138,512 | 41,651 | 223,883 |
Cash and Cash Equivalents at End of Period | $65,607 | $138,512 | $41,651 |
Significant Accounting Policies
Significant Accounting Policies: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Significant Accounting Policies: | Note 1Significant Accounting Policies: A summary of the significant accounting policies of CONSOL Energy Inc. and subsidiaries (CONSOL Energy) is presented below. These, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. Basis of Consolidation: The Consolidated Financial Statements include the accounts of majority-owned and controlled subsidiaries. The accounts of variable interest entities (VIEs) as defined by the Consolidation Topic of the Financial Accounting Standards Boards (FASB) Accounting Standards Codification where CONSOL Energy is the primary beneficiary, are included in the consolidated financial statements. Investments in business entities in which CONSOL Energy does not have control, but has the ability to exercise significant influence over the operating and financial policies, are accounted for under the equity method. All significant intercompany transactions and accounts have been eliminated in consolidation. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and various disclosures. Actual results could differ from those estimates. The most significant estimates included in the preparation of the financial statements are related to other postretirement benefits, coal workers pneumoconiosis, workers compensation, salary retirement benefits, stock-based compensation, reclamation, mine closure and gas well plugging liabilities, deferred income tax assets and liabilities, contingencies, and coal and gas reserve values. Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term securities with original maturities of three months or less. Trade Accounts Receivable: Trade accounts receivable are recorded at the invoiced amount and do not bear interest. CONSOL Energy reserves for specific accounts receivable when it is probable that all or a part of an outstanding balance will not be collected, such as customer bankruptcies. Collectability is determined based on terms of sale, credit status of customers and various other circumstances. CONSOL Energy regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Reserves for uncollectible amounts were not material in the periods presented. Inventories: Inventories are stated at the lower of cost or market. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead and other related costs. The cost of merchandise for resale is determined by the last-in, first-out (LIFO) method and includes industrial maintenance, repair and operating supplies for s |
Acquisitions and Dispositions:
Acquisitions and Dispositions: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Acquisitions and Dispositions: | Note 2Acquisitions and Dispositions: In August 2009, CONSOL Energy completed the lease assignment of CNX Gas, an 83.3% owned subsidiary, previous headquarters. Total expense related to this transaction for the year ended December31, 2009 was $1,500, which was recognized in the Cost of Goods Sold and Other Operating Charges. In August 2009, CONSOL Energy completed a sale/lease-back of longwall shields for Bailey Mine. Cash proceeds from the sale were $16,011, which was the same as our basis in the equipment. Accordingly, no gain or loss was recognized on the transaction. The lease has been accounted for as an operating lease. The lease term is five years. In July 2009, CNX Gas leased approximately 20,000 acres having Marcellus Shale potential from NiSource Energy Ventures, LLC, a subsidiary of the Columbia Energy Group, for a cash payment of $8,275 which is included in capital expenditures in Cash Used in Investing Activities on the Consolidated Statement of Cash Flows. The purchase price for the transaction was principally allocated to gas properties and related development. In June 2009, CONSOL Energy recognized the fair value of the remaining lease payments in the amount of $10,499 in accordance with the Exit or Disposal Cost Obligations topic of the Financial Accounting Standards Board Accounting Standards Codification related to the Companys previous headquarters. This liability has been recorded in Other Liabilities on the consolidated balance sheet at December31, 2009. Total expense related to this transaction was $12,500, which was recognized in the Cost of Goods Sold and Other Operating Charges. This amount includes lease payments of $10,974 as well as the removal of a related asset of $1,526. Additionally, $5,832 was recognized in the Other Income for the acceleration of a deferred gain associated with the initial sale-leaseback of the premises that occurred in 2005. In February 2009, CONSOL Energy completed a sale/lease-back of longwall shields for Bailey Mine. Cash proceeds for the sale were $42,282, which was the same as our basis in the equipment. Accordingly, no gain or loss was recognized on the transaction. The lease has been accounted for as an operating lease. The lease term is five years. In December 2008, CONSOL Energy completed the acquisition of the outstanding 51% interest in Southern West Virginia Energy, LLC (SWVE) for a cash payment of $11,521. This amount is included in capital expenditures in Cash Used in Investing Activities on the Consolidated Statement of Cash Flows. The purchase price was principally allocated to property, plant and equipment. SWVE wholly-owns Southern West Virginia Resources, LLC and Minway Contracting, LLC, and had previously been a 49% subsidiary of CONSOL Energy. Prior to the acquisition of the outstanding interest, SWVE had been fully consolidated in accordance with the Consolidation Topic of the Financial Accounting Standards Board Accounting Standards Codification by CONSOL Energy. The proforma results for this acquisition are not material to CONSOL Energys financial results. In November 2008, CONSOL Energy completed the acquisition of North Penn Pipe Supply, Inc. |
Other Income:
Other Income: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Other Income: | Note 3Other Income: For the Years Ended December31, 2009 2008 2007 Royalty income $ 17,249 $ 20,673 $ 14,205 Equity in earnings of affiliates 15,707 11,140 6,551 Gain on disposition of assets 15,121 23,368 112,389 Contract settlements 12,450 Service income 11,796 14,298 12,623 Interest income 5,052 2,363 12,792 Charter tramp towing income 4,838 11,164 2,601 Buchanan roof collapse insurance proceeds 50,000 10,000 Other 30,973 33,136 25,567 Total Other Income $ 113,186 $ 166,142 $ 196,728 |
Interest Expense:
Interest Expense: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Interest Expense: | Note 4Interest Expense: For the Years Ended December31, 2009 2008 2007 Interest on debt $ 39,524 $ 45,627 $ 40,766 Interest on other payables 3,766 2,718 4,648 Interest capitalized (11,871 ) (12,162 ) (14,563 ) Total Interest Expense $ 31,419 $ 36,183 $ 30,851 |
Taxes Other Than Income:
Taxes Other Than Income: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Taxes Other Than Income: | Note 5Taxes Other Than Income: For the Years Ended December31, 2009 2008 2007 Production taxes $ 183,307 $ 188,581 $ 163,346 Payroll taxes 48,702 49,829 43,828 Property taxes 47,934 44,107 41,586 Capital stock franchise tax 8,895 6,568 7,475 Virginia employment enhancement tax credit (3,715 ) (4,190 ) (3,159 ) Other 4,818 5,095 5,850 Total Taxes Other Than Income $ 289,941 $ 289,990 $ 258,926 |
Income Taxes:
Income Taxes: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Income Taxes: | Note 6Income Taxes: Income taxes (benefits) provided on earnings consisted of: For the Years Ended December31, 2009 2008 2007 Current: U.S. Federal $ 134,231 $ 87,658 $ 62,704 U.S. State 41,482 14,549 11,284 Non-U.S. (1,940 ) 2,133 2,594 173,773 104,340 76,582 Deferred: U.S. Federal 49,672 101,869 40,278 U.S. State (2,242 ) 33,725 19,277 47,430 135,594 59,555 Total Income Taxes $ 221,203 $ 239,934 $ 136,137 The components of the net deferred tax assets are as follows: December31, 2009 2008 Deferred Tax Assets: Postretirement benefits other than pensions $ 1,084,523 $ 990,336 Mine closing 134,362 133,591 Alternative minimum tax 102,029 168,276 Pneumoconiosis benefits 81,724 75,124 Workers compensation 69,562 59,687 Salary retirement 68,820 74,967 Net operating loss 53,133 57,370 Capital lease 31,301 32,212 Reclamation 11,946 14,581 Other 120,911 78,923 Total Deferred Tax Assets 1,758,311 1,685,067 Valuation Allowance** (61,623 ) (60,898 ) Net Deferred Tax Assets 1,696,688 1,624,169 Deferred Tax Liabilities: Property, plant and equipment (1,103,585 ) (1,085,054 ) Gas hedge (46,129 ) (81,061 ) Advance mining royalties (25,568 ) (23,445 ) Other (22,726 ) (40,467 ) Total Deferred Tax Liabilities (1,198,008 ) (1,230,027 ) Net Deferred Tax Assets $ 498,680 $ 394,142 ** Valuation allowances of ($3,051) and ($58,572) have been allocated between current and long-term deferred tax assets respectively for 2009. Valuation allowances of ($2,663) and ($58,235) have been allocated between current and long-term deferred tax assets respectively for 2008. A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. All available evidence, both positive and negative, must be considered in determining the need for a valuation allowance. For the years ended December31, 2009 and 2008, positive evidence considered included future income projections based on existing fixed price contracts and forecasted expenses, reversals of financial to tax temporary differences and the implementation of and/or ability to employ various tax planning strategies. Negative evidence included financial and tax losses generated in prior periods and the inability to achieve forecasted results for those periods. In 2007, CONSOL Energy implemented a prudent and feasible tax strategy that ensured the realization of Pennsylvania loss carry forward tax benefits. For 2009 and 2008, CONSOL Energy continues to report |
Mine Closing, Reclamation & Gas
Mine Closing, Reclamation & Gas Well Closing: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Mine Closing, Reclamation & Gas Well Closing: | Note 7Mine Closing, Reclamation Gas Well Closing: CONSOL Energy accrues for reclamation, mine closing costs, perpetual water care costs and dismantling and removing costs of gas related facilities using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes capitalized asset retirement costs by increasing the carrying amount of related long-lived assets, net of the associated accumulated depreciation. The obligation for asset retirements is included in Mine Closing, Reclamation, Gas Well Closing and Other Accrued Liabilities on the Consolidated Balance Sheets. The reconciliation of changes in the asset retirement obligations at December31, 2009 and 2008 is as follows: As of December31, 2009 2008 Balance at beginning of period $ 544,314 $ 530,897 Accretion expense 39,610 34,888 Payments (31,458 ) (32,085 ) Revisions in estimated cash flows (19,006 ) 30,409 Other (283 ) (19,795 ) Balance at end of period $ 533,177 $ 544,314 For the year ended December31, 2009, Other includes ($283) of various other items, none of which are individually significant. For the year ended December31, 2008, Other includes ($19,618) for asset dispositions and ($177) of various other items, none of which are individually significant. |
Inventories:
Inventories: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Inventories: | Note 8Inventories: Inventory components consist of the following: December31, 2009 2008 Coal $ 173,719 $ 93,875 Merchandise for resale 44,842 43,074 Supplies 89,036 90,861 Total Inventories $ 307,597 $ 227,810 Merchandise for resale is valued using the last-in, first-out (LIFO) cost method. The excess of replacement cost of merchandise for resale inventories over carrying LIFO value was $13,696 and $14,716 at December31, 2009 and 2008, respectively |
Accounts Receivable Securitizat
Accounts Receivable Securitization: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Accounts Receivable Securitization: | Note 9Accounts Receivable Securitization: CONSOL Energy and certain of our U.S subsidiaries are party to a trade accounts receivable facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. This facility allows CONSOL Energy to receive up to $165,000 on a revolving basis. The facility also allows for the issuance of letters of credit against the $165,000 capacity. At December31, 2009, there were no letters of credit outstanding against the facility. CONSOL Energy formed CNX Funding Corporation, a wholly owned, special purpose, bankruptcy-remote subsidiary for the sole purpose of buying and selling eligible trade receivables generated by certain subsidiaries of CONSOL Energy. Under the receivables facility, CONSOL Energy and certain subsidiaries, irrevocable and without recourse, sell all of their eligible trade accounts receivable to financial institutions and their affiliates, while maintaining a subordinated interest in a portion of the pool of trade receivables. This retained interest, which is included in Accounts and Notes Receivable Trade in the Consolidated Balance Sheets, is recorded at fair value. Due to the short average collection cycle for the receivables that are part of this program, the fair value of our retained interest approximates the total amount of the designated pool of accounts receivable reduced by the amount of accounts receivables sold to the third-party financial institutions under the program. CONSOL Energy will continue to service the trade receivables for the financial institutions for a fee based upon market rates for similar services. The cost of funds under this facility is based upon commercial paper rates, plus a charge for administrative services paid to the financial institutions. Costs associated with the receivables facility totaled $2,990 and $5,814 for the year ended December31, 2009 and 2008, respectively. These costs have been recorded as financing fees, which are included in Cost of Goods Sold and Other Operating Charges in the Consolidated Statements of Income. No servicing asset or liability has been recorded. The receivables facility expires in April 2012 with the underlying liquidity agreement renewing annually each April. At December31, 2009 and 2008, eligible accounts receivable totaled approximately $151,000 and $165,000, respectively. The subordinated retained interest approximated $101,000 at December31, 2009. There was no subordinated retained interest at December31, 2008. Accounts receivable totaling $50,000 and $165,000 were removed from the Consolidated Balance Sheets at December31, 2009 and 2008, respectively. In accordance with the facility agreement, the company is able to receive proceeds based upon total eligible accounts receivable at the previous month end. CONSOL Energys $115,000 decrease and $39,600 increase in the accounts receivable securitization program for the years ended December31, 2009 and 2008, respectively, is reflected in cash flows from operating activities in the Consolidated Statements of Cash Flows. |
Property, Plant and Equipment
Property, Plant and Equipment | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Property, Plant and Equipment | Note 10Property, Plant and Equipment December31, 2009 2008 Coal and other plant and equipment $ 4,874,880 $ 4,533,793 Coal properties and surface lands 1,284,795 1,264,920 Gas properties and related development 1,649,476 1,427,588 Gas gathering equipment 804,212 740,396 Airshafts 622,068 615,512 Leased coal lands 504,475 502,521 Mine development 573,037 527,991 Coal advance mining royalties 366,312 365,380 Gas advance royalties 2,700 2,187 Total Property, Plant and Equipment 10,681,955 9,980,288 LessAccumulated depreciation, depletion and amortization 4,557,665 4,214,316 Net Property, Plant and Equipment $ 6,124,290 $ 5,765,972 Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary greatly; however, the lease terms generally are extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction, and are legally considered real property interests. We also make advance payments (advanced mining royalties) to lessors under certain lease agreements that are recoupable against future production, and we make payments that are generally based upon a specified rate per ton or a percentage of gross realization from the sale of the coal. We evaluate our properties periodically for impairment issues or whenever events or circumstances indicate that the carrying amount may not be recoverable. Coal reserves are amortized using the units-of-production method over all estimated proven and probable reserve tons assigned or accessible to the mine. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is placed into production. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material income effect from changes in estimates is disclosed in the period the change occurs. Amortization of capitalized mine development costs associated with a coal reserve is computed on a units-of-production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. We employ this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material income effect from changes in estimates is disclosed in the period the change occurs. Amortization of development costs begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase |
Short-Term Notes Payable:
Short-Term Notes Payable: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Short-Term Notes Payable: | Note 11Short-Term Notes Payable: CONSOL Energy has a five-year $1,000,000 senior secured credit facility, which extends through June 2012. The facility is secured by substantially all of the assets of CONSOL Energy and certain of its subsidiaries and collateral is shared equally and ratably with the holders of CONSOL Energy Inc. 7.875% bonds maturing in 2012. The Agreement does provide for the release of collateral at the request of CONSOL Energy upon achievement of certain credit ratings. Fees and interest rate spreads are based on a ratio of financial covenant debt to twelve-month trailing earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), measured quarterly. The facility includes a minimum interest coverage ratio covenant of no less than 4.50 to 1.00, measured quarterly. The interest coverage ratio was 24.78 to 1.00 at December31, 2009. The facility also includes a maximum leverage ratio covenant of not more than 3.25 to 1.00, measured quarterly. The leverage ratio was 0.87 to 1.00 at December31, 2009. Affirmative and negative covenants in the facility limit our ability to dispose of assets, make investments, purchase or redeem CONSOL Energy common stock, pay dividends and merge with another corporation. At December31, 2009, the $1,000,000 facility had $415,000 of borrowings outstanding and $268,360 of letters of credit outstanding, leaving $316,640 of capacity available for borrowings and the issuance of letters of credit. The facility bore a weighted average interest rate of 0.86% and 1.71% as of December31, 2009 and 2008, respectively. CNX Gas has a five-year $200,000 unsecured credit agreement which extends through October 2010. The agreement contains a negative pledge provision, whereas CNX Gas assets cannot be used to secure other obligations. Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly. Covenants in the facility limit CNX Gas ability to dispose of assets, make investments, purchase or redeem CNX Gas stock, pay dividends and merge with another corporation. The facility includes a maximum leverage ratio covenant of not more than 3.00 to 1.00, measured quarterly. The leverage ratio was 0.38 to 1.00 at December31, 2009. The facility also includes a minimum interest coverage ratio covenant of no less than 3.00 to 1.00, measured quarterly. This ratio was 68.17 to 1.00 at December31, 2009. At December31, 2009, the CNX Gas credit agreement had $57,850 of borrowings outstanding and $14,913 of letters of credit outstanding, leaving $127,237 of capacity available for borrowings and the issuance of letters of credit. The facility bore a weighted average interest rate of 1.69% and 2.01% as of December31, 2009 and 2008, respectively. |
Other Accrued Liabilities:
Other Accrued Liabilities: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Other Accrued Liabilities: | Note 12Other Accrued Liabilities: December31, 2009 2008 Subsidence liability $ 72,390 $ 54,013 Accrued payroll and benefits 50,696 59,765 Accrued other taxes 42,559 41,916 Uncertain income tax positions 42,423 28,903 Short-term incentive compensation 35,710 29,329 Royalties 24,098 33,857 Other 112,095 78,925 Current portion of long-term liabilities: Postretirement benefits other than pensions 164,747 145,429 Workers compensation 27,885 32,778 Mine closing 19,568 16,833 Pneumoconiosis benefits 9,676 9,833 Reclamation 3,192 4,108 Long term disability 5,468 5,389 Salary retirement 2,331 2,034 Deferred revenue 3,330 Total Other Accrued Liabilities $ 612,838 $ 546,442 |
Long-Term Debt:
Long-Term Debt: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Long-Term Debt: | Note 13Long-Term Debt: December31, 2009 2008 Debt: Secured notes due March 2012 at 7.875% (par value of $250,000 less unamortized discount of $447 at December31, 2009) $ 249,553 $ 249,346 Baltimore Port Facility revenue bonds in series due December 2010 at 6.50% 30,865 30,865 Baltimore Port Facility revenue bonds in series due October 2011 at 6.50% 72,000 72,000 Advance royalty commitments 35,547 30,019 Notes due through 2011 at 6.10% 14,628 18,936 Other long-term notes maturing at various dates through 2031 (total value of $164 less unamortized discount of $4 at December31, 2009) 160 1,121 402,753 402,287 Less amounts due in one year 39,024 8,975 Total Long-Term Debt $ 363,729 $ 393,312 Advance royalty commitments and the other long-term variable rate notes had a weighted average interest rate of approximately 7.36% at December31, 2009 and 10.65% at December31, 2008. The bonds and notes are carried net of debt discount, which is being amortized over the life of the issue. Annual undiscounted maturities on long-term debt during the next five years are as follows: Year Ended December31, Amount 2010 $ 39,024 2011 85,344 2012 253,057 2013 2,847 2014 2,574 Thereafter 20,358 Total Long-Term Debt Maturities $ 403,204 |
Leases:
Leases: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Leases: | Note 14Leases: CONSOL Energy uses various leased facilities and equipment in our operations. Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments, at December31, 2009, are as follows: Year Ended December31, 2009 Capital Leases Operating Leases 2010 $ 10,997 $ 79,649 2011 9,977 73,012 2012 8,641 54,562 2013 7,718 51,044 2014 7,469 41,900 Thereafter 50,379 166,358 Total minimum lease payments $ 95,181 $ 466,525 Less amount representing interest (0.63% - 7.36%) 29,632 Present value of minimum lease payments 65,549 Less amount due in one year 6,370 Total Long-Term Capital Lease Obligation $ 59,179 Rental expense under operating leases was $77,960, $63,170 and $47,765 for the years ended December31, 2009, 2008 and 2007, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Pension and Other Postretirement Benefit Plans: | Note 15Pension and Other Postretirement Benefit Plans: CONSOL Energy has non-contributory defined benefit retirement plans covering substantially all employees not covered by multi-employer plans. The benefits for these plans are based primarily on years of service and employees pay near retirement. The CONSOL Energy salaried plan allows for lump-sum distributions of benefits earned up until December31, 2005 at the employees election. As of January1, 2006, lump sum benefits have been frozen and prospectively the lump sum option has been eliminated. According to the Defined Benefit Plans Topic of the FASB Accounting Standards Codification, if the lump sum distributions made for the plan year, which for CONSOL Energy is January1 to December31, exceed the total of the service cost and interest cost for the plan year, settlement accounting is required. Lump sum payments did not exceed the threshold during 2009 or 2008. Lump sum payments exceeded this threshold during 2007. Accordingly, CONSOL Energy recognized expense of $2,734 for the year ended December31, 2007 in the results of operations. The adjustment equaled the unrecognized actuarial loss resulting from each individual who received a lump sum in that year. CONSOL Energy regularly monitors this situation. During the year ended December31, 2009, certain former and existing CNX Gas employees became eligible to participate in the CONSOL Energy Supplemental Retirement Plan. The additional benefit liabilities for these employees have been reflected as Plan Amendments in the reconciliation of the changes in benefit obligation for the year ended December31, 2009. Effective January1, 2007, employees hired by CNX Gas, an 83.3% owned subsidiary, will not be eligible to participate in CNX Gas non-contributory defined benefit retirement plan. In lieu of participation in the non-contributory defined benefit retirement plan, these employees began receiving an additional 3% company contribution into their defined contribution plan. Certain subsidiaries of CONSOL Energy provide medical and life insurance benefits to retired employees not covered by the Coal Industry Retiree Health Benefit Act of 1992. The medical plans contain certain cost sharing and containment features, such as deductibles, coinsurance, health care networks and coordination with Medicare. Prior to August1, 2003, substantially all employees became eligible for these benefits if they had ten years of company service and attained age 55. Effective August1, 2003, the base eligibility was changed to age 55 with 20 years of service for salaried employees. In addition, effective January1, 2004, a medical plan cost sharing arrangement with all salaried employees and retirees was adopted. These participants will now contribute a target of 20% of the medical plan operating costs. Contributions may be higher, dependent on either years of service or a combination of age and years of service at retirement. Prospective annual cost increases of up to 6% will be shared by CONSOL Energy and the participants. Annual cost increases in excess of 6% will be the sole responsibility of the participants. Also, any salaried or non-represented |
Coal Workers' Pneumoconiosis
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation: | Note 16Coal Workers Pneumoconiosis (CWP) and Workers Compensation: CONSOL Energy is responsible under the Federal Coal Mine Health and Safety Act of 1969, as amended, for medical and disability benefits to employees and their dependents resulting from occurrences of coal workers pneumoconiosis disease. CONSOL Energy is also responsible under various state statutes for pneumoconiosis benefits. CONSOL Energy primarily provides for these claims through a self-insurance program. The calculation of the actuarial present value of the estimated pneumoconiosis obligation is based on an annual actuarial study by independent actuaries. The calculation is based on assumptions regarding disability incidence, medical costs, indemnity levels, mortality, death benefits, dependents and interest rates. These assumptions are derived from actual company experience and outside sources. Actuarial gains associated with CWP have resulted from numerous legislative changes over many years which have resulted in lower approval rates for filed claims than our assumptions originally reflected. Actuarial gains have also resulted from lower incident rates and lower severity of claims filed than our assumption originally reflected. CONSOL Energy is also responsible to compensate individuals who sustain employment related physical injuries or some types of occupational diseases and, on some occasions, for costs of their rehabilitation. Workers compensation laws will also compensate survivors of workers who suffer employment related deaths. Workers compensation laws are administered by state agencies with each state having its own set of rules and regulations regarding compensation that is owed to an employee that is injured in the course of employment. CONSOL Energy primarily provides for these claims through a self-insurance program. CONSOL Energy recognizes an actuarial present value of the estimated workers compensation obligation calculated by independent actuaries. The calculation is based on claims filed and an estimate of claims incurred but not yet reported as well as various assumptions. The assumptions include discount rate, future health care trend rate, benefit duration and recurrence of injuries. Actuarial gains associated with workers compensation have resulted from discount rate changes, several years of favorable claims experience, various favorable state legislation changes and overall lower incident rates than our assumptions. CONSOL Energy adopted the measurement provisions of the Defined Benefit Plans Topic of the FASB Accounting Standards Codification during the year ended December31, 2008. As a result of this adoption, the Company recognized an increase of $4,871 and $11,523 in liabilities for coal workers pneumoconiosis and workers compensation, respectively. These increases were accounted for as a reduction in the January1, 2008 balance of retained earnings. CWP December31, Workers Compensation December31, 2009 2008 2009 2008 Change in benefit obligation: Benefit obligation at beginning of period $ 200,094 $ 182,872 $ 159,761 $ 162,060 |
Other Employee Benefit Plans:
Other Employee Benefit Plans: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Other Employee Benefit Plans: | Note 17Other Employee Benefit Plans: UMWA Pension and Benefit Trusts: Certain subsidiaries of CONSOL Energy also participate in a defined benefit multi-employer pension plan negotiated with the United Mine Workers of America (the UMWA) and contained in the National Bituminous Coal Wage Agreement (the NBCWA). The NBCWA currently calls for contribution amounts to be paid into the multi-employer 1974 Pension Trust based principally on hours worked by UMWA-represented employees. The current contribution rates called for by the NBCWA are: $4.25 per hour worked in 2009, $5.00 per hour worked in 2010 and $5.50 per hour worked in 2011. Total contributions for a year may differ from total expenses for the year due to the timing of actual contributions compared to the date of assessment. Total contributions to the UMWA 1974 Pension Trust were $25,620, $21,140 and $11,354 for the years ended December31, 2009, 2008 and 2007, respectively. These multi-employer pension plan contributions are expensed as incurred. The Pension Protection Act requires a minimum funding ratio of 80% be maintained for this multi-employer pension plan and if the plan is determined to have a funded ratio of less than 80% it will be deemed to be endangered or "seriously endangered", and if less than 65%, it will be deemed to be in critical status, and will in either case be subject to additional funding requirements. Under the Pension Act, the multi-employer plan's actuary must certify the plan's funded status for each plan year. Based on an estimated funded percentage of 91.4%, a certification was provided by the multi-employer plan actuary, stating that the 1974 Pension Trust was in neither endangered nor critical status for the plan year beginning July1, 2008. However, the volatile economic environment and the recent rapid deterioration in the equity markets caused investment income and the value of investment assets held in the 1974 Pension Trust to decline and lose value. In late 2008, the Worker, Retiree and Employer Recovery Act of 2008 (WRERA) was enacted. Under WRERA, a plan is permitted temporarily to avoid applying the Pension Act's requirements for improving its financial status by giving a plan the option to elect to retain its prior year zone status and to freeze the plan's zone status at the level determined for 2008. WRERA also required that the plan's actuary certify the plan's actual zone status for 2009. On September28, 2009, based on an estimated funded percentage of 74%, the 1974 Pension Trust's actuary provided the Pension Act zone certification for 2009, certifying that the 1974 Pension Trust is seriously endangered for the plan year beginning July1, 2009. Thereafter, pursuant to WRERA, the 1974 Pension Trust elected to retain its 2008 funded status of neither endangered nor critical for the plan year beginning July1, 2009. If the freeze election had not been made, the 1974 Pension Trust's zone status for 2009 as certified by its actuary would have been seriously endangered and the 1974 Pension Trust would have been required to develop a funding improvement plan. The freeze election only applies for the 2009 plan year. If the 1974 Pension Trus |
Stock-Based Compensation:
Stock-Based Compensation: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Stock-Based Compensation: | Note 18Stock-Based Compensation: CONSOL Energy adopted the CONSOL Energy Inc. Equity Incentive Plan on April7, 1999. The plan provides for grants of stock-based awards to key employees and to non-employee directors. Amendments to the plan have been approved by the Board of Directors since the commencement of the plan. In 2009, the Board of Directors approved an increase in the total number of shares by 5,600,000 bringing the total number of shares of common stock that can be covered by grants at December31, 2009 to 23,800,000 of which 2,600,000 are available for issuance of awards other than stock options. The Plan, as amended, will provide that the aggregate number of shares available for issuance under the Plan will be reduced by one share for each share issued in settlement of Performance Share Units (PSUs) or Restricted Stock Units (RSUs) and by 1.44 for any other award. No award of stock options may be exercised under the plan after the tenth anniversary of the effective date of the award. In accordance with the Stock Compensation Topic of the FASB Accounting Standards Codification, CONSOL Energy recognizes stock-based compensation costs net of an estimated forfeiture rate and recognizes the compensation costs for only those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term, or to an employees eligible retirement date, if earlier and applicable. The total stock-based compensation expense recognized was $32,723, $21,807 and $20,983 for the years ended December31, 2009, 2008 and 2007, respectively. The related deferred tax benefit totaled $12,490, $8,293 and $7,938, for the years ended December31, 2009, 2008 and 2007, respectively. CONSOL Energy examined its historical pattern of option exercises in an effort to determine if there were any discernable activity patterns based on certain employee populations. From this analysis, CONSOL Energy identified two distinct employee populations. CONSOL Energy used the Black-Scholes option pricing model to value the options for each of the employee populations. The table below presents the weighted average expected term in years of the two employee populations. The expected term computation is based upon historical exercise patterns and post-vesting termination behavior of the populations. The risk-free interest rate was determined for each vesting tranche of an award based upon the calculated yield on U.S. Treasury obligations for the expected term of the award. The expected forfeiture rate is based upon historical forfeiture activity. A combination of historical and implied volatility is used to determine expected volatility and future stock price trends. Total fair value of options granted during the years ended December31, 2009, 2008 and 2007 were $9,950, $11,395 and $9,912, respectively. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values: December31, 2009 2008 2007 Weighted average fair value of grants $ 14.48 $ 29.44 $ 11.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Accumulated Other Comprehensive Loss: | Note 19Accumulated Other Comprehensive Loss: Components of accumulated other comprehensive loss consists of the following: Treasury Rate Lock Change in Fair Value of Cash Flow Hedges Adjustments forActuarially Determined Liabilities Adjustments for Non- controlling Interest Accumulated Other Comprehensive Loss Balance at December31, 2006 $ 421 $ 1,346 $ (377,484 ) $ $ (375,717 ) Net increase in value of cash flow hedges 23,943 (4,370 ) 19,573 Reclassification of cash flow hedges from other comprehensive income to earnings (19,729 ) 3,601 (16,128 ) Current period change (81 ) (47,009 ) 78 (47,012 ) Balance at December31, 2007 340 5,560 (424,493 ) (691 ) (419,284 ) Net increase in value of cash flow hedges 117,699 (20,646 ) 97,053 Reclassification of cash flow hedges from other comprehensive income to earnings 947 (166 ) 781 Current period change (77 ) (140,305 ) 19 (140,363 ) Prior period adjustment (87 ) (87 ) Balance at December31, 2008 263 124,206 (564,885 ) (21,484 ) (461,900 ) Net increase in value of cash flow hedges 186,824 (31,162 ) 155,662 Reclassification of cash flow hedges from other comprehensive income to earnings (239,956 ) 40,024 (199,932 ) Current period change (83 ) (134,549 ) 298 (134,334 ) Balance at December31, 2009 $ 180 $ 71,074 $ (699,434 ) $ (12,324 ) $ (640,504 ) The cash flow hedges that CONSOL Energy holds are disclosed in Note 23. The adjustments for Actuarially Determined Liabilities are disclosed in Note 15 and Note 16. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Supplemental Cash Flow Information: | Note 20Supplemental Cash Flow Information: For the Years Ended December31, 2009 2008 2007 Cash paid during the year for: Interest (net of amounts capitalized) $ 26,425 $ 33,236 $ 26,415 Income taxes $ 131,043 $ 95,101 $ 103,194 Non-cash investing and financing activities: Adoption of Accounting for Uncertainty in Income Taxes Change in Assets $ $ $ (39,207 ) Change in Liabilities $ $ $ (39,207 ) Businesses acquired (Note 2) Fair value of assets acquired $ 28,113 $ (26,892 ) $ (132,694 ) Liabilities assumed $ 28,113 $ (26,892 ) $ (132,694 ) Note received from property sales $ (1,789 ) $ $ (200 ) Capital Lease Obligation Change in Assets $ (3,375 ) $ 2,622 $ (1,083 ) Change in Liabilities $ (3,375 ) $ 2,622 $ (1,083 ) Purchase of Property, Plant and Equipment Change in Assets $ 46,938 $ (75,818 ) $ 3,219 Change in Liabilities $ 46,938 $ (75,818 ) $ 3,219 Accounting for Mine Closing, Reclamation and Gas Well Closing Costs Change in Assets $ 283 $ (29,088 ) $ 3,403 Change in Liabilities $ 283 $ (29,088 ) $ 3,403 |
Concentration of Credit Risk an
Concentration of Credit Risk and Major Customers: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Concentration of Credit Risk and Major Customers: | Note 21Concentration of Credit Risk and Major Customers: CONSOL Energy markets steam coal, principally to electric utilities in the United States, Canada and Western Europe, metallurgical coal to steel and coke producers worldwide, and natural gas primarily to gas wholesalers. As of December31, 2009 and 2008, accounts receivable from utilities were $215,743 and $222,808, respectively. As of December31, 2009 and 2008, accounts receivable from steel and coke producers were $43,448 and $40,788, respectively. As of December31, 2009 and 2008, accounts receivable from gas wholesalers were $43,421 and $61,764, respectively. Credit is extended based on an evaluation of the customers financial condition, and generally collateral is not required. Credit losses have been consistently minimal. For the years ended December31, 2009, 2008 and 2007, no customer comprised over 10% of our revenues. |
Fair Values of Financial Instru
Fair Values of Financial Instruments: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Fair Values of Financial Instruments: | Note 22Fair Values of Financial Instruments: Effective January1, 2008, CONSOL Energy adopted the provision for Fair Value of Financial Assets and Financial Liabilities as required by the Financial Accounting Standards Board Accounting Standards Codification. As a result of the adoption, CONSOL Energy elected not to measure any additional financial assets or liabilities at fair value, other than those which were previously recorded at fair value prior to the adoption. The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at December31, 2009 Description QuotedPricesin ActiveMarketsfor IdenticalLiabilities (Level 1) SignificantOther ObservableInputs (Level 2) Significant Unobservable Inputs (Level3) Gas Cash Flow Hedges $ $ 117,483 $ The following methods and assumptions were used to estimate the fair values of financial instruments, which the fair value option was not elected: Cash and cash equivalents: The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value due to the short maturity of these instruments. Short-term notes payable: The carrying amount reported in the balance sheets for short-term notes payable approximates its fair value due to the short-term maturity of these instruments. Long-term debt: The fair values of long-term debt are estimated using discounted cash flow analyses, based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: December31, 2009 December31, 2008 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 65,607 $ 65,607 $ 138,512 $ 138,512 Short-term notes payable $ (472,850 ) $ (472,850 ) $ (557,700 ) $ (557,700 ) Long-term debt $ (402,753 ) $ (420,056 ) $ (402,287 ) $ (390,278 ) |
Derivative Instruments:
Derivative Instruments: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Derivative Instruments: | Note 23Derivative Instruments: CONSOL Energy enters into financial derivative instruments to manage our exposure to commodity price volatility. Our derivatives are accounted for under the Derivatives and Hedging Topic of the Financial Accounting Standards Board Accounting Standards Codification. We measure each derivative instrument at fair value and record it on the balance sheet as either an asset or liability. Changes in the fair value of the derivatives are recorded currently in earnings unless special hedge accounting criteria are met. For derivatives designated as fair value hedges, the changes in fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivative are reported in Other Comprehensive Income or Loss (OCI) and reclassified into earnings in the same period or periods which the forecasted transaction affects earnings. The ineffective portions of hedges are recognized in earnings in the current year. CONSOL Energy currently utilizes only cash flow hedges that are considered highly effective. CONSOL Energy formally assesses both at inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in the fair values or the cash flows of the hedged item. If it is determined that a derivative is not highly effective as a hedge or if a derivative ceases to be a highly effective hedge, CONSOL Energy will discontinue hedge accounting prospectively. CONSOL Energy is exposed to credit risk in the event of nonperformance by counterparties. The creditworthiness of counterparties is subject to continuing review. All of the counterparties to CONSOL Energys natural gas derivative instruments also participate in CONSOL Energys revolving credit facility. The Company has not experienced any issues of non-performance by derivative counterparties. CONSOL Energy has entered into forward and option contracts on various commodities to manage the price risk associated with the forecasted revenues from those commodities. The objective of these hedges is to reduce the variability of the cash flows associated with the forecasted revenues from the underlying commodities. As of December31, 2009, the total notional amount of the Companys outstanding natural gas forward contracts was 85.1 billion cubic feet. These forward contracts are forecasted to settle through December31, 2012 and meet the criteria for cash flow hedge accounting. During the next year, $60,307 of unrealized gain is expected to be reclassified from Other Comprehensive Income and into earnings. No gains or losses have been reclassified into earnings as a result of the discontinuance of cash flow hedges. As of December31, 2009, CONSOL Energy did not have any outstanding coal sales options. For the years ended December31, 2009 and 2008, CONSOL Energy recognized, in Other Income on the Consolidated Statement of Income, a gain of $2,368 and a loss of ($335), respectively, for the coal sales options which were not designated as hedging instruments. The fair value of CONSOL Energys deriv |
Commitments and Contingent Liab
Commitments and Contingent Liabilities: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Commitments and Contingent Liabilities: | Note 24Commitments and Contingent Liabilities: CONSOL Energy and its subsidiaries are subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. Our current estimates related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of CONSOL Energy. However, it is reasonably possible that the ultimate liabilities in the future with respect to these lawsuits and claims may be material to the financial position, results of operations or cash flows of CONSOL Energy. In 2008, the Pennsylvania Department of Conservation and Natural Resources (Commonwealth) filed a six-count Complaint in the Court of Common Pleas of Allegheny County, Pennsylvania, claiming that the Companys underground longwall mining activities caused cracks and seepage damage to the Ryerson Park Dam, thereby eliminating the Ryerson Park Lake. The Commonwealth claimed that the Company is liable for dam reconstruction costs, lake restoration costs and natural resources damages totaling $58,000. The Court stayed the proceedings in the state court, holding that the Commonwealth should pursue administrative agency review of the claim. Furthermore, the Court found that the Commonwealth could not recover natural resources damages under applicable law. The issue of whether the dam was damaged by subsidence is being reviewed by the Department of Environmental Protection (DEP). If the DEP determines that there is causation, a second phase will be set to determine the remedy. As to the underlying claim, the Company believes it is not responsible for the damage to the dam and that numerous grounds exist upon which to attack the propriety of the claims. The Company intends to vigorously defend the case. However, it is reasonably possible that the ultimate liability in the future with respect to these claims may be material to the financial position, results of operations, or cash flows of CONSOL Energy. One of our subsidiaries, Fairmont Supply Company (Fairmont), which distributes industrial supplies, currently is named as a defendant in approximately 22,500 asbestos claims in state courts in Pennsylvania, Ohio, West Virginia, Maryland, Mississippi, New Jersey and Illinois. Because a very small percentage of products manufactured by third parties and supplied by Fairmont in the past may have contained asbestos and many of the pending claims are part of mass complaints filed by hundreds of plaintiffs against a hundred or more defendants, it has been difficult for Fairmont to determine how many of the cases actually involve valid claims or plaintiffs who were actually exposed to asbestos-containing products supplied by Fairmont. In addition, while Fairmont may be entitled to indemnity or contribution in certain jurisdictions from manufacturers of identified products, the availability of such indemnity or contribution is unclear at this tim |
Segment Information:
Segment Information: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Segment Information: | Note 25Segment Information: CONSOL Energy has two principal business units: Coal and Gas. The principal activities of the Coal unit are mining, preparation and marketing of steam coal, sold primarily to power generators, and metallurgical coal, sold to metal and coke producers. The Coal unit includes four reportable segments. These reportable segments are Northern Appalachian, Central Appalachian, Metallurgical and Other Coal. Each of these reportable segments includes a number of operating segments (mines). For the year ended December31, 2009, the Northern Appalachian aggregated segment includes the following mines: Blacksville #2, Robinson Run, McElroy, Loveridge, Bailey, Enlow Fork, Mine 84 and Shoemaker. For the year ended December31, 2009, the Central Appalachian aggregated segment includes the following mines: Jones Fork Complex, the Miller Creek Complex, the Fola Complex and the Terry Eagle Complex. For the year ended December31, 2009, the Metallurgical aggregated segment includes the following mines: Buchanan and Amonate Complex. The Other Coal segment includes our purchased coal activities, idled mine cost, coal segment business units not meeting aggregation criteria, as well as various other activities assigned to the coal segment but not allocated to each individual mine. The principal activity of the Gas unit is to produce pipeline quality methane gas for sale primarily to gas wholesalers. CONSOL Energys All Other segment includes terminal services, river and dock services, industrial supply services and other business activities, including rentals of buildings and flight operations. Intersegment sales have been recorded at amounts approximating market. Operating profit for each segment is based on sales less identifiable operating and non-operating expenses. Certain reclassifications of 2008 and 2007 segment information have been made to conform to the 2009 presentation. Industry segment results for the year ended December31, 2009 are: Northern Appalachian Central Appalachian Metallurgical OtherCoal TotalCoal Gas AllOther Corporate, Adjustments Eliminations Consolidated Salesoutside $ 2,545,779 $ 460,973 $ 248,543 $ 154,591 $ 3,409,886 $ 628,929 $ 272,976 $ $ 4,311,791 (A) SalesPurchased Gas 7,040 7,040 SalesGas Royalty Interests 40,951 40,951 Freightoutside 148,907 148,907 148,907 Intersegment transfers 1,671 152,375 (154,046 ) Total Sales and Freight $ 2,545,779 $ 460,973 $ 248,543 $ 303,498 $ 3,558,793 $ 678,591 $ 425,351 $ (154,046 ) $ 4,508,689 Earnings (Loss) Before Income Taxes $ 666,476 $ 30,401 $ 74,689 $ (155,764 ) $ 615,802 $ 261,835 $ 9,983 $ (99,275 ) $ 788,345 (B) Segment assets |
Guarantor Subsidiaries Financia
Guarantor Subsidiaries Financial Information: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Guarantor Subsidiaries Financial Information: | Note 26Guarantor Subsidiaries Financial Information: The payment obligations under the $250,000, 7.875 percent per annum notes due March1, 2012 issued by CONSOL Energy are jointly and severally, and also fully and unconditionally guaranteed by several subsidiaries of CONSOL Energy. In accordance with positions established by the Securities and Exchange Commission (SEC), the following financial information sets forth separate financial information with respect to the parent, CNX Gas, an 83.3% owned guarantor subsidiary, the remaining guarantor subsidiaries and the non-guarantor subsidiaries. CNX Gas is presented in a separate column in accordance with SEC Regulation S-X Rule 3-10. CNX Gas Corporation is a reporting company under Section12(b) of the Securities Exchange Act of 1933, and as such, CNX Gas Corporation files its own financial statements with the Securities and Exchange Commission and those financial statements, when filed, are publicly available on Edgar. The principal elimination entries include investments in subsidiaries and certain intercompany balances and transactions. CONSOL Energy, the parent, and a guarantor subsidiary manage several assets and liabilities of all other 100% owned subsidiaries. These include, for example, deferred tax assets, cash and other post-employment liabilities. These assets and liabilities are reflected as parent company or guarantor company amounts for purposes of this presentation. Income Statement for the Year Ended December31, 2009: Parent CNX Gas Guarantor Other Subsidiary Guarantors Non-Guarantors Elimination Consolidated SalesOutside $ $ 630,598 $ 3,487,022 $ 197,350 $ (3,179 ) $ 4,311,791 SalesPurchased gas 7,040 7,040 SalesGas Royalty Interest 40,951 40,951 FreightOutside 148,907 148,907 Other Income (including equity earnings) 622,216 4,855 76,442 22,173 (612,500 ) 113,186 Total Revenue and Other Income 622,216 683,444 3,712,371 219,523 (615,679 ) 4,621,875 Cost of Goods Sold and Other Operating Charges 84,960 155,583 2,083,462 190,854 242,193 2,757,052 Purchased Gas Costs 6,442 6,442 Gas Royalty Interest 32,423 (47 ) 32,376 Related Party Activity 7,052 132,106 1,495 (140,653 ) Freight Expense 148,907 148,907 Selling, General and Administrative Expense 99,526 118,287 1,287 (88,396 ) 130,704 Depreciation, Depletion and Amortization 13,022 107,251 316,352 2,654 (1,862 ) 437,417 Interest Expense 13,229 7,568 10,959 15 (352 ) 31,419 Taxes Other Than Income 9,576 12,590 265,180 2,595 289,941 Black Lung Excise Tax Refund (728 ) (728 ) |
Supplemental Coal Data
Supplemental Coal Data (unaudited): | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Supplemental Coal Data (unaudited): | Supplemental Coal Data (unaudited): MillionsofTons FortheYearEndedDecember31, 2009 2008 2007 2006 2005 Proved and probable reserves at beginning of period 4,543 4,526 4,272 4,546 4,509 Purchased reserves 5 177 3 56 Reserves sold in place (3 ) (12 ) (33 ) (2 ) (2 ) Production (59 ) (65 ) (65 ) (67 ) (69 ) Revisions and other changes 34 94 175 (208 ) 52 Consolidated proved and probable reserves at end of period* 4,520 4,543 4,526 4,272 4,546 Proportionate share of proved and probable reserves of unconsolidated equity affiliates* 170 171 179 * Proved and probable coal reserves are the equivalent of demonstrated reserves under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. CONSOL Energys coal reserves are located in nearly every major coal-producing region in North America. At December31, 2009, 898million tons were assigned to mines either in production, temporarily idle, or under development. The proved and probable reserves at December31, 2009 include 3,960million tons of steam coal reserves, of which approximately 8 percent has a sulfur content equivalent to less than 1.2 pounds sulfur dioxide per million British thermal unit (Btu), and an additional 14 percent has a sulfur content equivalent to between 1.2 and 2.5 pounds sulfur dioxide per million Btu. The reserves also include 560million tons of metallurgical coal in consolidated reserves, of which approximately 62 percent has a sulfur content equivalent to less than 1.2 pounds sulfur dioxide per million Btu, and an additional 37 percent has a sulfur content equivalent to between 1.2 and 2.5 pounds sulfur dioxide per million Btu. A significant portion of this metallurgical coal can also serve the steam coal market. |
Supplemental Gas Data
Supplemental Gas Data (unaudited) | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Supplemental Gas Data (unaudited) | Other Supplemental InformationSupplemental Gas Data (unaudited) The following information was prepared in accordance with the Financial Accounting Standards Boards Accounting Standards Update No.2010-03, Extractive ActivitiesOil and Gas (Topic 932). Capitalized Costs: As of December31, 2009 2008 Proved properties $ 152,010 $ 121,605 Unproved properties 271,553 220,848 Wells and related equipment 1,171,146 1,019,880 Gathering assets 804,212 740,396 Total Property, Plant and Equipment 2,398,921 2,102,729 Accumulated Depreciation, Depletion and Amortization (429,966 ) (319,959 ) Net Capitalized Costs $ 1,968,955 $ 1,782,770 Costs incurred for property acquisition, exploration and development (*): For the Years Ended December31, 2009 2008 2007 Property acquisitions and other changes Proved properties $ 30,405 $ 17,090 $ 33,205 Unproved properties 50,705 119,168 80,313 Development 181,944 378,119 257,935 Exploration 46,023 68,495 16,503 Total $ 309,077 $ 582,872 $ 387,956 (*) Includes costs incurred whether capitalized or expensed. Results of Operations for Producing Activities: For the Twelve Months Ended December31, 2009 2008 2007 Consolidated Operations Equity Affiliates Consolidated Operations Equity Affiliates Consolidated Operations Equity Affiliates Production Revenue $ 630,598 $ $ 688,325 $ $ 416,452 $ 2,755 Royalty Interest Gas Revenue 40,951 79,302 46,586 294 Purchased Gas Revenue 7,040 8,464 7,628 201 Total Revenue 678,589 776,091 470,666 3,250 Lifting Costs 55,285 67,653 38,721 679 Gathering Costs 95,687 83,752 61,798 630 Royalty Interest Gas Costs 32,423 74,041 40,011 294 Other Costs 45,795 34,078 19,772 646 Purchased Gas Costs 6,442 8,175 7,162 165 DDA 107,251 70,010 48,961 294 Total Costs 342,883 337,709 216,425 2,708 Pre-tax Operating Income 335,706 438,382 254,241 542 Income Taxes 125,890 171,407 98,595 210 Results of Operations for Producing Activities excluding Corporate and Interest Costs $ 209,816 $ $ 266,975 $ $ 155,646 $ 332 The following is production, average sales price and average production costs, excluding ad valorem and severance taxes, per unit of production: For the Years Ended Dece |
Standardized Measure of Discoun
Standardized Measure of Discounted Future Net Cash Flows: | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Standardized Measure of Discounted Future Net Cash Flows: | Standardized Measure of Discounted Future Net Cash Flows: The following information has been prepared in accordance with the provisions of the Financial Accounting Standards Boards Accounting Standards Update No.2010-03, Extractive ActivitiesOil and Gas (Topic 932). This topic requires the standardized measure of discounted future net cash flows to be based on the average, first-day-of-the-month price for the year ended December31, 2009. Because prices used in the calculation are average prices for that year, the standardized measure could vary significantly from year to year based on the market conditions that occurred. The projections should not be viewed as realistic estimates of future cash flows, nor should the standardized measure be interpreted as representing current value to CNX Gas. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary. CNX Gas investment and operating decisions are not based on the information presented, but on a wide range of reserve estimates that include probable as well as proved reserves and on a different price and cost assumptions. The standardized measure is intended to provide a better means for comparing the value of CNX Gas proved reserves at a given time with those of other gas producing companies than is provided by a comparison of raw proved reserve quantities. December31, 2009 2008 2007 Future Cash Flows: Revenues $ 7,975,195 $ 8,856,817 $ 9,509,665 Production costs (3,123,532 ) (3,525,902 ) (3,004,619 ) Development costs (995,569 ) (793,592 ) (636,436 ) Income tax expense (1,465,075 ) (1,713,713 ) (2,259,415 ) Future Net Cash Flows 2,391,019 2,823,610 3,609,195 Discounted to present value at a 10% annual rate (1,496,668 ) (1,605,176 ) (2,219,655 ) Total standardized measure of discounted net cash flows(a) $ 894,351 $ 1,218,434 $ 1,389,540 (a) The estimated effect on the PV-10 calculation of initially applying the amendments of ASC 932 in ASU 2010-03 was $39,059. The following are the principal sources of change in the standardized measure of discounted future net cash flows during: December31, 2009 2008 2007 Consolidated Operations Consolidated Operations Equity Affiliates Consolidated Operations Equity Affiliates Balance at beginning of period $ 1,218,434 $ 1,384,983 $ 4,557 $ 933,186 $ 1,705 Net changes in sales prices and production costs (333,130 ) (676,358 ) 1,681,550 7,356 Sales net of production costs (335,706 ) (438,382 ) (207,688 ) (1,122 ) Net change due to revisions in quantity estimates 189,583 (63,547 ) 479,618 5,9 |
Supplemental Quarterly Informat
Supplemental Quarterly Information (unaudited): | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Supplemental Quarterly Information (unaudited): | Supplemental Quarterly Information (unaudited): (Dollars in thousands) Three Months Ended March31, 2009 June30, 2009 September30, 2009 December31, 2009 Sales $ 1,164,341 $ 1,003,973 $ 1,032,531 $ 1,158,937 Freight Revenue $ 30,916 $ 27,087 $ 36,130 $ 54,774 Cost of Goods Sold and Other Operating Charges (including Gas Royalty Interests Costs and Purchased Gas Costs) $ 680,095 $ 649,704 $ 714,627 $ 751,444 Freight Expense $ 30,916 $ 27,087 $ 36,130 $ 54,774 Net Income $ 204,971 $ 118,839 $ 93,286 $ 150,046 Net Income Attributable to CONSOL Energy Inc Shareholders $ 195,819 $ 113,339 $ 87,370 $ 143,189 Total Earnings per Share Basic $ 1.08 $ 0.63 $ 0.48 $ 0.80 Diluted $ 1.08 $ 0.62 $ 0.48 $ 0.77 Weighted Average Shares Outstanding Basic 180,576,479 180,644,498 180,725,194 180,823,733 Diluted 182,150,090 183,073,413 183,191,667 183,651,382 Three Months Ended March 31, 2008 June 30, 2008 September 30, 2008 December 31, 2008 Sales $ 906,368 $ 1,135,572 $ 1,076,960 $ 1,150,435 Freight Revenue $ 44,744 $ 63,927 $ 60,458 $ 47,839 Cost of Goods Sold and Other Operating Charges (including Gas Royalty Interests Costs and Purchased Gas Costs) $ 656,223 $ 764,137 $ 762,767 $ 742,213 Freight Expense $ 44,744 $ 63,927 $ 60,458 $ 47,839 Net Income $ 84,231 $ 112,790 $ 102,416 $ 186,224 Net Income Attributable to CONSOL Energy Inc Shareholders $ 75,082 $ 101,012 $ 90,054 $ 176,322 Total Earnings per Share Basic $ 0.41 $ 0.55 $ 0.49 $ 0.98 Diluted $ 0.41 $ 0.54 $ 0.49 $ 0.97 Weighted Average Shares Outstanding Basic 182,572,985 182,977,726 183,202,086 180,799,712 Diluted 185,192,551 185,637,248 185,591,759 182,327,963 |
SCHEDULE II Valuation and Quali
SCHEDULE II Valuation and Qualifying Accounts | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
SCHEDULE II Valuation and Qualifying Accounts | SCHEDULE II CONSOL ENERGY INC. AND SUBSIDIARIES Valuation and Qualifying Accounts (Dollars in thousands) Balanceat Beginning of Period Additions Deductions BalanceatEnd of Period Chargedto Expense ReleaseofValuation Allowance Year Ended December 31, 2009 State operating loss carry-forwards $ 34,714 $ 2,640 $ (302 ) $ 37,052 Deferred deductible temporary differences 26,184 949 (2,562 ) 24,571 Total $ 60,898 $ 3,589 $ (2,864 ) $ 61,623 Year Ended December 31, 2008 State operating loss carry-forwards $ 36,785 $ $ (2,071 ) $ 34,714 Deferred deductible temporary differences 23,123 3,061 26,184 Total $ 59,908 $ 3,061 $ (2,071 ) $ 60,898 Year Ended December 31, 2007 State operating loss carry-forwards $ 38,237 $ $ (1,452 ) $ 36,785 Deferred deductible temporary differences 27,847 (4,724 ) 23,123 Total $ 66,084 $ $ (6,176 ) $ 59,908 |
Document Information
Document Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | 2009-12-31 |
Entity Information
Entity Information (USD $) | |||
12 Months Ended
Dec. 31, 2009 | Jan. 29, 2010
| Jun. 30, 2009
| |
Trading Symbol | CNX | ||
Entity Registrant Name | CONSOL Energy Inc | ||
Entity Central Index Key | 0001070412 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 181,159,911 | ||
Entity Public Float | $6,131,030,034 |