Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CNX Coal Resources LP | |
Entity Central Index Key | 1,637,558 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 11,611,067 |
Combined Statements of Operatio
Combined Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Revenues [Abstract] | |||||
Coal Revenue | $ 63,799 | $ 86,989 | $ 140,686 | $ 169,405 | |
Freight Revenue | 541 | 1,344 | 1,015 | 2,830 | |
Other Income | 135 | 6,911 | 351 | 7,211 | |
Gain on Sale of Assets | 10 | 9 | 25 | 117 | |
Total Revenue and Other Income | 64,485 | 95,253 | 142,077 | 179,563 | |
Costs and Expenses [Abstract] | |||||
Operating and Other Costs | [1] | 35,341 | 46,699 | 77,616 | 84,916 |
Royalties and Production Taxes | 2,911 | 4,086 | 5,742 | 7,728 | |
Selling and Direct Administrative Expenses | [2] | 1,319 | 1,787 | 2,612 | 3,429 |
Depreciation, Depletion and Amortization | 9,295 | 8,928 | 18,265 | 15,960 | |
Freight Expense | 541 | 1,344 | 1,015 | 2,830 | |
General and Administrative Expenses—Related Party | 975 | 1,298 | 2,022 | 2,549 | |
Other Corporate Expenses | [3] | 1,799 | 1,747 | 2,771 | 4,423 |
Interest Expense | [4] | 2,328 | 2,048 | 4,709 | 2,519 |
Total Costs | 54,509 | 67,937 | 114,752 | 124,354 | |
Net Income | $ 9,976 | $ 27,316 | $ 27,325 | $ 55,209 | |
[1] | Related Party of $1,004 and $4,182 for the three months ended and $1,788 and $7,036 for the six months ended June 30, 2015 and June 30, 2014, respectively. | ||||
[2] | Related Party of $1,137 and $1,615 for the three months ended and $2,263 and $3,119 for the six months ended June 30, 2015 and June 30, 2014, respectively. | ||||
[3] | Related Party of $1,771 and $1,702 for the three months ended and $2,698 and $4,328 for the six months ended June 30, 2015 and June 30, 2014, respectively. | ||||
[4] | Related Party of $2,433 and $2,358 for the three months ended and $4,840 and $4,687 for the six months ended June 30, 2015 and June 30, 2014, respectively. |
Combined Statements of Operati3
Combined Statements of Operations - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest expense | $ 2,433 | $ 2,358 | $ 4,840 | $ 4,687 |
Operating and Other Costs | ||||
Related party expenses | 1,004 | 4,182 | 1,788 | 7,036 |
Selling and Direct Administrative Expenses | ||||
Related party expenses | 1,137 | 1,615 | 2,263 | 3,119 |
Other Corporate Expenses - Related Party | ||||
Related party expenses | $ 1,771 | $ 1,702 | $ 2,698 | $ 4,328 |
Combined Statements of Comprehe
Combined Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 9,976 | $ 27,316 | $ 27,325 | $ 55,209 |
Other Comprehensive Income (Loss): | ||||
Actuarially Determined Long-Term Liability Adjustments | (387) | (357) | (1,389) | (714) |
Other comprehensive income | (387) | (357) | (1,389) | (714) |
Comprehensive Income (Loss) | $ 9,589 | $ 26,959 | $ 25,936 | $ 54,495 |
Combined Balance Sheets
Combined Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 3 | $ 3 |
Other Receivables | 1,486 | 384 |
Inventories | 11,873 | 10,639 |
Prepaid Expenses | 3,434 | 3,922 |
Total Current Assets | 16,796 | 14,948 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment | 701,568 | 686,593 |
Less: Accumulated depreciation, depletion and amortization | 305,566 | 287,707 |
Total Property, Plant and Equipment—Net | 396,002 | 398,886 |
Other Assets [Abstract] | ||
Other | 5,337 | 4,977 |
Total Other Assets | 5,337 | 4,977 |
TOTAL ASSETS | 418,135 | 418,811 |
Current Liabilities: | ||
Accounts Payable | 10,434 | 15,782 |
Current Portion of Long Term Notes—Related Party | 44,479 | 17,931 |
Current Portion of Long Term Debt—Other | 338 | 330 |
Other Accrued Liabilities | 39,182 | 35,502 |
Total Current Liabilities | 94,433 | 69,545 |
Long-Term Debt: | ||
Long-Term Notes Payable—Related Party | 139,115 | 160,831 |
Advanced Royalty Commitments | 278 | 278 |
Capital Lease Obligations | 63 | 51 |
Total Long-Term Debt | 139,456 | 161,160 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions | 0 | 5,279 |
Pneumoconiosis Benefits | 1,291 | 1,250 |
Asset Retirement Obligations | 7,418 | 7,961 |
Workers’ Compensation | 2,917 | 2,381 |
Other | 639 | 609 |
Total Deferred Credits and Other Liabilities | 12,265 | 17,480 |
TOTAL LIABILITIES | 246,154 | 248,185 |
Invested Equity: | ||
Parent Net Investment | 142,003 | 139,259 |
Accumulated Other Comprehensive Income | 29,978 | 31,367 |
Total Invested Equity | 171,981 | 170,626 |
TOTAL LIABILITIES AND INVESTED EQUITY | $ 418,135 | $ 418,811 |
Combined Statement of Net Inves
Combined Statement of Net Investment - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Partners' Capital, Beginning Balance | $ 170,626 | |
Net Income | $ 9,976 | 27,325 |
Actuarially Determined Long-Term Liability Adjustments | (387) | (1,389) |
Comprehensive Income (Loss) | 9,589 | 25,936 |
Net Change in Parent Advances | (24,581) | |
Partners' Capital, Ending Balance | 171,981 | 171,981 |
AOCI Attributable to Parent | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Partners' Capital, Beginning Balance | 31,367 | |
Actuarially Determined Long-Term Liability Adjustments | (1,389) | |
Comprehensive Income (Loss) | (1,389) | |
Partners' Capital, Ending Balance | 29,978 | 29,978 |
Net Investment From Parent | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Partners' Capital, Beginning Balance | 139,259 | |
Net Income | 27,325 | |
Comprehensive Income (Loss) | 27,325 | |
Net Change in Parent Advances | (24,581) | |
Partners' Capital, Ending Balance | $ 142,003 | $ 142,003 |
Combined Statements of Cash Flo
Combined Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 27,325 | $ 55,209 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||
Depreciation, Depletion and Amortization | 18,265 | 15,960 |
Gain on Sale of Assets | (25) | (117) |
Amortization of Mineral Leases | 300 | 579 |
Changes in Operating Assets: | ||
Other Receivables | (1,102) | (6,815) |
Inventories | (1,234) | 1,017 |
Prepaid Expenses | 488 | 1,170 |
Changes in Operating Liabilities: | (360) | (898) |
Changes in Operating Liabilities: | ||
Accounts Payable | (4,939) | (1,110) |
Other Operating Liabilities | 3,917 | 522 |
Changes in Other Liabilities | (4,075) | (1,199) |
Other | (22) | (225) |
Net Cash Provided by Operating Activities | 38,538 | 64,093 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (13,593) | (45,809) |
Proceeds from Sales of Assets | 45 | 15,200 |
Net Cash Used in Investing Activities | (13,548) | (30,609) |
Cash Flows from Financing Activities: | ||
Payments on Miscellaneous Borrowings | 4,814 | 4,670 |
Net Change in Parent Advances | (29,804) | (38,152) |
Net Cash Used In Financing Activities | (24,990) | (33,482) |
Net Increase in Cash | 0 | 2 |
Cash at Beginning of Period | 3 | 3 |
Cash at End of Period | $ 3 | $ 5 |
Description of Business, Basis
Description of Business, Basis of Presentation and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Recent Accounting Pronouncements | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS: Description of Business: CNX Coal Resources LP (the “Partnership”) was formed by CONSOL Energy Inc. (“CONSOL Energy") in March 2015 as a Delaware limited partnership. Upon completion of the Partnership’s initial public offering on July 7, 2015 (“IPO”), CONSOL Energy contributed to the Partnership a 20% undivided interest in the combined assets, liabilities, revenues and expenses of CONSOL Pennsylvania Coal Company LLC ("CPCC") and Conrhein Coal Company ("Conrhein"). CPCC and Conrhein's assets and associated liabilities consist of the (i) Pennsylvania mining complex located in southwestern Pennsylvania, comprised of the Bailey mine, Enlow Fork mine and Harvey mine; (ii) coal reserves and properties associated with the Pennsylvania mining complex and (iii) the preparation plant, facilities, equipment and other infrastructure associated with the Pennsylvania mining complex. The 20% undivided interest in the historical combined assets, liabilities, revenues and expenses of CPCC and Conrhein represents the Partnership’s predecessor for accounting purposes (the “Predecessor”). The accompanying financial statements and related notes include a 20% undivided interest in the assets, liabilities and results of operations of CPCC and Conrhein, presented on a proportionate basis, as of June 30, 2015 and December 31, 2014 , and for the three and six months ended June 30, 2015 and 2014 . As used in these financial statements, the terms "we," "our," "us," or like terms refer to the Predecessor with respect to its 20% undivided interest in CPCC and Conrhein's combined assets, liabilities, revenues and expenses. References in these financial statements to "CONSOL Energy" refer collectively to CONSOL Energy Inc. and its consolidated subsidiaries, other than the Predecessor. Basis of Presentation: The accompanying Unaudited Combined Financial Statements were prepared from separate records maintained by CONSOL Energy, CPCC and Conrhein and may not necessarily be indicative of the conditions that would have existed, or the results of operations, if CPCC and Conrhein had been operated as unaffiliated entities. These Unaudited Combined Financial Statements were prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results of the Predecessor for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for future periods. The balance sheet at December 31, 2014 has been derived from the Audited Combined Financial Statements at that date but does not include all the notes required by U.S. GAAP for complete financial statements. For further information, refer to the Combined Financial Statements and related notes for the year ended December 31, 2014 included in the Predecessor’s prospectus dated June 30, 2015 and filed with the SEC on July 1, 2015 pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended (the "Prospectus"). As these Unaudited Combined Financial Statements represent the combination of two separate legal entities wholly owned by CONSOL Energy, the net assets of the Predecessor have been presented as a Parent Net Investment. Parent Net Investment is primarily comprised of the Predecessor’s undivided interest in (i) CONSOL Energy’s initial investment in CPCC and Conrhein(and any subsequent adjustments thereto); (ii) the accumulated net earnings; (iii) net transfers to or from CONSOL Energy, including those related to cash management functions performed by CONSOL Energy; (iv) non-cash changes in financing arrangements, including the conversion of certain related party liabilities into Parent Net Investment; and (v) corporate cost allocations. Transactions between the Predecessor and CONSOL Energy or CONSOL Energy’s other subsidiaries have been identified in the financial statements as transactions between related parties. Other Comprehensive Income: Changes in Accumulated Other Comprehensive Income by component were as follows: Postretirement Benefits Balance at December 31, 2014 $ 31,367 Other comprehensive income before reclassifications 3,842 Amounts reclassified from accumulated other comprehensive income (5,231 ) Other comprehensive income (1,389 ) Balance at June 30, 2015 $ 29,978 The following table shows the reclassification of adjustments out of Accumulated Other Comprehensive Income: For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 Actuarially Determined Long-Term Liability Adjustments Amortization of prior service costs $ (4,853 ) $ (466 ) $ (6,167 ) $ (933 ) Recognized net actuarial loss 623 109 936 219 Total $ (4,230 ) $ (357 ) $ (5,231 ) $ (714 ) Recent Accounting Pronouncements: In February 2015, the Financial Accounting Standards Board ("FASB") issued Update 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis. The objective of the amendments in this update is to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this update affect the following areas: (1) limited partnerships and similar legal entities; (2) evaluating fees paid to a decision maker or a service provider as a variable interest; (3) the effect of fee arrangements on the primary beneficiary determination; (4) the effect of related parties on the primary beneficiary determination; and (5) certain investment funds. Current U.S. GAAP includes different requirements for performing a consolidation analysis if, among other factors, the entity under evaluation is any one of the following: (1) a legal entity that qualifies for the indefinite deferral of Statement 167; (2) a legal entity that is within the scope of Statement 167; and (3) a limited partnership or similar legal entity that is considered a voting interest entity. Under the amendments in this update, all reporting entities are within the scope of Subtopic 810-10, Consolidation-Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. Overall, the amendments in this update are an improvement to current U.S. GAAP because they simplify the Codification and reduce the number of consolidated models through the elimination of the indefinite deferral of Statement 167 and because they place more emphasis on risk of loss when determining a controlling financial interest. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact this guidance may have on the Predecessor's financial statements. In April 2015, the FASB issued update 2015-03 - Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This update is part of the FASB's initiative to reduce complexity in accounting standards (the Simplification Initiative). The FASB received feedback that having different balance sheet presentation requirements for debt issuance costs and debt discounts and premiums creates unnecessary complexity. Recognizing debt issuance costs as a deferred charge (that is, an asset) also is different from the guidance in International Financial Reporting Standards ("IFRS"), which requires that transaction costs be deducted from the carrying value of the financial liability and not recorded as separate assets. Additionally, the requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, Elements of Financial Statements , which states that debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowing, thereby increasing the effective interest rate. Concepts Statement 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. To simplify the presentation of debt issuance costs, the amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. Management believes adoption of this new guidance will not have a material impact on the Predecessor's financial statements. I n April 2015, the FASB issued update 2015-06 - Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. When a general partner transfers (or “drops down”) net assets to a master limited partnership and that transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retrospectively to reflect the dropdown transaction as if it occurred on the earliest date during which the entities were under common control. The objective of this update is to address the diversity in practice in relation to presentation of historical earnings per unit for periods before the date of a dropdown transaction that occurs after formation of a master limited partnership. Some reporting entities recalculate previously reported earnings per unit by allocating the earnings (losses) of the transferred business that occurred in periods before the date of the dropdown transaction to the general partner, limited partners, and incentive distribution rights holders on a hypothetical basis and treat their rights to those earnings (losses) in a manner that is consistent with their contractual rights immediately after the dropdown transaction has occurred. Other reporting entities allocate the earnings (losses) of the transferred business that occurred in periods before the date of the dropdown transaction entirely to the general partner and do not adjust previously reported earnings per unit of the limited partners. The amendments in this update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The amendments in this Update should be applied retrospectively for all financial statements presented and are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier adoption is permitted. Management believes adoption of this new guidance will not have a material impact on the Predecessor's financial statements. In May 2014, the FASB issued Update 2014-09 - Revenue from Contracts with Customers (Topic 606). The objective of the amendments in this update is to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS. The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the guidance is that an entity 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. An entity should disclose sufficient information, both qualitative and quantitative, to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. Management is currently evaluating the impact this guidance may have on the Predecessor's financial statements. |
Initial Public and Concurrent P
Initial Public and Concurrent Private Placement Offering | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Initial Public and Concurrent Private Placement Offering | The Transaction On July 1, 2015, the Partnership’s common units began trading on the New York Stock Exchange under the ticker symbol “CNXC”. On July 7, 2015, the Partnership completed the IPO. In connection with the IPO and the Concurrent Private Placement (described below), we: • issued 1,050,000 common units (including 188,933 common units issued upon the expiration of the underwriters' option to purchase additional common units), and 11,611,067 subordinated units to CONSOL Energy, representing a 53.4% limited partner interest in us, and issued a 2.0% general partner interest in us and all of our incentive distribution rights to our general partner; • issued 5,000,000 common units to Greenlight Capital, representing a 21.1% limited partner interest in us (the "Concurrent Private Placement"), and distributed the proceeds to CONSOL Energy; • issued 5,561,067 common units (including 561,067 common units issued upon the partial exercise by the underwriters' of their option to purchase additional common units) to the public, representing a 23.5% limited partner interest in us; • entered into a new $400,000 revolving credit facility and made an initial draw of $200,000 , the net proceeds of which was distributed to CONSOL Energy at the completion of the IPO; and • entered into an operating agreement, employee services agreement, contract agency agreement, terminal and throughput agreement, cooperation and safety agreement, water supply and services agreement, omnibus agreement and contribution agreement with CONSOL Energy. Concurrent Private Placement In connection with the IPO, Greenlight Capital and certain of its affiliates entered into a common unit purchase agreement with us to purchase 5,000,000 common units at a price per unit equal to $15.00 equating to $75,000 in gross proceeds. In connection with our issuance and sale of common units pursuant to the Concurrent Private Placement, we relied upon the “private placement” exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) thereof and, accordingly, the common units issued to Greenlight Capital were not registered under the Securities Act. We distributed all of the proceeds from the Concurrent Private Placement to CONSOL Energy. Initial Public Offering As part of the IPO, we sold 5,000,000 common units to the public at a price per unit equal to $15.00 ( $14.10 per unit net of underwriting discount) equating to gross proceeds of $75,000 . After the deduction of the underwriting discount and structuring fees of $5,500 and offering expenses of approximately $3,634 , the net proceeds contributed to the Partnership were approximately $65,866 . We granted the underwriters a 30 -day option to purchase up to 750,000 common units from us at the IPO price, less the underwriter discount, if the underwriters sold more than 5,000,000 common units. The underwriters partially exercised this option and sold and additional 561,067 common units to the public at $15.00 ( $14.10 per unit net of underwriting discount) equating to additional net proceeds of $7,911 . We distributed $66,777 of net proceeds from the IPO to CONSOL Energy. We also issued the remaining 188,933 common units that the underwriters did not exercise their option on to CONSOL Energy. Revolving Credit Facility In connection with the IPO, we entered into a new $400,000 senior secured revolving credit facility with certain lenders and PNC Bank, National Association, as administrative agent (“PNC”). Obligations under our new revolving credit facility are guaranteed by certain of our subsidiaries (the“guarantor subsidiaries”) and are secured by substantially all of our and our subsidiaries’ assets pursuant to a security agreement and various mortgages. Borrowings under our revolving credit facility may be used by us to fund cash distributions, pay fees and expenses related to our new revolving credit facility and for general partnership purposes. In connection with the completion of the IPO and our entry into our new revolving credit facility, we made an initial draw of $200,000 and paid $3,000 in origination fees with net proceeds of $197,000 to be distributed to CONSOL Energy. Use of Proceeds In connection with the IPO, we used the net proceeds from the IPO, the proceeds from the Concurrent Private Placement and net borrowings under our new revolving credit facility to make a distribution of approximately $338,777 to CONSOL Energy. Based on the initial public offering price of $15.00 per common unit, the aggregate value of the common units and subordinated units that were issued to CONSOL Energy in connection with the completion of the IPO was approximately $189,916 . |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS: In March 2014, the Predecessor completed a sale-leaseback of longwall shields for the Harvey mine. Cash proceeds for the sale offset the basis of $15,071 ; therefore, no gain or loss was recognized on the sale. The five -year lease has been accounted for as an operating lease. |
Other Income
Other Income | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income | OTHER INCOME: Three Months Ended Six Months Ended 2015 2014 2015 2014 Right of Way Sales $ 72 $ 31 $ 227 $ 291 Rental Income 63 25 119 65 Source Water Sales — — 5 — Coal Contract Buyout — 6,000 — 6,000 Litigation — 855 — 855 Total Other Income $ 135 $ 6,911 $ 351 $ 7,211 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: June 30, December 31, Coal $ 2,896 $ 1,718 Supplies 8,977 8,921 Total Inventories $ 11,873 $ 10,639 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, depreciation, depletion and amortization, and other related costs. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: June 30, December 31, Coal and other plant and equipment $ 454,907 $ 441,933 Coal properties and surface lands 108,343 107,158 Airshafts 69,164 68,855 Mine development 65,234 65,340 Coal advance mining royalties 3,920 3,307 Total property, plant and equipment 701,568 686,593 Less: Accumulated depreciation, depletion and amortization 305,566 287,707 Total Net Property, Plant and Equipment $ 396,002 $ 398,886 Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary; 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. As of June 30, 2015 and December 31, 2014 , plant and equipment includes gross assets under capital lease of $ 382 and $ 333 , respectively. Accumulated amortization for capital leases was $ 281 and $ 252 at June 30, 2015 and December 31, 2014 , respectively. Amortization expense for assets under capital leases approximated $7 and $4 for the three months ended and $13 and $7 for the six months ended June 30, 2015 and June 30, 2014 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Combined Statements of Operations. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: June 30, December 31, 2014 Subsidence liability $ 22,656 $ 20,854 Accrued payroll and benefits 3,577 3,253 Deferred Revenue 2,241 286 Equipment Lease Rental 1,953 1,948 Litigation 1,710 2,346 Short-term incentive compensation 373 1,103 Other 1,834 1,955 Current portion of long-term liabilities: Postretirement benefits other than pensions 2,507 1,540 Workers' Compensation 1,025 922 Asset retirement obligations 1,168 1,150 Long-term disability 116 121 Pneumoconiosis benefits 22 24 Total Other Accrued Liabilities $ 39,182 $ 35,502 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT: June 30, December 31, CONSOL Financial Inc. Loan (5.27% weighted average interest rate at June 30, 2015 and 5.46% weighted average interest rate at December 31, 2014) $ 183,594 $ 178,762 Advance royalty commitments (7.91% weighted average interest rate for June 30, 2015 and December 31, 2014) 578 578 184,172 179,340 Less amounts due in one year * 44,779 18,231 Long-Term Debt $ 139,393 $ 161,109 ___________ *Excludes current portion of Capital Lease Obligations of $ 38 and $ 30 at June 30, 2015 and December 31, 2014 , respectively. The CONSOL Financial Inc. Loan represents multiple 10 -year term notes at the applicable federal rates upon execution, which are due at various future dates. On March 9, 2015, CPCC and Conrhein entered into a $600,000 commitment for a senior secured term loan facility of which the Predecessor would be liable for 20% . If drawn, the maturity date of the term loan facility would have been March 9, 2018 and the facility would have been secured by the thermal coal assets related to CONSOL Energy’s existing Pennsylvania operations along with CONSOL Energy providing a guarantee to the lenders and a pledge of its equity interests in CPCC and Conrhein. The term loan commitment expired on the consummation of the IPO. We have recorded $900 within Other Receivables on the combined balance sheets as of June 30, 2015, to capture the financing charges expected to be reimbursed from the lenders. |
Components of Other Post-Employ
Components of Other Post-Employment Benefit (OPEB) Plans Net Periodic Benefit Costs | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Other Post-Employment Benefit (OPEB) Plans Net Periodic Benefit Costs | COMPONENTS OF OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS: Components of net periodic benefit costs for the three and six months ended June 30, 2015 and 2014 are as follows: Other Post-Employment Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 Service cost $ — $ 185 $ — $ 371 Interest cost 18 352 47 704 Amortization of prior service credits (4,853 ) (466 ) (6,167 ) (933 ) Recognized net actuarial loss 635 160 959 320 Net periodic benefit cost $ (4,200 ) $ 231 $ (5,161 ) $ 462 On May 31, 2015, the Salaried OPEB and Production and Maintenance (P&M) OPEB plans were remeasured to reflect an announced plan amendment. Retirees will continue in the Salaried and P&M OPEB plans until December 31, 2015, and coverage thereafter will be eliminated. The amendment to the OPEB plan resulted in a reduction in the OPEB liability and an increase in Other Comprehensive Income of $3,771 . The Predecessor does not expect to contribute to the other post-employment benefit plan in 2015 as it intends to pay benefit claims as they become due. For the six months ended June 30, 2015 , $241 of other post-employment benefits have been paid. |
Components of Coal Workers' Pne
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs | COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS: Components of net periodic benefit costs for the three and six months ended June 30, 2015 and 2014 are as follows: CWP Workers' Compensation Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2015 2014 2015 2014 2015 2014 2015 2014 Service cost $ 51 $ 175 $ 102 $ 350 $ 331 $ 360 $ 662 $ 720 Interest cost 13 43 26 86 29 37 58 74 Amortization of actuarial gain (14 ) (48 ) (28 ) (96 ) — (4 ) — (8 ) State administrative fees and insurance bond premiums — — — — 120 123 240 246 Net periodic benefit cost $ 50 $ 170 $ 100 $ 340 $ 480 $ 516 $ 960 $ 1,032 The Predecessor does not expect to contribute to the CWP plan in 2015 as it intends to pay benefit claims as they become due. For the six months ended June 30, 2015 , $175 of CWP benefit claims have been paid. The Predecessor does not expect to contribute to the workers’ compensation plan in 2015 as it intends to pay benefit claims as they become due. For the six months ended June 30, 2015 , $658 of workers’ compensation benefits, state administrative fees and surety bond premiums have been paid. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: The Predecessor determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including LIBOR-based discount rates), while unobservable inputs reflect the Predecessor's own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. Level One - Quoted prices for identical instruments in active markets. Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including LIBOR-based discount rates. Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. The significant unobservable inputs used in the fair value measurement of the Predecessor's third party guarantees are the credit risk of the third party and the third party surety bond markets. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are 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: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 183,594 $ 160,805 $ 178,762 $ 159,109 The Predecessor’s debt obligations are valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: The Predecessor is 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. We accrue the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. Our current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Predecessor, and there are no material pending claims that would require disclosure in the financial statements individually or in the aggregate. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of the Predecessor; however, such amount cannot be reasonably estimated. Clean Water Act - Bailey Mine. The Company received from the U.S. Environmental Protection Agency (the "EPA") on April 8, 2011, a request for information relating to NPDES Permit compliance at the Partnership’s Bailey and Enlow Fork Mines. In response, CPCC submitted water discharge monitoring and other data to the EPA. The investigation has focused primarily on exceedances at three discharge points: Pond 12, Pond 2 and Pond 13. In early 2013, the case was referred to the U.S. Department of Justice (the "DOJ"), and PA DEP also became involved. On December 18, 2014, the DOJ provided the Predecessor a proposed Consent Decree to resolve certain Clean Water Act and Clean Streams Law claims against CONSOL Energy and CPCC with respect to the Bailey Mine. The parties continue to negotiate the terms of the proposed Consent Decree. The Predecessor has established an accrual to cover its estimated liability in this matter. This accrual is immaterial to the overall financial position of the Predecessor and was included in Other Accrued Liabilities on the Consolidated Balance Sheets. At June 30, 2015 , the Predecessor is contractually obligated to CONSOL Energy for the following financial guarantees, unconditional purchase obligations and letters of credit to certain third parties, as described by major category in the following table. Letters of credit to third parties, reflected below, were issued by CONSOL Energy on behalf of the Predecessor under the centralized treasury function. These amounts represent the maximum potential total of future payments that we could be required to make under these instruments. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these financial guarantees and letters of credit are recorded as liabilities on the financial statements. The Predecessor’s management believes that these guarantees will expire without being funded, and therefore the commitments will not have a material adverse effect on the financial condition of the Predecessor. Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Employee-related $ 4,001 $ — $ 4,001 $ — $ — Environmental 852 752 100 — — Total Letters of Credit 4,853 752 4,101 — — Surety Bonds: Employee-related 14,600 14,600 — — — Environmental 46,733 46,733 — — — Other 1,209 1,184 25 — — Total Surety Bonds 62,542 62,517 25 — — Total Commitments $ 67,395 $ 63,269 $ 4,126 $ — $ — Employee-related financial guarantees have primarily been provided to support various state workers’ compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other guarantees have been extended to support insurance policies, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. The Predecessor enters into long-term unconditional purchase obligations. These purchase obligations are not recorded on the Combined Balance Sheet. As of June 30, 2015 , the purchase obligations for each of the next five years and beyond were as follows: Obligations Due Amount Less than 1 year $ 2,691 1 - 3 years — 3 - 5 years — More than 5 years — Total Purchase Obligations $ 2,691 |
Related Party
Related Party | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party | RELATED PARTY: The Combined Statements of Operations include expense allocations for certain corporate functions historically performed by CONSOL Energy, including allocations of general corporate expenses related to stock based compensation, legal, treasury, human resources, information technology and other administrative services. Those allocations were based primarily on specific identification, head counts and coal tons produced. Also, centralized cash management activities for CONSOL Energy were utilized for collections and payments related to normal course of business accounts receivable and payments for goods and services. The balance of receivable/payable from CONSOL Energy and other affiliates are presented as contributions/distributions in these combined financial statements. Management believes the assumptions underlying the Combined Financial Statements, including the assumptions regarding allocating general corporate expenses from CONSOL Energy are reasonable. Nevertheless, these statements may not include all of the actual expenses that would have been incurred by the Predecessor and may not reflect our Combined Statement of Operations, Balance Sheets and Cash Flows had we been a stand-alone company during the periods presented. Actual costs that would have been incurred if the Predecessor had been a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. We believe that transactions with related parties, other than certain transactions with CONSOL Energy related to administrative services, were conducted on terms comparable to those with unrelated parties. Purchases of supply inventory from Fairmont Supply Company, formerly a wholly owned subsidiary of CONSOL Energy, were approximately $2,297 and $4,589 for the three and six months ended June 30, 2014 , and are included in Operating and Other Costs in the accompanying Combined Statements of Operations. On December 12, 2014, Fairmont Supply was no longer a related party. Charges for services from CONSOL Energy include the following: Three Months Ended Six Months Ended 2015 2014 2015 2014 Operating and Other Costs $ 1,004 $ 1,885 $ 1,788 $ 2,447 Selling and Direct Administrative Expenses 1,137 1,615 2,263 3,119 General and Administrative Expenses - Related Party 975 1,298 2,022 2,549 Other Corporate Expenses - Related Party 1,771 1,702 2,698 4,328 Total Service from CONSOL Energy $ 4,887 $ 6,500 $ 8,771 $ 12,443 The Predecessor has several related party long-term notes with CONSOL Financial Inc., a wholly owned subsidiary of CONSOL Energy, that are disclosed within Note 8 - Debt. Payments for these notes were $13,592 and $4,680 for the three and six months ended June 30, 2015 and June 30, 2014 , respectively. Proceeds from additional notes were $13,592 and $4,680 for the three and six months ended June 30, 2015 and June 30, 2014 , respectively. Interest Expense related to these notes were $2,433 and $2,358 for the three months ended and $4,840 and $4,687 for the six months ended June 30, 2015 and June 30, 2014 , respectively. These costs are included in Interest Expense in the accompanying Combined Statements of Operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: Initial Public Offering and Concurrent Private Placement: In connection with the completion of the IPO and the Concurrent private Placement, we: • issued 1,050,000 common units (including 188,933 common units issued upon the expiration of the underwriters’ option to purchase additional common units) and 11,611,067 subordinated units to CONSOL Energy, representing a 53.4% limited partner interest in us, and issued a 2.0% general partner interest in us and all of our incentive distribution rights to our general partner; • issued 5,000,000 common units to Greenlight Capital in the Concurrent Private Placement and distributed $75,000 to CONSOL Energy in July 2015; • issued 5,561,067 common units (including 561,067 common units issued upon the partial exercise by the underwriters' of their option to purchase additional common units) to the public and distributed $66,777 to CONSOL Energy in July 2015, net of cash retained by the Partnership; • entered into a new $400,000 revolving credit facility and distributed $197,000 in July 2015, net of the fees, to CONSOL Energy; and • entered into an operating agreement, employee services agreement, contract agency agreement, terminal and throughput agreement, cooperation and safety agreement, water supply and services agreement, omnibus agreement and contribution agreement with CONSOL Energy. General: Subsequent events have been evaluated for disclosure through the issuance date of these interim combined financial statements. There have been no other subsequent events to disclose as of this date. |
Description of Business, Basi22
Description of Business, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | The accompanying Unaudited Combined Financial Statements were prepared from separate records maintained by CONSOL Energy, CPCC and Conrhein and may not necessarily be indicative of the conditions that would have existed, or the results of operations, if CPCC and Conrhein had been operated as unaffiliated entities. These Unaudited Combined Financial Statements were prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results of the Predecessor for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for future periods. The balance sheet at December 31, 2014 has been derived from the Audited Combined Financial Statements at that date but does not include all the notes required by U.S. GAAP for complete financial statements. For further information, refer to the Combined Financial Statements and related notes for the year ended December 31, 2014 included in the Predecessor’s prospectus dated June 30, 2015 and filed with the SEC on July 1, 2015 pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended (the "Prospectus"). As these Unaudited Combined Financial Statements represent the combination of two separate legal entities wholly owned by CONSOL Energy, the net assets of the Predecessor have been presented as a Parent Net Investment. Parent Net Investment is primarily comprised of the Predecessor’s undivided interest in (i) CONSOL Energy’s initial investment in CPCC and Conrhein(and any subsequent adjustments thereto); (ii) the accumulated net earnings; (iii) net transfers to or from CONSOL Energy, including those related to cash management functions performed by CONSOL Energy; (iv) non-cash changes in financing arrangements, including the conversion of certain related party liabilities into Parent Net Investment; and (v) corporate cost allocations. Transactions between the Predecessor and CONSOL Energy or CONSOL Energy’s other subsidiaries have been identified in the financial statements as transactions between related parties. |
Recent Accounting Pronouncements | In February 2015, the Financial Accounting Standards Board ("FASB") issued Update 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis. The objective of the amendments in this update is to change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this update affect the following areas: (1) limited partnerships and similar legal entities; (2) evaluating fees paid to a decision maker or a service provider as a variable interest; (3) the effect of fee arrangements on the primary beneficiary determination; (4) the effect of related parties on the primary beneficiary determination; and (5) certain investment funds. Current U.S. GAAP includes different requirements for performing a consolidation analysis if, among other factors, the entity under evaluation is any one of the following: (1) a legal entity that qualifies for the indefinite deferral of Statement 167; (2) a legal entity that is within the scope of Statement 167; and (3) a limited partnership or similar legal entity that is considered a voting interest entity. Under the amendments in this update, all reporting entities are within the scope of Subtopic 810-10, Consolidation-Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. Overall, the amendments in this update are an improvement to current U.S. GAAP because they simplify the Codification and reduce the number of consolidated models through the elimination of the indefinite deferral of Statement 167 and because they place more emphasis on risk of loss when determining a controlling financial interest. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact this guidance may have on the Predecessor's financial statements. In April 2015, the FASB issued update 2015-03 - Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This update is part of the FASB's initiative to reduce complexity in accounting standards (the Simplification Initiative). The FASB received feedback that having different balance sheet presentation requirements for debt issuance costs and debt discounts and premiums creates unnecessary complexity. Recognizing debt issuance costs as a deferred charge (that is, an asset) also is different from the guidance in International Financial Reporting Standards ("IFRS"), which requires that transaction costs be deducted from the carrying value of the financial liability and not recorded as separate assets. Additionally, the requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, Elements of Financial Statements , which states that debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowing, thereby increasing the effective interest rate. Concepts Statement 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. To simplify the presentation of debt issuance costs, the amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. Management believes adoption of this new guidance will not have a material impact on the Predecessor's financial statements. I n April 2015, the FASB issued update 2015-06 - Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. When a general partner transfers (or “drops down”) net assets to a master limited partnership and that transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retrospectively to reflect the dropdown transaction as if it occurred on the earliest date during which the entities were under common control. The objective of this update is to address the diversity in practice in relation to presentation of historical earnings per unit for periods before the date of a dropdown transaction that occurs after formation of a master limited partnership. Some reporting entities recalculate previously reported earnings per unit by allocating the earnings (losses) of the transferred business that occurred in periods before the date of the dropdown transaction to the general partner, limited partners, and incentive distribution rights holders on a hypothetical basis and treat their rights to those earnings (losses) in a manner that is consistent with their contractual rights immediately after the dropdown transaction has occurred. Other reporting entities allocate the earnings (losses) of the transferred business that occurred in periods before the date of the dropdown transaction entirely to the general partner and do not adjust previously reported earnings per unit of the limited partners. The amendments in this update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The amendments in this Update should be applied retrospectively for all financial statements presented and are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier adoption is permitted. Management believes adoption of this new guidance will not have a material impact on the Predecessor's financial statements. In May 2014, the FASB issued Update 2014-09 - Revenue from Contracts with Customers (Topic 606). The objective of the amendments in this update is to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS. The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the guidance is that an entity 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. An entity should disclose sufficient information, both qualitative and quantitative, to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. Management is currently evaluating the impact this guidance may have on the Predecessor's financial statements. |
Description of Business, Basi23
Description of Business, Basis of Presentation and Recent Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income by component were as follows: Postretirement Benefits Balance at December 31, 2014 $ 31,367 Other comprehensive income before reclassifications 3,842 Amounts reclassified from accumulated other comprehensive income (5,231 ) Other comprehensive income (1,389 ) Balance at June 30, 2015 $ 29,978 |
Reclassification of Adjustments Out of Accumulated Other Comprehensive Income | The following table shows the reclassification of adjustments out of Accumulated Other Comprehensive Income: For the Three Months Ended For the Six Months Ended 2015 2014 2015 2014 Actuarially Determined Long-Term Liability Adjustments Amortization of prior service costs $ (4,853 ) $ (466 ) $ (6,167 ) $ (933 ) Recognized net actuarial loss 623 109 936 219 Total $ (4,230 ) $ (357 ) $ (5,231 ) $ (714 ) |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Three Months Ended Six Months Ended 2015 2014 2015 2014 Right of Way Sales $ 72 $ 31 $ 227 $ 291 Rental Income 63 25 119 65 Source Water Sales — — 5 — Coal Contract Buyout — 6,000 — 6,000 Litigation — 855 — 855 Total Other Income $ 135 $ 6,911 $ 351 $ 7,211 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | June 30, December 31, Coal $ 2,896 $ 1,718 Supplies 8,977 8,921 Total Inventories $ 11,873 $ 10,639 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | June 30, December 31, Coal and other plant and equipment $ 454,907 $ 441,933 Coal properties and surface lands 108,343 107,158 Airshafts 69,164 68,855 Mine development 65,234 65,340 Coal advance mining royalties 3,920 3,307 Total property, plant and equipment 701,568 686,593 Less: Accumulated depreciation, depletion and amortization 305,566 287,707 Total Net Property, Plant and Equipment $ 396,002 $ 398,886 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | June 30, December 31, 2014 Subsidence liability $ 22,656 $ 20,854 Accrued payroll and benefits 3,577 3,253 Deferred Revenue 2,241 286 Equipment Lease Rental 1,953 1,948 Litigation 1,710 2,346 Short-term incentive compensation 373 1,103 Other 1,834 1,955 Current portion of long-term liabilities: Postretirement benefits other than pensions 2,507 1,540 Workers' Compensation 1,025 922 Asset retirement obligations 1,168 1,150 Long-term disability 116 121 Pneumoconiosis benefits 22 24 Total Other Accrued Liabilities $ 39,182 $ 35,502 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | June 30, December 31, CONSOL Financial Inc. Loan (5.27% weighted average interest rate at June 30, 2015 and 5.46% weighted average interest rate at December 31, 2014) $ 183,594 $ 178,762 Advance royalty commitments (7.91% weighted average interest rate for June 30, 2015 and December 31, 2014) 578 578 184,172 179,340 Less amounts due in one year * 44,779 18,231 Long-Term Debt $ 139,393 $ 161,109 ___________ *Excludes current portion of Capital Lease Obligations of $ 38 and $ 30 at June 30, 2015 and December 31, 2014 , respectively. |
Components of Other Post-Empl29
Components of Other Post-Employment Benefit (OPEB) Plans Net Periodic Benefit Costs (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | Components of net periodic benefit costs for the three and six months ended June 30, 2015 and 2014 are as follows: Other Post-Employment Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 Service cost $ — $ 185 $ — $ 371 Interest cost 18 352 47 704 Amortization of prior service credits (4,853 ) (466 ) (6,167 ) (933 ) Recognized net actuarial loss 635 160 959 320 Net periodic benefit cost $ (4,200 ) $ 231 $ (5,161 ) $ 462 |
Components of Coal Workers' P30
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | Components of net periodic benefit costs for the three and six months ended June 30, 2015 and 2014 are as follows: CWP Workers' Compensation Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2015 2014 2015 2014 2015 2014 2015 2014 Service cost $ 51 $ 175 $ 102 $ 350 $ 331 $ 360 $ 662 $ 720 Interest cost 13 43 26 86 29 37 58 74 Amortization of actuarial gain (14 ) (48 ) (28 ) (96 ) — (4 ) — (8 ) State administrative fees and insurance bond premiums — — — — 120 123 240 246 Net periodic benefit cost $ 50 $ 170 $ 100 $ 340 $ 480 $ 516 $ 960 $ 1,032 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt $ 183,594 $ 160,805 $ 178,762 $ 159,109 |
Commitments and Contingent Li32
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments | Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Employee-related $ 4,001 $ — $ 4,001 $ — $ — Environmental 852 752 100 — — Total Letters of Credit 4,853 752 4,101 — — Surety Bonds: Employee-related 14,600 14,600 — — — Environmental 46,733 46,733 — — — Other 1,209 1,184 25 — — Total Surety Bonds 62,542 62,517 25 — — Total Commitments $ 67,395 $ 63,269 $ 4,126 $ — $ — |
Unrecorded Unconditional Purchase Obligations Disclosure | As of June 30, 2015 , the purchase obligations for each of the next five years and beyond were as follows: Obligations Due Amount Less than 1 year $ 2,691 1 - 3 years — 3 - 5 years — More than 5 years — Total Purchase Obligations $ 2,691 |
Related Party (Tables)
Related Party (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Charges for services from CONSOL Energy include the following: Three Months Ended Six Months Ended 2015 2014 2015 2014 Operating and Other Costs $ 1,004 $ 1,885 $ 1,788 $ 2,447 Selling and Direct Administrative Expenses 1,137 1,615 2,263 3,119 General and Administrative Expenses - Related Party 975 1,298 2,022 2,549 Other Corporate Expenses - Related Party 1,771 1,702 2,698 4,328 Total Service from CONSOL Energy $ 4,887 $ 6,500 $ 8,771 $ 12,443 |
Description of Business, Basi34
Description of Business, Basis of Presentation and Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Partners' Capital, Beginning Balance | $ 170,626 | |||
Other comprehensive income | $ (387) | $ (357) | (1,389) | $ (714) |
Partners' Capital, Ending Balance | 171,981 | 171,981 | ||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income | (4,853) | (466) | (6,167) | (933) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income | 623 | 109 | 936 | 219 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Partners' Capital, Beginning Balance | 31,367 | |||
Other comprehensive income before reclassifications | 3,842 | |||
Amounts reclassified from accumulated other comprehensive income | (4,230) | $ (357) | (5,231) | $ (714) |
Other comprehensive income | (1,389) | |||
Partners' Capital, Ending Balance | $ 29,978 | $ 29,978 |
Description of Business, Basi35
Description of Business, Basis of Presentation and Recent Accounting Pronouncements - Narrative (Details) - 6 months ended Jun. 30, 2015 - entity | Total |
Related Party Transaction [Line Items] | |
Number of legal entities combined in financial statements | 2 |
CONSOL Energy | |
Related Party Transaction [Line Items] | |
Equity interest to be transferred | 20.00% |
Initial Public and Concurrent36
Initial Public and Concurrent Private Placement Offering (Details) - Jul. 07, 2015 - Subsequent Event - USD ($) | Total |
Revolving Credit Facility | Secured Debt | |
Capital Unit [Line Items] | |
Maximum borrowing capacity | $ 400,000,000 |
Proceeds from line of credit | 200,000,000 |
Origination fees | 3,000,000 |
Net proceeds from credit facility | $ 197,000,000 |
Private Placement | Limited Partner | |
Capital Unit [Line Items] | |
Partnership interest issued | 21.10% |
Private Placement | Common Stock | |
Capital Unit [Line Items] | |
Units issued in private placement | 5,000,000 |
Price per share | $ 15 |
Proceeds from issuance of units, gross | $ 75,000,000 |
IPO | |
Capital Unit [Line Items] | |
Underwriting discount and structuring fees | 5,500,000 |
Offering expenses | 3,634,000 |
Net distributions of proceeds | $ 65,866,000 |
IPO | Limited Partner | |
Capital Unit [Line Items] | |
Partnership interest issued | 23.50% |
IPO | Common Stock | |
Capital Unit [Line Items] | |
Units issued during initial public offering | 5,000,000 |
Price per share | $ 15 |
Proceeds from issuance of units, gross | $ 75,000,000 |
Sale of units, price per share, net of underwriting discount | $ 14.10 |
IPO | Common Stock | Limited Partner | |
Capital Unit [Line Items] | |
Units issued during initial public offering | 5,561,067 |
Over-Allotment Option | |
Capital Unit [Line Items] | |
Option to purchase units, term | 30 days |
Option to purchase units, number of units called by options | 750,000 |
Option to purchase units, threshold of units sold | 5,000,000 |
Over-Allotment Option | Common Stock | |
Capital Unit [Line Items] | |
Price per share | $ 15 |
Sale of units, price per share, net of underwriting discount | $ 14.10 |
Sale of units | 561,067 |
Aggregate value of common and subordinated units | $ 7,911,000 |
CONSOL Energy | |
Capital Unit [Line Items] | |
Aggregate value of common and subordinated units | 189,916,000 |
Partners' Capital Account, Distributions | $ 338,777,000 |
CONSOL Energy | General Partner | |
Capital Unit [Line Items] | |
Partnership interest issued | 2.00% |
CONSOL Energy | Limited Partner | |
Capital Unit [Line Items] | |
Partnership interest issued | 53.40% |
CONSOL Energy | Subordinated Member Units | Limited Partner | |
Capital Unit [Line Items] | |
Units issued during initial public offering | 11,611,067 |
CONSOL Energy | Common Stock | Limited Partner | |
Capital Unit [Line Items] | |
Units issued during initial public offering | 1,050,000 |
CONSOL Energy | Private Placement | |
Capital Unit [Line Items] | |
Net distributions of proceeds | $ 75,000,000 |
CONSOL Energy | IPO | |
Capital Unit [Line Items] | |
Net distributions of proceeds | $ 66,777,000 |
CONSOL Energy | Over-Allotment Option | Common Stock | Limited Partner | |
Capital Unit [Line Items] | |
Units issued upon expiration of underwriters' option | 188,933 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - Mar. 31, 2014 - Longwall Shields - USD ($) | Total |
Sale Leaseback Transaction [Line Items] | |
Historical cost | $ 15,071,000 |
Gain (loss) on sale leaseback transaction | $ 0 |
Operating lease term of contract | 5 years |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Income and Expenses [Abstract] | ||||
Right of Way Sales | $ 72 | $ 31 | $ 227 | $ 291 |
Rental Income | 63 | 25 | 119 | 65 |
Source Water Sales | 0 | 0 | 5 | 0 |
Coal Contract Buyout | 0 | 6,000 | 0 | 6,000 |
Litigation | 0 | 855 | 0 | 855 |
Total Other Income | $ 135 | $ 6,911 | $ 351 | $ 7,211 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Coal | $ 2,896 | $ 1,718 |
Supplies | 8,977 | 8,921 |
Inventories | $ 11,873 | $ 10,639 |
Property, Plant and Equipment40
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | $ 701,568 | $ 701,568 | $ 686,593 | ||
Less: Accumulated depreciation, depletion and amortization | 305,566 | 305,566 | 287,707 | ||
Total Net Property, Plant and Equipment | 396,002 | 396,002 | 398,886 | ||
Gross assets under capital lease | 382 | 382 | 333 | ||
Accumulated amortization for capital leases | 281 | 281 | 252 | ||
Amortization expense for assets under capital lease | 7 | $ 4 | 13 | $ 7 | |
Coal and other plant and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 454,907 | 454,907 | 441,933 | ||
Coal properties and surface lands | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 108,343 | 108,343 | 107,158 | ||
Airshafts | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 69,164 | 69,164 | 68,855 | ||
Mine development | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 65,234 | 65,234 | 65,340 | ||
Coal advance mining royalties | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | $ 3,920 | $ 3,920 | $ 3,307 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Subsidence liability | $ 22,656 | $ 20,854 |
Accrued payroll and benefits | 3,577 | 3,253 |
Deferred Revenue | 2,241 | 286 |
Equipment Lease Rental | 1,953 | 1,948 |
Litigation | 1,710 | 2,346 |
Short-term incentive compensation | 373 | 1,103 |
Other | 1,834 | 1,955 |
Current portion of long-term liabilities: | ||
Postretirement benefits other than pensions | 2,507 | 1,540 |
Workers' Compensation | 1,025 | 922 |
Asset retirement obligations | 1,168 | 1,150 |
Long-term disability | 116 | 121 |
Pneumoconiosis benefits | 22 | 24 |
Total Other Accrued Liabilities | $ 39,182 | $ 35,502 |
Debt (Details)
Debt (Details) - USD ($) | Mar. 09, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Current and long-term debt | $ 184,172,000 | $ 179,340,000 | |
Less amounts due in one year | 44,779,000 | 18,231,000 | |
Long-Term Debt | 139,393,000 | 161,109,000 | |
Capital lease obligations, current | 38,000 | 30,000 | |
Notes Payable | CONSOL Financial Inc. Loan | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 183,594,000 | $ 178,762,000 | |
Weighted average interest rate | 5.27% | 5.46% | |
Debt instrument, term | 10 years | ||
Advance Royalty Commitments | |||
Debt Instrument [Line Items] | |||
Other long-term debt | $ 578,000 | $ 578,000 | |
Weighted average interest rate | 7.91% | 7.91% | |
Secured Debt | CONSOL Pennsylvania Coal Company LLC and Conrhein Coal Company [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 600,000,000 | ||
Maximum liability exposure, percent | 20.00% | ||
Other Receivables | Secured Debt | |||
Debt Instrument [Line Items] | |||
Financing cost reimbursement receivable | $ 900,000 |
Components of Other Post-Empl43
Components of Other Post-Employment Benefit (OPEB) Plans Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | May. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Other Postretirement Benefit Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service cost | $ 0 | $ 185 | $ 0 | $ 371 | |
Interest cost | 18 | 352 | 47 | 704 | |
Amortization of prior service credits | (4,853) | (466) | (6,167) | (933) | |
Recognized net actuarial loss | 635 | 160 | 959 | 320 | |
Net periodic benefit cost | $ (4,200) | $ 231 | (5,161) | $ 462 | |
Benefits paid | 241 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Other comprehensive income before reclassifications | $ 3,842 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Other Postretirement Benefit Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Other comprehensive income before reclassifications | $ 3,771 |
Components of Coal Workers' P44
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Coal Workers Pneumoconiosis | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 51 | $ 175 | $ 102 | $ 350 |
Interest cost | 13 | 43 | 26 | 86 |
Amortization of actuarial gain | (14) | (48) | (28) | (96) |
State administrative fees and insurance bond premiums | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 50 | 170 | 100 | 340 |
Benefits paid | 175 | |||
Workers Compensation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 331 | 360 | 662 | 720 |
Interest cost | 29 | 37 | 58 | 74 |
Amortization of actuarial gain | 0 | (4) | 0 | (8) |
State administrative fees and insurance bond premiums | 120 | 123 | 240 | 246 |
Net periodic benefit cost | $ 480 | $ 516 | 960 | $ 1,032 |
Benefits paid | $ 658 |
Fair Value of Financial Instr45
Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 183,594 | $ 178,762 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 160,805 | $ 159,109 |
Commitments and Contingent Li46
Commitments and Contingent Liabilities (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | $ 67,395 |
Less Than 1 Year | 63,269 |
1-3 Years | 4,126 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 4,853 |
Less Than 1 Year | 752 |
1-3 Years | 4,101 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bond | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 62,542 |
Less Than 1 Year | 62,517 |
1-3 Years | 25 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Employee Related Contingency | Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 4,001 |
Less Than 1 Year | 0 |
1-3 Years | 4,001 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Employee Related Contingency | Surety Bond | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 14,600 |
Less Than 1 Year | 14,600 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Environment Related Contingency | Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 852 |
Less Than 1 Year | 752 |
1-3 Years | 100 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Environment Related Contingency | Surety Bond | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 46,733 |
Less Than 1 Year | 46,733 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Other Contingencies | Surety Bond | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 1,209 |
Less Than 1 Year | 1,184 |
1-3 Years | 25 |
3-5 Years | 0 |
Beyond 5 Years | $ 0 |
Commitments and Contingent Li47
Commitments and Contingent Liabilities - Purchase Commitments (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Less than 1 year | $ 2,691 |
1 - 3 years | 0 |
3 - 5 years | 0 |
More than 5 years | 0 |
Total Purchase Obligations | $ 2,691 |
Related Party (Details)
Related Party (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Interest expense | $ 2,433 | $ 2,358 | $ 4,840 | $ 4,687 |
Operating and Other Costs | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | 1,004 | 4,182 | 1,788 | 7,036 |
Selling and Direct Administrative Expenses | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | 1,137 | 1,615 | 2,263 | 3,119 |
Other Corporate Expenses - Related Party | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | 1,771 | 1,702 | 2,698 | 4,328 |
Fairmont Supply Company | ||||
Related Party Transaction [Line Items] | ||||
Purchases of supply inventory | 2,297 | 4,589 | ||
CONSOL Financial Inc. Loan | ||||
Related Party Transaction [Line Items] | ||||
Repayments of related party debt | 13,592 | 4,680 | 13,592 | 4,680 |
Proceeds from related party debt | 13,592 | 4,680 | 13,592 | 4,680 |
Interest expense | 2,433 | 2,358 | 4,840 | 4,687 |
CONSOL Energy | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | 4,887 | 6,500 | 8,771 | 12,443 |
CONSOL Energy | Operating and Other Costs | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | 1,004 | 1,885 | 1,788 | 2,447 |
CONSOL Energy | Selling and Direct Administrative Expenses | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | 1,137 | 1,615 | 2,263 | 3,119 |
CONSOL Energy | General and Administrative Expenses - Related Party | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | 975 | 1,298 | 2,022 | 2,549 |
CONSOL Energy | Other Corporate Expenses - Related Party | ||||
Related Party Transaction [Line Items] | ||||
Service from CONSOL Energy | $ 1,771 | $ 1,702 | $ 2,698 | $ 4,328 |
Subsequent Events (Details)
Subsequent Events (Details) - Jul. 07, 2015 - Subsequent Event - USD ($) | Total |
Secured Debt | Revolving Credit Facility | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity | $ 400,000,000 |
Net proceeds from credit facility | $ 197,000,000 |
CONSOL Energy | Limited Partner | |
Subsequent Event [Line Items] | |
Partnership interest issued | 53.40% |
CONSOL Energy | General Partner | |
Subsequent Event [Line Items] | |
Partnership interest issued | 2.00% |
CONSOL Energy | Common Stock | Limited Partner | |
Subsequent Event [Line Items] | |
Units issued during initial public offering | 1,050,000 |
CONSOL Energy | Subordinated Member Units | Limited Partner | |
Subsequent Event [Line Items] | |
Units issued during initial public offering | 11,611,067 |
Private Placement | Limited Partner | |
Subsequent Event [Line Items] | |
Partnership interest issued | 21.10% |
Private Placement | Common Stock | |
Subsequent Event [Line Items] | |
Units issued in private placement | 5,000,000 |
Private Placement | CONSOL Energy | |
Subsequent Event [Line Items] | |
Net distributions of proceeds | $ 75,000,000 |
IPO | |
Subsequent Event [Line Items] | |
Net distributions of proceeds | $ 65,866,000 |
IPO | Limited Partner | |
Subsequent Event [Line Items] | |
Partnership interest issued | 23.50% |
IPO | Common Stock | |
Subsequent Event [Line Items] | |
Units issued during initial public offering | 5,000,000 |
IPO | Common Stock | Limited Partner | |
Subsequent Event [Line Items] | |
Units issued during initial public offering | 5,561,067 |
IPO | CONSOL Energy | |
Subsequent Event [Line Items] | |
Net distributions of proceeds | $ 66,777,000 |
Over-Allotment Option | Common Stock | |
Subsequent Event [Line Items] | |
Sale of units | 561,067 |
Over-Allotment Option | CONSOL Energy | Common Stock | Limited Partner | |
Subsequent Event [Line Items] | |
Units issued upon expiration of underwriters' option | 188,933 |