Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 20, 2016 | |
Document Information [Line Items] | ||
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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,611,067 | |
Subordinated Units | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,611,067 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Revenues [Abstract] | |||
Coal Revenue | $ 45,233 | $ 76,887 | |
Freight Revenue | 2,615 | 474 | |
Other Nonoperating Income (Expense) | (9) | 231 | |
Total Revenue and Other Income | 47,839 | 77,592 | |
Costs and Expenses [Abstract] | |||
Operating and Other Costs | [1] | 30,794 | 46,114 |
Depreciation, Depletion and Amortization | 8,253 | 9,149 | |
Freight Expense | 2,615 | 474 | |
Selling, General and Administrative Expense | [2] | 1,684 | 2,125 |
Interest Expense | [3] | 1,994 | 2,381 |
Total Costs | 45,340 | 60,243 | |
Net Income | 2,499 | $ 17,349 | |
Net Income Attributable to General and Limited Partner Ownership Interest in CNX Coal Resources | [4] | 2,499 | |
Less: General Partner Interest in Net Income | 51 | ||
Limited Partner Interest in Net Income | $ 2,448 | ||
Earnings Per Share [Abstract] | |||
Net Income Per Limited Partner Unit - Basic (in dollars per share) | $ 0.11 | ||
Net Income per Limited Partner Unit - Diluted (in dollars per share) | $ 0.11 | ||
Limited Partner Units Outstanding - Basic (in shares) | 23,222,134 | ||
Limited Partner Units Outstanding - Diluted (in shares) | 23,223,540 | ||
Cash Distributions Declared per Unit (in dollars per share) | [5] | $ 0.5125 | |
[1] | Related Party of $947 and $797 for the three months ended March 31, 2016 and March 31, 2015, respectively. | ||
[2] | Related Party of $765 and $1,628 for the three months ended March 31, 2016 and March 31, 2015, respectively. | ||
[3] | Related Party of $2,407 for the three months ended March 31, 2015 | ||
[4] | Represents the general and limited partner interest in net income since closing of IPO. | ||
[5] | Represents the cash distributions declared related to the period presented. See Note 13 - Subsequent Events |
Consolidated Statements of Ope3
Consolidated Statements of Operations (Unaudited) - Parenthetical - CONSOL Energy - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,712 | $ 2,425 |
Operating And Other Costs [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 947 | 797 |
General And Administrative Expenses [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 765 | 1,628 |
Interest Expense [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2,407 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 2,499 | $ 17,349 |
Other Comprehensive Income (Loss): | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0 | (1,313) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (20) | 311 |
Other comprehensive income | (20) | (1,002) |
Comprehensive Income | $ 2,479 | $ 16,347 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 9,095 | $ 6,531 |
Trade Receivables | 19,145 | 15,518 |
Other Receivables | 372 | 377 |
Inventories | 10,901 | 9,791 |
Prepaid Expenses | 3,643 | 4,080 |
Total Current Assets | 43,156 | 36,297 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 694,369 | 692,482 |
Less: Accumulated depreciation, depletion and amortization | 328,783 | 320,729 |
Total Property, Plant and Equipment—Net | 365,586 | 371,753 |
Other Assets: | ||
Other | 16,021 | 14,079 |
Total Other Assets | 16,021 | 14,079 |
TOTAL ASSETS | 424,763 | 422,129 |
Current Liabilities: | ||
Accounts Payable | 12,645 | 14,023 |
Accounts Payable—Related Party | 1,280 | 3,452 |
Other Accrued Liabilities | 29,969 | 29,978 |
Total Current Liabilities | 43,894 | 47,453 |
Long-Term Debt: | ||
Revolver, net of debt issuance and financing fees | 196,170 | 180,946 |
Capital Lease Obligations | 95 | 100 |
Total Long-Term Debt | 196,265 | 181,046 |
Deferred Credits and Other Liabilities: | ||
Pneumoconiosis Benefits | 1,701 | 1,547 |
Workers’ Compensation | 2,395 | 2,343 |
Asset Retirement Obligations | 6,943 | 6,799 |
Other | 552 | 571 |
Total Deferred Credits and Other Liabilities | 11,591 | 11,260 |
TOTAL LIABILITIES | 251,750 | 239,759 |
Partners' Capital: | ||
General Partner Interest | 12,890 | 13,081 |
Accumulated Other Comprehensive Income | 8,772 | 8,792 |
Total Partners' Capital | 173,013 | 182,370 |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 424,763 | 422,129 |
Common Units | ||
Partners' Capital: | ||
Limited Partners' Capital Account | 149,890 | 154,309 |
Subordinated Member Units | ||
Partners' Capital: | ||
Limited Partners' Capital Account | $ 1,461 | $ 6,188 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2016shares |
Common Stock | |
Limited Partners' Units Outstanding (in shares) | 11,611,067 |
Subordinated Member Units | |
Limited Partners' Units Outstanding (in shares) | 11,611,067 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income | Limited PartnersCommon Stock | Limited PartnersSubordinated Member Units | General Partner |
Balance at December 31, 2015 at Dec. 31, 2015 | $ 182,370 | $ 8,792 | $ 154,309 | $ 6,188 | $ 13,081 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,499 | 1,224 | 1,224 | 51 | |
Partners' Capital Account, Distributions | (12,144) | (5,951) | (5,951) | (242) | |
Unit Based Compensation | 308 | 308 | |||
Actuarially Determined Long-Term Liability Adjustments | 20 | 20 | |||
Balance at March 31, 2016 at Mar. 31, 2016 | $ 173,013 | $ 8,772 | $ 149,890 | $ 1,461 | $ 12,890 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 2,499 | $ 17,349 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | ||
Depreciation, Depletion and Amortization | 8,253 | 9,149 |
(Gain) Loss on Sale of Assets | 10 | (15) |
Unit Based Compensation | 308 | 0 |
Other Adjustments to Net Income | 221 | 38 |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | (3,622) | (726) |
Inventories | (1,110) | 422 |
Prepaid Expenses | 437 | 299 |
Changes in Other Assets | (1,942) | (123) |
Balance at March 31, 2016 | 173,013 | |
Changes in Operating Liabilities: | ||
Accounts Payable | (736) | 1,115 |
Accounts Payable—Related Party | (2,172) | 0 |
Other Operating Liabilities | (7) | 726 |
Changes in Other Liabilities | 146 | (790) |
Net Cash Provided by Operating Activities | 2,285 | 27,444 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (2,581) | (6,510) |
Proceeds from Sales of Assets | 14 | 19 |
Net Cash Used in Investing Activities | (2,567) | (6,491) |
Cash Flows from Financing Activities: | ||
Payments for Miscellaneous Borrowings | (10) | (8) |
Proceeds from Revolver, Net of Payments | 15,000 | 0 |
Payments for Unitholder Distributions | (12,144) | 0 |
Debt Issuance and Financing Fees | 0 | (2,401) |
Net Change in Parent Advances | 0 | (18,543) |
Net Cash Used In Financing Activities | 2,846 | (20,952) |
Net Increase in Cash | 2,564 | 1 |
Cash at Beginning of Period | 6,531 | |
Cash at End of Period | $ 9,095 | $ 4 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Recent Accounting Pronouncements | BASIS OF PRESENTATION: The accompanying unaudited consolidated 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. For the three months ended March 31, 2016 , the unaudited consolidated financial statements include the accounts of CNX Coal Resources LP and subsidiaries. For the three months ended March 31, 2015 , these unaudited consolidated 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. As these unaudited consolidated financial statements represent the combination of two separate legal entities wholly owned by CONSOL Energy, the net assets of the Partnership have been presented as a Parent Net Investment. Parent Net Investment is primarily comprised of the Partnership’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 Partnership and CONSOL Energy or CONSOL Energy’s other subsidiaries have been identified in the financial statements as transactions between related parties. The balance sheets at December 31, 2015 have been derived from the audited consolidated 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 consolidated financial statements and related notes for the year ended December 31, 2015 included in the Partnership’s Annual Report on Form10-K. Reclassifications: Certain amounts have been reclassified to conform with the current reporting classifications with no effect on previously reported net income or partners' capital. Recent Accounting Pronouncements: In March 2016, the FASB issued Update 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update simplifies several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In addition to those simplifications, the amendments eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early application of the amendments in this update is permitted for all entities. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In March 2016, the FASB issued Update 2016-08 - Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross Versus Net). The update retains the guidance that the principal in an arrangement controls a good or service before it is transferred to a customer and will clarify that an entity must first identify the specified good or service being provided to the customer, that the unit of account for the principal versus agent assessment is each performance obligation in a contract, how the indicators in the standard help an entity evaluate whether it is the principal, and how to assess whether an entity controls services performed by another party. In addition, the amendments update the indicators and revise the existing examples to better illustrate the application of the principal-versus-agent guidance. The amendments in this update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. For public business entities, certain not-for-profit entities, and certain employee benefit plans, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In February 2016, the FASB issued Update 2016-02 - Leases (Topic 842). This update is intended to improve financial reporting about leasing transactions. This update will require lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use asset. This update maintains the dual model for lease accounting, requiring leases to be classified as either operating or finance, with lease classification determined in a manner similar to existing lease guidance. The basic principle is that leases of all types convey the right to direct the use and obtain substantially all the economic benefits of an identified asset, meaning they create an asset and liability for lessees. Lessees will classify leases as either finance leases (comparable to current capital leases) or operating leases (comparable to current operating leases). Costs for a finance lease will be split between amortization and interest expense, with a single lease expense reported for operating leases. This update also will require both qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this update is permitted for all entities. Management is currently evaluating the impact this guidance may have on the Partnership'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. The Partnership has adopted this guidance and it had no impact on the financial statements. 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. The Partnership has adopted this guidance and it had no impact on the 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 and 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. In August 2015, the FASB issued Update 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date, in response to stakeholders’ requests to defer the effective date of the guidance in Update 2014-09. Respondents to the proposed update overwhelmingly support a deferral and noted that providing sufficient time for implementation of the guidance in Update 2014-09 is critical to its success. As such, the FASB issued this update in consideration of respondents’ feedback, including the timing of when Update 2014-09 was issued, the current status of key standard-setting activities associated with the guidance in Update 2014-09, and the availability of information technology solutions to facilitate the implementation of the guidance in Update 2014-09. The amendments in this update defer the effective date of Update 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. |
Net Income Per Limited Partner
Net Income Per Limited Partner and General Partner Interest | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner and General Partner Interest | NET INCOME PER LIMITED PARTNER AND GENERAL PARTNER INTEREST: The Partnership allocates net income among our general partner and limited partners using the two-class method in accordance with applicable authoritative accounting guidance. Under the two-class method, we allocate our net income to our limited partners and our general partner in accordance with the terms of our partnership agreement. We also allocate any earnings in excess of distributions to our limited partners and our general partner in accordance with the terms of our partnership agreement. We allocate any distributions in excess of earnings for the period to our general partner and our limited partners based on their respective proportionate ownership interests in us, after taking into account distributions to be paid with respect to the incentive distribution rights, as set forth in the partnership agreement. Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the long-term incentive plan, were exercised, settled or converted into common units. When it is determined that potential common units resulting from an award subject to performance or market conditions should be included in the diluted net income per limited partner unit calculation, the impact is reflected by applying the treasury stock method. The following table illustrates the Partnership's calculation of net income per unit for common and subordinated partner units (in thousands, except for per unit information): Three Months Ended March 31, 2016 Net Income Attributable to General and Limited Partner Ownership Interest in CNX Coal Resources $ 2,499 Less: General Partner Interest in Net Income 51 Limited Partner Interest in Net Income $ 2,448 Net Income Allocable to Common Units $ 1,224 Net Income Allocable to Subordinated Units 1,224 Limited Partner Interest in Net Income $ 2,448 Weighted Average Limited Partner Units Outstanding - Basic Common Units 11,611,067 Subordinated Units 11,611,067 Total 23,222,134 Weighted Average Limited Partner Units Outstanding - Diluted Common Units 11,612,473 Subordinated Units 11,611,067 Total 23,223,540 Net Income Per Limited Partner Unit - Basic and Diluted Common Units $ 0.11 Subordinated Units $ 0.11 For the three months ended March 31, 2016 , there are 359,149 phantom units that have been excluded from the computation of the diluted net income per limited partner unit because their effect would be anti-dilutive. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: March 31, December 31, Coal $ 2,308 $ 932 Supplies 8,593 8,859 Total Inventories $ 10,901 $ 9,791 Inventories are stated at the lower of cost or net realizable value. 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. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in our coal operations. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: March 31, December 31, Coal and other plant and equipment $ 458,019 $ 456,835 Coal properties and surface lands 96,638 96,789 Airshafts 71,225 70,374 Mine development 65,231 65,231 Coal advance mining royalties 3,256 3,253 Total property, plant and equipment 694,369 692,482 Less: Accumulated depreciation, depletion and amortization 328,783 320,729 Total Net Property, Plant and Equipment $ 365,586 $ 371,753 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 March 31, 2016 and December 31, 2015 , property, plant and equipment includes gross assets under capital lease of $ 359 and $ 385 , respectively. Accumulated amortization for capital leases was $ 216 and $ 237 at March 31, 2016 and December 31, 2015 , respectively. Amortization expense for assets under capital leases approximated $13 and $6 for the three months ended March 31, 2016 and March 31, 2015 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Operations. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: March 31, December 31, 2015 Subsidence liability $ 18,795 $ 17,922 Accrued payroll and benefits 2,760 2,842 Litigation 1,700 1,710 Equipment lease rental 1,996 1,953 Other 1,789 2,630 Current portion of long-term liabilities: Workers' compensation 1,154 1,144 Asset retirement obligations 1,530 1,530 Long-term disability 160 163 Capital leases 47 49 Pneumoconiosis benefits 38 35 Total Other Accrued Liabilities $ 29,969 $ 29,978 |
Revolving Credit Facility
Revolving Credit Facility | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | : March 31, December 31, Revolver, carrying amount $ 200,000 $ 185,000 Less: Debt issuance and financing fees 3,830 4,054 Revolver, net $ 196,170 $ 180,946 In April 2015, FASB issued Update 2015-03 - Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. 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. Update 2015-03 is effective for fiscal years beginning after December 15, 2015 and is required to be applied retrospectively to all prior periods presented. As permitted by the update, the Partnership elected to early adopt this guidance beginning in the third quarter of fiscal year 2015. Revolving Credit Facility In connection with the completion of the IPO, we entered into a $400,000 senior secured revolving credit facility with certain lenders and PNC Bank N.A, as administrative agent. Obligations under our revolving credit facility are guaranteed by our subsidiaries and are secured by substantially all of our and our subsidiaries’ assets pursuant to a security agreement and various mortgages. CONSOL Energy is not a guarantor of our obligations under our revolving credit facility. Borrowings under our revolving credit facility were used by us to fund a cash distribution, make capital expenditures, pay fees and expenses related to our revolving credit facility and for general partnership purposes. In connection with the completion of the IPO and our entry into our revolving credit facility, we made an initial draw of $200,000 that was distributed to CONSOL Energy, net of origination fees. The unused portion of our revolving credit facility is subject to a commitment fee of 0.50% per annum. Interest on outstanding indebtedness under our revolving credit facility accrues, at our option, at a rate based on either: • The highest of (i) PNC Bank N.A.’s prime rate, (ii) the federal funds open rate plus 0.50% , and (iii) the one-month LIBOR rate plus 1.0%, in each case, plus a margin ranging from 1.50% to 2.50% ; or • the LIBOR rate plus a margin ranging from 2.50% to 3.50% . As of March 31, 2016 , the $400,000 facility had $200,000 of borrowings outstanding, leaving $200,000 unused capacity. At December 31, 2015 , the $400,000 facility had $185,000 of borrowings outstanding, leaving $215,000 unused capacity. Interest on outstanding borrowings under the revolving credit facility at March 31, 2016 was accrued at 3.19% based on a LIBOR rate of 0.44% , plus a margin of 2.75% and interest on outstanding borrowings under the revolving credit facility at December 31, 2015 was accrued at 3.17% based on a LIBOR rate of 0.42% , plus a margin of 2.75% . Our revolving credit facility matures on July 7, 2020 and requires compliance with conditions precedent that must be satisfied prior to any borrowing as well as ongoing compliance with certain affirmative and negative covenants. The facility requires that the Partnership maintains a minimum interest coverage ratio of at least 3.00 to 1.00 , which is calculated as the ratio of trailing 12 months Adjusted EBITDA, as defined in the credit agreement, to cash interest expense of the Partnership, measured quarterly. The Partnership must also maintain a maximum total leverage ratio not greater than 3.50 to 1.00 , which is calculated as the ratio of total consolidated indebtedness to trailing 12 months Adjusted EBITDA, as defined in the credit agreement, measured quarterly. At March 31, 2016 , the interest coverage ratio was 10.14 to 1.00 and the total leverage ratio was 2.44 to 1.00 . |
Components of Other Post-Employ
Components of Other Post-Employment Benefit (OPEB) Plans Net Periodic Benefit Costs | 3 Months Ended |
Mar. 31, 2016 | |
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: Prior to the IPO, the Partnership was obligated to CONSOL Energy for a portion of the medical and life insurance benefits to certain retired employees of CPCC (the "OPEB" plans). In conjunction with the IPO, on July 7, 2015, the OPEB liability and related accumulated other comprehensive income was retained by CONSOL Energy, and the Partnership has no further OPEB obligation as of such date. Therefore, no OPEB payments have been made for the three months ended March 31, 2016 . Three Months Ended 2015 Interest cost $ 28 Amortization of prior service credits (1,313 ) Recognized net actuarial loss 324 Net periodic benefit cost $ (961 ) |
Components of Coal Workers' Pne
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs | 3 Months Ended |
Mar. 31, 2016 | |
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: The Partnership is obligated to CONSOL Energy for medical and disability benefits to certain CPCC employees and their dependents resulting from occurrences of coal workers' pneumoconiosis disease and is also obligated to CONSOL Energy to compensate individuals who are entitled benefits under workers' compensation laws. CWP Workers' Compensation Three Months Ended Three Months Ended 2016 2015 2016 2015 Service cost $ 153 $ 51 $ 260 $ 331 Interest cost 15 13 26 29 Amortization of actuarial (gain) (18 ) (14 ) (4 ) — State administrative fees and insurance bond premiums — — 28 120 Net periodic benefit cost $ 150 $ 50 $ 310 $ 480 The Partnership does not expect to contribute to CONSOL Energy's CWP plan in 2016 as it intends to pay benefit claims as they become due. For the three months ended March 31, 2016 , $11 of CWP benefit claims have been paid. The Partnership does not expect to contribute to CONSOL Energy's Workers’ Compensation plan in 2016 as it intends to pay benefit claims as they become due. For the three months ended March 31, 2016 , $262 of Workers’ Compensation benefits, state administrative fees and surety bond premiums have been paid. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: The Partnership 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 Partnership'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 Partnership'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: March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Revolving Credit Facility $ 200,000 $ 200,000 $ 185,000 $ 185,000 The Partnership’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 | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: The Partnership 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 Partnership, 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 Partnership; however, such amounts cannot be reasonably estimated. Clean Water Act - Bailey Mine . CONSOL Energy received from the U.S. Environmental Protection Agency (the "EPA") on April 8, 2011, a request for information relating to National Pollutant Discharge Element System (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. In early 2013, the case was referred to the U.S. Department of Justice (DOJ), and Pennsylvania Department of Environmental Protection (PA DEP) also became involved. On December 18, 2014, the DOJ provided CONSOL Energy a proposed Consent Decree to resolve certain Clean Water Act and Clean Streams Law claims against CONSOL Energy, Inc. and CPCC with respect to the Pennsylvania mining complex. The parties continue to negotiate the terms of the proposed Consent Decree. The Partnership anticipates resolving this matter in 2016. The Partnership has established an accrual to cover its estimated liability in this matter. This accrual is immaterial to the overall financial position of the Partnership and is included in Other Accrued Liabilities on the Consolidated Balance Sheets. At March 31, 2016 , the Partnership is contractually obligated to CONSOL Energy for financial guarantees and letters of credit to certain third parties which were issued by CONSOL Energy on behalf of the Partnership. The maximum potential total of future payments that we could be required to make under these instruments is $56,586 . The instruments are comprised of $1,138 employee-related and other letters of credit expiring in the next year, $48,060 of environmental surety bonds expiring within the next three years, and $7,388 of employee-related and other surety bonds expiring within the next three years. Employee-related financial guarantees have primarily been provided to support various state workers’ compensation and federal black lung 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. 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 Partnership’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 Partnership. The Partnership enters into long-term unconditional purchase obligations for the acquisition of certain specialized machinery and equipment. These purchase obligations are not recorded on the Consolidated Balance Sheets. As of March 31, 2016 , the Partnership had $294 of purchase obligations, all of which are due in less than one year. |
Related Party
Related Party | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party | RELATED PARTY: CONSOL Energy The Consolidated Statements of Operations include expense allocations for certain corporate functions historically performed by CONSOL Energy prior to the IPO, 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 receivables/payables from CONSOL Energy and other affiliates are presented as contributions/distributions in these consolidated financial statements. Management believes the assumptions underlying the Consolidated 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 Partnership and may not reflect our Consolidated Statements 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 Partnership 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. In conjunction with the IPO, the Partnership entered into several agreements, including an omnibus agreement, with CONSOL Energy. The omnibus agreement provides that CONSOL Energy will perform certain shared services for a fee, including general, selling and direct administrative expenses related to stock-based compensation, legal, treasury, human resources, information technology and other administrative services agreement. This agreement also provides that CONSOL Energy extends insurance and other employee benefit coverages to the Partnership for a fee. Charges for services from CONSOL Energy include the following: Three Months Ended 2016 2015 Operating and Other Costs $ 947 $ 797 Selling, General and Administrative Expenses 765 1,628 Total Service from CONSOL Energy $ 1,712 $ 2,425 At March 31, 2016 and December 31, 2015 , the Partnership had a net payable to CONSOL Energy in the amount of $1,280 and $3,452 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the omnibus agreement. 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. CFI Loan CPCC had several related party long-term notes with CFI as of March 31, 2015 , pursuant to which CPCC was the obligor. The loan represented multiple 10-year term notes between CPCC and CONSOL Financial Inc. ("CFI"), a wholly owned subsidiary of CONSOL Energy, at the applicable federal funds rates in effect upon execution, which were due at various future dates throughout the year. In conjunction with the IPO, these notes were excluded from the Partnership's liabilities. Interest expense related to these notes was $2,407 for the three months ended March 31, 2015 and is included in Interest Expense in the accompanying Consolidated Statements of Operations. |
Long-Term Incentive Plan
Long-Term Incentive Plan | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Long-Term Incentive Plan | LONG-TERM INCENTIVE PLAN: Under the CNX Coal Resources LP 2015 Long-Term Incentive Plan (the “LTIP”), our general partner may issue long-term equity based awards to directors, officers and employees of our general partner or its affiliates, or to any consultants, affiliates of our general partner or other individuals who perform services for us. These awards will be intended to compensate the recipients thereof based on the performance of our common units and their continued service during the vesting period, as well as to align their long-term interests with those of our unitholders. We are responsible for the cost of awards granted under the LTIP and all determinations with respect to awards to be made under the LTIP are made by the board of directors of our general partner or any committee thereof that may be established for such purpose or by any delegate of the board of directors or such committee, subject to applicable law, which we refer to as the plan administrator. The LTIP limits the number of units that may be delivered pursuant to vested awards to 2,300,000 common units, subject to proportionate adjustment in the event of unit splits and similar events. Common units subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminated without delivery of the common units will be available for delivery pursuant to other awards. The Partnership's general partner has granted equity-based phantom units that vest over a period of continued service with the Partnership. The phantom units will be paid in common units upon vesting or an amount of cash equal to the fair market value of a unit based on the vesting date. The awards may accelerate upon change in control of the Partnership. Compensation expense is recognized on a straight-line basis over a requisite service period, which is generally the vesting term. The Partnership recognized $308 of compensation expense for the three months ended March 31, 2016 , which is included in Selling, General and Administrative Expenses in the Consolidated Statements of Operations. As of March 31, 2016 , there is $2,766 of unearned compensation that will vest over a weighted average period of 2.63 years. The following represents the nonvested phantom units and their corresponding weighted average grant date fair value: Number of Units Weighted Average Grant Date Fair Value per Unit Nonvested at December 31, 2015 6,456 $ 14.39 Granted 392,268 $ 7.90 Forfeited (9,821 ) $ 7.90 Nonvested at March 31, 2016 388,903 $ 8.01 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events | NOTE 13—SUBSEQUENT EVENTS: On April 25 , the Board of Directors of CNX Coal Resources GP LLC, the general partner of CNX Coal Resources LP, declared a cash distribution to the Partnership's unitholders for the first quarter of 2016 of $0.5125 per common and subordinated units. The cash distribution will be paid on May 12, 2016 to the unitholders of record at the close of business on May 5 , 2016. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | The accompanying unaudited consolidated 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. For the three months ended March 31, 2016 , the unaudited consolidated financial statements include the accounts of CNX Coal Resources LP and subsidiaries. For the three months ended March 31, 2015 , these unaudited consolidated 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. As these unaudited consolidated financial statements represent the combination of two separate legal entities wholly owned by CONSOL Energy, the net assets of the Partnership have been presented as a Parent Net Investment. Parent Net Investment is primarily comprised of the Partnership’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 Partnership and CONSOL Energy or CONSOL Energy’s other subsidiaries have been identified in the financial statements as transactions between related parties. |
Net Income Per Limited Partne23
Net Income Per Limited Partner and General Partner Interest (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the Partnership's calculation of net income per unit for common and subordinated partner units (in thousands, except for per unit information): Three Months Ended March 31, 2016 Net Income Attributable to General and Limited Partner Ownership Interest in CNX Coal Resources $ 2,499 Less: General Partner Interest in Net Income 51 Limited Partner Interest in Net Income $ 2,448 Net Income Allocable to Common Units $ 1,224 Net Income Allocable to Subordinated Units 1,224 Limited Partner Interest in Net Income $ 2,448 Weighted Average Limited Partner Units Outstanding - Basic Common Units 11,611,067 Subordinated Units 11,611,067 Total 23,222,134 Weighted Average Limited Partner Units Outstanding - Diluted Common Units 11,612,473 Subordinated Units 11,611,067 Total 23,223,540 Net Income Per Limited Partner Unit - Basic and Diluted Common Units $ 0.11 Subordinated Units $ 0.11 For the three months ended March 31, 2016 , there are 359,149 phantom units that have been excluded from the computation of the diluted net income per limited partner unit because their effect would be anti-dilutive. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | March 31, December 31, Coal $ 2,308 $ 932 Supplies 8,593 8,859 Total Inventories $ 10,901 $ 9,791 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | March 31, December 31, Coal and other plant and equipment $ 458,019 $ 456,835 Coal properties and surface lands 96,638 96,789 Airshafts 71,225 70,374 Mine development 65,231 65,231 Coal advance mining royalties 3,256 3,253 Total property, plant and equipment 694,369 692,482 Less: Accumulated depreciation, depletion and amortization 328,783 320,729 Total Net Property, Plant and Equipment $ 365,586 $ 371,753 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | March 31, December 31, 2015 Subsidence liability $ 18,795 $ 17,922 Accrued payroll and benefits 2,760 2,842 Litigation 1,700 1,710 Equipment lease rental 1,996 1,953 Other 1,789 2,630 Current portion of long-term liabilities: Workers' compensation 1,154 1,144 Asset retirement obligations 1,530 1,530 Long-term disability 160 163 Capital leases 47 49 Pneumoconiosis benefits 38 35 Total Other Accrued Liabilities $ 29,969 $ 29,978 |
Revolving Credit Facility (Tabl
Revolving Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | March 31, December 31, Revolver, carrying amount $ 200,000 $ 185,000 Less: Debt issuance and financing fees 3,830 4,054 Revolver, net $ 196,170 $ 180,946 |
Components of Other Post-Empl28
Components of Other Post-Employment Benefit (OPEB) Plans Net Periodic Benefit Costs (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | Three Months Ended 2015 Interest cost $ 28 Amortization of prior service credits (1,313 ) Recognized net actuarial loss 324 Net periodic benefit cost $ (961 ) |
Components of Coal Workers' P29
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | CWP Workers' Compensation Three Months Ended Three Months Ended 2016 2015 2016 2015 Service cost $ 153 $ 51 $ 260 $ 331 Interest cost 15 13 26 29 Amortization of actuarial (gain) (18 ) (14 ) (4 ) — State administrative fees and insurance bond premiums — — 28 120 Net periodic benefit cost $ 150 $ 50 $ 310 $ 480 |
Fair Value of Financial Instr30
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Revolving Credit Facility $ 200,000 $ 200,000 $ 185,000 $ 185,000 |
Related Party (Tables)
Related Party (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Charges for services from CONSOL Energy include the following: Three Months Ended 2016 2015 Operating and Other Costs $ 947 $ 797 Selling, General and Administrative Expenses 765 1,628 Total Service from CONSOL Energy $ 1,712 $ 2,425 |
Long-Term Incentive Plan Unit-B
Long-Term Incentive Plan Unit-Based Compensation Arrangement Table (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Number of Units Weighted Average Grant Date Fair Value per Unit Nonvested at December 31, 2015 6,456 $ 14.39 Granted 392,268 $ 7.90 Forfeited (9,821 ) $ 7.90 Nonvested at March 31, 2016 388,903 $ 8.01 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2016entity | |
Related Party Transaction [Line Items] | |
Number of legal entities combined in financial statements | 2 |
Net Income Per Limited Partne34
Net Income Per Limited Partner and General Partner Interest (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Limited Partners' Capital Account [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 2,499 | $ 17,349 | |
Net Income (Loss) Allocated to General Partners and Limited Partners | [1] | 2,499 | |
Limited Partner Interest in Net Income | 2,448 | ||
Less: General Partner Interest in Net Income | $ 51 | ||
Limited Partner Units Outstanding - Basic (in shares) | 23,222,134 | ||
Limited Partner Units Outstanding - Diluted (in shares) | 23,223,540 | ||
General Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 51 | ||
Less: General Partner Interest in Net Income | 51 | ||
Common Units | |||
Limited Partners' Capital Account [Line Items] | |||
Limited Partner Interest in Net Income | $ 1,224 | ||
Limited Partner Units Outstanding - Basic (in shares) | 11,611,067 | ||
Limited Partner Units Outstanding - Diluted (in shares) | 11,612,473 | ||
Net Income Per Limited Partner Unit - Basic and Diluted (in dollars per share) | $ 0.11 | ||
Subordinated Units | |||
Limited Partners' Capital Account [Line Items] | |||
Limited Partner Interest in Net Income | $ 1,224 | ||
Limited Partner Units Outstanding - Basic (in shares) | 11,611,067 | ||
Limited Partner Units Outstanding - Diluted (in shares) | 11,611,067 | ||
Net Income Per Limited Partner Unit - Basic and Diluted (in dollars per share) | $ 0.11 | ||
Phantom Share Units (PSUs) [Member] | Long-Term Incentive Plan [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 359,149 | ||
[1] | Represents the general and limited partner interest in net income since closing of IPO. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Coal | $ 2,308 | $ 932 |
Supplies | 8,593 | 8,859 |
Inventories | $ 10,901 | $ 9,791 |
Property, Plant and Equipment36
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 694,369 | $ 692,482 | |
Less: Accumulated depreciation, depletion and amortization | 328,783 | 320,729 | |
Total Net Property, Plant and Equipment | 365,586 | 371,753 | |
Gross assets under capital lease | 359 | 385 | |
Accumulated amortization for capital leases | 216 | 237 | |
Amortization expense for assets under capital lease | 13 | $ 6 | |
Coal and other plant and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 458,019 | 456,835 | |
Coal properties and surface lands | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 96,638 | 96,789 | |
Airshafts | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 71,225 | 70,374 | |
Mine development | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 65,231 | 65,231 | |
Coal advance mining royalties | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 3,256 | $ 3,253 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Subsidence liability | $ 18,795 | $ 17,922 |
Accrued payroll and benefits | 2,760 | 2,842 |
Estimated Litigation Liability | 1,700 | 1,710 |
Equipment lease rental | 1,996 | 1,953 |
Other | 1,789 | 2,630 |
Current portion of long-term liabilities: | ||
Workers' compensation | 1,154 | 1,144 |
Asset retirement obligations | 1,530 | 1,530 |
Long-term disability | 160 | 163 |
Capital Lease Obligations, Current | 47 | 49 |
Pneumoconiosis benefits | 38 | 35 |
Total Other Accrued Liabilities | $ 29,969 | $ 29,978 |
Revolving Credit Facility (Deta
Revolving Credit Facility (Details) - Secured Debt - Revolving Credit Facility | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 07, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Revolver, carrying amount | $ 200,000,000 | $ 185,000,000 | |
Less: Debt issuance and financing fees | 3,830,000 | 4,054,000 | |
Current and long-term debt | $ 196,170,000 | $ 180,946,000 | |
Weighted average interest rate | 3.19% | 3.17% | |
Maximum borrowing capacity | $ 400,000,000 | $ 400,000,000 | |
Proceeds from line of credit | $ 200,000,000 | 185,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 200,000,000 | $ 215,000,000 | |
Unused borrowing capacity fee | 0.50% | ||
Interest coverage ratio | 10.14 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Interest coverage ratio | 3 | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Total leverage ratio | 2.44 | 3.5 | |
Federal Funds Open Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Base Rate, London Interbank Offered Rate (LIBOR) Plus 1% | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Base Rate, London Interbank Offered Rate (LIBOR) Plus 1% | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 0.44% | 0.42% | |
Basis spread on variable rate | 2.75% | 2.75% | |
London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% |
Components of Other Post-Empl39
Components of Other Post-Employment Benefit (OPEB) Plans Net Periodic Benefit Costs (Details) - Other Postretirement Benefit Plan $ in Thousands | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Interest cost | $ 28 |
Amortization of prior service credits | (1,313) |
Recognized net actuarial loss | 324 |
Net periodic benefit cost | $ (961) |
Components of Coal Workers' P40
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Coal Workers Pneumoconiosis | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 153 | $ 51 |
Interest cost | 15 | 13 |
Amortization of actuarial (gain) | (18) | (14) |
State administrative fees and insurance bond premiums | 0 | 0 |
Net periodic benefit cost | 150 | 50 |
Benefits paid | 11 | |
Workers Compensation | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 260 | 331 |
Interest cost | 26 | 29 |
Amortization of actuarial (gain) | (4) | 0 |
State administrative fees and insurance bond premiums | 28 | 120 |
Net periodic benefit cost | 310 | $ 480 |
Benefits paid | $ 262 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Revolving Credit Facility | $ 200,000 | $ 185,000 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Revolving Credit Facility | $ 200,000 | $ 185,000 |
Commitments and Contingent Li42
Commitments and Contingent Liabilities (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 56,586 |
Unrecorded Unconditional Purchase Obligation | 294 |
Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | 1,138 |
Employee Related Contingency | Surety Bond | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | 7,388 |
Environment Related Contingency | Surety Bond | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 48,060 |
Related Party (Details)
Related Party (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Accounts Payable—Related Party | $ 1,280 | $ 3,452 | |
Interest Expense, Related Party | $ 2,407 | ||
CONSOL Energy | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 1,712 | 2,425 | |
CONSOL Energy | Operating And Other Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 947 | 797 | |
CONSOL Energy | Selling, General and Administrative Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 765 | $ 1,628 |
Long-Term Incentive Plan (Detai
Long-Term Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Common Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized under LTIP | 2,300,000 | |
Common Units | Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amortization expense due to vesting | $ 308 | |
Common Units | Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Expected Dividend | 2 years 7 months 17 days | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,766 | |
Long-Term Incentive Plan [Member] | Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | 388,903 | 6,456 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 8,010 | $ 14.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 392,268 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 7.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Period Increase (Decrease) | (9,821) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 7.90 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | May. 12, 2016 | Mar. 31, 2016 | |
Subsequent Event [Line Items] | |||
Cash Distributions Declared per Unit (in dollars per share) | [1] | $ 0.5125 | |
Subsequent Event | Common Units | |||
Subsequent Event [Line Items] | |||
Cash Distributions Declared per Unit (in dollars per share) | $ 0.5125 | ||
[1] | Represents the cash distributions declared related to the period presented. See Note 13 - Subsequent Events |
Uncategorized Items - cnxc-2016
Label | Element | Value |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax | $ (1,002,000) |