Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 08, 2018 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | CONSOL Coal Resources LP | ||
Entity Central Index Key | 1,637,558 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 146,858,493 | ||
Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 15,906,728 | ||
Subordinated Units | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,611,067 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 06, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues [Abstract] | |||||||||||||
Coal Revenue | $ 72,063 | $ 69,811 | $ 75,927 | $ 79,112 | $ 80,292 | $ 66,922 | $ 62,640 | $ 56,541 | $ 296,913 | $ 266,395 | $ 322,261 | ||
Freight Revenue | 5,461 | 5,451 | 4,441 | 3,070 | 3,130 | 2,407 | 2,797 | 3,269 | 18,423 | 11,603 | 3,809 | ||
Other Nonoperating Income (Expense) | 1,244 | 3,002 | 2,104 | 1,098 | 865 | 485 | 1,780 | (11) | 7,448 | 3,119 | 941 | ||
Total Revenue and Other Income | 78,768 | 78,264 | 82,472 | 83,280 | 84,287 | 69,814 | 67,217 | 59,799 | 322,784 | 281,117 | 327,011 | ||
Costs and Expenses [Abstract] | |||||||||||||
Operating and Other Costs | 42,711 | 52,160 | 50,232 | 49,883 | 52,935 | 45,531 | 46,044 | 38,491 | 194,986 | 183,001 | 193,961 | ||
Depreciation, Depletion and Amortization | 10,287 | 10,352 | 10,277 | 10,521 | 10,662 | 10,592 | 10,423 | 10,317 | 41,437 | 41,994 | 44,136 | ||
Freight Expense | 5,461 | 5,451 | 4,441 | 3,070 | 3,130 | 2,407 | 2,797 | 3,269 | 18,423 | 11,603 | 3,809 | ||
Selling, General and Administrative Expense | 4,479 | 4,283 | 3,652 | 3,283 | 3,391 | 2,660 | 1,970 | 1,928 | 15,697 | 9,949 | 10,931 | ||
Gain (Loss) on Extinguishment of Debt | 2,468 | 2,468 | |||||||||||
Interest Expense 3 | 2,052 | 2,404 | 2,396 | 2,457 | 2,442 | 2,223 | 2,076 | 1,978 | 9,309 | 8,719 | 9,636 | ||
Total Costs | 67,458 | 74,650 | 70,998 | 69,214 | 72,560 | 63,413 | 63,310 | 55,983 | 282,320 | 255,266 | 262,473 | ||
Net Income | $ 11,310 | $ 3,614 | $ 11,474 | $ 14,066 | $ 11,727 | $ 6,401 | $ 3,907 | $ 3,816 | $ 30,404 | $ 34,134 | 40,464 | 25,851 | 64,538 |
Less: Net Income Attributable to CONSOL Energy, Pre-IPO and Pre-PA Mining Acquisition | 0 | 3,995 | 41,182 | ||||||||||
Net Income Attributable to General and Limited Partner Ownership Interest in CONSOL Coal Resources | 40,464 | 21,856 | 23,356 | ||||||||||
Less: Net Income Allocable to Preferred Units | 0 | ||||||||||||
Other Preferred Stock Dividends and Adjustments | 173 | ||||||||||||
Limited Partner Interest in Net Income | 34,076 | 19,606 | 22,888 | ||||||||||
Less: Effect of Subordinated Distribution Suspension | 0 | 119 | 0 | ||||||||||
Net Income Allocable to Limited Partner Units | $ 34,076 | $ 19,487 | $ 22,888 | ||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income per Limited Partner Unit - Basic | $ 420 | $ 70 | $ 400 | $ 510 | $ 410 | $ 210 | $ 110 | $ 110 | $ 1.40 | $ 0.84 | $ 0.99 | ||
Net Income per Limited Partner Unit - Diluted | $ 420 | $ 70 | $ 400 | $ 500 | $ 410 | $ 210 | $ 110 | $ 100 | $ 1.39 | $ 0.83 | $ 0.99 | ||
Limited Partner Units Outstanding - Basic | 24,325,575 | 23,225,142 | 23,222,134 | ||||||||||
Limited Partner Units Outstanding - Diluted | 24,461,373 | 23,402,897 | 23,223,045 | ||||||||||
Common Units | |||||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Other Preferred Stock Dividends and Adjustments | $ 85 | ||||||||||||
Limited Partner Interest in Net Income | 18,040 | $ 9,806 | $ 11,444 | ||||||||||
Less: Effect of Subordinated Distribution Suspension | 0 | 2,917 | 0 | ||||||||||
Net Income Allocable to Limited Partner Units | $ 17,955 | $ 12,723 | $ 11,444 | ||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income per Limited Partner Unit - Diluted | $ 1.40 | $ 1.08 | $ 0.99 | ||||||||||
Limited Partner Units Outstanding - Basic | 12,714,508 | 11,614,075 | 11,611,067 | ||||||||||
Limited Partner Units Outstanding - Diluted | 12,850,306 | 11,791,830 | 11,611,978 | ||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 2.05 | $ 2.05 | $ 991.6000 | ||||||||||
Subordinated Units | |||||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Other Preferred Stock Dividends and Adjustments | $ 88 | ||||||||||||
Limited Partner Interest in Net Income | 16,209 | $ 9,800 | $ 11,444 | ||||||||||
Less: Effect of Subordinated Distribution Suspension | 0 | (3,036) | 0 | ||||||||||
Net Income Allocable to Limited Partner Units | $ 16,121 | $ 6,764 | $ 11,444 | ||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income per Limited Partner Unit - Diluted | $ 1.39 | $ 0.58 | $ 0.99 | ||||||||||
Limited Partner Units Outstanding - Basic | 11,611,067 | 11,611,067 | 11,611,067 | ||||||||||
Limited Partner Units Outstanding - Diluted | 11,611,067 | 11,611,067 | 11,611,067 | ||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 2.05 | $ 1.5375 | $ 991.6000 | ||||||||||
General Partner | |||||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Net Income | $ 468 | $ 662 | $ 399 | ||||||||||
Less: General Partner Interest in Net Income | 662 | 399 | $ 468 | ||||||||||
Majority Shareholder [Member] | |||||||||||||
Service from CONSOL Energy | 6,612 | 8,077 | 15,719 | ||||||||||
Majority Shareholder [Member] | Interest Expense [Member] | |||||||||||||
Service from CONSOL Energy | $ 746 | $ 0 | $ 6,050 |
Consolidated Statements of Ope3
Consolidated Statements of Operations - Parenthetical - CONSOL Energy - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related party expenses | $ 6,612 | $ 8,077 | $ 15,719 |
Operating and Other Costs | |||
Related party expenses | 3,503 | 4,251 | 6,793 |
General And Administrative Expenses [Member] | |||
Related party expenses | 3,109 | 3,826 | 8,926 |
Interest Expense [Member] | |||
Related party expenses | $ 746 | $ 0 | $ 6,050 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 40,464 | $ 25,851 | $ 64,538 |
Actuarially Determined Long-Term Liability Adjustments: | |||
Amortization of prior service credits | 0 | 0 | (8,701) |
Recognized net actuarial (gain) loss | 1,366 | (93) | 1,245 |
OPEB Plan amendments | 0 | 0 | 4,714 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | 911 | 902 |
Total Actuarially Determined Long-Term Liability Adjustments | 1,366 | 818 | (1,840) |
Other Comprehensive Income (Loss) | 1,366 | 818 | (1,840) |
Comprehensive Income | $ 41,830 | $ 26,669 | $ 62,698 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 1,533 | $ 9,785 |
Trade Receivables | 31,473 | 23,418 |
Other Receivables | 1,970 | 515 |
Inventories | 12,303 | 11,491 |
Prepaid Expenses | 4,428 | 3,512 |
Total Current Assets | 51,707 | 48,721 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 910,468 | 876,690 |
Less: Accumulated depreciation, depletion and amortization | 483,410 | 442,178 |
Total Net Property, Plant and Equipment | 427,058 | 434,512 |
Other Assets: | ||
Other | 15,474 | 21,063 |
Total Other Assets | 15,474 | 21,063 |
TOTAL ASSETS | 494,239 | 504,296 |
Current Liabilities: | ||
Accounts Payable | 19,718 | 18,797 |
Accounts Payable—Related Party | 3,071 | 1,666 |
Other Accrued Liabilities | 44,179 | 44,318 |
Total Current Liabilities | 66,968 | 64,781 |
Long-Term Debt: | ||
Revolver, net of debt issuance and financing fees | 0 | 197,843 |
Due to Affiliate | 196,583 | |
Capital Lease Obligations | 73 | 146 |
Total Long-Term Debt | 196,656 | 197,989 |
Other Liabilities: | ||
Pneumoconiosis Benefits | 3,833 | 2,057 |
Workers’ Compensation | 3,404 | 3,090 |
Asset Retirement Obligations | 9,615 | 9,346 |
Other | 607 | 463 |
Total Other Liabilities | 17,459 | 14,956 |
TOTAL LIABILITIES | 281,083 | 277,726 |
Partners' Capital: | ||
General Partner Interest | 11,964 | 12,274 |
Accumulated Other Comprehensive Income | 10,443 | 11,809 |
Total Partners' Capital | 213,156 | 226,570 |
TOTAL LIABILITIES AND PARTNERS' CAPITAL | 494,239 | 504,296 |
Preferred Class A [Member] | ||
Partners' Capital: | ||
Limited Partners' Capital Account | 0 | 69,151 |
Common Units | ||
Partners' Capital: | ||
Limited Partners' Capital Account | 205,974 | 140,967 |
Subordinated Member Units | ||
Partners' Capital: | ||
Limited Partners' Capital Account | $ (15,225) | $ (7,631) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common Stock | ||
Limited Partners' Units Outstanding (in shares) | 11,618,456 | 11,611,067 |
Subordinated Member Units | ||
Limited Partners' Units Outstanding (in shares) | 11,611,067 | 11,611,067 |
Preferred Stock [Member] | ||
Limited Partners' Units Outstanding (in shares) | 3,956,496,000 | 0 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income | Former Parent | Limited PartnersCommon Stock | Limited PartnersCommon Units | Limited PartnersSubordinated Member Units | General Partner | Preferred Partner [Member] | Preferred Units, Class [Domain] | Common Units |
Balance at December 31, 2014 at Dec. 31, 2014 | $ 213,283 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net Income | 64,538 | |||||||||
Distribution of IPO Proceeds | (11,353) | $ 5,563 | $ 5,563 | $ 227 | ||||||
Unit Based Compensation | 40 | |||||||||
Total Actuarially Determined Long-Term Liability Adjustments | (1,840) | $ 1,840 | ||||||||
Balance at December 31, 2015 at Dec. 31, 2015 | 271,803 | 39,209 | $ 174,074 | 0 | 0 | 0 | ||||
Partners' Capital Account, Net Working Capital Advances | (3,430) | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net Income | 25,851 | 9,806 | 9,800 | 399 | $ 1,851 | |||||
Net Working Capital Advances to the Partnership | (26,981) | |||||||||
Assets and Liabilities Contributed/Distributed | 231,898 | (26,378) | 258,276 | |||||||
Deemed Distribution to Partnership | 0 | (355,887) | 28,450 | 314,597 | 12,840 | |||||
Issuance of Common Units to Public, Net of Offering Costs | 148,359 | 148,359 | ||||||||
Partners' Capital Account, Return of Capital | (342,711) | 28,421 | 314,290 | |||||||
Distribution of IPO Proceeds | (42,634) | 23,811 | 17,852 | 971 | ||||||
Unit Based Compensation | 40 | 1,185 | ||||||||
Total Actuarially Determined Long-Term Liability Adjustments | 818 | (818) | ||||||||
Balance at December 31, 2015 at Dec. 31, 2016 | 226,570 | 10,991 | 87,234 | 154,309 | 6,188 | 13,081 | ||||
Partners' Capital Account, Public Sale of Units | 67,300 | 67,300 | ||||||||
Partners' Capital Account, Net Working Capital Advances | (8,953) | (8,953) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net Income | 40,464 | 3,995 | 18,040 | 16,209 | 662 | 5,553 | $ 69,151 | |||
Net Working Capital Advances to the Partnership | (26,981) | |||||||||
Net Asset Acquired in Pennsylvania Mining Complex | (82,276) | |||||||||
Purchase Price in Excess of Net Assets Acquired | (6,524) | (522) | (5,767) | (235) | ||||||
Distribution of IPO Proceeds | 26,072 | 23,803 | 972 | 5,553 | ||||||
Unit Based Compensation | 1,185 | 5,873 | ||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ (1,985) | |||||||||
Total Actuarially Determined Long-Term Liability Adjustments | 1,366 | 1,366 | ||||||||
Balance at December 31, 2015 at Dec. 31, 2017 | $ 213,156 | $ 11,809 | $ 0 | $ 140,967 | $ (7,631) | $ 12,274 | $ 69,151 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Conversion of Preferred Units | $ (69,151) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 40,464 | $ 25,851 | $ 64,538 |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |||
Depreciation, Depletion and Amortization | 41,437 | 41,994 | 44,136 |
(Gain) Loss on Sale of Assets | (1,399) | 9 | (61) |
Unit Based Compensation | 5,873 | 1,185 | 40 |
Gain (Loss) on Extinguishment of Debt | (2,468) | ||
Other Adjustments to Net Income | 688 | 898 | 777 |
Changes in Operating Assets: | |||
Accounts and Notes Receivable | (9,510) | (4,064) | (19,389) |
Inventories | (812) | 747 | 1,061 |
Prepaid Expenses | (916) | 1,577 | (186) |
Changes in Other Assets | (615) | (3,465) | (3,246) |
Changes in Operating Liabilities: | |||
Accounts Payable | 293 | 1,968 | (416) |
Accounts Payable—Related Party | 88 | (2,644) | 3,430 |
Other Operating Liabilities | (5,785) | 7,010 | (7,244) |
Changes in Other Liabilities | 368 | 2,032 | (6,532) |
Net Cash Provided by Operating Activities | 72,642 | 73,098 | 76,908 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (19,496) | (12,704) | (34,073) |
Payments to Acquire Businesses, Gross | 0 | ||
Payments for (Proceeds from) Businesses and Interest in Affiliates | (21,500) | ||
Proceeds from Sales of Assets | 1,500 | 23 | 71 |
Net Cash Used in Investing Activities | (17,996) | (34,181) | (34,002) |
Cash Flows from Financing Activities: | |||
Payments on Miscellaneous Borrowings | (96) | (79) | (53) |
Payments on Related Party Long-Term Notes | 0 | 0 | 10,951 |
Proceeds from Related Party Long-Term Notes | 196,583 | 0 | 16,990 |
Proceeds from Revolver, Net of Payments | (201,000) | 16,000 | 185,000 |
Proceeds from Issuance of Common Units, Net of Offering Costs | 0 | 0 | 148,359 |
Distribution of Proceeds | 0 | 0 | (342,711) |
Payments for Unitholder Distributions | (56,400) | (42,634) | (11,353) |
Payments Related to Tax Withholding for Share-based Compensation | (1,985) | ||
Debt Issuance and Financing Fees | 0 | 0 | (4,329) |
Net Change in Parent Advances | 0 | (8,953) | (17,328) |
Net Cash Used In Financing Activities | (62,898) | (35,666) | (36,376) |
Net (Decrease) Increase in Cash | (8,252) | 3,251 | 6,530 |
Cash at Beginning of Period | 9,785 | 6,534 | 4 |
Cash at End of Period | $ 1,533 | $ 9,785 | $ 6,534 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies is included below. These, together with the other notes to the consolidated financial statements, are an integral part of the Consolidated Financial Statements. Basis of Consolidation and Presentation: On September 30, 2016, the Partnership and its wholly owned subsidiary, CONSOL Thermal Holdings, entered into a Contribution Agreement (the “Contribution Agreement”) with CNX, CPCC and Conrhein and together with CPCC, (the “Contributing Parties”), under which CONSOL Thermal Holdings acquired an undivided 6.25% of the Contributing Parties’ right, title and interest in and to the Pennsylvania Mining Complex (which represents an aggregate 5% undivided interest in and to the Pennsylvania Mining Complex)(“PA Mining Acquisition”). The PA Mining Acquisition was a transaction between entities under common control; therefore, the partnership recorded the assets and liabilities of the acquired 5% of Pennsylvania Mining Complex at their carrying amounts to CNX on the date of the transaction. The difference between CNX’s net carrying amount and the total consideration paid to CNX was recorded as a capital transaction with CNX, which resulted in a reduction in partners’ capital. Because this transaction is between entities under common control, the Partnership recast its historical consolidated financial statements to retrospectively reflect the additional 5% interest in Pennsylvania Mining Complex as if the business was owned for all periods presented; however, the consolidated financial statements are not necessarily indicative of the results of operations that would have occurred if the Partnership had owned it during the periods reported. For the years ended December 31, 2017 2016 , and 2015 the Consolidated Financial Statements include the accounts of CONSOL Operating and CONSOL Thermal Holdings, wholly owned and controlled subsidiaries. On November 28, 2017, CONSOL Energy was separated from CNX into an independent, publicly traded coal company via a pro rata distribution of all of CONSOL Energy’s common stock to CNX’s stockholders. CONSOL Energy was originally formed as CONSOL Mining Corporation in Delaware on June 21, 2017 to hold CNX’s coal business including its interest in the Pennsylvania Mining Complex and certain related coal assets, including CNX’s ownership interest in the Partnership and our general partner, CNX’s terminal operations at the Port of Baltimore and undeveloped coal reserves located in the Northern Appalachian, Central Appalachian and Illinois basins and certain related coal assets and liabilities. As part of the separation, CONSOL Mining Corporation changed its name to CONSOL Energy Inc. and its ticker to “CEIX”, CNX changed its name to CNX Resources Corporation and its ticker to “CNX”, the Partnership changed its name to CONSOL Coal Resources LP and its ticker to “CCR” and the general partner changed its name to CONSOL Coal Resources GP LLC. Jumpstart Our Business Startups Act (“JOBS Act”): Under the JOBS Act, for as long as the Partnership remains an “emerging growth company” as defined in the JOBS Act, we may take advantage of certain exemptions from the SEC’s reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to provide an auditor’s attestation report on management’s assessment of the effectiveness of its system of internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and seeking unitholder approval of any golden parachute payments not previously approved. We may take advantage of these reporting exemptions until we are no longer an emerging growth company. The Partnership will remain an emerging growth company for up to five years, although we will lose that status sooner if: • we have more than $1.07 billion of revenues in a fiscal year; • limited partner interests held by non-affiliates have a market value of more than $700 million (large accelerated filer); or • we issue more than $1 billion of non-convertible debt over a three-year period. The JOBS Act also provides that an emerging growth company can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Partnership has irrevocably elected to “opt out” of this exemption and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as various disclosures. Actual results could differ from those estimates. The most significant estimates included in the preparation of the consolidated financial statements are related to coal workers’ pneumoconiosis, workers’ compensation, asset retirement obligations, contingencies and coal reserve values. Cash: Cash includes cash on hand and on deposit with banking institutions. Accounts Receivable: Accounts receivable are recorded at the invoiced amount and do not bear interest. We reserve for specific accounts receivable when it is probable that all or a part of an outstanding balance will not be collected, such as customer bankruptcies. Collectability is determined based on terms of sale, credit status of customers and various other circumstances. We regularly review collectability and establish or adjust the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There were no reserves for uncollectible trade amounts in the periods presented. Inventories: Inventories are stated at the lower of cost or market. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, depreciation, depletion and amortization, operating overhead 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 is recorded at cost upon acquisition. Expenditures which extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs which do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. We employ this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development cost begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled 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. Advance mining royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable against future production using the units-of-production method. Depletion of leased coal interests is computed using the units-of-production method over proven and probable coal reserves. Advance mining royalties and leased coal interests are evaluated periodically, or at a minimum once a year, for impairment issues or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any revisions are accounted for prospectively as changes in accounting estimates. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain (Loss) on Sale of Assets in the Consolidated Statements of Operations. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Costs to obtain coal lands are capitalized based on the cost at acquisition and are amortized using the units-of-production method over all estimated proven and probable reserve tons assigned and accessible to the mine. Proven and probable coal reserves are calculated on a clean coal ton equivalent, which excludes non-recoverable coal reserves and anticipated preparation plant processing refuse. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is produced. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material effect from changes in estimates is disclosed in the period the change occurs. Impairment of Long-lived Assets: Impairment of long-lived assets is recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying value. The carrying value of the assets is then reduced to its estimated fair value which is usually measured based on an estimate of future discounted cash flows. There were no impairment losses recognized during the years ended December 31, 2017 , 2016 and 2015 . Pension: The personnel who operate CPCC and Conrhein’s assets were employees of CPCC and participated in certain defined benefit retirement plans administered by CNX through December 31, 2015. In connection with the separation, the sponsorship of the CONSOL Energy Inc. Employee Retirement Plan (the “Pension Plan”) was transferred to CONSOL Energy. Effective December 31, 2015, the qualified defined benefit retirement plan was frozen for all remaining participants in the plan. CONSOL Energy directly charges the Partnership for its portion of the service costs associated with these employees that participate in the salary retirement pension plans. The Partnership’s share of those costs is reflected in Operating and Other Costs in the accompanying Consolidated Statements of Operations. Pneumoconiosis Benefits and Workers’ Compensation: The Partnership is required by federal and state statutes to provide our portion of benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers’ pneumoconiosis (“CWP”). The Partnership is also required by various state statutes to provide our portion of workers’ compensation benefits for employees who sustain employment related physical injuries or some types of occupational disease. Workers’ compensation benefits include compensation for their disability, medical costs and on some occasions, the cost of rehabilitation. The provisions for our portion of estimated benefits are determined on an actuarial basis for the Partnership’s dedicated contract labor provided under a service agreement with CONSOL Energy. Asset Retirement Obligations: Mine closing reclamation costs, perpetual water care costs and other costs associated with dismantling and removing facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. Depreciation of the capitalized asset retirement cost is generally determined on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in Depreciation, Depletion and Amortization on the Consolidated Statements of Operations. Asset retirement obligations primarily relate to the closure of mines which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual care costs and reclamation costs and other costs of dismantling and removing facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. Subsidence: Subsidence occurs when there is damage of the ground surface due to the removal of underlying coal. Areas affected may include, although not be limited to, streams, property, roads, pipelines and other land and surface structures. Total estimated subsidence claims are recognized in the period when the related coal has been extracted and are included in Operating and Other Costs on the Consolidated Statements of Operations and Other Accrued Liabilities on the Consolidated Balance Sheets. On occasion we prepay the estimated damages prior to undermining the property, in return for release of liability. Prepayments are included as assets and either recognized as Prepaid Expenses or in Other Assets on the Consolidated Balance Sheets, if the payment is made less than or greater than one year, respectively, prior to undermining the property. Income Taxes: The Partnership’s assets and liabilities are comprised of a 25% undivided interest in the Pennsylvania Mining Complex which assets and liabilities are held by CPCC and Conrhein. The Partnership does not share in the separate income tax consequences attributable to the owners of CPCC and Conrhein. Accordingly, no provision for federal or state income taxes has been recorded. As of December 31, 2017 and 2016 , the Partnership had no liability reported for unrecognized tax benefits and had not incurred interest and penalties related to income taxes. The Partnership’s operations are treated as a partnership for federal and state income tax purposes, with each partner being separately taxed on its share of taxable income. Therefore, the Partnership has excluded income taxes from these financial statements. Revenue Recognition: Revenues are recognized when title passes to the customers. For domestic coal sales, this generally occurs when coal is loaded at the mine preparation facility. For export coal sales, revenue recognition generally occurs when coal is loaded onto marine vessels at terminal locations. Freight Revenue and Expense: Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. Royalty Recognition: Royalty expenses for coal rights are included in Royalties and Production Taxes on the Consolidated Statements of Operations when the related revenue for the coal sale is recognized. Contingencies: The Partnership, from time to time, 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. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. Reclassifications: The PA Mining Acquisition was accounted for as a transaction under common control, which resulted in the prior periods being recast to reflect as if the Partnership owned 25% of Pennsylvania Mining Complex for all periods presented. Certain amounts have been reclassified to conform with the current reporting classifications with no effect on previously reported recast net income or partners’ capital. Recent Accounting Pronouncements: In March 2017, the Financial Accounting Standards Board (“FASB”) issued Update 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The Update requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. Because the Partnership does not present an income from operations subtotal, that requirement is not applicable. Additionally, the Partnership’s service cost component is deemed immaterial, and therefore, the other components of net benefit cost will not be presented separately. For public entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of a fiscal year for which financial statements have not been issued. The adoption of this guidance is not expected to have an impact on the Partnership’s financial statements. In January 2017, the FASB issued Update 2017-01 - Business Combinations (Topic 805). This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this new guidance will not have a material impact on the Partnership’s financial statements. In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606)”, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The objective of the amendments in this update is to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (“IFRS”). 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 and 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 following updates to Topic 606 were made during 2016: • In March 2016, the FASB updated Topic 606 by issuing ASU 2016-08 “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies how an entity determines whether it is a principal or an agent for goods or services promised to a customer as well as the nature of the goods or services promised to their customers. • In April 2016, the FASB issued Update 2016-10 - Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which seeks to address implementation issues in the areas of identifying performance obligations and licensing. • In May 2016, the FASB issued Update 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients. The update, which was issued in response to feedback received by the FASB-IASB joint revenue recognition transition resource group (TRG), seeks to address implementation issues in the areas of collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. • In December 2016, the FASB issued Updated 2016-20 - Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. This update applies technical corrections or improvements specific to Update 2014-09. The technical corrections seek to address implementation issues in the areas of loan guarantee fees, contract costs - impairment testing, contract costs - interaction of impairment testing with guidance in other topics, provisions for losses on construction-type and production-type contracts, the scope of Topic 606, disclosure of remaining performance obligations, disclosure of prior-period performance obligations, contract modifications example, contract asset versus receivable, refund liability, advertising costs, fixed-odds wagering contracts in the casino industry, and cost capitalization for advisors to private and public funds. The new standards are effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as annual reporting periods beginning after December 15, 2016. Management has evaluated all contracts with particular attention to the impact from contracts that contain favorable electric power price related adjustments and contracts that span multiple years that have annual fixed pricing. We adopted the new standard in 2018 using the modified retrospective approach on all contracts which were not completed as of the date of initial application and there was no material impact on the Partnership’s financial statements. Further, we expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis, as the majority of our revenue will still be recognized when the product is shipped from our loading facility. The following factors outline management’s position: • Most of our long-term contracts are for a stated range of coal at a stated rate per year, with any material price change from year-to-year being market-driven or inflationary, where no additional value is exchanged. • Contracts which contain favorable electric power price related adjustments also represent market-driven price adjustments wherein there is no additional value being exchanged. • Pricing on contracts which are variable based on contractual quality-related adjustments are industry standard practices, could be favorable or unfavorable to the Partnership, are indeterminable, and represent an immaterial portion of our overall revenue stream. • While we do expect to experience costs of obtaining contracts with amortization periods greater than one year, those costs would be immaterial to our net income. In August 2016, the FASB issued Update 2016-15 - Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. This update seeks to reduce the existing diversity in practice of the presentation and classification of specific cash flow issues. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance is not expected to have an impact 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. |
Initial Public and Concurrent P
Initial Public and Concurrent Private Placement Offering | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Initial Public and Concurrent Private Placement Offering | 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 following transactions occurred in conjunction with the Partnership completing the IPO. CNX Resources Corporation (formerly CONSOL Energy Inc.) In connection with the IPO, the Partnership 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 CNX, 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. In connection with these issuances of common and subordinated units and other ownership interests, 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 issuance of the common and subordinated units and other ownership interests issued to CNX were not registered under the Securities Act. The Partnership also 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 CNX. 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 Securities Act, provided by Section 4(a)(2) thereof and, accordingly, the issuance of the common units to Greenlight Capital was not registered under the Securities Act. We distributed all of the proceeds from the Concurrent Private Placement to CNX. 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 $4,052 , the net proceeds contributed to the Partnership were approximately $65,448 . 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 an 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 $70,711 of net proceeds from the IPO to CNX. The remaining 188,933 common units that the underwriters did not exercise under their option, were issued to CNX. PNC Revolving Credit Facility In connection with the IPO, we entered into a $400,000 senior secured revolving credit facility (the “PNC Revolving Credit Facility”) with certain lenders and PNC, as administrative agent. Obligations under the PNC Revolving Credit Facility were guaranteed by our subsidiaries (the“guarantor subsidiaries”) and were secured by substantially all of our and our subsidiaries’ assets pursuant to a security agreement and various mortgages. CNX was not a guarantor of the PNC Revolving Credit Facility. Borrowings under the PNC Revolving Credit Facility were used by us to fund cash distributions, make capital expenditures, pay fees and expenses related to the revolving credit facility and for general partnership purposes. In connection with the completion of the IPO and our entry into the revolving credit facility, we made an initial draw of $200,000 and paid $3,000 in origination fees with net proceeds of $197,000 which were distributed to CNX. On November 28, 2017, in connection with the separation, the Partnership paid all fees and other amounts outstanding under the PNC Revolving Credit Facility, terminated the PNC Revolving Credit Facility and the related loan documents and entered into the Affiliated Company Credit Agreement. 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 the revolving credit facility to make a distribution of $342,711 , including $4,352 of offering and structure fees, to CNX. The Partnership retained cash of $7,000 . Based on the IPO price of $15.00 per common unit, the aggregate value of the common units and subordinated units that were issued to CNX in connection with the completion of the IPO was approximately $189,916 . PA MINING ACQUISITION: On September 30, 2016, the Partnership and its wholly owned subsidiary, CONSOL Thermal Holdings, entered into a Contribution Agreement with CNX, CPCC and Conrhein and together with CPCC, under which CONSOL Thermal Holdings acquired an undivided 6.25% of the Contributing Parties’ right, title and interest in and to the Pennsylvania Mining Complex (which represents an aggregate 5% undivided interest in and to the Pennsylvania Mining Complex), in exchange for (i) cash consideration in the amount of $21,500 and (ii) the Partnership’s issuance of 3,956,496 Class A Preferred Units representing limited partner interests in the Partnership at an issue price of $17.01 per Class A Preferred Unit (the “Class A Preferred Unit Issue Price”), or an aggregate $67,300 in equity consideration. The Class A Preferred Unit Issue Price was calculated as the volume-weighted average trading price of the Partnership’s common units over the trailing 15 -day trading period ending on September 29, 2016 (or $14.79 ), plus a 15% premium. The PA Mining Acquisition was consummated on September 30, 2016. Our general partner elected not to contribute capital to retain their 2% interest. As of December 31, 2017 our general partner’s ownership interest in the partnership was 1.7% . Following the PA Mining Acquisition and including interests it held previously, CONSOL Thermal holds an aggregate 25% undivided interest in and to the Pennsylvania Mining Complex. On October 2, 2017 the 3,956,496 Class A Preferred Units were converted to common units on a one-for-one basis, in accordance with our Partnership agreement. The PA Mining Acquisition was a transaction between entities under common control; therefore, the Partnership recorded the assets and liabilities of the acquired 5% undivided interest in the Pennsylvania Mining Complex at their carrying amounts to CNX on the date of the transaction. The difference between CNX’s net carrying amount and the total consideration paid to CNX was recorded as a capital transaction with CNX, which resulted in a reduction in partners’ capital. The $67,300 in preferred equity consideration was a non-cash transaction, which impacted the investing and financing activities of the Partnership, by $6,524 of excess consideration paid over the net carrying amount and $60,776 of carrying amount paid from equity consideration. |
Net Income Per Limited Partner
Net Income Per Limited Partner and General Partner Interest | 12 Months Ended |
Dec. 31, 2017 | |
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. Net income attributable to the PA Mining Acquisition for periods prior to September 30, 2016 was not allocated to the limited partners for purposes of calculating net income per limited partner unit. 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 or convertible preferred units, 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): For the Year Ended For the Year Ended For the Year Ended December 31, 2017 December 31, 2016 December 31, 2015 Net Income Attributable to General and Limited Partner Ownership Interest in CONSOL Coal Resources $ 40,464 $ 25,851 $ 64,538 Less: Net (Loss) Income Attributable to CONSOL Energy, Pre-IPO — — 34,134 Less: Net Income Attributable to CONSOL Energy, Pre-PA Mining Acquisition — 3,995 7,048 Less: General Partner Interest in Net Income 662 399 468 Less: Net Income Allocable to Class A Preferred Units 5,553 1,851 — Less: Distribution Effect of Preferred Unit Conversion 173 — — Less: Effect of Subordinated Distribution Suspension — 119 — Net Income Allocable to Limited Partner Units $ 34,076 $ 19,487 $ 22,888 Limited Partner Interest in Net Income - Common Units $ 18,040 $ 9,806 $ 11,444 Less: Distribution Effect of Preferred Unit Conversion 85 — — Effect of Subordinated Distribution Suspension - Common Units — 2,917 — Net Income Allocable to Common Units $ 17,955 $ 12,723 $ 11,444 Limited Partner Interest in Net Income - Subordinated Units $ 16,209 $ 9,800 $ 11,444 Less: Distribution Effect of Preferred Unit Conversion 88 — Effect of Subordinated Distribution Suspension - Subordinated Units — (3,036 ) — Net Income Allocable to Subordinated Units $ 16,121 $ 6,764 $ 11,444 Weighted Average Limited Partner Units Outstanding - Basic Common Units 12,714,508 11,614,075 11,611,067 Subordinated Units 11,611,067 11,611,067 11,611,067 Total 24,325,575 23,225,142 23,222,134 Weighted Average Limited Partner Units Outstanding - Diluted Common Units 12,850,306 11,791,830 11,611,978 Subordinated Units 11,611,067 11,611,067 11,611,067 Total 24,461,373 23,402,897 23,223,045 Net Income Per Limited Partner Unit - Basic Common Units $ 1.41 $ 1.10 $ 0.99 Subordinated Units $ 1.39 $ 0.58 $ 0.99 Net Income Per Limited Partner Unit -Diluted Common Units $ 1.40 $ 1.08 $ 0.99 Subordinated Units $ 1.39 $ 0.58 $ 0.99 The outstanding Class A Preferred Units were converted on a one-to-one basis into common units on October 2, 2017, under the terms of the Partnership Agreement. As a result, the Partnership issued an aggregate of 3,956,496 Common Units to CNX and canceled the Class A Preferred Units. Following the conversion of the Class A Preferred Units into Common Units, no Class A Preferred Units are outstanding. The effect of preferred unit conversion resulted in the preferred units receiving a common distribution on November 15, 2017 in the amount of $0.5125 per unit versus the stated 11% per annum previously paid on the Class A Preferred. For the calculation of diluted net income per limited partner unit, the effect of conversion of the 3,956,496 Class A Preferred Units is antidilutive and is excluded from the calculation for the year ended December 31, 2016. No preferred units were available for the year ended December 31, 2015. There were no phantom units excluded from the computation of the diluted earnings per share because their effect would be anti-dilutive for the year ended December 31, 2017. |
Miscellaneous Other Income
Miscellaneous Other Income | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Miscellaneous Other Income | OTHER INCOME: For the Years Ended December 31, 2017 2016 2015 Purchased coal sales $ 3,290 $ 1,439 $ — Coal contract buyout 2,477 1,572 — Gain (loss) on sale of assets 1,399 (9 ) 61 Right of way sales 2 31 608 Other 280 86 272 Total Miscellaneous Other Income $ 7,448 $ 3,119 $ 941 |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2017 | |
Interest Expense [Abstract] | |
Interest Expense | INTEREST EXPENSE: For the Years Ended December 31, 2017 2016 2015 Revolver interest $ 8,912 $ 9,022 $ 3,928 Interest on notes - related party 746 — 6,050 Capitalized interest (361 ) (315 ) (348 ) Interest on other payables, net 12 12 6 Total Interest Expense $ 9,309 $ 8,719 $ 9,636 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: December 31, December 31, Coal $ 2,853 $ 1,950 Supplies 9,450 9,541 Total Inventories $ 12,303 $ 11,491 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 | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: December 31, December 31, Coal and other plant and equipment $ 607,314 $ 576,917 Coal properties and surface lands 122,377 121,241 Airshafts 95,566 92,938 Mine development 81,538 81,538 Coal advance mining royalties 3,673 4,056 Total property, plant and equipment 910,468 876,690 Less: Accumulated depreciation, depletion and amortization 483,410 442,178 Total Net Property, Plant and Equipment $ 427,058 $ 434,512 As of December 31, 2017 and 2016 , property, plant and equipment includes gross assets under capital lease of $ 625 and $ 631 , respectively. Accumulated amortization for capital leases was $ 473 and $ 398 at December 31, 2017 and 2016 , respectively. Amortization expense for assets under capital leases approximated $95 , $78 , and $53 for the years ended December 31, 2017 , 2016 , and 2015 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Operations. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: December 31, December 31, 2016 Subsidence liability $ 22,430 $ 26,887 Lease buyout 5,658 — Accrued payroll and benefits 3,219 4,052 Equipment lease rental 2,906 2,442 Accrued other taxes 1,399 2,504 Goods received, not invoiced 1,057 952 Litigation 670 2,507 Other 4,166 2,731 Current portion of long-term liabilities: Workers' compensation 1,381 1,380 Asset retirement obligations 881 591 Pneumoconiosis benefits 195 56 Long-term disability 140 128 Capital leases 77 88 Total Other Accrued Liabilities $ 44,179 $ 44,318 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | : December 31, December 31, Affiliated Company Credit Agreement (4.25% interest rate at December 31, 2017) $ 196,583 $ — Revolver, carrying amount $ — $ 201,000 Less: Debt issuance and financing fees — 3,157 Revolver, net $ — $ 197,843 Total Long-Term Debt $ 196,583 $ 197,843 Affiliated Company Credit Agreement On November 28, 2017, the Credit Parties entered into the Affiliated Company Credit Agreement by and among the Credit Parties, CONSOL Energy, as lender and administrative agent, and PNC. The Affiliated Company Credit Agreement provides for a revolving credit facility in an aggregate principal amount of up to $275,000 to be provided by CONSOL Energy, as lender. In connection with the completion of the separation and the Partnership’s entry into the Affiliated Company Credit Agreement, the Partnership made an initial draw of $200,583 , the net proceeds of which were used to repay the PNC Revolving Credit Facility, to provide working capital for the Partnership following the separation and for other general corporate purposes. Additional drawings under the Affiliated Company Credit Agreement are available for general partnership purposes. The Affiliated Company Credit Agreement matures on February 27, 2023. The collateral obligations under the Affiliated Company Credit Agreement generally mirror the PNC Revolving Credit Facility, including the list of entities that will act as guarantors thereunder. The obligations under the Affiliated Company Credit Agreement are guaranteed by the Partnership’s subsidiaries and secured by substantially all of the assets of the Partnership and its subsidiaries pursuant to the security agreement and various mortgages. Interest on outstanding obligations under our Affiliated Company Credit Agreement accrues at a fixed rate ranging from 3.75% to 4.75% depending on the total net leverage ratio. The unused portion of our Affiliated Company Credit Agreement is subject to a commitment fee of 0.50% per annum. As of December 31, 2017 , the Partnership had $196,583 of borrowings outstanding under the Affiliated Company Credit Agreement, leaving $78,417 of unused capacity. Interest on outstanding borrowings under the Affiliated Company Credit Agreement at December 31, 2017 was accrued at a rate of 4.25% . The Affiliated Company Credit Agreement contains certain covenants and conditions that, among other things, limit the Partnership’s ability to: (i) incur or guarantee additional debt; (ii) make cash distributions (subject to certain limited exceptions); provided that we will be able to make cash distributions of available cash to partners so long as no event of default is continuing or would result therefrom; (iii) incur certain liens or permit them to exist; (iv) make particular investments and loans; provided that we will be able to increase our ownership percentage of our undivided interest in the Pennsylvania Mining Complex and make investments in the Pennsylvania Mining Complex in accordance with our ratable ownership; (v) enter into certain types of transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer, sell or otherwise dispose of assets. The Partnership is also subject to covenants that require the Partnership to maintain certain financial ratios. For example, the Partnership is obligated to maintain at the end of each fiscal quarter (a) maximum first lien gross leverage ratio of 2.75 to 1.00 and (b) a maximum total net leverage ratio of 3.25 to 1.00 , each of which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quarter. At December 31, 2017 , first lien gross leverage ratio was 1.95 to 1.00 and the total net leverage ratio was 1.94 to 1.00 . PNC Revolving Credit Facility Until November 28, 2017, obligations under our $400,000 senior secured revolving credit facility with certain lenders and PNC, as administrative agent (the “PNC Revolving Credit Facility”), were guaranteed by our subsidiaries and were secured by substantially all of our and our subsidiaries’ assets pursuant to a security agreement and various mortgages. CNX was not a guarantor of our obligations under the revolving credit facility. On November 28, 2017, in connection with the separation, the Partnership paid all fees and other amounts outstanding under the PNC Revolving Credit Facility and terminated the PNC Revolving Credit Facility and the related loan documents. The unused portion of the revolving credit facility was subject to a commitment fee of 0.50% per annum. Interest on outstanding indebtedness under the revolving credit facility accrued, at our option, at a rate based on either: • The highest of (i) PNC’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% depending on the total leverage ratio; or • the LIBOR rate plus a margin ranging from 2.50% to 3.50% depending on the total leverage ratio. At December 31, 2016 , the revolving credit facility had $201,000 of borrowings outstanding, leaving $199,000 unused capacity. Interest on outstanding borrowings under the revolving credit facility as of December 31, 2016 was accrued at 3.99% based on a LIBOR rate of 0.74% , plus a margin of 3.25% . The PNC Revolving Credit Facility was originally scheduled to mature on July 7, 2020 and required compliance with conditions precedent that must be satisfied prior to any borrowing as well as ongoing compliance with certain affirmative and negative covenants. The PNC Revolving Credit Facility required that the Partnership maintain a minimum interest coverage ratio of at least 3.00 to 1.00, which was 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 was also required to maintain a maximum total leverage ratio not greater than 3.50 to 1.00, (or 4.00 to 1.00 for two fiscal quarters after consummation of a material acquisition) which was calculated as the ratio of total consolidated indebtedness to trailing 12 months Adjusted EBITDA, as defined in the credit agreement, measured quarterly. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | LEASES: We use various leased facilities and equipment in our operations. Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments as of December 31, 2017 are as follows: Capital Leases Operating Leases 2018 $ 81 $ 17,948 2019 57 7,556 2020 21 5,271 2021 — 5,069 2022 — 2,614 Thereafter — 2,559 Total minimum lease payments $ 159 $ 41,017 Less amount representing interest 9 Present value of minimum lease payments 150 Less amount due in one year 77 Total Long-Term Capital Lease Obligations $ 73 Rental expense related to operating leases approximated $16,766 , $14,578 and $13,490 during the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Affiliated Company Credit Agreement - Related Party $ 196,583 $ 196,583 $ — $ — Revolver $ — $ — $ 201,000 $ 201,000 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. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS: December 31, December 31, Balance at beginning of period $ 9,937 $ 10,412 Accretion expense 774 727 Payments (209 ) (149 ) Revisions in estimated cash flows (6 ) (1,053 ) Balance at end of period $ 10,496 $ 9,937 |
Other Post-Employment Benefit P
Other Post-Employment Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Other Post-Employment Benefit Plans | OTHER POST-EMPLOYMENT BENEFIT PLANS: Prior to the IPO, the Partnership was contractually obligated for a portion of the medical and life insurance benefits to 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 CNX, and the Partnership had no OPEB obligation as of such date. As of December 31, 2015, there was no benefit obligation or related accumulated other comprehensive income included in the Partnership’s financial statements. For the years ended December 31, 2017 and December 31, 2016, there were no amounts included in the Partnership’s financial statements. The components of net periodic benefit costs are as follows: Other Postretirement Benefits For the Year Ended December 31, 2015 Interest cost $ 58 Amortization of prior service credits (8,703 ) Recognized net actuarial loss 1,304 Net periodic benefit cost $ (7,341 ) OTHER BENEFIT PLANS: Pension: The Partnership is contractually obligated to fund 25% of CPCC’s portion of employees, which provide mining services to the Partnership, that participate in the CONSOL Energy Inc. Employee Retirement Plan (the “Plan”). In connection with the separation, the sponsorship of the CONSOL Energy Inc. Employee Retirement Plan (the “Pension Plan”) was transferred to CONSOL Energy. The Pension Plan is a non-contributory defined benefit retirement plan covering substantially all full time non-represented employees. Effective December 31, 2015, the Plan was frozen for all remaining participants in the Plan. The benefits for the Plan are based primarily on years of service and employees’ pay. The costs of these benefits during the years ended December 31, 2017 , 2016 and 2015 were $884 , $884 and $884 , respectively. These costs are reflected in Operating and Other Costs in the Consolidated Statements of Operations. Investment Plan: The Partnership is contractually obligated to fund 25% of CPCC’s portion of CNX’s investment plan through August 31, 2017 and 25% of CPCC’s portion of the CPCC’s investment plan (the “CPCC 401k plan”) from September 1, 2017 through December 31, 2017. Eligible employees of CPCC began participation in the CPCC 401k plan on September 1, 2017, which was the inception date of the CPCC 401k Plan. Both the CNX and the CPCC 401k plans are available to most employees and include company matching of 6% of eligible compensation contributed by eligible employees of CPCC. Total payments and costs were $2,389 , $2,014 and $3,195 for the years ended December 31, 2017 , 2016 and 2015 , respectively. These costs are reflected in Operating and Other Costs in the Consolidated Statements of Operations. In conjunction with the qualified pension plan changes, beginning January 1, 2015, CNX contributed an additional 3% of eligible compensation into the 401(k) plan accounts for employees hired or rehired on or after October 1, 2014 or who were under age 40 or had less than 10 years of service as of September 30, 2014. This additional contribution was eliminated as of January 1, 2016. The Plan also provides for discretionary contributions ranging from 1% to 6% beginning January 1, 2016 and 1% to 4% for 2015 of eligible compensation for eligible employees (as defined by the Plan). For the year ended December 31, 2016, $2,271 was accrued as a discretionary contribution under this plan and was paid into employees accounts in the first quarter of 2017. There were no such discretionary contributions made for the years ended December 31, 2017 and 2015, respectively. These costs are reflected in Operating and Other Costs in the Consolidated Statements of Operations and recorded in Accounts Payable on the Consolidated Balance Sheet. Long-Term Disability: The Partnership is contractually obligated for its portion of a Long-Term Disability Plan available to all eligible full-time salaried employees of CPCC. The benefits for this plan are based on a percentage of monthly earnings, offset by all other income benefits available to the disabled. For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Benefit costs $ 41 $ 120 $ 138 Discount rate assumption used to determine net periodic benefit costs 3.43 % 3.71 % 3.18 % Long-Term Disability related liabilities are included in Other Liabilities-Other and Other Accrued Liabilities on the Consolidated Balance Sheets and amounted to $494 and $330 at December 31, 2017 and 2016 , respectively. |
Coal Workers' Pneumoconiosis (C
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation | COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION: The Partnership is contractually obligated for our portion of medical and disability benefits to CPCC employees and their dependents resulting from occurrences of coal workers’ pneumoconiosis disease. Conrhein has no current or former employees. The Partnership is also responsible under various state statutes for our portion of pneumoconiosis benefits. The calculation of our portion of the actuarial present value of the estimated pneumoconiosis obligation is based on an annual actuarial study by external actuaries and uses assumptions regarding disability incidence, medical costs, indemnity levels, mortality, death benefits, dependents and interest rates which are derived from actual experience and outside sources. Actuarial gains or losses can result from differences in incident rates and severity of claims filed as compared to original assumptions. The Partnership is also contractually responsible to compensate individuals who sustain employment related physical injuries or some types of occupational diseases and, on some occasions, for our portion of costs of their rehabilitation. Workers’ compensation laws will also compensate survivors of workers who suffer employment related deaths. Workers’ compensation laws are administered by state agencies with each state having its own set of rules and regulations regarding compensation that is owed to an employee that is injured in the course of employment. The Partnership primarily provides for our portion of these claims through a self-insurance program. The Partnership recognizes an actuarial present value for our portion of the estimated workers’ compensation obligation calculated by independent actuaries. The calculation is based on claims filed and an estimate of claims incurred but not yet reported as well as various assumptions. The assumptions include discount rate, future healthcare trend rate, benefit duration and recurrence of injuries. Actuarial gains associated with workers’ compensation have resulted from discount rate changes, several years of favorable claims experience, various favorable state legislation changes and overall lower incident rates than our assumptions. CWP Workers ’ Compensation December 31, December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 2,113 $ 1,977 $ 4,385 $ 4,291 State administrative fees and insurance bond premiums — — 243 207 Service cost 1,131 803 1,225 1,299 Interest cost 72 72 130 132 Actuarial loss (gain) 780 (686 ) 196 9 Benefits and fees paid (68 ) (53 ) (1,394 ) (1,553 ) Benefit obligation at end of period $ 4,028 $ 2,113 $ 4,785 $ 4,385 Current assets $ — $ — $ — $ 85 Current liabilities (195 ) (56 ) (1,381 ) (1,380 ) Noncurrent liabilities (3,833 ) (2,057 ) (3,404 ) (3,090 ) Net obligation recognized $ (4,028 ) $ (2,113 ) $ (4,785 ) $ (4,385 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial gain $ 7,187 $ 8,102 $ 3,165 $ 3,394 Net amount recognized $ 7,187 $ 8,102 $ 3,165 $ 3,394 The components of the net periodic cost are as follows: CWP Workers ’ Compensation For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 1,131 $ 803 $ 255 $ 1,225 $ 1,299 $ 1,656 Interest cost 72 72 65 130 132 146 Recognized net actuarial gain (135 ) (83 ) (71 ) (33 ) (21 ) (1 ) State administrative fees and insurance bond premiums — — — 243 207 425 Net periodic benefit cost $ 1,068 $ 792 $ 249 $ 1,565 $ 1,617 $ 2,226 Amounts that are currently included in accumulated other comprehensive income are $21 and $5 for CWP benefits and workers’ compensation benefits, respectively, that are expected to be recognized in 2018 net periodic benefit costs: Assumptions: The weighted-average discount rates used to determine benefit obligations and net periodic cost (benefit) are as follows: CWP Workers ’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Benefit obligations 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % Net periodic cost (benefit) 4.40 % 4.60 % 4.21 % 4.05 % 4.26 % 3.84 % Assumed discount rates have a significant effect on the amounts reported for both CWP benefits and Workers’ Compensation costs. A one-quarter percentage point change in assumed discount rate would have the following effect on benefit costs: 0.25 Percentage Point Increase 0.25 Percentage Point Decrease CWP costs (decrease) increase $ (54 ) $ 57 Workers’ compensation costs (decrease) increase $ (18 ) $ 19 Cash Flows: The Partnership does not intend to make contributions to the CWP or Workers’ Compensation plans in 2018. We intend to pay benefit claims as they become due. The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers ’ Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2018 $ 195 $ 1,437 $ 1,381 $ 56 2019 156 1,525 1,467 58 2020 169 1,601 1,542 59 2021 193 1,619 1,559 60 2022 232 1,720 1,658 62 Year 2023-2027 2,061 5,175 4,841 334 |
Other Benefit Plans
Other Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Other Benefit Plans | OTHER POST-EMPLOYMENT BENEFIT PLANS: Prior to the IPO, the Partnership was contractually obligated for a portion of the medical and life insurance benefits to 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 CNX, and the Partnership had no OPEB obligation as of such date. As of December 31, 2015, there was no benefit obligation or related accumulated other comprehensive income included in the Partnership’s financial statements. For the years ended December 31, 2017 and December 31, 2016, there were no amounts included in the Partnership’s financial statements. The components of net periodic benefit costs are as follows: Other Postretirement Benefits For the Year Ended December 31, 2015 Interest cost $ 58 Amortization of prior service credits (8,703 ) Recognized net actuarial loss 1,304 Net periodic benefit cost $ (7,341 ) OTHER BENEFIT PLANS: Pension: The Partnership is contractually obligated to fund 25% of CPCC’s portion of employees, which provide mining services to the Partnership, that participate in the CONSOL Energy Inc. Employee Retirement Plan (the “Plan”). In connection with the separation, the sponsorship of the CONSOL Energy Inc. Employee Retirement Plan (the “Pension Plan”) was transferred to CONSOL Energy. The Pension Plan is a non-contributory defined benefit retirement plan covering substantially all full time non-represented employees. Effective December 31, 2015, the Plan was frozen for all remaining participants in the Plan. The benefits for the Plan are based primarily on years of service and employees’ pay. The costs of these benefits during the years ended December 31, 2017 , 2016 and 2015 were $884 , $884 and $884 , respectively. These costs are reflected in Operating and Other Costs in the Consolidated Statements of Operations. Investment Plan: The Partnership is contractually obligated to fund 25% of CPCC’s portion of CNX’s investment plan through August 31, 2017 and 25% of CPCC’s portion of the CPCC’s investment plan (the “CPCC 401k plan”) from September 1, 2017 through December 31, 2017. Eligible employees of CPCC began participation in the CPCC 401k plan on September 1, 2017, which was the inception date of the CPCC 401k Plan. Both the CNX and the CPCC 401k plans are available to most employees and include company matching of 6% of eligible compensation contributed by eligible employees of CPCC. Total payments and costs were $2,389 , $2,014 and $3,195 for the years ended December 31, 2017 , 2016 and 2015 , respectively. These costs are reflected in Operating and Other Costs in the Consolidated Statements of Operations. In conjunction with the qualified pension plan changes, beginning January 1, 2015, CNX contributed an additional 3% of eligible compensation into the 401(k) plan accounts for employees hired or rehired on or after October 1, 2014 or who were under age 40 or had less than 10 years of service as of September 30, 2014. This additional contribution was eliminated as of January 1, 2016. The Plan also provides for discretionary contributions ranging from 1% to 6% beginning January 1, 2016 and 1% to 4% for 2015 of eligible compensation for eligible employees (as defined by the Plan). For the year ended December 31, 2016, $2,271 was accrued as a discretionary contribution under this plan and was paid into employees accounts in the first quarter of 2017. There were no such discretionary contributions made for the years ended December 31, 2017 and 2015, respectively. These costs are reflected in Operating and Other Costs in the Consolidated Statements of Operations and recorded in Accounts Payable on the Consolidated Balance Sheet. Long-Term Disability: The Partnership is contractually obligated for its portion of a Long-Term Disability Plan available to all eligible full-time salaried employees of CPCC. The benefits for this plan are based on a percentage of monthly earnings, offset by all other income benefits available to the disabled. For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Benefit costs $ 41 $ 120 $ 138 Discount rate assumption used to determine net periodic benefit costs 3.43 % 3.71 % 3.18 % Long-Term Disability related liabilities are included in Other Liabilities-Other and Other Accrued Liabilities on the Consolidated Balance Sheets and amounted to $494 and $330 at December 31, 2017 and 2016 , respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION: As of December 31, 2017 , 2016 and 2015 , the Partnership purchased goods and services related to capital projects in the amount of $878 , $759 and $1,282 , respectively, that are included in accounts payable. For the years ended December 31, 2017 , 2016 and 2015 , the Partnership paid interest expense, net of capitalized interest, of $7,864 , $7,734 and $8,520 , respectively. The following are non-cash transactions that impact the operating, investing and financing activities of the Partnership. Prior to IPO, • The CFI Loan was retained by CNX and considered a deemed contribution in the amount of $229,495 . • CNX contributed stream credit assets to the Partnership in the amount of $8,131 . • OPEB liabilities were retained by CNX and treated as a deemed contribution in the amount of $3,134 . • As of December 31, 2015 and 2014, there were capital equipment contributions of $21,945 and $5,324 between the Partnership and CNX that are included in equity. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | CONCENTRATION OF CREDIT RISK: The Partnership primarily markets thermal coal principally to electric utilities in the eastern United States. Substantially all revenues were generated from sales based in the United States for the years ended December 31, 2017 , 2016 and 2015 . Less than 1% of the revenues were generated from sales based in Canada for the years ended December 31, 2016 and 2015 . We have contractual relationships with certain coal United States-based exporters who distribute coal to international markets. For the years ended December 31, 2017 , 2016 and 2015 approximately 31% , 16% and 19% of our coal revenues were derived from these United States-based exporters, in which our coal was intended to be shipped to Asia, Europe, South America, and Africa. For the year ended December 31, 2017 , coal sales to the following customers individually exceeded 10% of our revenues: Duke Energy and XCoal Energy & Resources. For the year ended December 31, 2016 , coal sales to the following customers individually exceeded 10% of our revenues: Duke Energy and GenOn Energy Management. For the year ended December 31, 2015 , coal sales to the following customers individually exceeded 10% of our revenues: Duke Energy, GenOn Energy Management and XCoal Energy & Resources. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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 its 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. 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. At December 31, 2017 , the Partnership was 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 $74,196 . The instruments are comprised of $301 of letters of credit expiring in the next three years, $64,319 of environmental surety bonds expiring within the next three years, and $9,576 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. |
Related Party
Related Party | 12 Months Ended |
Dec. 31, 2017 | |
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 or CNX, 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 CNX. In connection with PA Mining Acquisition described in Note 2, on September 30, 2016, the then General Partner and the Partnership entered into the First Amended and Restated Omnibus Agreement (the “ Amended Omnibus Agreement ”) with CNX and certain of its subsidiaries. Under the Amended Omnibus Agreement, CNX would indemnify the Partnership for certain liabilities, including those relating to: • all tax liabilities attributable to the assets contributed to the Partnership in connection with the PA Mining Acquisition (the “ First Drop Down Assets ”) arising prior to the closing of the PA Mining Acquisition or otherwise related to the Contributing Parties’ contribution of the First Drop Down Assets to the Partnership in connection with the PA Mining Acquisition; and • certain operational and title matters related to the First Drop Down Assets, including the failure to have (i) the ability to operate under any governmental license, permit or approval or (ii) such valid title to the First Drop Down Assets, in each case, that is necessary for the Partnership to own or operate the First Drop Down Assets in substantially the same manner as owned or operated by the Contributing Parties prior to the Acquisition. The Partnership would indemnify CNX for certain liabilities relating to the First Drop Down Assets, including those relating to: • the use, ownership or operation of the First Drop Down Assets; and • the Partnership’s operation of the First Drop Down Assets under permits and/or bonds, letters of credit, guarantees, deposits and other pre-payments held by CNX. The Amended Omnibus Agreement amended the Partnership’s obligations to CNX with respect to the payment of an annual administrative support fee and reimbursement for the provision of certain management and operating services provided by CNX, in each case to reflect structural changes in how those services are provided to the Partnership by CNX. On November 28, 2017, in connection with the separation, CONSOL Coal Resources GP LLC, the Partnership, CNX, CONSOL Energy and certain of its subsidiaries entered into the First Amendment (the “First Amendment to Omnibus Agreement”) to the First Amended and Restated Omnibus Agreement, dated September 30, 2016, by and among CNX, the General Partner, and the Partnership to, among other things: • add CONSOL Energy as a party to the omnibus agreement; • eliminate the right-of-first offer to the Partnership for the 75% of the Pennsylvania Mining Complex not owned by the Partnership; • effect an assignment of all of CNX’s rights and obligations under the omnibus agreement to CONSOL Energy and remove CNX as a party to and, except with respect to CNX’s obligations under Article II of the omnibus agreement, eliminate all of CNX’s obligations under, the omnibus agreement, as amended by the First Amendment to Omnibus Agreement; and • make certain adjustments to the indemnification obligations of the parties. Charges for services from CONSOL Energy include the following: For the Years Ended December 31, 2017 2016 2015 Operating and Other Costs $ 3,503 $ 4,251 $ 6,793 Selling, General and Administrative Expenses 3,109 3,826 8,926 Total Services from CONSOL Energy $ 6,612 $ 8,077 $ 15,719 Additionally, the Consolidated Statements of Operations includes interest expense of $746 resulting from the CONSOL Energy Affiliated Company Credit Agreement. Interest is calculated based upon a fixed rate, determined quarterly, depending on the total net leverage ratio. For the year ended December 31, 2017 , the weighted average interest rate was 4.25% . See Note 9 - Long-Term Debt for more information. At December 31, 2017 and December 31, 2016 , the Partnership had a net payable to CONSOL Energy in the amount of $3,071 and $1,666 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the omnibus agreement. CFI Loan CPCC had several related party long-term notes with CONSOL Financial Inc. (“CFI”), a wholly owned subsidiary of CONSOL Energy, pursuant to which CPCC was the obligor. The loan represented multiple 10-year term notes between CPCC and CFI 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. Payments for these notes were $10,951 for the year ended December 31, 2015 . Proceeds from additional notes were $16,991 for the year ended December 31, 2015 . Interest Expense related to these notes was $6,050 and for the year ended December 31, 2015 . These costs are included in Interest Expense in the accompanying Consolidated Statements of Operations. |
Long-Term Incentive Plan
Long-Term Incentive Plan | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Long-Term Incentive Plan | LONG-TERM INCENTIVE PLAN: Under the CONSOL 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 are 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 will be 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. In March 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update on stock compensation that was intended to simplify and improve the accounting and statement of cash flow presentation for income taxes at settlement, forfeitures, and net settlements for withholding tax. The guidance is effective for public entities for fiscal years beginning after December 31, 2016 . In accordance with this Update, the value of the shares withheld for employee tax withholding purposes of $1,985 for the year ended December 31, 2017 was reclassified between Net Cash Provided by Operating Activities and Net Cash Used in Financing Activities of the Consolidated Statement of Cash Flows. As permitted by this Update, the Partnership has elected to account for forfeitures of stock-based compensation as they occur. The cumulative effect of the policy election to recognize forfeitures as they occur was nominal. The general partner has granted equity-based phantom units that vest over a period of a director ’ s continued service with the Partnership. The phantom units will be paid in common units or an amount of cash equal to the fair market value of a unit based on the vesting date. The awards may accelerate upon a change in control of the Partnership. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting term. The Partnership modified certain employees’ phantom awards to eliminate the service requirement, resulting in $1,686 of incremental compensation cost for the year ended December 31, 2017 . The Partnership recognized $5,873 , $1,185 , and $ 40 of compensation expense for the years ended December 31, 2017 , 2016 , and 2015 respectively, which is included in Selling, General and Administrative Expense in the Consolidated Statements of Operations. As of December 31, 2017 , there is $3,123 of unearned compensation that will vest over a weighted average period of 1.82 years. The total fair value of restricted stock units vested during the years ended December 31, 2017 and 2016 was $4,098 and $100 , respectively. There were no units vested during the year ended December 31, 2015 . 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, 2016 381,934 $ 8.80 Granted 383,478 $ 18.38 Vested (340,646 ) $ 12.03 Forfeited (23,357 ) $ 14.83 Nonvested at December 31, 2017 401,409 $ 14.87 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: On January 25, 2018, the Board of Directors of our general partner declared a cash distribution to the Partnership’s unitholders for the fourth quarter of 2017 of $0.5125 per common and subordinated unit. The cash distribution will be paid on February 15, 2018 to the unitholders of record at the close of business on February 8, 2018. |
Supplemental Quarterly Informat
Supplemental Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Information (Unaudited) | SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED): Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Coal Revenue $ 79,112 $ 75,927 $ 69,811 $ 72,063 Freight Revenue 3,070 4,441 5,451 5,461 Other Income 1,098 2,104 3,002 1,244 Total Revenue 83,280 82,472 78,264 78,768 Operating and Other Costs 49,883 50,232 52,160 42,711 Depreciation, Depletion and Amortization 10,521 10,277 10,352 10,287 Freight Expense 3,070 4,441 5,451 5,461 Selling, General and Administrative Expenses 3,283 3,652 4,283 4,479 Loss on Extinguishment of Debt — — — 2,468 Interest Expense 2,457 2,396 2,404 2,052 Total Expense 69,214 70,998 74,650 67,458 Net Income $ 14,066 $ 11,474 $ 3,614 $ 11,310 Net Income per Limited Partner Unit Basic $ 0.51 $ 0.40 $ 0.07 $ 0.42 Diluted $ 0.50 $ 0.40 $ 0.07 $ 0.42 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Coal Revenue $ 56,541 $ 62,640 $ 66,922 $ 80,292 Freight Revenue 3,269 2,797 2,407 3,130 Other Income (11 ) 1,780 485 865 Total Revenue 59,799 67,217 69,814 84,287 Operating and Other Costs 38,491 46,044 45,531 52,935 Depreciation, Depletion and Amortization 10,317 10,423 10,592 10,662 Freight Expense 3,269 2,797 2,407 3,130 Selling, General and Administrative Expenses 1,928 1,970 2,660 3,391 Interest Expense 1,978 2,076 2,223 2,442 Total Expense 55,983 63,310 63,413 72,560 Net Income $ 3,816 $ 3,907 $ 6,401 $ 11,727 Net Income per Limited Partner Unit Basic $ 0.11 $ 0.11 $ 0.21 $ 0.41 Diluted $ 0.10 $ 0.11 $ 0.21 $ 0.41 |
Supplemental Coal Data (Unaudit
Supplemental Coal Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Extractive Industries [Abstract] | |
Supplemental Coal Data (Unaudited) | SUPPLEMENTAL COAL DATA (UNAUDITED): Thousands of Tons For the Year Ended December 31, 2017 2016 2015 Proven and probable reserves at beginning of period 191,678 197,844 196,408 Purchased reserves — — 5,850 Transferred reserves (1,212 ) — — Production (6,527 ) (6,166 ) (5,698 ) Revisions and other changes (72 ) — 1,284 Consolidated proven and probable reserves at end of period* 183,867 191,678 197,844 * Proven and probable coal reserves are the equivalent of “demonstrated reserves” under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. Our coal reserves are located in southwestern Pennsylvania and the northern panhandle of West Virginia. At December 31, 2017 , 183,867 tons of proven and probable reserves were assigned and/or accessible to our three active mines (Enlow Fork, Bailey and Harvey Mines). Of the 2017 total reserves, Enlow Fork Mine equates to 73,867 tons, Bailey Mine to 61,296 tons and Harvey Mine to 48,704 tons. On average, the reserves have a sulfur content equivalent of approximately 3.6 lbs SO 2 /mmBtu, in which Enlow Fork Mine equates to 3.3 lbs SO 2 /mmBtu, Bailey Mine to 4.0 lbs SO 2 /mmBtu and Harvey Mine to 3.4 lbs SO 2 /mmBtu. The estimates of our proven and probable reserves are calculated internally using the face positions of the Pennsylvania Mining Complex’s longwall mines as of December 31, 2017 . The December 31, 2017 reserve calculations were computed using consistent techniques and assumptions as in prior years. |
Accounts Receivable Securitizat
Accounts Receivable Securitization (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-backed Financing Assets, Policy [Policy Text Block] | NOTE 19 — RECEIVABLES FINANCING AGREEMENT On November 30, 2017, (i) CONSOL Marine Terminals LLC, formerly known as CNX Marine Terminals LLC, as an originator of receivables, (ii) CPCC, as an originator of receivables and as initial servicer of the receivables for itself and the other Originators, each a wholly owned subsidiary of CONSOL Energy, and (iii) the SPV, as buyer, entered into the Purchase and Sale Agreement. Concurrently, (i) CONSOL Thermal Holdings, as sub-originator, and (ii) CPCC, as buyer and as initial servicer of the receivables for itself and CONSOL Thermal Holdings, entered into the Sub-Originator PSA. In addition, on that date, the SPV entered into the Receivables Financing Agreement by and among (i) the SPV, as borrower, (ii) CPCC, as initial servicer, (iii) PNC, as administrative agent, LC Bank and lender, and (iv) the additional persons from time to time party thereto as lenders. Together, the Purchase and Sale Agreement, the Sub-Originator PSA and the Receivables Financing Agreement establish the primary terms and conditions of the Securitization. Pursuant to the Securitization, (i) CONSOL Thermal Holdings will sell current and future trade receivables to CPCC and (ii) the Originators will sell and/or contribute current and future trade receivables (including receivables sold to CPCC by CONSOL Thermal Holdings) to the SPV and the SPV will, in turn, pledge its interests in the receivables to PNC, which will either make loans or issue letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the Securitization may not exceed $100,000. Loans under the Securitization will accrue interest at a reserve-adjusted LMIR rate equal to the one-month Eurodollar rate. Loans and letters of credit under the Securitization also will accrue a program fee and participation fee, respectively, equal to 4.00% per annum . In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments. The SPV’s assets and credit are not available to satisfy the debts and obligations owed to the creditors of CONSOL Energy, CONSOL Thermal Holdings or any of the Originators. CONSOL Thermal Holdings, the Originators and CPCC as servicer are independently liable for their own customary representations, warranties, covenants and indemnities. In addition, CONSOL Energy has guaranteed the performance of the obligations of CONSOL Thermal Holdings, the Originators and CPCC as servicer, and will guarantee the obligations of any additional originators or successor servicer that may become party to the Securitization. However, neither CONSOL Energy nor its affiliates will guarantee collectability of receivables or the creditworthiness of obligors thereunder. The Securitization contains various customary representations and warranties, covenants and default provisions which provide for the termination and acceleration of the commitments and loans under the Securitization in circumstances including, but not limited to, failure to make payments when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. As of December 31, 2017 , the Partnership, through CONSOL Thermal Holdings, sold $31,447 of trade receivables to CPCC. The Partnership has agreed to pay CPCC a fee based upon market rates for similar services to continue servicing the sold receivables. Costs associated with the receivables facility totaled $77 for the year ended December 31, 2017 . These costs have been recorded as financing fees which are included in Operating and Other Costs in the Consolidated Statements of Operations. The Partnership has not derecognized the receivables due to its continued involvement in the collections efforts. |
Significant Accounting Polici33
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | For the years ended December 31, 2017 2016 , and 2015 the Consolidated Financial Statements include the accounts of CONSOL Operating and CONSOL Thermal Holdings, wholly owned and controlled subsidiaries. On November 28, 2017, CONSOL Energy was separated from CNX into an independent, publicly traded coal company via a pro rata distribution of all of CONSOL Energy’s common stock to CNX’s stockholders. CONSOL Energy was originally formed as CONSOL Mining Corporation in Delaware on June 21, 2017 to hold CNX’s coal business including its interest in the Pennsylvania Mining Complex and certain related coal assets, including CNX’s ownership interest in the Partnership and our general partner, CNX’s terminal operations at the Port of Baltimore and undeveloped coal reserves located in the Northern Appalachian, Central Appalachian and Illinois basins and certain related coal assets and liabilities. As part of the separation, CONSOL Mining Corporation changed its name to CONSOL Energy Inc. and its ticker to “CEIX”, CNX changed its name to CNX Resources Corporation and its ticker to “CNX”, the Partnership changed its name to CONSOL Coal Resources LP and its ticker to “CCR” and the general partner changed its name to CONSOL Coal Resources GP LLC. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as various disclosures. Actual results could differ from those estimates. The most significant estimates included in the preparation of the consolidated financial statements are related to coal workers’ pneumoconiosis, workers’ compensation, asset retirement obligations, contingencies and coal reserve values. |
Cash | Cash includes cash on hand and on deposit with banking institutions. |
Accounts Receivable | Accounts receivable are recorded at the invoiced amount and do not bear interest. We reserve for specific accounts receivable when it is probable that all or a part of an outstanding balance will not be collected, such as customer bankruptcies. Collectability is determined based on terms of sale, credit status of customers and various other circumstances. We regularly review collectability and establish or adjust the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Inventories | Inventories are stated at the lower of cost or market. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, depreciation, depletion and amortization, operating overhead 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 is recorded at cost upon acquisition. Expenditures which extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs which do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. We employ this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development cost begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled 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. Advance mining royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable against future production using the units-of-production method. Depletion of leased coal interests is computed using the units-of-production method over proven and probable coal reserves. Advance mining royalties and leased coal interests are evaluated periodically, or at a minimum once a year, for impairment issues or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any revisions are accounted for prospectively as changes in accounting estimates. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain (Loss) on Sale of Assets in the Consolidated Statements of Operations. |
Impairment of Long-lived Assets | Impairment of long-lived assets is recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying value. The carrying value of the assets is then reduced to its estimated fair value which is usually measured based on an estimate of future discounted cash flows. |
Pension | The personnel who operate CPCC and Conrhein’s assets were employees of CPCC and participated in certain defined benefit retirement plans administered by CNX through December 31, 2015. In connection with the separation, the sponsorship of the CONSOL Energy Inc. Employee Retirement Plan (the “Pension Plan”) was transferred to CONSOL Energy. Effective December 31, 2015, the qualified defined benefit retirement plan was frozen for all remaining participants in the plan. CONSOL Energy directly charges the Partnership for its portion of the service costs associated with these employees that participate in the salary retirement pension plans. The Partnership’s share of those costs is reflected in Operating and Other Costs in the accompanying Consolidated Statements of Operations. |
Postretirement Benefits Other Than Pensions | |
Pneumoconiosis Benefits and Workers' Compensation | The Partnership is required by federal and state statutes to provide our portion of benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers’ pneumoconiosis (“CWP”). The Partnership is also required by various state statutes to provide our portion of workers’ compensation benefits for employees who sustain employment related physical injuries or some types of occupational disease. Workers’ compensation benefits include compensation for their disability, medical costs and on some occasions, the cost of rehabilitation. The provisions for our portion of estimated benefits are determined on an actuarial basis for the Partnership’s dedicated contract labor provided under a service agreement with CONSOL Energy. |
Asset Retirement Obligations | Mine closing reclamation costs, perpetual water care costs and other costs associated with dismantling and removing facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. Depreciation of the capitalized asset retirement cost is generally determined on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in Depreciation, Depletion and Amortization on the Consolidated Statements of Operations. Asset retirement obligations primarily relate to the closure of mines which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual care costs and reclamation costs and other costs of dismantling and removing facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. |
Subsidence | Subsidence occurs when there is damage of the ground surface due to the removal of underlying coal. Areas affected may include, although not be limited to, streams, property, roads, pipelines and other land and surface structures. Total estimated subsidence claims are recognized in the period when the related coal has been extracted and are included in Operating and Other Costs on the Consolidated Statements of Operations and Other Accrued Liabilities on the Consolidated Balance Sheets. On occasion we prepay the estimated damages prior to undermining the property, in return for release of liability. Prepayments are included as assets and either recognized as Prepaid Expenses or in Other Assets on the Consolidated Balance Sheets, if the payment is made less than or greater than one year, respectively, prior to undermining the property. |
Income Taxes | The Partnership’s assets and liabilities are comprised of a 25% undivided interest in the Pennsylvania Mining Complex which assets and liabilities are held by CPCC and Conrhein. The Partnership does not share in the separate income tax consequences attributable to the owners of CPCC and Conrhein. Accordingly, no provision for federal or state income taxes has been recorded. As of December 31, 2017 and 2016 , the Partnership had no liability reported for unrecognized tax benefits and had not incurred interest and penalties related to income taxes. The Partnership’s operations are treated as a partnership for federal and state income tax purposes, with each partner being separately taxed on its share of taxable income. Therefore, the Partnership has excluded income taxes from these financial statements. |
Revenue Recognition | Revenues are recognized when title passes to the customers. For domestic coal sales, this generally occurs when coal is loaded at the mine preparation facility. For export coal sales, revenue recognition generally occurs when coal is loaded onto marine vessels at terminal locations. |
Freight Revenue and Expense | Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. |
Royalty Recognition | Royalty expenses for coal rights are included in Royalties and Production Taxes on the Consolidated Statements of Operations when the related revenue for the coal sale is recognized. |
Contingencies | The Partnership, from time to time, 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. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. |
Recent Accounting Pronouncements | |
Reclassification, Policy [Policy Text Block] | The PA Mining Acquisition was accounted for as a transaction under common control, which resulted in the prior periods being recast to reflect as if the Partnership owned 25% of Pennsylvania Mining Complex for all periods presented. Certain amounts have been reclassified to conform with the current reporting classifications with no effect on previously reported recast net income or partners’ capital. |
Significant Accounting Polici34
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease December 31, December 31, Coal and other plant and equipment $ 607,314 $ 576,917 Coal properties and surface lands 122,377 121,241 Airshafts 95,566 92,938 Mine development 81,538 81,538 Coal advance mining royalties 3,673 4,056 Total property, plant and equipment 910,468 876,690 Less: Accumulated depreciation, depletion and amortization 483,410 442,178 Total Net Property, Plant and Equipment $ 427,058 $ 434,512 |
Miscellaneous Other Income (Tab
Miscellaneous Other Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | For the Years Ended December 31, 2017 2016 2015 Purchased coal sales $ 3,290 $ 1,439 $ — Coal contract buyout 2,477 1,572 — Gain (loss) on sale of assets 1,399 (9 ) 61 Right of way sales 2 31 608 Other 280 86 272 Total Miscellaneous Other Income $ 7,448 $ 3,119 $ 941 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest Expense [Abstract] | |
Schedule of Interest Expense Components | For the Years Ended December 31, 2017 2016 2015 Revolver interest $ 8,912 $ 9,022 $ 3,928 Interest on notes - related party 746 — 6,050 Capitalized interest (361 ) (315 ) (348 ) Interest on other payables, net 12 12 6 Total Interest Expense $ 9,309 $ 8,719 $ 9,636 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | December 31, December 31, Coal $ 2,853 $ 1,950 Supplies 9,450 9,541 Total Inventories $ 12,303 $ 11,491 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease December 31, December 31, Coal and other plant and equipment $ 607,314 $ 576,917 Coal properties and surface lands 122,377 121,241 Airshafts 95,566 92,938 Mine development 81,538 81,538 Coal advance mining royalties 3,673 4,056 Total property, plant and equipment 910,468 876,690 Less: Accumulated depreciation, depletion and amortization 483,410 442,178 Total Net Property, Plant and Equipment $ 427,058 $ 434,512 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | December 31, December 31, 2016 Subsidence liability $ 22,430 $ 26,887 Lease buyout 5,658 — Accrued payroll and benefits 3,219 4,052 Equipment lease rental 2,906 2,442 Accrued other taxes 1,399 2,504 Goods received, not invoiced 1,057 952 Litigation 670 2,507 Other 4,166 2,731 Current portion of long-term liabilities: Workers' compensation 1,381 1,380 Asset retirement obligations 881 591 Pneumoconiosis benefits 195 56 Long-term disability 140 128 Capital leases 77 88 Total Other Accrued Liabilities $ 44,179 $ 44,318 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | December 31, December 31, Affiliated Company Credit Agreement (4.25% interest rate at December 31, 2017) $ 196,583 $ — Revolver, carrying amount $ — $ 201,000 Less: Debt issuance and financing fees — 3,157 Revolver, net $ — $ 197,843 Total Long-Term Debt $ 196,583 $ 197,843 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments as of December 31, 2017 are as follows: Capital Leases Operating Leases 2018 $ 81 $ 17,948 2019 57 7,556 2020 21 5,271 2021 — 5,069 2022 — 2,614 Thereafter — 2,559 Total minimum lease payments $ 159 $ 41,017 Less amount representing interest 9 Present value of minimum lease payments 150 Less amount due in one year 77 Total Long-Term Capital Lease Obligations $ 73 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments as of December 31, 2017 are as follows: Capital Leases Operating Leases 2018 $ 81 $ 17,948 2019 57 7,556 2020 21 5,271 2021 — 5,069 2022 — 2,614 Thereafter — 2,559 Total minimum lease payments $ 159 $ 41,017 Less amount representing interest 9 Present value of minimum lease payments 150 Less amount due in one year 77 Total Long-Term Capital Lease Obligations $ 73 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Affiliated Company Credit Agreement - Related Party $ 196,583 $ 196,583 $ — $ — Revolver $ — $ — $ 201,000 $ 201,000 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligations | December 31, December 31, Balance at beginning of period $ 9,937 $ 10,412 Accretion expense 774 727 Payments (209 ) (149 ) Revisions in estimated cash flows (6 ) (1,053 ) Balance at end of period $ 10,496 $ 9,937 |
Other Post-Employment Benefit44
Other Post-Employment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Benefit costs $ 41 $ 120 $ 138 Discount rate assumption used to determine net periodic benefit costs 3.43 % 3.71 % 3.18 % |
Other Postretirement Benefit Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit costs are as follows: Other Postretirement Benefits For the Year Ended December 31, 2015 Interest cost $ 58 Amortization of prior service credits (8,703 ) Recognized net actuarial loss 1,304 Net periodic benefit cost $ (7,341 ) |
Coal Workers' Pneumoconiosis 45
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Workers Compensation | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | CWP Workers ’ Compensation December 31, December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 2,113 $ 1,977 $ 4,385 $ 4,291 State administrative fees and insurance bond premiums — — 243 207 Service cost 1,131 803 1,225 1,299 Interest cost 72 72 130 132 Actuarial loss (gain) 780 (686 ) 196 9 Benefits and fees paid (68 ) (53 ) (1,394 ) (1,553 ) Benefit obligation at end of period $ 4,028 $ 2,113 $ 4,785 $ 4,385 Current assets $ — $ — $ — $ 85 Current liabilities (195 ) (56 ) (1,381 ) (1,380 ) Noncurrent liabilities (3,833 ) (2,057 ) (3,404 ) (3,090 ) Net obligation recognized $ (4,028 ) $ (2,113 ) $ (4,785 ) $ (4,385 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial gain $ 7,187 $ 8,102 $ 3,165 $ 3,394 Net amount recognized $ 7,187 $ 8,102 $ 3,165 $ 3,394 |
Schedule of Net Benefit Costs | The components of the net periodic cost are as follows: CWP Workers ’ Compensation For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 1,131 $ 803 $ 255 $ 1,225 $ 1,299 $ 1,656 Interest cost 72 72 65 130 132 146 Recognized net actuarial gain (135 ) (83 ) (71 ) (33 ) (21 ) (1 ) State administrative fees and insurance bond premiums — — — 243 207 425 Net periodic benefit cost $ 1,068 $ 792 $ 249 $ 1,565 $ 1,617 $ 2,226 |
Schedule of Assumptions Used | The weighted-average discount rates used to determine benefit obligations and net periodic cost (benefit) are as follows: CWP Workers ’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Benefit obligations 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % Net periodic cost (benefit) 4.40 % 4.60 % 4.21 % 4.05 % 4.26 % 3.84 % |
Schedule of Effect of One Quarter Percentage-Point Change in Assumed Discount Rates | Assumed discount rates have a significant effect on the amounts reported for both CWP benefits and Workers’ Compensation costs. A one-quarter percentage point change in assumed discount rate would have the following effect on benefit costs: 0.25 Percentage Point Increase 0.25 Percentage Point Decrease CWP costs (decrease) increase $ (54 ) $ 57 Workers’ compensation costs (decrease) increase $ (18 ) $ 19 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers ’ Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2018 $ 195 $ 1,437 $ 1,381 $ 56 2019 156 1,525 1,467 58 2020 169 1,601 1,542 59 2021 193 1,619 1,559 60 2022 232 1,720 1,658 62 Year 2023-2027 2,061 5,175 4,841 334 |
Coal Workers Pneumoconiosis | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | CWP Workers ’ Compensation December 31, December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 2,113 $ 1,977 $ 4,385 $ 4,291 State administrative fees and insurance bond premiums — — 243 207 Service cost 1,131 803 1,225 1,299 Interest cost 72 72 130 132 Actuarial loss (gain) 780 (686 ) 196 9 Benefits and fees paid (68 ) (53 ) (1,394 ) (1,553 ) Benefit obligation at end of period $ 4,028 $ 2,113 $ 4,785 $ 4,385 Current assets $ — $ — $ — $ 85 Current liabilities (195 ) (56 ) (1,381 ) (1,380 ) Noncurrent liabilities (3,833 ) (2,057 ) (3,404 ) (3,090 ) Net obligation recognized $ (4,028 ) $ (2,113 ) $ (4,785 ) $ (4,385 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial gain $ 7,187 $ 8,102 $ 3,165 $ 3,394 Net amount recognized $ 7,187 $ 8,102 $ 3,165 $ 3,394 |
Schedule of Net Benefit Costs | The components of the net periodic cost are as follows: CWP Workers ’ Compensation For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 1,131 $ 803 $ 255 $ 1,225 $ 1,299 $ 1,656 Interest cost 72 72 65 130 132 146 Recognized net actuarial gain (135 ) (83 ) (71 ) (33 ) (21 ) (1 ) State administrative fees and insurance bond premiums — — — 243 207 425 Net periodic benefit cost $ 1,068 $ 792 $ 249 $ 1,565 $ 1,617 $ 2,226 |
Schedule of Assumptions Used | The weighted-average discount rates used to determine benefit obligations and net periodic cost (benefit) are as follows: CWP Workers ’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Benefit obligations 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % Net periodic cost (benefit) 4.40 % 4.60 % 4.21 % 4.05 % 4.26 % 3.84 % |
Schedule of Effect of One Quarter Percentage-Point Change in Assumed Discount Rates | Assumed discount rates have a significant effect on the amounts reported for both CWP benefits and Workers’ Compensation costs. A one-quarter percentage point change in assumed discount rate would have the following effect on benefit costs: 0.25 Percentage Point Increase 0.25 Percentage Point Decrease CWP costs (decrease) increase $ (54 ) $ 57 Workers’ compensation costs (decrease) increase $ (18 ) $ 19 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers ’ Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2018 $ 195 $ 1,437 $ 1,381 $ 56 2019 156 1,525 1,467 58 2020 169 1,601 1,542 59 2021 193 1,619 1,559 60 2022 232 1,720 1,658 62 Year 2023-2027 2,061 5,175 4,841 334 |
Other Benefit Plans (Tables)
Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Benefit costs $ 41 $ 120 $ 138 Discount rate assumption used to determine net periodic benefit costs 3.43 % 3.71 % 3.18 % |
Related Party (Tables)
Related Party (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Charges for services from CONSOL Energy include the following: For the Years Ended December 31, 2017 2016 2015 Operating and Other Costs $ 3,503 $ 4,251 $ 6,793 Selling, General and Administrative Expenses 3,109 3,826 8,926 Total Services from CONSOL Energy $ 6,612 $ 8,077 $ 15,719 |
Supplemental Quarterly Inform48
Supplemental Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Coal Revenue $ 79,112 $ 75,927 $ 69,811 $ 72,063 Freight Revenue 3,070 4,441 5,451 5,461 Other Income 1,098 2,104 3,002 1,244 Total Revenue 83,280 82,472 78,264 78,768 Operating and Other Costs 49,883 50,232 52,160 42,711 Depreciation, Depletion and Amortization 10,521 10,277 10,352 10,287 Freight Expense 3,070 4,441 5,451 5,461 Selling, General and Administrative Expenses 3,283 3,652 4,283 4,479 Loss on Extinguishment of Debt — — — 2,468 Interest Expense 2,457 2,396 2,404 2,052 Total Expense 69,214 70,998 74,650 67,458 Net Income $ 14,066 $ 11,474 $ 3,614 $ 11,310 Net Income per Limited Partner Unit Basic $ 0.51 $ 0.40 $ 0.07 $ 0.42 Diluted $ 0.50 $ 0.40 $ 0.07 $ 0.42 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Coal Revenue $ 56,541 $ 62,640 $ 66,922 $ 80,292 Freight Revenue 3,269 2,797 2,407 3,130 Other Income (11 ) 1,780 485 865 Total Revenue 59,799 67,217 69,814 84,287 Operating and Other Costs 38,491 46,044 45,531 52,935 Depreciation, Depletion and Amortization 10,317 10,423 10,592 10,662 Freight Expense 3,269 2,797 2,407 3,130 Selling, General and Administrative Expenses 1,928 1,970 2,660 3,391 Interest Expense 1,978 2,076 2,223 2,442 Total Expense 55,983 63,310 63,413 72,560 Net Income $ 3,816 $ 3,907 $ 6,401 $ 11,727 Net Income per Limited Partner Unit Basic $ 0.11 $ 0.11 $ 0.21 $ 0.41 Diluted $ 0.10 $ 0.11 $ 0.21 $ 0.41 |
Supplemental Coal Data (Unaud49
Supplemental Coal Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Extractive Industries [Abstract] | |
Schedule of Proved Developed and Undeveloped Coal Reserve Quantities | Thousands of Tons For the Year Ended December 31, 2017 2016 2015 Proven and probable reserves at beginning of period 191,678 197,844 196,408 Purchased reserves — — 5,850 Transferred reserves (1,212 ) — — Production (6,527 ) (6,166 ) (5,698 ) Revisions and other changes (72 ) — 1,284 Consolidated proven and probable reserves at end of period* 183,867 191,678 197,844 * Proven and probable coal reserves are the equivalent of “demonstrated reserves” under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. |
Significant Accounting Polici50
Significant Accounting Policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and improvements | Minimum | |
Related Party Transaction [Line Items] | |
Useful life | 10 years |
Buildings and improvements | Maximum | |
Related Party Transaction [Line Items] | |
Useful life | 45 years |
Machinery and equipment | Minimum | |
Related Party Transaction [Line Items] | |
Useful life | 3 years |
Machinery and equipment | Maximum | |
Related Party Transaction [Line Items] | |
Useful life | 25 years |
CONSOL Energy | |
Related Party Transaction [Line Items] | |
Equity interest to be transferred | 25.00% |
Significant Accounting Polici51
Significant Accounting Policies - Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at December 31, 2014 | $ 226,570 | $ 271,803 | $ 213,283 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | 911 | 902 |
Other comprehensive income | 1,366 | 818 | (1,840) |
Balance at December 31, 2015 | 213,156 | 226,570 | 271,803 |
Former Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at December 31, 2014 | 87,234 | 174,074 | |
Balance at December 31, 2015 | $ 0 | $ 87,234 | $ 174,074 |
Initial Public and Concurrent52
Initial Public and Concurrent Private Placement Offering (Details) | Jul. 07, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Capital Unit [Line Items] | ||||
Proceeds from Issuance of Common Units, Net of Offering Costs | $ 0 | $ 0 | $ 148,359,000 | |
Issuance of Common Units to Public, Net of Offering Costs | 148,359,000 | |||
Origination fees | $ 0 | 0 | 4,329,000 | |
Distribution of proceeds | 42,634,000 | 11,353,000 | ||
Revolving Credit Facility | Secured Debt | ||||
Capital Unit [Line Items] | ||||
Debt Instrument, Covenant Compliance, Leverage Ratio | 1.94 | |||
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 | |||
General Partner | ||||
Capital Unit [Line Items] | ||||
Distribution of proceeds | $ (972,000) | $ (971,000) | $ (227,000) | |
Private Placement | Common Stock | ||||
Capital Unit [Line Items] | ||||
Units issued in private placement | shares | 5,000,000 | |||
Price per share | $ / shares | $ 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 | 4,052,000 | |||
Proceeds from Issuance of Common Units, Net of Offering Costs | $ 65,448,000 | |||
IPO | Common Stock | ||||
Capital Unit [Line Items] | ||||
Units issued during initial public offering | shares | 5,000,000 | |||
Price per share | $ / shares | $ 15 | |||
Proceeds from issuance of units, gross | $ 75,000,000 | |||
Sale of units, price per share, net of underwriting discount | $ / shares | $ 14.10 | |||
Over-Allotment Option | ||||
Capital Unit [Line Items] | ||||
Option to purchase units, term | 30 days | |||
Option to purchase units, number of units called by options | shares | 750,000 | |||
Option to purchase units, threshold of units sold | shares | 5,000,000 | |||
Over-Allotment Option | Common Stock | ||||
Capital Unit [Line Items] | ||||
Price per share | $ / shares | $ 15 | |||
Sale of units, price per share, net of underwriting discount | $ / shares | $ 14.10 | |||
Sale of units | shares | 561,067 | |||
Issuance of Common Units to Public, Net of Offering Costs | $ 7,911,000 | |||
CONSOL Energy | ||||
Capital Unit [Line Items] | ||||
Issuance of Common Units to Public, Net of Offering Costs | 189,916,000 | |||
Distribution of proceeds | 342,711,000 | |||
Offering and structure costs | 4,352,000 | |||
Cash retained by the Partnership | $ 7,000,000 | |||
CONSOL Energy | Limited Partners | ||||
Capital Unit [Line Items] | ||||
Partnership interest issued | 53.40% | |||
CONSOL Energy | General Partner | ||||
Capital Unit [Line Items] | ||||
Partnership interest issued | 2.00% | |||
CONSOL Energy | Common Stock | Limited Partners | ||||
Capital Unit [Line Items] | ||||
Units issued during initial public offering | shares | 1,050,000 | |||
CONSOL Energy | Subordinated Member Units | Limited Partners | ||||
Capital Unit [Line Items] | ||||
Units issued during initial public offering | shares | 11,611,067 | |||
CONSOL Energy | IPO | ||||
Capital Unit [Line Items] | ||||
Proceeds from Issuance of Common Units, Net of Offering Costs | $ 70,711,000 | |||
CONSOL Energy | Over-Allotment Option | Common Stock | Limited Partners | ||||
Capital Unit [Line Items] | ||||
Units issued upon expiration of underwriters' option | shares | 188,933 | |||
Maximum | Revolving Credit Facility | Secured Debt | ||||
Capital Unit [Line Items] | ||||
Debt Instrument, Covenant Compliance, Leverage Ratio | 3.50 |
Net Income Per Limited Partne53
Net Income Per Limited Partner and General Partner Interest (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 06, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Limited Partners' Capital Account [Line Items] | |||||||||||||
Net Income Attributable to General and Limited Partner Ownership Interest in CONSOL Coal Resources | $ 40,464 | $ 21,856 | $ 23,356 | ||||||||||
Net Income | $ 11,310 | $ 3,614 | $ 11,474 | $ 14,066 | $ 11,727 | $ 6,401 | $ 3,907 | $ 3,816 | $ 30,404 | $ 34,134 | 40,464 | 25,851 | 64,538 |
Net Income (Loss) Attributable Noncontrolling Interest, Prior To Initial Public Offering | 0 | 0 | 34,134 | ||||||||||
Less: Net Income Attributable to CONSOL Energy, Pre-IPO and Pre-PA Mining Acquisition | 0 | 3,995 | 41,182 | ||||||||||
Net Income (Loss) Attributable Noncontrolling Interest, Prior To Acquisition | 3,995 | 7,048 | |||||||||||
Less: Net Income Allocable to Preferred Units | 0 | ||||||||||||
Other Preferred Stock Dividends and Adjustments | 173 | ||||||||||||
Less: Effect of Subordinated Distribution Suspension | 0 | 119 | 0 | ||||||||||
Net Income Allocable to Limited Partner Units | 34,076 | 19,487 | 22,888 | ||||||||||
Limited Partner Interest in Net Income | $ 34,076 | $ 19,606 | $ 22,888 | ||||||||||
Limited Partner Units Outstanding - Basic | 24,325,575 | 23,225,142 | 23,222,134 | ||||||||||
Limited Partner Units Outstanding - Diluted | 24,461,373 | 23,402,897 | 23,223,045 | ||||||||||
Net Income per Limited Partner Unit - Diluted | $ 420 | $ 70 | $ 400 | $ 500 | $ 410 | $ 210 | $ 110 | $ 100 | $ 1.39 | $ 0.83 | $ 0.99 | ||
Former Parent | |||||||||||||
Limited Partners' Capital Account [Line Items] | |||||||||||||
Net Income | 7,048 | $ 34,134 | $ 3,995 | ||||||||||
General Partner | |||||||||||||
Limited Partners' Capital Account [Line Items] | |||||||||||||
Net Income | $ 468 | 662 | $ 399 | ||||||||||
Less: General Partner Interest in Net Income | 662 | 399 | $ 468 | ||||||||||
Preferred Units, Class [Domain] | |||||||||||||
Limited Partners' Capital Account [Line Items] | |||||||||||||
Less: Net Income Allocable to Preferred Units | 5,553 | 1,851 | |||||||||||
Common Units | |||||||||||||
Limited Partners' Capital Account [Line Items] | |||||||||||||
Other Preferred Stock Dividends and Adjustments | 85 | ||||||||||||
Less: Effect of Subordinated Distribution Suspension | 0 | 2,917 | 0 | ||||||||||
Net Income Allocable to Limited Partner Units | 17,955 | 12,723 | 11,444 | ||||||||||
Limited Partner Interest in Net Income | $ 18,040 | $ 9,806 | $ 11,444 | ||||||||||
Limited Partner Units Outstanding - Basic | 12,714,508 | 11,614,075 | 11,611,067 | ||||||||||
Limited Partner Units Outstanding - Diluted | 12,850,306 | 11,791,830 | 11,611,978 | ||||||||||
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax | $ 1.41 | $ 1.10 | $ 0.99 | ||||||||||
Net Income per Limited Partner Unit - Diluted | $ 1.40 | $ 1.08 | $ 0.99 | ||||||||||
Subordinated Units | |||||||||||||
Limited Partners' Capital Account [Line Items] | |||||||||||||
Other Preferred Stock Dividends and Adjustments | $ 88 | ||||||||||||
Less: Effect of Subordinated Distribution Suspension | 0 | $ (3,036) | $ 0 | ||||||||||
Net Income Allocable to Limited Partner Units | 16,121 | 6,764 | 11,444 | ||||||||||
Limited Partner Interest in Net Income | $ 16,209 | $ 9,800 | $ 11,444 | ||||||||||
Limited Partner Units Outstanding - Basic | 11,611,067 | 11,611,067 | 11,611,067 | ||||||||||
Limited Partner Units Outstanding - Diluted | 11,611,067 | 11,611,067 | 11,611,067 | ||||||||||
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax | $ 1.39 | $ 0.58 | $ 0.99 | ||||||||||
Net Income per Limited Partner Unit - Diluted | $ 1.39 | $ 0.58 | $ 0.99 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Sale Leaseback Transaction [Line Items] | |
Payments for (Proceeds from) Businesses and Interest in Affiliates | $ (21,500) |
Miscellaneous Other Income (Det
Miscellaneous Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Coal contract buyout | $ 2 | $ 31 | $ 608 |
Purchased coal sales | 2,477 | 1,572 | 0 |
Purchased Coal Sales | 3,290 | 1,439 | 0 |
Gain (loss) on sale of assets | 1,399 | (9) | 61 |
Other | 280 | 86 | 272 |
Total Miscellaneous Other Income | $ 7,448 | $ 3,119 | $ 941 |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Expense [Abstract] | |||||||||||
Revolver interest | $ 8,912 | $ 9,022 | $ 3,928 | ||||||||
Interest on notes - related party | 746 | 0 | 6,050 | ||||||||
Capitalized interest | (361) | (315) | (348) | ||||||||
Interest on other payables, net | 12 | 12 | 6 | ||||||||
Total Interest Expense | $ 2,052 | $ 2,404 | $ 2,396 | $ 2,457 | $ 2,442 | $ 2,223 | $ 2,076 | $ 1,978 | $ 9,309 | $ 8,719 | $ 9,636 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Coal | $ 2,853 | $ 1,950 |
Supplies | 9,450 | 9,541 |
Total Inventories | $ 12,303 | $ 11,491 |
Property, Plant and Equipment58
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 910,468 | $ 876,690 | |
Less: Accumulated depreciation, depletion and amortization | 483,410 | 442,178 | |
Total Net Property, Plant and Equipment | 427,058 | 434,512 | |
Gross assets under capital lease | 625 | 631 | |
Accumulated amortization for capital leases | 473 | 398 | |
Amortization expense for assets under capital lease | 95 | 78 | $ 53 |
Coal and other plant and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 607,314 | 576,917 | |
Coal properties and surface lands | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 122,377 | 121,241 | |
Airshafts | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 95,566 | 92,938 | |
Mine development | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 81,538 | 81,538 | |
Coal advance mining royalties | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 3,673 | $ 4,056 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Subsidence liability | $ 22,430 | $ 26,887 |
Purchase Obligation | 5,658 | |
Accrued payroll and benefits | 3,219 | 4,052 |
Operating Lease, Liability | 2,906 | 2,442 |
Accrued taxes other than income | 1,399 | 2,504 |
Accounts Payable and Accrued Liabilities, Current | 1,057 | 952 |
Accrued other taxes | 670 | 2,507 |
Other | 4,166 | 2,731 |
Current portion of long-term liabilities: | ||
Workers' compensation | 1,381 | 1,380 |
Asset retirement obligations | 881 | 591 |
Pneumoconiosis benefits | 195 | 56 |
Long-term disability | 140 | 128 |
Less amount due in one year | 77 | 88 |
Other Accrued Liabilities | $ 44,179 | $ 44,318 |
Debt (Details)
Debt (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 07, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Due to Affiliate | $ 196,583,000 | ||
Lines of Credit, Fair Value Disclosure | $ 201,000,000 | ||
Unused borrowing capacity | 78,417,000 | 199,000,000 | |
Secured Debt | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolver, carrying amount | 201,000,000 | ||
Less: Debt issuance and financing fees | 0 | 3,157,000 | |
Current and long-term debt | $ 0 | $ 197,843,000 | |
Maximum borrowing capacity | $ 400,000,000 | ||
Unused borrowing capacity fee | 0.50% | ||
Proceeds from line of credit | $ 200,000,000 | ||
Interest coverage ratio | 1.95 | ||
Debt Instrument, Covenant Compliance, Leverage Ratio | 1.94 | ||
Secured Debt | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest coverage ratio | 3 | ||
Secured Debt | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Covenant Compliance, Leverage Ratio | 3.50 | ||
Secured Debt | Revolving Credit Facility | Federal Funds Open Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Secured Debt | Revolving Credit Facility | Base Rate, London Interbank Offered Rate (LIBOR) Plus 1% | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Secured Debt | Revolving Credit Facility | Base Rate, London Interbank Offered Rate (LIBOR) Plus 1% | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
Secured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
Secured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract] | |||
2,016 | $ 81 | ||
2,017 | 57 | ||
2,018 | 21 | ||
2,019 | 0 | ||
2,020 | 0 | ||
Thereafter | 0 | ||
Total minimum lease payments | 159 | ||
Less amount representing interest | 9 | ||
Present value of minimum lease payments | 150 | ||
Less amount due in one year | 77 | $ 88 | |
Total Long-Term Capital Lease Obligations | 73 | 146 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 17,948 | ||
2,017 | 7,556 | ||
2,018 | 5,271 | ||
2,019 | 5,069 | ||
2,020 | 2,614 | ||
Thereafter | 2,559 | ||
Total minimum lease payments | 41,017 | ||
Rental expense related to operating leases | $ 16,766 | $ 14,578 | $ 13,490 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Due to Affiliate | $ 196,583 | |
Lines of Credit, Fair Value Disclosure | $ 201,000 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of Credit, Fair Value Disclosure | $ 0 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset retirement obligation, balance at beginning of period | $ 9,937 | $ 10,412 |
Accretion expense | 774 | 727 |
Payments | (209) | (149) |
Revisions in estimated cash flows | (6) | (1,053) |
Asset retirement obligation, balance at end of period | $ 10,496 | $ 9,937 |
Other Post-Employment Benefit64
Other Post-Employment Benefit Plans - Components of Net Periodic Benefit Costs (Details) - Other Postretirement Benefit Plan $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Interest cost | $ 58 |
Amortization of prior service credits | (8,703) |
Recognized net actuarial gain | 1,304 |
Net periodic benefit cost | $ (7,341) |
Coal Workers' Pneumoconiosis 65
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation - Changes in Benefit Obligations, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Workers Compensation | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | $ 4,385 | $ 4,291 | |
State administrative fees and insurance bond premiums | 243 | 207 | |
Service cost | 1,225 | 1,299 | |
Interest cost | 130 | 132 | $ 146 |
Actuarial loss (gain) | 196 | 9 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 1,394 | 1,553 | |
Benefit obligation at end of period | 4,785 | 4,385 | 4,291 |
Funded status: | |||
Current assets | 0 | 85 | |
Current liabilities | (1,381) | (1,380) | |
Noncurrent liabilities | (3,404) | (3,090) | |
Net obligation recognized | (4,785) | (4,385) | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Net actuarial loss | 3,165 | 3,394 | |
Net amount recognized | 3,165 | 3,394 | |
Coal Workers Pneumoconiosis | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 2,113 | 1,977 | |
State administrative fees and insurance bond premiums | 0 | 0 | |
Service cost | 1,131 | 803 | |
Interest cost | 72 | 72 | 65 |
Actuarial loss (gain) | 780 | (686) | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 68 | 53 | |
Benefit obligation at end of period | 4,028 | 2,113 | $ 1,977 |
Funded status: | |||
Current assets | 0 | 0 | |
Current liabilities | (195) | (56) | |
Noncurrent liabilities | (3,833) | (2,057) | |
Net obligation recognized | (4,028) | (2,113) | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Net actuarial loss | 7,187 | 8,102 | |
Net amount recognized | $ 7,187 | $ 8,102 |
Coal Workers' Pneumoconiosis 66
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Workers Compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 1,225 | $ 1,299 | $ 1,656 |
Interest cost | 130 | 132 | 146 |
Recognized net actuarial gain | (33) | (21) | (1) |
State administrative fees and insurance bond premiums | 243 | 207 | 425 |
Net periodic benefit cost | 1,565 | 1,617 | 2,226 |
Coal Workers Pneumoconiosis | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1,131 | 803 | 255 |
Interest cost | 72 | 72 | 65 |
Recognized net actuarial gain | (135) | (83) | (71) |
State administrative fees and insurance bond premiums | 0 | 0 | 0 |
Net periodic benefit cost | $ 1,068 | $ 792 | $ 249 |
Coal Workers' Pneumoconiosis 67
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | $ 1,366 | $ (93) | $ 1,245 |
Workers Compensation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | $ 5 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate assumption used to determine net periodic benefit costs | 3.57% | 4.05% | 4.26% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.05% | 4.26% | 3.84% |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
0.25 Percent point increase - effect on benefit costs | $ (18) | ||
0.25 Percent point decrease - effect on benefit costs | 19 | ||
Coal Workers Pneumoconiosis | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | $ 21 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate assumption used to determine net periodic benefit costs | 3.75% | 4.40% | 4.60% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.40% | 4.60% | 4.21% |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
0.25 Percent point increase - effect on benefit costs | $ (54) | ||
0.25 Percent point decrease - effect on benefit costs | $ 57 |
Coal Workers' Pneumoconiosis 68
Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Coal Workers Pneumoconiosis | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,016 | $ 195 |
2,017 | 156 |
2,018 | 169 |
2,019 | 193 |
2,020 | 232 |
Year 2021-2025 | 2,061 |
Workers Compensation | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,016 | 1,437 |
2,017 | 1,525 |
2,018 | 1,601 |
2,019 | 1,619 |
2,020 | 1,720 |
Year 2021-2025 | 5,175 |
Workers Compensation - Actuarial Benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,016 | 1,381 |
2,017 | 1,467 |
2,018 | 1,542 |
2,019 | 1,559 |
2,020 | 1,658 |
Year 2021-2025 | 4,841 |
Workers Compensation - Other Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,016 | 56 |
2,017 | 58 |
2,018 | 59 |
2,019 | 60 |
2,020 | 62 |
Year 2021-2025 | $ 334 |
Other Benefit Plans (Details)
Other Benefit Plans (Details) - USD ($) $ in Thousands | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
CONSOL Pennsylvania Coal Company LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Ownership percentage for noncontrolling interest | 25.00% | |||
Pension Plan | CONSOL Pennsylvania Coal Company LLC | CONSOL Pennsylvania Coal Company LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | $ 884 | $ 884 | $ 884 | |
Other Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | (7,341) | |||
Other Postretirement Benefit Plan | CONSOL Pennsylvania Coal Company LLC | CONSOL Pennsylvania Coal Company LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | $ 41 | $ 120 | $ 138 | |
Discount rate assumption used to determine net periodic benefit costs | 3.43% | 3.71% | 3.18% | |
Benefit obligation | $ 494 | $ 330 | ||
CONSOL Energy Investment Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of employees' gross pay | 6.00% | |||
Defined contribution plan, cost recognized | $ 2,389 | $ 2,014 | $ 3,195 | |
Increase in eligible compensation for funding 401(k) for affected employees | 3.00% | |||
Age threshold for additional employer match | 40 years | |||
Years of service threshold for additional employer match | 10 years | |||
CONSOL Energy Investment Plan | Minimum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of match | 1.00% | |||
CONSOL Energy Investment Plan | Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of match | 4.00% |
Supplemental Cash Flow Inform70
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 7,864 | $ 7,734 | $ 8,520 |
Loan distributed to CONSOL, value | 229,495 | ||
Assets received from CONSOL, value | 8,131 | ||
Accumulated other comprehensive income portion of the liabilities considered noncash | 3,134 | ||
Capital equipment transfers | 5,324 | 21,945 | |
Fair value of assets acquired | $ 878 | $ 759 | $ 1,282 |
Concentration of Credit Risk Co
Concentration of Credit Risk Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Concentration of Credit Risk [Abstract] | |||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Commitments and Contingent Li72
Commitments and Contingent Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 74,196 |
Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 301 |
Agreement term | 3 years |
Surety Bond | Environment Related Contingency | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 64,319 |
Agreement term | 3 years |
Surety Bond | Employee Related Contingency | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 9,576 |
Agreement term | 3 years |
Related Party (Details)
Related Party (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Repayments of related party debt | $ 0 | $ 0 | $ 10,951 |
Proceeds from Related Party Long-Term Notes | 196,583 | 0 | 16,990 |
Interest on notes - related party | 746 | 0 | 6,050 |
CONSOL Energy | |||
Related Party Transaction [Line Items] | |||
Service from CONSOL Energy | 6,612 | 8,077 | 15,719 |
CONSOL Energy | Operating and Other Costs | |||
Related Party Transaction [Line Items] | |||
Service from CONSOL Energy | 3,503 | 4,251 | 6,793 |
CONSOL Energy | Selling, General and Administrative Expenses | |||
Related Party Transaction [Line Items] | |||
Service from CONSOL Energy | 3,109 | 3,826 | 8,926 |
CONSOL Financial Inc. Loan | |||
Related Party Transaction [Line Items] | |||
Repayments of related party debt | 10,951 | ||
Proceeds from Related Party Long-Term Notes | 16,991 | ||
Interest on notes - related party | $ 6,050 | ||
Due to Related Parties | $ 3,071 | $ 1,666 |
Long-Term Incentive Plan (Detai
Long-Term Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | 4,098 | 100 |
Common Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized under LTIP | 2,300,000 | |
Common Units | General and Administrative Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amortization expense due to vesting | $ 5,873 | $ 1,185 |
Common Units | Phantom Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unearned compensation under plan | $ 3,123 | |
Period for recognition | 1 year 9 months 25 days | |
Long-Term Incentive Plan [Member] | Phantom Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units granted during period | 401,409 | 381,934 |
Weighted average grant date fair value | $ 14.87 | $ 8.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 383,478 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 340,646 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 12.03 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 23,357 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 14.83 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 15, 2018$ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Cash distributions declared per unit (in dollars per share) | $ 0.5125 |
Supplemental Quarterly Inform76
Supplemental Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 06, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Coal Revenue | $ 72,063 | $ 69,811 | $ 75,927 | $ 79,112 | $ 80,292 | $ 66,922 | $ 62,640 | $ 56,541 | $ 296,913 | $ 266,395 | $ 322,261 | ||
Freight Revenue | 5,461 | 5,451 | 4,441 | 3,070 | 3,130 | 2,407 | 2,797 | 3,269 | 18,423 | 11,603 | 3,809 | ||
Other Nonoperating Income (Expense) | 1,244 | 3,002 | 2,104 | 1,098 | 865 | 485 | 1,780 | (11) | 7,448 | 3,119 | 941 | ||
Total Revenue and Other Income | 78,768 | 78,264 | 82,472 | 83,280 | 84,287 | 69,814 | 67,217 | 59,799 | 322,784 | 281,117 | 327,011 | ||
Operating and Other Costs | 42,711 | 52,160 | 50,232 | 49,883 | 52,935 | 45,531 | 46,044 | 38,491 | 194,986 | 183,001 | 193,961 | ||
Depreciation, Depletion and Amortization | 10,287 | 10,352 | 10,277 | 10,521 | 10,662 | 10,592 | 10,423 | 10,317 | 41,437 | 41,994 | 44,136 | ||
Freight Expense | 5,461 | 5,451 | 4,441 | 3,070 | 3,130 | 2,407 | 2,797 | 3,269 | 18,423 | 11,603 | 3,809 | ||
Selling, General and Administrative Expense | 4,479 | 4,283 | 3,652 | 3,283 | 3,391 | 2,660 | 1,970 | 1,928 | 15,697 | 9,949 | 10,931 | ||
Gain (Loss) on Extinguishment of Debt | 2,468 | 2,468 | |||||||||||
Interest Expense 3 | 2,052 | 2,404 | 2,396 | 2,457 | 2,442 | 2,223 | 2,076 | 1,978 | 9,309 | 8,719 | 9,636 | ||
Total Costs | 67,458 | 74,650 | 70,998 | 69,214 | 72,560 | 63,413 | 63,310 | 55,983 | 282,320 | 255,266 | 262,473 | ||
Net Income | $ 11,310 | $ 3,614 | $ 11,474 | $ 14,066 | $ 11,727 | $ 6,401 | $ 3,907 | $ 3,816 | $ 30,404 | $ 34,134 | $ 40,464 | $ 25,851 | $ 64,538 |
Net Income per Limited Partner Unit - Basic | $ 420 | $ 70 | $ 400 | $ 510 | $ 410 | $ 210 | $ 110 | $ 110 | $ 1.40 | $ 0.84 | $ 0.99 | ||
Net Income per Limited Partner Unit - Diluted | $ 420 | $ 70 | $ 400 | $ 500 | $ 410 | $ 210 | $ 110 | $ 100 | $ 1.39 | $ 0.83 | $ 0.99 |
Supplemental Coal Data (Unaud77
Supplemental Coal Data (Unaudited) (Details) T in Thousands | 12 Months Ended | ||
Dec. 31, 2017mineT | Dec. 31, 2016T | Dec. 31, 2015T | |
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Number of active mines | mine | 3 | ||
Coal | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Proven and probable reserves at beginning of period | 191,678 | 197,844 | 196,408 |
Purchased reserves | 0 | 0 | 5,850 |
Proved Developed and Undeveloped Reserves, Mass, Sales of Minerals in Place | 1,212 | 0 | 0 |
Production | (6,527) | (6,166) | (5,698) |
Revisions and other changes | (72) | 0 | 1,284 |
Consolidated proven and probable reserves at end of period | 183,867 | 191,678 | 197,844 |
Coal | Bailey, Pennsylvania | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Consolidated proven and probable reserves at end of period | 73,867 | ||
Coal | Enlow Fork, Pennsylvania | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Consolidated proven and probable reserves at end of period | 61,296 | ||
Coal | Harvey, Pennsylvania | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Consolidated proven and probable reserves at end of period | 48,704 |
Accounts Receivable Securitiz78
Accounts Receivable Securitization (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |
Fees and Commissions, Other | $ 77 |
Increase (Decrease) in Accounts Receivable from Securitization | $ 31,447 |
Uncategorized Items - cnxc-2017
Label | Element | Value |
Subordinated Member Units [Member] | Limited Partner [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ 11,444,000 |
Common Units [Member] | Limited Partner [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ 11,444,000 |