Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Contura Energy, Inc. | |
Entity Central Index Key | 1,704,715 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Shares Outstanding | 9,874,862 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Other revenues | $ 4,866 | $ 1,868 | $ 12,583 | $ 5,836 |
Total revenues | 447,871 | 382,538 | 1,459,121 | 1,297,325 |
Costs and expenses: | ||||
Depreciation, depletion and amortization | 11,141 | 7,504 | 33,951 | 25,292 |
Amortization of acquired intangibles, net | 1,158 | 14,868 | 12,468 | 49,111 |
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 12,382 | 15,946 | 43,490 | 56,094 |
Merger related costs | 1,181 | 0 | 5,064 | 0 |
Secondary offering costs | 0 | 1,061 | 0 | 4,499 |
Total other operating (income) loss: | ||||
Gain on disposal of assets | (601) | 0 | (17,103) | 0 |
Mark-to-market adjustment for acquisition-related obligations | 0 | 839 | 0 | 3,221 |
Gain on settlement of acquisition-related obligations | (118) | 0 | (410) | (9,200) |
Other expenses | 150 | 8 | 438 | 89 |
Total costs and expenses | 424,023 | 372,556 | 1,282,732 | 1,162,675 |
Income from operations | 23,848 | 9,982 | 176,389 | 134,650 |
Other income (expense): | ||||
Interest expense | (8,554) | (8,466) | (26,538) | (28,080) |
Interest income | 507 | 43 | 829 | 116 |
Loss on early extinguishment of debt | 0 | 0 | 0 | (38,701) |
Equity loss in affiliates | (1,624) | (411) | (2,857) | (2,120) |
Bargain purchase gain | 0 | 369 | 0 | 1,011 |
Miscellaneous income, net | (154) | (158) | (737) | (350) |
Total other expense, net | (9,825) | (8,623) | (29,303) | (68,124) |
Income from continuing operations before income taxes | 14,023 | 1,359 | 147,086 | 66,526 |
Income tax (expense) benefit | 12 | (8,371) | 133 | 7,440 |
Net income (loss) from continuing operations | 14,011 | 9,730 | 146,953 | 59,086 |
Discontinued operations: | ||||
(Loss) income from discontinued operations before income taxes | (2,117) | 3,724 | (4,330) | (276) |
Income tax expense from discontinued operations | 0 | (3,295) | 0 | (929) |
(Loss) income from discontinued operations | (2,117) | 429 | (4,330) | (1,205) |
Net income | $ 11,894 | $ 10,159 | $ 142,623 | $ 57,881 |
Basic income (loss) per common share: | ||||
Income from continuing operations (in dollars per share) | $ 1.45 | $ 0.95 | $ 15.30 | $ 5.74 |
(Loss) income from discontinued operations (in dollars per share) | (0.22) | 0.04 | (0.45) | (0.12) |
Net income (in dollars per share) | 1.23 | 0.99 | 14.85 | 5.62 |
Diluted income (loss) per common share: | ||||
Income from continuing operations (in dollars per share) | 1.35 | 0.89 | 14.23 | 5.45 |
(Loss) income from discontinuing operations (in dollars per share) | (0.20) | 0.04 | (0.42) | (0.11) |
Net income (in dollars per share) | $ 1.15 | $ 0.93 | $ 13.81 | $ 5.34 |
Weighted average common shares outstanding - basic (in shares) | 9,633,164 | 10,277,974 | 9,602,860 | 10,298,889 |
Weighted average shares - diluted | 10,384,513 | 10,896,856 | 10,328,031 | 10,832,989 |
Coal | ||||
Revenues: | ||||
Revenue from contract with customer | $ 443,005 | $ 319,178 | $ 1,446,538 | $ 1,100,078 |
Costs and expenses: | ||||
Cost of sales | 307,689 | 270,838 | 936,817 | 842,158 |
Freight and handling | ||||
Revenues: | ||||
Revenue from contract with customer | 0 | 61,492 | 0 | 191,411 |
Costs and expenses: | ||||
Cost of sales | $ 91,041 | $ 61,492 | $ 268,017 | $ 191,411 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Net income | $ 11,894 | $ 10,159 | $ 142,623 | $ 57,881 |
Employee benefit plans: | ||||
Amortization of and adjustments to employee benefit costs | 39 | (51) | (11) | (1,069) |
Income tax | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 39 | (51) | (11) | (1,069) |
Total comprehensive income | $ 11,933 | $ 10,108 | $ 142,612 | $ 56,812 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 238,129 | $ 141,924 |
Trade accounts receivable, net of allowance for doubtful accounts of $0 as of September 30, 2018 and December 31, 2017 | 138,697 | 127,326 |
Inventories, net | 58,496 | 69,561 |
Short-term restricted cash | 8,853 | 11,615 |
Short-term deposits | 6,551 | 12,366 |
Prepaid expenses and other current assets | 45,915 | 59,693 |
Total current assets | 518,820 | 463,154 |
Property, plant, and equipment, net | 218,347 | 196,579 |
Other acquired intangibles, net of accumulated amortization of $20,760 and $28,662 as of September 30, 2018 and December 31, 2017 | 5,990 | 18,458 |
Long-term restricted cash | 36,882 | 40,421 |
Long-term deposits | 9,237 | 3,607 |
Deferred income taxes | 78,744 | 78,744 |
Other non-current assets | 38,605 | 28,005 |
Total assets | 906,625 | 836,600 |
Current liabilities: | ||
Current portion of long-term debt | 4,791 | 10,730 |
Trade accounts payable | 79,360 | 76,319 |
Acquisition-related obligations - current | 13,670 | 15,080 |
Accrued expenses and other current liabilities | 56,020 | 58,771 |
Total current liabilities | 176,036 | 242,175 |
Long-term debt | 361,770 | 361,973 |
Acquisition-related obligations - long-term | 11,997 | 20,332 |
Asset retirement obligations | 55,821 | 52,434 |
Other non-current liabilities | 61,686 | 59,276 |
Total liabilities | 667,413 | 743,952 |
Commitments and Contingencies (Note 18) | ||
Stockholders’ Equity | ||
Preferred stock - par value $0.01, 2.0 million shares authorized, none issued | 0 | 0 |
Common stock - par value $0.01, 20.0 million shares authorized, 10.8 million issued and 9.9 million outstanding at September 30, 2018 and 10.7 million issued and 9.9 million outstanding at December 31, 2017 | 108 | 108 |
Additional paid-in capital | 49,407 | 40,616 |
Accumulated other comprehensive loss | (1,959) | (1,948) |
Treasury stock, at cost: 0.9 million shares at September 30, 2018 and 0.8 million shares at December 31, 2017 | (54,931) | (50,092) |
Retained earnings | 246,587 | 103,964 |
Total stockholders’ equity | 239,212 | 92,648 |
Total liabilities and stockholders’ equity | 906,625 | 836,600 |
Held-for-sale | ||
Current assets: | ||
Assets held for sale/Current assets - discontinued operations | 0 | 171 |
Current liabilities: | ||
Liabilities held for sale/Current liabilities - discontinued operations | 1,345 | 27,161 |
Discontinued Operations | ||
Current assets: | ||
Assets held for sale/Current assets - discontinued operations | 22,179 | 40,498 |
Non-current assets - discontinued operations | 0 | 7,632 |
Current liabilities: | ||
Liabilities held for sale/Current liabilities - discontinued operations | 20,850 | 54,114 |
Non-current liabilities - discontinued operations | $ 103 | $ 7,762 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - Parenthetical - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
Other acquired intangibles, accumulated amortization | $ 20,760 | $ 28,662 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 10,800,000 | 10,700,000 |
Common stock, shares outstanding (in shares) | 9,900,000 | 9,900,000 |
Treasury stock, shares at cost (in shares) | 900,000 | 800,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income | $ 142,623 | $ 57,881 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 33,951 | 49,431 |
Amortization of acquired intangibles, net | 12,468 | 49,111 |
Accretion of acquisition-related obligations discount | 4,165 | 5,954 |
Amortization of debt issuance costs and accretion of debt discount | 2,264 | 2,132 |
Mark-to-market adjustment for acquisition-related obligations | 0 | 3,221 |
Gain on settlement of acquisition-related obligations | (410) | (9,200) |
Gain on disposal of assets | (17,103) | (513) |
Bargain purchase gain | 0 | (1,011) |
Accretion of acquisition-related obligations discount | 5,545 | 16,573 |
Employee benefit plans, net | 6,551 | 8,459 |
Loss on early extinguishment of debt | 0 | 38,701 |
Stock-based compensation | 9,472 | 11,946 |
Equity in loss of affiliates | 2,857 | 2,106 |
Other, net | 1,020 | 0 |
Changes in operating assets and liabilities | (27,087) | 25,141 |
Net cash provided by operating activities | 176,316 | 259,932 |
Investing activities: | ||
Capital expenditures | (56,722) | (56,403) |
Payments on disposal of assets | (10,250) | 0 |
Proceeds on disposal of assets | 647 | 2,449 |
Capital contributions to equity affiliates | (3,759) | (4,160) |
Purchase of additional ownership interest in equity affiliate | 0 | (13,293) |
Other, net | (1,455) | (408) |
Net cash used in investing activities | (71,539) | (71,815) |
Financing activities: | ||
Proceeds from borrowings on debt | 0 | 396,000 |
Principal repayments of debt | (6,323) | (368,500) |
Principal repayments of capital lease obligations | (221) | (798) |
Debt issuance costs | (466) | (14,385) |
Debt extinguishment costs | 0 | (25,036) |
Debt amendment costs | 0 | (4,520) |
Common stock repurchases and related expenses | (4,839) | (17,445) |
Special dividend paid | 0 | (92,786) |
Principal repayments of notes payable | (3,094) | (1,093) |
Other, net | 70 | 11 |
Net cash used in financing activities | (14,873) | (128,552) |
Net increase in cash and cash equivalents and restricted cash | 89,904 | 59,565 |
Cash and cash equivalents and restricted cash at beginning of period | 193,960 | 171,289 |
Cash and cash equivalents and restricted cash at end of period | 283,864 | 230,854 |
Supplemental cash flow information: | ||
Cash paid for interest | 20,417 | 34,091 |
Cash paid for taxes | 6 | 13,328 |
Cash received for income tax refunds | 13,457 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Capital leases and capital financing - equipment | 414 | 735 |
Accrued capital expenditures | 7,725 | 9,169 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash | ||
Cash and cash equivalents | 238,129 | 173,490 |
Short-term restricted cash | 8,853 | 0 |
Long-term restricted cash | $ 36,882 | $ 57,364 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock at Cost | (Accumulated Deficit) Retained Earnings |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Retrospective warrants adjustment | $ 35,141 | $ 1,166 | $ 33,975 | |||
Beginning balance at Dec. 31, 2016 | 37,224 | $ 103 | 45,964 | $ 2,087 | $ 0 | (10,930) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 57,881 | 57,881 | ||||
Other comprehensive loss, net | (1,069) | (1,069) | ||||
Stock-based compensation and net issuance of common stock for share vesting | 11,912 | 5 | 11,907 | |||
Special dividend | (92,786) | (22,019) | (70,767) | |||
Common stock repurchases and related expenses | (17,445) | (17,445) | ||||
Warrant exercises | 216 | 218 | (2) | |||
Ending balance at Sep. 30, 2017 | 31,074 | 108 | 37,236 | 1,018 | (17,447) | 10,159 |
Beginning balance at Dec. 31, 2017 | 92,648 | 108 | 40,616 | (1,948) | (50,092) | 103,964 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 142,623 | 142,623 | ||||
Other comprehensive loss, net | (11) | (11) | ||||
Stock-based compensation and net issuance of common stock for share vesting | 8,720 | 8,720 | ||||
Exercise of stock options | 62 | 62 | ||||
Common stock repurchases and related expenses | (4,835) | (4,835) | ||||
Warrant exercises | 5 | 9 | (4) | |||
Ending balance at Sep. 30, 2018 | $ 239,212 | $ 108 | $ 49,407 | $ (1,959) | $ (54,931) | $ 246,587 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Business Contura Energy, Inc. (“Contura”, the “Company”, “we” or “us”) is a Tennessee-based coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Contura reliably supplies both metallurgical coal to produce steel and thermal coal to generate power. Contura was formed to acquire and operate certain of Alpha Natural Resources, Inc.’s (“Alpha”) core coal operations, as part of the Alpha Restructuring. Contura began operations on July 26, 2016 and currently operates mining complexes in the Northern Appalachia (Cumberland mine complex) and Central Appalachia (the Nicholas mine complex in West Virginia, and the McClure and Toms Creek mine complexes in Virginia) regions. Basis of Presentation Together, the condensed consolidated statement of operations, statement of comprehensive income, balance sheet, statement of cash flows and statement of stockholders’ equity for the Company are referred to as the “Financial Statements.” The Financial Statements are also referred to as consolidated and references across periods are generally labeled “Balance Sheets,” “Statements of Operations,” and “Statements of Cash Flows.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and nine months ended September 30, 2018 and 2017. All significant intercompany transactions have been eliminated in consolidation. On December 8, 2017, the Company closed a transaction with Blackjewel L.L.C. (“Buyer”) to sell the Eagle Butte and Belle Ayr mines located in the Powder River Basin (“PRB”), Wyoming, along with related coal reserves, equipment, infrastructure and other real properties. The PRB results of operations and financial position are reported as discontinued operations in the Condensed Consolidated Financial Statements. The historical information in the accompanying Notes to the Condensed Consolidated Financial Statements has been restated to reflect the effects of the PRB operations being reported as discontinued operations in the Condensed Consolidated Financial Statements. See Note 3 for further information on discontinued operations. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or any other period. These interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes for the year ended December 31, 2017 which are contained in the Company’s registration statement on Form S-4, as amended, as filed with the U.S. Securities and Exchange Commission (“SEC”) on October 5, 2018. Reclassifications Certain amounts in the 2017 Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current year presentation. New Accounting Pronouncements Revenue Recognition: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from contracts with customers (Topic 606), which, along with amendments issued in 2015 and 2016, replaced substantially all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance. In addition, the standard requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance permitted two methods of adoption: full retrospective method (retrospective application to each prior reporting period presented) or modified retrospective method (retrospective application with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures). The Company adopted ASU 2014-09 as of January 1, 2018, using the modified retrospective method. The Company applied the guidance only to contracts that were not completed as of the date of adoption, with no cumulative adjustment to retained earnings as a result of the adoption of this guidance. Subsequent to adoption, freight and handling revenues are now classified within coal revenues. Under ASC 606, the Company has elected to treat all shipping and handling costs as fulfillment costs and to recognize these amounts within coal revenues upon control transfer. Prior to the adoption of ASC 606, all freight and handling activities occurring subsequent to control transfer were accounted for as deferred revenue and recognized within freight and handling revenues as the Company fulfilled the related shipping activity. The following table summarizes the impact of the adoption of ASC 606 to the Company’s Condensed Consolidated Statements of Operations: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 As reported Adjustments (1) Balances prior to adoption of ASC 606 As reported Adjustments (1) Balances prior to adoption of ASC 606 Revenues: Coal revenues $ 443,005 $ (91,041 ) $ 351,964 $ 1,446,538 $ (268,017 ) $ 1,178,521 Freight and handling revenues — 90,975 90,975 — 267,951 267,951 Other revenues 4,866 — 4,866 12,583 — 12,583 Total revenues $ 447,871 $ (66 ) $ 447,805 $ 1,459,121 $ (66 ) $ 1,459,055 Freight and handling costs $ 91,041 $ (66 ) $ 90,975 $ 268,017 $ (66 ) $ 267,951 (1) Adjustments primarily represent freight and handling revenues being treated as fulfillments costs and included within coal revenues under ASC 606. The remainder of these adjustments represent freight and handling activity occurring subsequent to control transfer also impacting freight and handling costs and prepaid expenses. Refer to Note 4 for further disclosure requirements under the new standard. Financial Instruments: In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The amendments in this update, along with amendments issued in 2018, address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted ASU 2016-01 during the first quarter of 2018. The adoption of this update did not have a material impact on the recognition, measurement, presentation, or disclosure of the Company’s financial instruments. Leases : In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02, along with amendments issued in 2017 and 2018 (collectively, the “New Leases Standard”), requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet, with the exception of leases with lease terms of 12 months or less. Additional qualitative disclosures along with specific quantitative disclosures will also be required. I n July 2018, the FASB issued a new optional transition method to simplify the application of the New Leases Standard. Under the optional transition method, comparative periods presented in the financial statements in the period of adoption will not need to be restated. Instead, a company would initially apply the new lease requirements at the effective date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The company would continue to report comparative periods presented in the financial statements in the period of adoption under current GAAP and provide the applicable required disclosures for such periods. For public business entities, the New Leases Standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company intends to elect the optional transition method along with the package of practical expedients to implement the New Leases Standard. Management is currently evaluating the impact on the Company's financial statements and related disclosures. The impact will depend on the Company's lease portfolio at the time of adoption on January 1, 2019. Statement of Cash Flows: In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This update addresses whether to present certain specific cash flow items as operating, investing or financing activities. The Company adopted ASU 2016-15 during the first quarter of 2018. The classification requirements under the new guidance are either consistent with the Company’s historical practices or are not applicable to its activities and therefore do not have a material impact on classification of cash receipts and cash payments in the Company’s Statements of Cash Flows. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). The amendments in this update provide guidance on restricted cash presentation in the statement of cash flows. The Company adopted ASU 2016-18 during the first quarter of 2018. As a result of this guidance, the Company has combined restricted cash with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on its Statements of Cash Flows. The amendments also require a company to disclose information about the nature of the restrictions and amounts described as restricted cash and restricted cash equivalents. Such disclosures are included in Note 18. Business Combinations: In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). The amendments in this update provide clarification on the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The new guidance is to be applied prospectively on or after the effective date. The Company adopted ASU 2017-01 during the first quarter of 2018. The adoption of this ASU did not have a material impact on the Company’s financial statements. Retirement Benefits: In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost . The amendments in this update require that an employer disaggregate the service cost component from the other components of net periodic benefit cost. In addition, only the service cost component will be eligible for capitalization. The new guidance is to be applied retrospectively for income statement effects and prospectively for balance sheet effects. Additionally, the new guidance allows a practical expedient that permits employers to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company adopted ASU 2017-07 during the first quarter of 2018, electing to use the practical expedient as the estimation basis for applying the retrospective presentation requirements. The retrospective application resulted in a $209 and $627 reduction in cost of coal sales with the corresponding offset to miscellaneous income, net for the three and nine months ended September 30, 2017 , respectively. Stock Compensation: In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The amendments in this update provide clarification on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. The new guidance is to be applied prospectively on or after the adoption date. The Company adopted ASU 2017-09 during the first quarter of 2018. The adoption of this ASU did not have a material impact on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. For public business entities, the standard is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The adoption of this ASU is not expected to have a material impact on the Company's financial statements and related disclosures. Fair Value Measurement : In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in this update modify the disclosure requirements for fair value measurements. For public business entities, the standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements and related disclosures. Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public business entities, the standard is effective for fiscal years ending after December 15, 2020. The Company is currently assessing the impact of this ASU on the Company’s financial statements and related disclosures. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions Mergers with Alpha Natural Resources Holdings, Inc. and ANR, Inc. On April 29, 2018, Contura, along with ANR, Inc. (“ANR”) and Alpha Natural Resources Holdings, Inc. (“Holdings”, and, together with ANR, the "Alpha Companies”), entered into a definitive merger agreement providing for an all-stock transaction. On September 26, 2018, Contura, along with the Alpha Companies, entered into an amended and restated merger agreement (the “Merger Agreement”), providing an increase in merger consideration to the Alpha Companies stockholders and the payment of a special dividend by the Alpha Companies. The transaction was completed on November 9, 2018. Refer to Note 21 for subsequent event disclosures related to the completion of the transaction. Additionally, refer to Note 21 for financing information related to the mergers with Alpha Natural Resources Holdings, Inc. and ANR, Inc. Under the terms of the Merger Agreement, the Alpha Companies stockholders received 0.4417 Contura common shares for each ANR, Inc. Class C-1 share and each share of common stock of Alpha Natural Resources Holdings, Inc. they owned, representing approximately 48.5% ownership in the merged entity. Prior to the closing of the transaction, the Alpha Companies stockholders also received a special cash dividend (the “Dividend”) in an amount equal to $ 2.725 for each Class C-1 share and each share of common stock of Alpha Natural Resources Holdings, Inc. they owned. Each outstanding share of Class C-2 common stock of ANR (held exclusively by Holdings) was canceled. Stockholders of the Alpha Companies, who collectively held approximately 38% of the shares of common stock of Alpha Natural Resources Holdings, Inc. and approximately 35% of the shares of ANR, Inc. Class C-1 common stock (the “Alpha Companies Stockholders”), entered into voting and support agreements, pursuant to which such stockholders agreed to vote their shares in favor of the transaction, subject to the terms and conditions of the voting and support agreements. The completion of the transaction was subject to compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). However, Contura and the Alpha Companies received early termination of the applicable waiting period under the HSR Act on July 2, 2018. The Company incurred expenses of $1,181 and $5,064 in connection with the merger for the three and nine months ended September 30, 2018 , respectively. On July 16, 2018, Contura, along with the Alpha Companies, announced the confidential submission by Contura of a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”) relating to the previously announced proposed merger between the companies. On October 16, 2018, the SEC declared effective the registration statement on Form S-4, as amended, (“Form S-4”) filed by Contura in connection with the transaction. The Form S-4 included a joint proxy statement of the Alpha Companies and a prospectus of Contura relating to the transaction, which included voting instructions for ANR stockholders and Holdings stockholders. On October 18, 2018, ANR and Holdings mailed the joint proxy statement and prospectus to ANR stockholders and Holdings stockholders of record as of the close of business on the record date of September 26, 2018. As of September 30, 2018 , the Company capitalized $3,535 of expenses incurred in connection with the submission of the Form S-4 related to (i) legal fees for drafting the registration statement and other legal advice directly related to the registration statement, (ii) financial reporting advisory fees directly related to the registration statement including preparation of the pro forma financial statements and other financial information included in the registration statement and (iii) and other registration related fees. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations The discontinued operations include the Company’s former PRB segment. On December 8, 2017, the Company closed a transaction (“PRB Transaction”) to sell the Eagle Butte and Belle Ayr mines located in the PRB. During the permit transfer period, the Company will maintain the required reclamation bonds and related collateral. As of September 30, 2018 , the Company had outstanding surety bonds with a total face amount of $237,310 to secure various obligations and commitments related to the PRB. The public comment period for the permits is currently in process and the final transfer is expected to be completed prior to December 31, 2018. Once the permits have been transferred, the Company estimates approximately $12,600 comprised of short-term restricted cash and short-term deposits will be returned to operating cash. If the permit transfer process is not completed as expected, it could have material, adverse effects on the Company. The major components of net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues: Total revenues (1) $ 139 $ 100,391 $ 1,254 $ 272,848 Costs and expenses: Cost of coal sales (exclusive of items shown separately below) $ — $ 87,574 $ — $ 245,044 Depreciation, depletion and amortization $ — $ 7,650 $ — $ 24,139 Other expenses $ 1,090 $ — $ 3,492 $ — Other non-major expense items, net $ 1,166 $ 1,443 $ 2,092 $ 3,941 (1) Total revenues for the three and nine months ended September 30, 2018 consisted entirely of other revenues. Refer to Note 6 for earnings (loss) per share information related to discontinued operations. The major components of asset and liabilities that are classified as discontinued operations in the Condensed Consolidated Balance Sheets are as follows: September 30, 2018 December 31, 2017 Assets: Accounts Receivable $ 1,629 $ 20,443 Prepaid expenses and other current assets $ 20,550 $ 18,974 Other current assets $ — $ 1,081 Other non-current assets $ — $ 7,632 Liabilities: Trade accounts payable, accrued expenses and other current liabilities $ 20,850 $ 54,114 Other non-current liabilities $ 103 $ 7,762 As of September 30, 2018 , the residual assets and liabilities related to the discontinued operations are primarily comprised of taxes for which Contura is considered to be the primary obligor but which the Buyer is contractually obligated to pay. The Company has recorded the taxes as a liability with an offsetting receivable from the Buyer. The major components of cash flows related to discontinued operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Depreciation, depletion and amortization $ — $ 7,650 $ — $ 24,139 Capital expenditures $ — $ 3,093 $ — $ 8,145 Other significant operating non-cash items related to discontinued operations: Accretion of asset retirement obligations $ — $ 3,022 $ — $ 9,066 Blackjewel Surety Bonding During the third quarter of 2018, Blackjewel L.L.C. (“Blackjewel”) procured surety bonds for a total of $220,500 to facilitate the transfer of record by the State of Wyoming of the Belle Ayr and Eagle Butte mine permits from Contura Coal West, LLC to Blackjewel as required by that certain Asset Purchase Agreement dated as of December 7, 2017, among Blackjewel, Contura Energy, Inc. (“Contura”), Contura Coal West, LLC, Contura Wyoming Land, LLC, Contura Coal Sales, LLC, and Contura Energy Services, LLC. Contura agreed to backstop a total of $44,800 of Blackjewel’s bonding obligations with respect to the Belle Ayr and Eagle Butte permits by entering into secondary general indemnification agreements and providing letters of credit totaling $18,800 to the sureties as collateral for Contura’s indemnification obligations. This arrangement provides cost reimbursement for the issuing sureties. Indemnity bonds were issued by a third-party insurer in favor of Contura in a total amount of $26,000 to insure Blackjewel’s performance obligations to Contura with respect to cancellation of the general indemnification agreements and return of the letters of credit. Blackjewel agreed that, by June 30, 2019, it will (i) enter into financing arrangements of $44,800 to be held as collateral by the sureties and (ii) cause each surety to release and return each letter of credit and cancel the Contura general indemnification agreements. Blackjewel’s performance obligations are also collateralized by a security interest in mobile equipment granted to Contura under 8.6(c) of the Asset Purchase Agreement. Further, in connection with this arrangement, approximately $8,000 in surety cash collateral previously supporting reclamation bonds was returned to Contura by certain of its sureties. During the third quarter of 2018, the Company recorded a guarantee within discontinued operations to account for the Blackjewel surety bonding arrangement with no material impact on the Company's Financial Statements. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue Recognition Accounting Policy The Company adopted ASC 606, with a date of initial application of January 1, 2018, using the modified retrospective method. As a result, the Company has changes to its accounting policy for revenue recognition as outlined below. Subsequent to the adoption of ASC 606, the Company measures revenue based on the consideration specified in a contract with a customer and recognizes revenue as a result of satisfying its promise to transfer goods or services in a contract with a customer using the following general revenue recognition five-step model: (1) identify the contract; (2) identify performance obligations; (3) determine transaction price; (4) allocate transaction price; (5) recognize revenue. Freight and handling costs paid to third-party carriers and invoiced to coal customers are recorded as freight and handling costs and freight and handling fulfillment revenues within coal revenues, respectively. Disaggregation of Revenue from Contracts with Customers ASC 606 requires that entities disclose disaggregated revenue information in categories (such as type of good or service, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606 explains that the extent to which an entity’s revenue is disaggregated depends on the facts and circumstances that pertain to the entity’s contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue. The Company earns revenues primarily through the sale of coal produced at Company operations and coal purchased from third parties. The Company extracts, processes and markets steam and met coal from surface and deep mines for sale to electric utilities, steel and coke producers, and industrial customers. The Company conducts mining operations only in the United States with mines in Northern and Central Appalachia. The Company has three reportable segments: CAPP, NAPP and Trading and Logistics. In addition to the three reportable segments, the All Other category includes general corporate overhead and corporate assets and liabilities, the elimination of certain intercompany activity, and the Company’s discontinued operations. See Note 19 for further segment information. The following tables disaggregate the Company’s coal revenues by segment and by met and steam coal to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors: Three Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 1,596 $ 47,204 $ 2,210 $ — $ 51,010 Met 113,511 11,859 175,584 — 300,954 Freight and handling fulfillment revenues — — 91,041 — 91,041 Total coal revenues $ 115,107 $ 59,063 $ 268,835 $ — $ 443,005 Three Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 650 $ 60,034 $ — $ — $ 60,684 Met 107,961 5,665 144,868 — 258,494 Total coal revenues $ 108,611 $ 65,699 $ 144,868 $ — $ 319,178 Freight and handling revenues $ — $ — $ 61,492 $ — $ 61,492 Nine Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 3,489 $ 157,295 $ 2,153 $ — $ 162,937 Met 398,341 33,934 583,309 — 1,015,584 Freight and handling fulfillment revenues — — 268,017 — 268,017 Total coal revenues $ 401,830 $ 191,229 $ 853,479 $ — $ 1,446,538 Nine Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 1,976 $ 224,963 $ — $ — $ 226,939 Met 366,610 15,737 490,792 — 873,139 Total coal revenues $ 368,586 $ 240,700 $ 490,792 $ — $ 1,100,078 Freight and handling revenues $ — $ — $ 191,411 $ — $ 191,411 Performance Obligations The Company considers each individual transfer of coal on a per shipment basis to the customer a performance obligation. The pricing terms of the Company’s contracts with customers include fixed pricing, variable pricing, or a combination of both fixed and variable pricing. All the Company’s revenue derived from contracts with customers is recognized at a point in time. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2018 . Remainder of 2018 2019 2020 2021 2022 2023 Total Estimated coal revenues (1) $ 54,966 $ 156,935 $ 140,210 $ 95,590 $ 69,944 $ 84,268 $ 601,913 (1) Amounts only include estimated coal revenues associated with contracts with customers with fixed pricing with original expected duration of more than one year. The Company has elected to not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for performance obligations with either of the following conditions: 1) the remaining performance obligation is part of a contract that has an original expected duration of one year or less; or 2) the remaining performance obligation has variable consideration that is allocated entirely to a wholly unsatisfied performance obligation. Contract Balances The Company receives prepayments under certain contracts with customers based on contract payment terms and the timing of shipments. These amounts are recognized within revenues upon satisfaction of the related performance obligations. The following table includes the opening and closing balances of contract liabilities from contracts with customers, which are included within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets: September 30, December 31, Contract liabilities (1) $ 403 $ — (1) Amounts primarily relate to customer prepayments under coal contracts. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following tables summarize the changes to accumulated other comprehensive income (loss) during the nine months ended September 30, 2018 and 2017: Balance Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance Employee benefit costs $ (1,948 ) $ (128 ) $ 117 $ (1,959 ) Balance Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance September 30, 2017 Employee benefit costs $ 2,087 $ (917 ) $ (152 ) $ 1,018 The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) and the Statements of Operations line items affected by the reclassification during the three and nine months ended September 30, 2018 and 2017: Details about accumulated other comprehensive income (loss) components Amounts reclassified from accumulated other comprehensive (loss) income Affected line item in the Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Employee benefit costs: Amortization of actuarial loss (gain) $ 39 $ (51 ) $ 117 $ (152 ) (1) Miscellaneous income Income tax benefit (expense) — — — — Income tax expense Total, net of income tax $ 39 $ (51 ) $ 117 $ (152 ) (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs for black lung and life insurance. See Note 15. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The number of shares used to calculate basic earnings per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares used to calculate diluted earnings per common share is based on the number of common shares used to calculate basic earnings per share plus the dilutive effect of stock options and other stock-based instruments held by the Company’s employees and directors during the period, and the Company’s outstanding Series A warrants. The warrants become dilutive for earnings per common share calculations when the market price of the Company’s common stock exceeds the exercise price. For the three months ended September 30, 2018 , there were no anti-dilutive stock options or other stock based instruments. For the three months ended September 30, 2017 , 129,520 stock options were excluded from the computation of dilutive earnings per share because they would have been anti-dilutive. For the nine months ended September 30, 2018 , 86,347 stock options were excluded from the computation of dilutive earnings per share because they would have been anti-dilutive. For the nine months ended September 30, 2017 , 129,520 stock options and 144,876 other stock based instruments were excluded from the computation of dilutive earnings per share because they would have been anti-dilutive. These potential shares could dilute earnings per share in the future. The following table presents the net income (loss) per common share for the three and nine months ended September 30, 2018 and 2017: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income Income from continuing operations $ 14,011 $ 9,730 $ 146,953 $ 59,086 (Loss) income from discontinued operations (2,117 ) 429 (4,330 ) (1,205 ) Net income $ 11,894 $ 10,159 $ 142,623 $ 57,881 Basic Weighted average common shares outstanding - basic 9,633,164 10,277,974 9,602,860 10,298,889 Basic income (loss) per common share: Income from continuing operations $ 1.45 $ 0.95 $ 15.30 $ 5.74 (Loss) income from discontinued operations (0.22 ) 0.04 (0.45 ) (0.12 ) Net income $ 1.23 $ 0.99 $ 14.85 $ 5.62 Diluted Weighted average common shares outstanding - basic 9,633,164 10,277,974 9,602,860 10,298,889 Diluted effect of warrants 304,243 221,261 270,611 173,072 Diluted effect of stock options 260,653 274,309 265,794 275,006 Diluted effect of restricted share units and restricted stock shares 186,453 123,312 188,766 86,021 Weighted average common shares outstanding - diluted 10,384,513 10,896,856 10,328,031 10,832,989 Diluted income (loss) per common share: Income from continuing operations $ 1.35 $ 0.89 $ 14.23 $ 5.45 (Loss) income from discontinued operations (0.20 ) 0.04 (0.42 ) (0.11 ) Net income $ 1.15 $ 0.93 $ 13.81 $ 5.34 The mergers with Alpha Natural Resources Holdings, Inc. and ANR, Inc. was completed on November 9, 2018. Refer to Note 2 for disclosures related to the definitive merger agreement with the Alpha Companies. Additionally, refer to Note 21 for subsequent event disclosures related to the completion of the transaction. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, net Inventories, net consisted of the following: September 30, 2018 December 31, 2017 Raw coal $ 5,769 $ 7,003 Saleable coal 45,042 55,357 Materials, supplies and other, net 7,685 7,201 Total inventories, net $ 58,496 $ 69,561 |
Dividend and Tender Offer
Dividend and Tender Offer | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Dividend and Tender Offer | Dividend and Tender Offer The Company entered into the First Amendment to the Asset-Based Revolving Credit Agreement on June 9, 2017 and the First Amendment to Term Loan Credit Agreement on June 13, 2017. The amendments, among other things, permitted an aggregate amount of $150,000 of cash to be used for the (i) payment of a one-time cash dividend on its common stock no later than July 28, 2017, and (ii) repurchase of its common stock at any time no later than December 31, 2017, subject to certain terms and conditions. On June 16, 2017, the Company declared a special cash distribution of approximately $92,786 in the aggregate (the “Special Dividend”), payable to eligible holders of record of its common stock as of the close of business on July 5, 2017. In addition, pursuant to the terms of the Company’s management incentive plan, dividend equivalent payments of approximately $7,949 in the aggregate (including the amounts payable with respect to each share underlying outstanding stock option awards and restricted stock unit awards and outstanding restricted common stock under the MIP) were paid to plan participants. The dividend equivalent payments were made on July 11, 2017, and the Special Dividend was paid on July 12, 2017. Pursuant to terms of the debt amendments, the Company made an offer to all Term Loan Credit Facility lenders to repay the loans at par concurrently with the payment of the Special Dividend, in an aggregate principal amount equal to $10,000 . All the Term Loan Facility lenders accepted the offer, and the Company repaid $10,000 on July 13, 2017. On September 26, 2017, the Company announced that it had commenced a modified “Dutch Auction” tender offer to repurchase up to $31,800 of common stock. On December 21, 2017, Contura repurchased an aggregate of 530,000 shares of common stock at a purchase price of $60.00 per share. The total repurchase price of $32,595 (comprised of $31,800 of share repurchases and $795 of related fees) was recorded in the fourth quarter of 2017 as treasury stock in the Consolidated Balance Sheet. Upon completion of the tender offer, provisions within the Company’s Term Loan Credit Facility and Asset-Based Revolving Credit Agreement limited the ability of the Company to make future repurchases of its common stock. Warrants On July 26, 2016 (the “Initial Issue Date”), the Company issued 810,811 warrants, each with an initial Exercise Price, as defined in the Series A Warrants Agreement (the “Warrants Agreement”), of $55.93 per share of common stock and exercisable for one share of the Company’s common stock, par value $0.01 per share. Pursuant to the Warrants Agreement dated as of July 26, 2016, no fractional shares shall be issued upon warrant exercises. The warrants are exercisable for cash or on a cashless basis at any time from the Initial Issue Date until July 26, 2023. Pursuant to the Warrants Agreement dated as of July 26, 2016, the Exercise Price and the Warrant Share Number, as defined in the Warrants Agreement, were adjusted as a result of the occurrence of the Special Dividend. The Warrant Share Number was adjusted from 1.00 to 1.15 , and the Exercise Price was adjusted from $55.93 per share to $48.741 per share as of the July 5, 2017 record date. As of September 30, 2018 , of the 810,811 warrants that were originally issued, 801,793 remain outstanding, with a total of 922,062 shares underlying the un-exercised warrants. For the three months ended September 30, 2018, the Company issued 218 shares of common stock resulting from exercises of its Series A Warrants, and, pursuant to the terms of the Warrants Agreement, withheld 77 of the issued shares in satisfaction of the Warrant Exercise Price, which were subsequently reclassified as treasury stock. For the nine months ended September 30, 2018, the Company issued 252 shares of common stock resulting from exercises of its Series A Warrants, and, pursuant to the terms of the Warrants Agreement, withheld 111 of the issued shares in satisfaction of the Warrant Exercise Price, which were subsequently reclassified as treasury stock. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: September 30, 2018 December 31, 2017 Term Loan Credit Facility - due March 2024 $ 380,677 $ 387,000 LC Facility — — Other 2,134 3,768 Debt discount and issuance costs (16,250 ) (18,065 ) Total long-term debt 366,561 372,703 Less current portion (4,791 ) (10,730 ) Long-term debt, net of current portion $ 361,770 $ 361,973 Term Loan Credit Facility On March 17, 2017, the Company entered into a Credit Agreement with Jefferies Finance LLC, as administrative agent and collateral agent, and the other lenders party thereto (as defined therein) that provides for a term loan facility (the “Term Loan Credit Facility”) in an aggregate amount of $ 400,000 with a maturity date of March 17, 2024. Principal repayments equal to $ 1,000 are due each March, June, September and December (commencing with June 30, 2017) with the final principal repayment installment repaid on the maturity date and in any event shall be in an amount equal to the aggregate principal amount outstanding on such date. The Term Loan Credit Facility bears an interest rate per annum based on the character of the loan (defined as either “Base Rate Loan” or “Eurocurrency Rate Loan”) plus an applicable rate of 4.00% to 5.00% depending on loan type (the “Applicable Rate”), payable bi-monthly in arrears. As of September 30, 2018 , the Term Loan Credit Facility was classified as a Eurocurrency Rate Loan with an interest rate of 7.30% , calculated as the eurocurrency rate during the period plus an applicable rate of 5.00% . The Term Loan Credit Facility, as amended on June 13, 2017, and related documents contain negative and affirmative covenants including certain financial covenants. The Company was in compliance with all covenants under these agreements as of September 30, 2018 . All obligations under the Term Loan Credit Facility are unconditionally guaranteed by the Company’s existing wholly owned domestic subsidiaries, and are required to be guaranteed by the Company’s future wholly owned domestic subsidiaries. Certain obligations under the Term Loan Credit Facility are secured by a senior lien, subject to certain exceptions (including the ABL Priority Collateral described below), by substantially all of our assets and the assets of our subsidiary guarantors (“Term Loan Priority Collateral”), in each case subject to exceptions. The obligations under the Term Loan Credit Facility are also secured by a junior lien, again subject to certain exceptions, against the ABL Priority Collateral. Asset-Based Revolving Credit Agreement On April 3, 2017, the Company entered into an Asset-Based Revolving Credit Agreement with Citibank N.A. as administrative agent, collateral agent, and swingline lender and the other lenders party thereto (the “Lenders”), and Citibank N.A., BMO Harris Bank N.A. and Credit Suisse AG as letter of credit issuers (“LC Lenders”). The Asset-Based Revolving Credit Agreement includes a senior secured asset-based revolving credit facility (the “ABL Facility”). Under the ABL Facility, the Company may borrow cash from the Lender or cause the LC Lenders to issue letters of credit, on a revolving basis, in an aggregate amount of up to $125,000 , of which no more than $80,000 may be drawn through letters of credit. Any borrowings under the ABL Facility will have a maturity date of April 4, 2022 and will bear interest based on the character of the loan (defined as either “Base Rate Loan” or “Eurocurrency Rate Loan”) plus an applicable rate ranging from 1.00% to 1.50% for Base Rate Loans and 2.00% to 2.50% for Eurocurrency Rate Loans, depending on the amount of credit available. Any letters of credit issued under the ABL Facility will bear a commitment fee rate ranging from 0.25% to 0.375% depending on the amount of availability per terms of the agreement, and a 0.25% fronting fee payable to the ABL Facility’s administrative agent. The Asset-Based Revolving Credit Agreement provides that a specified percentage of billed, unbilled and approved foreign receivables and raw and clean inventory meeting certain criteria are eligible to be counted for purposes of collateralizing the amount of financing available, subject to certain terms and conditions. As of September 30, 2018 , the Company had $0 borrowings and $28,700 letters of credit outstanding under the ABL Facility. The Asset-Based Revolving Credit Agreement, as amended on June 9, 2017, and related documents contain negative and affirmative covenants including certain financial covenants. The Company was in compliance with all covenants under these agreements as of September 30, 2018 . The obligations under the ABL Facility are secured by a senior lien, subject to certain exceptions by collateral generally described as receivables, inventory, as-extracted collateral and deposit accounts (“ABL Priority Collateral”). The obligations under the ABL Facility are also secured by a junior lien, again subject to certain exceptions, against the Term Loan Priority Collateral. Refer to Note 21 for financing information related to the mergers with Alpha Natural Resources Holdings, Inc. and ANR, Inc. Capital Leases The Company entered into capital leases for certain property and other equipment during 2018 and 2017. The Company’s liability for capital leases totaled $636 and $426 , with $293 and $226 reported within the current portion of long-term debt as of September 30, 2018 and December 31, 2017, respectively. |
Acquisition-Related Obligations
Acquisition-Related Obligations | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Acquisition-Related Obligations | Acquisition-Related Obligations The Company entered into various settlement agreements with Alpha and/or the Alpha bankruptcy successor ANR, Inc. (“ANR”) and third parties as part of the Alpha bankruptcy reorganization process. The Company assumed acquisition-related obligations through those settlement agreements which became effective on July 26, 2016, the effective date of Alpha’s plan of reorganization. Acquisition-related obligations consisted of the following: September 30, 2018 December 31, 2017 Retiree Committee VEBA Funding Settlement Liability $ 3,500 $ 7,000 UMWA Funds Settlement Liability 7,000 7,000 Reclamation Funding Liability 22,000 32,000 Other 170 580 Discount (7,003 ) (11,168 ) Total acquisition-related obligations - long-term 25,667 35,412 Less current portion (13,670 ) (15,080 ) Acquisition-related obligations, net of current portion $ 11,997 $ 20,332 |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following table summarizes the changes in asset retirement obligations for the nine months ended September 30, 2018 : Total asset retirement obligations at December 31, 2017 $ 59,205 Accretion for the period 4,579 Revisions in estimated cash flows 184 Expenditures for the period (1,859 ) Reclassify liabilities held for sale (1,279 ) Total asset retirement obligations at September 30, 2018 60,830 Less current portion (5,009 ) Long-term portion $ 55,821 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements The estimated fair values of financial instruments are determined based on relevant market information. These estimates involve uncertainty and cannot be determined with precision. The carrying amounts for cash and cash equivalents, trade accounts receivable, net, prepaid expenses and other current assets, short-term and long-term restricted cash, short-term and long-term deposits, trade accounts payable, and accrued expenses and other current liabilities approximate fair value as of September 30, 2018 and December 31, 2017 due to the short maturity of these instruments. The following tables set forth by level, within the fair value hierarchy, the Company’s long-term debt at fair value as of September 30, 2018 and December 31, 2017: September 30, 2018 Carrying Amount (1) Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Term Loan Credit Facility - due March 2024 $ 364,426 $ 380,677 $ 380,677 $ — $ — December 31, 2017 Carrying Amount (1) Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Term Loan Credit Facility - due March 2024 $ 368,935 $ 381,195 $ 381,195 $ — $ — (1) Net of debt discounts and debt issuance costs. The following tables set forth by level, within the fair value hierarchy, the Company’s acquisition-related obligations at fair value as of September 30, 2018 and December 31, 2017: September 30, 2018 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding Settlement Liability $ 3,190 $ 3,320 $ — $ — $ 3,320 UMWA Funds Settlement Liability 5,016 5,699 — — 5,699 Reclamation Funding Liability 17,291 19,125 — — 19,125 Total acquisition-related obligations $ 25,497 $ 28,144 $ — $ — $ 28,144 December 31, 2017 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding Settlement Liability $ 6,290 $ 6,692 $ — $ — $ 6,692 UMWA Funds Settlement Liability 4,366 5,654 — — 5,654 Reclamation Funding Liability 24,176 28,365 — — 28,365 Total acquisition-related obligations $ 34,832 $ 40,711 $ — $ — $ 40,711 (1) Net of discounts. The Company held no financial or non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2018 . The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the tables above: Level 1 Fair Value Measurements Term Loan Credit Facility - due March 2024 - The fair value is based on observable market data. Level 3 Fair Value Measurements Retiree Committee VEBA Funding Settlement Liability, UMWA Funds Settlement Liability, and Reclamation Funding Liability - Observable transactions are not available to aid in determining the fair value of these items. Therefore, the fair value was derived by using the expected present value approach in which estimated cash flows are discounted using a risk-free interest rate adjusted for market risk. |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Warrants | Dividend and Tender Offer The Company entered into the First Amendment to the Asset-Based Revolving Credit Agreement on June 9, 2017 and the First Amendment to Term Loan Credit Agreement on June 13, 2017. The amendments, among other things, permitted an aggregate amount of $150,000 of cash to be used for the (i) payment of a one-time cash dividend on its common stock no later than July 28, 2017, and (ii) repurchase of its common stock at any time no later than December 31, 2017, subject to certain terms and conditions. On June 16, 2017, the Company declared a special cash distribution of approximately $92,786 in the aggregate (the “Special Dividend”), payable to eligible holders of record of its common stock as of the close of business on July 5, 2017. In addition, pursuant to the terms of the Company’s management incentive plan, dividend equivalent payments of approximately $7,949 in the aggregate (including the amounts payable with respect to each share underlying outstanding stock option awards and restricted stock unit awards and outstanding restricted common stock under the MIP) were paid to plan participants. The dividend equivalent payments were made on July 11, 2017, and the Special Dividend was paid on July 12, 2017. Pursuant to terms of the debt amendments, the Company made an offer to all Term Loan Credit Facility lenders to repay the loans at par concurrently with the payment of the Special Dividend, in an aggregate principal amount equal to $10,000 . All the Term Loan Facility lenders accepted the offer, and the Company repaid $10,000 on July 13, 2017. On September 26, 2017, the Company announced that it had commenced a modified “Dutch Auction” tender offer to repurchase up to $31,800 of common stock. On December 21, 2017, Contura repurchased an aggregate of 530,000 shares of common stock at a purchase price of $60.00 per share. The total repurchase price of $32,595 (comprised of $31,800 of share repurchases and $795 of related fees) was recorded in the fourth quarter of 2017 as treasury stock in the Consolidated Balance Sheet. Upon completion of the tender offer, provisions within the Company’s Term Loan Credit Facility and Asset-Based Revolving Credit Agreement limited the ability of the Company to make future repurchases of its common stock. Warrants On July 26, 2016 (the “Initial Issue Date”), the Company issued 810,811 warrants, each with an initial Exercise Price, as defined in the Series A Warrants Agreement (the “Warrants Agreement”), of $55.93 per share of common stock and exercisable for one share of the Company’s common stock, par value $0.01 per share. Pursuant to the Warrants Agreement dated as of July 26, 2016, no fractional shares shall be issued upon warrant exercises. The warrants are exercisable for cash or on a cashless basis at any time from the Initial Issue Date until July 26, 2023. Pursuant to the Warrants Agreement dated as of July 26, 2016, the Exercise Price and the Warrant Share Number, as defined in the Warrants Agreement, were adjusted as a result of the occurrence of the Special Dividend. The Warrant Share Number was adjusted from 1.00 to 1.15 , and the Exercise Price was adjusted from $55.93 per share to $48.741 per share as of the July 5, 2017 record date. As of September 30, 2018 , of the 810,811 warrants that were originally issued, 801,793 remain outstanding, with a total of 922,062 shares underlying the un-exercised warrants. For the three months ended September 30, 2018, the Company issued 218 shares of common stock resulting from exercises of its Series A Warrants, and, pursuant to the terms of the Warrants Agreement, withheld 77 of the issued shares in satisfaction of the Warrant Exercise Price, which were subsequently reclassified as treasury stock. For the nine months ended September 30, 2018, the Company issued 252 shares of common stock resulting from exercises of its Series A Warrants, and, pursuant to the terms of the Warrants Agreement, withheld 111 of the issued shares in satisfaction of the Warrant Exercise Price, which were subsequently reclassified as treasury stock. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the nine months ended September 30, 2018 , the Company recorded income tax expense of $133 on income from continuing operations before income taxes of $147,086 . The income tax expense differs from the expected statutory amount primarily due to the impact of the percentage depletion allowance and the reduction in the valuation allowance, partially offset by the impact of state income taxes, net of federal tax impact. As of September 30, 2018 , the Company anticipates Federal net operating loss carryforwards will fully offset the Federal taxable income generated in 2018. For the nine months ended September 30, 2017 , the Company recorded income tax expense of $7,440 on income from continuing operations before income taxes of $66,526 . The income tax expense differs from the expected statutory amount primarily due to the impact of the percentage depletion allowance and the reduction in the valuation allowance. On December 22, 2017, President Trump signed into law legislation commonly referred to as the “Tax Cuts and Jobs Act” (“TCJA”). Effective for tax years beginning after December 31, 2017, the TCJA reduces the corporate income tax rate from 35% to 21%. The TCJA also repeals the corporate alternative minimum tax (“AMT”), provides a mechanism for corporations to monetize alternative minimum tax credits (“AMT Credits”) during the 2018 to 2021 tax years, and makes changes to net operating loss (“NOL”) provisions to repeal NOL carrybacks, allow NOLs to be carried forward indefinitely, and limit the utilization of an NOL carryforward to 80% of taxable income generated. At December 31, 2017, the Company recorded, under SAB 118, its best estimate of the monetizable AMT Credits based on the information available at that time and will finalize the analysis within the one-year measurement period ending on December 22, 2018. During the nine months ended September 30, 2018, the Company did not record any provisional adjustments to the amount of AMT Credits. During the nine months ended September 30, 2018 , the Company recorded a decrease of $40,936 to its deferred tax asset valuation allowance. The decrease in valuation allowance results from the generation of income from continuing operations before income taxes that allowed for the utilization of net operating losses, as well as the utilization of other deferred tax assets, since the prior reporting date of December 31, 2017. The valuation allowance associated with those deferred tax assets was therefore released during the nine months ended September 30, 2018. The Company currently is relying primarily on the reversal of taxable temporary differences, along with consideration of taxable income via carryback to prior years and tax planning strategies, to support the realization of deferred tax assets. The Company updates its assessment regarding the realizability of its deferred tax assets including scheduling the reversal of its deferred tax liabilities to determine the amount of valuation allowance needed. Scheduling the reversal of deferred tax asset and liability balances requires judgment and estimation. The Company believes the deferred tax liabilities relied upon as future taxable income in its assessment will reverse in the same period and jurisdiction and are of the same character as the temporary differences giving rise to the deferred tax assets that will be realized. The valuation allowance recorded represents the portion of deferred tax assets for which the Company is unable to support realization through the methods described above. As of September 30, 2018, the Company recorded a full valuation allowance against its net deferred tax assets other than the AMT Credits. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2018 | |
Compensation Related Costs [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors or participates in several types of benefits for its employees, including postemployment health care and life insurance, defined benefit and defined contribution pension plans, and workers’ compensation and black lung benefits. Black Lung The Company had $19,453 and $18,241 of black lung liability as of September 30, 2018 and December 31, 2017, respectively. The following table details the components of the net periodic benefit cost for black lung obligations: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Service cost $ 194 $ 163 $ 582 $ 488 Interest cost 174 159 521 475 Amortization of net actuarial loss (gain) 50 (38 ) 150 (112 ) Net periodic expense $ 418 $ 284 $ 1,253 $ 851 The components of net periodic benefit cost other than the service cost component are included in the line item miscellaneous income in the Condensed Consolidated Statements of Operations. Life Insurance Benefits The Company had $12,547 and $12,640 of life insurance benefits liability as of September 30, 2018 and December 31, 2017, respectively. The following table details the components of the net periodic benefit cost for life insurance benefit obligations: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest cost $ 97 $ 102 $ 291 $ 305 Amortization of net actuarial gain (11 ) (14 ) (33 ) (41 ) Net periodic expense $ 86 $ 88 $ 258 $ 264 The components of net periodic benefit cost are included in the line item miscellaneous income in the Condensed Consolidated Statements of Operations. Defined Contribution and Profit Sharing Plans The Company sponsors defined contribution plans to assist its eligible employees in providing for retirement. Generally, under the terms of these plans, employees make voluntary contributions through payroll deductions and the Company makes matching and/or discretionary contributions, as defined by each plan. The Company’s total contributions to these plans for the three months ended September 30, 2018 and 2017 was $1,661 and $1,734 , respectively. The Company’s total contributions to these plans for the nine months ended September 30, 2018 and 2017 was $8,647 and $7,395 , respectively. Self-Insured Medical Plan The Company is self-insured for health insurance coverage for all of its active employees. Estimated liabilities for health and medical claims are recorded based on the Company’s historical experience and include a component for incurred but not paid claims. During the three months ended September 30, 2018 and 2017, the Company incurred total expenses of $8,468 and $8,813 , respectively, which primarily includes claims processed and an estimate for claims incurred but not paid. During the nine months ended September 30, 2018 and 2017, the Company incurred total expenses of $22,496 and $22,794 , respectively, which primarily includes claims processed and an estimate for claims incurred but not paid. |
Stock-Based Compensation Awards
Stock-Based Compensation Awards | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Awards | Stock-Based Compensation Awards The Management Incentive Plan (the “Plan”) is currently authorized for the issuance of awards of up to 1,201,202 shares of common stock, and as of September 30, 2018 , there were 57,958 shares of common stock available for grant under the Plan. During the nine months ended September 30, 2018 , the Company granted certain key employees 18,063 time-based restricted stock units with a grant date fair value of $65.00 , based on the Company’s stock price at the date of grant. These time-based units will vest on the first anniversary of the date of the grant. As of the date of the awards, the Company did not have sufficient authorized and unissued common shares to settle these awards and the awards will be settled with cash, unless shares are available for issuance under the Plan on the applicable vesting date. Therefore, these awards are classified as a liability. The Company’s liability for all outstanding liability awards totaled $915 and $163 as of September 30, 2018 and December 31, 2017, respectively. Additionally, during the nine months ended September 30, 2018 , the Company granted 7,310 time-based restricted stock units to its non-employee directors. These time-based units granted to the Company’s non-employee directors will vest on the first to occur of (i) the day before the one-year anniversary of the date of grant, (ii) the director’s separation from service (as defined in Section 409A) due to the directors’ death or disability, (iii) a change in control, subject in each case to the director’s continuous service with the Company through such date, and (iv) the date immediately prior to an Initial Public Offering (“IPO”), contingent upon the consummation of the IPO. Upon vesting and settlement of time-based share units, the Company issues authorized and unissued shares of the Company’s common stock to the recipient. The time-based restricted stock units granted on May 1, 2018 have a grant date fair value of $64.97 , based on the Company’s stock price at the date of grant. At September 30, 2018 , the Company had three types of stock-based awards outstanding: time-based restricted stock shares, time-based restricted share units, and stock options. Stock-based compensation expense totaled $2,347 and $5,348 for the three months ended September 30, 2018 and 2017, respectively. For the three months ended September 30, 2018 and 2017, approximately 93% and 94% , respectively, of stock-based compensation expense was reported as selling, general and administrative expenses and the remainder was recorded as cost of coal sales. Stock-based compensation expense totaled $9,472 and $11,946 for the nine months ended September 30, 2018 and 2017, respectively. For the nine months ended September 30, 2018 and 2017, approximately 94% and 94% , respectively, of stock-based compensation expense was reported as selling, general and administrative expenses and the remainder was recorded as cost of coal sales. The Company is authorized to repurchase common shares from employees (upon the election by the employee) to satisfy the employees’ statutory tax withholdings upon the vesting of stock grants. Shares that are repurchased to satisfy the employees’ statutory tax withholdings are recorded in treasury stock at cost. During the nine months ended September 30, 2018 , the Company repurchased 70,834 shares of its common stock issued pursuant to awards under the Plan for a total purchase amount of $4,816 , or $67.99 average price paid per share. The Company did not repurchase any common shares from employees to satisfy the employees’ statutory tax withholdings upon vesting of stock grants during the nine months ended September 30, 2017 . On September 15, 2017, the Company repurchased 309,310 shares of its common stock issued pursuant to awards under the Plan for a total purchase amount of $17,445 , or $56.40 per share. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions There were no material related party transactions for the nine months ended September 30, 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) General Estimated losses from loss contingencies are accrued by a charge to income when information available indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the Financial Statements when it is at least reasonably possible that a loss may be incurred and that the loss could be material. (b) Commitments and Contingencies Commitments The Company leases coal mining and other equipment under long-term capital and operating leases with varying terms. In addition, the Company leases mineral interests and surface rights from land owners under various terms and royalty rates. Net rent expense under operating leases was $414 and $1,340 and coal royalty expense was $5,439 and $19,182 for the three and nine months ended September 30, 2018 , respectively. Net rent expense under operating leases was $418 and $1,341 and coal royalty expense was $4,679 and $16,318 for the three and nine months ended September 30, 2017 , respectively. Other Commitments The Company has obligations under certain coal purchase agreements that contain minimum quantities to be purchased in the remainder of 2018, 2019, and 2020 totaling an estimated $210,691 , $152,114 , and $1,526 , respectively, which includes an estimated $23,310 in the remainder of 2018 and $68,820 in 2019 related to contractually committed variable priced tons from vendors with historical performance resulting in less than 20% of the committed tonnage being delivered. The Company also has obligations under certain equipment purchase agreements that contain minimum quantities to be purchased in the remainder of 2018 and 2019 totaling $13,402 and $3,118 , respectively. Contingencies Extensive regulation of the impacts of mining on the environment and of maintaining workplace safety has had and is expected to continue to have a significant effect on the Company’s costs of production and results of operations. Further regulations, legislation or litigation in these areas may also cause the Company’s sales or profitability to decline by increasing costs or by hindering the Company’s ability to continue mining at existing operations or to permit new operations. During the normal course of business, contract-related matters arise between the Company and its customers. When a loss related to such matters is considered probable and can reasonably be estimated, the Company records a liability. Per terms of the Back-to-Back Coal Supply Agreements, the Company is required to purchase and sell coal in the remainder of 2018, 2019, and 2020 totaling $1,920 , $16,113 , and $9,175 , respectively. For the three months ended September 30, 2018 , the Company purchased and sold 877 tons, totaling $9,785 , under the Back-to-Back Coal Supply Agreements. For the nine months ended September 30, 2018 , the Company purchased and sold 5,527 tons, totaling $60,124 under the Back-to-Back Coal Supply Agreements. As a result of certain tax law changes made in December 2017, the Company is entitled to monetize alternative minimum tax credits in aggregate of $78,744 over tax years 2018 to 2021 (the “AMT Credits”), and the Company has recorded a deferred tax asset of $78,744 . ANR has asserted that, under the terms of the Asset Purchase Agreement that it entered into with the Company on July 26, 2016, it is entitled to the value of the AMT Credits, although it has not made a formal claim in this regard. The Company disagrees with this assertion and intends to dispute any such claim. In October 2018, the State of Wyoming Department of Revenue invoiced Blackjewel for approximately $7,800 in severance taxes owed by Blackjewel in connection with the Wyoming properties it previously acquired from the Company. The transfer of mining permits associated with these properties is pending. In connection with this invoice, the Department purported to assert liens over Contura Coal West, LLC, one of the Company’s subsidiaries. The Company believes that, in light of the sale of the Wyoming properties to Blackjewel, neither the Company nor its subsidiary is obligated to pay these severance taxes. Discussions among the parties are proceeding. (c) Guarantees and Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company is a party to certain guarantees and financial instruments with off-balance sheet risk, such as bank letters of credit, performance or surety bonds, and other guarantees and indemnities related to the obligations of affiliated entities which are not reflected in the Company’s Balance Sheet. As of September 30, 2018 , the Company had outstanding surety bonds with a total face amount of $393,152 to secure various obligations and commitments, including $237,310 related to the PRB. To secure the Company’s obligations under reclamation-related bonds, the Company is required to provide cash collateral. Once the permits associated with the PRB Transaction have been transferred, the Company estimates approximately $12,600 comprised of short-term restricted cash and short-term deposits will be returned to operating cash. Amounts included in short-term and long-term restricted cash represent cash deposits that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral in the amounts of $16,831 , $5,491 , $20,580 , and $2,833 as of September 30, 2018 for securing the Company’s obligations under certain worker’s compensation, black lung, reclamation related bonds, and financial guarantees, respectively, which have been written on the Company’s behalf. The Company’s restricted cash is primarily invested in interest bearing accounts. Deposits represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral. At September 30, 2018 , the Company had cash collateral in the form of short-term and long-term deposits to secure the Company’s obligations under reclamation related bonds and various other operating agreements in the amounts of $15,238 and $550 , respectively. As of September 30, 2018 , the Company had real property collateralizing $26,749 of reclamation bonds. Letters of Credit As of September 30, 2018 , the Company had $28,700 letters of credit outstanding under the Asset-Based Revolving Credit Agreement. (d) Legal Proceedings The Company could become party to legal proceedings from time to time. These proceedings, as well as governmental examinations, could involve various business units and a variety of claims including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, trucking and flooding), environmental and safety issues, securities-related matters and employment matters. While some legal matters may specify the damages claimed by the plaintiffs, many seek an unquantified amount of damages. Even when the amount of damages claimed against the Company or its subsidiaries is stated, (i) the claimed amount may be exaggerated or unsupported; (ii) the claim may be based on a novel legal theory or involve a large number of parties; (iii) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (iv) there may be uncertainty as to the outcome of pending appeals or motions; and/or (v) there may be significant factual issues to be resolved. As a result, if such legal matters arise in the future, the Company may be unable to estimate a range of possible loss for matters that have not yet progressed sufficiently through discovery and development of important factual information and legal issues. The Company records accruals based on an estimate of the ultimate outcome of these matters, but these estimates can be difficult to determine and involve significant judgment. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company extracts, processes and markets steam and met coal from surface and deep mines for sale to electric utilities, steel and coke producers, and industrial customers. The Company conducts mining operations only in the United States with mines in Northern and Central Appalachia. The Company has three reportable segments: CAPP, NAPP and Trading and Logistics. CAPP consists of seven active mines and two preparation plants in Virginia, one active mine and one preparation plant in West Virginia, as well as expenses associated with certain closed mines. NAPP consists of one active mine in Pennsylvania and one preparation plant, as well as expenses associated with one closed mine. The Trading and Logistics segment primarily engages in coal trading activities and coal terminal services. In addition to the three reportable segments, the All Other category includes general corporate overhead and corporate assets and liabilities, the elimination of certain intercompany activity, and the Company’s discontinued operations. The operating results of these reportable segments are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer of the Company. Segment operating results and capital expenditures for the three months ended September 30, 2018 were as follows: Three Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 115,280 $ 60,944 $ 270,985 $ 662 $ 447,871 Depreciation, depletion, and amortization $ 5,658 $ 5,298 $ — $ 185 $ 11,141 Amortization of acquired intangibles, net $ — $ — $ 1,158 $ — $ 1,158 Adjusted EBITDA $ 30,990 $ 972 $ 16,907 $ (10,063 ) $ 38,806 Capital expenditures $ 7,984 $ 10,270 $ — $ 119 $ 18,373 Segment operating results and capital expenditures for the three months ended September 30, 2017 were as follows: Three Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 108,996 $ 66,625 $ 206,749 $ 168 $ 382,538 Depreciation, depletion, and amortization $ 2,736 $ 4,544 $ — $ 224 $ 7,504 Amortization of acquired intangibles, net $ — $ — $ 14,868 $ — $ 14,868 Adjusted EBITDA $ 34,433 $ 2,021 $ 15,652 $ (10,605 ) $ 41,501 Capital expenditures $ 3,645 $ 14,156 $ — $ — $ 17,801 Segment operating results and capital expenditures for the nine months ended September 30, 2018 were as follows: Nine Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 402,823 $ 196,173 $ 857,230 $ 2,895 $ 1,459,121 Depreciation, depletion, and amortization $ 17,636 $ 15,761 $ — $ 554 $ 33,951 Amortization of acquired intangibles, net $ — $ — $ 12,468 $ — $ 12,468 Adjusted EBITDA $ 152,058 $ 19,161 $ 83,093 $ (30,386 ) $ 223,926 Capital expenditures $ 23,829 $ 32,611 $ — $ 282 $ 56,722 Segment operating results and capital expenditures for the nine months ended September 30, 2017 were as follows: Nine Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 369,600 $ 243,605 $ 683,558 $ 562 $ 1,297,325 Depreciation, depletion, and amortization $ 13,447 $ 11,206 $ — $ 639 $ 25,292 Amortization of acquired intangibles, net $ — $ — $ 49,111 $ — $ 49,111 Adjusted EBITDA $ 146,692 $ 55,608 $ 66,694 $ (34,936 ) $ 234,058 Capital expenditures $ 10,834 $ 36,365 $ — $ 1,058 $ 48,257 The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2018 : Three Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 24,787 $ (4,765 ) $ 15,749 $ (21,760 ) $ 14,011 Interest expense 4 (490 ) — 9,040 8,554 Interest income (7 ) (12 ) — (488 ) (507 ) Income tax expense — — — 12 12 Depreciation, depletion and amortization 5,658 5,298 — 185 11,141 Merger related costs — — — 1,181 1,181 Non-cash stock compensation expense — — — 1,885 1,885 Gain on settlement of acquisition-related obligations — — — (118 ) (118 ) Accretion expense 548 941 — — 1,489 Amortization of acquired intangibles, net — — 1,158 — 1,158 Adjusted EBITDA (1) $ 30,990 $ 972 $ 16,907 $ (10,063 ) $ 38,806 (1) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($1,102) for the three months ended September 30, 2018 . The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2017 : Three Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 30,238 $ (3,300 ) $ 613 $ (17,821 ) $ 9,730 Interest expense 1 (264 ) — 8,729 8,466 Interest income (3 ) — — (40 ) (43 ) Income tax expense — — — (8,371 ) (8,371 ) Depreciation, depletion and amortization 2,736 4,544 — 224 7,504 Non-cash stock compensation expense — — 171 5,143 5,314 Mark-to-market adjustment - acquisition-related obligations — — — 839 839 Secondary offering costs — — — 1,061 1,061 Bargain purchase gain — — — (369 ) (369 ) Accretion expense 1,461 1,041 — — 2,502 Amortization of acquired intangibles, net — — 14,868 — 14,868 Adjusted EBITDA (1) (2) $ 34,433 $ 2,021 $ 15,652 $ (10,605 ) $ 41,501 (1) The Company’s Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology. (2) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $14,528 for the three months ended September 30, 2017 . The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2018 : Nine Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 147,787 $ 1,440 $ 70,643 $ (72,917 ) $ 146,953 Interest expense 316 (839 ) — 27,061 26,538 Interest income (17 ) (24 ) (18 ) (770 ) (829 ) Income tax expense — — — 133 133 Depreciation, depletion and amortization 17,636 15,761 — 554 33,951 Merger related costs — — — 5,064 5,064 Management restructuring costs (1) — — — 2,659 2,659 Non-cash stock compensation expense — — — 8,240 8,240 Gain on settlement of acquisition-related obligations — — — (410 ) (410 ) Gain on sale of disposal group (2) (16,386 ) — — — (16,386 ) Accretion expense 2,722 2,823 — — 5,545 Amortization of acquired intangibles, net — — 12,468 — 12,468 Adjusted EBITDA (3) $ 152,058 $ 19,161 $ 83,093 $ (30,386 ) $ 223,926 (1) Management restructuring costs are related to severance expense associated with senior management changes in the nine months ended September 30, 2018 . (2) During the fourth quarter of 2017, the Company entered into an asset purchase agreement to sell a disposal group (comprised of property, plant and equipment and associated asset retirement obligations) within our CAPP segment. From the date the Company entered into the asset purchase agreement through the transaction close date, the property, plant and equipment and associated asset retirement obligations were classified as held for sale in amounts representing the fair value of the disposal group. Upon permit transfer, the transaction closed on April 2, 2018. The Company paid $10,000 in connection with the transaction, which was paid into escrow on March 27, 2018 and transferred to the buyer at the transaction close date, and expects to pay a series of additional cash payments in the aggregate amount of $1,500 , per the terms stated in the agreement, and recorded a gain on sale of $16,386 within gain on disposal of assets within the Condensed Consolidated Statements of Operations. (3) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($3,470) for the nine months ended September 30, 2018 . The following table presents a reconciliation of net (loss) income to Adjusted EBITDA for the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 128,584 $ 41,855 $ 17,203 $ (128,556 ) $ 59,086 Interest expense (92 ) (633 ) — 28,805 28,080 Interest income (8 ) — — (108 ) (116 ) Income tax expense — — — 7,440 7,440 Depreciation, depletion and amortization 13,447 11,206 — 639 25,292 Non-cash stock compensation expense — — 380 11,532 11,912 Mark-to-market adjustment - acquisition-related obligations — — — 3,221 3,221 Gain on settlement of acquisition-related obligations — — — (9,200 ) (9,200 ) Secondary offering costs — — — 4,499 4,499 Loss on early extinguishment of debt — — — 38,701 38,701 Bargain purchase gain — — — (1,011 ) (1,011 ) Accretion expense 4,384 3,123 — — 7,507 Amortization of acquired intangibles, net — — 49,111 — 49,111 Expenses related to Special Dividend 377 57 — 9,102 9,536 Adjusted EBITDA (1) (2) $ 146,692 $ 55,608 $ 66,694 $ (34,936 ) $ 234,058 (1) The Company’s Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology. (2) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $33,289 for the nine months ended September 30, 2017 . No asset information has been provided for these reportable segments as the CODM does not regularly review asset information by reportable segment. The Company markets produced, processed and purchased coal to customers in the United States and in international markets, primarily India, Brazil, France, Turkey, and Ukraine. Export coal revenues were the following: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Total coal revenues (1) $ 443,005 $ 380,670 $ 1,446,538 $ 1,291,489 Export coal revenues (1) (2) $ 384,597 $ 291,627 $ 1,267,642 $ 984,965 Export coal revenues as % of total coal revenues (1) 87 % 77 % 88 % 76 % (1) Amounts include freight and handling revenues. (2) The amounts for the three months ended September 30, 2018 include $62,929 , $58,402 , and $56,519 of export coal revenues, including freight and handling revenues, from external customers in India, Turkey, and Brazil, respectively, recorded within the CAPP, NAPP, and Trading and Logistics segments. The amounts for the nine months ended September 30, 2018 include $352,344 and $218,486 of export coal revenues, including freight and handling revenues, from external customers in India and Brazil, respectively, recorded within the CAPP, NAPP, and Trading and Logistics segments. The amounts for the three months ended September 30, 2017 include $68,206 and $36,867 of export coal revenues, including freight and handling revenues, from external customers in India and Brazil, recorded within the CAPP, NAPP, and Trading and Logistics segments. The amounts for the nine months ended September 30, 2017 include $268,924 and $125,464 of export coal revenues, including freight and handling revenues, from external customers in India and Italy, respectively, recorded within the CAPP, NAPP, and Trading and Logistics segments. Revenue is tracked within the Company’s accounting records based on the product destination. The Company sold 1,705 and 4,938 tons of coal purchased from third parties, excluding tons sold related to the Back-to-Back Coal Supply Agreements, for the three and nine months ended September 30, 2018 , respectively, representing approximately 44% and 41% , respectively, of total coal sales volume during such period. The Company sold 1,320 and 3,727 tons of coal purchased from third parties for the three and nine months ended September 30, 2017 , respectively, representing approximately 35% and 31% , respectively, of total coal sales volume during such period. The Company purchased a substantial portion of this coal from Alpha. After consummation of the mergers, coal sales from the former Alpha operations will no longer be considered part of the Trading and Logistics business. |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliate | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate Dominion Terminal Associates (“DTA”) On March 31, 2017, the Company acquired a portion of another partner’s interest in DTA for $13,293 thereby increasing its ownership in DTA to sixty-five percent . DTA is reliant upon continuous cash contributions from the partners to fund its operating costs. The Company’s cash contributions totaled $3,759 for the nine months ended September 30, 2018 . The capital contributions which increase the capital accounts of the respective partners are a form of future subordinated financial support required by DTA to finance its activities. As a result, the Company has concluded DTA does not have sufficient equity investment to finance its activities without the support from the equity partners and is a variable interest entity. Prior to the purchase of the additional interest in DTA, no single party held a majority ownership interest in DTA. After the transaction, there are two remaining owners and Contura holds a sixty-five percent voting ownership interest in DTA. However, two representatives must be present for business to be conducted and consent and unanimous approval of both the members is required for decisions to be taken. Further, there are no provisions that allow either party to override or otherwise unilaterally make a decision. As a result, the Company has concluded that it does not have the power to direct the activities that most significantly impact its economic performance and therefore is not the primary beneficiary. Accordingly, the Company continues to apply the equity method of accounting. The Company recorded equity method losses, before taxes, from DTA of ($1,624) and ($411) for the three months ended September 30, 2018 and 2017, respectively, and ($2,857) and ($2,120) for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018 and December 31, 2017, the Company’s investment in DTA was $16,997 and $16,095 , respectively, and is recorded within other non-current assets within the Company’s Condensed Consolidated Balance Sheets. Condensed income statement information for the three and nine months ended September 30, 2018 and 2017 for DTA is presented in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Operating expenses $ 8,053 $ 6,162 $ 22,708 $ 18,153 Other income, net $ (4,959 ) $ (5,114 ) $ (15,918 ) $ (11,338 ) Total expenses, net $ 3,094 $ 1,048 $ 6,790 $ 6,815 Contributions from partners to fund continuing operations $ 4,977 $ 1,352 $ 5,765 $ 7,077 Expenses (over)/under contributions $ 1,883 $ 304 $ (1,025 ) $ 262 Depreciation and amortization $ 1,520 $ 1,100 $ 4,449 $ 3,284 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company’s subsequent events have been evaluated through November 14, 2018, the date at which the Condensed Consolidated Financial Statements were available to be issued. Series A Warrants Exercise Price Adjustment The United States Bankruptcy Court for the Eastern District of Virginia issued an order and final decree on June 28, 2018, granting a motion to close the Chapter 11 case of Alpha Natural Resources, Inc. and its affiliates, as reorganized debtors (the “Reorganized Debtors”), and authorizing the Reorganized Debtors to make a distribution (the “Distribution”) of additional cash as defined in the Warrants Agreement. The Distribution was effected on October 26, 2018 (the “Distribution Date”) in the aggregate amount of approximately $ 18,350 . Pursuant to the Warrants Agreement dated as of July 26, 2016, the Exercise Price was adjusted as a result of the occurrence of the Distribution. The Exercise Price was adjusted from $ 48.741 per share to $ 46.911 per share as of the Distribution Date. The Warrant Share Number remains equal to 1.15 . Refer to Note 13 for further disclosures on warrants. Mergers with Alpha Natural Resources Holdings, Inc. and ANR, Inc. The merger with Alpha Natural Resources Holdings, Inc. and ANR, Inc. was completed on November 9, 2018. Refer to Note 2 for information on terms of the Merger Agreement. Upon the consummation of the transactions contemplated by the Merger Agreement, Contura began trading on the New York Stock Exchange under the ticker “CTRA.” Previously, Contura shares traded on the OTC market under the ticker “CNTE.” The issuance of 9,311,857 shares of Contura common stock in connection with the transactions was registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Contura’s registration statement on Form S-4 (File No. 333-226953) initially filed with the U.S. Securities and Exchange Commission on July 13, 2018 (as amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3 thereto, the “Registration Statement”), and declared effective on October 16, 2018. The definitive proxy statement/prospectus of Contura, dated October 16, 2018 (the “Proxy Statement”), that forms a part of the Registration Statement contains additional information about the transactions and the Merger Agreement. Financing Related to the Mergers with Alpha Natural Resources Holdings, Inc. and ANR, Inc. Concurrent with the close of the merger (the “Closing Date”), Contura entered into an Amended and Restated Asset-Based Revolving Credit Agreement (the “New ABL Credit Facility”), by and among Contura, as Borrower, the other Borrowers party thereto, the Guarantors party thereto, Citibank, N.A., as Swingline Lender, Citibank, N.A., Barclays Bank PLC, BMO Harris Bank, N.A., and Credit Suisse AG, Cayman Islands Branch, as L/C Issuers, Citigroup Global Markets Inc., Barclays Bank PLC, BMO Capital Markets Corp. and Credit Suisse Securities (USA) LLC, as Joint Lead Arrangers and Joint Bookrunners, the other lenders from time to time party thereto (collectively, the “ABL Lenders”), and Citibank, N.A., as Administrative Agent and Collateral Agent. The New ABL Credit Facility provides for a $ 225,000 senior secured asset-based revolving loan facility that matures on April 3, 2022. The New ABL Credit Facility also (i) contains a letter of credit sub-facility which permits the issuance of letters of credit from time to time not to exceed the L/C sub-limit and (ii) provides the Borrowers with the right to seek additional credit under the agreement in an aggregate amount of up to $ 50,000 , subject to certain specified conditions. Borrowings under the New ABL Credit Facility will bear interest at a rate per annum, at the option of Contura, at either (i) the eurocurrency rate, as defined per the agreement, plus a margin that fluctuates from 2.00% to 2.50% based on Contura’s average daily availability under the New ABL Credit Facility during the fiscal quarter most recently ended immediately preceding such date and (ii) the base rate, as defined in the agreement, plus a margin that fluctuates from 1.00% to 1.50% based on Contura’s average daily availability under the New ABL Credit Facility during the fiscal quarter most recently ended immediately preceding such date. As of the Closing Date through the last day of the first full fiscal quarter ending after the Closing Date, the margin for eurocurrency rate loans is 2.50% and the margin for base rate loans is 1.50% . The New ABL Credit Facility also provides for the payment of additional fees, including a 0.25% per annum fronting fee on the face amount of each letter of credit and a commitment fee ranging from 0.25% to 0.375% depending on the amount of availability per the terms of the agreement. The New ABL Credit Facility replaces Contura’s Asset-Based Revolving Credit Agreement dated as of April 3, 2017 (as amended, modified or supplemented), among Contura, the Borrowers and Guarantors party thereto, the lenders and letter of credit issuers from time to time party thereto and Citibank, N.A., as Administrative Agent and Collateral Agent. Contura simultaneously entered into an Amended and Restated Credit Agreement (the “New Term Loan Credit Facility”), by and among Contura, as the Initial Borrower, Jefferies Finance LLC, Barclays Capital, Inc., BMO Capital Markets Corp., Citigroup Global Markets Inc., Clarksons Platou Securities, Inc. and B. Riley FBR, Inc. as Joint Lead Arrangers and Joint Bookrunners, the other lenders from time to time party thereto and Jefferies Finance LLC, as Administrative Agent and Collateral Agent. The New Term Loan Credit Facility provides for a senior secured term loan facility in the aggregate principal amount of $ 550,000 that matures on November 9, 2025. The New Term Loan Credit Facility also provides Contura with the right to seek additional credit under the agreement in an aggregate amount of up to $ 150,000 , plus additional amounts subject to a first lien leverage ratio test and certain other specified conditions. Borrowings under the New Term Loan Credit Facility will bear interest at a rate per annum, at the option of Contura, at either (i) the eurocurrency rate plus 5.00% and (ii) the base rate plus 4.00% . The New Term Loan Credit Facility replaces both the Contura’s Credit Agreement dated as March 17, 2017 (as amended, modified or supplemented), by and among Contura, as Borrower, Jefferies Finance LLC, as Administrative Agent and Collateral Agent, and the lenders party thereto and also ANR’s Credit Agreement, dated as of October 23, 2017, by and among ANR, the subsidiaries of ANR party thereto, Cantor Fitzgerald Securities, as Administrative Agent and Collateral Agent and the Lenders party thereto. The terms of each of the New ABL Credit Facility and the New Term Loan Credit Facility include customary representations and warranties, customary affirmative and negative covenants and customary events of default. Each of the New ABL Credit Facility and the New Term Loan Credit Facility is guaranteed by substantially all of Contura’s direct and indirect subsidiaries (together with Contura, the “Loan Parties”) and secured by all or substantially all assets of the Loan Parties, including equity in its direct domestic subsidiaries and first-tier foreign subsidiaries, as collateral for the obligations under each of the New ABL Credit Facility and the Term Loan Credit Facility. The New ABL Credit Facility has a first lien on ABL priority collateral and a second lien on term loan priority collateral. The New Term Loan Credit Facility has a first lien on term loan priority collateral and a second lien on ABL priority collateral. Pursuant to terms of the Merger Agreement, Contura will assume the Credit and Security Agreement, by and among Alpha, Inc. and First Tennessee Bank National Association, the Amended and Restated Letter of Credit Agreement, by and among ANR, Inc. and Citibank, N.A., and the Receivables Purchase Agreement, as amended, by and among Alpha Coal Sales Co., LLC, on behalf of itself and each seller, as servicer, ANR, Inc., as parent, and Hitachi Capital America Corp, as buyer. These credit facilities will not be impacted by the aforementioned financing related to the mergers. Registered Securities Pursuant to Contura’s registration statement on Form S-8 (File No. 333-228293) filed with the U.S. Securities and Exchange Commission on November 9, 2018, the Company registered 1,970,000 shares of common stock, par value $ 0.01 per share of Contura Energy, Inc. (i) 750,000 of which are issuable pursuant to the Contura Energy, Inc. Management Incentive Plan, 1,100,000 of which are issuable pursuant to the Contura Energy, Inc. 2018 Long-Term Incentive Plan (“LTIP”) and 120,000 of which are issuable pursuant to the ANR, Inc. 2017 Equity Incentive Plan (collectively, the “Plans”), (ii) to be issued in the future under the Plans and (iii) pursuant to Rule 416(a) under the Securities Act of 1933, as amended, any additional shares of common stock that become issuable under the Plans by reason of any stock dividend, stock split, or other similar transaction. On November 12, 2018, in connection with their appointment to the Contura Board, the Compensation Committee of the Board approved a grant of restricted stock units (“RSUs”) to each of the newly elected directors pursuant to the Contura Energy, Inc. 2018 Long-Term Incentive Plan (“Contura LTIP”) and a cash retainer, each in accordance with the Contura Energy, Inc. Amended and Restated Non-Employee Director Compensation Policy (“Director Compensation Policy”). Each director was granted RSUs relating 631 shares of Contura common stock, which is the prorated portion of the annual RSU grant that was made to other Contura Board members in respect of their 2018-2019 service on the Contura Board. The RSUs granted to the newly elected directors will vest on April 30, 2019, the same time annual RSU grants to other directors will vest. Each of the newly elected directors also received a cash retainer in the amount of $36 , which is the prorated portion of the annual cash retainer that was made to other Contura Board members in respect of their 2018-2019 service on the Contura Board. Pursuant to the Director Compensation Policy, each of the newly elected directors may elect to receive 100% of the cash retainer in the form of RSUs, which would, if such an election is made, also vest on April 30, 2019. In addition, on November 12, 2018, the Compensation Committee of Contura’s Board of Directors approved a grant of RSUs pursuant to the Contura LTIP to certain executives and key employees of Contura, including certain of Contura’s named executive officers. The RSUs will vest in three equal installments on February 9, 2020, 2021 and 2022. WVDEP Settlement Agreement On November 6, 2018, Contura, the Alpha Companies and the West Virginia Department of Environmental Protection (the “WVDEP”) entered into a binding term sheet agreement (the “Term Sheet”) to resolve certain issues related to the issuance of the Dividend under the Permitting and Reclamation Plan Settlement Agreement for the State of West Virginia dated as of July 12, 2016 (amended by the First Amendment dated July 25, 2016 and by the Second Amendment dated October 23, 2017, the “Amended Settlement Agreement”). Pursuant to the Term Sheet, the WVEP provided its consent to the Dividend. The Term Sheet also provides for the extension of the first lien mortgage and deed of trust in an office and associated real estate in Julian, West Virginia previously granted by ANR to the WVDEP to secure ANR’s obligations under the Amended Settlement Agreement until ANR and Contura complete the payments required under the Reclamation Funding Agreement dated as of July 12, 2016, by and among, ANR, Contura, WVDEP, and the regulatory agencies of Illinois, Tennessee, Kentucky and Virginia (the “Amended Reclamation Funding Agreement”). Contura is also obligated under the Term Sheet to continue to hold subject to the applicable Deposit Account Control Agreements referenced in the Amendment of Agreements dated as of October 23, 2017 by and between Contura and the WVDEP approximately $2,800 of certain cash collateral until ANR and Contura complete the payments required of them under the Amended Reclamation Funding Agreement. Concurrent with ANR’s issuance of the Dividend on November 8, 2018, pursuant to the Term Sheet, Contura posted cash collateral with WVDEP in the amount of $ 9,000 , to secure Contura’s and ANR’s payment obligations under the Amended Reclamation Funding Agreement and the Amended Settlement Agreement (the “Payment Obligations”) until a performance bond is issued as described in the following sentence. Within 45 days of the issuance of the Dividend, Contura is required under the Term Sheet to issue a performance bond to WVDEP in the amount of $ 35,000 to secure the Payment Obligations. The amount of such performance bond will decrease on a dollar to dollar basis after the Payment Obligations fall below $ 35,000 . If the performance bond is not issued within 45 days, Contura must post additional cash collateral or cause an additional letter of credit to be issued, in each case in an amount equal to $ 26,000 , until the performance bond is issued. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Together, the condensed consolidated statement of operations, statement of comprehensive income, balance sheet, statement of cash flows and statement of stockholders’ equity for the Company are referred to as the “Financial Statements.” The Financial Statements are also referred to as consolidated and references across periods are generally labeled “Balance Sheets,” “Statements of Operations,” and “Statements of Cash Flows.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and nine months ended September 30, 2018 and 2017. All significant intercompany transactions have been eliminated in consolidation. On December 8, 2017, the Company closed a transaction with Blackjewel L.L.C. (“Buyer”) to sell the Eagle Butte and Belle Ayr mines located in the Powder River Basin (“PRB”), Wyoming, along with related coal reserves, equipment, infrastructure and other real properties. The PRB results of operations and financial position are reported as discontinued operations in the Condensed Consolidated Financial Statements. The historical information in the accompanying Notes to the Condensed Consolidated Financial Statements has been restated to reflect the effects of the PRB operations being reported as discontinued operations in the Condensed Consolidated Financial Statements. See Note 3 for further information on discontinued operations. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or any other period. These interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes for the year ended December 31, 2017 which are contained in the Company’s registration statement on Form S-4, as amended, as filed with the U.S. Securities and Exchange Commission (“SEC”) on October 5, 2018. |
Reclassifications | Reclassifications Certain amounts in the 2017 Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current year presentation. |
New Accounting Pronouncements | New Accounting Pronouncements Revenue Recognition: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from contracts with customers (Topic 606), which, along with amendments issued in 2015 and 2016, replaced substantially all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance. In addition, the standard requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance permitted two methods of adoption: full retrospective method (retrospective application to each prior reporting period presented) or modified retrospective method (retrospective application with the cumulative effect of initially applying the guidance recognized at the date of initial application and providing certain additional disclosures). The Company adopted ASU 2014-09 as of January 1, 2018, using the modified retrospective method. The Company applied the guidance only to contracts that were not completed as of the date of adoption, with no cumulative adjustment to retained earnings as a result of the adoption of this guidance. Subsequent to adoption, freight and handling revenues are now classified within coal revenues. Under ASC 606, the Company has elected to treat all shipping and handling costs as fulfillment costs and to recognize these amounts within coal revenues upon control transfer. Prior to the adoption of ASC 606, all freight and handling activities occurring subsequent to control transfer were accounted for as deferred revenue and recognized within freight and handling revenues as the Company fulfilled the related shipping activity. The following table summarizes the impact of the adoption of ASC 606 to the Company’s Condensed Consolidated Statements of Operations: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 As reported Adjustments (1) Balances prior to adoption of ASC 606 As reported Adjustments (1) Balances prior to adoption of ASC 606 Revenues: Coal revenues $ 443,005 $ (91,041 ) $ 351,964 $ 1,446,538 $ (268,017 ) $ 1,178,521 Freight and handling revenues — 90,975 90,975 — 267,951 267,951 Other revenues 4,866 — 4,866 12,583 — 12,583 Total revenues $ 447,871 $ (66 ) $ 447,805 $ 1,459,121 $ (66 ) $ 1,459,055 Freight and handling costs $ 91,041 $ (66 ) $ 90,975 $ 268,017 $ (66 ) $ 267,951 (1) Adjustments primarily represent freight and handling revenues being treated as fulfillments costs and included within coal revenues under ASC 606. The remainder of these adjustments represent freight and handling activity occurring subsequent to control transfer also impacting freight and handling costs and prepaid expenses. Refer to Note 4 for further disclosure requirements under the new standard. Financial Instruments: In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The amendments in this update, along with amendments issued in 2018, address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted ASU 2016-01 during the first quarter of 2018. The adoption of this update did not have a material impact on the recognition, measurement, presentation, or disclosure of the Company’s financial instruments. Leases : In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02, along with amendments issued in 2017 and 2018 (collectively, the “New Leases Standard”), requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet, with the exception of leases with lease terms of 12 months or less. Additional qualitative disclosures along with specific quantitative disclosures will also be required. I n July 2018, the FASB issued a new optional transition method to simplify the application of the New Leases Standard. Under the optional transition method, comparative periods presented in the financial statements in the period of adoption will not need to be restated. Instead, a company would initially apply the new lease requirements at the effective date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The company would continue to report comparative periods presented in the financial statements in the period of adoption under current GAAP and provide the applicable required disclosures for such periods. For public business entities, the New Leases Standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company intends to elect the optional transition method along with the package of practical expedients to implement the New Leases Standard. Management is currently evaluating the impact on the Company's financial statements and related disclosures. The impact will depend on the Company's lease portfolio at the time of adoption on January 1, 2019. Statement of Cash Flows: In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This update addresses whether to present certain specific cash flow items as operating, investing or financing activities. The Company adopted ASU 2016-15 during the first quarter of 2018. The classification requirements under the new guidance are either consistent with the Company’s historical practices or are not applicable to its activities and therefore do not have a material impact on classification of cash receipts and cash payments in the Company’s Statements of Cash Flows. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). The amendments in this update provide guidance on restricted cash presentation in the statement of cash flows. The Company adopted ASU 2016-18 during the first quarter of 2018. As a result of this guidance, the Company has combined restricted cash with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on its Statements of Cash Flows. The amendments also require a company to disclose information about the nature of the restrictions and amounts described as restricted cash and restricted cash equivalents. Such disclosures are included in Note 18. Business Combinations: In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). The amendments in this update provide clarification on the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The new guidance is to be applied prospectively on or after the effective date. The Company adopted ASU 2017-01 during the first quarter of 2018. The adoption of this ASU did not have a material impact on the Company’s financial statements. Retirement Benefits: In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost . The amendments in this update require that an employer disaggregate the service cost component from the other components of net periodic benefit cost. In addition, only the service cost component will be eligible for capitalization. The new guidance is to be applied retrospectively for income statement effects and prospectively for balance sheet effects. Additionally, the new guidance allows a practical expedient that permits employers to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company adopted ASU 2017-07 during the first quarter of 2018, electing to use the practical expedient as the estimation basis for applying the retrospective presentation requirements. The retrospective application resulted in a $209 and $627 reduction in cost of coal sales with the corresponding offset to miscellaneous income, net for the three and nine months ended September 30, 2017 , respectively. Stock Compensation: In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The amendments in this update provide clarification on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. The new guidance is to be applied prospectively on or after the adoption date. The Company adopted ASU 2017-09 during the first quarter of 2018. The adoption of this ASU did not have a material impact on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. For public business entities, the standard is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The adoption of this ASU is not expected to have a material impact on the Company's financial statements and related disclosures. Fair Value Measurement : In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in this update modify the disclosure requirements for fair value measurements. For public business entities, the standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements and related disclosures. Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public business entities, the standard is effective for fiscal years ending after December 15, 2020. The Company is currently assessing the impact of this ASU on the Company’s financial statements and related disclosures. |
Revenue Recognition Accounting Policy | Revenue Recognition Accounting Policy The Company adopted ASC 606, with a date of initial application of January 1, 2018, using the modified retrospective method. As a result, the Company has changes to its accounting policy for revenue recognition as outlined below. Subsequent to the adoption of ASC 606, the Company measures revenue based on the consideration specified in a contract with a customer and recognizes revenue as a result of satisfying its promise to transfer goods or services in a contract with a customer using the following general revenue recognition five-step model: (1) identify the contract; (2) identify performance obligations; (3) determine transaction price; (4) allocate transaction price; (5) recognize revenue. Freight and handling costs paid to third-party carriers and invoiced to coal customers are recorded as freight and handling costs and freight and handling fulfillment revenues within coal revenues, respectively. |
Business and Basis of Present_3
Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements | The following table summarizes the impact of the adoption of ASC 606 to the Company’s Condensed Consolidated Statements of Operations: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 As reported Adjustments (1) Balances prior to adoption of ASC 606 As reported Adjustments (1) Balances prior to adoption of ASC 606 Revenues: Coal revenues $ 443,005 $ (91,041 ) $ 351,964 $ 1,446,538 $ (268,017 ) $ 1,178,521 Freight and handling revenues — 90,975 90,975 — 267,951 267,951 Other revenues 4,866 — 4,866 12,583 — 12,583 Total revenues $ 447,871 $ (66 ) $ 447,805 $ 1,459,121 $ (66 ) $ 1,459,055 Freight and handling costs $ 91,041 $ (66 ) $ 90,975 $ 268,017 $ (66 ) $ 267,951 (1) Adjustments primarily represent freight and handling revenues being treated as fulfillments costs and included within coal revenues under ASC 606. The remainder of these adjustments represent freight and handling activity occurring subsequent to control transfer also impacting freight and handling costs and prepaid expenses. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | The major components of cash flows related to discontinued operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Depreciation, depletion and amortization $ — $ 7,650 $ — $ 24,139 Capital expenditures $ — $ 3,093 $ — $ 8,145 Other significant operating non-cash items related to discontinued operations: Accretion of asset retirement obligations $ — $ 3,022 $ — $ 9,066 The major components of net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues: Total revenues (1) $ 139 $ 100,391 $ 1,254 $ 272,848 Costs and expenses: Cost of coal sales (exclusive of items shown separately below) $ — $ 87,574 $ — $ 245,044 Depreciation, depletion and amortization $ — $ 7,650 $ — $ 24,139 Other expenses $ 1,090 $ — $ 3,492 $ — Other non-major expense items, net $ 1,166 $ 1,443 $ 2,092 $ 3,941 (1) Total revenues for the three and nine months ended September 30, 2018 consisted entirely of other revenues. The major components of asset and liabilities that are classified as discontinued operations in the Condensed Consolidated Balance Sheets are as follows: September 30, 2018 December 31, 2017 Assets: Accounts Receivable $ 1,629 $ 20,443 Prepaid expenses and other current assets $ 20,550 $ 18,974 Other current assets $ — $ 1,081 Other non-current assets $ — $ 7,632 Liabilities: Trade accounts payable, accrued expenses and other current liabilities $ 20,850 $ 54,114 Other non-current liabilities $ 103 $ 7,762 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate the Company’s coal revenues by segment and by met and steam coal to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors: Three Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 1,596 $ 47,204 $ 2,210 $ — $ 51,010 Met 113,511 11,859 175,584 — 300,954 Freight and handling fulfillment revenues — — 91,041 — 91,041 Total coal revenues $ 115,107 $ 59,063 $ 268,835 $ — $ 443,005 Three Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 650 $ 60,034 $ — $ — $ 60,684 Met 107,961 5,665 144,868 — 258,494 Total coal revenues $ 108,611 $ 65,699 $ 144,868 $ — $ 319,178 Freight and handling revenues $ — $ — $ 61,492 $ — $ 61,492 Nine Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 3,489 $ 157,295 $ 2,153 $ — $ 162,937 Met 398,341 33,934 583,309 — 1,015,584 Freight and handling fulfillment revenues — — 268,017 — 268,017 Total coal revenues $ 401,830 $ 191,229 $ 853,479 $ — $ 1,446,538 Nine Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Steam $ 1,976 $ 224,963 $ — $ — $ 226,939 Met 366,610 15,737 490,792 — 873,139 Total coal revenues $ 368,586 $ 240,700 $ 490,792 $ — $ 1,100,078 Freight and handling revenues $ — $ — $ 191,411 $ — $ 191,411 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2018 . Remainder of 2018 2019 2020 2021 2022 2023 Total Estimated coal revenues (1) $ 54,966 $ 156,935 $ 140,210 $ 95,590 $ 69,944 $ 84,268 $ 601,913 (1) Amounts only include estimated coal revenues associated with contracts with customers with fixed pricing with original expected duration of more than one year. The Company has elected to not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for performance obligations with either of the following conditions: 1) the remaining performance obligation is part of a contract that has an original expected duration of one year or less; or 2) the remaining performance obligation has variable consideration that is allocated entirely to a wholly unsatisfied performance obligation. |
Contract with Customer, Liability | The following table includes the opening and closing balances of contract liabilities from contracts with customers, which are included within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets: September 30, December 31, Contract liabilities (1) $ 403 $ — (1) Amounts primarily relate to customer prepayments under coal contracts. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes to accumulated other comprehensive income (loss) during the nine months ended September 30, 2018 and 2017: Balance Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance Employee benefit costs $ (1,948 ) $ (128 ) $ 117 $ (1,959 ) Balance Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance September 30, 2017 Employee benefit costs $ 2,087 $ (917 ) $ (152 ) $ 1,018 The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) and the Statements of Operations line items affected by the reclassification during the three and nine months ended September 30, 2018 and 2017: Details about accumulated other comprehensive income (loss) components Amounts reclassified from accumulated other comprehensive (loss) income Affected line item in the Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Employee benefit costs: Amortization of actuarial loss (gain) $ 39 $ (51 ) $ 117 $ (152 ) (1) Miscellaneous income Income tax benefit (expense) — — — — Income tax expense Total, net of income tax $ 39 $ (51 ) $ 117 $ (152 ) (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs for black lung and life insurance. See Note 15. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the net income (loss) per common share for the three and nine months ended September 30, 2018 and 2017: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income Income from continuing operations $ 14,011 $ 9,730 $ 146,953 $ 59,086 (Loss) income from discontinued operations (2,117 ) 429 (4,330 ) (1,205 ) Net income $ 11,894 $ 10,159 $ 142,623 $ 57,881 Basic Weighted average common shares outstanding - basic 9,633,164 10,277,974 9,602,860 10,298,889 Basic income (loss) per common share: Income from continuing operations $ 1.45 $ 0.95 $ 15.30 $ 5.74 (Loss) income from discontinued operations (0.22 ) 0.04 (0.45 ) (0.12 ) Net income $ 1.23 $ 0.99 $ 14.85 $ 5.62 Diluted Weighted average common shares outstanding - basic 9,633,164 10,277,974 9,602,860 10,298,889 Diluted effect of warrants 304,243 221,261 270,611 173,072 Diluted effect of stock options 260,653 274,309 265,794 275,006 Diluted effect of restricted share units and restricted stock shares 186,453 123,312 188,766 86,021 Weighted average common shares outstanding - diluted 10,384,513 10,896,856 10,328,031 10,832,989 Diluted income (loss) per common share: Income from continuing operations $ 1.35 $ 0.89 $ 14.23 $ 5.45 (Loss) income from discontinued operations (0.20 ) 0.04 (0.42 ) (0.11 ) Net income $ 1.15 $ 0.93 $ 13.81 $ 5.34 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories, net consisted of the following: September 30, 2018 December 31, 2017 Raw coal $ 5,769 $ 7,003 Saleable coal 45,042 55,357 Materials, supplies and other, net 7,685 7,201 Total inventories, net $ 58,496 $ 69,561 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following: September 30, 2018 December 31, 2017 Term Loan Credit Facility - due March 2024 $ 380,677 $ 387,000 LC Facility — — Other 2,134 3,768 Debt discount and issuance costs (16,250 ) (18,065 ) Total long-term debt 366,561 372,703 Less current portion (4,791 ) (10,730 ) Long-term debt, net of current portion $ 361,770 $ 361,973 |
Acquisition-Related Obligatio_2
Acquisition-Related Obligations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Acquisition-Related Obligations | Acquisition-related obligations consisted of the following: September 30, 2018 December 31, 2017 Retiree Committee VEBA Funding Settlement Liability $ 3,500 $ 7,000 UMWA Funds Settlement Liability 7,000 7,000 Reclamation Funding Liability 22,000 32,000 Other 170 580 Discount (7,003 ) (11,168 ) Total acquisition-related obligations - long-term 25,667 35,412 Less current portion (13,670 ) (15,080 ) Acquisition-related obligations, net of current portion $ 11,997 $ 20,332 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Changes in Asset Retirement Obligations | The following table summarizes the changes in asset retirement obligations for the nine months ended September 30, 2018 : Total asset retirement obligations at December 31, 2017 $ 59,205 Accretion for the period 4,579 Revisions in estimated cash flows 184 Expenditures for the period (1,859 ) Reclassify liabilities held for sale (1,279 ) Total asset retirement obligations at September 30, 2018 60,830 Less current portion (5,009 ) Long-term portion $ 55,821 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring | The following tables set forth by level, within the fair value hierarchy, the Company’s long-term debt at fair value as of September 30, 2018 and December 31, 2017: September 30, 2018 Carrying Amount (1) Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Term Loan Credit Facility - due March 2024 $ 364,426 $ 380,677 $ 380,677 $ — $ — December 31, 2017 Carrying Amount (1) Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Term Loan Credit Facility - due March 2024 $ 368,935 $ 381,195 $ 381,195 $ — $ — (1) Net of debt discounts and debt issuance costs. The following tables set forth by level, within the fair value hierarchy, the Company’s acquisition-related obligations at fair value as of September 30, 2018 and December 31, 2017: September 30, 2018 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding Settlement Liability $ 3,190 $ 3,320 $ — $ — $ 3,320 UMWA Funds Settlement Liability 5,016 5,699 — — 5,699 Reclamation Funding Liability 17,291 19,125 — — 19,125 Total acquisition-related obligations $ 25,497 $ 28,144 $ — $ — $ 28,144 December 31, 2017 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding Settlement Liability $ 6,290 $ 6,692 $ — $ — $ 6,692 UMWA Funds Settlement Liability 4,366 5,654 — — 5,654 Reclamation Funding Liability 24,176 28,365 — — 28,365 Total acquisition-related obligations $ 34,832 $ 40,711 $ — $ — $ 40,711 (1) Net of discounts. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Compensation Related Costs [Abstract] | |
Schedule of Net Periodic Benefit Cost | The following table details the components of the net periodic benefit cost for black lung obligations: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Service cost $ 194 $ 163 $ 582 $ 488 Interest cost 174 159 521 475 Amortization of net actuarial loss (gain) 50 (38 ) 150 (112 ) Net periodic expense $ 418 $ 284 $ 1,253 $ 851 The following table details the components of the net periodic benefit cost for life insurance benefit obligations: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest cost $ 97 $ 102 $ 291 $ 305 Amortization of net actuarial gain (11 ) (14 ) (33 ) (41 ) Net periodic expense $ 86 $ 88 $ 258 $ 264 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Operating Results and Capital Expenditures | The Company markets produced, processed and purchased coal to customers in the United States and in international markets, primarily India, Brazil, France, Turkey, and Ukraine. Export coal revenues were the following: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 (1) 2018 2017 (1) Total coal revenues (1) $ 443,005 $ 380,670 $ 1,446,538 $ 1,291,489 Export coal revenues (1) (2) $ 384,597 $ 291,627 $ 1,267,642 $ 984,965 Export coal revenues as % of total coal revenues (1) 87 % 77 % 88 % 76 % (1) Amounts include freight and handling revenues. (2) The amounts for the three months ended September 30, 2018 include $62,929 , $58,402 , and $56,519 of export coal revenues, including freight and handling revenues, from external customers in India, Turkey, and Brazil, respectively, recorded within the CAPP, NAPP, and Trading and Logistics segments. The amounts for the nine months ended September 30, 2018 include $352,344 and $218,486 of export coal revenues, including freight and handling revenues, from external customers in India and Brazil, respectively, recorded within the CAPP, NAPP, and Trading and Logistics segments. The amounts for the three months ended September 30, 2017 include $68,206 and $36,867 of export coal revenues, including freight and handling revenues, from external customers in India and Brazil, recorded within the CAPP, NAPP, and Trading and Logistics segments. The amounts for the nine months ended September 30, 2017 include $268,924 and $125,464 of export coal revenues, including freight and handling revenues, from external customers in India and Italy, respectively, recorded within the CAPP, NAPP, and Trading and Logistics segments. Revenue is tracked within the Company’s accounting records based on the product destination. Segment operating results and capital expenditures for the three months ended September 30, 2018 were as follows: Three Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 115,280 $ 60,944 $ 270,985 $ 662 $ 447,871 Depreciation, depletion, and amortization $ 5,658 $ 5,298 $ — $ 185 $ 11,141 Amortization of acquired intangibles, net $ — $ — $ 1,158 $ — $ 1,158 Adjusted EBITDA $ 30,990 $ 972 $ 16,907 $ (10,063 ) $ 38,806 Capital expenditures $ 7,984 $ 10,270 $ — $ 119 $ 18,373 Segment operating results and capital expenditures for the three months ended September 30, 2017 were as follows: Three Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 108,996 $ 66,625 $ 206,749 $ 168 $ 382,538 Depreciation, depletion, and amortization $ 2,736 $ 4,544 $ — $ 224 $ 7,504 Amortization of acquired intangibles, net $ — $ — $ 14,868 $ — $ 14,868 Adjusted EBITDA $ 34,433 $ 2,021 $ 15,652 $ (10,605 ) $ 41,501 Capital expenditures $ 3,645 $ 14,156 $ — $ — $ 17,801 Segment operating results and capital expenditures for the nine months ended September 30, 2018 were as follows: Nine Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 402,823 $ 196,173 $ 857,230 $ 2,895 $ 1,459,121 Depreciation, depletion, and amortization $ 17,636 $ 15,761 $ — $ 554 $ 33,951 Amortization of acquired intangibles, net $ — $ — $ 12,468 $ — $ 12,468 Adjusted EBITDA $ 152,058 $ 19,161 $ 83,093 $ (30,386 ) $ 223,926 Capital expenditures $ 23,829 $ 32,611 $ — $ 282 $ 56,722 Segment operating results and capital expenditures for the nine months ended September 30, 2017 were as follows: Nine Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Total revenues $ 369,600 $ 243,605 $ 683,558 $ 562 $ 1,297,325 Depreciation, depletion, and amortization $ 13,447 $ 11,206 $ — $ 639 $ 25,292 Amortization of acquired intangibles, net $ — $ — $ 49,111 $ — $ 49,111 Adjusted EBITDA $ 146,692 $ 55,608 $ 66,694 $ (34,936 ) $ 234,058 Capital expenditures $ 10,834 $ 36,365 $ — $ 1,058 $ 48,257 |
Reconciliation of Net Income (Loss) to Adjusted EBITDA | The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2018 : Three Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 24,787 $ (4,765 ) $ 15,749 $ (21,760 ) $ 14,011 Interest expense 4 (490 ) — 9,040 8,554 Interest income (7 ) (12 ) — (488 ) (507 ) Income tax expense — — — 12 12 Depreciation, depletion and amortization 5,658 5,298 — 185 11,141 Merger related costs — — — 1,181 1,181 Non-cash stock compensation expense — — — 1,885 1,885 Gain on settlement of acquisition-related obligations — — — (118 ) (118 ) Accretion expense 548 941 — — 1,489 Amortization of acquired intangibles, net — — 1,158 — 1,158 Adjusted EBITDA (1) $ 30,990 $ 972 $ 16,907 $ (10,063 ) $ 38,806 (1) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($1,102) for the three months ended September 30, 2018 . The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2017 : Three Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 30,238 $ (3,300 ) $ 613 $ (17,821 ) $ 9,730 Interest expense 1 (264 ) — 8,729 8,466 Interest income (3 ) — — (40 ) (43 ) Income tax expense — — — (8,371 ) (8,371 ) Depreciation, depletion and amortization 2,736 4,544 — 224 7,504 Non-cash stock compensation expense — — 171 5,143 5,314 Mark-to-market adjustment - acquisition-related obligations — — — 839 839 Secondary offering costs — — — 1,061 1,061 Bargain purchase gain — — — (369 ) (369 ) Accretion expense 1,461 1,041 — — 2,502 Amortization of acquired intangibles, net — — 14,868 — 14,868 Adjusted EBITDA (1) (2) $ 34,433 $ 2,021 $ 15,652 $ (10,605 ) $ 41,501 (1) The Company’s Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology. (2) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $14,528 for the three months ended September 30, 2017 . The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2018 : Nine Months Ended September 30, 2018 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 147,787 $ 1,440 $ 70,643 $ (72,917 ) $ 146,953 Interest expense 316 (839 ) — 27,061 26,538 Interest income (17 ) (24 ) (18 ) (770 ) (829 ) Income tax expense — — — 133 133 Depreciation, depletion and amortization 17,636 15,761 — 554 33,951 Merger related costs — — — 5,064 5,064 Management restructuring costs (1) — — — 2,659 2,659 Non-cash stock compensation expense — — — 8,240 8,240 Gain on settlement of acquisition-related obligations — — — (410 ) (410 ) Gain on sale of disposal group (2) (16,386 ) — — — (16,386 ) Accretion expense 2,722 2,823 — — 5,545 Amortization of acquired intangibles, net — — 12,468 — 12,468 Adjusted EBITDA (3) $ 152,058 $ 19,161 $ 83,093 $ (30,386 ) $ 223,926 (1) Management restructuring costs are related to severance expense associated with senior management changes in the nine months ended September 30, 2018 . (2) During the fourth quarter of 2017, the Company entered into an asset purchase agreement to sell a disposal group (comprised of property, plant and equipment and associated asset retirement obligations) within our CAPP segment. From the date the Company entered into the asset purchase agreement through the transaction close date, the property, plant and equipment and associated asset retirement obligations were classified as held for sale in amounts representing the fair value of the disposal group. Upon permit transfer, the transaction closed on April 2, 2018. The Company paid $10,000 in connection with the transaction, which was paid into escrow on March 27, 2018 and transferred to the buyer at the transaction close date, and expects to pay a series of additional cash payments in the aggregate amount of $1,500 , per the terms stated in the agreement, and recorded a gain on sale of $16,386 within gain on disposal of assets within the Condensed Consolidated Statements of Operations. (3) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of ($3,470) for the nine months ended September 30, 2018 . The following table presents a reconciliation of net (loss) income to Adjusted EBITDA for the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 CAPP NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 128,584 $ 41,855 $ 17,203 $ (128,556 ) $ 59,086 Interest expense (92 ) (633 ) — 28,805 28,080 Interest income (8 ) — — (108 ) (116 ) Income tax expense — — — 7,440 7,440 Depreciation, depletion and amortization 13,447 11,206 — 639 25,292 Non-cash stock compensation expense — — 380 11,532 11,912 Mark-to-market adjustment - acquisition-related obligations — — — 3,221 3,221 Gain on settlement of acquisition-related obligations — — — (9,200 ) (9,200 ) Secondary offering costs — — — 4,499 4,499 Loss on early extinguishment of debt — — — 38,701 38,701 Bargain purchase gain — — — (1,011 ) (1,011 ) Accretion expense 4,384 3,123 — — 7,507 Amortization of acquired intangibles, net — — 49,111 — 49,111 Expenses related to Special Dividend 377 57 — 9,102 9,536 Adjusted EBITDA (1) (2) $ 146,692 $ 55,608 $ 66,694 $ (34,936 ) $ 234,058 (1) The Company’s Adjusted EBITDA calculation has been modified to add back non-cash stock compensation expense to align with industry peer group methodology. (2) Pursuant to the PRB divestiture and classification as a discontinued operation, the Company is no longer presenting a PRB reporting segment. The former PRB reporting segment had Adjusted EBITDA of $33,289 for the nine months ended September 30, 2017 . |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Condensed income statement information for the three and nine months ended September 30, 2018 and 2017 for DTA is presented in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Operating expenses $ 8,053 $ 6,162 $ 22,708 $ 18,153 Other income, net $ (4,959 ) $ (5,114 ) $ (15,918 ) $ (11,338 ) Total expenses, net $ 3,094 $ 1,048 $ 6,790 $ 6,815 Contributions from partners to fund continuing operations $ 4,977 $ 1,352 $ 5,765 $ 7,077 Expenses (over)/under contributions $ 1,883 $ 304 $ (1,025 ) $ 262 Depreciation and amortization $ 1,520 $ 1,100 $ 4,449 $ 3,284 |
Business and Basis of Present_4
Business and Basis of Presentation - ASC 606 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other revenues | $ 4,866 | $ 1,868 | $ 12,583 | $ 5,836 |
Total revenues | 447,871 | 382,538 | 1,459,121 | 1,297,325 |
Balances prior to adoption of ASC 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other revenues | 4,866 | 12,583 | ||
Total revenues | 447,805 | 1,459,055 | ||
Accounting Standards Update 2014-09 | Adjustments | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other revenues | 0 | 0 | ||
Total revenues | (66) | (66) | ||
Coal | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from contract with customer | 443,005 | 319,178 | 1,446,538 | 1,100,078 |
Cost of good sold | 307,689 | 270,838 | 936,817 | 842,158 |
Coal | Balances prior to adoption of ASC 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from contract with customer | 351,964 | 1,178,521 | ||
Coal | Accounting Standards Update 2014-09 | Adjustments | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from contract with customer | (91,041) | (268,017) | ||
Freight and handling | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from contract with customer | 0 | 61,492 | 0 | 191,411 |
Cost of good sold | 91,041 | $ 61,492 | 268,017 | $ 191,411 |
Freight and handling | Balances prior to adoption of ASC 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from contract with customer | 90,975 | 267,951 | ||
Cost of good sold | 90,975 | 267,951 | ||
Freight and handling | Accounting Standards Update 2014-09 | Adjustments | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue from contract with customer | 90,975 | 267,951 | ||
Cost of good sold | $ (66) | $ (66) |
Business and Basis of Present_5
Business and Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Miscellaneous income, net | $ (154) | $ (158) | $ (737) | $ (350) |
Adjustment | Accounting Standards Update 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Miscellaneous income, net | (209) | (627) | ||
Adjustment | Coal | Accounting Standards Update 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Costs | $ (209) | $ (627) |
Mergers and Acquisitions - Me
Mergers and Acquisitions - Mergers with Alpha Natural Resources Holdings, Inc. and ANR, Inc., Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 09, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Business Acquisition [Line Items] | |||||
Merger related costs | $ 1,181 | $ 0 | $ 5,064 | $ 0 | |
Alpha Companies | |||||
Business Acquisition [Line Items] | |||||
Merger related costs | 1,181 | 5,064 | |||
Expenses capitalized incurred with submission of form S-4 | $ 3,535 | $ 3,535 | |||
Scenario, Forecast | Alpha Companies | |||||
Business Acquisition [Line Items] | |||||
Shares to be exchanged for each aquiree share (in shares) | 0.4417 | ||||
Ownership in merged entity held by acquiree | 48.50% | ||||
Special cash dividend to be received by acquiree shareholders (in USD per share) | $ 2.725 | ||||
Scenario, Forecast | Alpha Natural Resources Holdings, Inc. | |||||
Business Acquisition [Line Items] | |||||
Ownership interest in acquiree held by stockholders before merger | 38.00% | ||||
Scenario, Forecast | ANR, Inc. | |||||
Business Acquisition [Line Items] | |||||
Ownership interest in acquiree held by stockholders before merger | 35.00% |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Short-term restricted cash and short-term to be returned to operating cash | $ 12,600,000 | |
Guarantor Obligations [Line Items] | ||
Performance guarantee issued to company | 26,000,000 | |
Outstanding surety bond | ||
Guarantor Obligations [Line Items] | ||
Guarantee | 393,152,000 | |
Cash collateral returned | 8,000,000 | |
Outstanding surety bond | Blackjewel L.L.C | ||
Guarantor Obligations [Line Items] | ||
Guarantee | 220,500,000 | |
Indemnification agreement | ||
Guarantor Obligations [Line Items] | ||
Guarantee | 44,800,000 | |
Letters of credit | ||
Guarantor Obligations [Line Items] | ||
Guarantee | 18,800,000 | |
Scenario, Forecast | Outstanding surety bond | Blackjewel L.L.C | ||
Guarantor Obligations [Line Items] | ||
Financing arrangements to be entered into by guaranteed party for collateral | $ 44,800,000 | |
PRB Transaction | Discontinued Operations | Outstanding surety bond | ||
Guarantor Obligations [Line Items] | ||
Guarantee | $ 237,310,000 |
Discontinued Operations - Major
Discontinued Operations - Major Components of Net Income (Loss) (Details) - PRB Transaction - Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Total revenues | $ 139 | $ 100,391 | $ 1,254 | $ 272,848 |
Costs and expenses: | ||||
Cost of coal sales (exclusive of items shown separately below) | 0 | 87,574 | 0 | 245,044 |
Depreciation, depletion and amortization | 0 | 7,650 | 0 | 24,139 |
Other expenses | 1,090 | 0 | 3,492 | 0 |
Other non-major expense items, net | $ 1,166 | $ 1,443 | $ 2,092 | $ 3,941 |
Discontinued Operations - Maj_2
Discontinued Operations - Major Components of Asset and Liabilities (Details) - PRB Transaction - Discontinued Operations - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Accounts Receivable | $ 1,629 | $ 20,443 |
Prepaid expenses and other current assets | 20,550 | 18,974 |
Other current assets | 0 | 1,081 |
Other non-current assets | 0 | 7,632 |
Liabilities: | ||
Trade accounts payable, accrued expenses and other current liabilities | 20,850 | 54,114 |
Other non-current liabilities | $ 103 | $ 7,762 |
Discontinued Operations - Maj_3
Discontinued Operations - Major Components of Cash Flows (Details) - PRB Transaction - Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation, depletion and amortization | $ 0 | $ 7,650 | $ 0 | $ 24,139 |
Capital expenditures | 0 | 3,093 | 0 | 8,145 |
Other significant operating non-cash items related to discontinued operations: | ||||
Accretion of asset retirement obligations | $ 0 | $ 3,022 | $ 0 | $ 9,066 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Segment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | |
Revenue from Contract with Customer [Abstract] | ||||
Number of reportable segments | segment | 3 | |||
Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 443,005 | $ 319,178 | $ 1,446,538 | $ 1,100,078 |
Steam | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 51,010 | 60,684 | 162,937 | 226,939 |
Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 300,954 | 258,494 | 1,015,584 | 873,139 |
Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 91,041 | 268,017 | ||
Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 61,492 | 0 | 191,411 |
Operating Segments | CAPP | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 115,107 | 108,611 | 401,830 | 368,586 |
Operating Segments | CAPP | Steam | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,596 | 650 | 3,489 | 1,976 |
Operating Segments | CAPP | Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 113,511 | 107,961 | 398,341 | 366,610 |
Operating Segments | CAPP | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Operating Segments | CAPP | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Operating Segments | NAPP | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 59,063 | 65,699 | 191,229 | 240,700 |
Operating Segments | NAPP | Steam | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 47,204 | 60,034 | 157,295 | 224,963 |
Operating Segments | NAPP | Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,859 | 5,665 | 33,934 | 15,737 |
Operating Segments | NAPP | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Operating Segments | NAPP | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Operating Segments | Trading and Logistics | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 268,835 | 144,868 | 853,479 | 490,792 |
Operating Segments | Trading and Logistics | Steam | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,210 | 0 | 2,153 | 0 |
Operating Segments | Trading and Logistics | Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 175,584 | 144,868 | 583,309 | 490,792 |
Operating Segments | Trading and Logistics | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 91,041 | 268,017 | ||
Operating Segments | Trading and Logistics | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 61,492 | 191,411 | ||
All Other | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
All Other | Steam | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
All Other | Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
All Other | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 0 | ||
All Other | Freight and handling fulfillment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 0 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 601,913 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 54,966 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 156,935 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 140,210 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 95,590 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 3 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 69,944 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 4 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 84,268 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 5 years |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 403 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes to Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 92,648,000 | $ 37,224,000 |
Ending balance | 239,212,000 | 31,074,000 |
Employee benefit costs | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (1,948) | 2,087 |
Other comprehensive income (loss) before reclassifications | (128) | (917) |
Amounts reclassified from accumulated other comprehensive income (loss) | 117 | (152) |
Ending balance | $ (1,959) | $ 1,018 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Summary of Amounts Reclassified (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Employee benefit costs: | ||||
Income tax expense | $ (12,000) | $ 8,371,000 | $ (133,000) | $ (7,440,000) |
Net income | 11,894,000 | 10,159,000 | 142,623,000 | 57,881,000 |
Reclassification out of Accumulated Other Comprehensive Income | Employee benefit costs | ||||
Employee benefit costs: | ||||
Miscellaneous income | 39 | (51) | 117 | (152) |
Income tax expense | 0 | 0 | 0 | 0 |
Net income | $ 39 | $ (51) | $ 117 | $ (152) |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 129,520 | 86,347 | 129,520 |
Other Stock Based Instrument | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 144,876 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | ||||
Income from continuing operations | $ 14,011 | $ 9,730 | $ 146,953 | $ 59,086 |
(Loss) income from discontinued operations | (2,117) | 429 | (4,330) | (1,205) |
Net income | $ 11,894 | $ 10,159 | $ 142,623 | $ 57,881 |
Basic | ||||
Weighted average common shares outstanding - basic (in shares) | 9,633,164 | 10,277,974 | 9,602,860 | 10,298,889 |
Basic income (loss) per common share: | ||||
Income from continuing operations (in dollars per share) | $ 1.45 | $ 0.95 | $ 15.30 | $ 5.74 |
(Loss) income from discontinued operations (in dollars per share) | (0.22) | 0.04 | (0.45) | (0.12) |
Net income (in dollars per share) | $ 1.23 | $ 0.99 | $ 14.85 | $ 5.62 |
Diluted | ||||
Weighted average common shares outstanding - basic (in shares) | 9,633,164 | 10,277,974 | 9,602,860 | 10,298,889 |
Diluted effect of warrants (in shares) | 304,243 | 221,261 | 270,611 | 173,072 |
Weighted average common shares outstanding - diluted (in shares) | 10,384,513 | 10,896,856 | 10,328,031 | 10,832,989 |
Diluted income (loss) per common share: | ||||
Income from continuing operations (in dollars per share) | $ 1.35 | $ 0.89 | $ 14.23 | $ 5.45 |
(Loss) income from discontinuing operations (in dollars per share) | (0.20) | 0.04 | (0.42) | (0.11) |
Net income (in dollars per share) | $ 1.15 | $ 0.93 | $ 13.81 | $ 5.34 |
Stock Option | ||||
Diluted | ||||
Dilutive effect of share-based payment awards | 260,653 | 274,309 | 265,794 | 275,006 |
Restricted Stock Units (RSUs) | ||||
Diluted | ||||
Dilutive effect of share-based payment awards | 186,453 | 123,312 | 188,766 | 86,021 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Total inventories, net | $ 58,496 | $ 69,561 |
Coal | ||
Inventory [Line Items] | ||
Raw coal | 5,769 | 7,003 |
Saleable coal | 45,042 | 55,357 |
Inventory excluding coal | ||
Inventory [Line Items] | ||
Materials, supplies and other, net | $ 7,685 | $ 7,201 |
Dividend and Tender Offer (Deta
Dividend and Tender Offer (Details) - USD ($) | Dec. 21, 2017 | Jul. 13, 2017 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 26, 2017 | Jun. 16, 2017 | Jun. 09, 2017 |
Debt Instrument [Line Items] | ||||||||
Total share repurchase price | $ 4,839,000 | $ 17,445,000 | ||||||
Special Dividend | ||||||||
Debt Instrument [Line Items] | ||||||||
Dividends declared | $ 92,786,000 | |||||||
Dividend Equivalent Payments | ||||||||
Debt Instrument [Line Items] | ||||||||
Dividends declared | $ 7,949,000 | |||||||
Term Loan Credit Agreement and Asset-Based Revolving Credit Agreement | Revolving Credit Agreement and Term Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount authorized under credit agreement for cash dividend or share repurchases | $ 150,000,000 | |||||||
Term Loan Credit Facility - due March 2024 | Term Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans repaid | $ 10,000,000 | |||||||
Dutch Auction Tender Offer | ||||||||
Debt Instrument [Line Items] | ||||||||
Authorized share repurchases | $ 31,800,000 | |||||||
Shares repurchased (in shares) | 530,000 | |||||||
Share repurchase price (in USD per share) | $ 60 | |||||||
Total share repurchase price | $ 32,595,000 | |||||||
Share repurchase price excluding fees | 31,800,000 | |||||||
Share repurchase price, fees | $ 795,000 |
Long-Term Debt - Schedule of
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt discount and issuance costs | $ (16,250) | $ (18,065) |
Total long-term debt | 366,561 | 372,703 |
Less current portion | (4,791) | (10,730) |
Long-term debt, net of current portion | 361,770 | 361,973 |
Term Loan Agreement | Term Loan Credit Facility - due March 2024 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 380,677 | 387,000 |
Other | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 2,134 | 3,768 |
Revolving Credit Facility | Line of Credit | LC Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | $ 0 | $ 0 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | Apr. 03, 2017 | Mar. 17, 2017 | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Capital leases | $ 636,000 | $ 426,000 | ||
Capital leases, current | 293,000 | $ 226,000 | ||
LC Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | $ 28,700,000 | |||
Term Loan Agreement | Term Loan Credit Facility - due March 2024 | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of credit agreement | $ 400,000,000 | |||
Principal repayments due each March, June, September, and December | $ 1,000,000 | |||
Interest rate | 7.30% | |||
Term Loan Agreement | Term Loan Credit Facility - due March 2024 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 4.00% | |||
Term Loan Agreement | Term Loan Credit Facility - due March 2024 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 5.00% | |||
Term Loan Agreement | Term Loan Credit Facility - due March 2024 | Eurocurrency | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 5.00% | |||
Revolving Credit Facility | Line of Credit | LC Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of credit facility | $ 125,000,000 | |||
Fronting fee | 0.25% | |||
Outstanding borrowings | $ 0 | |||
Letters of credit outstanding | $ 28,700,000 | |||
Revolving Credit Facility | Line of Credit | LC Facility | Eurocurrency | Minimum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.00% | |||
Revolving Credit Facility | Line of Credit | LC Facility | Eurocurrency | Maximum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.50% | |||
Revolving Credit Facility | Line of Credit | LC Facility | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.00% | |||
Revolving Credit Facility | Line of Credit | LC Facility | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.50% | |||
Letter of Credit | Line of Credit | LC Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of credit facility | $ 80,000,000 | |||
Letter of Credit | Line of Credit | LC Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.25% | |||
Letter of Credit | Line of Credit | LC Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.375% |
Acquisition-Related Obligatio_3
Acquisition-Related Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount | $ (7,003) | $ (11,168) |
Total acquisition-related obligations - long-term | 25,667 | 35,412 |
Less current portion | (13,670) | (15,080) |
Acquisition-related obligations, net of current portion | 11,997 | 20,332 |
Retiree Committee VEBA Funding Settlement Liability | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | 3,500 | 7,000 |
UMWA Funds Settlement Liability | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | 7,000 | 7,000 |
Reclamation Funding Liability | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | 22,000 | 32,000 |
Other | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | $ 170 | $ 580 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Total asset retirement obligations at December 31, 2017 | $ 59,205 | |
Accretion for the period | 4,579 | |
Revisions in estimated cash flows | 184 | |
Expenditures for the period | (1,859) | |
Reclassify liabilities held for sale | (1,279) | |
Total asset retirement obligations at September 30, 2018 | 60,830 | |
Less current portion | (5,009) | |
Long-term portion | $ 55,821 | $ 52,434 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Fair Value Measurements (Details) - Term Loan Agreement - Term Loan Credit Facility - due March 2024 - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 364,426 | $ 368,935 |
Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 380,677 | 381,195 |
Total Fair Value | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 380,677 | 381,195 |
Total Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Fair Value Measurements - Acquisition-related Obligations at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 25,497 | $ 34,832 |
Carrying Amount | Retiree Committee VEBA Funding Settlement Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 3,190 | 6,290 |
Carrying Amount | UMWA Funds Settlement Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 5,016 | 4,366 |
Carrying Amount | Reclamation Funding Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 17,291 | 24,176 |
Total Fair Value | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 28,144 | 40,711 |
Total Fair Value | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 28,144 | 40,711 |
Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 3,320 | 6,692 |
Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 3,320 | 6,692 |
Total Fair Value | UMWA Funds Settlement Liability | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 5,699 | 5,654 |
Total Fair Value | UMWA Funds Settlement Liability | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | UMWA Funds Settlement Liability | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | UMWA Funds Settlement Liability | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 5,699 | 5,654 |
Total Fair Value | Reclamation Funding Liability | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 19,125 | 28,365 |
Total Fair Value | Reclamation Funding Liability | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | Reclamation Funding Liability | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Total Fair Value | Reclamation Funding Liability | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 19,125 | $ 28,365 |
Warrants (Details)
Warrants (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Jul. 05, 2017 | Jul. 26, 2016 | |
Equity [Abstract] | |||||
Number of warrants outstanding (in shares) | 801,793 | 801,793 | 810,811 | ||
Exercise price of warrants (in dollars per share) | $ 48.741 | $ 55.93 | |||
Common stock, par value (in dollars per share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Number of securities called by each warrant (in shares) | 1.15 | 1 | |||
Number of securities called by outstanding warrants (in shares) | 922,062 | 922,062 | |||
Shares issued upon exercise of warrants (in shares) | 218 | 252 | |||
Shares withheld upon exercise of warrants (in shares) | 77 | 111 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (expense) benefit | $ 12 | $ (8,371) | $ 133 | $ 7,440 |
Income from continuing operations before income taxes | $ 14,023 | $ 1,359 | 147,086 | $ 66,526 |
Increase (decrease) in deferred tax asset valuation allowance | $ (40,936) |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Expense for self-insured medical plan | $ 8,468 | $ 8,813 | $ 22,496 | $ 22,794 | |
Contributions to defined contribution and profit sharing plans | 1,661 | $ 1,734 | 8,647 | $ 7,395 | |
Black Lung | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Liability for employee benefits | 19,453 | 19,453 | $ 18,241 | ||
Life Insurance Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Liability for employee benefits | $ 12,547 | $ 12,547 | $ 12,640 |
Employee Benefit Plans - Sched
Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Black Lung | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 194 | $ 163 | $ 582 | $ 488 |
Interest cost | 174 | 159 | 521 | 475 |
Amortization of net actuarial loss (gain) | 50 | (38) | 150 | (112) |
Net periodic expense | 418 | 284 | 1,253 | 851 |
Life Insurance Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 97 | 102 | 291 | 305 |
Amortization of net actuarial loss (gain) | (11) | (14) | (33) | (41) |
Net periodic expense | $ 86 | $ 88 | $ 258 | $ 264 |
Stock-Based Compensation Awar_2
Stock-Based Compensation Awards (Details) $ / shares in Units, $ in Thousands | May 01, 2018$ / shares | Sep. 30, 2018USD ($)award_typeshares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)award_type$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of award types | award_type | 3 | 3 | ||||
Non-cash stock compensation expense | $ | $ 2,347 | $ 5,348 | $ 9,472 | $ 11,946 | ||
Shares repurchased | $ | $ 4,835 | $ 17,445 | ||||
Selling, general and administrative expenses | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense, percent | 93.00% | 94.00% | 94.00% | 94.00% | ||
Restricted stock units | Key employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (in shares) | 18,063 | |||||
Grant date fair value (in USD per share) | $ / shares | $ 65 | |||||
Liability for all outstanding awards | $ | $ 915 | $ 915 | $ 163 | |||
Restricted stock units | Non-employee directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (in shares) | 7,310 | |||||
Grant date fair value (in USD per share) | $ / shares | $ 64.97 | |||||
Management Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized for issuance | 1,201,202 | 1,201,202 | ||||
Number of shares available for grant (in shares) | 57,958 | 57,958 | ||||
Management Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares repurchased (in shares) | 70,834 | 309,310 | ||||
Shares repurchased | $ | $ 4,816 | $ 17,445 | ||||
Shares repurchased, average cost per share (in dollars per share) | $ / shares | $ 67.99 | $ 56.40 |
Commitments and Contingencies (
Commitments and Contingencies (Details) T in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)T | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)T | Sep. 30, 2017USD ($) | Oct. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Rent expense | $ 414 | $ 418 | $ 1,340 | $ 1,341 | |
Coal royalty expense | 5,439 | $ 4,679 | 19,182 | $ 16,318 | |
Long-term Purchase Commitment [Line Items] | |||||
Deferred tax asset | 78,744 | 78,744 | |||
Estimated release of short-term restricted cash and short-term deposits | 12,600 | 12,600 | |||
Worker's compensation | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 16,831 | 16,831 | |||
Black lung | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 5,491 | 5,491 | |||
Reclamation related bonds | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 20,580 | 20,580 | |||
Deposits | 15,238 | 15,238 | |||
Real property collateralized | 26,749 | 26,749 | |||
Other operating agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Deposits | 550 | 550 | |||
Financial guarantees | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 2,833 | 2,833 | |||
Outstanding surety bond | |||||
Long-term Purchase Commitment [Line Items] | |||||
Outstanding surety bonds | 393,152 | 393,152 | |||
PRB Transaction | Discontinued Operations | Outstanding surety bond | |||||
Long-term Purchase Commitment [Line Items] | |||||
Outstanding surety bonds | 237,310 | 237,310 | |||
Coal purchase agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be purchased, remainder of fiscal year | 210,691 | 210,691 | |||
Minimum quantities to be purchased, second year | 152,114 | 152,114 | |||
Minimum quantities to be purchased, third year | 1,526 | 1,526 | |||
Coal Purchase agreements, vendors with historical performance less than 20% | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be purchased, remainder of fiscal year | 23,310 | 23,310 | |||
Minimum quantities to be purchased, second year | 68,820 | 68,820 | |||
Equipment purchase agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be purchased, remainder of fiscal year | 13,402 | 13,402 | |||
Minimum quantities to be purchased, second year | 3,118 | 3,118 | |||
Back-to-Back Coal Supply Agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be purchased and sold, remainder of fiscal year | 1,920 | 1,920 | |||
Minimum quantities to be purchased and sold, second year | 16,113 | 16,113 | |||
Minimum quantities to be purchased and sold, third year | $ 9,175 | $ 9,175 | |||
Purchased and sold, tons | T | 877 | 5,527 | |||
Purchased and sold | $ 9,785 | $ 60,124 | |||
Blackjewel L.L.C | Outstanding surety bond | |||||
Long-term Purchase Commitment [Line Items] | |||||
Outstanding surety bonds | 220,500 | 220,500 | |||
Subsequent Event | Blackjewel L.L.C | |||||
Long-term Purchase Commitment [Line Items] | |||||
Severance taxes invoiced | $ 7,800 | ||||
LC Facility | |||||
Long-term Purchase Commitment [Line Items] | |||||
Letters of credit outstanding | 28,700 | 28,700 | |||
LC Facility | Line of Credit | Revolving Credit Facility | |||||
Long-term Purchase Commitment [Line Items] | |||||
Letters of credit outstanding | $ 28,700 | $ 28,700 |
Segment Information - Schedule
Segment Information - Schedule of Operating Results and Capital Expenditures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segmentplantmine | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Revenues | $ 447,871 | $ 382,538 | $ 1,459,121 | $ 1,297,325 |
Depreciation, depletion and amortization | 11,141 | 7,504 | 33,951 | 25,292 |
Amortization of acquired intangibles, net | 1,158 | 14,868 | 12,468 | 49,111 |
Adjusted EBITDA | 38,806 | 41,501 | 223,926 | 234,058 |
Capital expenditures | 18,373 | 17,801 | $ 56,722 | 48,257 |
CAPP | VIRGINIA | ||||
Segment Reporting Information [Line Items] | ||||
Number of active mines | mine | 7 | |||
Number of preparation plants | plant | 2 | |||
CAPP | WEST VIRGINIA | ||||
Segment Reporting Information [Line Items] | ||||
Number of active mines | mine | 1 | |||
Number of preparation plants | plant | 1 | |||
NAPP | ||||
Segment Reporting Information [Line Items] | ||||
Number of active mines | mine | 1 | |||
Number of preparation plants | plant | 1 | |||
Number of closed mines | mine | 1 | |||
Operating Segments | CAPP | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 115,280 | 108,996 | $ 402,823 | 369,600 |
Depreciation, depletion and amortization | 5,658 | 2,736 | 17,636 | 13,447 |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 |
Adjusted EBITDA | 30,990 | 34,433 | 152,058 | 146,692 |
Capital expenditures | 7,984 | 3,645 | 23,829 | 10,834 |
Operating Segments | NAPP | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 60,944 | 66,625 | 196,173 | 243,605 |
Depreciation, depletion and amortization | 5,298 | 4,544 | 15,761 | 11,206 |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 |
Adjusted EBITDA | 972 | 2,021 | 19,161 | 55,608 |
Capital expenditures | 10,270 | 14,156 | 32,611 | 36,365 |
Operating Segments | Trading and Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 270,985 | 206,749 | 857,230 | 683,558 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Amortization of acquired intangibles, net | 1,158 | 14,868 | 12,468 | 49,111 |
Adjusted EBITDA | 16,907 | 15,652 | 83,093 | 66,694 |
Capital expenditures | 0 | 0 | 0 | 0 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 662 | 168 | 2,895 | 562 |
Depreciation, depletion and amortization | 185 | 224 | 554 | 639 |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 |
Adjusted EBITDA | (10,063) | (10,605) | (30,386) | (34,936) |
Capital expenditures | $ 119 | $ 0 | $ 282 | $ 1,058 |
Segment Information - Reconcili
Segment Information - Reconciliation of Net Income (Loss) to Adjusted EBITDA (Details) - USD ($) | Apr. 02, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | $ 14,011,000 | $ 9,730,000 | $ 146,953,000 | $ 59,086,000 | |
Interest expense | 8,554,000 | 8,466,000 | 26,538,000 | 28,080,000 | |
Interest income | (507,000) | (43,000) | (829,000) | (116,000) | |
Income tax (expense) benefit | 12,000 | (8,371,000) | 133,000 | 7,440,000 | |
Depreciation, depletion and amortization | 11,141,000 | 7,504,000 | 33,951,000 | 25,292,000 | |
Merger related costs | 1,181,000 | 0 | 5,064,000 | 0 | |
Management restructuring costs | 2,659,000 | ||||
Non-cash stock compensation expense | 1,885,000 | 5,314,000 | 8,240,000 | 11,912,000 | |
Mark-to-market adjustment for acquisition-related obligations | 0 | 839,000 | 0 | 3,221,000 | |
Gain on settlement of acquisition-related obligations | (118,000) | 0 | (410,000) | (9,200,000) | |
Secondary offering costs | 0 | 1,061,000 | 0 | 4,499,000 | |
Loss on early extinguishment of debt | 0 | 0 | 0 | 38,701,000 | |
Bargain purchase gain | 0 | (369,000) | 0 | (1,011,000) | |
Accretion expense | 1,489,000 | 2,502,000 | 5,545,000 | 7,507,000 | |
Gain on disposal of assets | (601,000) | 0 | (17,103,000) | 0 | |
Amortization of acquired intangibles, net | 1,158,000 | 14,868,000 | 12,468,000 | 49,111,000 | |
Expenses related to Special Dividend | 9,536,000 | ||||
Adjusted EBITDA | 38,806,000 | 41,501,000 | 223,926,000 | 234,058,000 | |
Payments on disposal of assets | 10,250,000 | 0 | |||
Operating Segments | CAPP | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | 24,787,000 | 30,238,000 | 147,787,000 | 128,584,000 | |
Interest expense | 4,000 | 1,000 | 316,000 | (92,000) | |
Interest income | (7,000) | (3,000) | (17,000) | (8,000) | |
Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 5,658,000 | 2,736,000 | 17,636,000 | 13,447,000 | |
Merger related costs | 0 | 0 | |||
Management restructuring costs | 0 | ||||
Non-cash stock compensation expense | 0 | 0 | 0 | 0 | |
Mark-to-market adjustment for acquisition-related obligations | 0 | 0 | |||
Gain on settlement of acquisition-related obligations | 0 | 0 | 0 | ||
Secondary offering costs | 0 | 0 | |||
Loss on early extinguishment of debt | 0 | ||||
Bargain purchase gain | 0 | 0 | |||
Accretion expense | 548,000 | 1,461,000 | 2,722,000 | 4,384,000 | |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 | |
Expenses related to Special Dividend | 377,000 | ||||
Adjusted EBITDA | 30,990,000 | 34,433,000 | 152,058,000 | 146,692,000 | |
Operating Segments | NAPP | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | (4,765,000) | (3,300,000) | 1,440,000 | 41,855,000 | |
Interest expense | (490,000) | (264,000) | (839,000) | (633,000) | |
Interest income | (12,000) | 0 | (24,000) | 0 | |
Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 5,298,000 | 4,544,000 | 15,761,000 | 11,206,000 | |
Merger related costs | 0 | 0 | |||
Management restructuring costs | 0 | ||||
Non-cash stock compensation expense | 0 | 0 | 0 | 0 | |
Mark-to-market adjustment for acquisition-related obligations | 0 | 0 | |||
Gain on settlement of acquisition-related obligations | 0 | 0 | 0 | ||
Secondary offering costs | 0 | 0 | |||
Loss on early extinguishment of debt | 0 | ||||
Bargain purchase gain | 0 | 0 | |||
Accretion expense | 941,000 | 1,041,000 | 2,823,000 | 3,123,000 | |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 | |
Expenses related to Special Dividend | 57,000 | ||||
Adjusted EBITDA | 972,000 | 2,021,000 | 19,161,000 | 55,608,000 | |
Operating Segments | Trading and Logistics | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | 15,749,000 | 613,000 | 70,643,000 | 17,203,000 | |
Interest expense | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | (18,000) | 0 | |
Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 | |
Merger related costs | 0 | 0 | |||
Management restructuring costs | 0 | ||||
Non-cash stock compensation expense | 0 | 171,000 | 0 | 380,000 | |
Mark-to-market adjustment for acquisition-related obligations | 0 | 0 | |||
Gain on settlement of acquisition-related obligations | 0 | 0 | 0 | ||
Secondary offering costs | 0 | 0 | |||
Loss on early extinguishment of debt | 0 | ||||
Bargain purchase gain | 0 | 0 | |||
Accretion expense | 0 | 0 | 0 | 0 | |
Amortization of acquired intangibles, net | 1,158,000 | 14,868,000 | 12,468,000 | 49,111,000 | |
Expenses related to Special Dividend | 0 | ||||
Adjusted EBITDA | 16,907,000 | 15,652,000 | 83,093,000 | 66,694,000 | |
All Other | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | (21,760,000) | (17,821,000) | (72,917,000) | (128,556,000) | |
Interest expense | 9,040,000 | 8,729,000 | 27,061,000 | 28,805,000 | |
Interest income | (488,000) | (40,000) | (770,000) | (108,000) | |
Income tax (expense) benefit | 12,000 | (8,371,000) | 133,000 | 7,440,000 | |
Depreciation, depletion and amortization | 185,000 | 224,000 | 554,000 | 639,000 | |
Merger related costs | 1,181,000 | 5,064,000 | |||
Management restructuring costs | 2,659,000 | ||||
Non-cash stock compensation expense | 1,885,000 | 5,143,000 | 8,240,000 | 11,532,000 | |
Mark-to-market adjustment for acquisition-related obligations | 839,000 | 3,221,000 | |||
Gain on settlement of acquisition-related obligations | (118,000) | (410,000) | (9,200,000) | ||
Secondary offering costs | 1,061,000 | 4,499,000 | |||
Loss on early extinguishment of debt | 38,701,000 | ||||
Bargain purchase gain | (369,000) | (1,011,000) | |||
Accretion expense | 0 | 0 | 0 | 0 | |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 | |
Expenses related to Special Dividend | 9,102,000 | ||||
Adjusted EBITDA | (10,063,000) | (10,605,000) | (30,386,000) | (34,936,000) | |
All Other | PRB | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Adjusted EBITDA | $ (1,102,000) | $ 14,528,000 | (3,470,000) | $ 33,289,000 | |
April 2, 2018 Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Gain on disposal of assets | (16,386,000) | ||||
April 2, 2018 Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Operating Segments | CAPP | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Gain on disposal of assets | $ (16,386,000) | (16,386,000) | |||
Payments on disposal of assets | 10,000,000 | ||||
Disposition of assets, additional expected payment | $ 1,500,000 | ||||
April 2, 2018 Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Operating Segments | NAPP | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Gain on disposal of assets | 0 | ||||
April 2, 2018 Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Operating Segments | Trading and Logistics | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Gain on disposal of assets | 0 | ||||
April 2, 2018 Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations | All Other | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Gain on disposal of assets | $ 0 |
Segment Information - Revenue f
Segment Information - Revenue from External Customers (Details) T in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)T | Sep. 30, 2017USD ($)T | Sep. 30, 2018USD ($)T | Sep. 30, 2017USD ($)T | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Coal purchased from third parties excluding coal sold under Back-to-Back Coal Supply Agreements | T | 1,705 | 1,320 | 4,938 | 3,727 |
Product Supplied By Third Party Concentration Risk | Coal Purchased From Third Parties Sold | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk | 44.00% | 35.00% | 41.00% | 31.00% |
Non-US | Geographic Concentration Risk | Revenues | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk | 87.00% | 77.00% | 88.00% | 76.00% |
INDIA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from contract with customer | $ 62,929 | $ 68,206 | $ 352,344 | $ 268,924 |
TURKEY | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from contract with customer | 58,402 | |||
BRAZIL | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from contract with customer | 56,519 | 36,867 | 218,486 | |
ITALY | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from contract with customer | 125,464 | |||
Coal | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from contract with customer | 443,005 | 380,670 | 1,446,538 | 1,291,489 |
Coal | Non-US | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from contract with customer | $ 384,597 | $ 291,627 | $ 1,267,642 | $ 984,965 |
Investment in Unconsolidated _3
Investment in Unconsolidated Affiliate (Details) $ in Thousands | Mar. 31, 2017USD ($) | Sep. 30, 2018USD ($)representative | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)representative | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||
Capital contributions to equity affiliates | $ 3,759 | $ 4,160 | ||||
Equity method losses | $ (1,624) | $ (411) | $ (2,857) | (2,120) | ||
Dominion Terminal Associates | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Acquisitions and contributions to unconsolidated affiliate | $ 13,293 | |||||
Ownership percentage in unconsolidated affiliate | 65.00% | 65.00% | 65.00% | |||
Capital contributions to equity affiliates | $ 3,759 | |||||
Number of representatives required to be present for business to be conducted | representative | 2 | 2 | ||||
Equity method losses | $ (1,624) | $ (411) | $ (2,857) | $ (2,120) | ||
Investment in unconsolidated affiliate | $ 16,997 | $ 16,997 | $ 16,095 |
Investment in Unconsolidated _4
Investment in Unconsolidated Affiliate - Condensed Financial Information (Details) - Dominion Terminal Associates - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Operating expenses | $ 8,053 | $ 6,162 | $ 22,708 | $ 18,153 |
Other income, net | (4,959) | (5,114) | (15,918) | (11,338) |
Total expenses, net | 3,094 | 1,048 | 6,790 | 6,815 |
Contributions from partners to fund continuing operations | 4,977 | 1,352 | 5,765 | 7,077 |
Expenses (over)/under contributions | 1,883 | 304 | (1,025) | 262 |
Depreciation and amortization | $ 1,520 | $ 1,100 | $ 4,449 | $ 3,284 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Nov. 12, 2018 | Nov. 09, 2018 | Nov. 08, 2018 | Oct. 26, 2018 | Oct. 25, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Oct. 23, 2017 | Jul. 05, 2017 | Jul. 26, 2016 |
Subsequent Event [Line Items] | ||||||||||
Exercise price of warrants (in dollars per share) | $ 48.741 | $ 55.93 | ||||||||
Number of securities called by each warrant (in shares) | 1.15 | 1 | ||||||||
Common stock, par value (in dollars per share | $ 0.01 | $ 0.01 | ||||||||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Exercise price of warrants (in dollars per share) | $ 46.911 | $ 48.741 | ||||||||
Number of securities called by each warrant (in shares) | 1.15 | |||||||||
Number of shares registered (in shares) | 1,970,000 | |||||||||
Common stock, par value (in dollars per share | $ 0.01 | |||||||||
Directors cash retainer | $ 36,000 | |||||||||
Contura Energy, Inc. Management Incentive Plan | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares registered (in shares) | 750,000 | |||||||||
Contura Energy, Inc. 2018 Long-Term Incentive Plan | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares registered (in shares) | 1,100,000 | |||||||||
ANR, Inc. 2017 Equity Incentive Plan | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares registered (in shares) | 120,000 | |||||||||
Restricted stock units | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of directors cash retainer which may be paid in RSUs | 100.00% | |||||||||
New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate amount of credit facility | $ 225,000,000 | |||||||||
Right to seek additional credit under credit facility | $ 50,000,000 | |||||||||
Fronting fee | 0.25% | |||||||||
New Term Loan Credit Facility | Term Loan Agreement | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Right to seek additional credit under loan facility | $ 150,000,000 | |||||||||
Aggregate amount of credit agreement | $ 550,000,000 | |||||||||
Eurocurrency | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Current margin for variable interest rate | 2.50% | |||||||||
Eurocurrency | New Term Loan Credit Facility | Term Loan Agreement | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Variable interest rate | 5.00% | |||||||||
Base Rate | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Current margin for variable interest rate | 1.50% | |||||||||
Base Rate | New Term Loan Credit Facility | Term Loan Agreement | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Variable interest rate | 4.00% | |||||||||
Minimum | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Commitment fee | 0.25% | |||||||||
Minimum | Eurocurrency | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Variable interest rate | 2.00% | |||||||||
Minimum | Base Rate | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Variable interest rate | 1.00% | |||||||||
Maximum | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Commitment fee | 0.375% | |||||||||
Maximum | Eurocurrency | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Variable interest rate | 2.50% | |||||||||
Maximum | Base Rate | New ABL Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Variable interest rate | 1.50% | |||||||||
Alpha Companies | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares issued in connection with merger transaction (in shares) | 9,311,857 | |||||||||
ANR, Inc. | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividend distribution | $ 18,350,000 | |||||||||
Director | Restricted stock units | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of shares granted (in shares) | 631 | |||||||||
WVDEP Settlement Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Collateral posted | $ 2,800,000 | |||||||||
WVDEP Settlement Agreement | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Collateral posted | $ 9,000,000 | |||||||||
Performance bond period | 45 days | |||||||||
Performance bond to be issued | $ 35,000,000 | |||||||||
Letter of credit to be issued if no performance bond issued | $ 26,000,000 |