Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Contura Energy, Inc. | |
Entity Central Index Key | 0001704715 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Shares Outstanding | 19,218,122 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Coal revenues | $ 653,828 | $ 525,168 | $ 1,260,788 | $ 1,003,533 |
Other revenues | 2,378 | 3,750 | 4,532 | 7,717 |
Total revenues | 656,206 | 528,918 | 1,265,320 | 1,011,250 |
Costs and expenses: | ||||
Cost of coal sales (exclusive of items shown separately below) | 496,746 | 431,304 | 1,012,440 | 802,048 |
Depreciation, depletion and amortization | 62,814 | 11,222 | 124,085 | 22,810 |
Accretion on asset retirement obligations | 6,847 | 1,596 | 13,079 | 4,056 |
Amortization of acquired intangibles, net | (343) | 1,104 | (7,026) | 11,310 |
Asset impairment | 5,826 | 0 | 5,826 | 0 |
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 14,783 | 11,951 | 35,734 | 31,108 |
Merger related costs | 156 | 3,423 | 987 | 3,883 |
Total other operating (income) loss: | ||||
Mark-to-market adjustment for acquisition-related obligations | 1,014 | 0 | 2,950 | 0 |
Other expenses (income) | 1,414 | (16,407) | (7,485) | (16,506) |
Total costs and expenses | 589,257 | 444,193 | 1,180,590 | 858,709 |
Income from operations | 66,949 | 84,725 | 84,730 | 152,541 |
Other income (expense): | ||||
Interest expense | (16,077) | (8,779) | (31,232) | (17,984) |
Interest income | 1,885 | 191 | 3,821 | 322 |
Loss on modification and extinguishment of debt | (26,459) | 0 | (26,459) | 0 |
Equity loss in affiliates | (2,475) | (1,170) | (2,959) | (1,233) |
Miscellaneous loss, net | (523) | (270) | (1,389) | (583) |
Total other expense, net | (43,649) | (10,028) | (58,218) | (19,478) |
Income from continuing operations before income taxes | 23,300 | 74,697 | 26,512 | 133,063 |
Income tax benefit (expense) | 1,000 | (55) | 5,778 | (121) |
Net income (loss) from continuing operations | 24,300 | 74,642 | 32,290 | 132,942 |
Discontinued operations: | ||||
Loss from discontinued operations before income taxes | (163,867) | (854) | (165,457) | (2,213) |
Income tax benefit from discontinued operations | 25,906 | 0 | 26,321 | 0 |
Loss from discontinued operations | (137,961) | (854) | (139,136) | (2,213) |
Net (loss) income | $ (113,661) | $ 73,788 | $ (106,846) | $ 130,729 |
Basic income (loss) per common share: | ||||
Income from continuing operations (in dollars per share) | $ 1.27 | $ 7.75 | $ 1.70 | $ 13.87 |
Loss from discontinued operations (in dollars per share) | (7.21) | (0.08) | (7.32) | (0.23) |
Net (loss) income (in dollars per share) | (5.94) | 7.67 | (5.62) | 13.64 |
Diluted income (loss) per common share: | ||||
Income from continuing operations (in dollars per share) | 1.25 | 7.24 | 1.66 | 12.91 |
Loss from discontinuing operations (in dollars per share) | (7.10) | (0.08) | (7.14) | (0.22) |
Net (loss) income (in dollars per share) | $ (5.85) | $ 7.16 | $ (5.48) | $ 12.69 |
Weighted average shares - basic (in shares) | 19,123,705 | 9,625,874 | 19,009,643 | 9,587,457 |
Weighted average shares - diluted (in shares) | 19,420,471 | 10,306,043 | 19,480,183 | 10,299,539 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (113,661) | $ 73,788 | $ (106,846) | $ 130,729 |
Employee benefit plans: | ||||
Amortization of and adjustments to employee benefit costs | 1,187 | (87) | 1,426 | (50) |
Income tax expense | (310) | 0 | (372) | 0 |
Total other comprehensive income (loss), net of tax | 877 | (87) | 1,054 | (50) |
Total comprehensive (loss) income | $ (112,784) | $ 73,701 | $ (105,792) | $ 130,679 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 249,597 | $ 233,599 |
Trade accounts receivable, net of allowance for doubtful accounts of $0 as of June 30, 2019 and December 31, 2018 | 280,025 | 292,617 |
Inventories, net | 164,303 | 121,965 |
Prepaid expenses and other current assets | 166,702 | 158,945 |
Current assets - discontinued operations | 2,059 | 22,475 |
Total current assets | 862,686 | 829,601 |
Property, plant, and equipment, net of accumulated depreciation and amortization of $220,260 and $106,766 as of June 30, 2019 and December 31, 2018 | 630,654 | 699,990 |
Owned and leased mineral rights, net of accumulated depletion and amortization of $18,769 and $11,390 as of June 30, 2019 and December 31, 2018 | 569,394 | 528,232 |
Goodwill | 101,019 | 95,624 |
Other acquired intangibles, net of accumulated amortization of $32,634 and $20,267 as of June 30, 2019 and December 31, 2018 | 146,554 | 154,584 |
Long-term restricted cash | 216,568 | 227,173 |
Deferred income taxes | 54,466 | 27,179 |
Other non-current assets | 198,449 | 183,675 |
Total assets | 2,779,790 | 2,746,058 |
Current liabilities: | ||
Current portion of long-term debt | 28,885 | 42,743 |
Acquisition-related obligations - current | 33,060 | 27,334 |
Trade accounts payable | 89,214 | 114,568 |
Accrued expenses and other current liabilities | 157,948 | 148,699 |
Current liabilities - discontinued operations | 17,298 | 21,892 |
Total current liabilities | 326,405 | 355,236 |
Long-term debt | 580,519 | 545,269 |
Acquisition-related obligations - long-term | 67,049 | 72,996 |
Workers’ compensation and black lung obligations | 245,972 | 249,294 |
Pension obligations | 180,274 | 180,802 |
Asset retirement obligations | 217,830 | 203,694 |
Deferred income taxes | 6,908 | 15,118 |
Other non-current liabilities | 40,596 | 52,415 |
Non-current liabilities - discontinued operations | 147,016 | 94 |
Total liabilities | 1,812,569 | 1,674,918 |
Commitments and Contingencies (Note 17) | ||
Stockholders’ Equity | ||
Preferred stock - par value $0.01, 5.0 million shares authorized, none issued | 0 | 0 |
Common stock - par value $0.01, 50.0 million shares authorized, 20.4 million issued and 19.2 million outstanding at June 30, 2019 and 20.2 million issued and 19.1 million outstanding at December 31, 2018 | 204 | 202 |
Additional paid-in capital | 768,046 | 761,301 |
Accumulated other comprehensive loss | (22,076) | (23,130) |
Treasury stock, at cost: 1.2 million shares at June 30, 2019 and 1.1 million shares at December 31, 2018 | (75,236) | (70,362) |
Retained earnings | 296,283 | 403,129 |
Total stockholders’ equity | 967,221 | 1,071,140 |
Total liabilities and stockholders’ equity | $ 2,779,790 | $ 2,746,058 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - Parenthetical - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
Property, plant and equipment, accumulated amortization, depreciation and amortization | 220,260 | 106,766 |
Owned and lease mineral rights, accumulated depletion and amortization | 18,769 | 11,390 |
Other acquired intangibles, accumulated amortization | $ 32,634 | $ 20,267 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
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) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 20,400,000 | 20,200,000 |
Common stock, shares outstanding (in shares) | 19,200,000 | 19,100,000 |
Treasury stock, shares at cost (in shares) | 1,200,000 | 1,100,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||||
Net (loss) income | $ (113,661) | $ 73,788 | $ (106,846) | $ 130,729 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation, depletion and amortization | 269,997 | 22,810 | ||
Amortization of acquired intangibles, net | (343) | 1,104 | (7,026) | 11,310 |
Accretion of acquisition-related obligations discount | 3,220 | 3,020 | ||
Amortization of debt issuance costs and accretion of debt discount | 6,724 | 1,499 | ||
Mark-to-market adjustment for acquisition-related obligations | 1,014 | 0 | 2,950 | 0 |
Loss (gain) on disposal of assets | 1,372 | (16,502) | ||
Gain on assets acquired in an exchange transaction | (9,083) | 0 | ||
Loss on modification and extinguishment of debt | 26,459 | 0 | 26,459 | 0 |
Asset impairment | 22,294 | 0 | ||
Accretion on asset retirement obligations | 13,079 | 4,056 | ||
Employee benefit plans, net | 9,564 | 5,324 | ||
Deferred income taxes | (33,623) | 0 | ||
Stock-based compensation | 4,774 | 7,125 | ||
Equity loss in affiliates | 2,475 | 1,170 | 2,959 | 1,233 |
Other, net | 405 | (292) | ||
Changes in operating assets and liabilities | (90,086) | (54,706) | ||
Net cash provided by operating activities | 117,133 | 115,606 | ||
Investing activities: | ||||
Capital expenditures | (42,798) | (18,908) | (83,882) | (38,349) |
Payments on disposal of assets | 0 | (10,250) | ||
Proceeds on disposal of assets | 1,048 | 464 | ||
Purchases of investment securities - held to maturity | (9,899) | (1,446) | ||
Maturity of investment securities - held to maturity | 21,316 | 0 | ||
Capital contributions to equity affiliates | (4,807) | (525) | ||
Other, net | 93 | 0 | ||
Net cash used in investing activities | (76,131) | (50,106) | ||
Financing activities: | ||||
Proceeds from borrowings on debt | 544,946 | 0 | ||
Principal repayments of debt | (550,000) | (5,323) | ||
Principal repayments of notes payable | (821) | (2,939) | ||
Principal repayments of financing lease obligations | (2,100) | (139) | ||
Debt issuance costs | (5,839) | 0 | ||
Common stock repurchases and related expenses | (4,874) | (4,838) | ||
Other, net | 914 | (49) | ||
Net cash used in financing activities | (17,774) | (13,288) | ||
Net increase in cash and cash equivalents and restricted cash | 23,228 | 52,212 | ||
Cash and cash equivalents and restricted cash at beginning of period | 477,246 | 193,960 | ||
Cash and cash equivalents and restricted cash at end of period | 500,474 | 246,172 | 500,474 | 246,172 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash | ||||
Cash and cash equivalents | 249,597 | 199,252 | 249,597 | 199,252 |
Short-term restricted cash (included in Prepaid expenses and other current assets) | 34,309 | 11,680 | 34,309 | 11,680 |
Long-term restricted cash | $ 216,568 | $ 35,240 | $ 216,568 | $ 35,240 |
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 | Retained Earnings |
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 (loss) income | 56,941 | 56,941 | ||||
Other comprehensive income, net | 37 | 37 | ||||
Stock-based compensation and net issuance of common stock for share vesting | 4,479 | 4,479 | ||||
Common stock repurchases and related expenses | (4,835) | (4,835) | ||||
Ending balance at Mar. 31, 2018 | 149,270 | 108 | 45,095 | (1,911) | (54,927) | 160,905 |
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 (loss) income | 130,729 | |||||
Other comprehensive income, net | (50) | |||||
Ending balance at Jun. 30, 2018 | 225,146 | 108 | 47,273 | (1,998) | (54,930) | 234,693 |
Beginning balance at Mar. 31, 2018 | 149,270 | 108 | 45,095 | (1,911) | (54,927) | 160,905 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 73,788 | 73,788 | ||||
Other comprehensive income, net | (87) | (87) | ||||
Stock-based compensation and net issuance of common stock for share vesting | 2,114 | 2,114 | ||||
Exercise of stock options | 62 | 62 | ||||
Warrant exercises | (1) | 2 | (3) | |||
Ending balance at Jun. 30, 2018 | 225,146 | 108 | 47,273 | (1,998) | (54,930) | 234,693 |
Beginning balance at Dec. 31, 2018 | 1,071,140 | 202 | 761,301 | (23,130) | (70,362) | 403,129 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 6,815 | 6,815 | ||||
Other comprehensive income, net | 177 | 177 | ||||
Stock-based compensation and net issuance of common stock for share vesting | 6,377 | 6,377 | ||||
Exercise of stock options | 306 | 1 | 305 | |||
Common stock repurchases and related expenses | (4,171) | (4,171) | ||||
Ending balance at Mar. 31, 2019 | 1,080,644 | 203 | 767,983 | (22,953) | (74,533) | 409,944 |
Beginning balance at Dec. 31, 2018 | 1,071,140 | 202 | 761,301 | (23,130) | (70,362) | 403,129 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (106,846) | |||||
Other comprehensive income, net | 1,054 | |||||
Ending balance at Jun. 30, 2019 | 967,221 | 204 | 768,046 | (22,076) | (75,236) | 296,283 |
Beginning balance at Mar. 31, 2019 | 1,080,644 | 203 | 767,983 | (22,953) | (74,533) | 409,944 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (113,661) | (113,661) | ||||
Other comprehensive income, net | 877 | 877 | ||||
Stock-based compensation and net issuance of common stock for share vesting | (545) | (545) | ||||
Exercise of stock options | 590 | 1 | 589 | |||
Warrant exercises | 19 | 19 | 0 | |||
Common stock repurchases and related expenses | (703) | (703) | ||||
Ending balance at Jun. 30, 2019 | $ 967,221 | $ 204 | $ 768,046 | $ (22,076) | $ (75,236) | $ 296,283 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Basis of Presentation Together, the condensed consolidated statements of operations, comprehensive (loss) income, balance sheet, cash flows and stockholders’ equity for the Company are referred to as the “Condensed Consolidated Financial Statements.” The Condensed Consolidated Financial Statements are also referenced across periods as “Condensed Consolidated Balance Sheets,” “Condensed Consolidated Statements of Operations,” and “Condensed Consolidated Statements of Cash Flows.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and six months ended June 30, 2019 and 2018 . All significant intercompany transactions have been eliminated in consolidation. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for Form 10-Q. Such rules and regulations allow the omission of certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP as long as the financial statements are not misleading. In the opinion of management, these interim Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Reclassifications Accretion on asset retirement obligations has been reclassified in the prior year from cost of coal sales to a separate line item in the Condensed Consolidated Statements of Operations to conform to the current year presentation. Freight and handling costs has been reclassified in the prior year from a separate line item into cost of coal sales in the Condensed Consolidated Statements of Operations to conform to the current year presentation. New Accounting Pronouncements Leases: In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-02 , Leases (“ASU 2016-02”) . ASU 2016-02, along with related amendments issued from 2017 to 2019 (collectively, the “New Leases Standard”), requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet. The Company adopted ASU 2016-02 effective January 1, 2019 and elected the option to not restate comparative periods in transition and also elected the package of practical expedients for all leases within the standard, which permits the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs. Additionally, the Company elected the transition practical expedient to continue to account for existing and expired land easements at transition as executory contracts. Only land easements entered into or modified after the effective date of Accounting Standards Codification (“ASC”) 842 are accounted for as leases by the Company. As a result of the adoption, the Company recorded operating lease right-of-use assets and lease liabilities on our Condensed Consolidated Balance Sheet. The following table summarizes the impact of the adoption of ASC 842 to the Company’s Condensed Consolidated Balance Sheet: Balance at December 31, 2018 (1) Adjustments Balance at January 1, 2019 Assets Balance Sheet Classification Operating lease right-of-use assets Other non-current assets $ — $ 11,845 $ 11,845 Financing lease assets Property, plant, and equipment, net 9,786 — 9,786 Total lease assets $ 9,786 $ 11,845 $ 21,631 Liabilities Balance Sheet Classification Operating lease liabilities - current Accrued expenses and other current liabilities $ — $ 3,624 $ 3,624 Financing lease liabilities - current Current portion of long-term debt 2,110 — 2,110 Operating lease liabilities - long-term Other non-current liabilities — 8,221 8,221 Financing lease liabilities - long-term Long-term debt 4,313 — 4,313 Total lease liabilities $ 6,423 $ 11,845 $ 18,268 (1) Balances do not include measurement-period adjustments recorded during the three months ended June 30, 2019. Refer to Note 2 for further details on measurement-period adjustments recorded during the period. The adoption of ASC 842 did not have an impact on our Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, or Condensed Consolidated Statements of Cash Flows. Refer to Note 9 for further disclosure requirements under the new standard. Credit Losses: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Credit Losses (“ASU 2016-13”). ASU 2016-13, along with related amendments and improvements issued in 2018 and 2019, replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable supportable information to inform credit loss estimates. Management is currently evaluating the impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Stock Compensation : 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. The Company adopted ASU 2018-07 during the first quarter of 2019. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. |
Mergers and Acquisitions
Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions A Merger with ANR, Inc. (“ANR”) and Alpha Natural Resources Holdings, Inc. (“Holdings”, and, together with ANR, the "Alpha Companies”) was completed on November 9, 2018 (the “Merger” or the “Alpha Merger”). Preliminary Allocation of Purchase Price There were no measurement-period adjustments recorded during the period from the acquisition date to June 30, 2019 that impacted the preliminary purchase price of $688,534 . As of June 30, 2019 , the fair value allocation for the acquisition is preliminary and will be finalized when the valuation and the related internal controls over financial reporting are completed. Differences between the preliminary and final allocation could be material. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the closing of the acquisition), as the Company finalizes the accounting for the purchase price of the assets acquired and liabilities assumed. The primary areas of the purchase price allocation that are not yet finalized relate to the areas of property plant and equipment, owned and leased mineral rights, acquired intangibles, goodwill, asset retirement obligations, taxes, accounts payable, and other contingencies. The Company continues to review the significant amount of data and assumptions used in these areas which could cause a reallocation of the purchase price. The below table is a preliminary allocation of the assets acquired and the liabilities the Company assumed in the acquisition as of December 31, 2018, along with adjustments through the second quarter of 2019 resulting in the preliminary allocation as of June 30, 2019 . The total purchase price has been preliminarily allocated to the net tangible and intangible assets of Alpha Companies as follows: Provisional as of December 31, 2018 Adjustments Provisional as of June 30, 2019 Cash and cash equivalents $ 29,939 $ — $ 29,939 Trade and other receivables 60,714 — 60,714 Inventories 85,635 — 85,635 Short-term restricted cash 10,592 — 10,592 Other current assets 38,495 7,929 46,424 Property, plant, and equipment 504,852 (33,930 ) 470,922 Owned and leased mineral rights 516,201 39,031 555,232 Other intangible assets 154,041 4,453 158,494 Long-term restricted cash 182,049 — 182,049 Long-term restricted investments 28,809 — 28,809 Other non-current assets 68,022 (3,915 ) 64,107 Total assets $ 1,679,349 $ 13,568 $ 1,692,917 Accounts payable $ 69,049 $ (2,711 ) $ 66,338 Accrued expenses and other current liabilities 76,774 2,139 78,913 Long-term debt, including current portion 144,832 3,618 148,450 Acquisition related obligations 74,346 5,738 80,084 Pension obligations 158,005 3,596 161,601 Asset retirement obligation, including current portion 163,636 12,718 176,354 Deferred income taxes, including current portion 134,924 (2,246 ) 132,678 Other intangible liabilities 57,219 — 57,219 Other non-current liabilities 207,654 (3,889 ) 203,765 Total liabilities $ 1,086,439 $ 18,963 $ 1,105,402 Goodwill $ 95,624 $ 5,395 $ 101,019 Allocation of purchase price $ 688,534 $ — $ 688,534 During the six months ended June 30, 2019 , the Company recorded measurement-period adjustments to the provisional opening balance sheet as shown in the table above. Adjustments were made primarily to property, plant and equipment, owned and leased mineral rights and asset retirement obligations. There were no material measurement-period adjustments impacting current-period earnings that would have been recorded in the previous reporting period if the adjustments to the provisional amounts had been recognized as of the acquisition date. In connection with the Merger, the Company originally recorded provisional goodwill of $95,624 , which represents the excess of the purchase price over the estimated fair value of tangible and intangible asset acquired, net of liabilities assumed. As a result of measurement-period adjustments recorded during the six months ended June 30, 2019 , the provisional amount of goodwill increased by $5,395 resulting in provisional goodwill of $101,019 as of June 30, 2019 . The goodwill is attributed primarily to the following factors: (i) anticipated operating and administrative synergies, and (ii) deferred income taxes arising from the differences between the preliminary purchase price allocated to the assets and liabilities acquired based on fair value and the tax basis of these assets and liabilities. The goodwill is not deductible for tax purposes. The Company’s provisional estimate of goodwill is not yet finalized and has been allocated to the Company’s CAPP-Met reportable segment. The following table represents the intangible assets and the weighted-average amortization periods as of the acquisition date: Provisional as of June 30, 2019 Weighted-Average Amortization Period In Years ) Mining permits $ 157,645 12.62 Above-market coal supply agreements 849 1.03 Below-market coal supply agreements (57,219 ) 2.10 Total acquired intangibles: $ 101,275 10.46 The Condensed Consolidated Statements of Operations include acquisition related expenses (on a pre-tax basis) of $156 and $3,423 in Merger related costs for the three months ended June 30, 2019 and 2018, respectively. The Condensed Consolidated Statements of Operations include acquisition related expenses (on a pre-tax basis) of $987 and $3,883 in Merger related costs for the six months ended June 30, 2019 and 2018, respectively. Acquisition related expenses include professional fees related to legal, tax, advisory integration services and contract related matters. The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the Merger occurred on January 1, 2017. The unaudited pro forma results have been prepared based on estimates and assumptions, which the Company believes are reasonable; however, they are not necessarily indicative of the consolidated results of operations had the Merger occurred on January 1, 2017, or of future results of operations. Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As reported Pro forma As reported Pro forma Total revenues $ 528,918 $ 712,204 $ 1,011,250 $ 1,338,953 Income from continuing operations $ 74,642 $ 105,117 $ 132,942 $ 179,646 Basic income per common share: Income from continuing operations $ 7.75 $ 5.53 $ 13.87 $ 9.47 Diluted income per common share: Income from continuing operations $ 7.24 $ 5.34 $ 12.91 $ 9.13 Weighted average shares - basic 9,625,874 19,004,073 9,587,457 18,965,656 Weighted average shares - diluted 10,306,043 19,684,242 10,299,539 19,677,738 These amounts have been calculated after applying the Company's accounting policies and adjusting the results of ANR to reflect the additional depreciation, amortization, depletion, and cost of coal sales that would have been charged assuming the fair value adjustments to property, plant and equipment, as well as intangibles, asset retirement obligations, and inventory had been applied at January 1, 2017, together with the consequential tax effects. The pro forma results for the three and six months ended June 30, 2018 include $3,423 and $3,883 , respectively, of merger-related costs primarily related to professional service fees. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2019 | |
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”) with Blackjewel L.L.C. (“Blackjewel” or the “Buyer”) to sell the Eagle Butte and Belle Ayr mines located in the PRB. During the anticipated permit transfer period, the Company maintained the required reclamation bonds and related collateral. As of June 30, 2019 , the Company had outstanding surety bonds with a total face amount of $237,310 to secure various obligations and commitments related to the PRB. As the permits associated with the PRB Transaction have not transferred due to the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019, the Company no longer anticipates the related restricted cash and deposits will be returned in the near term to operating cash. Refer to Note 19 for further details within subsequent event disclosures. The major components of net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues: Total revenues (1) $ 52 $ 182 $ 148 $ 1,115 Costs and expenses: Depreciation, depletion and amortization (2) $ 145,913 $ — $ 145,913 $ — Asset impairment (3) $ 16,468 $ — $ 16,468 $ — Other expenses $ 1,349 $ 1,104 $ 2,939 $ 2,402 Other non-major expense (income) items, net $ 189 $ (68 ) $ 285 $ 926 (1) Total revenues for the three and six months ended June 30, 2019 and 2018 consisted entirely of other revenues. (2) The depreciation, depletion and amortization is primarily related to an increase in the asset retirement obligation as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019. The Company remeasured the liability based on the expectation that the mining permits will not transfer and Blackjewel is not expected to perform on their contractual obligation to reclaim the properties due to Blackjewel’s Chapter 11 bankruptcy filing. The increase in the asset retirement obligation was expensed in the three months ended June 30, 2019 as there are no related mining assets. The estimates and assumptions used to determine the asset retirement obligation as of June 30, 2019 will continue to be evaluated and updated as additional information becomes available in subsequent periods. Refer to Note 19 for further details within subsequent event disclosures. (3) The asset impairment is primarily related to the write-off of a tax receivable. Refer to the disclosures below for further details. Refer to Note 6 for net income (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: June 30, 2019 December 31, 2018 Assets: Accounts receivable, net $ 1,060 $ 5 Prepaid expenses and other current assets $ 999 $ 22,470 Liabilities: Trade accounts payable, accrued expenses and other current liabilities (1) $ 17,298 $ 21,892 Asset retirement obligations (2) $ 146,921 $ — Other non-current liabilities $ 95 $ 94 (1) The liabilities are primarily comprised of taxes for which the Company is considered to be the primary obligor but for which the Buyer is contractually obligated to pay. During the three months ended June 30, 2019 , the Company recorded an impairment charge for the offsetting receivable from the Buyer as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019. Refer to Note 19 for further details within subsequent event disclosures. (2) Refer to discussion of asset retirement obligation in the table above. The major components of cash flows related to discontinued operations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Other significant operating non-cash items related to discontinued operations: Depreciation, depletion and amortization $ 145,913 $ — $ 145,913 $ — Blackjewel Surety Bonding 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 Condensed Consolidated Financial Statements. During the three months ended June 30, 2019, the Company reversed the guarantee liability as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019 and the expectation of the permits not transferring to Blackjewel. Refer to Note 19 for further details within subsequent event disclosures. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue from Contracts with Customers The following tables disaggregate the Company’s coal revenues by product category and by market 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 June 30, 2019 Met Thermal Total Export coal revenues $ 345,576 $ 17,262 $ 362,838 Domestic coal revenues 156,053 134,937 290,990 Total coal revenues $ 501,629 $ 152,199 $ 653,828 Three Months Ended June 30, 2018 Met Thermal Total Export coal revenues $ 453,581 $ 7,909 $ 461,490 Domestic coal revenues 14,940 48,738 63,678 Total coal revenues $ 468,521 $ 56,647 $ 525,168 Six Months Ended June 30, 2019 Met Thermal Total Export coal revenues $ 679,762 $ 26,382 $ 706,144 Domestic coal revenues 292,311 262,333 554,644 Total coal revenues $ 972,073 $ 288,715 $ 1,260,788 Six Months Ended June 30, 2018 Met Thermal Total Export coal revenues $ 867,259 $ 15,786 $ 883,045 Domestic coal revenues 22,864 97,624 120,488 Total coal revenues $ 890,123 $ 113,410 $ 1,003,533 Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of June 30, 2019 . Remainder of 2019 2020 2021 2022 2023 Total Estimated coal revenues $ 129,558 $ 269,340 $ 117,590 $ 69,943 $ 84,268 $ 670,699 Contract Balances During the six months ended June 30, 2019 , the Company paid amounts under certain contracts related to the modification of contract terms. These payments were deferred and allocated to the remaining performance obligations after contract modification. The following table includes the opening and closing balances of contract assets from modifications with contracts with customers, which are included within prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets: June 30, 2019 December 31, 2018 Contract assets (1) $ 2,204 $ 950 (1) Amounts primarily relate to payments made upon modification of coal contracts. Of the December 31, 2018 contract asset balance, $293 and $517 was recognized within coal revenues in the Company’s Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2019, respectively. During the three and six months ended June 30, 2018 , there were no contract balances as of December 31, 2017 recognized within the Company’s Condensed Consolidated Statements of Operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes to accumulated other comprehensive income (loss) during the six months ended June 30, 2019 and 2018 : Balance January 1, 2019 Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance June 30, 2019 Employee benefit costs $ (23,130 ) $ 713 $ 341 $ (22,076 ) Balance January 1, 2018 Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance June 30, 2018 Employee benefit costs $ (1,948 ) $ (128 ) $ 78 $ (1,998 ) The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations line items affected by the reclassification during the three and six months ended June 30, 2019 and 2018 : Details about accumulated other comprehensive income (loss) components Amounts reclassified from accumulated other comprehensive income (loss) Affected line item in the Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Employee benefit costs: Amortization of actuarial loss $ 222 $ 41 $ 461 $ 78 (1) Miscellaneous loss, net Income tax expense (58 ) — (120 ) — Income tax benefit (expense) Total, net of income tax $ 164 $ 41 $ 341 $ 78 (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs for black lung and life insurance. Refer to Note 15 . |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The number of shares used to calculate basic net income (loss) 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 net income (loss) per common share is based on the number of common shares used to calculate basic net income (loss) 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 net income (loss) per common share calculations when the market price of the Company’s common stock exceeds the exercise price. For the three and six months ended June 30, 2019, 95,162 stock options and 131,707 restricted stock units were excluded from the computation of dilutive net income (loss) per share because they would have been anti-dilutive. For the three and six months ended June 30, 2018, 129,520 stock options were excluded from the computation of dilutive net income (loss) per share because they would have been anti-dilutive. These potential shares could dilute net income (loss) per share in the future. The following table presents the net income (loss) per common share for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) Income from continuing operations $ 24,300 $ 74,642 $ 32,290 $ 132,942 Loss from discontinued operations (137,961 ) (854 ) (139,136 ) (2,213 ) Net (loss) income $ (113,661 ) $ 73,788 $ (106,846 ) $ 130,729 Basic Weighted average common shares outstanding - basic 19,123,705 9,625,874 19,009,643 9,587,457 Basic income (loss) per common share: Income from continuing operations $ 1.27 $ 7.75 $ 1.70 $ 13.87 Loss from discontinued operations (7.21 ) (0.08 ) (7.32 ) (0.23 ) Net (loss) income $ (5.94 ) $ 7.67 $ (5.62 ) $ 13.64 Diluted Weighted average common shares outstanding - basic 19,123,705 9,625,874 19,009,643 9,587,457 Diluted effect of warrants 143,571 260,919 179,807 253,795 Diluted effect of stock options 74,278 261,849 139,956 268,364 Diluted effect of restricted share units, restricted stock shares and performance-based restricted share units 78,917 157,401 150,777 189,923 Weighted average common shares outstanding - diluted 19,420,471 10,306,043 19,480,183 10,299,539 Diluted income (loss) per common share: Income from continuing operations $ 1.25 $ 7.24 $ 1.66 $ 12.91 Loss from discontinued operations (7.10 ) (0.08 ) (7.14 ) (0.22 ) Net (loss) income $ (5.85 ) $ 7.16 $ (5.48 ) $ 12.69 |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, net Inventories, net consisted of the following: June 30, 2019 December 31, 2018 Raw coal $ 34,288 $ 33,607 Saleable coal 104,141 63,767 Materials, supplies and other, net 25,874 24,591 Total inventories, net $ 164,303 $ 121,965 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangibles | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangibles | Goodwill and Acquired Intangibles Goodwill In connection with the Merger, the Company recorded provisional goodwill. Refer to Note 2 for information on goodwill. Acquired Intangibles The Company has recognized assets for acquired above market-priced coal supply agreements and acquired mine permits and liabilities for acquired below market-priced coal supply agreements. The coal supply agreements were valued based on the present value of the difference between the expected net contractual cash flows based on the stated contract terms, and the estimated net contractual cash flows derived from applying forward market prices at the Merger or acquisition date for new contracts of similar terms and conditions. The acquired mine permits were valued based on the replacement cost and lost profits method as of the Merger date. The balances and respective balance sheet classifications of such assets and liabilities as of June 30, 2019 and December 31, 2018, net of accumulated amortization, are set forth in the following tables: June 30, 2019 Assets (1) Liabilities (2) Net Total Coal supply agreements, net $ 3,923 $ (14,402 ) $ (10,479 ) Acquired mine permits, net 142,631 — 142,631 Total $ 146,554 $ (14,402 ) $ 132,152 December 31, 2018 Assets (1) Liabilities (2) Net Total Coal supply agreements, net $ 4,687 $ (33,912 ) $ (29,225 ) Acquired mine permits, net 149,897 — 149,897 Total $ 154,584 $ (33,912 ) $ 120,672 (1) Included within other acquired intangibles, net of accumulated amortization on the Company’s Condensed Consolidated Balance Sheets. (2) Included within other non-current liabilities on the Company’s Condensed Consolidated Balance Sheets. The acquired mine permits are amortized over the estimated life of the associated mine. The coal supply agreement assets and liabilities are amortized over the actual number of tons shipped over the life of each contract. Amortization of mine permits acquired as a result of the Merger was $5,664 and $11,605 for the three and six months ended June 30, 2019 which is reported within amortization of acquired intangibles, net in the Condensed Consolidated Statements of Operations. Amortization of above-market coal supply agreements was $122 and $1,104 , and amortization of below-market coal supply agreements was ($6,129) and $0 , resulting in a net (income) expense of ($6,007) and $1,104 for the three months ended June 30, 2019 and 2018, respectively, which is reported within amortization of acquired intangibles, net in the Condensed Consolidated Statements of Operations. Amortization of above-market coal supply agreements was $879 and $11,310 , and amortization of below-market coal supply agreements was ($19,510) and $0 , resulting in a net (income) expense of ($18,631) and $11,310 for the six months ended June 30, 2019 and 2018, respectively, which is reported within amortization of acquired intangibles, net in the Condensed Consolidated Statements of Operations. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Subsequent to the adoption of ASC 842, the Company recognizes right of use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. The discount rates used to determine the present value of the lease assets and liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. For leases with a term of 12 months or less, no right of use assets or liabilities are recognized on the balance sheet and the Company recognizes the lease expense on a straight-line basis over the lease term. Additionally, the Company recognizes variable lease payments as an expense in the period incurred. The Company’s lease population consists primarily of vehicle and heavy equipment leases and leases for office equipment. The Company’s building and land leases relate to corporate office space and certain site offices. The Company determines whether a contract contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant, and equipment for a period of time in exchange for consideration. For the six months ended June 30, 2019 the Company identified no instances requiring significant judgment in determining whether any contract entered into during the period were or were not leases. Additionally, the Company had no material sublease agreements within the scope of ASC 842 or lease agreements for which the Company was the lessor for the six months ended June 30, 2019 . Renewal options in the Company’s lease population primarily relate to month-to-month extensions on vehicle leases and are immaterial both individually and in the aggregate. The Company includes renewal options that are reasonably certain to be exercised in the measurement lease liabilities. As of June 30, 2019 , the Company does not intend to exercise any termination options on existing leases. As of June 30, 2019 , the Company had the following right-of-use assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets: June 30, 2019 Assets Balance Sheet Classification Financing lease assets Property, plant, and equipment, net $ 11,134 Operating lease right-of-use assets Other non-current assets 9,525 Total lease assets $ 20,659 Liabilities Balance Sheet Classification Financing lease liabilities - current Current portion of long-term debt $ 3,038 Operating lease liabilities - current Accrued expenses and other current liabilities 2,091 Financing lease liabilities - long-term Long-term debt 5,649 Operating lease liabilities - long-term Other non-current liabilities 7,434 Total lease liabilities $ 18,212 Total lease costs and other lease information for the three and six months ended June 30, 2019 included the following: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease cost (1) Finance lease cost: Amortization of leased assets $ 1,013 $ 1,653 Interest on lease liabilities 214 258 Operating lease cost 191 1,330 Short-term lease cost 541 980 Total lease cost $ 1,959 $ 4,221 (1) The Company had no variable lease costs or sublease income for the six months ended June 30, 2019 . Six Months Ended June 30, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities $ 4,154 Operating cash flows from finance leases $ 258 Operating cash flows from operating leases $ 2,310 Financing cash flows from finance leases $ 1,586 Right-of-use assets obtained in exchange for new finance lease liabilities $ 750 Lease Term and Discount Rate Weighted-average remaining lease term in months - finance leases 35.0 Weighted-average remaining lease term in months - operating leases 95.9 Weighted-average discount rate - finance leases 4.9 % Weighted-average discount rate - operating leases 10.9 % The Company has elected to show net instead of gross amounts for right-of-use assets and liabilities within its Condensed Consolidated Statements of Cash Flows. The following table summarizes the maturity of our lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2019 : Finance Leases Operating Leases Lease cost Remainder of 2019 $ 1,722 $ 1,784 2020 3,339 2,534 2021 2,702 1,885 2022 1,477 1,604 2023 62 1,155 Thereafter — 6,216 Total future minimum lease payments $ 9,302 $ 15,178 Imputed interest (615 ) (5,653 ) Present value of future minimum lease payments $ 8,687 $ 9,525 As of June 30, 2019 , the Company had no leases with future commencement dates that will create significant rights or obligations for the Company. |
Leases | Leases Subsequent to the adoption of ASC 842, the Company recognizes right of use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. The discount rates used to determine the present value of the lease assets and liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. For leases with a term of 12 months or less, no right of use assets or liabilities are recognized on the balance sheet and the Company recognizes the lease expense on a straight-line basis over the lease term. Additionally, the Company recognizes variable lease payments as an expense in the period incurred. The Company’s lease population consists primarily of vehicle and heavy equipment leases and leases for office equipment. The Company’s building and land leases relate to corporate office space and certain site offices. The Company determines whether a contract contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant, and equipment for a period of time in exchange for consideration. For the six months ended June 30, 2019 the Company identified no instances requiring significant judgment in determining whether any contract entered into during the period were or were not leases. Additionally, the Company had no material sublease agreements within the scope of ASC 842 or lease agreements for which the Company was the lessor for the six months ended June 30, 2019 . Renewal options in the Company’s lease population primarily relate to month-to-month extensions on vehicle leases and are immaterial both individually and in the aggregate. The Company includes renewal options that are reasonably certain to be exercised in the measurement lease liabilities. As of June 30, 2019 , the Company does not intend to exercise any termination options on existing leases. As of June 30, 2019 , the Company had the following right-of-use assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets: June 30, 2019 Assets Balance Sheet Classification Financing lease assets Property, plant, and equipment, net $ 11,134 Operating lease right-of-use assets Other non-current assets 9,525 Total lease assets $ 20,659 Liabilities Balance Sheet Classification Financing lease liabilities - current Current portion of long-term debt $ 3,038 Operating lease liabilities - current Accrued expenses and other current liabilities 2,091 Financing lease liabilities - long-term Long-term debt 5,649 Operating lease liabilities - long-term Other non-current liabilities 7,434 Total lease liabilities $ 18,212 Total lease costs and other lease information for the three and six months ended June 30, 2019 included the following: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease cost (1) Finance lease cost: Amortization of leased assets $ 1,013 $ 1,653 Interest on lease liabilities 214 258 Operating lease cost 191 1,330 Short-term lease cost 541 980 Total lease cost $ 1,959 $ 4,221 (1) The Company had no variable lease costs or sublease income for the six months ended June 30, 2019 . Six Months Ended June 30, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities $ 4,154 Operating cash flows from finance leases $ 258 Operating cash flows from operating leases $ 2,310 Financing cash flows from finance leases $ 1,586 Right-of-use assets obtained in exchange for new finance lease liabilities $ 750 Lease Term and Discount Rate Weighted-average remaining lease term in months - finance leases 35.0 Weighted-average remaining lease term in months - operating leases 95.9 Weighted-average discount rate - finance leases 4.9 % Weighted-average discount rate - operating leases 10.9 % The Company has elected to show net instead of gross amounts for right-of-use assets and liabilities within its Condensed Consolidated Statements of Cash Flows. The following table summarizes the maturity of our lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2019 : Finance Leases Operating Leases Lease cost Remainder of 2019 $ 1,722 $ 1,784 2020 3,339 2,534 2021 2,702 1,885 2022 1,477 1,604 2023 62 1,155 Thereafter — 6,216 Total future minimum lease payments $ 9,302 $ 15,178 Imputed interest (615 ) (5,653 ) Present value of future minimum lease payments $ 8,687 $ 9,525 As of June 30, 2019 , the Company had no leases with future commencement dates that will create significant rights or obligations for the Company. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: June 30, 2019 December 31, 2018 Term Loan Credit Facility - due November 2025 $ — $ 550,000 Term Loan Credit Facility - due June 2024 561,800 — LCC Note Payable 62,500 62,500 LCC Water Treatment Obligation 11,250 11,875 Other 10,150 8,395 Debt discount and issuance costs (36,296 ) (44,758 ) Total long-term debt 609,404 588,012 Less current portion (28,885 ) (42,743 ) Long-term debt, net of current portion $ 580,519 $ 545,269 Term Loan Credit Facility - due June 2024 On June 14, 2019, the Company entered into a Credit Agreement with Cantor Fitzgerald Securities, as administrative agent and collateral agent, and the other lenders party thereto (as defined therein) that provides for a senior secured term loan facility in the aggregate principal amount of $561,800 with a maturity date of June 14, 2024 (the “Term Loan Credit Facility”). Principal repayments equal to approximately $1,405 are due each March, June, September and December (commencing with September 30, 2019) with the final principal repayment installment repaid on the maturity date and 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 6.00% for Base Rate Loans and 7.00% for Eurocurrency Rate Loans on or prior to the second anniversary of the Closing Date and 7.00% or 8.00% thereafter (the “Applicable Rate”). Interest accrued on each Base Rate Loan is payable in arrears on the last business day of each March, June, September and December and the maturity date. Interest accrued on each Eurocurrency Rate Loan is payable in arrears on the last day of each interest period as defined therein. As of June 30, 2019 , the borrowings made under the Term Loan Credit Facility were comprised of Eurocurrency Rate Loans with an interest rate of 9.41% , calculated as the eurocurrency rate during the period plus an applicable rate of 7.00% . As of June 30, 2019 , the carrying value of the Term Loan Credit Facility was $538,070 with $5,618 classified as current, within the Condensed Consolidated Balance Sheets. As of December 31, 2018, the carrying value of the term loan credit facility under the Amended and Restated Credit Agreement dated November 9, 2018 was $521,667 with $20,625 classified as current, within the Condensed Consolidated Balance Sheets. The Term Loan Credit Facility was provided primarily by certain of the Company’s existing shareholders (related parties) as of the agreement date. As such, the Company analyzed various factors of the transaction and concluded the Term Loan Credit Facility was issued at a reasonable market rate and therefore considered to be an arm’s length transaction. The Company used the proceeds from the Term Loan Credit Facility to repay the outstanding principal balance of $543,125 under the Amended and Restated Credit Agreement dated November 9, 2018 and fees related to such refinancing. The Company recorded a loss on modification of debt of $255 , primarily related to modification fees paid under the refinance, and a loss on extinguishment of debt of $26,204 , primarily related to the write-off of outstanding debt discounts and unamortized debt issuance costs under the Amended and Restated Credit Agreement dated November 9, 2018, which are recorded in loss on modification and extinguishment of debt within the Condensed Consolidated Statements of Operations. All obligations under the Term Loan Credit Facility are substantially 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 Facility are secured by a senior lien, subject to certain exceptions (including the ABL Priority Collateral described below), by substantially all of the Company’s assets and the assets of the Company’s 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. The Term Loan Facility contains negative and affirmative covenants including certain financial covenants that are more flexible than the covenants on the Amended and Restated Credit Agreement dated November 9, 2018. The Company was in compliance with all covenants under this agreement as of June 30, 2019 . Amended and Restated Asset-Based Revolving Credit Agreement As of June 30, 2019 , the Company had no borrowings and $39,474 letters of credit outstanding under the senior secured asset-based revolving credit facility (the “ABL Facility”). The Amended and Restated Asset-Based Revolving Credit Agreement, as amended, 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 June 30, 2019 . LCC Note Payable The Lexington Coal Company (“LCC”) Note Payable has no stated interest rate and an imputed interest rate of 12.45% . The carrying value of the LCC Note Payable was $52,641 and $49,361 , with $17,500 and $17,500 reported within the current portion of long-term debt as of June 30, 2019 and December 31, 2018, respectively. LCC Water Treatment Stipulation The LCC Water Treatment Stipulation has no stated interest rate and an imputed interest rate of 13.12% . The carrying value of the LCC Water Treatment Stipulation was $8,543 and $8,589 , with $2,500 and $1,875 reported within the current portion of long-term debt as of June 30, 2019 and December 31, 2018, respectively. Finance Leases The Company entered into financing leases for certain property and other equipment during 2019 and 2018 . The Company’s liability for financing leases was $8,687 and $6,423 , with $3,038 and $2,110 reported within the current portion of long-term debt as of June 30, 2019 and December 31, 2018 , respectively. Financing leases are included in the other line item in the table above. Refer to Note 9 for additional information on leases. |
Acquisition-Related Obligations
Acquisition-Related Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Acquisition-Related Obligations | Acquisition-Related Obligations Acquisition-related obligations consisted of the following: June 30, 2019 December 31, 2018 Contingent Revenue Obligation $ 58,941 $ 59,880 Environmental Settlement Obligations 19,305 19,306 Reclamation Funding Liability 22,000 22,000 Retiree Committee VEBA Funding Settlement Liability 1,000 3,500 UMWA Funds Settlement Liability 6,000 6,000 Discount (7,137 ) (10,356 ) Total acquisition-related obligations - long-term 100,109 100,330 Less current portion (33,060 ) (27,334 ) Acquisition-related obligations, net of current portion $ 67,049 $ 72,996 Contingent Revenue Obligation As of June 30, 2019 and December 31, 2018 the carrying value of the Contingent Revenue Obligation was $58,941 and $59,880 , with $15,708 and $9,459 classified as current, respectively, classified as an acquisition-related obligation in the Condensed Consolidated Balance Sheets. Refer to Note 13 for further disclosures related to the fair value assignment and methods used. During the second quarter of 2019, the Company paid $9,627 pursuant to terms of the Contingent Revenue Obligation. Environmental Settlement Obligations As of June 30, 2019 and December 31, 2018, the carrying value of the Environmental Settlement Obligations was $15,748 and $14,768 , net of discounts of $3,557 and $4,538 , with $4,437 and $3,375 classified as current, respectively, all of which was classified as an acquisition-related obligation in the Condensed Consolidated Balance Sheets. Reclamation Funding Agreement As of June 30, 2019 and December 31, 2018, the carrying value of the Funding of Restricted Cash Reclamation liability was $19,856 and $18,106 , net of discounts of $2,144 and $3,894 , with $10,000 and $10,000 classified as current, respectively, all of which was classified as an acquisition-related obligation in the Condensed Consolidated Balance Sheets. |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following table summarizes the changes in asset retirement obligations for the six months ended June 30, 2019 : Total asset retirement obligations at December 31, 2018 $ 228,448 Measurement-period adjustments (1) 12,718 Accretion for the period 13,065 Revisions in estimated cash flows (43 ) Expenditures for the period (11,114 ) Total asset retirement obligations at June 30, 2019 243,074 Less current portion (25,244 ) Long-term portion $ 217,830 (1) Refer to Note 2 for additional information on the Merger and related measurement-period adjustments recorded during the six months ended June 30, 2019 . Refer to Note 3 for detail on the $146,921 increase in asset retirement obligations within discontinued operations due to the Blackjewel Chapter 11 bankruptcy filing. Additionally, refer to Note 19 for further details within subsequent event disclosures. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 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 June 30, 2019 and December 31, 2018 : June 30, 2019 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 June 2024 $ 538,070 $ 560,396 $ 560,396 $ — $ — LCC Note Payable 52,641 52,029 — — 52,029 LCC Water Treatment Obligation 8,543 8,475 — — 8,475 Total long-term debt $ 599,254 $ 620,900 $ 560,396 $ — $ 60,504 December 31, 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 November 2025 $ 521,667 $ 540,375 $ 540,375 $ — $ — LCC Note Payable 49,361 50,606 — — 50,606 LCC Water Treatment Obligation 8,589 8,827 — — 8,827 Total long-term debt $ 579,617 $ 599,808 $ 540,375 $ — $ 59,433 (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 June 30, 2019 and December 31, 2018 : June 30, 2019 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding $ 915 $ 933 $ — $ — $ 933 UMWA Funds Settlement Liability 4,649 4,900 — — 4,900 Reclamation Funding Liability 19,856 20,260 — — 20,260 Environmental Settlement Obligations 15,748 15,528 — — 15,528 Total acquisition-related obligations $ 41,168 $ 41,621 $ — $ — $ 41,621 December 31, 2018 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding $ 3,337 $ 3,391 $ — $ — $ 3,391 UMWA Funds Settlement Liability 4,239 4,729 — — 4,729 Reclamation Funding Liability 18,106 19,362 — — 19,362 Environmental Settlement Obligations 14,768 14,936 — — 14,936 Total acquisition-related obligations $ 40,450 $ 42,418 $ — $ — $ 42,418 (1) Net of discounts. The following table sets forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 . Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels. June 30, 2019 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Significant Unobservable Inputs (Level 3) Contingent Revenue Obligation $ 58,941 $ — $ — $ 58,941 December 31, 2018 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Significant Unobservable Inputs (Level 3) Contingent Revenue Obligation $ 59,880 $ — $ — $ 59,880 The following table is a reconciliation of the financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis and that were categorized within Level 3 of the fair value hierarchy: December 31, 2018 Payments Measurement Period Adjustments (1) Loss Recognized in Earnings Transfer In (Out) of Level 3 Fair Value Hierarchy June 30, 2019 Contingent Revenue Obligation $ 59,880 $ (9,627 ) $ 5,738 $ 2,950 $ — $ 58,941 (1) Refer to Note 2 for additional information on the Merger and related measurement-period adjustments recorded during the six months ended June 30, 2019. 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 June 2024 and Term Loan Credit Facility - due November 2025 - The fair value is based on observable market data. Level 3 Fair Value Measurements LCC Note Payable, LCC Water Treatment Obligation, Retiree Committee VEBA Funding Settlement Liability, UMWA Funds Settlement Liability, Environmental Settlement Obligations 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. Contingent Revenue Obligation - The fair value of the contingent revenue obligation was estimated using a Black-Scholes pricing model and is marked to market at each reporting period with changes in value reflected in earnings. The inputs included in the Black-Scholes pricing model are the Company's forecasted future revenue, the stated royalty rate, the remaining periods in the obligation; annual risk-free interest rate based on the US Constant Maturity Treasury Curve and annualized volatility. The annualized volatility was calculated by observing volatilities for comparable companies with adjustments for the Company's size and leverage. Acquisition accounting - The Company accounts for business combinations under the acquisition method of accounting. The total cost of acquisitions is allocated to the underlying identifiable net tangible and intangible assets based on their respective estimated fair values. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent valuation experts and often involves the use of significant estimates and assumptions with respect to the timing and amounts of future cash inflows and outflows, discount rates, market prices and asset lives, among other items. A combination of income, market and cost approaches are used for the valuation where appropriate, depending on the assets or liabilities being valued. The valuation inputs in these models and analyses give consideration to market participant assumptions. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the six months ended June 30, 2019 , the Company recorded income tax benefit of $5,778 on income from continuing operations before income taxes of $26,512 . The income tax benefit differs from the expected statutory amount primarily due to the impact of the percentage depletion allowance, the permanent impact of stock-based compensation deductions, and the reduction in the valuation allowance. As of June 30, 2019 , the Company anticipates that no current federal income tax liability will be generated in 2019. For the six months ended June 30, 2018 , the Company recorded income tax expense of $121 on income from continuing operations before income taxes of $133,063 . 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. During the six months ended June 30, 2019 , the Company recorded an increase of $12,387 to its deferred tax asset valuation allowance, which consists of a $2,089 reduction recorded to continuing operations and a $14,476 increase recorded to discontinued operations. 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. For each reporting period, the Company updates its assessment regarding the realizability of its deferred tax assets, including scheduling the reversal of its deferred tax assets and 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. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Compensation Related Costs [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company provides several types of benefits for its employees, including postemployment life insurance, defined benefit and defined contribution pension plans, and workers’ compensation and black lung benefits. The Company does not participate in any multi-employer plans. The components of net periodic (benefit) expense other than the service cost component for pension, black lung, and life insurance benefits are included in the line item miscellaneous loss, net in the Condensed Consolidated Statements of Operations. Pension The following table details the components of the net periodic (benefit) expense for pension obligations: Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Interest cost $ 6,677 $ 13,293 Expected return on plan assets (7,015 ) (14,021 ) Amortization of net actuarial loss 190 398 Net periodic benefit $ (148 ) $ (330 ) As the Company assumed these pension obligations in connection with the Merger, there was no net periodic (benefit) expense for the three and six months ended June 30, 2018 . Black Lung The following table details the components of the net periodic (benefit) expense for black lung obligations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 403 $ 192 $ 807 $ 388 Interest cost 909 175 1,819 347 Expected return on plan assets (16 ) — (32 ) — Amortization of net actuarial loss 45 52 90 100 Net periodic expense $ 1,341 $ 419 $ 2,684 $ 835 Life Insurance Benefits The following table details the components of the net periodic (benefit) expense for life insurance benefit obligations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest cost $ 106 $ 97 $ 212 $ 194 Amortization of net actuarial gain (26 ) (11 ) (52 ) (22 ) Net periodic expense $ 80 $ 86 $ 160 $ 172 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 June 30, 2019 and 2018 was $3,767 and $1,475 , respectively. The Company’s total contributions to these plans for the six months ended June 30, 2019 and 2018 was $19,303 and $6,986 , 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 June 30, 2019 and 2018 , the Company incurred total expenses of $18,859 and $6,866 , respectively, which primarily includes claims processed and an estimate for claims incurred but not paid. During the six months ended June 30, 2019 and 2018 , the Company incurred total expenses of $37,897 and $14,028 , respectively, which primarily includes claims processed and an estimate for claims incurred but not paid. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On June 14, 2019, the Company entered into a Credit Agreement which provides for the Term Loan Credit Facility as provided by a group of existing shareholders as of the agreement date. Refer to Note 10 for additional disclosures. On July 19, 2019, the U.S. Bankruptcy Court approved debtor-in-possession (“DIP”) financing of $2,900 with DIP lenders, Highbridge Capital Management, LLC and Whitebox Advisors LLC, which are existing shareholders of the Company. The Company entered into an arrangement on July 19, 2019 to purchase the obligations under the DIP financing at the request of the lenders thereunder pursuant to certain terms and conditions. Refer to Note 19 for further details within subsequent event disclosures. There were no other material related party transactions for the six months ended June 30, 2019 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
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 Condensed Consolidated 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 financing and operating leases with varying terms. Refer to Note 9 for further information on leases. In addition, the Company leases mineral interests and surface rights from land owners under various terms and royalty rates. Coal royalty expense was $27,305 and $7,770 for the three months ended June 30, 2019 and 2018. Coal royalty expense was $51,251 and $13,743 for the six months ended June 30, 2019 and 2018. Other Commitments The Company has obligations under certain coal purchase agreements that contain minimum quantities to be purchased in the remainder of 2019 and 2020 totaling an estimated $253,145 and $13,200 , respectively, which includes an estimated $50,400 in the remainder of 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 has obligations under certain coal transportation agreements that contain minimum quantities to be shipped in the remainder of 2019 and 2020 totaling $2,058 and $10,906 , respectively. The Company also has obligations under certain equipment purchase agreements that contain minimum quantities to be purchased in the remainder of 2019 and 2020, totaling $42,005 and $2,134 , 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 2019 and 2020 totaling $8,338 and $9,175 , respectively. For the three months ended June 30, 2019 and 2018, the Company purchased and sold 352 and 1,486 tons, respectively, totaling $3,861 and $16,590 , respectively, under the Back-to-Back Coal Supply Agreements. For the six months ended June 30, 2019 and 2018, the Company purchased and sold 721 and 4,650 tons, respectively, totaling $7,742 and $50,339 , respectively, under the Back-to-Back Coal Supply Agreements. On July 1, 2019, Blackjewel announced a Chapter 11 bankruptcy filing. Refer to Note 19 for further details within subsequent event disclosures. If the Company’s purchase of the PRB operations is approved, the Company is expected to retain the contracts that were formally treated as Back-to-Back Coal Supply Agreements. 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. 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 neither the Company nor its subsidiary is obligated to pay these severance taxes. On October 28, 2018, Blackjewel entered into a payment plan agreement with the State of Wyoming Department of Revenue to address the severance taxes owed by Blackjewel. On July 1, 2019, Blackjewel announced a Chapter 11 bankruptcy filing. Refer to Note 19 for further details within subsequent event disclosures. Future Federal Income Tax Refunds As of June 30, 2019 , the Company has recorded $68,774 of federal income tax receivable and $68,774 of federal deferred tax asset related to AMT Credits. In addition, the Company has recorded a non-current federal income tax receivable of $43,770 related to an NOL carryback claim. Because the federal government was a creditor in the Alpha Natural Resources, Inc. (“Predecessor Alpha”) bankruptcy proceedings, it is possible that the federal government could withhold some or all of the tax refund attributable to the NOL carryback claim and the refundable AMT Credits and assert a right to setoff the tax refund and refundable credits against its prepetition bankruptcy claims. (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 Condensed Consolidated Balance Sheets. However, the underlying liabilities that they secure, such as asset retirement obligations, workers’ compensation liabilities, and royalty obligations, are reflected in the Company’s Condensed Consolidated Balance Sheets. The Company is required to provide financial assurance in order to perform the post-mining reclamation required by its mining permits, pay its federal production royalties, pay workers’ compensation claims under workers’ compensation laws in various states, pay federal black lung benefits, and perform certain other obligations. In order to provide the required financial assurance, the Company generally uses surety bonds for post-mining reclamation and workers’ compensation obligations. The Company can also use bank letters of credit to collateralize certain obligations. As of June 30, 2019 , the Company had outstanding surety bonds with a total face amount of $580,284 to secure various obligations and commitments, including $237,310 related to the PRB. To secure the Company’s reclamation-related obligations, the Company currently has $114,776 of collateral supporting these obligations. As the permits associated with the PRB Transaction have not transferred due to the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019, the Company no longer anticipates the related restricted cash and deposits will be returned in the near term to operating cash. Refer to Note 19 for further details within subsequent event disclosures. Amounts included in 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 $95,721 , $31,230 , $87,909 , $28,752 , and $2,833 as of June 30, 2019 for securing the Company’s obligations under certain worker’s compensation, black lung, reclamation-related obligations, general liabilities, and financial guarantees, respectively, which have been written on the Company’s behalf. Additionally, the Company has $4,431 of short-term restricted cash held in escrow related to the Company’s contingent revenue obligation. Refer to Note 11 for further information regarding the contingent revenue obligation. The Company’s restricted cash is primarily invested in interest bearing accounts. This restricted cash is classified as both short-term and long-term on the Company’s Condensed Consolidated Balance Sheets. Amounts included in restricted investments consist of certificates of deposit, corporate bonds, and U.S. treasury bills that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral in the amounts of $2,528 and $15,315 as of June 30, 2019 for securing the Company’s obligations under certain worker’s compensation and reclamation-related obligations, respectively, which have been written on the Company’s behalf. These restricted investments are classified as long-term on the Company’s Condensed Consolidated Balance Sheets. Deposits represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral. At June 30, 2019 , the Company had cash collateral in the form of deposits in the amounts of $11,553 and $11,855 to secure the Company’s obligations under reclamation-related obligations and various other operating agreements, respectively. These deposits are classified as both short-term and long-term on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2019 , the Company had real property collateralizing $26,749 of reclamation bonds. The Company meets frequently with its surety providers and has discussions with certain providers regarding the extent of and the terms of their participation in the program. These discussions may cause the Company to shift surety bonds between providers or to alter the terms of their participation in our program. To the extent that surety bonds become unavailable or the Company’s surety bond providers require additional collateral, the Company would seek to secure its obligations with letters of credit, cash deposits or other suitable forms of collateral. The Company’s failure to maintain, or inability to acquire, surety bonds or to provide a suitable alternative would have a material adverse effect on its liquidity. These failures could result from a variety of factors including lack of availability, higher cost or unfavorable market terms of new surety bonds, and the exercise by third-party surety bond issuers of their right to refuse to renew the surety. Letters of Credit As of June 30, 2019 , the Company had $39,474 letters of credit outstanding under the Amended and Restated Asset-Based Revolving Credit Agreement. Additionally, as of June 30, 2019 , the Company had $135,746 letters of credit outstanding under the Amended and Restated Letter of Credit Agreement dated November 9, 2018 between ANR, Inc. and Citibank, N.A. and $613 letters of credit outstanding under the Credit and Security Agreement dated June 30, 2017, and related amendments, between ANR, Inc. and First Tennessee Bank National Association. (d) Legal Proceedings The Company is 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 | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company extracts, processes and markets met and thermal 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 four reportable segments: CAPP - Met, CAPP - Thermal, NAPP, and Trading and Logistics. CAPP - Met consists of eight active mines and two preparation plants in Virginia, seventeen active mines and six preparation plants in West Virginia, as well as expenses associated with certain closed mines. CAPP - Thermal consists of six active mines and three preparation plants in West Virginia. 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. Prior to the Merger, the Company had three reportable segments: CAPP, NAPP, and Trading and Logistics. In addition to the four reportable segments, the All Other category includes general corporate overhead and corporate assets and liabilities and the elimination of certain intercompany activity. 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 June 30, 2019 were as follows: Three Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 373,470 $ 73,845 $ 77,134 $ 131,039 $ 718 $ 656,206 Depreciation, depletion, and amortization $ 38,507 $ 16,502 $ 6,522 $ 322 $ 961 $ 62,814 Amortization of acquired intangibles, net $ 4,915 $ 749 $ — $ (6,007 ) $ — $ (343 ) Adjusted EBITDA $ 113,742 $ 11,033 $ 21,298 $ 9,310 $ (14,631 ) $ 140,752 Capital expenditures $ 28,106 $ 5,190 $ 8,204 $ — $ 1,298 $ 42,798 Segment operating results and capital expenditures for the three months ended June 30, 2018 were as follows: Three Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 152,707 $ — $ 72,092 $ 303,226 $ 893 $ 528,918 Depreciation, depletion, and amortization $ 5,742 $ — $ 5,295 $ — $ 185 $ 11,222 Amortization of acquired intangibles, net $ — $ — $ — $ 1,104 $ — $ 1,104 Adjusted EBITDA $ 63,148 $ — $ 8,899 $ 23,428 $ (9,355 ) $ 86,120 Capital expenditures $ 8,173 $ — $ 10,572 $ — $ 163 $ 18,908 Segment operating results and capital expenditures for the six months ended June 30, 2019 were as follows: Six Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 719,969 $ 131,452 $ 148,835 $ 263,642 $ 1,422 $ 1,265,320 Depreciation, depletion, and amortization $ 75,180 $ 30,614 $ 13,149 $ 322 $ 4,820 $ 124,085 Amortization of acquired intangibles, net $ 9,701 $ 1,904 $ — $ (18,631 ) $ — $ (7,026 ) Adjusted EBITDA $ 205,445 $ 6,750 $ 26,052 $ 19,239 $ (33,352 ) $ 224,134 Capital expenditures $ 57,692 $ 7,659 $ 16,203 $ — $ 2,328 $ 83,882 Segment operating results and capital expenditures for the six months ended June 30, 2018 were as follows: Six Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 287,543 $ — $ 135,229 $ 586,245 $ 2,233 $ 1,011,250 Depreciation, depletion, and amortization $ 11,978 $ — $ 10,463 $ — $ 369 $ 22,810 Amortization of acquired intangibles, net $ — $ — $ — $ 11,310 $ — $ 11,310 Adjusted EBITDA $ 121,068 $ — $ 18,189 $ 66,186 $ (20,323 ) $ 185,120 Capital expenditures $ 15,845 $ — $ 22,341 $ — $ 163 $ 38,349 The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended June 30, 2019 : Three Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 60,890 $ (8,895 ) $ 13,771 $ 14,673 $ (56,139 ) $ 24,300 Interest expense 194 6 — — 15,877 16,077 Interest income (4 ) — (11 ) — (1,870 ) (1,885 ) Income tax benefit — — — — (1,000 ) (1,000 ) Depreciation, depletion and amortization 38,507 16,502 6,522 322 961 62,814 Merger related costs — — — — 156 156 Non-cash stock compensation expense 54 5 — 322 (927 ) (546 ) Mark-to-market adjustment - acquisition-related obligations — — — — 1,014 1,014 Accretion on asset retirement obligations 2,327 2,666 1,016 — 838 6,847 Loss on modification and extinguishment of debt — — — — 26,459 26,459 Asset impairment (1) 5,826 — — — — 5,826 Cost impact of coal inventory fair value adjustment (2) 1,033 — — — — 1,033 Amortization of acquired intangibles, net 4,915 749 — (6,007 ) — (343 ) Adjusted EBITDA $ 113,742 $ 11,033 $ 21,298 $ 9,310 $ (14,631 ) $ 140,752 (1) Asset impairment primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019. Refer to Note 19 for further details within subsequent event disclosures. (2) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger is expected to have short-term impact. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended June 30, 2018 : Three Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 73,140 $ — $ 3,090 $ 22,342 $ (23,930 ) $ 74,642 Interest expense 3 — (417 ) — 9,193 8,779 Interest income (6 ) — (10 ) (18 ) (157 ) (191 ) Income tax expense — — — — 55 55 Depreciation, depletion and amortization 5,742 — 5,295 — 185 11,222 Merger related costs — — — — 3,423 3,423 Non-cash stock compensation expense — — — — 1,876 1,876 Gain on sale of disposal group (1) (16,386 ) — — — — (16,386 ) Accretion on asset retirement obligations 655 — 941 — — 1,596 Amortization of acquired intangibles, net — — — 1,104 — 1,104 Adjusted EBITDA $ 63,148 $ — $ 8,899 $ 23,428 $ (9,355 ) $ 86,120 (1) 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 the CAPP - Met 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 other expenses (income) within the Condensed Consolidated Statements of Operations. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the six months ended June 30, 2019 : Six Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 114,025 $ (34,024 ) $ 10,892 $ 36,940 $ (95,543 ) $ 32,290 Interest expense 222 10 1 — 30,999 31,232 Interest income (8 ) — (23 ) — (3,790 ) (3,821 ) Income tax benefit — — — — (5,778 ) (5,778 ) Depreciation, depletion and amortization 75,180 30,614 13,149 322 4,820 124,085 Merger related costs — — — — 987 987 Non-cash stock compensation expense 171 57 — 608 3,889 4,725 Mark-to-market adjustment - acquisition-related obligations — — — — 2,950 2,950 Accretion on asset retirement obligations 4,660 4,731 2,033 — 1,655 13,079 Loss on modification and extinguishment of debt — — — — 26,459 26,459 Asset impairment (1) 5,826 — — — — 5,826 Cost impact of coal inventory fair value adjustment (2) 4,751 3,458 — — — 8,209 Gain on assets acquired in an exchange transaction (3) (9,083 ) — — — — (9,083 ) Amortization of acquired intangibles, net 9,701 1,904 — (18,631 ) — (7,026 ) Adjusted EBITDA $ 205,445 $ 6,750 $ 26,052 $ 19,239 $ (33,352 ) $ 224,134 (1) Asset impairment primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019. Refer to Note 19 for further details within subsequent event disclosures. (2) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger is expected to have short-term impact. (3) During the six months ended June 30, 2019 , the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083 . The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the six months ended June 30, 2018 : Six Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 123,000 $ — $ 6,205 $ 54,894 $ (51,157 ) $ 132,942 Interest expense 312 — (349 ) — 18,021 17,984 Interest income (10 ) — (12 ) (18 ) (282 ) (322 ) Income tax expense — — — — 121 121 Depreciation, depletion and amortization 11,978 — 10,463 — 369 22,810 Merger related costs — — — — 3,883 3,883 Management restructuring costs (1) — — — — 2,659 2,659 Non-cash stock compensation expense — — — — 6,355 6,355 Gain on settlement of acquisition-related obligations — — — — (292 ) (292 ) Gain on sale of disposal group (2) (16,386 ) — — — — (16,386 ) Accretion on asset retirement obligations 2,174 — 1,882 — — 4,056 Amortization of acquired intangibles, net — — — 11,310 — 11,310 Adjusted EBITDA $ 121,068 $ — $ 18,189 $ 66,186 $ (20,323 ) $ 185,120 (1) Management restructuring costs are related to severance expense associated with senior management changes in the six months ended June 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 the CAPP - Met 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 other expenses (income) within the Condensed Consolidated Statements of Operations. 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, Turkey, France, and Netherlands. Export coal revenues were the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total coal revenues $ 653,828 $ 525,168 $ 1,260,788 $ 1,003,533 Export coal revenues (1) $ 362,838 $ 461,490 $ 706,144 $ 883,045 Export coal revenues as % of total coal revenues 55 % 88 % 56 % 88 % (1) The amounts for the three months ended June 30, 2019 include $71,991 of export coal revenues from external customers in India, recorded within the CAPP - Met, CAPP - Thermal, NAPP, and Trading and Logistics segments. The amounts for the three months ended June 30, 2018 include $123,131 , $91,599 , and $53,367 of export coal revenues from external customers in India, Brazil, and France, respectively, recorded within the CAPP - Met, NAPP, and Trading and Logistics segments. The amounts for the six months ended June 30, 2019 include $197,589 of export coal revenues from external customers in India, recorded within the CAPP - Met, CAPP - Thermal, NAPP, and Trading and Logistics segments. The amounts for the six months ended June 30, 2018 include $289,415 and $161,967 of export coal revenues from external customers in India and Brazil, respectively, recorded within the CAPP - Met, NAPP, and Trading and Logistics segments. Revenue is tracked within the Company’s accounting records based on the product destination. The Company sold 655 and 1,711 tons of coal purchased from third parties, excluding tons sold related to the Back-to-Back Coal Supply Agreements, for the three months ended June 30, 2019 and 2018, respectively, representing approximately 10% and 39% , respectively, of total coal sales volume during such periods. The Company sold 1,375 and 3,233 tons of coal purchased from third parties, excluding tons sold related to the Back-to-Back Coal Supply Agreements, for the six months ended June 30, 2019 and 2018, respectively, representing approximately 11% and 39% , respectively, of total coal sales volume during such periods. The Company purchased 1,196 and 2,295 tons of this coal from Alpha during the three and six months ended June 30, 2018 . Additionally, one of the Company’s customers had an outstanding balance in excess of 10% of the total accounts receivable balance as of June 30, 2019 , and two of the Company’s customers had outstanding balances each in excess of 10% of the total accounts receivable balance as of December 31, 2018. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 1, 2019, Blackjewel announced that it and certain affiliated entities had filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of West Virginia. Subsequently, on July 10, 2019, the Wyoming Environmental Quality Council (the “EQC”) stayed the transfer process of the still outstanding permits from Contura Coal West to Blackjewel to allow the EQC time to review these developments. The EQC has taken no additional action since July 10, 2019. On July 25, 2019, the Company announced that it would seek to serve as the stalking horse purchaser for certain assets offered for sale through Blackjewel’s bankruptcy proceedings, and on August 6, 2019, the federal bankruptcy judge in the Southern District of West Virginia verbally approved the Company’s purchase of the Eagle Butte and Belle Ayr mines in Wyoming and the Pax Surface Mine in Scarbro, West Virginia for $33,750 . |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Together, the condensed consolidated statements of operations, comprehensive (loss) income, balance sheet, cash flows and stockholders’ equity for the Company are referred to as the “Condensed Consolidated Financial Statements.” The Condensed Consolidated Financial Statements are also referenced across periods as “Condensed Consolidated Balance Sheets,” “Condensed Consolidated Statements of Operations,” and “Condensed Consolidated Statements of Cash Flows.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and six months ended June 30, 2019 and 2018 . All significant intercompany transactions have been eliminated in consolidation. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for Form 10-Q. Such rules and regulations allow the omission of certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP as long as the financial statements are not misleading. In the opinion of management, these interim Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Reclassifications | Reclassifications Accretion on asset retirement obligations has been reclassified in the prior year from cost of coal sales to a separate line item in the Condensed Consolidated Statements of Operations to conform to the current year presentation. Freight and handling costs has been reclassified in the prior year from a separate line item into cost of coal sales in the Condensed Consolidated Statements of Operations to conform to the current year presentation. |
New Accounting Pronouncements | New Accounting Pronouncements Leases: In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-02 , Leases (“ASU 2016-02”) . ASU 2016-02, along with related amendments issued from 2017 to 2019 (collectively, the “New Leases Standard”), requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet. The Company adopted ASU 2016-02 effective January 1, 2019 and elected the option to not restate comparative periods in transition and also elected the package of practical expedients for all leases within the standard, which permits the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs. Additionally, the Company elected the transition practical expedient to continue to account for existing and expired land easements at transition as executory contracts. Only land easements entered into or modified after the effective date of Accounting Standards Codification (“ASC”) 842 are accounted for as leases by the Company. As a result of the adoption, the Company recorded operating lease right-of-use assets and lease liabilities on our Condensed Consolidated Balance Sheet. The following table summarizes the impact of the adoption of ASC 842 to the Company’s Condensed Consolidated Balance Sheet: Balance at December 31, 2018 (1) Adjustments Balance at January 1, 2019 Assets Balance Sheet Classification Operating lease right-of-use assets Other non-current assets $ — $ 11,845 $ 11,845 Financing lease assets Property, plant, and equipment, net 9,786 — 9,786 Total lease assets $ 9,786 $ 11,845 $ 21,631 Liabilities Balance Sheet Classification Operating lease liabilities - current Accrued expenses and other current liabilities $ — $ 3,624 $ 3,624 Financing lease liabilities - current Current portion of long-term debt 2,110 — 2,110 Operating lease liabilities - long-term Other non-current liabilities — 8,221 8,221 Financing lease liabilities - long-term Long-term debt 4,313 — 4,313 Total lease liabilities $ 6,423 $ 11,845 $ 18,268 (1) Balances do not include measurement-period adjustments recorded during the three months ended June 30, 2019. Refer to Note 2 for further details on measurement-period adjustments recorded during the period. The adoption of ASC 842 did not have an impact on our Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, or Condensed Consolidated Statements of Cash Flows. Refer to Note 9 for further disclosure requirements under the new standard. Credit Losses: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Credit Losses (“ASU 2016-13”). ASU 2016-13, along with related amendments and improvements issued in 2018 and 2019, replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable supportable information to inform credit loss estimates. Management is currently evaluating the impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Stock Compensation : 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. The Company adopted ASU 2018-07 during the first quarter of 2019. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Acquired Intangible Assets and Liabilities | The total purchase price has been preliminarily allocated to the net tangible and intangible assets of Alpha Companies as follows: Provisional as of December 31, 2018 Adjustments Provisional as of June 30, 2019 Cash and cash equivalents $ 29,939 $ — $ 29,939 Trade and other receivables 60,714 — 60,714 Inventories 85,635 — 85,635 Short-term restricted cash 10,592 — 10,592 Other current assets 38,495 7,929 46,424 Property, plant, and equipment 504,852 (33,930 ) 470,922 Owned and leased mineral rights 516,201 39,031 555,232 Other intangible assets 154,041 4,453 158,494 Long-term restricted cash 182,049 — 182,049 Long-term restricted investments 28,809 — 28,809 Other non-current assets 68,022 (3,915 ) 64,107 Total assets $ 1,679,349 $ 13,568 $ 1,692,917 Accounts payable $ 69,049 $ (2,711 ) $ 66,338 Accrued expenses and other current liabilities 76,774 2,139 78,913 Long-term debt, including current portion 144,832 3,618 148,450 Acquisition related obligations 74,346 5,738 80,084 Pension obligations 158,005 3,596 161,601 Asset retirement obligation, including current portion 163,636 12,718 176,354 Deferred income taxes, including current portion 134,924 (2,246 ) 132,678 Other intangible liabilities 57,219 — 57,219 Other non-current liabilities 207,654 (3,889 ) 203,765 Total liabilities $ 1,086,439 $ 18,963 $ 1,105,402 Goodwill $ 95,624 $ 5,395 $ 101,019 Allocation of purchase price $ 688,534 $ — $ 688,534 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table represents the intangible assets and the weighted-average amortization periods as of the acquisition date: Provisional as of June 30, 2019 Weighted-Average Amortization Period In Years ) Mining permits $ 157,645 12.62 Above-market coal supply agreements 849 1.03 Below-market coal supply agreements (57,219 ) 2.10 Total acquired intangibles: $ 101,275 10.46 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the Merger occurred on January 1, 2017. The unaudited pro forma results have been prepared based on estimates and assumptions, which the Company believes are reasonable; however, they are not necessarily indicative of the consolidated results of operations had the Merger occurred on January 1, 2017, or of future results of operations. Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 As reported Pro forma As reported Pro forma Total revenues $ 528,918 $ 712,204 $ 1,011,250 $ 1,338,953 Income from continuing operations $ 74,642 $ 105,117 $ 132,942 $ 179,646 Basic income per common share: Income from continuing operations $ 7.75 $ 5.53 $ 13.87 $ 9.47 Diluted income per common share: Income from continuing operations $ 7.24 $ 5.34 $ 12.91 $ 9.13 Weighted average shares - basic 9,625,874 19,004,073 9,587,457 18,965,656 Weighted average shares - diluted 10,306,043 19,684,242 10,299,539 19,677,738 |
Business and Basis of Present_3
Business and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements | The following table summarizes the impact of the adoption of ASC 842 to the Company’s Condensed Consolidated Balance Sheet: Balance at December 31, 2018 (1) Adjustments Balance at January 1, 2019 Assets Balance Sheet Classification Operating lease right-of-use assets Other non-current assets $ — $ 11,845 $ 11,845 Financing lease assets Property, plant, and equipment, net 9,786 — 9,786 Total lease assets $ 9,786 $ 11,845 $ 21,631 Liabilities Balance Sheet Classification Operating lease liabilities - current Accrued expenses and other current liabilities $ — $ 3,624 $ 3,624 Financing lease liabilities - current Current portion of long-term debt 2,110 — 2,110 Operating lease liabilities - long-term Other non-current liabilities — 8,221 8,221 Financing lease liabilities - long-term Long-term debt 4,313 — 4,313 Total lease liabilities $ 6,423 $ 11,845 $ 18,268 (1) Balances do not include measurement-period adjustments recorded during the three months ended June 30, 2019. Refer to Note 2 for further details on measurement-period adjustments recorded during the period. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | The major components of cash flows related to discontinued operations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Other significant operating non-cash items related to discontinued operations: Depreciation, depletion and amortization $ 145,913 $ — $ 145,913 $ — The major components of asset and liabilities that are classified as discontinued operations in the Condensed Consolidated Balance Sheets are as follows: June 30, 2019 December 31, 2018 Assets: Accounts receivable, net $ 1,060 $ 5 Prepaid expenses and other current assets $ 999 $ 22,470 Liabilities: Trade accounts payable, accrued expenses and other current liabilities (1) $ 17,298 $ 21,892 Asset retirement obligations (2) $ 146,921 $ — Other non-current liabilities $ 95 $ 94 (1) The liabilities are primarily comprised of taxes for which the Company is considered to be the primary obligor but for which the Buyer is contractually obligated to pay. During the three months ended June 30, 2019 , the Company recorded an impairment charge for the offsetting receivable from the Buyer as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019. Refer to Note 19 for further details within subsequent event disclosures. (2) Refer to discussion of asset retirement obligation in the table above. The major components of net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues: Total revenues (1) $ 52 $ 182 $ 148 $ 1,115 Costs and expenses: Depreciation, depletion and amortization (2) $ 145,913 $ — $ 145,913 $ — Asset impairment (3) $ 16,468 $ — $ 16,468 $ — Other expenses $ 1,349 $ 1,104 $ 2,939 $ 2,402 Other non-major expense (income) items, net $ 189 $ (68 ) $ 285 $ 926 (1) Total revenues for the three and six months ended June 30, 2019 and 2018 consisted entirely of other revenues. (2) The depreciation, depletion and amortization is primarily related to an increase in the asset retirement obligation as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019. The Company remeasured the liability based on the expectation that the mining permits will not transfer and Blackjewel is not expected to perform on their contractual obligation to reclaim the properties due to Blackjewel’s Chapter 11 bankruptcy filing. The increase in the asset retirement obligation was expensed in the three months ended June 30, 2019 as there are no related mining assets. The estimates and assumptions used to determine the asset retirement obligation as of June 30, 2019 will continue to be evaluated and updated as additional information becomes available in subsequent periods. Refer to Note 19 for further details within subsequent event disclosures. (3) The asset impairment is primarily related to the write-off of a tax receivable. Refer to the disclosures below for further details. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate the Company’s coal revenues by product category and by market 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 June 30, 2019 Met Thermal Total Export coal revenues $ 345,576 $ 17,262 $ 362,838 Domestic coal revenues 156,053 134,937 290,990 Total coal revenues $ 501,629 $ 152,199 $ 653,828 Three Months Ended June 30, 2018 Met Thermal Total Export coal revenues $ 453,581 $ 7,909 $ 461,490 Domestic coal revenues 14,940 48,738 63,678 Total coal revenues $ 468,521 $ 56,647 $ 525,168 Six Months Ended June 30, 2019 Met Thermal Total Export coal revenues $ 679,762 $ 26,382 $ 706,144 Domestic coal revenues 292,311 262,333 554,644 Total coal revenues $ 972,073 $ 288,715 $ 1,260,788 Six Months Ended June 30, 2018 Met Thermal Total Export coal revenues $ 867,259 $ 15,786 $ 883,045 Domestic coal revenues 22,864 97,624 120,488 Total coal revenues $ 890,123 $ 113,410 $ 1,003,533 |
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 June 30, 2019 . Remainder of 2019 2020 2021 2022 2023 Total Estimated coal revenues $ 129,558 $ 269,340 $ 117,590 $ 69,943 $ 84,268 $ 670,699 |
Contract with Customer, Liability | The following table includes the opening and closing balances of contract assets from modifications with contracts with customers, which are included within prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets: June 30, 2019 December 31, 2018 Contract assets (1) $ 2,204 $ 950 (1) Amounts primarily relate to payments made upon modification of coal contracts. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes to accumulated other comprehensive income (loss) during the six months ended June 30, 2019 and 2018 : Balance January 1, 2019 Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance June 30, 2019 Employee benefit costs $ (23,130 ) $ 713 $ 341 $ (22,076 ) Balance January 1, 2018 Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Balance June 30, 2018 Employee benefit costs $ (1,948 ) $ (128 ) $ 78 $ (1,998 ) The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations line items affected by the reclassification during the three and six months ended June 30, 2019 and 2018 : Details about accumulated other comprehensive income (loss) components Amounts reclassified from accumulated other comprehensive income (loss) Affected line item in the Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Employee benefit costs: Amortization of actuarial loss $ 222 $ 41 $ 461 $ 78 (1) Miscellaneous loss, net Income tax expense (58 ) — (120 ) — Income tax benefit (expense) Total, net of income tax $ 164 $ 41 $ 341 $ 78 (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs for black lung and life insurance. Refer to Note 15 . |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) Income from continuing operations $ 24,300 $ 74,642 $ 32,290 $ 132,942 Loss from discontinued operations (137,961 ) (854 ) (139,136 ) (2,213 ) Net (loss) income $ (113,661 ) $ 73,788 $ (106,846 ) $ 130,729 Basic Weighted average common shares outstanding - basic 19,123,705 9,625,874 19,009,643 9,587,457 Basic income (loss) per common share: Income from continuing operations $ 1.27 $ 7.75 $ 1.70 $ 13.87 Loss from discontinued operations (7.21 ) (0.08 ) (7.32 ) (0.23 ) Net (loss) income $ (5.94 ) $ 7.67 $ (5.62 ) $ 13.64 Diluted Weighted average common shares outstanding - basic 19,123,705 9,625,874 19,009,643 9,587,457 Diluted effect of warrants 143,571 260,919 179,807 253,795 Diluted effect of stock options 74,278 261,849 139,956 268,364 Diluted effect of restricted share units, restricted stock shares and performance-based restricted share units 78,917 157,401 150,777 189,923 Weighted average common shares outstanding - diluted 19,420,471 10,306,043 19,480,183 10,299,539 Diluted income (loss) per common share: Income from continuing operations $ 1.25 $ 7.24 $ 1.66 $ 12.91 Loss from discontinued operations (7.10 ) (0.08 ) (7.14 ) (0.22 ) Net (loss) income $ (5.85 ) $ 7.16 $ (5.48 ) $ 12.69 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories, net consisted of the following: June 30, 2019 December 31, 2018 Raw coal $ 34,288 $ 33,607 Saleable coal 104,141 63,767 Materials, supplies and other, net 25,874 24,591 Total inventories, net $ 164,303 $ 121,965 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangibles | The balances and respective balance sheet classifications of such assets and liabilities as of June 30, 2019 and December 31, 2018, net of accumulated amortization, are set forth in the following tables: June 30, 2019 Assets (1) Liabilities (2) Net Total Coal supply agreements, net $ 3,923 $ (14,402 ) $ (10,479 ) Acquired mine permits, net 142,631 — 142,631 Total $ 146,554 $ (14,402 ) $ 132,152 December 31, 2018 Assets (1) Liabilities (2) Net Total Coal supply agreements, net $ 4,687 $ (33,912 ) $ (29,225 ) Acquired mine permits, net 149,897 — 149,897 Total $ 154,584 $ (33,912 ) $ 120,672 (1) Included within other acquired intangibles, net of accumulated amortization on the Company’s Condensed Consolidated Balance Sheets. (2) Included within other non-current liabilities on the Company’s Condensed Consolidated Balance Sheets. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Right-of-use Assets and Lease Liabilities | As of June 30, 2019 , the Company had the following right-of-use assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets: June 30, 2019 Assets Balance Sheet Classification Financing lease assets Property, plant, and equipment, net $ 11,134 Operating lease right-of-use assets Other non-current assets 9,525 Total lease assets $ 20,659 Liabilities Balance Sheet Classification Financing lease liabilities - current Current portion of long-term debt $ 3,038 Operating lease liabilities - current Accrued expenses and other current liabilities 2,091 Financing lease liabilities - long-term Long-term debt 5,649 Operating lease liabilities - long-term Other non-current liabilities 7,434 Total lease liabilities $ 18,212 |
Lease Costs and Other Information | Total lease costs and other lease information for the three and six months ended June 30, 2019 included the following: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease cost (1) Finance lease cost: Amortization of leased assets $ 1,013 $ 1,653 Interest on lease liabilities 214 258 Operating lease cost 191 1,330 Short-term lease cost 541 980 Total lease cost $ 1,959 $ 4,221 (1) The Company had no variable lease costs or sublease income for the six months ended June 30, 2019 . Six Months Ended June 30, 2019 Other information Cash paid for amounts included in the measurement of lease liabilities $ 4,154 Operating cash flows from finance leases $ 258 Operating cash flows from operating leases $ 2,310 Financing cash flows from finance leases $ 1,586 Right-of-use assets obtained in exchange for new finance lease liabilities $ 750 Lease Term and Discount Rate Weighted-average remaining lease term in months - finance leases 35.0 Weighted-average remaining lease term in months - operating leases 95.9 Weighted-average discount rate - finance leases 4.9 % Weighted-average discount rate - operating leases 10.9 % |
Operating Lease Maturity | The following table summarizes the maturity of our lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2019 : Finance Leases Operating Leases Lease cost Remainder of 2019 $ 1,722 $ 1,784 2020 3,339 2,534 2021 2,702 1,885 2022 1,477 1,604 2023 62 1,155 Thereafter — 6,216 Total future minimum lease payments $ 9,302 $ 15,178 Imputed interest (615 ) (5,653 ) Present value of future minimum lease payments $ 8,687 $ 9,525 |
Finance Lease Maturity | The following table summarizes the maturity of our lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2019 : Finance Leases Operating Leases Lease cost Remainder of 2019 $ 1,722 $ 1,784 2020 3,339 2,534 2021 2,702 1,885 2022 1,477 1,604 2023 62 1,155 Thereafter — 6,216 Total future minimum lease payments $ 9,302 $ 15,178 Imputed interest (615 ) (5,653 ) Present value of future minimum lease payments $ 8,687 $ 9,525 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following: June 30, 2019 December 31, 2018 Term Loan Credit Facility - due November 2025 $ — $ 550,000 Term Loan Credit Facility - due June 2024 561,800 — LCC Note Payable 62,500 62,500 LCC Water Treatment Obligation 11,250 11,875 Other 10,150 8,395 Debt discount and issuance costs (36,296 ) (44,758 ) Total long-term debt 609,404 588,012 Less current portion (28,885 ) (42,743 ) Long-term debt, net of current portion $ 580,519 $ 545,269 |
Acquisition-Related Obligatio_2
Acquisition-Related Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Acquisition-Related Obligations | Acquisition-related obligations consisted of the following: June 30, 2019 December 31, 2018 Contingent Revenue Obligation $ 58,941 $ 59,880 Environmental Settlement Obligations 19,305 19,306 Reclamation Funding Liability 22,000 22,000 Retiree Committee VEBA Funding Settlement Liability 1,000 3,500 UMWA Funds Settlement Liability 6,000 6,000 Discount (7,137 ) (10,356 ) Total acquisition-related obligations - long-term 100,109 100,330 Less current portion (33,060 ) (27,334 ) Acquisition-related obligations, net of current portion $ 67,049 $ 72,996 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Changes in Asset Retirement Obligations | The following table summarizes the changes in asset retirement obligations for the six months ended June 30, 2019 : Total asset retirement obligations at December 31, 2018 $ 228,448 Measurement-period adjustments (1) 12,718 Accretion for the period 13,065 Revisions in estimated cash flows (43 ) Expenditures for the period (11,114 ) Total asset retirement obligations at June 30, 2019 243,074 Less current portion (25,244 ) Long-term portion $ 217,830 (1) Refer to Note 2 for additional information on the Merger and related measurement-period adjustments recorded during the six months ended June 30, 2019 . |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring | The following tables set forth by level, within the fair value hierarchy, the Company’s acquisition-related obligations at fair value as of June 30, 2019 and December 31, 2018 : June 30, 2019 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding $ 915 $ 933 $ — $ — $ 933 UMWA Funds Settlement Liability 4,649 4,900 — — 4,900 Reclamation Funding Liability 19,856 20,260 — — 20,260 Environmental Settlement Obligations 15,748 15,528 — — 15,528 Total acquisition-related obligations $ 41,168 $ 41,621 $ — $ — $ 41,621 December 31, 2018 Carrying Amount (1) Total Fair Quoted Prices Significant Other Significant Retiree Committee VEBA Funding $ 3,337 $ 3,391 $ — $ — $ 3,391 UMWA Funds Settlement Liability 4,239 4,729 — — 4,729 Reclamation Funding Liability 18,106 19,362 — — 19,362 Environmental Settlement Obligations 14,768 14,936 — — 14,936 Total acquisition-related obligations $ 40,450 $ 42,418 $ — $ — $ 42,418 (1) Net of discounts. The following tables set forth by level, within the fair value hierarchy, the Company’s long-term debt at fair value as of June 30, 2019 and December 31, 2018 : June 30, 2019 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 June 2024 $ 538,070 $ 560,396 $ 560,396 $ — $ — LCC Note Payable 52,641 52,029 — — 52,029 LCC Water Treatment Obligation 8,543 8,475 — — 8,475 Total long-term debt $ 599,254 $ 620,900 $ 560,396 $ — $ 60,504 December 31, 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 November 2025 $ 521,667 $ 540,375 $ 540,375 $ — $ — LCC Note Payable 49,361 50,606 — — 50,606 LCC Water Treatment Obligation 8,589 8,827 — — 8,827 Total long-term debt $ 579,617 $ 599,808 $ 540,375 $ — $ 59,433 (1) Net of debt discounts and debt issuance costs. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 . Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels. June 30, 2019 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Significant Unobservable Inputs (Level 3) Contingent Revenue Obligation $ 58,941 $ — $ — $ 58,941 December 31, 2018 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Significant Unobservable Inputs (Level 3) Contingent Revenue Obligation $ 59,880 $ — $ — $ 59,880 The following table is a reconciliation of the financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis and that were categorized within Level 3 of the fair value hierarchy: December 31, 2018 Payments Measurement Period Adjustments (1) Loss Recognized in Earnings Transfer In (Out) of Level 3 Fair Value Hierarchy June 30, 2019 Contingent Revenue Obligation $ 59,880 $ (9,627 ) $ 5,738 $ 2,950 $ — $ 58,941 (1) Refer to Note 2 for additional information on the Merger and related measurement-period adjustments recorded during the six months ended June 30, 2019. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation Related Costs [Abstract] | |
Schedule of Net Periodic Benefit Cost | The following table details the components of the net periodic (benefit) expense for life insurance benefit obligations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest cost $ 106 $ 97 $ 212 $ 194 Amortization of net actuarial gain (26 ) (11 ) (52 ) (22 ) Net periodic expense $ 80 $ 86 $ 160 $ 172 The following table details the components of the net periodic (benefit) expense for pension obligations: Three Months Ended June 30, Six Months Ended June 30, 2019 2019 Interest cost $ 6,677 $ 13,293 Expected return on plan assets (7,015 ) (14,021 ) Amortization of net actuarial loss 190 398 Net periodic benefit $ (148 ) $ (330 ) The following table details the components of the net periodic (benefit) expense for black lung obligations: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 403 $ 192 $ 807 $ 388 Interest cost 909 175 1,819 347 Expected return on plan assets (16 ) — (32 ) — Amortization of net actuarial loss 45 52 90 100 Net periodic expense $ 1,341 $ 419 $ 2,684 $ 835 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Operating Results and Capital Expenditures | Segment operating results and capital expenditures for the three months ended June 30, 2019 were as follows: Three Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 373,470 $ 73,845 $ 77,134 $ 131,039 $ 718 $ 656,206 Depreciation, depletion, and amortization $ 38,507 $ 16,502 $ 6,522 $ 322 $ 961 $ 62,814 Amortization of acquired intangibles, net $ 4,915 $ 749 $ — $ (6,007 ) $ — $ (343 ) Adjusted EBITDA $ 113,742 $ 11,033 $ 21,298 $ 9,310 $ (14,631 ) $ 140,752 Capital expenditures $ 28,106 $ 5,190 $ 8,204 $ — $ 1,298 $ 42,798 Segment operating results and capital expenditures for the three months ended June 30, 2018 were as follows: Three Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 152,707 $ — $ 72,092 $ 303,226 $ 893 $ 528,918 Depreciation, depletion, and amortization $ 5,742 $ — $ 5,295 $ — $ 185 $ 11,222 Amortization of acquired intangibles, net $ — $ — $ — $ 1,104 $ — $ 1,104 Adjusted EBITDA $ 63,148 $ — $ 8,899 $ 23,428 $ (9,355 ) $ 86,120 Capital expenditures $ 8,173 $ — $ 10,572 $ — $ 163 $ 18,908 Segment operating results and capital expenditures for the six months ended June 30, 2019 were as follows: Six Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 719,969 $ 131,452 $ 148,835 $ 263,642 $ 1,422 $ 1,265,320 Depreciation, depletion, and amortization $ 75,180 $ 30,614 $ 13,149 $ 322 $ 4,820 $ 124,085 Amortization of acquired intangibles, net $ 9,701 $ 1,904 $ — $ (18,631 ) $ — $ (7,026 ) Adjusted EBITDA $ 205,445 $ 6,750 $ 26,052 $ 19,239 $ (33,352 ) $ 224,134 Capital expenditures $ 57,692 $ 7,659 $ 16,203 $ — $ 2,328 $ 83,882 Segment operating results and capital expenditures for the six months ended June 30, 2018 were as follows: Six Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Total revenues $ 287,543 $ — $ 135,229 $ 586,245 $ 2,233 $ 1,011,250 Depreciation, depletion, and amortization $ 11,978 $ — $ 10,463 $ — $ 369 $ 22,810 Amortization of acquired intangibles, net $ — $ — $ — $ 11,310 $ — $ 11,310 Adjusted EBITDA $ 121,068 $ — $ 18,189 $ 66,186 $ (20,323 ) $ 185,120 Capital expenditures $ 15,845 $ — $ 22,341 $ — $ 163 $ 38,349 The Company markets produced, processed and purchased coal to customers in the United States and in international markets, primarily India, Brazil, Turkey, France, and Netherlands. Export coal revenues were the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total coal revenues $ 653,828 $ 525,168 $ 1,260,788 $ 1,003,533 Export coal revenues (1) $ 362,838 $ 461,490 $ 706,144 $ 883,045 Export coal revenues as % of total coal revenues 55 % 88 % 56 % 88 % (1) The amounts for the three months ended June 30, 2019 include $71,991 of export coal revenues from external customers in India, recorded within the CAPP - Met, CAPP - Thermal, NAPP, and Trading and Logistics segments. The amounts for the three months ended June 30, 2018 include $123,131 , $91,599 , and $53,367 of export coal revenues from external customers in India, Brazil, and France, respectively, recorded within the CAPP - Met, NAPP, and Trading and Logistics segments. The amounts for the six months ended June 30, 2019 include $197,589 of export coal revenues from external customers in India, recorded within the CAPP - Met, CAPP - Thermal, NAPP, and Trading and Logistics segments. The amounts for the six months ended June 30, 2018 include $289,415 and $161,967 of export coal revenues from external customers in India and Brazil, respectively, recorded within the CAPP - Met, NAPP, and Trading and Logistics segments. Revenue is tracked within the Company’s accounting records based on the product destination. |
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 June 30, 2019 : Three Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 60,890 $ (8,895 ) $ 13,771 $ 14,673 $ (56,139 ) $ 24,300 Interest expense 194 6 — — 15,877 16,077 Interest income (4 ) — (11 ) — (1,870 ) (1,885 ) Income tax benefit — — — — (1,000 ) (1,000 ) Depreciation, depletion and amortization 38,507 16,502 6,522 322 961 62,814 Merger related costs — — — — 156 156 Non-cash stock compensation expense 54 5 — 322 (927 ) (546 ) Mark-to-market adjustment - acquisition-related obligations — — — — 1,014 1,014 Accretion on asset retirement obligations 2,327 2,666 1,016 — 838 6,847 Loss on modification and extinguishment of debt — — — — 26,459 26,459 Asset impairment (1) 5,826 — — — — 5,826 Cost impact of coal inventory fair value adjustment (2) 1,033 — — — — 1,033 Amortization of acquired intangibles, net 4,915 749 — (6,007 ) — (343 ) Adjusted EBITDA $ 113,742 $ 11,033 $ 21,298 $ 9,310 $ (14,631 ) $ 140,752 (1) Asset impairment primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019. Refer to Note 19 for further details within subsequent event disclosures. (2) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger is expected to have short-term impact. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended June 30, 2018 : Three Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 73,140 $ — $ 3,090 $ 22,342 $ (23,930 ) $ 74,642 Interest expense 3 — (417 ) — 9,193 8,779 Interest income (6 ) — (10 ) (18 ) (157 ) (191 ) Income tax expense — — — — 55 55 Depreciation, depletion and amortization 5,742 — 5,295 — 185 11,222 Merger related costs — — — — 3,423 3,423 Non-cash stock compensation expense — — — — 1,876 1,876 Gain on sale of disposal group (1) (16,386 ) — — — — (16,386 ) Accretion on asset retirement obligations 655 — 941 — — 1,596 Amortization of acquired intangibles, net — — — 1,104 — 1,104 Adjusted EBITDA $ 63,148 $ — $ 8,899 $ 23,428 $ (9,355 ) $ 86,120 (1) 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 the CAPP - Met 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 other expenses (income) within the Condensed Consolidated Statements of Operations. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the six months ended June 30, 2019 : Six Months Ended June 30, 2019 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 114,025 $ (34,024 ) $ 10,892 $ 36,940 $ (95,543 ) $ 32,290 Interest expense 222 10 1 — 30,999 31,232 Interest income (8 ) — (23 ) — (3,790 ) (3,821 ) Income tax benefit — — — — (5,778 ) (5,778 ) Depreciation, depletion and amortization 75,180 30,614 13,149 322 4,820 124,085 Merger related costs — — — — 987 987 Non-cash stock compensation expense 171 57 — 608 3,889 4,725 Mark-to-market adjustment - acquisition-related obligations — — — — 2,950 2,950 Accretion on asset retirement obligations 4,660 4,731 2,033 — 1,655 13,079 Loss on modification and extinguishment of debt — — — — 26,459 26,459 Asset impairment (1) 5,826 — — — — 5,826 Cost impact of coal inventory fair value adjustment (2) 4,751 3,458 — — — 8,209 Gain on assets acquired in an exchange transaction (3) (9,083 ) — — — — (9,083 ) Amortization of acquired intangibles, net 9,701 1,904 — (18,631 ) — (7,026 ) Adjusted EBITDA $ 205,445 $ 6,750 $ 26,052 $ 19,239 $ (33,352 ) $ 224,134 (1) Asset impairment primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019. Refer to Note 19 for further details within subsequent event disclosures. (2) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger is expected to have short-term impact. (3) During the six months ended June 30, 2019 , the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083 . The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the six months ended June 30, 2018 : Six Months Ended June 30, 2018 CAPP - Met CAPP - Thermal NAPP Trading and Logistics All Other Consolidated Net income (loss) from continuing operations $ 123,000 $ — $ 6,205 $ 54,894 $ (51,157 ) $ 132,942 Interest expense 312 — (349 ) — 18,021 17,984 Interest income (10 ) — (12 ) (18 ) (282 ) (322 ) Income tax expense — — — — 121 121 Depreciation, depletion and amortization 11,978 — 10,463 — 369 22,810 Merger related costs — — — — 3,883 3,883 Management restructuring costs (1) — — — — 2,659 2,659 Non-cash stock compensation expense — — — — 6,355 6,355 Gain on settlement of acquisition-related obligations — — — — (292 ) (292 ) Gain on sale of disposal group (2) (16,386 ) — — — — (16,386 ) Accretion on asset retirement obligations 2,174 — 1,882 — — 4,056 Amortization of acquired intangibles, net — — — 11,310 — 11,310 Adjusted EBITDA $ 121,068 $ — $ 18,189 $ 66,186 $ (20,323 ) $ 185,120 (1) Management restructuring costs are related to severance expense associated with senior management changes in the six months ended June 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 the CAPP - Met 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 $16,386 within other expenses (income) within the Condensed Consolidated Statements of Operations. |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Nov. 09, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 101,019 | $ 101,019 | $ 101,019 | $ 95,624 | |||
Income from continuing operations | 24,300 | $ 74,642 | 32,290 | $ 132,942 | |||
Alpha Companies | |||||||
Business Acquisition [Line Items] | |||||||
Preliminary purchase price allocation | $ 688,534 | ||||||
Goodwill | 101,019 | 101,019 | 101,019 | $ 95,624 | |||
Measurement-period adjustments on goodwill | 5,395 | $ 5,395 | |||||
Acquisition Costs | Alpha Companies | |||||||
Business Acquisition [Line Items] | |||||||
Income from continuing operations | $ 156 | 3,423 | $ 987 | 3,883 | |||
Merger-related Costs | Alpha Companies | |||||||
Business Acquisition [Line Items] | |||||||
Income from continuing operations | $ 3,423 | $ 3,883 |
Business and Basis of Present_4
Business and Basis of Presentation - ASC 842 (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 9,525 | $ 11,845 | |
Financing lease assets | $ 9,786 | ||
Financing lease assets | 11,134 | 9,786 | |
Total lease assets | 20,659 | 21,631 | |
Operating lease liabilities - current | 2,091 | 3,624 | |
Financing lease liabilities - current | 2,110 | ||
Financing lease liabilities - current | 3,038 | 2,110 | |
Operating lease liabilities - long-term | 7,434 | 8,221 | |
Financing lease liabilities - long-term | 4,313 | ||
Financing lease liabilities - long-term | 5,649 | 4,313 | |
Total lease liabilities | $ 6,423 | ||
Total lease liabilities | 9,525 | ||
Total lease liabilities | $ 18,212 | 18,268 | |
Adjustments | Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | 11,845 | ||
Operating lease liabilities - current | 3,624 | ||
Operating lease liabilities - long-term | 8,221 | ||
Total lease liabilities | $ 11,845 |
Mergers and Acquisitions - Prel
Mergers and Acquisitions - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands | 6 Months Ended | 8 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 101,019 | $ 101,019 | $ 95,624 |
Alpha Companies | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 29,939 | 29,939 | 29,939 |
Cash and cash equivalents | 0 | ||
Trade and other receivables | 60,714 | 60,714 | 60,714 |
Trade and other receivables | 0 | ||
Inventories | 85,635 | 85,635 | 85,635 |
Inventories | 0 | ||
Short-term restricted cash | 10,592 | 10,592 | 10,592 |
Short-term restricted cash | 0 | ||
Other current assets | 46,424 | 46,424 | 38,495 |
Other current assets | 7,929 | ||
Property, plant, and equipment | 470,922 | 470,922 | 504,852 |
Property, plant, and equipment | (33,930) | ||
Owned and leased mineral rights | 555,232 | 555,232 | 516,201 |
Owned and leased mineral rights | 39,031 | ||
Other intangible assets | 158,494 | 158,494 | 154,041 |
Other intangible assets | 4,453 | ||
Long-term restricted cash | 182,049 | 182,049 | 182,049 |
Long-term restricted cash | 0 | ||
Long-term restricted investments | 28,809 | 28,809 | 28,809 |
Long-term restricted investments | 0 | ||
Other non-current assets | 64,107 | 64,107 | 68,022 |
Other non-current assets | (3,915) | ||
Total assets | 1,692,917 | 1,692,917 | 1,679,349 |
Total assets | 13,568 | ||
Accounts payable | 66,338 | 66,338 | 69,049 |
Accounts payable | (2,711) | ||
Accrued expenses and other current liabilities | 78,913 | 78,913 | 76,774 |
Accrued expenses and other current liabilities | 2,139 | ||
Long-term debt, including current portion | 148,450 | 148,450 | 144,832 |
Long-term debt, including current portion | 3,618 | ||
Acquisition related obligations | 80,084 | 80,084 | 74,346 |
Acquisition related obligations | 5,738 | ||
Pension obligations | 161,601 | 161,601 | 158,005 |
Pension obligations | 3,596 | ||
Asset retirement obligation, including current portion | 176,354 | 176,354 | 163,636 |
Asset retirement obligation, including current portion | 12,718 | ||
Deferred income taxes, including current portion | 132,678 | 132,678 | 134,924 |
Deferred income taxes, including current portion | (2,246) | ||
Other intangible liabilities | 57,219 | 57,219 | 57,219 |
Other intangible liabilities | 0 | ||
Other non-current liabilities | 203,765 | 203,765 | 207,654 |
Other non-current liabilities | (3,889) | ||
Total liabilities | 1,105,402 | 1,105,402 | 1,086,439 |
Total liabilities | 18,963 | ||
Goodwill | 101,019 | 101,019 | 95,624 |
Goodwill | 5,395 | 5,395 | |
Allocation of purchase price | 688,534 | $ 688,534 | $ 688,534 |
Allocation of purchase price | $ 0 |
Mergers and Acquisitions - Inta
Mergers and Acquisitions - Intangible Assets Acquired (Details) - Alpha Companies $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Business Acquisition [Line Items] | |
Total acquired intangibles | $ 101,275 |
Total acquired intangibles, weighted-average amortization period | 10 years 5 months 16 days |
Mining permits | |
Business Acquisition [Line Items] | |
Total acquired intangible assets | $ 157,645 |
Total acquired intangible assets, weighted-average amortization period | 12 years 7 months 13 days |
Coal supply agreements, net | |
Business Acquisition [Line Items] | |
Total acquired intangible assets | $ 849 |
Total acquired intangible assets, weighted-average amortization period | 1 year 11 days |
Total acquired intangible liabilities | $ (57,219) |
Total acquired intangible liabilities, weighted-average amortization period | 2 years 1 month 6 days |
Mergers and Acquisitions - Pro
Mergers and Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Combinations [Abstract] | ||||
Total revenues, As reported | $ 656,206 | $ 528,918 | $ 1,265,320 | $ 1,011,250 |
Total revenues, Pro forma | 712,204 | 1,338,953 | ||
Income from continuing operations, As reported | $ 24,300 | 74,642 | $ 32,290 | 132,942 |
Income from continuing operations, Pro forma | $ 105,117 | $ 179,646 | ||
Basic income per common share, As reported (in dollars per share) | $ 1.27 | $ 7.75 | $ 1.70 | $ 13.87 |
Basic income per common share, Pro forma (in dollars per share) | 5.53 | 9.47 | ||
Diluted income per common share, As reported (in dollars per share) | $ 1.25 | 7.24 | $ 1.66 | 12.91 |
Diluted income per common share, Pro forma (in dollars per share) | $ 5.34 | $ 9.13 | ||
Weighted average shares - basic (in shares) | 19,123,705 | 9,625,874 | 19,009,643 | 9,587,457 |
Weighted average shares - basic, Pro forma (in shares) | 19,004,073 | 18,965,656 | ||
Weighted average shares - diluted, As reported (in shares) | 19,420,471 | 10,306,043 | 19,480,183 | 10,299,539 |
Weighted average shares - diluted, Pro forma (in shares) | 19,684,242 | 19,677,738 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - Reclamation-related obligations $ in Thousands | Jun. 30, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Guarantee | $ 580,284 |
PRB Transaction | Discontinued Operations | |
Guarantor Obligations [Line Items] | |
Guarantee | $ 237,310 |
Discontinued Operations - Major
Discontinued Operations - Major Components of Net Income (Loss) (Details) - PRB Transaction - Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 52 | $ 182 | $ 148 | $ 1,115 |
Costs and expenses: | ||||
Depreciation, depletion and amortization | 145,913 | 0 | 145,913 | 0 |
Asset impairment | 16,468 | 0 | 16,468 | 0 |
Other expenses | 1,349 | 1,104 | 2,939 | 2,402 |
Other non-major expense (income) items, net | $ 189 | $ (68) | $ 285 | $ 926 |
Discontinued Operations - Maj_2
Discontinued Operations - Major Components of Asset and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Liabilities: | ||
Asset retirement obligations | $ 146,921 | |
PRB Transaction | Discontinued Operations | ||
Assets: | ||
Accounts receivable, net | 1,060 | $ 5 |
Prepaid expenses and other current assets | 999 | 22,470 |
Liabilities: | ||
Trade accounts payable, accrued expenses and other current liabilities | 17,298 | 21,892 |
Asset retirement obligations | 146,921 | 0 |
Other non-current liabilities | $ 95 | $ 94 |
Discontinued Operations - Maj_3
Discontinued Operations - Major Components of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
PRB Transaction | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation, depletion and amortization | $ 145,913 | $ 0 | $ 145,913 | $ 0 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 653,828 | $ 525,168 | $ 1,260,788 | $ 1,003,533 |
Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 653,828 | 525,168 | 1,260,788 | 1,003,533 |
Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 501,629 | 468,521 | 972,073 | 890,123 |
Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 152,199 | 56,647 | 288,715 | 113,410 |
Export coal revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 362,838 | 461,490 | 706,144 | 883,045 |
Export coal revenues | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 362,838 | 461,490 | 706,144 | 883,045 |
Export coal revenues | Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 345,576 | 453,581 | 679,762 | 867,259 |
Export coal revenues | Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,262 | 7,909 | 26,382 | 15,786 |
Domestic coal revenues | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 290,990 | 63,678 | 554,644 | 120,488 |
Domestic coal revenues | Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 156,053 | 14,940 | 292,311 | 22,864 |
Domestic coal revenues | Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 134,937 | $ 48,738 | $ 262,333 | $ 97,624 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 670,699 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 129,558 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 269,340 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 117,590 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Estimated coal revenues | $ 69,943 |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, period | 3 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 | 4 years |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Contract asset | $ 2,204 | $ 950 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract asset balance recognized within revenues | $ 293,000 | $ 0 | $ 517,000 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes to Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,071,140 | $ 92,648 |
Ending balance | 967,221 | 225,146 |
Employee benefit costs | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (23,130) | (1,948) |
Other comprehensive income (loss) before reclassifications | 713 | (128) |
Amounts reclassified from accumulated other comprehensive income (loss) | 341 | 78 |
Ending balance | $ (22,076) | $ (1,998) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee benefit costs: | ||||||
Miscellaneous loss, net | $ (523) | $ (270) | $ (1,389) | $ (583) | ||
Income tax benefit (expense) | 1,000 | (55) | 5,778 | (121) | ||
Net (loss) income | (113,661) | $ 6,815 | 73,788 | $ 56,941 | (106,846) | 130,729 |
Reclassification out of Accumulated Other Comprehensive Income | Employee benefit costs | ||||||
Employee benefit costs: | ||||||
Miscellaneous loss, net | 222 | 41 | 461 | 78 | ||
Income tax benefit (expense) | (58) | 0 | (120) | 0 | ||
Net (loss) income | $ 164 | $ 41 | $ 341 | $ 78 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 95,162 | 129,520 | 95,162 | 129,520 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 131,707 | 131,707 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | ||||||
Income from continuing operations | $ 24,300 | $ 74,642 | $ 32,290 | $ 132,942 | ||
Loss from discontinued operations | (137,961) | (854) | (139,136) | (2,213) | ||
Net (loss) income | $ (113,661) | $ 6,815 | $ 73,788 | $ 56,941 | $ (106,846) | $ 130,729 |
Basic | ||||||
Weighted average common shares outstanding - basic (in shares) | 19,123,705 | 9,625,874 | 19,009,643 | 9,587,457 | ||
Basic income (loss) per common share: | ||||||
Income from continuing operations (in dollars per share) | $ 1.27 | $ 7.75 | $ 1.70 | $ 13.87 | ||
Loss from discontinued operations (in dollars per share) | (7.21) | (0.08) | (7.32) | (0.23) | ||
Net (loss) income (in dollars per share) | $ (5.94) | $ 7.67 | $ (5.62) | $ 13.64 | ||
Diluted | ||||||
Weighted average common shares outstanding - basic (in shares) | 19,123,705 | 9,625,874 | 19,009,643 | 9,587,457 | ||
Diluted effect of warrants (in shares) | 143,571 | 260,919 | 179,807 | 253,795 | ||
Weighted average common shares outstanding - diluted (in shares) | 19,420,471 | 10,306,043 | 19,480,183 | 10,299,539 | ||
Diluted income (loss) per common share: | ||||||
Income from continuing operations (in dollars per share) | $ 1.25 | $ 7.24 | $ 1.66 | $ 12.91 | ||
Loss from discontinuing operations (in dollars per share) | (7.10) | (0.08) | (7.14) | (0.22) | ||
Net (loss) income (in dollars per share) | $ (5.85) | $ 7.16 | $ (5.48) | $ 12.69 | ||
Stock option | ||||||
Diluted | ||||||
Dilutive effect of share-based payment awards (in shares) | 74,278 | 261,849 | 139,956 | 268,364 | ||
Restricted share units, restricted stock shares and performance-based restricted share units | ||||||
Diluted | ||||||
Dilutive effect of share-based payment awards (in shares) | 78,917 | 157,401 | 150,777 | 189,923 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Total inventories, net | $ 164,303 | $ 121,965 |
Coal | ||
Inventory [Line Items] | ||
Raw coal | 34,288 | 33,607 |
Saleable coal | 104,141 | 63,767 |
Materials, supplies and other, net | ||
Inventory [Line Items] | ||
Materials, supplies and other, net | $ 25,874 | $ 24,591 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangibles (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Assets (1) | $ 146,554 | $ 154,584 |
Liabilities (2) | (14,402) | (33,912) |
Net Total | 132,152 | 120,672 |
Coal supply agreements, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets (1) | 3,923 | 4,687 |
Liabilities (2) | (14,402) | (33,912) |
Net Total | (10,479) | (29,225) |
Acquired mine permits, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets (1) | 142,631 | 149,897 |
Liabilities (2) | 0 | 0 |
Net Total | $ 142,631 | $ 149,897 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangibles - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangibles, net | $ (343) | $ 1,104 | $ (7,026) | $ 11,310 |
Acquired mine permits, net | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 5,664 | 11,605 | ||
Coal supply agreements, net | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 122 | 1,104 | 879 | 11,310 |
Amortization of intangible liabilities | (6,129) | 0 | (19,510) | 0 |
Amortization of acquired intangibles, net | $ (6,007) | $ 1,104 | $ (18,631) | $ 11,310 |
Leases - Right-of-use Assets an
Leases - Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Assets | ||
Financing lease assets | $ 11,134 | $ 9,786 |
Operating lease right-of-use assets | 9,525 | 11,845 |
Total lease assets | 20,659 | 21,631 |
Liabilities | ||
Financing lease liabilities - current | 3,038 | 2,110 |
Operating lease liabilities - current | 2,091 | 3,624 |
Financing lease liabilities - long-term | 5,649 | 4,313 |
Operating lease liabilities - long-term | 7,434 | 8,221 |
Total lease liabilities | $ 18,212 | $ 18,268 |
Leases - Lease Costs and Other
Leases - Lease Costs and Other Information (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Finance lease cost: | ||
Amortization of leased assets | $ 1,013,000 | $ 1,653,000 |
Interest on lease liabilities | 214,000 | 258,000 |
Operating lease cost | 191,000 | 1,330,000 |
Short-term lease cost | 541,000 | 980,000 |
Total lease cost | $ 1,959,000 | 4,221,000 |
Variable lease income | 0 | |
Sublease income | 0 | |
Other information | ||
Cash paid for amounts included in the measurement of lease liabilities | 4,154,000 | |
Operating cash flows from finance leases | 258,000 | |
Operating cash flows from operating leases | 2,310,000 | |
Financing cash flows from finance leases | 1,586,000 | |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 750,000 | |
Lease Term and Discount Rate | ||
Weighted-average remaining lease term in months - finance leases | 2 years 11 months | 2 years 11 months |
Weighted-average remaining lease term in months - operating leases | 7 years 11 months 27 days | 7 years 11 months 27 days |
Weighted-average discount rate - finance leases | 4.90% | 4.90% |
Weighted-average discount rate - operating leases | 10.90% | 10.90% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Finance Leases | |
Remainder of 2019 | $ 1,722 |
2020 | 3,339 |
2021 | 2,702 |
2022 | 1,477 |
2023 | 62 |
Thereafter | 0 |
Total future minimum lease payments | 9,302 |
Imputed interest | (615) |
Present value of future minimum lease payments | 8,687 |
Operating Leases | |
Remainder of 2019 | 1,784 |
2020 | 2,534 |
2021 | 1,885 |
2022 | 1,604 |
2023 | 1,155 |
Thereafter | 6,216 |
Total future minimum lease payments | 15,178 |
Imputed interest | (5,653) |
Total lease liabilities | $ 9,525 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt discount and issuance costs | $ (36,296) | $ (44,758) |
Total long-term debt | 609,404 | 588,012 |
Less current portion | (28,885) | (42,743) |
Long-term debt, net of current portion | 580,519 | 545,269 |
Term Loan Credit Facility | Term Loan Credit Facility - due November 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 0 | 550,000 |
Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 561,800 | 0 |
Total long-term debt | 538,070 | 521,667 |
Note Payable | LCC Note Payable | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 62,500 | 62,500 |
Note Payable | LCC Water Treatment Obligation | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | 11,250 | 11,875 |
Other | ||
Debt Instrument [Line Items] | ||
Total long-term debt, gross | $ 10,150 | $ 8,395 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | Jun. 14, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 609,404,000 | $ 588,012,000 | ||
Current portion of long-term debt | 28,885,000 | 42,743,000 | ||
Finance leases | 8,687,000 | |||
Capital leases | 6,423,000 | |||
Finance leases - current | 3,038,000 | $ 2,110,000 | ||
Capital leases - current | 2,110,000 | |||
Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of debt | $ 561,800,000 | |||
Principal payments due in March, June, September and December | 1,405,000 | |||
Long-term debt | 538,070,000 | 521,667,000 | ||
Current portion of long-term debt | 5,618,000 | 20,625,000 | ||
Loss on modification of debt | 255,000 | |||
Loss on modification and extinguishment of debt | 26,204,000 | |||
Repayments of debt | $ 543,125,000 | |||
Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | Eurocurrency | ||||
Debt Instrument [Line Items] | ||||
Interest rate at period end | 9.41% | |||
Variable interest rate at point in time | 7.00% | |||
Note Payable | LCC Note Payable | ||||
Debt Instrument [Line Items] | ||||
Current portion of long-term debt | 17,500,000 | 17,500,000 | ||
Outstanding borrowings | $ 52,641,000 | 49,361,000 | ||
Stated interest rate | 0.00% | |||
Imputed interest rate | 12.45% | |||
Note Payable | LCC Water Treatment Obligation | ||||
Debt Instrument [Line Items] | ||||
Current portion of long-term debt | $ 2,500,000 | 1,875,000 | ||
Outstanding borrowings | $ 8,543,000 | $ 8,589,000 | ||
Stated interest rate | 0.00% | |||
Imputed interest rate | 13.12% | |||
Revolving Credit Facility | Line of Credit | Asset-Based Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $ 0 | |||
Letters of credit outstanding | $ 39,474,000 | |||
Interest Rate Period One | Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 6.00% | |||
Interest Rate Period One | Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | Eurocurrency | Maximum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 7.00% | |||
Interest Rate Period Two | Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | Eurocurrency | Minimum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 7.00% | |||
Interest Rate Period Two | Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | Eurocurrency | Maximum | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 8.00% |
Acquisition-Related Obligatio_3
Acquisition-Related Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount | $ (7,137) | $ (10,356) |
Total acquisition-related obligations - long-term | 100,109 | 100,330 |
Less current portion | (33,060) | (27,334) |
Acquisition-related obligations, net of current portion | 67,049 | 72,996 |
Contingent Revenue Obligation | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | 58,941 | 59,880 |
Total acquisition-related obligations - long-term | 58,941 | 59,880 |
Less current portion | (15,708) | (9,459) |
Environmental Settlement Obligations | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | 19,305 | 19,306 |
Discount | (3,557) | (4,538) |
Total acquisition-related obligations - long-term | 15,748 | 14,768 |
Less current portion | (4,437) | (3,375) |
Reclamation Funding Liability | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | 22,000 | 22,000 |
Discount | (2,144) | (3,894) |
Total acquisition-related obligations - long-term | 19,856 | 18,106 |
Less current portion | (10,000) | (10,000) |
Retiree Committee VEBA Funding Settlement Liability | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | 1,000 | 3,500 |
UMWA Funds Settlement Liability | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total acquisition-related obligations - long-term, gross | $ 6,000 | $ 6,000 |
Acquisition-Related Obligatio_4
Acquisition-Related Obligations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Acquisition related obligations | $ 100,109 | $ 100,330 |
Acquisition related obligations, current | 33,060 | 27,334 |
Discount | 7,137 | 10,356 |
Contingent Revenue Obligation | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Acquisition related obligations | 58,941 | 59,880 |
Acquisition related obligations, current | 15,708 | 9,459 |
Payments for acquisition-related obligations | 9,627 | |
Environmental Settlement Obligations | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Acquisition related obligations | 15,748 | 14,768 |
Acquisition related obligations, current | 4,437 | 3,375 |
Discount | 3,557 | 4,538 |
Reclamation Funding Liability | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Acquisition related obligations | 19,856 | 18,106 |
Acquisition related obligations, current | 10,000 | 10,000 |
Discount | $ 2,144 | $ 3,894 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Total asset retirement obligations at December 31, 2018 | $ 228,448 | |
Measurement-period adjustments | 12,718 | |
Accretion for the period | 13,065 | |
Revisions in estimated cash flows | (43) | |
Expenditures for the period | (11,114) | |
Total asset retirement obligations at June 30, 2019 | 243,074 | |
Less current portion | (25,244) | |
Long-term portion | 217,830 | $ 203,694 |
Asset retirement obligations | $ 146,921 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Fair Value Measurements - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | $ 599,254 | $ 579,617 |
Carrying Amount | Term Loan Agreement | Term Loan Credit Facility - due June 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 538,070 | |
Carrying Amount | Term Loan Agreement | Term Loan Credit Facility - due November 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 521,667 | |
Carrying Amount | Note Payable | LCC Note Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 52,641 | 49,361 |
Carrying Amount | Note Payable | LCC Water Treatment Obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 8,543 | 8,589 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 60,504 | 59,433 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 620,900 | 599,808 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 560,396 | 540,375 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due June 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 560,396 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due June 2024 | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 560,396 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due June 2024 | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due June 2024 | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due November 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 540,375 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due November 2025 | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 540,375 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due November 2025 | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Term Loan Agreement | Term Loan Credit Facility - due November 2025 | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Note Payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 52,029 | 50,606 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Note Payable | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Note Payable | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Note Payable | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 52,029 | 50,606 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Water Treatment Obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 8,475 | 8,827 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Water Treatment Obligation | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Water Treatment Obligation | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Note Payable | LCC Water Treatment Obligation | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total long term debt | $ 8,475 | $ 8,827 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 41,168 | $ 40,450 |
Carrying Amount | Retiree Committee VEBA Funding Settlement Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 915 | 3,337 |
Carrying Amount | UMWA Funds Settlement Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 4,649 | 4,239 |
Carrying Amount | Reclamation Funding Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 19,856 | 18,106 |
Carrying Amount | Environmental Settlement Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 15,748 | 14,768 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 41,621 | 42,418 |
Fair Value, Measurements, Nonrecurring | 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 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | 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 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 41,621 | 42,418 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 933 | 3,391 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | 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 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Retiree Committee VEBA Funding Settlement Liability | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 933 | 3,391 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | UMWA Funds Settlement Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 4,900 | 4,729 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | UMWA Funds Settlement Liability | 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 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | UMWA Funds Settlement Liability | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | UMWA Funds Settlement Liability | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 4,900 | 4,729 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Reclamation Funding Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 20,260 | 19,362 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Reclamation Funding Liability | 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 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Reclamation Funding Liability | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Reclamation Funding Liability | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 20,260 | 19,362 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Environmental Settlement Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 15,528 | 14,936 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Environmental Settlement Obligations | 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 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Environmental Settlement Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | Environmental Settlement Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 15,528 | $ 14,936 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Fair Value Measurements - Schedule of Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | $ 58,941 | $ 59,880 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | $ 58,941 | $ 59,880 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Fair Value Measurements - Level 3 of the Fair Value Hierarchy (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 59,880 |
Payments | (9,627) |
Measurement Period Adjustments | 5,738 |
Loss Recognized in Earnings | 2,950 |
Loss Recognized in Earnings | 0 |
Ending balance | $ 58,941 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax [Line Items] | ||||
Income tax benefit (expense) | $ 1,000 | $ (55) | $ 5,778 | $ (121) |
Income from continuing operations before income taxes | $ 23,300 | $ 74,697 | 26,512 | $ 133,063 |
Increase (decrease) in deferred tax asset valuation allowance | 12,387 | |||
Continuing Operations | ||||
Income Tax [Line Items] | ||||
Increase (decrease) in deferred tax asset valuation allowance | (2,089) | |||
Discontinued Operations | ||||
Income Tax [Line Items] | ||||
Increase (decrease) in deferred tax asset valuation allowance | $ 14,476 |
Employee Benefit Plans - Sched
Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 6,677,000 | $ 13,293,000 | ||
Expected return on plan assets | (7,015,000) | (14,021,000) | ||
Amortization of net actuarial loss (gain) | 190,000 | 398,000 | ||
Net periodic expense | (148,000) | $ 0 | (330,000) | $ 0 |
Black Lung | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 403,000 | 192,000 | 807,000 | 388,000 |
Interest cost | 909,000 | 175,000 | 1,819,000 | 347,000 |
Expected return on plan assets | (16,000) | 0 | (32,000) | 0 |
Amortization of net actuarial loss (gain) | 45,000 | 52,000 | 90,000 | 100,000 |
Net periodic expense | 1,341,000 | 419,000 | 2,684,000 | 835,000 |
Life Insurance Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 106,000 | 97,000 | 212,000 | 194,000 |
Amortization of net actuarial loss (gain) | (26,000) | (11,000) | (52,000) | (22,000) |
Net periodic expense | $ 80,000 | $ 86,000 | $ 160,000 | $ 172,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Contributions to defined contribution and profit sharing plans | $ 3,767,000 | $ 1,475,000 | $ 19,303,000 | $ 6,986,000 |
Expense for self-insured medical plan | 18,859,000 | 6,866,000 | 37,897,000 | 14,028,000 |
Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost | $ (148,000) | $ 0 | $ (330,000) | $ 0 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Thousands | Jul. 19, 2019USD ($) |
Subsequent Event | Affiliated Entity | Grant of Put Option with Debtor in Possession Lenders | |
Related Party Transaction [Line Items] | |
Related party transaction amount | $ 2,900 |
Commitments and Contingencies (
Commitments and Contingencies (Details) T in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)T | Jun. 30, 2018USD ($)T | Jun. 30, 2019USD ($)T | Jun. 30, 2018USD ($)T | Oct. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Coal royalty expense | $ 27,305 | $ 7,770 | $ 51,251 | $ 13,743 | |
Long-term Purchase Commitment [Line Items] | |||||
Income tax receivable | 68,774 | 68,774 | |||
Deferred tax asset | 68,774 | 68,774 | |||
Income tax receivable related to NOL carryback claim | 43,770 | 43,770 | |||
Short-term restricted cash | 34,309 | $ 11,680 | 34,309 | $ 11,680 | |
Term Loan Credit Facility - due November 2025 | Line of Credit | Revolving Credit Facility | |||||
Long-term Purchase Commitment [Line Items] | |||||
Letters of credit outstanding | 39,474 | 39,474 | |||
ANR, Inc. and Citibank, N.A. Credit Agreement | Line of Credit | Letter of Credit | |||||
Long-term Purchase Commitment [Line Items] | |||||
Letters of credit outstanding | 135,746 | 135,746 | |||
Credit and Security Agreement | Line of Credit | Revolving Credit Facility | |||||
Long-term Purchase Commitment [Line Items] | |||||
Letters of credit outstanding | 613 | 613 | |||
Worker's compensation | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 95,721 | 95,721 | |||
Restricted Investments | 2,528 | 2,528 | |||
Black lung | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 31,230 | 31,230 | |||
Reclamation-related obligations | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 87,909 | 87,909 | |||
Restricted Investments | 15,315 | 15,315 | |||
Deposits | 11,553 | 11,553 | |||
Real property collateralized | 26,749 | 26,749 | |||
General liability | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 28,752 | 28,752 | |||
Financial guarantees | |||||
Long-term Purchase Commitment [Line Items] | |||||
Restricted cash | 2,833 | 2,833 | |||
Contingent revenue obligation | |||||
Long-term Purchase Commitment [Line Items] | |||||
Short-term restricted cash | 4,431 | 4,431 | |||
Other operating agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Deposits | 11,855 | 11,855 | |||
Reclamation-related obligations | |||||
Long-term Purchase Commitment [Line Items] | |||||
Guarantees | 580,284 | 580,284 | |||
Collateral supporting guarantees | 114,776 | 114,776 | |||
Reclamation-related obligations | Discontinued Operations | PRB Transaction | |||||
Long-term Purchase Commitment [Line Items] | |||||
Guarantees | 237,310 | 237,310 | |||
Blackjewel L.L.C | |||||
Long-term Purchase Commitment [Line Items] | |||||
Severance taxes invoiced | $ 7,800 | ||||
Shipping | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be shipped, remainder of fiscal year | 2,058 | 2,058 | |||
Minimum quantities to be shipped, second year | 10,906 | 10,906 | |||
Coal purchase agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be purchased, remainder of fiscal year | 253,145 | 253,145 | |||
Minimum quantities to be purchased, second year | 13,200 | 13,200 | |||
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 | 50,400 | 50,400 | |||
Equipment purchase agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be purchased, remainder of fiscal year | 42,005 | 42,005 | |||
Minimum quantities to be purchased, second year | 2,134 | 2,134 | |||
Back-to-Back Coal Supply Agreements | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum quantities to be purchased and sold, remainder of fiscal year | 8,338 | 8,338 | |||
Minimum quantities to be purchased and sold, second year | $ 9,175 | $ 9,175 | |||
Purchased and sold, tons | T | 352 | 1,486 | 721 | 4,650 | |
Purchased and sold | $ 3,861 | $ 16,590 | $ 7,742 | $ 50,339 |
Segment Information - Schedule
Segment Information - Schedule of Operating Results and Capital Expenditures (Details) $ in Thousands | Nov. 08, 2018segment | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segmentplantmine | Jun. 30, 2018USD ($) |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 3 | 4 | |||
Total revenues | $ 656,206 | $ 528,918 | $ 1,265,320 | $ 1,011,250 | |
Depreciation, depletion and amortization | 62,814 | 11,222 | 124,085 | 22,810 | |
Amortization of acquired intangibles, net | (343) | 1,104 | (7,026) | 11,310 | |
Adjusted EBITDA | 140,752 | 86,120 | 224,134 | 185,120 | |
Capital expenditures | 42,798 | 18,908 | $ 83,882 | 38,349 | |
Met | VIRGINIA | |||||
Segment Reporting Information [Line Items] | |||||
Number of active mines | mine | 8 | ||||
Number of preparation plants | plant | 2 | ||||
Met | WEST VIRGINIA | |||||
Segment Reporting Information [Line Items] | |||||
Number of active mines | mine | 17 | ||||
Number of preparation plants | plant | 6 | ||||
Thermal | VIRGINIA | |||||
Segment Reporting Information [Line Items] | |||||
Number of active mines | mine | 6 | ||||
Thermal | WEST VIRGINIA | |||||
Segment Reporting Information [Line Items] | |||||
Number of preparation plants | plant | 3 | ||||
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 | Met | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 373,470 | 152,707 | $ 719,969 | 287,543 | |
Depreciation, depletion and amortization | 38,507 | 5,742 | 75,180 | 11,978 | |
Amortization of acquired intangibles, net | 4,915 | 0 | 9,701 | 0 | |
Adjusted EBITDA | 113,742 | 63,148 | 205,445 | 121,068 | |
Capital expenditures | 28,106 | 8,173 | 57,692 | 15,845 | |
Operating Segments | Thermal | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 73,845 | 0 | 131,452 | 0 | |
Depreciation, depletion and amortization | 16,502 | 0 | 30,614 | 0 | |
Amortization of acquired intangibles, net | 749 | 0 | 1,904 | 0 | |
Adjusted EBITDA | 11,033 | 0 | 6,750 | 0 | |
Capital expenditures | 5,190 | 0 | 7,659 | 0 | |
Operating Segments | NAPP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 77,134 | 72,092 | 148,835 | 135,229 | |
Depreciation, depletion and amortization | 6,522 | 5,295 | 13,149 | 10,463 | |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 21,298 | 8,899 | 26,052 | 18,189 | |
Capital expenditures | 8,204 | 10,572 | 16,203 | 22,341 | |
Operating Segments | Trading and Logistics | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 131,039 | 303,226 | 263,642 | 586,245 | |
Depreciation, depletion and amortization | 322 | 0 | 322 | 0 | |
Amortization of acquired intangibles, net | (6,007) | 1,104 | (18,631) | 11,310 | |
Adjusted EBITDA | 9,310 | 23,428 | 19,239 | 66,186 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 718 | 893 | 1,422 | 2,233 | |
Depreciation, depletion and amortization | 961 | 185 | 4,820 | 369 | |
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | (14,631) | (9,355) | (33,352) | (20,323) | |
Capital expenditures | $ 1,298 | $ 163 | $ 2,328 | $ 163 |
Segment Information - Reconcili
Segment Information - Reconciliation of Net Income (Loss) to Adjusted EBITDA (Details) - USD ($) $ in Thousands | Apr. 02, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | $ 24,300 | $ 74,642 | $ 32,290 | $ 132,942 | |
Interest expense | 16,077 | 8,779 | 31,232 | 17,984 | |
Interest income | (1,885) | (191) | (3,821) | (322) | |
Income tax benefit (expense) | (1,000) | 55 | (5,778) | 121 | |
Depreciation, depletion and amortization | 62,814 | 11,222 | 124,085 | 22,810 | |
Merger related costs | 156 | 3,423 | 987 | 3,883 | |
Management restructuring costs | 2,659 | ||||
Non-cash stock compensation expense | (546) | 1,876 | 4,725 | 6,355 | |
Mark-to-market adjustment for acquisition-related obligations | 1,014 | 0 | 2,950 | 0 | |
Gain on settlement of acquisition-related obligations | (292) | ||||
Gain on sale of disposal group | (16,386) | (16,386) | |||
Accretion on asset retirement obligations | 6,847 | 1,596 | 13,079 | 4,056 | |
Loss on modification and extinguishment of debt | 26,459 | 0 | 26,459 | 0 | |
Asset impairment | 5,826 | 0 | 5,826 | 0 | |
Cost impact of coal inventory fair value adjustment | 1,033 | 8,209 | |||
Gain on assets acquired in an exchange transaction | (9,083) | 0 | |||
Amortization of acquired intangibles, net | (343) | 1,104 | (7,026) | 11,310 | |
Adjusted EBITDA | 140,752 | 86,120 | 224,134 | 185,120 | |
Total costs and expenses | 589,257 | 444,193 | 1,180,590 | 858,709 | |
Operating Segments | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Gain on assets acquired in an exchange transaction | (9,083) | ||||
Operating Segments | Met | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | 60,890 | 73,140 | 114,025 | 123,000 | |
Interest expense | 194 | 3 | 222 | 312 | |
Interest income | (4) | (6) | (8) | (10) | |
Income tax benefit (expense) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 38,507 | 5,742 | 75,180 | 11,978 | |
Merger related costs | 0 | 0 | 0 | 0 | |
Management restructuring costs | 0 | ||||
Non-cash stock compensation expense | 54 | 0 | 171 | 0 | |
Mark-to-market adjustment for acquisition-related obligations | 0 | 0 | |||
Gain on settlement of acquisition-related obligations | 0 | ||||
Gain on sale of disposal group | (16,386) | (16,386) | |||
Accretion on asset retirement obligations | 2,327 | 655 | 4,660 | 2,174 | |
Loss on modification and extinguishment of debt | 0 | 0 | |||
Asset impairment | 5,826 | 5,826 | |||
Cost impact of coal inventory fair value adjustment | 1,033 | 4,751 | |||
Gain on assets acquired in an exchange transaction | (9,083) | ||||
Amortization of acquired intangibles, net | 4,915 | 0 | 9,701 | 0 | |
Adjusted EBITDA | 113,742 | 63,148 | 205,445 | 121,068 | |
Operating Segments | Thermal | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | (8,895) | 0 | (34,024) | 0 | |
Interest expense | 6 | 0 | 10 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Income tax benefit (expense) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 16,502 | 0 | 30,614 | 0 | |
Merger related costs | 0 | 0 | 0 | 0 | |
Management restructuring costs | 0 | ||||
Non-cash stock compensation expense | 5 | 0 | 57 | 0 | |
Mark-to-market adjustment for acquisition-related obligations | 0 | 0 | |||
Gain on settlement of acquisition-related obligations | 0 | ||||
Gain on sale of disposal group | 0 | 0 | |||
Accretion on asset retirement obligations | 2,666 | 0 | 4,731 | 0 | |
Loss on modification and extinguishment of debt | 0 | 0 | |||
Asset impairment | 0 | 0 | |||
Cost impact of coal inventory fair value adjustment | 0 | 3,458 | |||
Gain on assets acquired in an exchange transaction | 0 | ||||
Amortization of acquired intangibles, net | 749 | 0 | 1,904 | 0 | |
Adjusted EBITDA | 11,033 | 0 | 6,750 | 0 | |
Operating Segments | NAPP | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | 13,771 | 3,090 | 10,892 | 6,205 | |
Interest expense | 0 | (417) | 1 | (349) | |
Interest income | (11) | (10) | (23) | (12) | |
Income tax benefit (expense) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 6,522 | 5,295 | 13,149 | 10,463 | |
Merger related costs | 0 | 0 | 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 | ||||
Gain on sale of disposal group | 0 | 0 | |||
Accretion on asset retirement obligations | 1,016 | 941 | 2,033 | 1,882 | |
Loss on modification and extinguishment of debt | 0 | 0 | |||
Asset impairment | 0 | 0 | |||
Cost impact of coal inventory fair value adjustment | 0 | 0 | |||
Gain on assets acquired in an exchange transaction | 0 | ||||
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 21,298 | 8,899 | 26,052 | 18,189 | |
Operating Segments | Trading and Logistics | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | 14,673 | 22,342 | 36,940 | 54,894 | |
Interest expense | 0 | 0 | 0 | 0 | |
Interest income | 0 | (18) | 0 | (18) | |
Income tax benefit (expense) | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 322 | 0 | 322 | 0 | |
Merger related costs | 0 | 0 | 0 | 0 | |
Management restructuring costs | 0 | ||||
Non-cash stock compensation expense | 322 | 0 | 608 | 0 | |
Mark-to-market adjustment for acquisition-related obligations | 0 | 0 | |||
Gain on settlement of acquisition-related obligations | 0 | ||||
Gain on sale of disposal group | 0 | 0 | |||
Accretion on asset retirement obligations | 0 | 0 | 0 | 0 | |
Loss on modification and extinguishment of debt | 0 | 0 | |||
Asset impairment | 0 | 0 | |||
Cost impact of coal inventory fair value adjustment | 0 | 0 | |||
Gain on assets acquired in an exchange transaction | 0 | ||||
Amortization of acquired intangibles, net | (6,007) | 1,104 | (18,631) | 11,310 | |
Adjusted EBITDA | 9,310 | 23,428 | 19,239 | 66,186 | |
All Other | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) from continuing operations | (56,139) | (23,930) | (95,543) | (51,157) | |
Interest expense | 15,877 | 9,193 | 30,999 | 18,021 | |
Interest income | (1,870) | (157) | (3,790) | (282) | |
Income tax benefit (expense) | (1,000) | 55 | (5,778) | 121 | |
Depreciation, depletion and amortization | 961 | 185 | 4,820 | 369 | |
Merger related costs | 156 | 3,423 | 987 | 3,883 | |
Management restructuring costs | 2,659 | ||||
Non-cash stock compensation expense | (927) | 1,876 | 3,889 | 6,355 | |
Mark-to-market adjustment for acquisition-related obligations | 1,014 | 2,950 | |||
Gain on settlement of acquisition-related obligations | (292) | ||||
Gain on sale of disposal group | 0 | 0 | |||
Accretion on asset retirement obligations | 838 | 0 | 1,655 | 0 | |
Loss on modification and extinguishment of debt | 26,459 | 26,459 | |||
Asset impairment | 0 | 0 | |||
Cost impact of coal inventory fair value adjustment | 0 | 0 | |||
Gain on assets acquired in an exchange transaction | 0 | ||||
Amortization of acquired intangibles, net | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | $ (14,631) | $ (9,355) | $ (33,352) | $ (20,323) | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | CAPP Segment Disposal Group | Operating Segments | Met | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Gain on sale of disposal group | $ (16,386) | ||||
Cash paid for disposal | 10,000 | ||||
Expected future cash payment from disposal | $ 1,500 |
Segment Information - Revenue f
Segment Information - Revenue from External Customers (Details) T in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)customerT | Jun. 30, 2018USD ($)T | Jun. 30, 2019USD ($)customerT | Jun. 30, 2018USD ($)T | Dec. 31, 2018customer | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Coal revenues | $ 653,828 | $ 525,168 | $ 1,260,788 | $ 1,003,533 | |
Coal purchased from third parties excluding coal sold under Back-to-Back Coal Supply Agreements | T | 655 | 1,711 | 1,375 | 3,233 | |
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 percentage | 10.00% | 39.00% | 11.00% | 39.00% | |
Credit Concentration Risk | Accounts Receivable | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Number of customers | customer | 1 | 1 | 2 | ||
Export coal revenues | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Coal revenues | $ 362,838 | $ 461,490 | $ 706,144 | $ 883,045 | |
Export coal revenues | Geographic Concentration Risk | Revenues | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk percentage | 55.00% | 88.00% | 56.00% | 88.00% | |
India | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Coal revenues | $ 71,991 | $ 123,131 | $ 197,589 | $ 289,415 | |
Brazil | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Coal revenues | 91,599 | $ 161,967 | |||
France | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Coal revenues | $ 53,367 | ||||
Alpha | |||||
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 | 1,196 | 2,295 |
Subsequent Events (Details)
Subsequent Events (Details) - Blackjewel Debtor Estate and Other Relevant Parties - Subsequent Event - USD ($) $ in Thousands | Aug. 06, 2019 | Jul. 26, 2019 |
Subsequent Event [Line Items] | ||
Mines acquired | $ 33,750 | |
Purchase deposit for mines acquired | $ 8,100 |