Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 08, 2018 | Jun. 30, 2017 | |
Document Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CONSOL Energy Inc. | ||
Entity Central Index Key | 1,710,366 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,068,321 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 82,569 | $ 50,450 | $ 317,421 |
Other Comprehensive Income (Loss): | |||
Amortization of Prior Service Credits (net of tax: $1,076, $186, and $7,943) | (1,832) | (316) | (13,524) |
Curtailment Gain (net of tax: $0, $0, $3,788) | 0 | 0 | (6,451) |
Recognized Net Actuarial Loss (net of tax: $(9,039), $(8,524), $(43,732)) | 15,391 | 14,515 | 74,463 |
Settlement Loss (net of tax: $(2,312), $(8,213), $(7,050)) | 7,841 | 13,983 | 12,003 |
OPEB Plan Amendments (net of tax: $0, $10,420, $116,712) | 0 | (28,164) | (198,727) |
Other Comprehensive Gain (Loss) before Reclassifications (net of tax: $(26,360), $24,232, $(25,916)) | 73,519 | (31,427) | 42,794 |
Other Comprehensive Income (Loss) | 94,919 | (31,409) | (89,442) |
Comprehensive Income | 177,488 | 19,041 | 227,979 |
Less: Comprehensive Income Attributable to Noncontrolling Interests | 14,896 | 9,216 | 10,410 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 162,592 | $ 9,825 | $ 217,569 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue and Other Income: | |||||||||||
Coal Revenue | $ 288,254 | $ 279,245 | $ 303,707 | $ 316,448 | $ 321,171 | $ 267,685 | $ 250,562 | $ 226,164 | $ 1,187,654 | $ 1,065,582 | $ 1,289,036 |
Terminal Revenue | 60,066 | 31,464 | 30,967 | ||||||||
Freight Revenue | 21,845 | 21,803 | 17,762 | 12,282 | 12,519 | 9,392 | 11,447 | 13,110 | 73,692 | 46,468 | 20,499 |
Other Income not Allocated to Segments (Note 3) | 20,771 | 19,713 | 10,145 | 22,650 | 32,418 | 13,569 | 20,627 | 15,506 | 73,279 | 82,120 | 68,193 |
Gain on Sale of Assets | 4,188 | (513) | 5,582 | 7,955 | 1,129 | 194 | 3,933 | (28) | 17,212 | 5,228 | 13,025 |
Total Revenue and Other Income | 352,318 | 335,313 | 352,051 | 372,221 | 378,385 | 295,389 | 294,627 | 262,461 | 1,411,903 | 1,230,862 | 1,421,720 |
Costs and Expenses: | |||||||||||
Operating and Other Costs | 204,306 | 229,527 | 222,882 | 229,994 | 253,907 | 215,824 | 226,257 | 181,189 | 886,709 | 877,177 | 699,594 |
Depreciation, Depletion and Amortization | 47,088 | 46,653 | 25,268 | 52,993 | 50,296 | 49,850 | 29,314 | 48,662 | 172,002 | 178,122 | 195,337 |
Freight Expense | 21,845 | 21,803 | 17,762 | 12,282 | 12,519 | 9,392 | 11,447 | 13,110 | 73,692 | 46,468 | 20,499 |
Selling, General and Administrative Costs | 25,008 | 21,180 | 20,338 | 17,079 | 19,850 | 12,157 | 10,460 | 7,560 | 83,605 | 50,027 | 55,720 |
Interest Expense | 14,270 | 3,862 | 3,944 | 4,022 | 4,075 | 3,481 | 3,357 | 3,140 | 26,098 | 14,053 | 7,544 |
Total Costs and Expenses | 312,517 | 323,025 | 290,194 | 316,370 | 340,647 | 290,704 | 280,835 | 253,661 | 1,242,106 | 1,165,847 | 978,694 |
Earnings Before Income Tax | 39,801 | 12,288 | 61,857 | 55,851 | 37,738 | 4,685 | 13,792 | 8,800 | 169,797 | 65,015 | 443,026 |
Income Tax Expense (Note 5) | 64,441 | 3,770 | 9,611 | 9,406 | 14,824 | (66) | (109) | (84) | 87,228 | 14,565 | 125,605 |
Net Income | (24,640) | 8,518 | 52,246 | 46,445 | 22,914 | 4,751 | 13,901 | 8,884 | 82,569 | 50,450 | 317,421 |
Less: Net Income Attributable to Noncontrolling Interest | 4,373 | 790 | 4,313 | 5,464 | 4,413 | 2,248 | 1,179 | 1,114 | 14,940 | 8,954 | 10,410 |
Net Income Attributable to CONSOL Energy Shareholders | $ (29,013) | $ 7,728 | $ 47,933 | $ 40,981 | $ 18,501 | $ 2,503 | $ 12,722 | $ 7,770 | $ 67,629 | $ 41,496 | $ 307,011 |
Earnings per Share: | |||||||||||
Total Basic Earnings per Share (in dollars per share) | $ (1.04) | $ 0.28 | $ 1.71 | $ 1.47 | $ 0.66 | $ 0.09 | $ 0.45 | $ 0.28 | $ 2.42 | $ 1.48 | $ 10.98 |
Total Dilutive Earnings per Share (in dollars per share) | $ (1.04) | $ 0 | $ 0 | $ 0 | $ 0.66 | $ 0 | $ 0 | $ 0 | $ 2.40 | $ 1.48 | $ 10.98 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Amortization of prior service credits, tax | $ 1,076 | $ 186 | $ 7,943 |
Curtailment gain, tax | 0 | 0 | 3,788 |
Net actuarial loss (gain), tax | (9,039) | (8,524) | (43,732) |
Settlement loss, tax | (2,312) | (8,213) | (7,050) |
OPEB Plan amendments, tax | 0 | 10,420 | 116,712 |
Other comprehensive gain (loss) before reclassification, tax | $ (26,360) | $ 24,232 | $ (25,916) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and Cash Equivalents | $ 153,979 | $ 13,311 |
Accounts and Notes Receivable: | ||
Trade | 131,545 | 95,707 |
Other Receivables | 36,552 | 23,320 |
Other Receivables - Related Party | 0 | 34 |
Inventories (Note 7) | 53,420 | 50,161 |
Prepaid Expenses | 23,744 | 17,601 |
Total Current Assets | 399,240 | 200,134 |
Property, Plant and Equipment (Note 8): | ||
Property, Plant and Equipment | 4,676,353 | 4,593,395 |
Less—Accumulated Depreciation, Depletion and Amortization | 2,554,056 | 2,413,125 |
Total Property, Plant and Equipment—Net | 2,122,297 | 2,180,270 |
Other Assets: | ||
Deferred Income Taxes (Note 5) | 75,065 | 184,579 |
Other | 110,497 | 122,451 |
Total Other Assets | 185,562 | 307,030 |
TOTAL ASSETS | 2,707,099 | 2,687,434 |
Current Liabilities: | ||
Accounts Payable | 109,100 | 82,897 |
Current Portion of Long-Term Debt (Note 11 and Note 12) | 22,482 | 4,076 |
Other Accrued Liabilities (Note 10) | 290,627 | 292,121 |
Total Current Liabilities | 422,209 | 379,094 |
Long-Term Debt: | ||
Long-Term Debt (Note 11) | 856,650 | 301,827 |
Capital Lease Obligations (Note 12) | 8,639 | 11,812 |
Total Long-Term Debt | 865,289 | 313,639 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions (Note 13) | 554,099 | 659,474 |
Pneumoconiosis Benefits (Note 14) | 149,868 | 108,073 |
Asset Retirement Obligations (Note 6) | 228,343 | 246,279 |
Workers’ Compensation (Note 14) | 66,648 | 65,932 |
Salary Retirement (Note 13) | 52,960 | 99,872 |
Other | 24,042 | 14,947 |
Total Deferred Credits and Other Liabilities | 1,075,960 | 1,194,577 |
TOTAL LIABILITIES | 2,363,458 | 1,887,310 |
Stockholders’ Equity: | ||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 27,973,281 Issued and Outstanding at December 31, 2017 | 280 | 0 |
Capital in Excess of Par Value | 552,793 | 0 |
Retained (Deficit) Earnings | (43,713) | 0 |
Parent Net Investment | 0 | 1,057,694 |
Accumulated Other Comprehensive Loss | (305,100) | (400,063) |
Total CONSOL Energy Inc. Stockholders’ Equity | 204,260 | 657,631 |
Noncontrolling Interest | 139,381 | 142,493 |
TOTAL EQUITY | 343,641 | 800,124 |
TOTAL LIABILITIES AND EQUITY | $ 2,707,099 | $ 2,687,434 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2017$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock par value (in dollars per share) | $ / shares | $ 0.01 |
Common stock shares authorized (in shares) | 62,500,000 |
Common stock shares issued (in shares) | 27,973,281 |
Common stock shares outstanding (in shares) | 27,973,281 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings (Deficit) | Parent Net Investment | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Total CONSOL Energy Inc. Stockholders’ Equity | Non- Controlling Interest |
Balance, Beginning of Period at Dec. 31, 2014 | $ 5,006,289 | $ 0 | $ 0 | $ 0 | $ 1,525,142 | $ (278,950) | $ 0 | $ 1,246,192 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 317,421 | 307,011 | 307,011 | 10,410 | |||||
Actuarially determined long term liability adjustments | (89,442) | (89,442) | (89,442) | ||||||
Comprehensive (Loss) Income | 227,979 | 307,011 | (89,442) | 217,569 | 10,410 | ||||
Distributions to Noncontrolling Interest | (5,060) | (5,060) | |||||||
Proceeds from Sale of MLP Interest | 148,399 | 148,399 | |||||||
Net Parent Distributions | (555,671) | (555,671) | (555,671) | ||||||
Balance, End of Period at Dec. 31, 2015 | 1,061,839 | 0 | 0 | 0 | 1,276,482 | (368,392) | 0 | 908,090 | 153,749 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 50,450 | 41,496 | 41,496 | 8,954 | |||||
Actuarially determined long term liability adjustments | (31,409) | (31,671) | (31,671) | 262 | |||||
Comprehensive (Loss) Income | 19,041 | 41,496 | (31,671) | 9,825 | 9,216 | ||||
Distributions to Noncontrolling Interest | (21,657) | (21,657) | |||||||
Net Parent Distributions | (260,284) | (260,284) | (260,284) | ||||||
Amortization of Stock-Based Compensation Awards | 1,185 | 1,185 | |||||||
Balance, End of Period at Dec. 31, 2016 | 800,124 | 0 | 0 | 0 | 1,057,694 | (400,063) | 0 | 657,631 | 142,493 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 82,569 | (43,713) | 111,342 | 67,629 | 14,940 | ||||
Actuarially determined long term liability adjustments | 94,919 | 94,963 | 94,963 | (44) | |||||
Comprehensive (Loss) Income | 177,488 | (43,713) | 111,342 | 94,963 | 162,592 | 14,896 | |||
Distributions to Noncontrolling Interest | (21,892) | (21,892) | |||||||
Spin Distribution to CNX Resources | (425,000) | (425,000) | (425,000) | ||||||
Separation Adjustments | 537,028 | (537,028) | |||||||
Issuance of Common Stock | 0 | 280 | (280) | ||||||
Net Parent Distributions | (207,008) | (207,008) | (207,008) | ||||||
Amortization of Stock-Based Compensation Awards | 22,085 | 16,212 | 16,212 | 5,873 | |||||
Units/Shares Withheld for Taxes | (2,156) | (167) | (167) | (1,989) | |||||
Balance, End of Period at Dec. 31, 2017 | $ 343,641 | $ 280 | $ 552,793 | $ (43,713) | $ 0 | $ (305,100) | $ 0 | $ 204,260 | $ 139,381 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Actuarially determined long-term liability adjustments, tax | $ 30,323 | $ (18,101) | $ (51,745) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 82,569 | $ 50,450 | $ 317,421 |
Adjustments to Reconcile Net Income to Net Cash Provided By Continuing Operating Activities: | |||
Depreciation, Depletion and Amortization | 172,002 | 178,122 | 195,337 |
Stock/Unit-Based Compensation | 22,085 | 12,895 | 8,406 |
Gain on Sale of Assets | (17,212) | (5,228) | (13,025) |
Deferred Income Taxes | 16,610 | 91,525 | 72,616 |
Changes in Operating Assets: | |||
Accounts and Notes Receivable | (44,417) | (17,608) | 63,764 |
Inventories | (3,259) | 3,352 | 4,951 |
Prepaid Expenses | (2,877) | 7,503 | (485) |
Changes in Other Assets | 6,050 | (10,652) | (60,346) |
Changes in Operating Liabilities: | |||
Accounts Payable | 7,043 | (4,152) | (575) |
Other Operating Liabilities | 46,421 | 24,913 | (57,973) |
Changes in Other Liabilities | (40,765) | (10,609) | (266,700) |
Other | 3,860 | 8,596 | 28,302 |
Net Cash Provided by Operating Activities | 248,110 | 329,107 | 291,693 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (81,413) | (53,600) | (143,053) |
Proceeds from Sales of Assets | 24,582 | 7,842 | 12,779 |
Net Cash Used in Investing Activities | (56,831) | (45,758) | (130,274) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Miscellaneous Borrowings | (3,904) | 431 | (5,829) |
Net (Payments on) Proceeds from Revolver - MLP | (201,000) | 16,000 | 185,000 |
Distributions to Noncontrolling Interest | (21,892) | (21,657) | (5,060) |
Proceeds from Sale of MLP Interest | 0 | 0 | 148,359 |
Units/Shares Withheld for Taxes | (2,156) | 0 | 0 |
Spin Distribution to CNX Resources | (425,000) | 0 | 0 |
Other Parent Net Distributions | (156,502) | (270,969) | (461,051) |
Debt Issuance and Financing Fees | (32,304) | (482) | (16,336) |
Net Cash (Used in) Provided by Financing Activities | (50,611) | (276,677) | (154,917) |
Net Increase in Cash and Cash Equivalents | 140,668 | 6,672 | 6,502 |
Cash and Cash Equivalents at Beginning of Period | 13,311 | 6,639 | 137 |
Cash and Cash Equivalents at End of Period | 153,979 | 13,311 | 6,639 |
Term Loan A | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 100,000 | 0 | 0 |
Term Loan B | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 392,147 | 0 | 0 |
Senior Secured Second Lien Notes due 2025 | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | $ 300,000 | $ 0 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES: Unless otherwise indicated or except where the context otherwise requires, references to “we,” “our,” “us,” “our Company,” “the Company” and “CONSOL Energy” refer to CONSOL Energy Inc. and its subsidiaries on or after November 28, 2017 and to CONSOL Mining Corporation and its subsidiaries prior to November 28, 2017, except to the extent of any discussion of the financial condition, results of operations, cash flows, and other business activities of the Company on or prior to November 28, 2017 that relate specifically to the Coal Business, in which case such references shall be to the Predecessor. A summary of the significant accounting policies of CONSOL Energy Inc. and subsidiaries (“CONSOL Energy” or “the Company”) is presented below. These, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc., and its wholly owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation. Prior to the separation and distribution, CONSOL Energy did not operate as a separate, standalone entity. The Company's operations were included in ParentCo's financial results. Accordingly, for all periods prior to the separation and distribution, the accompanying Consolidated Financial Statements were prepared from ParentCo's historical accounting records and were presented on a standalone basis as if the Company's operations had been conducted independently from ParentCo. Such Consolidated Financial Statements include the historical operations that were considered to comprise the Company's businesses, as well as certain assets and liabilities that were historically held at ParentCo's corporate level but were specifically identifiable or otherwise attributable to the Company. ParentCo's net investment in these operations is reflected as Parent Net Investment in the accompanying Consolidated Financial Statements. All significant intercompany transactions between ParentCo and the Company were included within Parent Net Investment in the accompanying Consolidated Financial Statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as various disclosures. Actual results could differ from those estimates. The most significant estimates included in the preparation of the consolidated financial statements are related to other postretirement benefits, coal workers' pneumoconiosis, workers' compensation, salary retirement benefits, stock-based compensation, asset retirement obligations, deferred income tax assets and liabilities, contingencies and the values of coal properties. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term securities with original maturities of three months or less. Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. CONSOL Energy reserves for specific accounts receivable when it is probable that all or a part of an outstanding balance will not be collected, such as customer bankruptcies. Collectability is determined based on terms of sale, credit status of customers and various other circumstances. CONSOL Energy regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Reserves for uncollectable amounts were not material in the periods presented. In addition, there were no material financing receivables with a contractual maturity greater than one year at December 31, 2017 or 2016 . Inventories Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization, and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. Property, Plant and Equipment Property, plant and equipment is recorded at cost upon acquisition. Expenditures which extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs which do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. We employ this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development cost begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled by lease. The duration of the leases vary; however, the lease terms generally are extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. Depletion of leased coal interests is computed using the units-of-productions method over proven and probable coal reserves. The Company also makes advance payments (advanced mining royalties) to lessors under certain lease agreements that are recoupable against future production, and it makes payments that are generally based upon a specified rate per ton or a percentage of gross realization from the sale of the coal. The Company evaluates its properties periodically for impairment issues or whenever events or circumstances indicate that the carrying amount may not be recoverable. Costs to obtain coal lands are capitalized based on the cost at acquisition and are amortized using the units-of-production method over all estimated proven and probable reserve tons assigned and accessible to the mine. Proven and probable coal reserves are calculated on a clean coal ton equivalent, which excludes non-recoverable coal reserves and anticipated central preparation plant processing refuse. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is produced. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material effect from changes in estimates is disclosed in the period the change occurs. Advance mining royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable against future production using the units-of-production method. Depletion of leased coal interests is computed using the units-of-production method over proven and probable coal reserves. Advance mining royalties and leased coal interests are evaluated periodically, or at a minimum once a year, for impairment issues or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any revisions are accounted for prospectively as changes in accounting estimates. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain (Loss) on Sale of Assets in the Consolidated Statements of Income. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Costs for purchased and internally developed software are expensed until it has been determined that the software will result in probable future economic benefits and management has committed to funding the project. Thereafter, all direct costs of materials and services incurred in developing or obtaining software, including certain payroll and benefit costs of employees associated with the project, are capitalized and amortized using the straight-line method over the estimated useful life which does not exceed seven years. Capitalization of Interest Interest costs associated with the development of significant properties and projects are capitalized until the project is substantially complete and ready for its intended use. A weighted average cost of borrowing rate is used. For the years ended December 31, 2017 , 2016 , and 2015 , capitalized interest totaled $1,444 , $1,372 and $2,488 , respectively. Impairment of Long-lived Assets Impairment of long-lived assets is recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying value. The carrying value of the assets is then reduced to its estimated fair value which is usually measured based on an estimate of future discounted cash flows. CONSOL Energy did not record any impairments for the years ended December 31, 2017, 2016, or 2015. Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in CONSOL Energy's financial statements or tax returns. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes, excluding the effects of acquisitions during the year. Deferred taxes result from differences between the financial and tax bases of CONSOL Energy's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a deferred tax benefit will not be realized. CONSOL Energy evaluates all tax positions taken on the state and federal tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that do not meet the more likely than not to be sustained criteria, the Company determines, on a cumulative probability basis, the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. A previously recognized tax position is reversed when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the probable amount that is more likely than not is based on judgment, historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. The results of these estimates, that are not readily apparent from other sources, form the basis for recognizing an uncertain tax position liability. Actual results could differ from those estimates upon subsequent resolution of identified matters. Parent Net Investment Parent Net Investment is primarily comprised of the Predecessor’s undivided interest in (i) ParentCo's initial investment in CONSOL Energy (and any subsequent adjustments thereto); (ii) the accumulated net earnings; (iii) net transfers to or from the Predecessor, including those related to cash management functions that were performed by the Predecessor; (iv) non-cash changes in financing arrangements, including the conversion of certain related party liabilities into Parent Net Investment and stock-based compensation; and (v) corporate cost allocations. Postretirement Benefits Other Than Pensions Postretirement benefit obligations established by the Coal Industry Retiree Health Benefit Act of 1992 (the Coal Act) are treated as a multi-employer plan which requires expense to be recorded for the associated obligations as payments are made. Postretirement benefits other than pensions, except for those established pursuant to the Coal Act, are accounted for in accordance with the Retirement Benefits Compensation and Non-retirement Postemployment Benefits Compensation Topics of the FASB Accounting Standards Codification, which requires employers to accrue the cost of such retirement benefits for the employees' active service periods. Such liabilities are determined on an actuarial basis and CONSOL Energy administers these liabilities through a combination of self-insured and fully insured agreements. Differences between actual and expected results or changes in the value of obligations are recognized through Other Comprehensive Income. Pneumoconiosis Benefits and Workers' Compensation CONSOL Energy is required by federal and state statutes to provide benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers' pneumoconiosis. CONSOL Energy is also required by various state statutes to provide workers' compensation benefits for employees who sustain employment-related physical injuries or some types of occupational disease. Workers' compensation benefits include compensation for their disability, medical costs, and on some occasions, the cost of rehabilitation. CONSOL Energy is primarily self-insured for these benefits. Provisions for estimated benefits are determined on an actuarial basis. Asset Retirement Costs Mine closing costs and costs associated with dismantling and removing de-gasification facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. Generally, the capitalized asset retirement cost is depreciated on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in Operating and Other Costs on the Consolidated Statements of Income. Asset retirement obligations primarily relate to the closure of mines, which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual care costs, reclamation and costs associated with dismantling and removing de-gasification facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. Subsidence Subsidence occurs when there is sinking or shifting of the ground surface due to the removal of underlying coal. Areas affected may include, although are not limited to, streams, property, roads, pipelines and other land and surface structures. Total estimated subsidence claims are recognized in the period when the related coal has been extracted and are included in Operating and Other Costs on the Consolidated Statements of Income and Other Accrued Liabilities on the Consolidated Balance Sheets. On occasion, CONSOL Energy prepays the estimated damages prior to undermining the property, in return for a release of liability. Prepayments are included as assets and either recognized as Prepaid Expenses or in Other Assets on the Consolidated Balance Sheets if the payment is made less than or greater than one year, respectively, prior to undermining the property. Retirement Plans CONSOL Energy has non-contributory defined benefit retirement plans. Effective December 31, 2015, CONSOL's qualified defined benefit retirement plan was frozen. The benefits for these plans are based primarily on years of service and employees' pay. These plans are accounted for using the guidance outlined in the Compensation - Retirement Benefits Topic of the FASB Accounting Standards Codification. The cost of these retiree benefits are recognized over the employees' service periods. CONSOL Energy uses actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the value of obligations and plan assets are recognized through Other Comprehensive Income. Stock-Based Compensation Eligible CONSOL Energy employees have historically participated in equity-based compensation plans. CONSOL Energy recognizes compensation expense for all stock-based compensation awards based on the grant date fair value estimated in accordance with the provisions of the Stock Compensation Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award's vesting term. The compensation expense recorded by CONSOL Energy, in all periods presented, includes the expense associated with employees historically attributable to CONSOL Energy operations as well as the operations of its predecessor. Under the CCR 2015 Long-Term Incentive Plan (the LTIP), the General Partner issued long-term equity based awards intended to compensate the recipients thereof based on the performance of CCR’s common units and the recipients' continued service during the vesting period, as well as to align CCR’s long-term interests with those of the unitholders. The LTIP limits the number of units that may be delivered pursuant to vested awards to 2,300,000 common units, subject to proportionate adjustment in the event of unit splits and similar events. Common units subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminated without delivery of the common units will be available for delivery pursuant to other awards. The General Partner has also granted equity-based phantom units that vest over a period of a director’s continued service. The phantom units will be paid in common units or an amount of cash equal to the fair market value of a unit based on the vesting date. The awards may accelerate upon a change in control of CCR. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting term. Revenue Recognition Revenues are recognized when title passes to the customers and the price is fixed and determinable. For domestic coal sales, this generally occurs when coal is loaded at the mine or at offsite storage locations. For export coal sales, this generally occurs when coal is loaded onto marine vessels at terminal locations. Coal contract price per ton is fixed and determinable prior to the passage of coal title. Except for normal quality adjustments and positive electric power price related adjustments, none of the Company’s coal sales contracts allow for retroactive adjustments to pricing after title to the coal has passed. These adjustments were not material for any of the periods presented. Revenues for coal sold that relate to production under royalty contracts are recorded on a gross basis. Freight Revenue and Expense Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. Contingencies From time to time, CONSOL Energy, or its subsidiaries, is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations (including environmental remediation), employment and contract disputes, and other claims and actions, arising out of the normal course of business. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense of these matters and are based upon the nature of the lawsuit, progress of the case in court, view of legal counsel, prior experience in similar matters and management's intended response. Environmental liabilities are not discounted or reduced by possible recoveries from third-parties. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. Earnings per Share Basic earnings per share are computed by dividing net income attributable to CONSOL Energy Shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. The table below sets forth the share-based awards that have been excluded from the computation of the diluted earnings per share because their effect would be anti-dilutive: For the Years Ended December 31, 2017 2016 2015 Anti-Dilutive Restricted Stock Units 1,469 — — 1,469 — — The computations for basic and dilutive earnings per share are as follows: For the Years Ended Amounts in thousands, except per share data December 31, 2017 2016 2015 Numerator: Net Income $ 82,569 $ 50,450 $ 317,421 Less: Net Income Attributable to Noncontrolling Interest 14,940 8,954 10,410 Net Income Attributable to CONSOL Energy Shareholders $ 67,629 $ 41,496 $ 307,011 Denominator: Weighted-average shares of common stock outstanding 27,968 27,968 27,968 Effect of dilutive shares 206 — — Weighted-average diluted shares of common stock outstanding 28,174 27,968 27,968 Earnings Per Share: Basic $ 2.42 $ 1.48 $ 10.98 Dilutive $ 2.40 $ 1.48 $ 10.98 In 2016 and 2015, the Earnings Per Share included on the accompanying Consolidated Statements of Income was calculated based on the 27,968 shares of CONSOL Energy common stock distributed in conjunction with the completion of the separation and is considered pro forma in nature. Prior to November 28, 2017, CONSOL Energy did not have any issued or outstanding common stock. Shares of common stock outstanding were as follows: Amounts in thousands 2017 2016 2015 Balance, Beginning of Year — — — Issuance Related to Separation and Distribution (1) 27,968 — — Issuance Related to Stock-Based Compensation (2) 5 — — Balance, End of Year 27,973 — — (1) See Note 2 - Separation from CNX Resources Corporation for additional information. (2) See Note 16 - Stock-Based Compensation for additional information. Recent Accounting Pronouncements In May 2017, the FASB issued Update 2017-09 - Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which reduces diversity in practice and cost and complexity when applying the guidance in this Topic to a change to the terms or conditions of a share-based payment award. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in the Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted. This guidance has been adopted and there was no material impact on the Company's financial statements. In March 2017, the FASB issued Update 2017-07 - Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which improves the presentation of net periodic pension cost and net periodic postretirement benefit cost. The amendments in the Update require that an employer report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented separately from the service cost component and outside a subtotal of income from operations, if one is presented. Because the Company does not present an income from operations subtotal, that requirement is not applicable. For public entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of a fiscal year for which financial statements have not been issued. This guidance has been adopted and there was no material impact on the Company's financial statements. In August 2016, the FASB issued Update 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments relate to debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions. The Update also states that, in the absence of specific guidance for cash receipts and payments that have aspects of more than one class of cash flows, an entity should classify each separately identifiable source or use within the cash receipts and payments on the basis of their nature in financing, investing, or operating activities. In situations in which cash receipts or payments cannot be separated by source or use, the appropriate classification should depend on the activity that is likely to be the predominant source or use of cash flows for the item. The amendments in the Update will be applied using a retrospective transition method to each period presented and, for public entities, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. This guidance has been adopted and there was no material impact on the Company's financial statements. In May 2014, the FASB issued Update 2014-09 - Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605 - Revenue Recognition and most industry-specific guidance throughout the Industry Topics of the Codification. The objective of the amendments in this Update is to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and should disclose sufficient information, both qualitative and quantitative, to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The following updates to Topic 606 were made during 2016: • In March 2016, the FASB updated Topic 606 by issuing ASU 2016-08 “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies how an entity determines whether it is a principal or an agent for goods or services promised to a customer as well as the nature of the goods or services promised to their customers. • In April 2016, the FASB issued Update 2016-10 - Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which seeks to address implementation issues in the areas of identifying performance obligations and licensing. • In May 2016, the FASB issued Update 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients, which seeks to address implementation issues in the areas of collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. • In December 2016, the FASB issued Update 2016-20 - Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which includes amendments related to loan guarantee fees, contract costs, provisions for losses on construction and production-type contracts, scope, disclosures, contract modification, contract asset versus receivable, refund liability and advertising costs. The new standards are effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as annual reporting periods beginning after December 15, 2016. Management has evaluated all contracts with particular attention to the impact from contracts that contain favorable electric power price related adjustments and contracts that span multiple years that have annual fixed pricing. We adopted the new standard in 2018 using the modified retrospective approach on all contracts which were not completed as of the date of initial application and there was no material impact on the Company's financial statements. Further, we expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis, as the majority of our revenue will still be recognized when the product is shipped from our loading facility. The following factors outline management's position: • Most of our long-term contracts are for a stated range of coal at a stated rate per year, with any material price change from year-to-year being market-driven or inflationary, where no additional value is exchanged. • Contracts which contain favorable electric power price related adjustments also represent market-driven price adjustments wherein there is no additional value being exchanged. • Pricing on contrac |
Separation from CNX Resources C
Separation from CNX Resources Corporation | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Separation from CNX Resources Corporation | : In December 2016, CNX announced its intent to separate into two independent, publicly-traded companies - an independently traded coal company and an independently traded oil and natural gas exploration and production company focused on Appalachian area natural gas and liquids activities, including production, gathering, processing and acquisition of natural gas properties in the Appalachian Basin. In anticipation of the separation, CONSOL Energy was originally formed as CONSOL Mining Corporation in Delaware on June 21, 2017 to hold all of ParentCo’s Coal Business, including its interest in the Pennsylvania Mining Complex, and certain related coal assets, including ParentCo’s ownership interest in CNX Coal Resources LP, which owns a 25% undivided interest stake in PAMC, the CONSOL Marine Terminal and undeveloped coal reserves (Greenfield Reserves) located in the Northern Appalachian, Central Appalachian and Illinois basins and certain related coal assets and liabilities (the Coal Business). The Registration Statement on Form 10 (as amended) filed by the Company with the SEC describes the Company and the assets and liabilities that comprise the Coal Business that it now owns after completion of the separation and distribution. The Form 10 was declared effective by the SEC on November 3, 2017. The separation occurred on November 28, 2017, through the pro rata distribution by ParentCo of all of the outstanding common stock of CONSOL Mining Corporation to ParentCo’s shareholders. Following the separation and distribution, ParentCo continues to own the Gas Business. In connection with the separation, CONSOL Mining Corporation changed its name to CONSOL Energy Inc. and ParentCo changed its name to CNX Resources Corporation. In addition, CNX Coal Resources LP changed its name to CONSOL Coal Resources LP and its ticker to CCR. The separation was subject to a number of conditions, including, but not limited to: final approval by ParentCo’s Board of Directors; the continuing validity of the private letter ruling from the Internal Revenue Service regarding certain U.S. federal income tax matters relating to the transaction; receipt of an opinion of legal counsel regarding the qualification of the distribution, together with certain related transactions, as a transaction that is generally tax-free for U.S. federal income tax purposes; and the SEC declaring effective a Registration Statement on Form 10, as amended. The registration statement on Form 10 was declared effective on November 3, 2017. In connection with the separation and distribution, CONSOL Mining Corporation and ParentCo entered into a separation and distribution agreement on November 28, 2017 that identified the assets of the Coal Business that were transferred to CONSOL Mining Corporation, the liabilities that were assumed and the contracts that were transferred to each of CONSOL Mining Corporation and ParentCo as part of the separation into two companies. The agreement also implemented the legal and structural separation between the two companies. ParentCo and the Company also entered into additional ancillary agreements that govern the relationship between the two companies after the completion of the separation and distribution, and allocate between GasCo and the Company various assets, liabilities and obligations, including, among other things, employee benefits, environmental liabilities, intellectual property, and tax-related assets and liabilities. These additional agreements included a tax matters agreement, employee matters agreement, transition services agreement and certain agreements related to intellectual property. |
Miscellaneous Other Income
Miscellaneous Other Income | 12 Months Ended |
Dec. 31, 2017 | |
Component of Operating Income [Abstract] | |
Miscellaneous Other Income | MISCELLANEOUS OTHER INCOME: For the Years Ended December 31, 2017 2016 2015 Royalty Income - Non-Operated Coal $ 28,089 $ 19,739 $ 15,356 Rental Income 14,114 34,789 36,908 Purchased Coal Sales 13,161 5,757 1,596 Coal Contract Buyout 9,912 6,288 — Interest Income 2,619 1,166 410 Right of Way Issuance 2,436 11,281 10,827 Other 2,948 3,100 3,096 Miscellaneous Other Income $ 73,279 $ 82,120 $ 68,193 |
Stock Repurchase Stock Repurcha
Stock Repurchase Stock Repurchase | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stock Repurchase | STOCK REPURCHASE: In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025, in an aggregate amount of up to $50,000 through the period ending June 30, 2019. Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. Any repurchases of common stock or notes are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock or notes, and can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement or indenture and is subject to market conditions and other factors. No shares or notes were repurchased under this program during the year ended December 31, 2017 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The components of income tax expense (benefit) were as follows: For The Years Ended December 31, 2017 2016 2015 Current: U.S. Federal $ 65,856 $ (76,447 ) $ 49,435 U.S. State 2,732 (1,924 ) 2,591 Non-U.S. 2,030 1,411 963 70,618 (76,960 ) 52,989 Deferred: U.S. Federal 17,397 89,268 66,187 U.S. State (787 ) 2,257 6,429 16,610 91,525 72,616 Total Income Tax Expense $ 87,228 $ 14,565 $ 125,605 A reconciliation of income tax expense (benefit) and the amount computed by applying the statutory federal income tax rate of 35% to income from operations before income tax is: For the Years Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 59,429 35.0 % $ 22,755 35.0 % $ 155,059 35.0 % State income taxes, net of federal tax benefit 1,264 0.7 997 1.5 6,767 1.5 Excess tax depletion (24,216 ) (14.3 ) (21,856 ) (33.6 ) (27,720 ) (6.3 ) Effect of domestic production activities (6,493 ) (3.8 ) 1,621 2.5 (4,933 ) (1.1 ) Effect of change in U.S. tax law 58,558 34.5 — — — — IRS and state tax examination settlements — — 13,958 21.5 — — Effect of valuation allowance 1,379 0.8 — — — — Other (2,693 ) (1.6 ) (2,910 ) (4.5 ) (3,568 ) (0.8 ) Income Tax Expense / Effective Rate $ 87,228 51.3 % $ 14,565 22.4 % $ 125,605 28.3 % Significant components of deferred tax assets and liabilities were as follows: December 31, 2017 2016 Deferred Tax Asset: Postretirement benefits other than pensions $ 131,354 $ 255,507 Asset retirement obligations 51,415 99,467 Pneumoconiosis benefits 36,160 43,371 Workers' compensation 16,778 28,530 Mine subsidence 15,322 39,251 Salary retirement 12,465 37,498 State bonus, net of Federal 4,473 3,175 Long-term disability 3,375 6,358 Other 7,924 8,042 Total Deferred Tax Asset 279,266 521,199 Valuation Allowance (1,379 ) — Net Deferred Tax Asset 277,887 521,199 Deferred Tax Liability: Property, plant and equipment (174,806 ) (256,947 ) Equity Partnerships (17,991 ) (67,498 ) Advance mining royalties (10,025 ) (12,175 ) Total Deferred Tax Liability (202,822 ) (336,620 ) Net Deferred Tax Asset $ 75,065 $ 184,579 A gross state net operating loss carryforward of $4,584 was generated during the current year, resulting in a deferred tax asset of $81 . This NOL is principally related to Pennsylvania and Maryland, and will expire in 2037. As required by U.S. GAAP, a valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Management must review all available evidence, both positive and negative, in determining the need for a valuation allowance. For the years ended December 31, 2017 and 2016 , positive evidence considered included pretax cumulative income over the past three years, reversals of financial to tax temporary differences, and the implementation of and/or ability to employ various tax planning strategies. Negative evidence included the tax loss generated in the current year and the ability to fully utilize certain tax assets as a result of enactment of Public Law 115-97, commonly known as the Tax Cuts and Jobs Act. Management assessed both the federal and deferred state tax attributes for all subsidiaries during the period. After considering all available evidence, both positive and negative, management determined that a valuation allowance of $1,379 is necessary. On December 22, 2017, the President of the United States signed Public Law 115-97 “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018,” commonly referred to as the Tax Cuts and Jobs Act (“Tax Bill”). Under U.S. GAAP, the effects of new legislation are recognized upon enactment, which, for federal legislation, is the date the President signs a bill into law. Accordingly, recognition of the tax effects of the Tax Bill is required in the interim and annual periods that include December 22, 2017. The SEC also released Staff Accounting Bulletin 118 on December 22, 2017. This bulletin clarifies certain aspects of ASC 740 and provides a three-step process for applying ASC 740. First, a company must reflect in its financial statements the income tax effects of the Tax Bill on items for which the company can make a complete assessment. Next, a measurement period not to exceed one year is provided for a company to report provisional amounts of the income tax effects of the Tax Bill for items for which the company’s assessment is incomplete, but for which it can make a reasonable estimate. A company may adjust provisional amounts as it obtains additional information in subsequent reporting periods. Finally, for items for which a company cannot make a reasonable estimate, a company is not required to report provisional amounts and will continue to apply ASC 740 based on tax law existing immediately before December 22, 2017. A company is required to report provisional amounts for these items in the first reporting period in which the company is able to make a reasonable estimate of the income tax effects of the Tax Bill. The Company has evaluated the impact of the Tax Bill and has recorded the following provisional impacts in its financial statements. The net deferred tax asset on CONSOL Energy's balance sheet has been reduced by approximately $58,558 to a balance of $76,444 before the valuation allowance adjustment as a result of the federal corporate income tax rate being reduced from 35% to 21% for all periods after December 31, 2017. The Tax Cuts and Jobs Act is a comprehensive tax reform bill containing a number of provisions that either currently or in the future could impact the Company. Examples include the ability to fully expense certain depreciable property, and the limitation on the deductibility of business interest expense. As a result, the Company continues to evaluate all applicable provisions of the Tax Bill during the measurement period. The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the years ended December 31, 2017 and 2016 , the Company did not have any unrecognized tax benefits. If accrual for interest or penalties is required, it is the Company’s policy to include these as a component of income tax expense. The Company is subject to taxation in the United States, as well as various states and Canada, as well as various provinces. Under the provisions of the tax matters agreement signed on November 28, 2017 by and between CONSOL Energy Inc. (Parent) and CONSOL Mining Corporation (Company), certain subsidiaries of the Company are subject to examination for tax years for the period January 1, 2015 through December 31, 2017 for certain state and foreign returns. Further, the Company is subject to examination for the period November 28, 2017 through December 31, 2017 for federal and certain state returns. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS: CONSOL Energy accrues for mine closing costs, perpetual water care costs, and costs associated with the plugging of degasification wells using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes capitalized asset retirement costs by increasing the carrying amount of related long-lived assets. The reconciliation of changes in the asset retirement obligations at December 31, 2017 and 2016 is as follows: As of December 31, 2017 2016 Balance at beginning of period $ 272,538 $ 288,977 Accretion expense 18,922 20,111 Payments (10,467 ) (11,637 ) Revisions in estimated cash flows (20,529 ) (25,427 ) Other (1,641 ) 514 Balance at end of period $ 258,823 $ 272,538 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: Inventory components consist of the following: December 31, 2017 2016 Coal $ 11,411 $ 7,800 Supplies 42,009 42,361 Total Inventories $ 53,420 $ 50,161 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment consists of the following at December 31: December 31, 2017 2016 Plant and Equipment $ 2,757,062 $ 2,680,453 Coal Properties and Surface Lands 857,031 861,048 Airshafts 392,266 381,755 Mine Development 344,139 344,139 Advance Mining Royalties 325,855 326,000 Total Property, Plant and Equipment 4,676,353 4,593,395 Less Accumulated Depreciation, Depletion and Amortization 2,554,056 2,413,125 Total Property, Plant and Equipment, Net $ 2,122,297 $ 2,180,270 Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. As of December 31, 2017 and 2016 , property, plant and equipment includes gross assets under capital lease of $ 3,559 and $ 3,547 , respectively. Accumulated amortization for capital leases was $ 2,839 and $ 2,399 at December 31, 2017 and 2016 , respectively. Amortization expense for assets under capital leases approximated $424 and $491 for the years ended December 31, 2017 and 2016 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income. See Note 12–Leases for further discussion of capital leases. |
Accounts Receivable Securitizat
Accounts Receivable Securitization | 12 Months Ended |
Dec. 31, 2017 | |
Short-term Debt [Abstract] | |
Accounts Receivable Securitization | ACCOUNTS RECEIVABLE SECURITIZATION: CONSOL Energy and certain of its U.S. subsidiaries were party to a trade accounts receivable facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. Pursuant to the securitization facility, CONSOL Thermal Holdings LLC will sell current and future trade receivables to CONSOL Pennsylvania Coal Company LLC. CONSOL Marine Terminals LLC and CONSOL Pennsylvania Coal Company LLC (the “originators”) will sell and/or contribute current and future trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC (the “SPV”). The SPV will, in turn, pledge its interests in the receivables to PNC Bank, which will either make loans or issue letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the securitization facility may not exceed $100 million . Loans under the securitization facility will accrue interest at a reserve-adjusted LIBOR market index rate equal to the one-month Eurodollar rate. Loans and letters of credit under the securitization facility will also accrue a program fee and a letter of credit participation fee, respectively, equal to 4.00% per annum. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum. At December 31, 2017, the Company's eligible accounts receivable yielded $60,582 of borrowing capacity. At December 31, 2017, the facility had no outstanding borrowings and $60,685 of letters of credit outstanding, leaving no unused capacity. Costs associated with the receivables facility totaled $171 thousand for the year ended December 31, 2017. These costs have been recorded as financing fees which are included in Operating and Other Costs in the Consolidated Statements of Income. The Company has not derecognized any receivables due to its continued involvement in the collections efforts. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: December 31, 2017 2016 Subsidence liability $ 88,027 $ 104,437 Longwall equipment buyout 22,631 — Accrued payroll and benefits 14,689 17,326 Accrued interest 10,039 2,239 Equipment lease rental 9,865 15,286 Litigation 8,197 12,532 Accrued other taxes 7,510 12,732 Deferred revenue 6,807 10,520 Short-term incentive compensation 4,729 6,073 Other 23,900 19,747 Current portion of long-term liabilities: Postretirement benefits other than pensions 37,464 40,611 Asset retirement obligations 30,480 26,259 Workers' compensation 13,317 13,596 Pneumoconiosis benefits 12,972 10,763 Total Other Accrued Liabilities $ 290,627 $ 292,121 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT: December 31, 2017 2016 Debt: Term Loan B due in November 2022 (Principal of $400,000 less Unamortized Discount of $7,853, 7.47% Weighted Average Interest Rate) $ 392,147 $ — 11.00% Senior Secured Second Lien Notes due 2025 300,000 — MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in November 2021 (5.92% Weighted Average Interest Rate) 100,000 — Advance Royalty Commitments (9.42% and 7.73% Weighted Average Interest Rate, respectively) 2,085 2,678 Revolving Credit Facility - CONSOL Coal Resources LP — 201,000 Less: Unamortized Debt Issuance Costs 21,129 4,343 875,968 302,200 Less: Amounts Due in One Year* 19,318 373 Long-Term Debt $ 856,650 $ 301,827 *Excludes current portion of Capital Lease Obligations of $3,164 and $3,703 at December 31, 2017 and 2016 , respectively. Annual undiscounted maturities on long-term debt during the next five years and thereafter are as follows: Year ended December 31, Amount 2018 $ 19,318 2019 19,291 2020 29,265 2021 49,242 2022 384,169 Thereafter 403,665 Total Long-Term Debt Maturities $ 904,950 In November 2017, CONSOL Energy entered into a revolving credit facility with commitments up to $300 million (the “Revolving Credit Facility”), a Term Loan A Facility of up to $100 million (the “TLA Facility”) and a Term Loan B Facility of up to $400 million (the “TLB Facility”, and together with the Revolving Credit Facility and the TLA Facility, the “Senior Secured Credit Facilities”). Borrowings under the Company's Senior Secured Credit Facilities bear interest at a floating rate which can be, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility and TLA Facility depends on the total net leverage ratio, whereas the applicable margin for the TLB Facility is fixed. The Revolving Credit and TLA Facilities mature on November 28, 2021. The TLB Facility matures on November 28, 2022. Obligations under the Senior Secured Credit Facilities are guaranteed by (i) all owners of the 75% undivided economic interest in the PAMC held by the Company, (ii) any other members of the Company’s group that own any portion of the collateral securing the Revolving Credit Facility, and (iii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly owned restricted subsidiaries of the Company (excluding the Partnership and its wholly-owned subsidiaries). The Revolving Credit Facility and TLA Facility also include financial covenants, including (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio. CONSOL Energy must maintain a maximum first lien gross leverage ratio covenant of no more than 2.25 to 1.00, measured quarterly, stepping down to 2.00 to 1.00 in March 2019 and 1.75 to 1.00 in March 2020. The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA, excluding the Partnership. The maximum first lien gross leverage ratio was 1.58 to 1.00 at December 31, 2017 . CONSOL Energy must maintain a maximum total net leverage ratio covenant of no more than 3.25 to 1.00, measured quarterly, stepping down to 3.00 to 1.00 in March 2019 and 2.75 to 1.00 in March 2020. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA, excluding the Partnership. The maximum total net leverage ratio was 2.37 to 1.00 at December 31, 2017 . Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, non-recurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations, non-cash charges related to legacy employee liabilities and gains and losses on debt extinguishment, and includes cash distributions received from the Partnership and subtracts cash payments related to legacy employee liabilities. The facilities also include a minimum fixed charge coverage covenant of no less than 1.00 to 1.00, measured quarterly, stepping up to 1.05 to 1.00 in March 2020 and 1.10 to 1.00 in March 2021. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges, excluding the Partnership. Consolidated Fixed Charges, as used in the covenant calculation, includes cash interest payments, cash payments for income taxes, scheduled debt repayments, dividends paid, and Maintenance Capital Expenditures. Compliance with the minimum fixed charge coverage ratio is not required until the quarter ending March 31, 2018. At December 31, 2017 , the Revolving Credit Facility had no borrowings outstanding and $27,426 of letters of credit outstanding, leaving $272,574 of unused capacity. From time to time, CONSOL Energy is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CONSOL Energy sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity. In November 2017, CONSOL Energy issued $300 million in aggregate principal amount of 11.00% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) pursuant to an indenture (the “Indenture”) dated as of November 13, 2017, by and between the Company and UMB Bank, N.A., a national banking association, as trustee and collateral trustee (the “Trustee”). On November 28, 2017, certain subsidiaries of the Company executed a supplement to the Indenture and became party to the Indenture as a guarantor (the “Guarantors”). The Second Lien Notes are secured by second priority liens on substantially all of the assets of the Company and the Guarantors that are pledged and on a first-priority basis as collateral securing the Company’s obligations under the Senior Secured Credit Facilities (described above), subject to certain exceptions under the Indenture. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | LEASES: CONSOL Energy uses various leased facilities and equipment in its operations. Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments, at December 31, 2017 are as follows: Capital Operating Leases Leases Year Ended December 31, 2018 $ 3,773 $ 73,223 2019 3,641 31,386 2020 3,471 22,260 2021 2,253 21,473 2022 — 11,680 Thereafter — 21,796 Total minimum lease payments $ 13,138 $ 181,818 Less amount representing interest (3.00% – 6.00%) 1,335 Present value of minimum lease payments 11,803 Less amount due in one year 3,164 Total Long-Term Capital Lease Obligation $ 8,639 Rental expense under operating leases was $77,879 , $87,903 , and $83,423 for the years ended December 31, 2017 , 2016 and 2015 , respectively. At December 31, 2017 , certain of the above capital leases for mining equipment are subleased to a third-party. The following represents the minimum payments including interest for those capital subleases: 2018 2019 2020 2021 2022 Thereafter Total $ 3,699 $ 3,699 $ 3,699 $ 2,157 $ — $ — $ 13,254 At December 31, 2017 , certain of the above operating leases for mining equipment are subleased to third-parties. The following represents the minimum rental payments for those operating subleases: 2018 2019 2020 2021 2022 Thereafter Total $ 295 $ — $ — $ — $ — $ — $ 295 CONSOL Energy leases certain owned mining equipment to a third-party under operating leases. The owned equipment included in gross property, plant and equipment was $ 16,672 , with $ 13,337 accumulated depreciation at December 31, 2017 and $26,005 , with $15,603 accumulated depreciation at December 31, 2016 . At December 31, 2017 , scheduled minimum rental payments for operating leases related to this equipment were as follows: 2018 2019 2020 2021 2022 Thereafter Total $ 2,992 $ 1,701 $ 627 $ — $ — $ — $ 5,320 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Defined Contribution Plan [Abstract] | |
Pension and Other Postretirement Benefit Plans | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS: Pension CONSOL Energy has non-contributory defined benefit retirement plans. Effective December 31, 2015, CONSOL Energy's qualified defined benefit retirement plan was frozen. The benefits for these plans are based primarily on years of service and employees' pay. CONSOL Energy's qualified pension plan allows for lump-sum distributions of benefits earned up until December 31, 2005, at the employees' election. Pursuant to a separation and distribution agreement entered into by and between CONSOL Energy Inc. (now known as CNX Resources Corporation (“CNX”)) and CONSOL Mining Corporation (now known as CONSOL Energy Inc. (“CEIX”)) dated November 28, 2017, and related ancillary agreements (the “Transaction Agreements”), the sponsorship of the qualified pension plan was transferred to CEIX. On August 31, 2015, the qualified pension plan was remeasured to reflect an announced plan amendment that reduced accruals of pension benefits as of January 1, 2016. The plan amendment called for a hard freeze of the qualified defined benefit pension plan on January 1, 2016 for all remaining participants in the plan. The modifications to the pension plan resulted in a $26,352 reduction in the pension liability. The amendment resulted in a remeasurement of the qualified pension plan at August 31, 2015, which increased the pension liability by $17,793 . In the third quarter of 2015, CONSOL Energy remeasured its pension plan as a result of the previously discussed plan amendment. In conjunction with this remeasurement, the method used to estimate the service and interest components of net periodic benefit cost for pension was changed. This change was also made to other postretirement benefits in the fourth quarter during the annual remeasurement of that plan. This change, compared to the previous method, resulted in a decrease in the service and interest components for pension cost in the third quarter. Historically, these service and interest cost components have been estimated utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. CONSOL Energy elected to utilize a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. This change was made to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. This change was immaterial to CONSOL Energy's financial statements. CONSOL Energy accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and, accordingly, accounted for it prospectively. According to the Defined Benefit Plans Topic of the FASB Accounting Standards Codification, if the lump sum distributions made during a plan year, which for CONSOL Energy is January 1 to December 31, exceed the total of the projected service cost and interest cost for the plan year, settlement accounting is required. Lump sum payments exceeded this threshold during the years ended December 31, 2017 , 2016 , and 2015 . Accordingly, CONSOL Energy recognized settlement expense of $10,153 , $22,196 , and $19,053 for the years ended December 31, 2017 , 2016 and 2015 respectively, in Operating and Other Costs in the Consolidated Statements of Income. Other Postretirement Benefit Plans Certain subsidiaries of CONSOL Energy provide medical and prescription drug benefits to retired employees covered by the Coal Industry Retiree Health Benefit Act of 1992 (the Coal Act). Represented hourly employees are eligible to participate based upon the terms of the National Bituminous Coal Wage Agreement of 2011. On May 31, 2015, the Salaried OPEB and P&M OPEB plans were remeasured to reflect another plan amendment which eliminated Salaried and P&M OPEB benefits at December 31, 2015. The amendment to the OPEB plans resulted in a $43,598 reduction in the OPEB liability. The amendment also resulted in a remeasurement of the OPEB plan at May 31, 2015, which decreased the liability by $1,070 . CONSOL Energy recognized income of $235,541 related to amortization of prior service credits, coupled with recognition of actuarial losses in Operating and Other Costs in the Consolidated Statements of Income for the year ended December 31, 2015 as a result of the changes made to the Salaried and P&M OPEB plans. The Company implemented cost containment changes related to pharmacy benefits on January 1, 2017 and increased member responsibility when using out-of-network providers and facilities effective March 27, 2017. These plan design changes resulted in a $28,164 reduction in the OPEB liability during the year ended December 31, 2016. The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2017 and 2016 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 735,177 $ 751,617 $ 700,085 $ 671,755 Service cost 2,948 1,533 — — Interest cost 25,265 25,048 23,945 24,241 Actuarial loss (gain) 35,281 46,885 (101,379 ) 77,640 Plan amendments — — — (28,164 ) Plan settlements (29,142 ) (54,197 ) — — Benefits and other payments (35,539 ) (35,709 ) (31,088 ) (45,387 ) Benefit obligation at end of period $ 733,990 $ 735,177 $ 591,563 $ 700,085 Change in plan assets: Fair value of plan assets at beginning of period $ 632,434 $ 669,039 $ — $ — Actual return on plan assets 110,311 50,575 — — Company contributions 1,181 2,726 31,088 45,387 Benefits and other payments (35,539 ) (35,709 ) (31,088 ) (45,387 ) Plan settlements (29,142 ) (54,197 ) — — Fair value of plan assets at end of period $ 679,245 $ 632,434 $ — $ — Funded status: Current liabilities $ (1,785 ) $ (2,871 ) $ (37,464 ) $ (40,611 ) Noncurrent liabilities (52,960 ) (99,872 ) (554,099 ) (659,474 ) Net obligation recognized $ (54,745 ) $ (102,743 ) $ (591,563 ) $ (700,085 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 243,456 $ 295,152 $ 301,901 $ 426,392 Prior service credit (869 ) (1,372 ) (25,759 ) (28,164 ) Net amount recognized (before tax effect) $ 242,587 $ 293,780 $ 276,142 $ 398,228 The components of net periodic benefit cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2015 2017 2016 2015 Components of net periodic benefit cost: Service cost $ 2,948 $ 1,533 $ 8,256 $ — $ — $ — Interest cost 25,265 25,048 31,655 23,945 24,241 27,238 Expected return on plan assets (42,383 ) (46,674 ) (51,528 ) — — — Amortization of prior service credits (502 ) (502 ) (579 ) (2,405 ) — (336,327 ) Recognized net actuarial loss 8,896 9,163 20,870 23,112 19,168 102,875 Curtailment loss — — 5 — — — Settlement loss (gain) 10,153 22,196 19,053 — — (8,932 ) Net periodic benefit cost (credit) $ 4,377 $ 10,764 $ 27,732 $ 44,652 $ 43,409 $ (215,146 ) Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2018 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ (502 ) $ (2,405 ) Actuarial loss recognition $ 8,715 $ 16,205 CONSOL Energy utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the Pension Plan. Cumulative gains and losses that are in excess of 10% of the greater of either the projected benefit obligation (PBO) or the market-related value of plan assets are amortized over the expected remaining future lifetime of all plan participants for the Pension Plan. CONSOL Energy also utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the OPEB Plan. Cumulative gains and losses that are in excess of 10% of the greater of either the accumulated postretirement benefit obligation (APBO) or the market-related value of plan assets are amortized over the average future remaining lifetime of the current inactive population for the OPEB plan. The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets: As of December 31, 2017 2016 Projected benefit obligation $ 733,990 $ 735,177 Accumulated benefit obligation $ 733,949 $ 733,542 Fair value of plan assets $ 679,245 $ 632,434 Assumptions: The weighted-average assumptions used to determine benefit obligations are as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2017 2016 2017 2016 Discount rate 3.65 % 4.31 % 3.65 % 4.22 % Rate of compensation increase 3.73 % 3.90 % — — The discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company's plans. The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Discount rate 4.27 % 4.52 % 4.07 % 4.22 % 4.50 % 4.03 % Expected long-term return on plan assets 6.90 % 7.25 % 7.75 % — — — Rate of compensation increase 3.90 % 3.80 % 3.80 % — — — The long-term rate of return is the sum of the portion of total assets in each asset class held multiplied by the expected return for that class, adjusted for expected expenses to be paid from the assets. The expected return for each class is determined using the plan asset allocation at the measurement date and a distribution of compound average returns over a twenty year time horizon. The model uses asset class returns, variances and correlation assumptions to produce the expected return for each portfolio. The return assumptions used forward-looking gross returns influenced by the current Treasury yield curve. These returns recognize current bond yields, corporate bond spreads and equity risk premiums based on current market conditions. The assumed health care cost trend rates are as follows: At December 31, 2017 2016 Health care cost trend rate for next year 6.06 % 6.31 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2038 2038 Assumed health care cost trend rates have a significant effect on the amounts reported for the medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effects: 1 Percentage 1 Percentage Point Increase Point Decrease Effect on total of service and interest cost components $ 3,536 $ (2,962 ) Effect on accumulated postretirement benefit obligation $ 71,922 $ (60,924 ) Plan Assets: The Company’s overall investment strategy is to meet current and future benefit payment needs through diversification across asset classes, fund strategies and fund managers to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation. Consistent with the objectives of the Pension Trust and in consideration of the Trust’s current funded status and the current level of market interest rates, the Retirement Board, as appointed by the CONSOL Energy Board of Directors (the “Retirement Board”) has approved an asset allocation strategy that will change over time in response to future improvements in the Trust’s funded status and/or changes in market interest rates. Such changes in asset allocation strategy are intended to allocate additional assets to the fixed income asset class should the Trust’s funded status improve. In this framework, the current target allocation for plan assets is 26% U.S. equity securities, 16.5% non-U.S. equity securities, 7.5% global equity securities and 50% fixed income. Both the equity and fixed income portfolios are comprised of both active and passive investment strategies. The Trust is primarily invested in Mercer Common Collective Trusts. Equity securities consist of investments in large and mid/small cap companies; non-U.S. equities are derived from both developed and emerging markets. Fixed income securities consist of U.S. as well as international instruments, including emerging markets. The core domestic fixed income portfolios invest in government, corporate, asset-backed securities and mortgage-backed obligations. The average quality of the fixed income portfolio must be rated at least “investment grade” by nationally recognized rating agencies. Within the fixed income asset class, investments are invested primarily across various strategies such that the overall profile strongly correlates with the interest rate sensitivity of the Trust’s liabilities in order to reduce the volatility resulting from the risk of changes in interest rates and the impact of such changes on the Trust’s overall financial status. Derivatives, interest rate swaps, options and futures are permitted investments for the purpose of reducing risk and to extend the duration of the overall fixed income portfolio; however, they may not be used for speculative purposes. All or a portion of the assets may be invested in mutual funds or other commingled vehicles so long as the pooled investment funds have an adequate asset base relative to their asset class; are invested in a diversified manner; and have management and/or oversight by an Investment Advisor registered with the SEC. The Retirement Board reviews the investment program on an ongoing basis including asset performance, current trends and developments in capital markets, changes in Trust liabilities and ongoing appropriateness of the overall investment policy. The fair values of plan assets at December 31, 2017 and 2016 by asset category are as follows: Fair Value Measurements at December 31, 2017 Fair Value Measurements at December 31, 2016 Quoted Quoted Prices in Prices in Active Active Markets for Significant Significant Markets for Significant Significant Identical Observable Unobservable Identical Observable Unobservable Assets Inputs Inputs Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Asset Category Cash/Accrued Income $ 5,202 $ 5,202 $ — $ — $ 639 $ 639 $ — $ — US Equities (a) 12 12 — — 11 11 — — Mercer Common Collective Trusts (b) 674,031 — — — 631,784 — — — Total $ 679,245 $ 5,214 $ — $ — $ 632,434 $ 650 $ — $ — __________ (a) This category includes investments in US common stocks and corporate debt. (b) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. There are no investments in CONSOL Energy stock held by these plans at December 31, 2017 or 2016 . There are no assets in the other postretirement benefit plans at December 31, 2017 or 2016 . Cash Flows: If necessary, CONSOL Energy intends to contribute to the pension trust using prudent funding methods. However, the Company does not expect to contribute to the pension plan trust in 2018. Pension benefit payments are primarily funded from the Pension Trust. CONSOL Energy expects to pay benefits of $1,785 from the non-qualified pension plan in 2018. CONSOL Energy does not expect to contribute to the other postemployment plan in 2018 and intends to pay benefit claims as they are due. The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2018 $ 44,778 $ 37,464 2019 $ 44,035 $ 37,163 2020 $ 43,117 $ 37,071 2021 $ 42,124 $ 36,862 2022 $ 42,644 $ 36,228 Year 2023-2027 $ 206,682 $ 172,756 |
Coal Workers' Pneumoconiosis an
Coal Workers' Pneumoconiosis and Workers' Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Coal Workers' Pneumoconiosis and Workers' Compensation | COAL WORKERS’ PNEUMOCONIOSIS AND WORKERS’ COMPENSATION: Under the Federal Coal Mine Health and Safety Act of 1969, as amended, CONSOL Energy is responsible for medical and disability benefits to employees and their dependents resulting from occurrences of coal workers' pneumoconiosis disease. CONSOL Energy is also responsible under various state statutes for pneumoconiosis benefits. CONSOL Energy primarily provides for these claims through a self-insurance program. The calculation of the actuarial present value of the estimated pneumoconiosis obligation is based on an annual actuarial study by independent actuaries and uses assumptions regarding disability incidence, medical costs, indemnity levels, mortality, death benefits, dependents and interest rates which are derived from actual company experience and outside sources. Actuarial gains or losses can result from differences in incident rates and severity of claims filed as compared to original assumptions. Recent legislative changes have not been favorable for CWP. Based upon the law change that contained a 15-year presumption and permitted that chronic obstructive pulmonary disease (COPD) is a symptom of coal workers’ pneumoconiosis, there has been a surge in entitled claims for CONSOL, both from new applicants and previously denied applicants over the past years. This surge in the past year approximated the industry-wide historical entitlement emergence pattern. As a result, the Company has adjusted its expectations regarding future claim emergence, resulting in a $41,700 increase in the CWP liability. Former miners and their family members asserting claims for pneumoconiosis benefits have generally been more successful asserting such claims in recent years as a result of the presumption within the PPACA that a coal miner with fifteen or more years of underground coal mining experience (or the equivalent) who develops a respiratory condition and meets the requirements for total disability under the Federal Act is presumed to be disabled due to coal dust exposure, thereby shifting the burden of proof from the employee to the employer/insurer to establish that this disability is not due to coal dust. CONSOL Energy must also compensate individuals who sustain employment-related physical injuries or some types of occupational diseases and, on some occasions, for costs of their rehabilitation. Workers' compensation laws will also compensate survivors of workers who suffer employment-related deaths. Workers' compensation laws are administered by state agencies, and each state has its own set of rules and regulations regarding compensation that is owed to an employee that is injured in the course of employment. CONSOL Energy primarily provides for these claims through a self-insurance program. CONSOL Energy recognizes an actuarial present value of the estimated workers' compensation obligation calculated by independent actuaries. The calculation is based on claims filed and an estimate of claims incurred but not yet reported as well as various assumptions, including discount rate, future healthcare trend rate, benefit duration and recurrence of injuries. Actuarial gains or losses associated with workers' compensation have resulted from discount rate changes and differences in claims experience and incident rates as compared to prior assumptions. CWP Workers' Compensation at December 31, at December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 118,836 $ 121,285 $ 78,099 $ 81,502 State administrative fees and insurance bond premiums — — 3,198 3,199 Service cost 5,122 4,327 5,734 7,466 Interest cost 4,050 4,283 2,321 2,499 Actuarial loss 47,939 439 3,553 121 Benefits paid (13,107 ) (10,191 ) (14,377 ) (16,688 ) Curtailment gain — (1,307 ) — — Benefit obligation at end of period $ 162,840 $ 118,836 $ 78,528 $ 78,099 Current assets $ — $ — $ 1,437 $ 1,429 Current liabilities (12,972 ) (10,763 ) (13,317 ) (13,596 ) Noncurrent liabilities (149,868 ) (108,073 ) (66,648 ) (65,932 ) Net obligation recognized $ (162,840 ) $ (118,836 ) $ (78,528 ) $ (78,099 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial gain $ (7,144 ) $ (62,714 ) $ (8,505 ) $ (12,656 ) Net amount recognized (before tax effect) $ (7,144 ) $ (62,714 ) $ (8,505 ) $ (12,656 ) The components of the net periodic cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 5,122 $ 4,327 $ 6,194 $ 5,734 $ 7,466 $ 9,201 Interest cost 4,050 4,283 5,116 2,321 2,499 3,131 Recognized net actuarial gain (7,631 ) (4,948 ) (5,576 ) (598 ) (395 ) (30 ) State administrative fees and insurance bond premiums — — — 3,198 3,199 3,510 Curtailment gain — (1,307 ) — — — — Net periodic cost $ 1,541 $ 2,355 $ 5,734 $ 10,655 $ 12,769 $ 15,812 The following are amounts included in accumulated other comprehensive income that are expected to be recognized in 2018 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial gain recognition $ (854 ) $ (79 ) CONSOL Energy utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the Workers’ Compensation and CWP plans. Cumulative gains and losses that are in excess of 10% of the greater of either the estimated liability or the market-related value of plan assets are amortized over the expected average remaining future service of the current active membership of the Workers’ Compensation and CWP plans. Assumptions: The weighted-average discount rates used to determine benefit obligations and net periodic cost are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Benefit obligations 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % Net periodic cost 4.40 % 4.60 % 4.21 % 4.05 % 4.26 % 3.84 % Discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company's plans. Cash Flows: CONSOL Energy does not intend to make contributions to the CWP or Workers' Compensation plans in 2018, but it intends to pay benefit claims as they become due. The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2018 $ 12,972 $ 14,390 $ 11,880 $ 2,510 2019 $ 10,065 $ 14,120 $ 11,547 $ 2,573 2020 $ 8,841 $ 14,110 $ 11,473 $ 2,637 2021 $ 8,203 $ 14,035 $ 11,332 $ 2,703 2022 $ 8,024 $ 14,146 $ 11,375 $ 2,771 Year 2023-2027 $ 42,525 $ 53,187 $ 38,259 $ 14,928 |
Other Employee Benefit Plans
Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Other Employee Benefit Plans | OTHER EMPLOYEE BENEFIT PLANS: UMWA Benefit Trusts The Coal Act created two multi-employer benefit plans: (1) the United Mine Workers of America Combined Benefit Fund (the “Combined Fund”) into which the former UMWA Benefit Trusts were merged, and (2) the United Mine Workers of America 1992 Benefit Plan (the “1992 Benefit Plan”). CONSOL Energy accounts for required contributions to these multi-employer trusts as expense when incurred. The Combined Fund provides medical and death benefits for all beneficiaries of the former UMWA Benefit Trusts who were actually receiving benefits as of July 20, 1992. The 1992 Benefit Plan provides medical and death benefits to orphan UMWA-represented members eligible for retirement on February 1, 1993, and for those who retired between July 20, 1992 and September 30, 1994. The Coal Act provides for the assignment of beneficiaries to former employers and the allocation of unassigned beneficiaries (referred to as orphans) to companies using a formula set forth in the Coal Act. The Coal Act requires that responsibility for funding the benefits to be paid to beneficiaries be assigned to their former signatory employers or related companies. This cost is recognized when contributions are assessed. CONSOL Energy's total contributions under the Coal Act were $7,647 , $8,455 and $9,239 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Based on available information at December 31, 2017 , CONSOL Energy's obligation for the Combined Fund and 1992 Benefit Plans is estimated to be approximately $82,501 . Pursuant to the provisions of the Tax Relief and Healthcare Act of 2006 (the “2006 Act”) and the 1992 Benefit Plan, CONSOL Energy is required to provide security in an amount based on the annual cost of providing health care benefits for all individuals receiving benefits from the 1992 Benefit Plan who are attributable to CONSOL Energy, plus all individuals receiving benefits from an individual employer plan maintained by CONSOL Energy who are entitled to receive such benefits. In accordance with the terms of the 2006 Act and the 1992 Benefit Plan, CONSOL Energy must secure its obligations by posting letters of credit, which were $20,983 , $19,170 and $21,473 at December 31, 2017 , 2016 and 2015 , respectively. The 2017 , 2016 and 2015 security amounts were based on the annual cost of providing health care benefits and included a reduction in the number of eligible employees. Investment Plan CONSOL Energy has an investment plan available to most non-represented employees. Eligible employees of Consol Pennsylvania Coal Company began participation in the Consol Pennsylvania Coal Company Investment Plan (the “CPCC 401(k) plan”) on September 1, 2017, which was the inception date of the CPCC 401(k) plan. Remaining eligible employees of CONSOL Energy began participation in the CPCC 401(k) plan on November 1, 2017. Prior to participating in the CPCC 401(k) plan, eligible employees of CONSOL Energy participated in CONSOL Energy’s, now known as CNX Resources Corporation, 401(k) plan. Both the CNX and the CPCC 401(k) plans include Company matching of 6% of eligible compensation contributed by eligible employees of CONSOL Energy. In conjunction with the qualified pension plan changes in 2015, the Company contributed an additional 3% of eligible compensation into the 401(k) plan accounts for employees hired or rehired on or after October 1, 2014 or who were under age 40 or had less than 10 years of service with the Company as of September 30, 2014. This additional contribution was eliminated on January 1, 2016. The Company may also make discretionary contributions to the Plan ranging from 1% to 6% ( 1% to 4% prior to January 1, 2016) of eligible compensation for eligible employees (as defined by the Plan). There were no such discretionary contributions made by the Company for the years ended December 31, 2017 and 2015 . Discretionary contributions made by the Company were $9,499 for the year ended December 31, 2016 . Total payments and costs were $9,888 , $17,687 and $13,729 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Long-Term Disability CONSOL Energy has a Long-Term Disability Plan available to all eligible full-time salaried employees. The benefits for this plan are based on a percentage of monthly earnings, offset by all other income benefits available to the disabled. For the Years Ended December 31, 2017 2016 2015 Benefit cost $ 2,058 $ 1,936 $ 2,383 Discount rate assumption used to determine net periodic benefit costs 3.43 % 3.71 % 3.18 % Liabilities incurred under the Long-Term Disability Plan are included in Other Accrued Liabilities and Deferred Credits and Other Liabilities–Other in the Consolidated Balance Sheets and amounted to a combined total of $15,315 and $17,421 at December 31, 2017 and 2016 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION: CONSOL Energy adopted the CONSOL Energy Inc. Omnibus Performance Incentive Plan (Performance Incentive Plan) on October 30, 2017. The Performance Incentive Plan provides for grants of stock-based awards to non-employee directors and employees, including any officer or employee-director of the Company, who is not a member of the Compensation Committee. These awards are intended to compensate the recipients thereof based on the performance of the Company's stock and the recipients' continued services during the vesting period, as well as align the recipients' long-term interests with those of the Company's shareholders. CONSOL Energy is responsible for the cost of awards granted under the Performance Incentive Plan, and all determinations with respect to awards to be made under the Performance Incentive Plan will be made by the board of directors or a committee as delegated by the board of directors. The Performance Incentive Plan limits the number of units that may be delivered pursuant to vested awards to 2,600,000 shares, subject to proportionate adjustment in the event of stock splits, stock dividends, recapitalizations, and other similar transactions or events. Shares subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminate without delivery will be available for delivery pursuant to other awards. Due to the separation of ParentCo and CONSOL Energy as described in Note 2 - Separation from CNX Resources Corporation, the terms of the agreement between the companies provide for the automatic adjustment and conversion of awards originally granted under ParentCo's equity incentive plan into awards of the Performance Incentive Plan, effective as of November 28, 2017. By calculating a conversion ratio based on the share price immediately prior to the separation for both ParentCo and CONSOL Energy, the intrinsic value of the outstanding awards immediately following the separation remains the same as the intrinsic value immediately prior to the separation. At the date of conversion, employees of CONSOL Energy who were grades 14 or lower vested immediately in any non-vested restricted stock units, whereas employees above grade 14 converted their shares at the separation date. All performance share units of ParentCo owned by CONSOL Energy employees converted on the date of the separation. For every unvested share of ParentCo's award to be converted, a CONSOL Energy employee received 0.7189 shares of an unvested award in the Performance Incentive Plan. The fair value of each award was adjusted to preserve the intrinsic value of the award. Any unvested option award of ParentCo owned by a CONSOL Energy employee remained an option award of ParentCo's stock and CONSOL Energy recognized stock-based compensation expense for the remaining unamortized period of the award. For the year ended December 31, 2017 , $1,436 relates to the immediate expense of the unamortized portion of ParentCo granted options for CONSOL Energy employees.While the board of directors may amend certain provisions of these awards, subject to limitations imposed by applicable law or the Performance Incentive Plan, these converted awards shall be governed by the provisions of the original award agreement applicable to the award. For only those shares expected to vest, CONSOL Energy recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award as specified in the award agreement, which is generally the vesting term. The vesting of all awards will accelerate in the event of death and disability and may accelerate upon a change in control of CONSOL Energy. The total stock-based compensation expense recognized during the years ended December 31, 2017 , 2016 and 2015 was $ 16,212 , $ 10,986 and $ 9,205 , respectively. This includes expense specifically related to the Performance Incentive Plan and also expense charged by ParentCo prior to the separation. The related deferred tax benefit relating to converted shares and new grants totaled $ 1,439 , $ 607 and $ 609 for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , CONSOL Energy has $ 9,904 of unrecognized compensation cost related to all nonvested stock-based compensation awards, which is expected to be recognized over a weighted-average period of 2.85 years. When restricted stock and performance share unit awards become vested, the issuances are made from CONSOL Energy's common stock shares. In March 2016, the FASB issued an Accounting Standards Update on stock compensation that was intended to simplify and improve the accounting and statement of cash flow presentation for income taxes at settlement, forfeitures, and net settlements for withholding tax. The guidance is effective for public entities for fiscal years beginning after December 31, 2016. In accordance with this Update, $384 of additional income tax expense was recognized in the Consolidated Statements of Income for the year ended December 31, 2017 . Also in accordance with this Update, the value of shares withheld for employee tax withholding purposes of $2,156 for the year ended December 31, 2017 was reclassified between Net Cash Provided by Operating Activities and Net Cash Used in Financing Activities on the Consolidated Statements of Cash Flows. As permitted by this Update, the Company has elected to account for forfeitures of stock-based compensation as they occur. The cumulative effect of the policy election to recognize forfeitures as they occur was nominal. Restricted Stock Units CONSOL Energy grants certain employees and directors restricted stock units, which entitle the holder to shares of common stock as the award vests. Compensation expense is recognized on a straight-line basis over the requisite service period of the award. The total fair value of restricted stock units vested during the year ended December 31, 2017 was $534 . The following table represents the nonvested restricted stock units and their corresponding fair value (based upon the closing share price) at the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2016 — $— Granted 165,967 $29.82 Converted from CNX Separation 136,790 $29.52 Vested (11,063 ) $48.23 Forfeited (5,903 ) $24.68 Nonvested at December 31, 2017 285,791 $29.07 Performance Share Units CONSOL Energy grants certain employees performance share unit awards, which entitle the holder to shares of common stock subject to the achievement of certain market and performance goals. Compensation expense is recognized over the service period of awards and adjusted for the probability of achievement of performance-based goals. No performance share units vested during the year ended December 31, 2017 . The following table represents the nonvested performance share units and their corresponding fair value (based upon the closing share price and/or Monte Carlo simulation) on the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2016 — $— Granted — $— Converted from CNX Separation 273,100 $35.18 Vested — $— Forfeited (8,590 ) $25.27 Nonvested at December 31, 2017 264,510 $35.50 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION: The following are non-cash transactions that impact the investing and financing activities of CONSOL Energy. CONSOL Energy obtains capital lease arrangements for company-used vehicles. CONSOL Energy did not enter into any non-cash capital lease arrangements during the year ended December 31, 2017 . For the years ended December 31, 2016 and 2015 , CONSOL Energy entered into non-cash capital lease arrangements of $ 55 and $ 732 , respectively. As of December 31, 2017 , 2016 and 2015 , CONSOL Energy purchased goods and services related to capital projects in the amount of $ 27,358 , $ 2,355 and $11,962 , respectively, which are included in accounts payable and other accrued liabilities on the Consolidated Balance Sheets. As part of the separation and distribution, certain assets and liabilities were contributed to the Company. As a result, the liabilities assumed by the Company were $17,613 and the assets contributed were $32,893 . The following table shows cash paid for interest and income taxes for the periods indicated. For the Years Ended December 31, 2017 2016 2015 Cash Paid For: Interest (net of amounts capitalized) $ 18,151 $ 14,053 $ 7,544 Income taxes * $ — $ — $ — * The Company's operations were historically included in the income tax filings of ParentCo. All tax payments prior to the separation and distribution were made by ParentCo. The Company has made no income tax payments from the date of the separation and distribution through December 31, 2017 . |
Concentration of Credit Risk an
Concentration of Credit Risk and Major Customers | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk and Major Customers | CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS: CONSOL Energy primarily markets its thermal coal principally to electric utilities in the eastern United States. Substantially all revenues were generated from sales based in the United States for the years ended December 31, 2017 , 2016 and 2015 . Less than 1% of the Company's revenues were generated from sales based in Canada for the years ended December 31, 2016 and 2015 . The Company has contractual relationships with certain United States-based coal exporters who distribute coal to international markets. For the years ended December 31, 2017 , 2016 and 2015 , approximately 31% , 16% , and 19% , respectively, of the Company's coal revenues were derived from these United States-based exporters, in which the Company's coal was intended to be shipped to Asia, Europe, South America, and Africa. Concentration of credit risk is summarized below: December 31, 2017 2016 Thermal coal utilities $ 69,550 $ 62,525 Coal brokers and distributors 56,146 28,955 Other 5,849 4,227 Total Accounts Receivable Trade $ 131,545 $ 95,707 For the year ended December 31, 2017 , coal sales to the following customers individually exceeded 10% of the Company's revenues: Duke Energy and XCoal. For the year ended December 31, 2016 , coal sales to the following customers individually exceeded 10% of the Company's revenues: Duke Energy and GenOn Energy Management. For the year ended December 31, 2015 , coal sales to the following customers individually exceeded 10% of the Company's revenues: Duke Energy, GenOn Energy Management and XCoal. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: CONSOL Energy determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including LIBOR-based discount rates), while unobservable inputs reflect the Company's own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below: Level One - Quoted prices for identical instruments in active markets. Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including LIBOR-based discount rates. Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. The significant unobservable inputs used in the fair value measurement of the Company's third party guarantees are the credit risk of the third party and the third party surety bond markets. A significant increase or decrease in these values, in isolation, would have a directionally similar effect resulting in higher or lower fair value measurement of the Company's Level 3 guarantees. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at Fair Value Measurements at Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Murray Energy Guarantees $ — $ — $ (1,040 ) $ — $ — $ — The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Cash and cash equivalents: The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value due to the short-term maturity of these instruments. Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash and Cash Equivalents $ 153,979 $ 153,979 $ 13,311 $ 13,311 Long-Term Debt $ 897,097 $ 931,768 $ 306,543 $ 307,443 Cash and cash equivalents represent highly-liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that are not actively traded are valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: The Company and ParentCo entered into a separation and distribution agreement on November 28, 2017 that implemented the legal and structural separation of the Company from ParentCo. The separation and distribution agreement also identified the assets of the Coal Business that were transferred to the Company and the liabilities and contracts related to the Coal Business that were assumed by the Company as part of the separation and distribution, and provides post-closing indemnification obligations and procedures between the Company and ParentCo relating to the liabilities of the Coal Business that the Company assumed. The Company (as the owner of the Coal Business following the separation and distribution) is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. The Company accrues the estimated loss for these lawsuits and claims when the loss is probable and reasonably estimable. The Company's estimated accruals as of December 31, 2017 related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Company as of December 31, 2017 . It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the Company's financial position, results of operations or cash flows; however, such amounts cannot be reasonably estimated. The amount claimed against the Company as of December 31, 2017 is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case. Fitzwater Litigation: Three nonunion retired coal miners have sued Fola Coal Company LLC, Consolidation Coal Company (“CCC”) and CONSOL of Kentucky Inc. (“COK”) (as well as ParentCo) in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. The Plaintiffs contend they relied to their detriment on oral statements and promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were allegedly denied access to Summary Plan Documents that clearly reserved the right to modify or terminate the Retiree Health and Welfare Plan subject to Plaintiffs' claims. Pursuant to Plaintiffs' amended complaint filed on April 24, 2017, Plaintiffs request that retiree health benefits be reinstated and seek to represent a class of all nonunion retirees who were associated with AMVEST and COK areas of operation. The Company believes it has a meritorious defense and intends to vigorously defend this suit. Casey Litigation: A class action lawsuit was filed on August 23, 2017 on behalf of two nonunion retired coal miners against CCC, COK, CONSOL Buchanan Mining Co., LLC and Kurt Salvatori in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. Filed by the same lawyers who filed the Fitzwater litigation, and raising nearly identical claims, the Plaintiffs contend they relied to their detriment on oral promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were not provided with copies of Summary Plan Documents clearly reserving to the Company the right to modify or terminate the Retiree Health and Welfare Plan. Plaintiffs request that retiree health benefits be reinstated for them and their dependents and seek to represent a class of all nonunion retirees of any ParentCo subsidiary that operated or employed individuals in McDowell or Mercer Counties, West Virginia, or Buchanan or Tazewell Counties, Virginia whose retiree welfare benefits were terminated. On December 1, 2017, the trial court judge in Fitzwater signed an order to consolidate Fitzwater with Casey. Other Matters: Various Company subsidiaries are defendants in certain other legal proceedings arising out of the conduct of the Coal Business prior to the separation and distribution, and the Company is also a defendant in other legal proceedings following the separation and distribution. In the opinion of management, based upon an investigation of these matters and discussion with legal counsel, the ultimate outcome of such other legal proceedings, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity. As part of the separation and distribution, the Company assumed various financial obligations relating to the Coal Business or agreed to reimburse ParentCo for certain financial guarantees relating to the Coal Business that ParentCo retained following the separation and distribution. Employee-related financial guarantees have primarily been provided to support the United Mine Workers’ of America’s 1992 Benefit Plan and various state workers’ compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Coal and other financial guarantees have primarily been provided to support various sales contracts. Other guarantees have been extended to support insurance policies, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. The following is a summary, as of December 31, 2017 , of the financial guarantees, unconditional purchase obligations and letters of credit to certain third parties. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments, or under the separation and distribution agreement to the extent retained by ParentCo on behalf of the Coal Business. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these financial guarantees and letters of credit are recorded as liabilities in the financial statements. The Company's management believes that these guarantees will expire without being funded, and therefore, the commitments will not have a material adverse effect on the Company's financial condition. Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Employee-Related $ 77,266 $ 60,364 $ 16,902 $ — $ — Environmental 998 600 398 — — Other 9,847 9,147 700 — — Total Letters of Credit 88,111 70,111 18,000 — — Surety Bonds: Employee-Related 108,948 108,948 — — — Environmental 453,035 453,035 — — — Other 4,717 4,716 — 1 — Total Surety Bonds 566,700 566,699 — 1 — Guarantees: Other 33,302 9,216 15,413 7,893 780 Total Guarantees 33,302 9,216 15,413 7,893 780 Total Commitments $ 688,113 $ 646,026 $ 33,413 $ 7,894 $ 780 Included in the above table are commitments and guarantees entered into in conjunction with the sale of Consolidation Coal Company and certain of its subsidiaries, which contain all five of its longwall coal mines in West Virginia and its river operations, to a subsidiary of Murray Energy Corporation. As part of the separation and distribution, ParentCo agreed to indemnify the Company and the Company agreed to indemnify ParentCo in each case with respect to guarantees of certain equipment lease obligations that were assumed by Murray Energy. In the event that Murray Energy would default on the obligations defined in the agreements, the Company would be required to perform under the guarantees. If the Company would be required to perform, the stock purchase agreement provides various recourse actions. At December 31, 2017 , the fair value of these guarantees was $1,040 and is included in Other Accrued Liabilities on the Consolidated Balance Sheet. The fair value of certain of the guarantees was determined using the Company’s risk-adjusted interest rate. Significant increases or decreases in the risk-adjusted interest rates may result in a significantly higher or lower fair value measurement. No other amounts related to financial guarantees and letters of credit are recorded as liabilities in the financial statements. Significant judgment is required in determining the fair value of these guarantees. The guarantees of the leases are classified within Level 3 of the fair value hierarchy. The Company regularly evaluates the likelihood of default for all guarantees based on an expected loss analysis and records the fair value, if any, of its guarantees as an obligation in the consolidated financial statements. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION: CONSOL Energy Inc. consists of one reportable segment: Pennsylvania Mining Complex. The principal activities of PAMC are mining, preparation and marketing of thermal coal, sold primarily to power generators. It also includes selling, general and administrative activities, as well as various other activities assigned to PAMC. CONSOL Energy Inc.’s Other segment includes revenue and expenses from various corporate and diversified business activities that are not allocated to PAMC. The diversified business activities include coal terminal operations, closed and idle mine activities, selling, general and administrative activities, as well as various other non-operated activities, none of which are individually significant to the Company. Industry segment results for the year ended December 31, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,187,654 $ — $ — $ 1,187,654 (A) Terminal Revenue — 60,066 — 60,066 Freight Revenue 73,692 — — 73,692 Total Revenue and Freight $ 1,261,346 $ 60,066 $ — $ 1,321,412 Earnings (Loss) Before Income Tax $ 189,162 $ (19,365 ) $ — $ 169,797 Segment Assets $ 1,971,268 $ 735,831 $ — $ 2,707,099 Depreciation, Depletion and Amortization $ 166,628 $ 5,374 $ — $ 172,002 Capital Expenditures $ 77,981 $ 3,432 $ — $ 81,413 (A) Included in the PAMC segment are sales of $222,354 to Duke Energy and sales of $145,248 to Xcoal, each comprising over 10% of sales. Industry segment results for the year ended December 31, 2016 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,065,582 $ — $ — $ 1,065,582 (B) Terminal Revenue — 31,464 — 31,464 Freight Revenue 46,468 — — 46,468 Total Revenue and Freight $ 1,112,050 $ 31,464 $ — $ 1,143,514 Earnings (Loss) Before Income Tax $ 130,708 $ (65,693 ) $ — $ 65,015 Segment Assets $ 1,982,206 $ 705,228 $ — $ 2,687,434 Depreciation, Depletion and Amortization $ 168,195 $ 9,927 $ — $ 178,122 Capital Expenditures $ 50,809 $ 2,791 $ — $ 53,600 (B) Included in the PAMC segment are sales of $160,818 to Duke Energy and sales of $116,849 to GenOn Energy Management, LLC, each comprising over 10% of sales. Industry segment results for the year ended December 31, 2015 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,289,036 $ — $ — $ 1,289,036 (C) Terminal Revenue — 30,967 — 30,967 Freight Revenue 20,499 — — 20,499 Total Revenue and Freight $ 1,309,535 $ 30,967 $ — $ 1,340,502 Earnings Before Income Tax $ 404,994 $ 38,032 $ — $ 443,026 Segment Assets $ 2,076,301 $ 791,432 $ — $ 2,867,733 Depreciation, Depletion and Amortization $ 176,864 $ 18,473 $ — $ 195,337 Capital Expenditures $ 136,291 $ 6,762 $ — $ 143,053 (C) Included in the PAMC segment are sales of $242,020 to Duke Energy, sales of $157,174 to GenOn Energy Management, LLC, and sales of $150,199 to Xcoal, each comprising over 10% of sales. Reconciliation of Segment Information to Consolidated Amounts: Revenue and Other Income: For the Years Ended December 31, 2017 2016 2015 Total Segment Revenue and Freight from External Customers $ 1,321,412 $ 1,143,514 $ 1,340,502 Other Income not Allocated to Segments (Note 3) 73,279 82,120 68,193 Gain on Sale of Assets 17,212 5,228 13,025 Total Consolidated Revenue and Other Income $ 1,411,903 $ 1,230,862 $ 1,421,720 Total Assets: December 31, 2017 2016 Segment assets for total reportable business segments $ 1,971,268 $ 1,982,206 Segment assets for all other business segments 508,334 520,586 Items excluded from segment assets: Cash and other investments 152,432 63 Deferred tax assets 75,065 184,579 Total Consolidated Assets $ 2,707,099 $ 2,687,434 Enterprise-Wide Disclosures: For the years ended December 31, 2017, 2016 and 2015, CONSOL Energy revenue was predominantly attributable to the United States of America. Less than one percent was attributable to Canada for the years ended December 31, 2016 and 2015. CONSOL Energy's Property, Plant and Equipment by geographical location: December 31, 2017 2016 2015 United States $ 2,111,273 $ 2,169,246 $ 2,314,157 Canada 11,024 11,024 11,024 Total Property, Plant and Equipment, net $ 2,122,297 $ 2,180,270 $ 2,325,181 |
Guarantor Subsidiaries Financia
Guarantor Subsidiaries Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor Subsidiaries Financial Information | GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION: The payment obligations under the $400,000 , Term Loan B due in November 2022 , less the $8 million of unamortized bond discount, the $300,000 , 11.000% per annum senior notes due November 2025 , and the $100,000 , Term Loan A due in November 2021 issued by CONSOL Energy are jointly and severally, and also fully and unconditionally, guaranteed by certain subsidiaries of CONSOL Energy. In accordance with positions established by the SEC, the following financial information sets forth separate financial information with respect to the parent, guarantor subsidiaries, CCR, a non-guarantor subsidiary, and the remaining non-guarantor subsidiaries. The principal elimination entries include investments in subsidiaries and certain intercompany balances and transactions. CONSOL Energy, the parent, and a guarantor subsidiary manage several assets and liabilities of all other wholly owned subsidiaries. These include, for example, deferred tax assets, cash and other post-employment liabilities. These assets and liabilities are reflected as parent company or guarantor company amounts for purposes of this presentation. Income Statement for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue — 890,741 296,913 — — 1,187,654 Terminal Revenue — 60,066 — — — 60,066 Freight Revenue — 55,269 18,423 — — 73,692 Miscellaneous Other Income 238,818 67,230 6,049 — (238,818 ) 73,279 Gain on Sale of Assets — 15,813 1,399 — — 17,212 Total Revenue and Other Income 238,818 1,089,119 322,784 — (238,818 ) 1,411,903 Costs and Expenses: Operating and Other Costs — 691,451 194,986 272 — 886,709 Depreciation, Depletion and Amortization — 130,565 41,437 — — 172,002 Freight Expense — 55,269 18,423 — — 73,692 Selling, General and Administrative Costs — 67,908 15,697 — — 83,605 Loss on Debt Extinguishment — — 2,468 — (2,468 ) — Interest Expense 10,064 355,059 9,309 1,723 (350,057 ) 26,098 Total Costs And Expenses 10,064 1,300,252 282,320 1,995 (352,525 ) 1,242,106 Earnings Before Income Tax 228,754 (211,133 ) 40,464 (1,995 ) 113,707 169,797 Income Tax (Benefit) Expense 161,125 (73,897 ) — — — 87,228 Net (Loss) Income 67,629 (137,236 ) 40,464 (1,995 ) 113,707 82,569 Less: Net Income Attributable to Noncontrolling Interest — — — — 14,940 14,940 Net (Loss) Income Attributable to CONSOL Energy Shareholders $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 98,767 $ 67,629 Balance Sheet at December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 152,235 $ 105 $ 1,533 $ 106 $ — $ 153,979 Accounts and Notes Receivable: Trade — — — 131,545 — 131,545 Other Receivables 17,702 16,880 1,970 — — 36,552 Inventories — 41,117 12,303 — — 53,420 Prepaid Expenses 5,745 13,568 4,428 3 — 23,744 Total Current Assets 175,682 71,670 20,234 131,654 — 399,240 Property, Plant and Equipment: Property, Plant and Equipment — 3,765,885 910,468 — — 4,676,353 Less-Accumulated Depreciation, Depletion and Amortization — 2,070,646 483,410 — — 2,554,056 Total Property, Plant and Equipment-Net — 1,695,239 427,058 — — 2,122,297 Other Assets: Deferred Income Taxes 75,065 — — — — 75,065 Affiliated Credit Facility 165,110 — — — (165,110 ) — Investment in Affiliates 645,157 — — — (645,157 ) — Other 44,177 50,846 15,474 — — 110,497 Total Other Assets 929,509 50,846 15,474 — (810,267 ) 185,562 Total Assets $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 Liabilities and Equity: Current Liabilities: Accounts Payable $ 20,014 $ 66,271 $ 22,789 $ 8 $ 18 $ 109,100 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,221 — 129,139 (163,069 ) — Current Portion of Long-Term Debt — 22,405 77 — — 22,482 Other Accrued Liabilities 101,994 149,425 44,102 (20 ) (4,874 ) 290,627 Total Current Liabilities 119,717 274,322 66,968 129,127 (167,925 ) 422,209 Long-Term Debt: 728,254 135,390 165,183 1,572 (165,110 ) 865,289 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 554,099 — — — 554,099 Pneumoconiosis Benefits — 146,035 3,833 — — 149,868 Asset Retirement Obligations — 218,728 9,615 — — 228,343 Workers’ Compensation — 63,244 3,404 — — 66,648 Salary Retirement 52,960 — — — — 52,960 Other — 23,435 607 — — 24,042 Total Deferred Credits and Other Liabilities 52,960 1,005,541 17,459 — — 1,075,960 Total CONSOL Energy Inc. Stockholders’ Equity 204,260 402,502 213,156 955 (616,613 ) 204,260 Noncontrolling Interest — — — — 139,381 139,381 Total Liabilities and Equity $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 Condensed Statement of Cash Flows for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ (17,032 ) $ 192,423 $ 72,644 $ 75 $ — $ 248,110 Cash Flows from Investing Activities: Capital Expenditures $ — $ (61,917 ) $ (19,496 ) $ — $ — $ (81,413 ) Proceeds From Sales of Assets — 23,082 1,500 — — 24,582 Net Cash (Used in) Provided by Investing Activities $ — $ (38,835 ) $ (17,996 ) $ — $ — $ (56,831 ) Cash Flows from Financing Activities: (Payments on) Proceeds from Miscellaneous Borrowings (3,503 ) (305 ) (96 ) — — (3,904 ) Affiliated Credit Facility — — 196,583 — (196,583 ) — Proceeds from PNC Term Loan A 100,000 — — — — 100,000 Proceeds from PNC Term Loan B 392,147 — — — — 392,147 Proceeds from Second Lien Notes 300,000 — — — — 300,000 Net (Payments on) Proceeds from Revolver - MLP — — (201,000 ) — — (201,000 ) Distributions to Noncontrolling Interest — — (56,400 ) — 34,508 (21,892 ) Units/Shares Withheld for Taxes — (171 ) (1,985 ) — — (2,156 ) Intercompany Contributions/(Distributions) (5,573 ) (156,502 ) 162,075 — Change in Parent Net Investment (156,502 ) — — — — (156,502 ) Spin Distribution to CNX Resources (425,000 ) — — — — (425,000 ) Debt Issuance and Financing Fees (32,304 ) — — — — (32,304 ) Net Cash (Used in) Provided by Financing Activities $ 169,265 $ (156,978 ) $ (62,898 ) $ — $ — $ (50,611 ) Statement of Comprehensive Income for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net (Loss) Income $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 113,707 $ 82,569 Other Comprehensive (Loss) Income: Amortization of Prior Service Credits — — — — — — Settlement Loss — — — — — — Net Actuarial Loss (Gain) 94,919 — 1,366 — (1,366 ) 94,919 Other Comprehensive (Loss) Income: 94,919 — 1,366 — (1,366 ) 94,919 Comprehensive (Loss) Income 162,548 (137,236 ) 41,830 (1,995 ) 112,341 177,488 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 14,896 14,896 Comprehensive (Loss) Income Attributable to CONSOL Energy Inc. Shareholders $ 162,548 $ (137,236 ) $ 41,830 $ (1,995 ) $ 97,445 $ 162,592 Income Statement for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue — 799,187 266,395 — — 1,065,582 Terminal Revenue — 31,464 — — — 31,464 Freight Revenue — 34,865 11,603 — — 46,468 Miscellaneous Other Income 50,425 78,992 3,128 — (50,425 ) 82,120 Gain on Sale of Assets — 5,237 (9 ) — — 5,228 Total Revenue and Other Income 50,425 949,745 281,117 — (50,425 ) 1,230,862 Costs and Expenses: Operating and Other Costs — 694,073 183,001 103 — 877,177 Depreciation, Depletion and Amortization — 136,128 41,994 — — 178,122 Freight Expense — 34,865 11,603 — — 46,468 Selling, General and Administrative Costs — 40,078 9,949 — — 50,027 Interest Expense 190 5,144 8,719 — — 14,053 Total Costs And Expenses 190 910,288 255,266 103 — 1,165,847 Earnings Before Income Tax 50,235 39,457 25,851 (103 ) (50,425 ) 65,015 Income Tax (Benefit) Expense 8,739 5,826 — — — 14,565 Net (Loss) Income 41,496 33,631 25,851 (103 ) (50,425 ) 50,450 Less: Net Income Attributable to Noncontrolling Interest — — — — 8,954 8,954 Net (Loss) Income Attributable to CONSOL Energy Shareholders $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (59,379 ) $ 41,496 Balance Sheet at December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 2 $ 3,493 $ 9,785 $ 31 $ — $ 13,311 Accounts and Notes Receivable: Trade — — — 95,707 — 95,707 Other Receivables 3,654 19,151 515 — — 23,320 Other Receivables - Related Party — — — 34 — 34 Inventories — 38,670 11,491 — — 50,161 Prepaid Expenses 2,882 11,204 3,512 3 — 17,601 Total Current Assets 6,538 72,518 25,303 95,775 — 200,134 Property, Plant and Equipment: Property, Plant and Equipment — 3,716,705 876,690 — — 4,593,395 Less-Accumulated Depreciation, Depletion and Amortization — 1,970,947 442,178 — — 2,413,125 Total Property, Plant and Equipment-Net — 1,745,758 434,512 — — 2,180,270 Other Assets: Deferred Income Taxes 184,579 — — — — 184,579 Investment in Affiliates 654,144 — — — (654,144 ) — Other 34,482 66,906 21,063 — — 122,451 Total Other Assets 873,205 66,906 21,063 — (654,144 ) 307,030 Total Assets $ 879,743 $ 1,885,182 $ 480,878 $ 95,775 $ (654,144 ) $ 2,687,434 Liabilities and Equity: Current Liabilities: Accounts Payable $ 4,411 $ 59,624 $ 20,463 $ 7 $ (1,608 ) $ 82,897 Accounts Payable (Recoverable)-Related Parties — (72,289 ) (23,418 ) 95,707 — — Current Portion of Long-Term Debt 3,347 641 88 — — 4,076 Other Accrued Liabilities 102,878 145,072 44,230 — (59 ) 292,121 Total Current Liabilities 110,636 133,048 41,363 95,714 (1,667 ) 379,094 Long-Term Debt: Long-Term Debt 11,604 104,046 197,989 — — 313,639 Total Long-Term Debt 11,604 104,046 197,989 — — 313,639 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 659,474 — — — 659,474 Pneumoconiosis Benefits — 106,016 2,057 — — 108,073 Asset Retirement Obligations — 236,933 9,346 — — 246,279 Workers’ Compensation — 62,842 3,090 — — 65,932 Salary Retirement 99,872 — — — — 99,872 Other — 14,484 463 — — 14,947 Total Deferred Credits and Other Liabilities 99,872 1,079,749 14,956 — — 1,194,577 Total CONSOL Energy Inc. Stockholders’ Equity 657,631 568,339 226,570 61 (794,970 ) 657,631 Noncontrolling Interest — — — — 142,493 142,493 Total Liabilities and Equity $ 879,743 $ 1,885,182 $ 480,878 $ 95,775 $ (654,144 ) $ 2,687,434 Condensed Statement of Cash Flows for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash (Used in) Provided by Operating Activities $ 253 $ 255,756 $ 73,098 $ — $ — $ 329,107 Cash Flows from Investing Activities: Capital Expenditures $ — $ (40,896 ) $ (12,704 ) $ — $ — $ (53,600 ) Proceeds From Sales of Assets — 7,819 23 — — 7,842 Net Cash Used in Investing Activities $ — $ (33,077 ) $ (12,681 ) $ — $ — $ (45,758 ) Cash Flows from Financing Activities: (Payments on) Proceeds from Miscellaneous Borrowings 231 279 (79 ) — — 431 Net (Payments on) Proceeds from Revolver - MLP — — 16,000 — — 16,000 Distributions to Noncontrolling Interest — (21,657 ) (42,634 ) — 42,634 (21,657 ) Intercompany Contributions (Distributions) 270,969 (270,969 ) — — — — Change in Parent Net Investment (270,969 ) — — — — (270,969 ) Debt Issuance and Financing Fees (482 ) — — — — (482 ) Net Cash Provided by (Used in) Financing Activities $ (251 ) $ (292,347 ) $ (26,713 ) $ — $ 42,634 $ (276,677 ) Statement of Comprehensive Income for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net (Loss) Income $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (50,425 ) $ 50,450 Other Comprehensive (Loss) Income: Net Actuarial Loss (Gain) (31,409 ) — 818 — (818 ) (31,409 ) Other Comprehensive (Loss) Income: (31,409 ) — 818 — (818 ) (31,409 ) Comprehensive (Loss) Income 10,087 33,631 26,669 (103 ) (51,243 ) 19,041 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 9,216 9,216 Comprehensive (Loss) Income Attributable to CONSOL Energy Inc. Shareholders $ 10,087 $ 33,631 $ 26,669 $ (103 ) $ (60,459 ) $ 9,825 Income Statement for the Year Ended December 31, 2015 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue — 966,775 322,261 — — 1,289,036 Terminal Revenue (11 ) 30,978 — — — 30,967 Freight Revenue — 16,690 3,809 — — 20,499 Miscellaneous Other Income 371,266 62,484 941 4,768 (371,266 ) 68,193 Gain (Loss) on Sale of Assets — 13,025 — — — 13,025 Total Revenue and Other Income 371,255 1,089,952 327,011 4,768 (371,266 ) 1,421,720 Costs and Expenses: Operating and Other Costs — 505,057 193,961 576 — 699,594 Depreciation, Depletion and Amortization — 151,201 44,136 — — 195,337 Freight Expense — 16,690 3,809 — — 20,499 Selling, General and Administrative Costs — 44,789 10,931 — — 55,720 Interest Expense (1,071 ) (1,021 ) 9,636 — — 7,544 Total Costs And Expenses (1,071 ) 716,716 262,473 576 — 978,694 Earnings (Loss) Before Income Tax 372,326 373,236 64,538 4,192 (371,266 ) 443,026 Income Tax (Benefit) Expense 65,315 60,290 — — 125,605 Less: Net Income Attributable to Noncontrolling Interest — — — — 10,410 10,410 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 307,011 $ 312,946 $ 64,538 $ 4,192 $ (381,676 ) $ 307,011 Condensed Statement of Cash Flows for the Year Ended December 31, 2015 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Net Cash (Used in) Provided by Operating Activities $ 12,608 $ 202,177 $ 76,908 $ — $ — $ 291,693 Cash Flows from Investing Activities: Capital Expenditures $ — $ (108,980 ) $ (34,073 ) $ — $ — $ (143,053 ) Proceeds From Sales of Assets — 12,708 71 — — 12,779 Net Cash Provided by (Used in) Investing Activities $ — $ (96,272 ) $ (34,002 ) $ — $ — $ (130,274 ) Cash Flows from Financing Activities: (Payments on) Proceeds from Miscellaneous Borrowings (600 ) (5,176 ) (53 ) — — (5,829 ) Proceeds from Related Party Long-Term Notes — (6,039 ) 6,039 — — — Net (Payments on) Proceeds from Revolver - MLP — — 185,000 — — 185,000 Distributions to Noncontrolling Interest — (5,060 ) (11,353 ) — 11,353 (5,060 ) Proceeds from Sale of MLP Interest — — 148,359 — — 148,359 Intercompany Contributions (Distributions) 461,051 (461,051 ) — — — — Distribution of Proceeds — 342,711 (342,711 ) — — — Change in Parent Net Investment (461,051 ) 17,328 (17,328 ) — — (461,051 ) Debt Issuance and Financing Fees (12,007 ) — (4,329 ) — — (16,336 ) Net Cash (Used in) Provided by Financing Activities $ (12,607 ) $ (117,287 ) $ (36,376 ) $ — $ 11,353 $ (154,917 ) Statement of Comprehensive Income for the Year Ended December 31, 2015 : Parent Issuer Guarantor CCR Non-Guarantors Non- Elimination Consolidated Net Income (Loss) $ 307,011 $ 312,946 $ 64,538 $ 4,192 $ (371,266 ) $ 317,421 Other Comprehensive Income (Loss): Net Actuarial Loss (Gain) (89,442 ) — (1,840 ) — 1,840 (89,442 ) Other Comprehensive Income (Loss): (89,442 ) — (1,840 ) — 1,840 (89,442 ) Comprehensive Income (Loss) 217,569 312,946 62,698 4,192 (369,426 ) 227,979 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 10,410 10,410 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 217,569 $ 312,946 $ 62,698 $ 4,192 $ (379,836 ) $ 217,569 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS CNX Resources Corporation Transactions Separation from CNX Resources Corporation (ParentCo) On November 28, 2017, in connection with the separation and distribution, the Company and/or certain of its subsidiaries entered into several agreements with CNX Resources Corporation and/or the Partnership and/or certain of its subsidiaries that govern the relationship of the various parties following the separation, including the following: • Separation and Distribution Agreement (“SDA”); • Transition Services Agreement (“TSA”); • Tax Matters Agreement (“TMA”); • Employee Matters Agreement (“EMA”); • Intellectual Property Matters Agreement (“IPMA”); • CNX Resources Corporation to CONSOL Energy Inc. Trademark License Agreement (“TLA 1”); • CONSOL Energy Inc. to CNX Resources Corporation Trademark License Agreement (“TLA 2”); • First Amendment to the First Amended and Restated Omnibus Agreement (“Omnibus Amendment”); • First Amendment to Contract Agency Agreement by and among CONSOL Energy Sales Company, CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) and the other parties thereto (“Contract Agency Amendment”); • First Amendment to Water Supply and Services Agreement by and between CNX Water Assets LLC and CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) (“Water Supply Amendment”); • Second Amendment to Pennsylvania Mine Complex Operating Agreement by and among CONSOL Pennsylvania Coal Company LLC, Conrhein Coal Company, CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) and CONSOL Coal Resources LP (formerly known as CNX Coal Resources LP) (the “Operating Agreement Amendment”); • Affiliated Company Credit Agreement, dated November 28, 2017, by and among CONSOL Coal Resources LP, certain of its affiliates party thereto, CONSOL Energy Inc. and PNC Bank, National Association (the “Affiliated Company Credit Agreement”); and • Second Amendment and Restatement of Master Cooperation and Safety Agreement, dated October 20, 2017, by and between CONSOL Energy Inc., CNX Gas Company LLC. and certain other parties thereto (the “MCSA”). Summaries of the material terms of the SDA, TSA, TMA, EMA, Omnibus Amendment, Contract Agency Amendment, Water Supply Amendment and MCSA may be found under the section entitled “Certain Relationships and Related Party Transactions” in that certain Information Statement of the Company, dated November 3, 2017 (the “Information Statement”), and the summaries of the material terms of the IPMA, TLA1, TLA2, the Operating Agreement Amendment and the Affiliated Company Credit Agreement may be found under Item 1.01 Entry into a Material Definitive Agreement to Form 8-K filed December 4, 2017. Refer to Note 2 - Separation from CNX Resources Corporation for further information on the separation from ParentCo. Also refer to Note 16 - Stock-Based Compensation for information regarding the conversion of share-based awards from ParentCo to the Company as of the date of the separation and distribution. Cash Management and Treasury For periods prior to the separation and distribution, the Company participated in ParentCo's centralized treasury and cash management processes. Transactions occurring in periods prior to the separation and distribution were considered to be effectively settled for cash at the time the transactions were recorded. These transactions and net cash transfers to and from ParentCo's centralized cash management system are reflected as a component of ParentCo's net investment on the Consolidated Balance Sheets and as a financing activity within the accompanying Consolidated Statements of Cash Flows. In the Consolidated Statements of Stockholders' Equity, ParentCo's net investment on the Consolidated Balance Sheets represents the cumulative net investment by ParentCo in the Company, including net income through the completion of the separation and distribution and net cash transfers to and from ParentCo. All significant transactions between the Company and CNX Resources Corporation have been included in the consolidated financial statements. Transition Services Agreements The Company also entered into a TSA and certain other agreements in connection with the SDA with ParentCo to cover certain continued corporate services provided by the Company and ParentCo to each other following the completion of the separation and distribution. In connection with the separation and distribution, the Company began to set up its own corporate functions, and pursuant to the TSA, ParentCo provided various corporate support services, including certain accounting, human resources, information technology, office and building, risk, security, tax and treasury, building security and tax services, as well as certain regulatory compliance services required during the period in which the Company remained a majority-owned subsidiary of ParentCo. Additional services may be identified from time to time and also be provided under the TSA. The charges associated with these services were not material during the year ended December 31, 2017, and are consistent with expenses that ParentCo has historically allocated or incurred with respect to such services. CNX Resources Receivables and Payables At December 31, 2017, the Company had a payable to CNX Resources Corporation of $12,540 recorded in other current liabilities on the Consolidated Balance Sheets. The Company also had a receivable from CNX Resources Corporation of $15,415 , of which $4,500 was recorded in current assets and $10,915 was included in other assets on the Consolidated Balance Sheets at December 31, 2017. These items relate to the reimbursement of the one-time transaction costs as well as other reimbursements per the terms of the SDA. The one-time transaction costs related to the separation and distribution were approximately $40,545 for the year ended December 31, 2017. Per the SDA, these costs will be split equally by the two companies. These costs consisted of consulting and professional fees associated with preparing for and executing the separation and distribution, as well as various other items. Corporate Allocations Prior to the completion of the separation and distribution, the Company utilized centralized functions of ParentCo to support its operations, and in return, ParentCo allocated certain of its expenses to the Company. Such expenses represent costs related, but not limited, to treasury, legal, accounting, insurance, information technology, payroll administration, human resources, incentive plans and other services. These costs, together with an allocation of ParentCo overhead costs, are included within the Selling, General and Administrative Costs caption of the Consolidated Statements of Income. Where it was possible to specifically attribute such expenses to activities of the Company, amounts have been charged or credited directly to the Company without allocation or apportionment. Allocation of all other such expenses was based on a reasonable reflection of the utilization of service provided or benefits received by the Company during the periods presented on a consistent basis, such as a percentage of total revenue and a percentage of total projected capital expenditures. The Company's management supports the methods used in allocating expenses and believes these methods to be reasonable estimates. CONSOL Coal Resources LP In July 2015, CONSOL Coal Resources LP closed its initial public offering of 5,000,000 common units representing limited partnership interests at a price to the public of $15.00 per unit. Additionally, Greenlight Capital entered into a common unit purchase agreement with CCR pursuant to which Greenlight Capital agreed to purchase, and CCR agreed to sell, 5,000,000 common units at a price per unit equal to $15.00 , which equates to $75,000 in net proceeds. CCR's general partner is CONSOL Coal Resources GP LLC. The underwriters of the IPO filing exercised an over-allotment option of 561,067 common units to the public at $15.00 per unit. In connection with its IPO, CCR entered into a $400,000 senior secured revolving credit facility with certain lenders and PNC Bank, National Association (PNC), as administrative agent. Obligations under the revolving credit facility are guaranteed by CCR's subsidiaries (the guarantor subsidiaries) and are secured by substantially all of CCR's and CCR's subsidiaries' assets pursuant to a security agreement and various mortgages. Under the new revolving credit facility, CCR made an initial draw of $200,000 , and after origination fees of $3,000 , the net proceeds were $197,000 . The total net proceeds related to these transactions that were distributed to ParentCo were $342,711 . In September 2016, CCR and its wholly owned subsidiary, CONSOL Thermal, entered into a Contribution Agreement with ParentCo, CONSOL Pennsylvania Coal Company LLC and Conrhein Coal Company (the Contributing Parties) under which CONSOL Thermal acquired an additional 5% undivided interest in and to the Pennsylvania Mining Complex, in exchange for (i) cash consideration in the amount of $21,500 and (ii) CCR's issuance of 3,956,496 Class A Preferred Units representing limited partnership interests in CCR at an issue price of $17.01 per Class A Preferred Unit (the “Class A Preferred Unit Issue Price”), or an aggregate $67,300 in equity consideration. The Class A Preferred Unit Issue Price was calculated as the volume-weighted average trading price of CCR's common units (the “Common Units”) over the trailing 15-day trading period ending on September 29, 2016 (or $14.79 per unit), plus a 15% premium. In October 2017, ParentCo elected to have the 3,956,496 Class A Preferred Units, representing its limited partnership interest in CCR, converted into an equal number of Common Units under the terms of the Second Amended and Restated Agreement of Limited Partnership of CCR. In connection with the PAMC acquisition, in September 2016, CCR's General Partner and CCR entered into the First Amended and Restated Omnibus Agreement (the “Amended Omnibus Agreement”) with ParentCo and certain of its subsidiaries. Under the Amended Omnibus Agreement, ParentCo indemnified CCR for certain liabilities. The Amended Omnibus Agreement also amended CCR's obligations to ParentCo with respect to the payment of an annual administrative support fee and reimbursement for the provisions of certain management and operating services provided, in each case to reflect structural changes in how those services are provided to CCR by ParentCo. The Company assumed this agreement as part of the separation and distribution. On November 28, 2017, the Company also entered into an Affiliated Company Credit Agreement with the Partnership and certain of its subsidiaries (the Partnership Credit Parties) under which the Company provides as lender a revolving credit facility in an aggregate principal amount of up to $275 million to the Partnership Credit Parties. In connection with the completion of the separation, the Partnership drew an initial $201 million , the net proceeds of which were used to repay the Old Partnership Revolver and to provide working capital for the Partnership following the separation and for other general corporate purposes. The Affiliated Company Credit Agreement matures on February 27, 2023. Interest is charged at a flat rate of 4.25% calculated based on the average daily balance, subject to the Partnership's net leverage ratio. For the year ended December 31, 2017 , $746 of interest expense is included in the Consolidated Statement of Income. The collateral obligations under the Affiliated Company Credit Agreement generally mirror the Old Partnership Revolver, as does the list of entities that will act as guarantors thereunder. The Affiliated Company Credit Agreement is subject to financial covenants relating to a maximum first lien gross leverage ratio and a maximum total net leverage ratio, which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quarter. The Partnership was in compliance with each of these financial covenants at December 31, 2017 . The Affiliated Company Credit Agreement also contains a number of customary affirmative covenants and negative covenants, including limitations on the ability of the Partnership to incur additional indebtedness, grant liens, and make investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness (subject to certain limited exceptions). Charges for services from the Company include the following: For the Years Ended December 31, 2017 2016 2014 Operating and Other Costs $ 3,503 $ 4,251 $ 6,793 Selling, General and Administrative Costs 3,109 3,826 8,926 Total Services from CONSOL Energy $ 6,612 $ 8,077 $ 15,719 At December 31, 2017 and December 31, 2016 , CCR had a net payable to the Company in the amount of $3,071 and $1,666 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the omnibus agreement. |
Supplemental Coal Data (unaudit
Supplemental Coal Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Mineral Industries Disclosures [Abstract] | |
Supplemental Coal Data (unaudited) | Supplemental Coal Data (unaudited) Millions of Tons For the Year Ended December 31, 2017 2016 2015 2014 2013 Proven and probable coal reserves at beginning of period 2,361 3,047 3,238 3,032 4,229 Purchased reserves — — 24 — 1 Reserves sold in place (16 ) (601 ) (43 ) (233 ) (1,199 ) Production (26 ) (26 ) (29 ) (32 ) (55 ) Revisions and other changes (21 ) (59 ) (143 ) 471 56 Consolidated proven and probable coal reserves at end of period* (1) 2,298 2,361 3,047 3,238 3,032 ______________ * Proven and probable coal reserves are the equivalent of “demonstrated reserves” under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. (1) 143.3 million tons of the Northern Appalachia product are controlled by CCC, a former subsidiary of ParentCo that was sold in December 2013. As of this filing, these tons are still controlled by CCC but are shown in CONSOL Energy's reserves due to a binding agreement that these tons will be released to CONSOL Energy upon the assignment of the underlying lease to CONSOL Energy. CONSOL Energy's coal reserves are located in nearly every major coal-producing region in North America. Our estimate of proven and probable coal reserves has been determined by CONSOL Energy. At December 31, 2017, 227 million tons were assigned to mines either in production or temporarily idled. The proven and probable coal reserves at December 31, 2017 include 2,211 million tons of thermal coal reserves, of which approximately 2 percent has a sulfur content equivalent to less than 1.2 pounds sulfur dioxide per million British thermal unit (Btu), 8 percent has a sulfur content equivalent to between 1.2 and 2.5 pounds sulfur dioxide per million Btu, and 90 percent has a sulfur content equivalent to greater than 2.5 pounds sulfur dioxide per million Btu. The reserves also include 87 million tons of metallurgical coal in consolidated reserves, of which approximately 24 percent has a sulfur content equivalent to less than 1.2 pounds sulfur dioxide per million Btu and 76 percent has a sulfur content equivalent to between 1.2 and 2.5 pounds sulfur dioxide per million Btu. |
Supplemental Quarterly Informat
Supplemental Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Information (unaudited) | Supplemental Quarterly Information (unaudited): (Dollars in thousands, except per share data) Three Months Ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Revenue and Other Income: Coal Revenue $ 316,448 $ 303,707 $ 279,245 $ 288,254 Terminal Revenue 12,886 14,855 15,065 17,260 Freight Revenue 12,282 17,762 21,803 21,845 Miscellaneous Other Income 22,650 10,145 19,713 20,771 Gain (Loss) on Sale of Assets 7,955 5,582 (513 ) 4,188 Total Revenue and Other Income 372,221 352,051 335,313 352,318 Costs and Expenses: Operating and Other Costs 229,994 222,882 229,527 204,306 Depreciation, Depletion and Amortization 52,993 25,268 46,653 47,088 Freight Expense 12,282 17,762 21,803 21,845 Selling, General and Administrative Costs 17,079 20,338 21,180 25,008 Interest Expense 4,022 3,944 3,862 14,270 Total Costs and Expenses 316,370 290,194 323,025 312,517 Earnings Before Income Tax 55,851 61,857 12,288 39,801 Income Tax Expense 9,406 9,611 3,770 64,441 Net Income (Loss) 46,445 52,246 8,518 (24,640 ) Less: Net Income Attributable to Noncontrolling Interest 5,464 4,313 790 4,373 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 40,981 $ 47,933 $ 7,728 $ (29,013 ) Earnings (Loss) Per Share (a) Basic $ 1.47 $ 1.71 $ 0.28 $ (1.04 ) Dilutive $ — $ — $ — $ (1.04 ) (a) Earnings per share shown above was calculated based on the 27,968 shares of CONSOL Energy common stock distributed in conjunction with the separation and distribution, and is considered pro forma in nature. Prior to November 28, 2017, CONSOL Energy did not have any issued or outstanding common stock. Three Months Ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Revenue and Other Income: Coal Revenue $ 226,164 $ 250,562 $ 267,685 $ 321,171 Terminal Revenue 7,709 8,058 4,549 11,148 Freight Revenue 13,110 11,447 9,392 12,519 Miscellaneous Other Income 15,506 20,627 13,569 32,418 (Loss) Gain on Sale of Assets (28 ) 3,933 194 1,129 Total Revenue and Other Income 262,461 294,627 295,389 378,385 Costs and Expenses: Operating and Other Costs 181,189 226,257 215,824 253,907 Depreciation, Depletion and Amortization 48,662 29,314 49,850 50,296 Freight Expense 13,110 11,447 9,392 12,519 Selling, General and Administrative Costs 7,560 10,460 12,157 19,850 Interest Expense 3,140 3,357 3,481 4,075 Total Costs and Expenses 253,661 280,835 290,704 340,647 Earnings Before Income Tax 8,800 13,792 4,685 37,738 Income Tax (Benefit) Expense (84 ) (109 ) (66 ) 14,824 Net Income 8,884 13,901 4,751 22,914 Less: Net Income Attributable to Noncontrolling Interest 1,114 1,179 2,248 4,413 Net Income Attributable to CONSOL Energy Shareholders $ 7,770 $ 12,722 $ 2,503 $ 18,501 Earnings Per Share (a) Basic $ 0.28 $ 0.45 $ 0.09 $ 0.66 Dilutive $ — $ — $ — $ 0.66 (a) Earnings per share shown above was calculated based on the 27,968 shares of CONSOL Energy common stock distributed in conjunction with the separation and distribution, and is considered pro forma in nature. Prior to November 28, 2017, CONSOL Energy did not have any issued or outstanding common stock. |
Significant Accounting Polici35
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc., and its wholly owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as various disclosures. Actual results could differ from those estimates. The most significant estimates included in the preparation of the consolidated financial statements are related to other postretirement benefits, coal workers' pneumoconiosis, workers' compensation, salary retirement benefits, stock-based compensation, asset retirement obligations, deferred income tax assets and liabilities, contingencies and the values of coal properties. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term securities with original maturities of three months or less. |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. CONSOL Energy reserves for specific accounts receivable when it is probable that all or a part of an outstanding balance will not be collected, such as customer bankruptcies. Collectability is determined based on terms of sale, credit status of customers and various other circumstances. CONSOL Energy regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Reserves for uncollectable amounts were not material in the periods presented. In addition, there were no material financing receivables with a contractual maturity greater than one year at December 31, 2017 or 2016 . |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization, and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost upon acquisition. Expenditures which extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs which do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. We employ this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development cost begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled by lease. The duration of the leases vary; however, the lease terms generally are extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. Depletion of leased coal interests is computed using the units-of-productions method over proven and probable coal reserves. The Company also makes advance payments (advanced mining royalties) to lessors under certain lease agreements that are recoupable against future production, and it makes payments that are generally based upon a specified rate per ton or a percentage of gross realization from the sale of the coal. The Company evaluates its properties periodically for impairment issues or whenever events or circumstances indicate that the carrying amount may not be recoverable. Costs to obtain coal lands are capitalized based on the cost at acquisition and are amortized using the units-of-production method over all estimated proven and probable reserve tons assigned and accessible to the mine. Proven and probable coal reserves are calculated on a clean coal ton equivalent, which excludes non-recoverable coal reserves and anticipated central preparation plant processing refuse. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is produced. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material effect from changes in estimates is disclosed in the period the change occurs. Advance mining royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable against future production using the units-of-production method. Depletion of leased coal interests is computed using the units-of-production method over proven and probable coal reserves. Advance mining royalties and leased coal interests are evaluated periodically, or at a minimum once a year, for impairment issues or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any revisions are accounted for prospectively as changes in accounting estimates. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain (Loss) on Sale of Assets in the Consolidated Statements of Income. Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Costs for purchased and internally developed software are expensed until it has been determined that the software will result in probable future economic benefits and management has committed to funding the project. Thereafter, all direct costs of materials and services incurred in developing or obtaining software, including certain payroll and benefit costs of employees associated with the project, are capitalized and amortized using the straight-line method over the estimated useful life which does not exceed seven years. |
Capitalization of Interest | Capitalization of Interest Interest costs associated with the development of significant properties and projects are capitalized until the project is substantially complete and ready for its intended use. A weighted average cost of borrowing rate is used. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets Impairment of long-lived assets is recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying value. The carrying value of the assets is then reduced to its estimated fair value which is usually measured based on an estimate of future discounted cash flows. CONSOL Energy did not record any impairments for the years ended December 31, 2017, 2016, or 2015. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in CONSOL Energy's financial statements or tax returns. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes, excluding the effects of acquisitions during the year. Deferred taxes result from differences between the financial and tax bases of CONSOL Energy's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a deferred tax benefit will not be realized. CONSOL Energy evaluates all tax positions taken on the state and federal tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that do not meet the more likely than not to be sustained criteria, the Company determines, on a cumulative probability basis, the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. A previously recognized tax position is reversed when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the probable amount that is more likely than not is based on judgment, historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. The results of these estimates, that are not readily apparent from other sources, form the basis for recognizing an uncertain tax position liability. Actual results could differ from those estimates upon subsequent resolution of identified matters. |
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions Postretirement benefit obligations established by the Coal Industry Retiree Health Benefit Act of 1992 (the Coal Act) are treated as a multi-employer plan which requires expense to be recorded for the associated obligations as payments are made. Postretirement benefits other than pensions, except for those established pursuant to the Coal Act, are accounted for in accordance with the Retirement Benefits Compensation and Non-retirement Postemployment Benefits Compensation Topics of the FASB Accounting Standards Codification, which requires employers to accrue the cost of such retirement benefits for the employees' active service periods. Such liabilities are determined on an actuarial basis and CONSOL Energy administers these liabilities through a combination of self-insured and fully insured agreements. Differences between actual and expected results or changes in the value of obligations are recognized through Other Comprehensive Income. |
Pneumoconiosis Benefits and Workers' Compensation | Pneumoconiosis Benefits and Workers' Compensation CONSOL Energy is required by federal and state statutes to provide benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers' pneumoconiosis. CONSOL Energy is also required by various state statutes to provide workers' compensation benefits for employees who sustain employment-related physical injuries or some types of occupational disease. Workers' compensation benefits include compensation for their disability, medical costs, and on some occasions, the cost of rehabilitation. CONSOL Energy is primarily self-insured for these benefits. Provisions for estimated benefits are determined on an actuarial basis. |
Asset Retirement Costs | Asset Retirement Costs Mine closing costs and costs associated with dismantling and removing de-gasification facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. Generally, the capitalized asset retirement cost is depreciated on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in Operating and Other Costs on the Consolidated Statements of Income. Asset retirement obligations primarily relate to the closure of mines, which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual care costs, reclamation and costs associated with dismantling and removing de-gasification facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. |
Retirement Plans | Retirement Plans CONSOL Energy has non-contributory defined benefit retirement plans. Effective December 31, 2015, CONSOL's qualified defined benefit retirement plan was frozen. The benefits for these plans are based primarily on years of service and employees' pay. These plans are accounted for using the guidance outlined in the Compensation - Retirement Benefits Topic of the FASB Accounting Standards Codification. The cost of these retiree benefits are recognized over the employees' service periods. CONSOL Energy uses actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the value of obligations and plan assets are recognized through Other Comprehensive Income. |
Stock-Based Compensation | Stock-Based Compensation Eligible CONSOL Energy employees have historically participated in equity-based compensation plans. CONSOL Energy recognizes compensation expense for all stock-based compensation awards based on the grant date fair value estimated in accordance with the provisions of the Stock Compensation Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award's vesting term. The compensation expense recorded by CONSOL Energy, in all periods presented, includes the expense associated with employees historically attributable to CONSOL Energy operations as well as the operations of its predecessor. Under the CCR 2015 Long-Term Incentive Plan (the LTIP), the General Partner issued long-term equity based awards intended to compensate the recipients thereof based on the performance of CCR’s common units and the recipients' continued service during the vesting period, as well as to align CCR’s long-term interests with those of the unitholders. The LTIP limits the number of units that may be delivered pursuant to vested awards to 2,300,000 common units, subject to proportionate adjustment in the event of unit splits and similar events. Common units subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminated without delivery of the common units will be available for delivery pursuant to other awards. The General Partner has also granted equity-based phantom units that vest over a period of a director’s continued service. The phantom units will be paid in common units or an amount of cash equal to the fair market value of a unit based on the vesting date. The awards may accelerate upon a change in control of CCR. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting term. |
Revenue Recognition | Revenue Recognition Revenues are recognized when title passes to the customers and the price is fixed and determinable. For domestic coal sales, this generally occurs when coal is loaded at the mine or at offsite storage locations. For export coal sales, this generally occurs when coal is loaded onto marine vessels at terminal locations. Coal contract price per ton is fixed and determinable prior to the passage of coal title. Except for normal quality adjustments and positive electric power price related adjustments, none of the Company’s coal sales contracts allow for retroactive adjustments to pricing after title to the coal has passed. These adjustments were not material for any of the periods presented. Revenues for coal sold that relate to production under royalty contracts are recorded on a gross basis. |
Freight Revenue and Expense | Freight Revenue and Expense Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. |
Contingencies | Contingencies From time to time, CONSOL Energy, or its subsidiaries, is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations (including environmental remediation), employment and contract disputes, and other claims and actions, arising out of the normal course of business. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense of these matters and are based upon the nature of the lawsuit, progress of the case in court, view of legal counsel, prior experience in similar matters and management's intended response. Environmental liabilities are not discounted or reduced by possible recoveries from third-parties. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. |
Earnings per Share | Earnings per Share Basic earnings per share are computed by dividing net income attributable to CONSOL Energy Shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2017, the FASB issued Update 2017-09 - Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which reduces diversity in practice and cost and complexity when applying the guidance in this Topic to a change to the terms or conditions of a share-based payment award. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in the Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted. This guidance has been adopted and there was no material impact on the Company's financial statements. In March 2017, the FASB issued Update 2017-07 - Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which improves the presentation of net periodic pension cost and net periodic postretirement benefit cost. The amendments in the Update require that an employer report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented separately from the service cost component and outside a subtotal of income from operations, if one is presented. Because the Company does not present an income from operations subtotal, that requirement is not applicable. For public entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of a fiscal year for which financial statements have not been issued. This guidance has been adopted and there was no material impact on the Company's financial statements. In August 2016, the FASB issued Update 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments relate to debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees, and beneficial interests in securitization transactions. The Update also states that, in the absence of specific guidance for cash receipts and payments that have aspects of more than one class of cash flows, an entity should classify each separately identifiable source or use within the cash receipts and payments on the basis of their nature in financing, investing, or operating activities. In situations in which cash receipts or payments cannot be separated by source or use, the appropriate classification should depend on the activity that is likely to be the predominant source or use of cash flows for the item. The amendments in the Update will be applied using a retrospective transition method to each period presented and, for public entities, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. This guidance has been adopted and there was no material impact on the Company's financial statements. In May 2014, the FASB issued Update 2014-09 - Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605 - Revenue Recognition and most industry-specific guidance throughout the Industry Topics of the Codification. The objective of the amendments in this Update is to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and should disclose sufficient information, both qualitative and quantitative, to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The following updates to Topic 606 were made during 2016: • In March 2016, the FASB updated Topic 606 by issuing ASU 2016-08 “Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies how an entity determines whether it is a principal or an agent for goods or services promised to a customer as well as the nature of the goods or services promised to their customers. • In April 2016, the FASB issued Update 2016-10 - Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which seeks to address implementation issues in the areas of identifying performance obligations and licensing. • In May 2016, the FASB issued Update 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients, which seeks to address implementation issues in the areas of collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. • In December 2016, the FASB issued Update 2016-20 - Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which includes amendments related to loan guarantee fees, contract costs, provisions for losses on construction and production-type contracts, scope, disclosures, contract modification, contract asset versus receivable, refund liability and advertising costs. The new standards are effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as annual reporting periods beginning after December 15, 2016. Management has evaluated all contracts with particular attention to the impact from contracts that contain favorable electric power price related adjustments and contracts that span multiple years that have annual fixed pricing. We adopted the new standard in 2018 using the modified retrospective approach on all contracts which were not completed as of the date of initial application and there was no material impact on the Company's financial statements. Further, we expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis, as the majority of our revenue will still be recognized when the product is shipped from our loading facility. The following factors outline management's position: • Most of our long-term contracts are for a stated range of coal at a stated rate per year, with any material price change from year-to-year being market-driven or inflationary, where no additional value is exchanged. • Contracts which contain favorable electric power price related adjustments also represent market-driven price adjustments wherein there is no additional value being exchanged. • Pricing on contracts which are variable based on contractual quality-related adjustments are industry standard practices, could be favorable or unfavorable to the Company, are indeterminable, and represent an immaterial portion of our overall revenue stream. • While we do expect to experience costs of obtaining contracts with amortization periods greater than one year, those costs would be immaterial to our net income. In February 2016, the FASB issued Update 2016-02 - Leases (Topic 842), which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Update 2016-02 does retain a distinction between finance leases and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Retaining this distinction allows the recognition, measurement and presentation of expenses and cash flows arising from a lease to not significantly change from previous GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities, but to recognize lease expense on a straight-line basis over the lease term. For both financing and operating leases, the right-to-use asset and lease liability will be initially measured at the present value of the lease payments in the statement of financial position. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. |
Subsequent Events | Subsequent Events The Company has evaluated all subsequent events through the date the financial statements were issued. No material recognized or non-recognizable subsequent events were identified. |
Significant Accounting Polici36
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Property, plant and equipment consists of the following at December 31: December 31, 2017 2016 Plant and Equipment $ 2,757,062 $ 2,680,453 Coal Properties and Surface Lands 857,031 861,048 Airshafts 392,266 381,755 Mine Development 344,139 344,139 Advance Mining Royalties 325,855 326,000 Total Property, Plant and Equipment 4,676,353 4,593,395 Less Accumulated Depreciation, Depletion and Amortization 2,554,056 2,413,125 Total Property, Plant and Equipment, Net $ 2,122,297 $ 2,180,270 |
Schedule of Antidilutive Securities | The table below sets forth the share-based awards that have been excluded from the computation of the diluted earnings per share because their effect would be anti-dilutive: For the Years Ended December 31, 2017 2016 2015 Anti-Dilutive Restricted Stock Units 1,469 — — 1,469 — — |
Schedule of Basic and Dilutive Earnings Per Share | The computations for basic and dilutive earnings per share are as follows: For the Years Ended Amounts in thousands, except per share data December 31, 2017 2016 2015 Numerator: Net Income $ 82,569 $ 50,450 $ 317,421 Less: Net Income Attributable to Noncontrolling Interest 14,940 8,954 10,410 Net Income Attributable to CONSOL Energy Shareholders $ 67,629 $ 41,496 $ 307,011 Denominator: Weighted-average shares of common stock outstanding 27,968 27,968 27,968 Effect of dilutive shares 206 — — Weighted-average diluted shares of common stock outstanding 28,174 27,968 27,968 Earnings Per Share: Basic $ 2.42 $ 1.48 $ 10.98 Dilutive $ 2.40 $ 1.48 $ 10.98 |
Schedule of Common Stock Outstanding | Shares of common stock outstanding were as follows: Amounts in thousands 2017 2016 2015 Balance, Beginning of Year — — — Issuance Related to Separation and Distribution (1) 27,968 — — Issuance Related to Stock-Based Compensation (2) 5 — — Balance, End of Year 27,973 — — (1) See Note 2 - Separation from CNX Resources Corporation for additional information. (2) See Note 16 - Stock-Based Compensation for additional information. |
Miscellaneous Other Income (Tab
Miscellaneous Other Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Component of Operating Income [Abstract] | |
Schedule of Miscellaneous Other Income | For the Years Ended December 31, 2017 2016 2015 Royalty Income - Non-Operated Coal $ 28,089 $ 19,739 $ 15,356 Rental Income 14,114 34,789 36,908 Purchased Coal Sales 13,161 5,757 1,596 Coal Contract Buyout 9,912 6,288 — Interest Income 2,619 1,166 410 Right of Way Issuance 2,436 11,281 10,827 Other 2,948 3,100 3,096 Miscellaneous Other Income $ 73,279 $ 82,120 $ 68,193 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) were as follows: For The Years Ended December 31, 2017 2016 2015 Current: U.S. Federal $ 65,856 $ (76,447 ) $ 49,435 U.S. State 2,732 (1,924 ) 2,591 Non-U.S. 2,030 1,411 963 70,618 (76,960 ) 52,989 Deferred: U.S. Federal 17,397 89,268 66,187 U.S. State (787 ) 2,257 6,429 16,610 91,525 72,616 Total Income Tax Expense $ 87,228 $ 14,565 $ 125,605 |
Schedule of Reconciliation of Income Tax Expense (Benefit) | A reconciliation of income tax expense (benefit) and the amount computed by applying the statutory federal income tax rate of 35% to income from operations before income tax is: For the Years Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 59,429 35.0 % $ 22,755 35.0 % $ 155,059 35.0 % State income taxes, net of federal tax benefit 1,264 0.7 997 1.5 6,767 1.5 Excess tax depletion (24,216 ) (14.3 ) (21,856 ) (33.6 ) (27,720 ) (6.3 ) Effect of domestic production activities (6,493 ) (3.8 ) 1,621 2.5 (4,933 ) (1.1 ) Effect of change in U.S. tax law 58,558 34.5 — — — — IRS and state tax examination settlements — — 13,958 21.5 — — Effect of valuation allowance 1,379 0.8 — — — — Other (2,693 ) (1.6 ) (2,910 ) (4.5 ) (3,568 ) (0.8 ) Income Tax Expense / Effective Rate $ 87,228 51.3 % $ 14,565 22.4 % $ 125,605 28.3 % |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows: December 31, 2017 2016 Deferred Tax Asset: Postretirement benefits other than pensions $ 131,354 $ 255,507 Asset retirement obligations 51,415 99,467 Pneumoconiosis benefits 36,160 43,371 Workers' compensation 16,778 28,530 Mine subsidence 15,322 39,251 Salary retirement 12,465 37,498 State bonus, net of Federal 4,473 3,175 Long-term disability 3,375 6,358 Other 7,924 8,042 Total Deferred Tax Asset 279,266 521,199 Valuation Allowance (1,379 ) — Net Deferred Tax Asset 277,887 521,199 Deferred Tax Liability: Property, plant and equipment (174,806 ) (256,947 ) Equity Partnerships (17,991 ) (67,498 ) Advance mining royalties (10,025 ) (12,175 ) Total Deferred Tax Liability (202,822 ) (336,620 ) Net Deferred Tax Asset $ 75,065 $ 184,579 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Reconciliation of Changes in the Asset Retirement Obligations | The reconciliation of changes in the asset retirement obligations at December 31, 2017 and 2016 is as follows: As of December 31, 2017 2016 Balance at beginning of period $ 272,538 $ 288,977 Accretion expense 18,922 20,111 Payments (10,467 ) (11,637 ) Revisions in estimated cash flows (20,529 ) (25,427 ) Other (1,641 ) 514 Balance at end of period $ 258,823 $ 272,538 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Components | Inventory components consist of the following: December 31, 2017 2016 Coal $ 11,411 $ 7,800 Supplies 42,009 42,361 Total Inventories $ 53,420 $ 50,161 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciation of plant and equipment is calculated on the straight-line method over their estimated useful lives or lease terms generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Property, plant and equipment consists of the following at December 31: December 31, 2017 2016 Plant and Equipment $ 2,757,062 $ 2,680,453 Coal Properties and Surface Lands 857,031 861,048 Airshafts 392,266 381,755 Mine Development 344,139 344,139 Advance Mining Royalties 325,855 326,000 Total Property, Plant and Equipment 4,676,353 4,593,395 Less Accumulated Depreciation, Depletion and Amortization 2,554,056 2,413,125 Total Property, Plant and Equipment, Net $ 2,122,297 $ 2,180,270 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | December 31, 2017 2016 Subsidence liability $ 88,027 $ 104,437 Longwall equipment buyout 22,631 — Accrued payroll and benefits 14,689 17,326 Accrued interest 10,039 2,239 Equipment lease rental 9,865 15,286 Litigation 8,197 12,532 Accrued other taxes 7,510 12,732 Deferred revenue 6,807 10,520 Short-term incentive compensation 4,729 6,073 Other 23,900 19,747 Current portion of long-term liabilities: Postretirement benefits other than pensions 37,464 40,611 Asset retirement obligations 30,480 26,259 Workers' compensation 13,317 13,596 Pneumoconiosis benefits 12,972 10,763 Total Other Accrued Liabilities $ 290,627 $ 292,121 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | December 31, 2017 2016 Debt: Term Loan B due in November 2022 (Principal of $400,000 less Unamortized Discount of $7,853, 7.47% Weighted Average Interest Rate) $ 392,147 $ — 11.00% Senior Secured Second Lien Notes due 2025 300,000 — MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in November 2021 (5.92% Weighted Average Interest Rate) 100,000 — Advance Royalty Commitments (9.42% and 7.73% Weighted Average Interest Rate, respectively) 2,085 2,678 Revolving Credit Facility - CONSOL Coal Resources LP — 201,000 Less: Unamortized Debt Issuance Costs 21,129 4,343 875,968 302,200 Less: Amounts Due in One Year* 19,318 373 Long-Term Debt $ 856,650 $ 301,827 *Excludes current portion of Capital Lease Obligations of $3,164 and $3,703 at December 31, 2017 and 2016 , respectively. |
Schedule of Undiscounted Maturities of Long-Term Debt | Annual undiscounted maturities on long-term debt during the next five years and thereafter are as follows: Year ended December 31, Amount 2018 $ 19,318 2019 19,291 2020 29,265 2021 49,242 2022 384,169 Thereafter 403,665 Total Long-Term Debt Maturities $ 904,950 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2017 , scheduled minimum rental payments for operating leases related to this equipment were as follows: 2018 2019 2020 2021 2022 Thereafter Total $ 2,992 $ 1,701 $ 627 $ — $ — $ — $ 5,320 Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments, at December 31, 2017 are as follows: Capital Operating Leases Leases Year Ended December 31, 2018 $ 3,773 $ 73,223 2019 3,641 31,386 2020 3,471 22,260 2021 2,253 21,473 2022 — 11,680 Thereafter — 21,796 Total minimum lease payments $ 13,138 $ 181,818 Less amount representing interest (3.00% – 6.00%) 1,335 Present value of minimum lease payments 11,803 Less amount due in one year 3,164 Total Long-Term Capital Lease Obligation $ 8,639 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments, at December 31, 2017 are as follows: Capital Operating Leases Leases Year Ended December 31, 2018 $ 3,773 $ 73,223 2019 3,641 31,386 2020 3,471 22,260 2021 2,253 21,473 2022 — 11,680 Thereafter — 21,796 Total minimum lease payments $ 13,138 $ 181,818 Less amount representing interest (3.00% – 6.00%) 1,335 Present value of minimum lease payments 11,803 Less amount due in one year 3,164 Total Long-Term Capital Lease Obligation $ 8,639 |
Schedule of Future Minimum Sublease Rentals for Capital Leases | The following represents the minimum payments including interest for those capital subleases: 2018 2019 2020 2021 2022 Thereafter Total $ 3,699 $ 3,699 $ 3,699 $ 2,157 $ — $ — $ 13,254 |
Schedule of Future Minimum Sublease Rentals for Operating Leases | The following represents the minimum rental payments for those operating subleases: 2018 2019 2020 2021 2022 Thereafter Total $ 295 $ — $ — $ — $ — $ — $ 295 |
Pension and Other Postretirem45
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Contribution Plan [Abstract] | |
Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status | The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2017 and 2016 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 735,177 $ 751,617 $ 700,085 $ 671,755 Service cost 2,948 1,533 — — Interest cost 25,265 25,048 23,945 24,241 Actuarial loss (gain) 35,281 46,885 (101,379 ) 77,640 Plan amendments — — — (28,164 ) Plan settlements (29,142 ) (54,197 ) — — Benefits and other payments (35,539 ) (35,709 ) (31,088 ) (45,387 ) Benefit obligation at end of period $ 733,990 $ 735,177 $ 591,563 $ 700,085 Change in plan assets: Fair value of plan assets at beginning of period $ 632,434 $ 669,039 $ — $ — Actual return on plan assets 110,311 50,575 — — Company contributions 1,181 2,726 31,088 45,387 Benefits and other payments (35,539 ) (35,709 ) (31,088 ) (45,387 ) Plan settlements (29,142 ) (54,197 ) — — Fair value of plan assets at end of period $ 679,245 $ 632,434 $ — $ — Funded status: Current liabilities $ (1,785 ) $ (2,871 ) $ (37,464 ) $ (40,611 ) Noncurrent liabilities (52,960 ) (99,872 ) (554,099 ) (659,474 ) Net obligation recognized $ (54,745 ) $ (102,743 ) $ (591,563 ) $ (700,085 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 243,456 $ 295,152 $ 301,901 $ 426,392 Prior service credit (869 ) (1,372 ) (25,759 ) (28,164 ) Net amount recognized (before tax effect) $ 242,587 $ 293,780 $ 276,142 $ 398,228 CWP Workers' Compensation at December 31, at December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 118,836 $ 121,285 $ 78,099 $ 81,502 State administrative fees and insurance bond premiums — — 3,198 3,199 Service cost 5,122 4,327 5,734 7,466 Interest cost 4,050 4,283 2,321 2,499 Actuarial loss 47,939 439 3,553 121 Benefits paid (13,107 ) (10,191 ) (14,377 ) (16,688 ) Curtailment gain — (1,307 ) — — Benefit obligation at end of period $ 162,840 $ 118,836 $ 78,528 $ 78,099 Current assets $ — $ — $ 1,437 $ 1,429 Current liabilities (12,972 ) (10,763 ) (13,317 ) (13,596 ) Noncurrent liabilities (149,868 ) (108,073 ) (66,648 ) (65,932 ) Net obligation recognized $ (162,840 ) $ (118,836 ) $ (78,528 ) $ (78,099 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial gain $ (7,144 ) $ (62,714 ) $ (8,505 ) $ (12,656 ) Net amount recognized (before tax effect) $ (7,144 ) $ (62,714 ) $ (8,505 ) $ (12,656 ) |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2015 2017 2016 2015 Components of net periodic benefit cost: Service cost $ 2,948 $ 1,533 $ 8,256 $ — $ — $ — Interest cost 25,265 25,048 31,655 23,945 24,241 27,238 Expected return on plan assets (42,383 ) (46,674 ) (51,528 ) — — — Amortization of prior service credits (502 ) (502 ) (579 ) (2,405 ) — (336,327 ) Recognized net actuarial loss 8,896 9,163 20,870 23,112 19,168 102,875 Curtailment loss — — 5 — — — Settlement loss (gain) 10,153 22,196 19,053 — — (8,932 ) Net periodic benefit cost (credit) $ 4,377 $ 10,764 $ 27,732 $ 44,652 $ 43,409 $ (215,146 ) The components of the net periodic cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 5,122 $ 4,327 $ 6,194 $ 5,734 $ 7,466 $ 9,201 Interest cost 4,050 4,283 5,116 2,321 2,499 3,131 Recognized net actuarial gain (7,631 ) (4,948 ) (5,576 ) (598 ) (395 ) (30 ) State administrative fees and insurance bond premiums — — — 3,198 3,199 3,510 Curtailment gain — (1,307 ) — — — — Net periodic cost $ 1,541 $ 2,355 $ 5,734 $ 10,655 $ 12,769 $ 15,812 |
Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year | Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2018 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ (502 ) $ (2,405 ) Actuarial loss recognition $ 8,715 $ 16,205 The following are amounts included in accumulated other comprehensive income that are expected to be recognized in 2018 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial gain recognition $ (854 ) $ (79 ) |
Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets: As of December 31, 2017 2016 Projected benefit obligation $ 733,990 $ 735,177 Accumulated benefit obligation $ 733,949 $ 733,542 Fair value of plan assets $ 679,245 $ 632,434 |
Schedule of Weighted-Average Assumptions Used | The weighted-average assumptions used to determine benefit obligations are as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2017 2016 2017 2016 Discount rate 3.65 % 4.31 % 3.65 % 4.22 % Rate of compensation increase 3.73 % 3.90 % — — The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Discount rate 4.27 % 4.52 % 4.07 % 4.22 % 4.50 % 4.03 % Expected long-term return on plan assets 6.90 % 7.25 % 7.75 % — — — Rate of compensation increase 3.90 % 3.80 % 3.80 % — — — The weighted-average discount rates used to determine benefit obligations and net periodic cost are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Benefit obligations 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % Net periodic cost 4.40 % 4.60 % 4.21 % 4.05 % 4.26 % 3.84 % |
Schedule of Health Care Cost Trend Rates | The assumed health care cost trend rates are as follows: At December 31, 2017 2016 Health care cost trend rate for next year 6.06 % 6.31 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2038 2038 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for the medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effects: 1 Percentage 1 Percentage Point Increase Point Decrease Effect on total of service and interest cost components $ 3,536 $ (2,962 ) Effect on accumulated postretirement benefit obligation $ 71,922 $ (60,924 ) |
Schedule of Fair Value of Plan Assets | The fair values of plan assets at December 31, 2017 and 2016 by asset category are as follows: Fair Value Measurements at December 31, 2017 Fair Value Measurements at December 31, 2016 Quoted Quoted Prices in Prices in Active Active Markets for Significant Significant Markets for Significant Significant Identical Observable Unobservable Identical Observable Unobservable Assets Inputs Inputs Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Asset Category Cash/Accrued Income $ 5,202 $ 5,202 $ — $ — $ 639 $ 639 $ — $ — US Equities (a) 12 12 — — 11 11 — — Mercer Common Collective Trusts (b) 674,031 — — — 631,784 — — — Total $ 679,245 $ 5,214 $ — $ — $ 632,434 $ 650 $ — $ — __________ (a) This category includes investments in US common stocks and corporate debt. (b) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. |
Schedule of Expected Benefit Payments | The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2018 $ 44,778 $ 37,464 2019 $ 44,035 $ 37,163 2020 $ 43,117 $ 37,071 2021 $ 42,124 $ 36,862 2022 $ 42,644 $ 36,228 Year 2023-2027 $ 206,682 $ 172,756 The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2018 $ 12,972 $ 14,390 $ 11,880 $ 2,510 2019 $ 10,065 $ 14,120 $ 11,547 $ 2,573 2020 $ 8,841 $ 14,110 $ 11,473 $ 2,637 2021 $ 8,203 $ 14,035 $ 11,332 $ 2,703 2022 $ 8,024 $ 14,146 $ 11,375 $ 2,771 Year 2023-2027 $ 42,525 $ 53,187 $ 38,259 $ 14,928 |
Coal Workers' Pneumoconiosis 46
Coal Workers' Pneumoconiosis and Workers' Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status | The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2017 and 2016 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 735,177 $ 751,617 $ 700,085 $ 671,755 Service cost 2,948 1,533 — — Interest cost 25,265 25,048 23,945 24,241 Actuarial loss (gain) 35,281 46,885 (101,379 ) 77,640 Plan amendments — — — (28,164 ) Plan settlements (29,142 ) (54,197 ) — — Benefits and other payments (35,539 ) (35,709 ) (31,088 ) (45,387 ) Benefit obligation at end of period $ 733,990 $ 735,177 $ 591,563 $ 700,085 Change in plan assets: Fair value of plan assets at beginning of period $ 632,434 $ 669,039 $ — $ — Actual return on plan assets 110,311 50,575 — — Company contributions 1,181 2,726 31,088 45,387 Benefits and other payments (35,539 ) (35,709 ) (31,088 ) (45,387 ) Plan settlements (29,142 ) (54,197 ) — — Fair value of plan assets at end of period $ 679,245 $ 632,434 $ — $ — Funded status: Current liabilities $ (1,785 ) $ (2,871 ) $ (37,464 ) $ (40,611 ) Noncurrent liabilities (52,960 ) (99,872 ) (554,099 ) (659,474 ) Net obligation recognized $ (54,745 ) $ (102,743 ) $ (591,563 ) $ (700,085 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 243,456 $ 295,152 $ 301,901 $ 426,392 Prior service credit (869 ) (1,372 ) (25,759 ) (28,164 ) Net amount recognized (before tax effect) $ 242,587 $ 293,780 $ 276,142 $ 398,228 CWP Workers' Compensation at December 31, at December 31, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 118,836 $ 121,285 $ 78,099 $ 81,502 State administrative fees and insurance bond premiums — — 3,198 3,199 Service cost 5,122 4,327 5,734 7,466 Interest cost 4,050 4,283 2,321 2,499 Actuarial loss 47,939 439 3,553 121 Benefits paid (13,107 ) (10,191 ) (14,377 ) (16,688 ) Curtailment gain — (1,307 ) — — Benefit obligation at end of period $ 162,840 $ 118,836 $ 78,528 $ 78,099 Current assets $ — $ — $ 1,437 $ 1,429 Current liabilities (12,972 ) (10,763 ) (13,317 ) (13,596 ) Noncurrent liabilities (149,868 ) (108,073 ) (66,648 ) (65,932 ) Net obligation recognized $ (162,840 ) $ (118,836 ) $ (78,528 ) $ (78,099 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial gain $ (7,144 ) $ (62,714 ) $ (8,505 ) $ (12,656 ) Net amount recognized (before tax effect) $ (7,144 ) $ (62,714 ) $ (8,505 ) $ (12,656 ) |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2015 2017 2016 2015 Components of net periodic benefit cost: Service cost $ 2,948 $ 1,533 $ 8,256 $ — $ — $ — Interest cost 25,265 25,048 31,655 23,945 24,241 27,238 Expected return on plan assets (42,383 ) (46,674 ) (51,528 ) — — — Amortization of prior service credits (502 ) (502 ) (579 ) (2,405 ) — (336,327 ) Recognized net actuarial loss 8,896 9,163 20,870 23,112 19,168 102,875 Curtailment loss — — 5 — — — Settlement loss (gain) 10,153 22,196 19,053 — — (8,932 ) Net periodic benefit cost (credit) $ 4,377 $ 10,764 $ 27,732 $ 44,652 $ 43,409 $ (215,146 ) The components of the net periodic cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Service cost $ 5,122 $ 4,327 $ 6,194 $ 5,734 $ 7,466 $ 9,201 Interest cost 4,050 4,283 5,116 2,321 2,499 3,131 Recognized net actuarial gain (7,631 ) (4,948 ) (5,576 ) (598 ) (395 ) (30 ) State administrative fees and insurance bond premiums — — — 3,198 3,199 3,510 Curtailment gain — (1,307 ) — — — — Net periodic cost $ 1,541 $ 2,355 $ 5,734 $ 10,655 $ 12,769 $ 15,812 |
Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year | Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2018 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ (502 ) $ (2,405 ) Actuarial loss recognition $ 8,715 $ 16,205 The following are amounts included in accumulated other comprehensive income that are expected to be recognized in 2018 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial gain recognition $ (854 ) $ (79 ) |
Schedule of Weighted-Average Assumptions Used | The weighted-average assumptions used to determine benefit obligations are as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2017 2016 2017 2016 Discount rate 3.65 % 4.31 % 3.65 % 4.22 % Rate of compensation increase 3.73 % 3.90 % — — The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Discount rate 4.27 % 4.52 % 4.07 % 4.22 % 4.50 % 4.03 % Expected long-term return on plan assets 6.90 % 7.25 % 7.75 % — — — Rate of compensation increase 3.90 % 3.80 % 3.80 % — — — The weighted-average discount rates used to determine benefit obligations and net periodic cost are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 Benefit obligations 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % Net periodic cost 4.40 % 4.60 % 4.21 % 4.05 % 4.26 % 3.84 % |
Schedule of Expected Benefit Payments | The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2018 $ 44,778 $ 37,464 2019 $ 44,035 $ 37,163 2020 $ 43,117 $ 37,071 2021 $ 42,124 $ 36,862 2022 $ 42,644 $ 36,228 Year 2023-2027 $ 206,682 $ 172,756 The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2018 $ 12,972 $ 14,390 $ 11,880 $ 2,510 2019 $ 10,065 $ 14,120 $ 11,547 $ 2,573 2020 $ 8,841 $ 14,110 $ 11,473 $ 2,637 2021 $ 8,203 $ 14,035 $ 11,332 $ 2,703 2022 $ 8,024 $ 14,146 $ 11,375 $ 2,771 Year 2023-2027 $ 42,525 $ 53,187 $ 38,259 $ 14,928 |
Other Employee Benefit Plans (T
Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Long-Term Disability Plan | CONSOL Energy has a Long-Term Disability Plan available to all eligible full-time salaried employees. The benefits for this plan are based on a percentage of monthly earnings, offset by all other income benefits available to the disabled. For the Years Ended December 31, 2017 2016 2015 Benefit cost $ 2,058 $ 1,936 $ 2,383 Discount rate assumption used to determine net periodic benefit costs 3.43 % 3.71 % 3.18 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Schedule of Nonvested Restricted Stock Units and Fair Value | The following table represents the nonvested restricted stock units and their corresponding fair value (based upon the closing share price) at the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2016 — $— Granted 165,967 $29.82 Converted from CNX Separation 136,790 $29.52 Vested (11,063 ) $48.23 Forfeited (5,903 ) $24.68 Nonvested at December 31, 2017 285,791 $29.07 |
Schedule of Nonvested Performance Share Units and Fair Value | The following table represents the nonvested performance share units and their corresponding fair value (based upon the closing share price and/or Monte Carlo simulation) on the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2016 — $— Granted — $— Converted from CNX Separation 273,100 $35.18 Vested — $— Forfeited (8,590 ) $25.27 Nonvested at December 31, 2017 264,510 $35.50 |
Supplemental Cash Flow Inform49
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table shows cash paid for interest and income taxes for the periods indicated. For the Years Ended December 31, 2017 2016 2015 Cash Paid For: Interest (net of amounts capitalized) $ 18,151 $ 14,053 $ 7,544 Income taxes * $ — $ — $ — * The Company's operations were historically included in the income tax filings of ParentCo. All tax payments prior to the separation and distribution were made by ParentCo. The Company has made no income tax payments from the date of the separation and distribution through December 31, 2017 . |
Concentration of Credit Risk 50
Concentration of Credit Risk and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Credit Risk | Concentration of credit risk is summarized below: December 31, 2017 2016 Thermal coal utilities $ 69,550 $ 62,525 Coal brokers and distributors 56,146 28,955 Other 5,849 4,227 Total Accounts Receivable Trade $ 131,545 $ 95,707 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at Fair Value Measurements at Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Murray Energy Guarantees $ — $ — $ (1,040 ) $ — $ — $ — |
Schedule of Carrying Amount and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash and Cash Equivalents $ 153,979 $ 153,979 $ 13,311 $ 13,311 Long-Term Debt $ 897,097 $ 931,768 $ 306,543 $ 307,443 |
Commitments and Contingent Li52
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitment Expiration | The Company's management believes that these guarantees will expire without being funded, and therefore, the commitments will not have a material adverse effect on the Company's financial condition. Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Employee-Related $ 77,266 $ 60,364 $ 16,902 $ — $ — Environmental 998 600 398 — — Other 9,847 9,147 700 — — Total Letters of Credit 88,111 70,111 18,000 — — Surety Bonds: Employee-Related 108,948 108,948 — — — Environmental 453,035 453,035 — — — Other 4,717 4,716 — 1 — Total Surety Bonds 566,700 566,699 — 1 — Guarantees: Other 33,302 9,216 15,413 7,893 780 Total Guarantees 33,302 9,216 15,413 7,893 780 Total Commitments $ 688,113 $ 646,026 $ 33,413 $ 7,894 $ 780 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Industry Segment Results | Industry segment results for the year ended December 31, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,187,654 $ — $ — $ 1,187,654 (A) Terminal Revenue — 60,066 — 60,066 Freight Revenue 73,692 — — 73,692 Total Revenue and Freight $ 1,261,346 $ 60,066 $ — $ 1,321,412 Earnings (Loss) Before Income Tax $ 189,162 $ (19,365 ) $ — $ 169,797 Segment Assets $ 1,971,268 $ 735,831 $ — $ 2,707,099 Depreciation, Depletion and Amortization $ 166,628 $ 5,374 $ — $ 172,002 Capital Expenditures $ 77,981 $ 3,432 $ — $ 81,413 (A) Included in the PAMC segment are sales of $222,354 to Duke Energy and sales of $145,248 to Xcoal, each comprising over 10% of sales. Industry segment results for the year ended December 31, 2016 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,065,582 $ — $ — $ 1,065,582 (B) Terminal Revenue — 31,464 — 31,464 Freight Revenue 46,468 — — 46,468 Total Revenue and Freight $ 1,112,050 $ 31,464 $ — $ 1,143,514 Earnings (Loss) Before Income Tax $ 130,708 $ (65,693 ) $ — $ 65,015 Segment Assets $ 1,982,206 $ 705,228 $ — $ 2,687,434 Depreciation, Depletion and Amortization $ 168,195 $ 9,927 $ — $ 178,122 Capital Expenditures $ 50,809 $ 2,791 $ — $ 53,600 (B) Included in the PAMC segment are sales of $160,818 to Duke Energy and sales of $116,849 to GenOn Energy Management, LLC, each comprising over 10% of sales. Industry segment results for the year ended December 31, 2015 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,289,036 $ — $ — $ 1,289,036 (C) Terminal Revenue — 30,967 — 30,967 Freight Revenue 20,499 — — 20,499 Total Revenue and Freight $ 1,309,535 $ 30,967 $ — $ 1,340,502 Earnings Before Income Tax $ 404,994 $ 38,032 $ — $ 443,026 Segment Assets $ 2,076,301 $ 791,432 $ — $ 2,867,733 Depreciation, Depletion and Amortization $ 176,864 $ 18,473 $ — $ 195,337 Capital Expenditures $ 136,291 $ 6,762 $ — $ 143,053 (C) Included in the PAMC segment are sales of $242,020 to Duke Energy, sales of $157,174 to GenOn Energy Management, LLC, and sales of $150,199 to Xcoal, each comprising over 10% of sales. |
Schedule of Revenue and Other Income | Revenue and Other Income: For the Years Ended December 31, 2017 2016 2015 Total Segment Revenue and Freight from External Customers $ 1,321,412 $ 1,143,514 $ 1,340,502 Other Income not Allocated to Segments (Note 3) 73,279 82,120 68,193 Gain on Sale of Assets 17,212 5,228 13,025 Total Consolidated Revenue and Other Income $ 1,411,903 $ 1,230,862 $ 1,421,720 |
Schedule of Reconciliation of Total Assets | Total Assets: December 31, 2017 2016 Segment assets for total reportable business segments $ 1,971,268 $ 1,982,206 Segment assets for all other business segments 508,334 520,586 Items excluded from segment assets: Cash and other investments 152,432 63 Deferred tax assets 75,065 184,579 Total Consolidated Assets $ 2,707,099 $ 2,687,434 |
Schedule of Property, Plant and Equipment by Geographical Location | CONSOL Energy's Property, Plant and Equipment by geographical location: December 31, 2017 2016 2015 United States $ 2,111,273 $ 2,169,246 $ 2,314,157 Canada 11,024 11,024 11,024 Total Property, Plant and Equipment, net $ 2,122,297 $ 2,180,270 $ 2,325,181 |
Guarantor Subsidiaries Financ54
Guarantor Subsidiaries Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Income Statement | Income Statement for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue — 799,187 266,395 — — 1,065,582 Terminal Revenue — 31,464 — — — 31,464 Freight Revenue — 34,865 11,603 — — 46,468 Miscellaneous Other Income 50,425 78,992 3,128 — (50,425 ) 82,120 Gain on Sale of Assets — 5,237 (9 ) — — 5,228 Total Revenue and Other Income 50,425 949,745 281,117 — (50,425 ) 1,230,862 Costs and Expenses: Operating and Other Costs — 694,073 183,001 103 — 877,177 Depreciation, Depletion and Amortization — 136,128 41,994 — — 178,122 Freight Expense — 34,865 11,603 — — 46,468 Selling, General and Administrative Costs — 40,078 9,949 — — 50,027 Interest Expense 190 5,144 8,719 — — 14,053 Total Costs And Expenses 190 910,288 255,266 103 — 1,165,847 Earnings Before Income Tax 50,235 39,457 25,851 (103 ) (50,425 ) 65,015 Income Tax (Benefit) Expense 8,739 5,826 — — — 14,565 Net (Loss) Income 41,496 33,631 25,851 (103 ) (50,425 ) 50,450 Less: Net Income Attributable to Noncontrolling Interest — — — — 8,954 8,954 Net (Loss) Income Attributable to CONSOL Energy Shareholders $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (59,379 ) $ 41,496 Income Statement for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue — 890,741 296,913 — — 1,187,654 Terminal Revenue — 60,066 — — — 60,066 Freight Revenue — 55,269 18,423 — — 73,692 Miscellaneous Other Income 238,818 67,230 6,049 — (238,818 ) 73,279 Gain on Sale of Assets — 15,813 1,399 — — 17,212 Total Revenue and Other Income 238,818 1,089,119 322,784 — (238,818 ) 1,411,903 Costs and Expenses: Operating and Other Costs — 691,451 194,986 272 — 886,709 Depreciation, Depletion and Amortization — 130,565 41,437 — — 172,002 Freight Expense — 55,269 18,423 — — 73,692 Selling, General and Administrative Costs — 67,908 15,697 — — 83,605 Loss on Debt Extinguishment — — 2,468 — (2,468 ) — Interest Expense 10,064 355,059 9,309 1,723 (350,057 ) 26,098 Total Costs And Expenses 10,064 1,300,252 282,320 1,995 (352,525 ) 1,242,106 Earnings Before Income Tax 228,754 (211,133 ) 40,464 (1,995 ) 113,707 169,797 Income Tax (Benefit) Expense 161,125 (73,897 ) — — — 87,228 Net (Loss) Income 67,629 (137,236 ) 40,464 (1,995 ) 113,707 82,569 Less: Net Income Attributable to Noncontrolling Interest — — — — 14,940 14,940 Net (Loss) Income Attributable to CONSOL Energy Shareholders $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 98,767 $ 67,629 Income Statement for the Year Ended December 31, 2015 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue — 966,775 322,261 — — 1,289,036 Terminal Revenue (11 ) 30,978 — — — 30,967 Freight Revenue — 16,690 3,809 — — 20,499 Miscellaneous Other Income 371,266 62,484 941 4,768 (371,266 ) 68,193 Gain (Loss) on Sale of Assets — 13,025 — — — 13,025 Total Revenue and Other Income 371,255 1,089,952 327,011 4,768 (371,266 ) 1,421,720 Costs and Expenses: Operating and Other Costs — 505,057 193,961 576 — 699,594 Depreciation, Depletion and Amortization — 151,201 44,136 — — 195,337 Freight Expense — 16,690 3,809 — — 20,499 Selling, General and Administrative Costs — 44,789 10,931 — — 55,720 Interest Expense (1,071 ) (1,021 ) 9,636 — — 7,544 Total Costs And Expenses (1,071 ) 716,716 262,473 576 — 978,694 Earnings (Loss) Before Income Tax 372,326 373,236 64,538 4,192 (371,266 ) 443,026 Income Tax (Benefit) Expense 65,315 60,290 — — 125,605 Less: Net Income Attributable to Noncontrolling Interest — — — — 10,410 10,410 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 307,011 $ 312,946 $ 64,538 $ 4,192 $ (381,676 ) $ 307,011 |
Balance Sheet | Balance Sheet at December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 152,235 $ 105 $ 1,533 $ 106 $ — $ 153,979 Accounts and Notes Receivable: Trade — — — 131,545 — 131,545 Other Receivables 17,702 16,880 1,970 — — 36,552 Inventories — 41,117 12,303 — — 53,420 Prepaid Expenses 5,745 13,568 4,428 3 — 23,744 Total Current Assets 175,682 71,670 20,234 131,654 — 399,240 Property, Plant and Equipment: Property, Plant and Equipment — 3,765,885 910,468 — — 4,676,353 Less-Accumulated Depreciation, Depletion and Amortization — 2,070,646 483,410 — — 2,554,056 Total Property, Plant and Equipment-Net — 1,695,239 427,058 — — 2,122,297 Other Assets: Deferred Income Taxes 75,065 — — — — 75,065 Affiliated Credit Facility 165,110 — — — (165,110 ) — Investment in Affiliates 645,157 — — — (645,157 ) — Other 44,177 50,846 15,474 — — 110,497 Total Other Assets 929,509 50,846 15,474 — (810,267 ) 185,562 Total Assets $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 Liabilities and Equity: Current Liabilities: Accounts Payable $ 20,014 $ 66,271 $ 22,789 $ 8 $ 18 $ 109,100 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,221 — 129,139 (163,069 ) — Current Portion of Long-Term Debt — 22,405 77 — — 22,482 Other Accrued Liabilities 101,994 149,425 44,102 (20 ) (4,874 ) 290,627 Total Current Liabilities 119,717 274,322 66,968 129,127 (167,925 ) 422,209 Long-Term Debt: 728,254 135,390 165,183 1,572 (165,110 ) 865,289 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 554,099 — — — 554,099 Pneumoconiosis Benefits — 146,035 3,833 — — 149,868 Asset Retirement Obligations — 218,728 9,615 — — 228,343 Workers’ Compensation — 63,244 3,404 — — 66,648 Salary Retirement 52,960 — — — — 52,960 Other — 23,435 607 — — 24,042 Total Deferred Credits and Other Liabilities 52,960 1,005,541 17,459 — — 1,075,960 Total CONSOL Energy Inc. Stockholders’ Equity 204,260 402,502 213,156 955 (616,613 ) 204,260 Noncontrolling Interest — — — — 139,381 139,381 Total Liabilities and Equity $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 Balance Sheet at December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 2 $ 3,493 $ 9,785 $ 31 $ — $ 13,311 Accounts and Notes Receivable: Trade — — — 95,707 — 95,707 Other Receivables 3,654 19,151 515 — — 23,320 Other Receivables - Related Party — — — 34 — 34 Inventories — 38,670 11,491 — — 50,161 Prepaid Expenses 2,882 11,204 3,512 3 — 17,601 Total Current Assets 6,538 72,518 25,303 95,775 — 200,134 Property, Plant and Equipment: Property, Plant and Equipment — 3,716,705 876,690 — — 4,593,395 Less-Accumulated Depreciation, Depletion and Amortization — 1,970,947 442,178 — — 2,413,125 Total Property, Plant and Equipment-Net — 1,745,758 434,512 — — 2,180,270 Other Assets: Deferred Income Taxes 184,579 — — — — 184,579 Investment in Affiliates 654,144 — — — (654,144 ) — Other 34,482 66,906 21,063 — — 122,451 Total Other Assets 873,205 66,906 21,063 — (654,144 ) 307,030 Total Assets $ 879,743 $ 1,885,182 $ 480,878 $ 95,775 $ (654,144 ) $ 2,687,434 Liabilities and Equity: Current Liabilities: Accounts Payable $ 4,411 $ 59,624 $ 20,463 $ 7 $ (1,608 ) $ 82,897 Accounts Payable (Recoverable)-Related Parties — (72,289 ) (23,418 ) 95,707 — — Current Portion of Long-Term Debt 3,347 641 88 — — 4,076 Other Accrued Liabilities 102,878 145,072 44,230 — (59 ) 292,121 Total Current Liabilities 110,636 133,048 41,363 95,714 (1,667 ) 379,094 Long-Term Debt: Long-Term Debt 11,604 104,046 197,989 — — 313,639 Total Long-Term Debt 11,604 104,046 197,989 — — 313,639 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 659,474 — — — 659,474 Pneumoconiosis Benefits — 106,016 2,057 — — 108,073 Asset Retirement Obligations — 236,933 9,346 — — 246,279 Workers’ Compensation — 62,842 3,090 — — 65,932 Salary Retirement 99,872 — — — — 99,872 Other — 14,484 463 — — 14,947 Total Deferred Credits and Other Liabilities 99,872 1,079,749 14,956 — — 1,194,577 Total CONSOL Energy Inc. Stockholders’ Equity 657,631 568,339 226,570 61 (794,970 ) 657,631 Noncontrolling Interest — — — — 142,493 142,493 Total Liabilities and Equity $ 879,743 $ 1,885,182 $ 480,878 $ 95,775 $ (654,144 ) $ 2,687,434 |
Condensed Statement of Cash Flows | Condensed Statement of Cash Flows for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ (17,032 ) $ 192,423 $ 72,644 $ 75 $ — $ 248,110 Cash Flows from Investing Activities: Capital Expenditures $ — $ (61,917 ) $ (19,496 ) $ — $ — $ (81,413 ) Proceeds From Sales of Assets — 23,082 1,500 — — 24,582 Net Cash (Used in) Provided by Investing Activities $ — $ (38,835 ) $ (17,996 ) $ — $ — $ (56,831 ) Cash Flows from Financing Activities: (Payments on) Proceeds from Miscellaneous Borrowings (3,503 ) (305 ) (96 ) — — (3,904 ) Affiliated Credit Facility — — 196,583 — (196,583 ) — Proceeds from PNC Term Loan A 100,000 — — — — 100,000 Proceeds from PNC Term Loan B 392,147 — — — — 392,147 Proceeds from Second Lien Notes 300,000 — — — — 300,000 Net (Payments on) Proceeds from Revolver - MLP — — (201,000 ) — — (201,000 ) Distributions to Noncontrolling Interest — — (56,400 ) — 34,508 (21,892 ) Units/Shares Withheld for Taxes — (171 ) (1,985 ) — — (2,156 ) Intercompany Contributions/(Distributions) (5,573 ) (156,502 ) 162,075 — Change in Parent Net Investment (156,502 ) — — — — (156,502 ) Spin Distribution to CNX Resources (425,000 ) — — — — (425,000 ) Debt Issuance and Financing Fees (32,304 ) — — — — (32,304 ) Net Cash (Used in) Provided by Financing Activities $ 169,265 $ (156,978 ) $ (62,898 ) $ — $ — $ (50,611 ) Condensed Statement of Cash Flows for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash (Used in) Provided by Operating Activities $ 253 $ 255,756 $ 73,098 $ — $ — $ 329,107 Cash Flows from Investing Activities: Capital Expenditures $ — $ (40,896 ) $ (12,704 ) $ — $ — $ (53,600 ) Proceeds From Sales of Assets — 7,819 23 — — 7,842 Net Cash Used in Investing Activities $ — $ (33,077 ) $ (12,681 ) $ — $ — $ (45,758 ) Cash Flows from Financing Activities: (Payments on) Proceeds from Miscellaneous Borrowings 231 279 (79 ) — — 431 Net (Payments on) Proceeds from Revolver - MLP — — 16,000 — — 16,000 Distributions to Noncontrolling Interest — (21,657 ) (42,634 ) — 42,634 (21,657 ) Intercompany Contributions (Distributions) 270,969 (270,969 ) — — — — Change in Parent Net Investment (270,969 ) — — — — (270,969 ) Debt Issuance and Financing Fees (482 ) — — — — (482 ) Net Cash Provided by (Used in) Financing Activities $ (251 ) $ (292,347 ) $ (26,713 ) $ — $ 42,634 $ (276,677 ) Condensed Statement of Cash Flows for the Year Ended December 31, 2015 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Net Cash (Used in) Provided by Operating Activities $ 12,608 $ 202,177 $ 76,908 $ — $ — $ 291,693 Cash Flows from Investing Activities: Capital Expenditures $ — $ (108,980 ) $ (34,073 ) $ — $ — $ (143,053 ) Proceeds From Sales of Assets — 12,708 71 — — 12,779 Net Cash Provided by (Used in) Investing Activities $ — $ (96,272 ) $ (34,002 ) $ — $ — $ (130,274 ) Cash Flows from Financing Activities: (Payments on) Proceeds from Miscellaneous Borrowings (600 ) (5,176 ) (53 ) — — (5,829 ) Proceeds from Related Party Long-Term Notes — (6,039 ) 6,039 — — — Net (Payments on) Proceeds from Revolver - MLP — — 185,000 — — 185,000 Distributions to Noncontrolling Interest — (5,060 ) (11,353 ) — 11,353 (5,060 ) Proceeds from Sale of MLP Interest — — 148,359 — — 148,359 Intercompany Contributions (Distributions) 461,051 (461,051 ) — — — — Distribution of Proceeds — 342,711 (342,711 ) — — — Change in Parent Net Investment (461,051 ) 17,328 (17,328 ) — — (461,051 ) Debt Issuance and Financing Fees (12,007 ) — (4,329 ) — — (16,336 ) Net Cash (Used in) Provided by Financing Activities $ (12,607 ) $ (117,287 ) $ (36,376 ) $ — $ 11,353 $ (154,917 ) |
Statement of Comprehensive Income | Statement of Comprehensive Income for the Year Ended December 31, 2015 : Parent Issuer Guarantor CCR Non-Guarantors Non- Elimination Consolidated Net Income (Loss) $ 307,011 $ 312,946 $ 64,538 $ 4,192 $ (371,266 ) $ 317,421 Other Comprehensive Income (Loss): Net Actuarial Loss (Gain) (89,442 ) — (1,840 ) — 1,840 (89,442 ) Other Comprehensive Income (Loss): (89,442 ) — (1,840 ) — 1,840 (89,442 ) Comprehensive Income (Loss) 217,569 312,946 62,698 4,192 (369,426 ) 227,979 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 10,410 10,410 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 217,569 $ 312,946 $ 62,698 $ 4,192 $ (379,836 ) $ 217,569 Statement of Comprehensive Income for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net (Loss) Income $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (50,425 ) $ 50,450 Other Comprehensive (Loss) Income: Net Actuarial Loss (Gain) (31,409 ) — 818 — (818 ) (31,409 ) Other Comprehensive (Loss) Income: (31,409 ) — 818 — (818 ) (31,409 ) Comprehensive (Loss) Income 10,087 33,631 26,669 (103 ) (51,243 ) 19,041 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 9,216 9,216 Comprehensive (Loss) Income Attributable to CONSOL Energy Inc. Shareholders $ 10,087 $ 33,631 $ 26,669 $ (103 ) $ (60,459 ) $ 9,825 Statement of Comprehensive Income for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net (Loss) Income $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 113,707 $ 82,569 Other Comprehensive (Loss) Income: Amortization of Prior Service Credits — — — — — — Settlement Loss — — — — — — Net Actuarial Loss (Gain) 94,919 — 1,366 — (1,366 ) 94,919 Other Comprehensive (Loss) Income: 94,919 — 1,366 — (1,366 ) 94,919 Comprehensive (Loss) Income 162,548 (137,236 ) 41,830 (1,995 ) 112,341 177,488 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 14,896 14,896 Comprehensive (Loss) Income Attributable to CONSOL Energy Inc. Shareholders $ 162,548 $ (137,236 ) $ 41,830 $ (1,995 ) $ 97,445 $ 162,592 |
Related Party Transactions Rela
Related Party Transactions Related Party (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Charges for services from the Company include the following: For the Years Ended December 31, 2017 2016 2014 Operating and Other Costs $ 3,503 $ 4,251 $ 6,793 Selling, General and Administrative Costs 3,109 3,826 8,926 Total Services from CONSOL Energy $ 6,612 $ 8,077 $ 15,719 |
Supplemental Coal Data (unaud56
Supplemental Coal Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of Proven and Probable Reserves Rollforward | Supplemental Coal Data (unaudited) Millions of Tons For the Year Ended December 31, 2017 2016 2015 2014 2013 Proven and probable coal reserves at beginning of period 2,361 3,047 3,238 3,032 4,229 Purchased reserves — — 24 — 1 Reserves sold in place (16 ) (601 ) (43 ) (233 ) (1,199 ) Production (26 ) (26 ) (29 ) (32 ) (55 ) Revisions and other changes (21 ) (59 ) (143 ) 471 56 Consolidated proven and probable coal reserves at end of period* (1) 2,298 2,361 3,047 3,238 3,032 ______________ * Proven and probable coal reserves are the equivalent of “demonstrated reserves” under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. (1) 143.3 million tons of the Northern Appalachia product are controlled by CCC, a former subsidiary of ParentCo that was sold in December 2013. As of this filing, these tons are still controlled by CCC but are shown in CONSOL Energy's reserves due to a binding agreement that these tons will be released to CONSOL Energy upon the assignment of the underlying lease to CONSOL Energy. |
Supplemental Quarterly Inform57
Supplemental Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Information (unaudited) | Supplemental Quarterly Information (unaudited): (Dollars in thousands, except per share data) Three Months Ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Revenue and Other Income: Coal Revenue $ 316,448 $ 303,707 $ 279,245 $ 288,254 Terminal Revenue 12,886 14,855 15,065 17,260 Freight Revenue 12,282 17,762 21,803 21,845 Miscellaneous Other Income 22,650 10,145 19,713 20,771 Gain (Loss) on Sale of Assets 7,955 5,582 (513 ) 4,188 Total Revenue and Other Income 372,221 352,051 335,313 352,318 Costs and Expenses: Operating and Other Costs 229,994 222,882 229,527 204,306 Depreciation, Depletion and Amortization 52,993 25,268 46,653 47,088 Freight Expense 12,282 17,762 21,803 21,845 Selling, General and Administrative Costs 17,079 20,338 21,180 25,008 Interest Expense 4,022 3,944 3,862 14,270 Total Costs and Expenses 316,370 290,194 323,025 312,517 Earnings Before Income Tax 55,851 61,857 12,288 39,801 Income Tax Expense 9,406 9,611 3,770 64,441 Net Income (Loss) 46,445 52,246 8,518 (24,640 ) Less: Net Income Attributable to Noncontrolling Interest 5,464 4,313 790 4,373 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 40,981 $ 47,933 $ 7,728 $ (29,013 ) Earnings (Loss) Per Share (a) Basic $ 1.47 $ 1.71 $ 0.28 $ (1.04 ) Dilutive $ — $ — $ — $ (1.04 ) (a) Earnings per share shown above was calculated based on the 27,968 shares of CONSOL Energy common stock distributed in conjunction with the separation and distribution, and is considered pro forma in nature. Prior to November 28, 2017, CONSOL Energy did not have any issued or outstanding common stock. Three Months Ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Revenue and Other Income: Coal Revenue $ 226,164 $ 250,562 $ 267,685 $ 321,171 Terminal Revenue 7,709 8,058 4,549 11,148 Freight Revenue 13,110 11,447 9,392 12,519 Miscellaneous Other Income 15,506 20,627 13,569 32,418 (Loss) Gain on Sale of Assets (28 ) 3,933 194 1,129 Total Revenue and Other Income 262,461 294,627 295,389 378,385 Costs and Expenses: Operating and Other Costs 181,189 226,257 215,824 253,907 Depreciation, Depletion and Amortization 48,662 29,314 49,850 50,296 Freight Expense 13,110 11,447 9,392 12,519 Selling, General and Administrative Costs 7,560 10,460 12,157 19,850 Interest Expense 3,140 3,357 3,481 4,075 Total Costs and Expenses 253,661 280,835 290,704 340,647 Earnings Before Income Tax 8,800 13,792 4,685 37,738 Income Tax (Benefit) Expense (84 ) (109 ) (66 ) 14,824 Net Income 8,884 13,901 4,751 22,914 Less: Net Income Attributable to Noncontrolling Interest 1,114 1,179 2,248 4,413 Net Income Attributable to CONSOL Energy Shareholders $ 7,770 $ 12,722 $ 2,503 $ 18,501 Earnings Per Share (a) Basic $ 0.28 $ 0.45 $ 0.09 $ 0.66 Dilutive $ — $ — $ — $ 0.66 |
Significant Accounting Polici58
Significant Accounting Policies (Schedule of Property Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 45 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Significant Accounting Polici59
Significant Accounting Policies (Schedule of Antidilutive Securities) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 1,469 | 0 | 0 |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 1,469 | 0 | 0 |
Significant Accounting Polici60
Significant Accounting Policies (Schedule of Basic and Dilutive Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net Income | $ (24,640) | $ 8,518 | $ 52,246 | $ 46,445 | $ 22,914 | $ 4,751 | $ 13,901 | $ 8,884 | $ 82,569 | $ 50,450 | $ 317,421 |
Less: Net Income Attributable to Noncontrolling Interest | 4,373 | 790 | 4,313 | 5,464 | 4,413 | 2,248 | 1,179 | 1,114 | 14,940 | 8,954 | 10,410 |
Net Income Attributable to CONSOL Energy Shareholders | $ (29,013) | $ 7,728 | $ 47,933 | $ 40,981 | $ 18,501 | $ 2,503 | $ 12,722 | $ 7,770 | $ 67,629 | $ 41,496 | $ 307,011 |
Denominator: | |||||||||||
Weighted-average shares of common stock outstanding (in shares) | 27,968 | 27,968 | 27,968 | ||||||||
Effect of dilutive shares (in shares) | 206 | 0 | 0 | ||||||||
Weighted-average diluted shares of common stock outstanding (in shares) | 28,174 | 27,968 | 27,968 | ||||||||
Earnings Per Share: | |||||||||||
Basic (in dollars per share) | $ 2.42 | $ 1.48 | $ 10.98 | ||||||||
Dilutive (in dollars per share) | $ 2.40 | $ 1.48 | $ 10.98 |
Significant Accounting Polici61
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Nov. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||||
Capitalized interest | $ 1,444 | $ 1,372 | $ 2,488 | |
Number of units authorized (in shares) | 2,600,000 | |||
Common stock distributed (in shares) | 27,968,000 | 27,968,000 | 0 | 0 |
Common Units | Stock Compensation Plan | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of units authorized (in shares) | 2,300,000 | |||
Software and Software Development Costs | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 7 years |
Significant Accounting Polici62
Significant Accounting Policies (Schedule of Common Stock Outstanding) (Details) - shares | Nov. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, Beginning of Year (in shares) | 0 | 0 | 0 | |
Issuance Related to Separation and Distribution (in shares) | 27,968,000 | 27,968,000 | 0 | 0 |
Issuance Related to Stock-Based Compensation (in shares) | 5,000 | 0 | 0 | |
Balance, End of Year (in shares) | 27,973,281 | 0 | 0 |
Separation from CNX Resources63
Separation from CNX Resources Corporation (Narrative) (Details) - business | Nov. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 |
Business Acquisition [Line Items] | ||||
Number of independent businesses | 2 | |||
ParentCo | ||||
Business Acquisition [Line Items] | ||||
Number of independent businesses | 2 | 2 | ||
CNX Coal Resources LP | Pennsylvania Mining Operations | ||||
Business Acquisition [Line Items] | ||||
Undivided interest stake (as a percent) | 25.00% |
Miscellaneous Other Income (Sch
Miscellaneous Other Income (Schedule of Miscellaneous Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Component of Operating Income [Abstract] | |||||||||||
Royalty Income - Non-Operated Coal | $ 28,089 | $ 19,739 | $ 15,356 | ||||||||
Rental Income | 14,114 | 34,789 | 36,908 | ||||||||
Purchased Coal Sales | 13,161 | 5,757 | 1,596 | ||||||||
Coal Contract Buyout | 9,912 | 6,288 | 0 | ||||||||
Interest Income | 2,619 | 1,166 | 410 | ||||||||
Right of Way Issuance | 2,436 | 11,281 | 10,827 | ||||||||
Other | 2,948 | 3,100 | 3,096 | ||||||||
Miscellaneous Other Income | $ 20,771 | $ 19,713 | $ 10,145 | $ 22,650 | $ 32,418 | $ 13,569 | $ 20,627 | $ 15,506 | $ 73,279 | $ 82,120 | $ 68,193 |
Stock Repurchase Narrative (Det
Stock Repurchase Narrative (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)shares | |
Class of Stock [Line Items] | |
Aggregate authorized amount | $ 50,000,000 |
Shares repurchased (in shares) | shares | 0 |
Senior Secured Notes due 2025 | Senior Notes | |
Class of Stock [Line Items] | |
Stated interest rate (as a percent) | 11.00% |
Debt retired | $ 0 |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
U.S. Federal | $ 65,856 | $ (76,447) | $ 49,435 | ||||||||
U.S. State | 2,732 | (1,924) | 2,591 | ||||||||
Non-U.S. | 2,030 | 1,411 | 963 | ||||||||
Current income tax expense (benefit) | 70,618 | (76,960) | 52,989 | ||||||||
Deferred: | |||||||||||
U.S. Federal | 17,397 | 89,268 | 66,187 | ||||||||
U.S. State | (787) | 2,257 | 6,429 | ||||||||
Deferred income tax expense (benefit) | 16,610 | 91,525 | 72,616 | ||||||||
Income Tax Expense / Effective Rate | $ 64,441 | $ 3,770 | $ 9,611 | $ 9,406 | $ 14,824 | $ (66) | $ (109) | $ (84) | $ 87,228 | $ 14,565 | $ 125,605 |
Income Taxes Schedule of Reconc
Income Taxes Schedule of Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | |||||||||||
Statutory U.S. federal income tax rate | $ 59,429 | $ 22,755 | $ 155,059 | ||||||||
State income taxes, net of federal tax benefit | 1,264 | 997 | 6,767 | ||||||||
Excess tax depletion | (24,216) | (21,856) | (27,720) | ||||||||
Effect of domestic production activities | (6,493) | 1,621 | (4,933) | ||||||||
Effect of change in U.S. tax law | 58,558 | 0 | 0 | ||||||||
IRS and state tax examination settlements | 0 | 13,958 | 0 | ||||||||
Effect of valuation allowance | 1,379 | 0 | 0 | ||||||||
Other | (2,693) | (2,910) | (3,568) | ||||||||
Income Tax Expense / Effective Rate | $ 64,441 | $ 3,770 | $ 9,611 | $ 9,406 | $ 14,824 | $ (66) | $ (109) | $ (84) | $ 87,228 | $ 14,565 | $ 125,605 |
Percent | |||||||||||
Statutory U.S. federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of federal tax benefit (as a percent) | 0.70% | 1.50% | 1.50% | ||||||||
Excess tax depletion (as a percent) | (14.30%) | (33.60%) | (6.30%) | ||||||||
Effect of domestic production activities (as a percent) | (3.80%) | 2.50% | (1.10%) | ||||||||
Effect of change in U.S. tax law (as a percent) | 34.50% | 0.00% | 0.00% | ||||||||
IRS and state tax examination settlements (as a percent) | 0.00% | 21.50% | 0.00% | ||||||||
Effect of valuation allowance (as a percent) | 0.80% | 0.00% | 0.00% | ||||||||
Other (as a percent) | (1.60%) | (4.50%) | (0.80%) | ||||||||
Income Tax Expense / Effective Rate (as a percent) | 51.30% | 22.40% | 28.30% |
Income Taxes Schedule of Signif
Income Taxes Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Asset: | ||
Postretirement benefits other than pensions | $ 131,354 | $ 255,507 |
Asset retirement obligations | 51,415 | 99,467 |
Pneumoconiosis benefits | 36,160 | 43,371 |
Workers' compensation | 16,778 | 28,530 |
Mine subsidence | 15,322 | 39,251 |
Salary retirement | 12,465 | 37,498 |
State bonus, net of Federal | 4,473 | 3,175 |
Long-term disability | 3,375 | 6,358 |
Other | 7,924 | 8,042 |
Total Deferred Tax Asset | 279,266 | 521,199 |
Valuation Allowance | (1,379) | 0 |
Net Deferred Tax Asset | 277,887 | 521,199 |
Deferred Tax Liability: | ||
Property, plant and equipment | (174,806) | (256,947) |
Equity Partnerships | (17,991) | (67,498) |
Advance mining royalties | (10,025) | (12,175) |
Total Deferred Tax Liability | (202,822) | (336,620) |
Net Deferred Tax Asset | $ 75,065 | $ 184,579 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 1,379 | $ 0 | |
Effect of change in U.S. tax law | 58,558 | $ 0 | $ 0 |
Deferred tax assets and liabilities before valuation allowance | 76,444 | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 4,584 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 81 |
Asset Retirement Obligations (S
Asset Retirement Obligations (Schedule of Reconciliation of Changes in the Asset Retirement Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of period | $ 272,538 | $ 288,977 |
Accretion expense | 18,922 | 20,111 |
Payments | (10,467) | (11,637) |
Revisions in estimated cash flows | (20,529) | (25,427) |
Other | (1,641) | 514 |
Balance at end of period | $ 258,823 | $ 272,538 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Coal | $ 11,411 | $ 7,800 |
Supplies | 42,009 | 42,361 |
Total Inventories | $ 53,420 | $ 50,161 |
Property, Plant and Equipment72
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Total Property, Plant and Equipment | $ 4,676,353 | $ 4,593,395 | |
Less Accumulated Depreciation, Depletion and Amortization | 2,554,056 | 2,413,125 | |
Total Property, Plant and Equipment—Net | 2,122,297 | 2,180,270 | $ 2,325,181 |
Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total Property, Plant and Equipment | 2,757,062 | 2,680,453 | |
Coal Properties and Surface Lands | |||
Property, Plant and Equipment [Line Items] | |||
Total Property, Plant and Equipment | 857,031 | 861,048 | |
Airshafts | |||
Property, Plant and Equipment [Line Items] | |||
Total Property, Plant and Equipment | 392,266 | 381,755 | |
Mine Development | |||
Property, Plant and Equipment [Line Items] | |||
Total Property, Plant and Equipment | 344,139 | 344,139 | |
Advance Mining Royalties | |||
Property, Plant and Equipment [Line Items] | |||
Total Property, Plant and Equipment | $ 325,855 | $ 326,000 |
Property, Plant and Equipment73
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Assets under capital lease | $ 3,559 | $ 3,547 |
Accumulated amortization capital leases | 2,839 | 2,399 |
Amortization expense under capital leases | $ 424 | $ 491 |
Accounts Receivable Securitiz74
Accounts Receivable Securitization (Details) - Line of Credit - Accounts Receivable Securitization Facility | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Short-term Debt [Line Items] | |
Maximum borrowing capacity | $ 100,000,000 |
Security facility program fee (as a percent) | 4.00% |
Unused commitment fee (as a percent) | 0.60% |
Accounts receivable eligible for securitization | $ 60,582,000 |
Outstanding borrowings | 0 |
Letters of credit outstanding | 60,685,000 |
Borrowings and issuance of letters of credit remaining capacity | 0 |
Costs associated with receivables facility | $ 171,000 |
Other Accrued Liabilities (Sche
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Subsidence liability | $ 88,027 | $ 104,437 |
Longwall equipment buyout | 22,631 | 0 |
Accrued payroll and benefits | 14,689 | 17,326 |
Accrued interest | 10,039 | 2,239 |
Equipment lease rental | 9,865 | 15,286 |
Litigation | 8,197 | 12,532 |
Accrued other taxes | 7,510 | 12,732 |
Deferred revenue | 6,807 | 10,520 |
Short-term incentive compensation | 4,729 | 6,073 |
Other | 23,900 | 19,747 |
Current portion of long-term liabilities: | ||
Postretirement benefits other than pensions | 37,464 | 40,611 |
Asset retirement obligations | 30,480 | 26,259 |
Workers' compensation | 13,317 | 13,596 |
Pneumoconiosis benefits | 12,972 | 10,763 |
Total Other Accrued Liabilities | $ 290,627 | $ 292,121 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 875,968,000 | $ 302,200,000 | |
Long term debt, carrying amount | 904,950,000 | ||
Less: Unamortized Debt Issuance Costs | 21,129,000 | 4,343,000 | |
Less amounts due in one year | 19,318,000 | 373,000 | |
Long-Term Debt | 856,650,000 | 301,827,000 | |
Current portion of capital lease obligations | 3,164,000 | 3,703,000 | |
Loans Payable | Term Loan B | |||
Debt Instrument [Line Items] | |||
Long-term debt | 392,147,000 | 0 | |
Less: Unamortized Debt Issuance Costs | 7,853,000 | ||
Principal | $ 400,000,000 | ||
Weighted average interest rate (as a percent) | 7.47% | ||
Loans Payable | MEDCO Revenue Bonds in Series due September 2025 at 5.75% | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 102,865,000 | 102,865,000 | |
Stated interest rate (as a percent) | 5.75% | ||
Loans Payable | Term Loan A | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 100,000,000 | 0 | |
Principal | $ 100,000,000 | ||
Weighted average interest rate (as a percent) | 5.92% | ||
Loans Payable | Advance royalty commitments | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 2,085,000 | $ 2,678,000 | |
Weighted average interest rate (as a percent) | 9.42% | 7.73% | |
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 300,000,000 | $ 0 | |
Principal | $ 300,000,000 | $ 300,000,000 | |
Stated interest rate (as a percent) | 11.00% | 11.00% | |
Line of Credit | Revolving Credit Facility - CONSOL Coal Resources LP | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 0 | $ 201,000,000 |
Debt (Schedule of Undiscounted
Debt (Schedule of Undiscounted Maturities of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 19,318 |
2,019 | 19,291 |
2,020 | 29,265 |
2,021 | 49,242 |
2,022 | 384,169 |
Thereafter | 403,665 |
Total Long-Term Debt Maturities | $ 904,950 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Undivided interest (as a percent) | 75.00% | ||||
Loans Payable | Term Loan A | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | ||||
Principal | $ 100,000,000 | ||||
Loans Payable | Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 400,000,000 | ||||
Principal | 400,000,000 | ||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 300,000,000 | $ 300,000,000 | |||
Stated interest rate (as a percent) | 11.00% | 11.00% | |||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | ||||
First lien gross leverage ratio, maximum | 2.25 | ||||
First lien gross leverage ratio, actual | 1.58 | ||||
Total net leverage ratio, maximum | 3.25 | ||||
Total net leverage ratio, actual | 2.37 | ||||
Fixed charge coverage ratio, minimum | 1 | ||||
Outstanding borrowings | $ 0 | ||||
Letters of credit outstanding | 27,426,000 | ||||
Borrowings and issuance of letters of credit remaining capacity | $ 272,574,000 | ||||
Revolving Credit Facility | Line of Credit | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
First lien gross leverage ratio, maximum | 1.75 | 2 | |||
Total net leverage ratio, maximum | 2.75 | 3 | |||
Fixed charge coverage ratio, minimum | 1.10 | 1.05 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Payments Under Capital and Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leases | ||
2,018 | $ 3,773 | |
2,019 | 3,641 | |
2,020 | 3,471 | |
2,021 | 2,253 | |
2,022 | 0 | |
Thereafter | 0 | |
Total minimum lease payments | 13,138 | |
Operating Leases | ||
2,018 | 73,223 | |
2,019 | 31,386 | |
2,020 | 22,260 | |
2,021 | 21,473 | |
2,022 | 11,680 | |
Thereafter | 21,796 | |
Total minimum lease payments | 181,818 | |
Less amount representing interest (3.00% – 6.00%) | 1,335 | |
Present value of minimum lease payments | 11,803 | |
Less amount due in one year | 3,164 | $ 3,703 |
Total Long-Term Capital Lease Obligation | $ 8,639 | $ 11,812 |
Minimum | ||
Operating Leases | ||
Interest rate (as a percent) | 3.00% | |
Maximum | ||
Operating Leases | ||
Interest rate (as a percent) | 6.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Rent expense, operating lease | $ 77,879 | $ 87,903 | $ 83,423 |
Property, Plant and Equipment | 4,676,353 | 4,593,395 | |
Accumulated depreciation | 2,554,056 | 2,413,125 | |
Mining Equipment | |||
Operating Leased Assets [Line Items] | |||
Property, Plant and Equipment | 16,672 | 26,005 | |
Accumulated depreciation | $ 13,337 | $ 15,603 |
Leases (Schedule of Future Mi81
Leases (Schedule of Future Minimum Sublease Rentals for Capital Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 3,699 |
2,019 | 3,699 |
2,020 | 3,699 |
2,021 | 2,157 |
2,022 | 0 |
Thereafter | 0 |
Total | $ 13,254 |
Leases (Schedule of Future Mi82
Leases (Schedule of Future Minimum Sublease Rentals for Operating Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 295 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Total | $ 295 |
Leases (Schedule of Future Mi83
Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
2,018 | $ 73,223 |
2,019 | 31,386 |
2,020 | 22,260 |
2,021 | 21,473 |
2,022 | 11,680 |
Thereafter | 21,796 |
Total | 181,818 |
Mining Equipment | |
Operating Leased Assets [Line Items] | |
2,018 | 2,992 |
2,019 | 1,701 |
2,020 | 627 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Total | $ 5,320 |
Pension and Other Postretirem84
Pension and Other Postretirement Benefit Plans (Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status) (Details) - USD ($) | Aug. 31, 2015 | May 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Change in plan assets: | |||||
Fair value of plan assets at beginning of period | $ 632,434,000 | ||||
Fair value of plan assets at end of period | 679,245,000 | $ 632,434,000 | |||
Pension Benefits | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of period | 735,177,000 | 751,617,000 | |||
Service cost | 2,948,000 | 1,533,000 | $ 8,256,000 | ||
Interest cost | 25,265,000 | 25,048,000 | 31,655,000 | ||
Actuarial loss (gain) | 35,281,000 | 46,885,000 | |||
Plan amendments | $ (17,793,000) | 0 | 0 | ||
Plan settlements | (29,142,000) | (54,197,000) | |||
Benefits and other payments | (35,539,000) | (35,709,000) | |||
Benefit obligation at end of period | 733,990,000 | 735,177,000 | 751,617,000 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of period | 632,434,000 | 669,039,000 | |||
Actual return on plan assets | 110,311,000 | 50,575,000 | |||
Company contributions | 1,181,000 | 2,726,000 | |||
Benefits and other payments | (35,539,000) | (35,709,000) | |||
Plan settlements | (29,142,000) | (54,197,000) | |||
Fair value of plan assets at end of period | 679,245,000 | 632,434,000 | 669,039,000 | ||
Funded status: | |||||
Current liabilities | (1,785,000) | (2,871,000) | |||
Noncurrent liabilities | (52,960,000) | (99,872,000) | |||
Net obligation recognized | (54,745,000) | (102,743,000) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 243,456,000 | 295,152,000 | |||
Prior service credit | (869,000) | (1,372,000) | |||
Net amount recognized (before tax effect) | 242,587,000 | 293,780,000 | |||
Other Postretirement Benefits | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of period | 700,085,000 | 671,755,000 | |||
Service cost | 0 | 0 | 0 | ||
Interest cost | 23,945,000 | 24,241,000 | 27,238,000 | ||
Actuarial loss (gain) | (101,379,000) | 77,640,000 | |||
Plan amendments | $ 43,598,000 | 0 | 28,164,000 | ||
Plan settlements | 0 | 0 | |||
Benefits and other payments | (31,088,000) | (45,387,000) | |||
Benefit obligation at end of period | 591,563,000 | 700,085,000 | 671,755,000 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Company contributions | 31,088,000 | 45,387,000 | |||
Benefits and other payments | (31,088,000) | (45,387,000) | |||
Plan settlements | 0 | 0 | |||
Fair value of plan assets at end of period | 0 | 0 | $ 0 | ||
Funded status: | |||||
Current liabilities | (37,464,000) | (40,611,000) | |||
Noncurrent liabilities | (554,099,000) | (659,474,000) | |||
Net obligation recognized | (591,563,000) | (700,085,000) | |||
Amounts recognized in accumulated other comprehensive income consist of: | |||||
Net actuarial loss | 301,901,000 | 426,392,000 | |||
Prior service credit | (25,759,000) | (28,164,000) | |||
Net amount recognized (before tax effect) | $ 276,142,000 | $ 398,228,000 |
Pension and Other Postretirem85
Pension and Other Postretirement Benefit Plans (Schedule of Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,948 | $ 1,533 | $ 8,256 |
Interest cost | 25,265 | 25,048 | 31,655 |
Expected return on plan assets | (42,383) | (46,674) | (51,528) |
Amortization of prior service credits | (502) | (502) | (579) |
Recognized net actuarial loss | 8,896 | 9,163 | 20,870 |
Curtailment loss | 0 | 0 | 5 |
Settlement loss (gain) | 10,153 | 22,196 | 19,053 |
Net periodic benefit cost (credit) | 4,377 | 10,764 | 27,732 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 23,945 | 24,241 | 27,238 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credits | (2,405) | 0 | (336,327) |
Recognized net actuarial loss | 23,112 | 19,168 | 102,875 |
Curtailment loss | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | (8,932) |
Net periodic benefit cost (credit) | $ 44,652 | $ 43,409 | $ (215,146) |
Pension and Other Postretirem86
Pension and Other Postretirement Benefit Plans (Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit recognition | $ (502) |
Actuarial loss recognition | 8,715 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit recognition | (2,405) |
Actuarial loss recognition | $ 16,205 |
Pension and Other Postretirem87
Pension and Other Postretirement Benefit Plans (Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 733,990 | $ 735,177 |
Accumulated benefit obligation | 733,949 | 733,542 |
Fair value of plan assets | $ 679,245 | $ 632,434 |
Pension and Other Postretirem88
Pension and Other Postretirement Benefit Plans (Schedule of Weighted-Average Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 3.65% | 4.31% | |
Rate of compensation increase (as a percent) | 3.73% | 3.90% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate (as a percent) | 4.27% | 4.52% | 4.07% |
Expected long-term return on plan assets (as a percent) | 6.90% | 7.25% | 7.75% |
Expected long-term return on plan assets (as a percent) | 3.90% | 3.80% | 3.80% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 3.65% | 4.22% | |
Rate of compensation increase (as a percent) | 0.00% | 0.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate (as a percent) | 4.22% | 4.50% | 4.03% |
Expected long-term return on plan assets (as a percent) | 0.00% | 0.00% | 0.00% |
Expected long-term return on plan assets (as a percent) | 0.00% | 0.00% | 0.00% |
Pension and Other Postretirem89
Pension and Other Postretirement Benefit Plans (Schedule of Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate for next year (as a percent) | 6.06% | 6.31% |
Rate to which the cost trend is assumed to decline (ultimate trend rate) (as a percent) | 4.50% | 4.50% |
Year that the rate reaches ultimate trend rate | 2,038 | 2,038 |
Pension and Other Postretirem90
Pension and Other Postretirement Benefit Plans (Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components one percentage point increase | $ 3,536 |
Effect on total of service and interest cost components one percentage point decrease | (2,962) |
Effect on accumulated postretirement benefit obligation one percentage point increase | 71,922 |
Effect on accumulated postretirement benefit obligation one percentage point decrease | $ (60,924) |
Pension and Other Postretirem91
Pension and Other Postretirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 679,245 | $ 632,434 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,214 | 650 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash/Accrued Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,202 | 639 |
Cash/Accrued Income | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,202 | 639 |
Cash/Accrued Income | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash/Accrued Income | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
US Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12 | 11 |
US Equities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12 | 11 |
US Equities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
US Equities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 674,031 | 631,784 |
Private Equity Funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private Equity Funds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private Equity Funds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Postretirem92
Pension and Other Postretirement Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 44,778 |
2,019 | 44,035 |
2,020 | 43,117 |
2,021 | 42,124 |
2,022 | 42,644 |
Year 2023-2027 | 206,682 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 37,464 |
2,019 | 37,163 |
2,020 | 37,071 |
2,021 | 36,862 |
2,022 | 36,228 |
Year 2023-2027 | $ 172,756 |
Pension and Other Postretirem93
Pension and Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) | Aug. 31, 2015 | May 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Time horizon | 20 years | ||||
Investment in company stock | $ 0 | $ 0 | |||
Plan assets | $ 679,245,000 | 632,434,000 | |||
United States Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 26.00% | ||||
Non U.S. Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 16.50% | ||||
Global Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 7.50% | ||||
Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 50.00% | ||||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Modification to plan, reduction to pension liability | (26,352,000) | ||||
Increase (decrease) to pension liability, plan amendment | $ 17,793,000 | $ 0 | 0 | ||
Settlement expense | (10,153,000) | (22,196,000) | $ (19,053,000) | ||
Plan assets | 679,245,000 | 632,434,000 | 669,039,000 | ||
Expected benefit payments in 2018 | 44,778,000 | ||||
Pension Benefits | Nonqualified Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected benefit payments in 2018 | 1,785,000 | ||||
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Increase (decrease) to pension liability, plan amendment | $ (43,598,000) | 0 | (28,164,000) | ||
Remeasurement of plan liability | 1,070,000 | ||||
Settlement expense | 0 | 0 | 8,932,000 | ||
Income from amortization of prior service credit | $ 235,541,000 | ||||
Plan assets | 0 | $ 0 | $ 0 | ||
Expected benefit payments in 2018 | $ 37,464,000 |
Coal Workers' Pneumoconiosis 94
Coal Workers' Pneumoconiosis and Workers' Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
CWP | |
Defined Benefit Plan Disclosure [Line Items] | |
Increase in plan liability | $ 41,700 |
Coal Workers' Pneumoconiosis 95
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CWP | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | $ 118,836 | $ 121,285 | |
State administrative fees and insurance bond premiums | 0 | 0 | $ 0 |
Service cost | 5,122 | 4,327 | 6,194 |
Interest cost | 4,050 | 4,283 | 5,116 |
Actuarial loss | 47,939 | 439 | |
Benefits paid | (13,107) | (10,191) | |
Curtailment gain | 0 | (1,307) | 0 |
Benefit obligation at end of period | 162,840 | 118,836 | 121,285 |
Current assets | 0 | 0 | |
Current liabilities | (12,972) | (10,763) | |
Noncurrent liabilities | (149,868) | (108,073) | |
Net obligation recognized | (162,840) | (118,836) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial gain | (7,144) | (62,714) | |
Net amount recognized (before tax effect) | (7,144) | (62,714) | |
Workers' Compensation | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 78,099 | 81,502 | |
State administrative fees and insurance bond premiums | 3,198 | 3,199 | 3,510 |
Service cost | 5,734 | 7,466 | 9,201 |
Interest cost | 2,321 | 2,499 | 3,131 |
Actuarial loss | 3,553 | 121 | |
Benefits paid | (14,377) | (16,688) | |
Curtailment gain | 0 | 0 | 0 |
Benefit obligation at end of period | 78,528 | 78,099 | $ 81,502 |
Current assets | 1,437 | 1,429 | |
Current liabilities | (13,317) | (13,596) | |
Noncurrent liabilities | (66,648) | (65,932) | |
Net obligation recognized | (78,528) | (78,099) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial gain | (8,505) | (12,656) | |
Net amount recognized (before tax effect) | $ (8,505) | $ (12,656) |
Coal Workers' Pneumoconiosis 96
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CWP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 5,122 | $ 4,327 | $ 6,194 |
Interest cost | 4,050 | 4,283 | 5,116 |
Recognized net actuarial loss | (7,631) | (4,948) | (5,576) |
State administrative fees and insurance bond premiums | 0 | 0 | 0 |
Curtailment gain | 0 | (1,307) | 0 |
Net periodic benefit cost (credit) | 1,541 | 2,355 | 5,734 |
Workers' Compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 5,734 | 7,466 | 9,201 |
Interest cost | 2,321 | 2,499 | 3,131 |
Recognized net actuarial loss | (598) | (395) | (30) |
State administrative fees and insurance bond premiums | 3,198 | 3,199 | 3,510 |
Curtailment gain | 0 | 0 | 0 |
Net periodic benefit cost (credit) | $ 10,655 | $ 12,769 | $ 15,812 |
Coal Workers' Pneumoconiosis 97
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
CWP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial gain recognition | $ (854) |
Workers' Compensation | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial gain recognition | $ (79) |
Coal Workers' Pneumoconiosis 98
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Weighted-Average Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CWP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.75% | 4.40% | 4.60% |
Discount rate (as a percent) | 4.40% | 4.60% | 4.21% |
Workers' Compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.57% | 4.05% | 4.26% |
Discount rate (as a percent) | 4.05% | 4.26% | 3.84% |
Coal Workers' Pneumoconiosis 99
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
CWP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | $ 12,972 |
2,019 | 10,065 |
2,020 | 8,841 |
2,021 | 8,203 |
2,022 | 8,024 |
Year 2023-2027 | 42,525 |
Workers' Compensation | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 14,390 |
2,019 | 14,120 |
2,020 | 14,110 |
2,021 | 14,035 |
2,022 | 14,146 |
Year 2023-2027 | 53,187 |
Actuarial Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 11,880 |
2,019 | 11,547 |
2,020 | 11,473 |
2,021 | 11,332 |
2,022 | 11,375 |
Year 2023-2027 | 38,259 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 2,510 |
2,019 | 2,573 |
2,020 | 2,637 |
2,021 | 2,703 |
2,022 | 2,771 |
Year 2023-2027 | $ 14,928 |
Other Employee Benefit Plans (N
Other Employee Benefit Plans (Narrative) (Details) | Jan. 01, 2016 | Sep. 30, 2014 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 01, 2014year |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Matching contribution (as a percent) | 6.00% | |||||
Additional matching contribution (as a percent) | 3.00% | |||||
Age for additional match contribution, maximum | year | 40 | |||||
Years of service for additional match contribution, maximum | 10 years | |||||
Discretionary contribution to plan | $ 0 | $ 9,499,000 | $ 0 | |||
Payments and costs of plan | $ 9,888,000 | 17,687,000 | 13,729,000 | |||
Minimum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discretionary matching contribution (as a percent) | 1.00% | 1.00% | ||||
Maximum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Discretionary matching contribution (as a percent) | 4.00% | 6.00% | ||||
Retiree Health Benefit Act of 1992 | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Contributions to multi-employer plan | $ 7,647,000 | 8,455,000 | 9,239,000 | |||
Combined fund obligation | 82,501,000 | |||||
Multiemployer Plans | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Letters of credit outstanding | 20,983,000 | 19,170,000 | $ 21,473,000 | |||
Long-Term Disability | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Combined total obligation | $ 15,315,000 | $ 17,421,000 |
Other Employee Benefit Plans (S
Other Employee Benefit Plans (Schedule of Long-Term Disability Plan) (Details) - Long-Term Disability - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit cost | $ 2,058 | $ 1,936 | $ 2,383 |
Discount rate (as a percent) | 3.43% | 3.71% | 3.18% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Share-based Compensation [Abstract] | |||
Number of units deliverable (in shares) | shares | 2,600,000 | ||
Share conversion ratio | 0.7189 | ||
Stock-based compensation expense | $ 16,212 | $ 10,986 | $ 9,205 |
Immediate expense stock-based compensation | 1,436 | ||
Tax benefit related to converted shares | 1,439 | 607 | 609 |
Unrecognized compensation cost | $ 9,904 | ||
Weighted average recognition period (in years) | 2 years 10 months 6 days | ||
Additional income tax expense | $ 384 | ||
Units/Shares Withheld for Taxes | $ (2,156) | $ 0 | $ 0 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Nonvested Restricted Stock Units and Performance Shares at Fair Value) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Restricted Stock Units | |
Number of Shares | |
Nonvested beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 165,967 |
Converted from CNX Separation (in shares) | shares | 136,790 |
Vested (in shares) | shares | (11,063) |
Forfeited (in shares) | shares | (5,903) |
Nonvested end of period (in shares) | shares | 285,791 |
Weighted Average Grant Date Fair Value | |
Nonvested beginning of period (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 29.82 |
Converted from CNX Separation (in dollars per share) | $ / shares | 29.52 |
Vested (in dollars per share) | $ / shares | 48.23 |
Forfeited (in dollars per share) | $ / shares | 24.68 |
Nonvested end of period (in dollars per share) | $ / shares | $ 29.07 |
Fair value of restricted stock units vested | $ | $ 534 |
Performance Shares | |
Number of Shares | |
Nonvested beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 0 |
Converted from CNX Separation (in shares) | shares | 273,100 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (8,590) |
Nonvested end of period (in shares) | shares | 264,510 |
Weighted Average Grant Date Fair Value | |
Nonvested beginning of period (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 0 |
Converted from CNX Separation (in dollars per share) | $ / shares | 35.18 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 25.27 |
Nonvested end of period (in dollars per share) | $ / shares | $ 35.50 |
Supplemental Cash Flow Infor104
Supplemental Cash Flow Information (Schedule of Cash Flow, Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest (net of amounts capitalized) | $ 18,151 | $ 14,053 | $ 7,544 |
Income taxes | $ 0 | $ 0 | $ 0 |
Supplemental Cash Flow Infor105
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Thousands | Nov. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Other Significant Noncash Transactions [Line Items] | ||||
Liabilities assumed | $ 17,613 | |||
Assets contributed | $ 32,893 | |||
Capital Lease Obligations | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Non-cash capital lease arrangements | $ 55 | $ 732 | ||
Notes Received from Property Sales | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Purchased goods and services | $ 27,358 | $ 2,355 | $ 11,962 |
Concentration of Credit Risk106
Concentration of Credit Risk and Major Customers (Narrative) (Details) - Sales Revenue, Net - Geographic Concentration Risk | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CANADA | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 1.00% | 1.00% | |
Asia, Europe, South America and Africa | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 31.00% | 16.00% | 19.00% |
Concentration of Credit Risk107
Concentration of Credit Risk and Major Customers (Schedule of Concentration of Credit Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | $ 131,545 | $ 95,707 |
Accounts Receivable [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | 131,545 | 95,707 |
Thermal coal utilities | Accounts Receivable [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | 69,550 | 62,525 |
Coal brokers and distributors | Accounts Receivable [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | 56,146 | 28,955 |
Other | Accounts Receivable [Member] | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | $ 5,849 | $ 4,227 |
Fair Value of Financial Inst108
Fair Value of Financial Instruments (Schedule of Financial Instruments Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Murray Energy Guarantees | $ 0 | $ 0 |
Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Murray Energy Guarantees | 0 | 0 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Murray Energy Guarantees | $ (1,040) | $ 0 |
Fair Value of Financial Inst109
Fair Value of Financial Instruments (Schedule of Carrying Amount and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying amount | $ 153,979 | $ 13,311 | $ 6,639 | $ 137 |
Long-Term Debt, Carrying Amount | 904,950 | |||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying amount | 13,311 | |||
Long-Term Debt, Carrying Amount | 897,097 | 306,543 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, fair value | 153,979 | 13,311 | ||
Long-term debt, fair value | $ 931,768 | $ 307,443 |
Commitments and Contingent L110
Commitments and Contingent Liabilities (Narrative) (Details) $ in Thousands | Aug. 23, 2017plaintiff | Apr. 24, 2017plaintiff | Dec. 31, 2017USD ($) |
Murray Energy | |||
Loss Contingencies [Line Items] | |||
Guarantees at fair value | $ | $ 1,040 | ||
Fitzwater Litigation | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | 3 | ||
Casey Litigation | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Number of plaintiffs | 2 |
Commitments and Contingent L111
Commitments and Contingent Liabilities (Schedule of Commitment Expiration) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | $ 688,113 |
Less Than 1 Year | 646,026 |
1-3 Years | 33,413 |
3-5 Years | 7,894 |
Beyond 5 Years | 780 |
Letters of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 88,111 |
Less Than 1 Year | 70,111 |
1-3 Years | 18,000 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 77,266 |
Less Than 1 Year | 60,364 |
1-3 Years | 16,902 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 998 |
Less Than 1 Year | 600 |
1-3 Years | 398 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 9,847 |
Less Than 1 Year | 9,147 |
1-3 Years | 700 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 566,700 |
Less Than 1 Year | 566,699 |
1-3 Years | 0 |
3-5 Years | 1 |
Beyond 5 Years | 0 |
Surety Bonds | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 108,948 |
Less Than 1 Year | 108,948 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 453,035 |
Less Than 1 Year | 453,035 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 4,717 |
Less Than 1 Year | 4,716 |
1-3 Years | 0 |
3-5 Years | 1 |
Beyond 5 Years | 0 |
Guarantees | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 33,302 |
Less Than 1 Year | 9,216 |
1-3 Years | 15,413 |
3-5 Years | 7,893 |
Beyond 5 Years | 780 |
Guarantees | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 33,302 |
Less Than 1 Year | 9,216 |
1-3 Years | 15,413 |
3-5 Years | 7,893 |
Beyond 5 Years | $ 780 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Segment Reporting [Abstract] | |
Principal business divisions | 1 |
Segment Information (Schedule o
Segment Information (Schedule of Industry Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Coal Revenue | $ 288,254 | $ 279,245 | $ 303,707 | $ 316,448 | $ 321,171 | $ 267,685 | $ 250,562 | $ 226,164 | $ 1,187,654 | $ 1,065,582 | $ 1,289,036 |
Terminal Revenue | 60,066 | 31,464 | 30,967 | ||||||||
Freight Revenue | 21,845 | 21,803 | 17,762 | 12,282 | 12,519 | 9,392 | 11,447 | 13,110 | 73,692 | 46,468 | 20,499 |
Total Revenue and Freight | 1,321,412 | 1,143,514 | 1,340,502 | ||||||||
Earnings (Loss) Before Income Tax | 39,801 | 12,288 | 61,857 | 55,851 | 37,738 | 4,685 | 13,792 | 8,800 | 169,797 | 65,015 | 443,026 |
Segment Assets | 2,707,099 | 2,687,434 | 2,707,099 | 2,687,434 | 2,867,733 | ||||||
Depreciation, Depletion and Amortization | 47,088 | $ 46,653 | $ 25,268 | $ 52,993 | 50,296 | $ 49,850 | $ 29,314 | $ 48,662 | 172,002 | 178,122 | 195,337 |
Capital Expenditures | 81,413 | 53,600 | 143,053 | ||||||||
Customer Concentration Risk | Sales Revenue, Goods, Net | Duke Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Coal Revenue | 222,354 | 160,818 | 242,020 | ||||||||
Customer Concentration Risk | Sales Revenue, Goods, Net | Xcoal Energy Resources | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Coal Revenue | 145,248 | 150,199 | |||||||||
Customer Concentration Risk | Sales Revenue, Goods, Net | GenOn Energy Management, LLC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Coal Revenue | 116,849 | 157,174 | |||||||||
PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Coal Revenue | 1,187,654 | 1,065,582 | 1,289,036 | ||||||||
Terminal Revenue | 0 | 0 | 0 | ||||||||
Freight Revenue | 73,692 | 46,468 | 20,499 | ||||||||
Total Revenue and Freight | 1,261,346 | 1,112,050 | 1,309,535 | ||||||||
Earnings (Loss) Before Income Tax | 189,162 | 130,708 | 404,994 | ||||||||
Segment Assets | 1,971,268 | 1,982,206 | 1,971,268 | 1,982,206 | 2,076,301 | ||||||
Depreciation, Depletion and Amortization | 166,628 | 168,195 | 176,864 | ||||||||
Capital Expenditures | 77,981 | 50,809 | 136,291 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Coal Revenue | 0 | 0 | 0 | ||||||||
Terminal Revenue | 60,066 | 31,464 | 30,967 | ||||||||
Freight Revenue | 0 | 0 | 0 | ||||||||
Total Revenue and Freight | 60,066 | 31,464 | 30,967 | ||||||||
Earnings (Loss) Before Income Tax | (19,365) | (65,693) | 38,032 | ||||||||
Segment Assets | $ 735,831 | $ 705,228 | 735,831 | 705,228 | 791,432 | ||||||
Depreciation, Depletion and Amortization | 5,374 | 9,927 | 18,473 | ||||||||
Capital Expenditures | $ 3,432 | $ 2,791 | $ 6,762 |
Segment Information (Schedul114
Segment Information (Schedule of Revenue and Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||||||||||
Total Segment Revenue and Freight from External Customers | $ 1,321,412 | $ 1,143,514 | $ 1,340,502 | ||||||||
Other Income not Allocated to Segments (Note 3) | $ 20,771 | $ 19,713 | $ 10,145 | $ 22,650 | $ 32,418 | $ 13,569 | $ 20,627 | $ 15,506 | 73,279 | 82,120 | 68,193 |
Gain on Sale of Assets | $ 4,188 | $ (513) | $ 5,582 | $ 7,955 | $ 1,129 | $ 194 | $ 3,933 | $ (28) | 17,212 | 5,228 | 13,025 |
Total Consolidated Revenue and Other Income | $ 1,411,903 | $ 1,230,862 | $ 1,421,720 |
Segment Information (Schedul115
Segment Information (Schedule of Reconciliation of Total Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Net | $ 2,122,297 | $ 2,180,270 | $ 2,325,181 |
ASSETS | |||
Segment Assets | 2,707,099 | 2,687,434 | $ 2,867,733 |
Items excluded from segment assets: | |||
Deferred tax assets | 277,887 | 521,199 | |
Operating Segments | Segment assets for total reportable business segments | |||
ASSETS | |||
Segment Assets | 1,971,268 | 1,982,206 | |
Operating Segments | Segment assets for all other business segments | |||
ASSETS | |||
Segment Assets | 508,334 | 520,586 | |
Corporate Reconciling Items And Eliminations | |||
Items excluded from segment assets: | |||
Cash and other investments | 152,432 | 63 | |
Deferred tax assets | $ 75,065 | $ 184,579 |
Segment Information (Schedul116
Segment Information (Schedule of Property, Plant and Equipment by Geographical Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | $ 2,122,297 | $ 2,180,270 | $ 2,325,181 |
United States | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | 2,111,273 | 2,169,246 | 2,314,157 |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Property, Plant and Equipment, Net | $ 11,024 | $ 11,024 | $ 11,024 |
Guarantor Subsidiaries Finan117
Guarantor Subsidiaries Financial Information (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | |||
Unamortized bond discount | $ 21,129,000 | $ 4,343,000 | |
Loans Payable | Term Loan B | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt instrument face value | 400,000,000 | ||
Unamortized bond discount | 7,853,000 | ||
Loans Payable | Term Loan A | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt instrument face value | 100,000,000 | ||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt instrument face value | $ 300,000,000 | $ 300,000,000 | |
Stated interest rate (as a percent) | 11.00% | 11.00% |
(Guarantor Subsidiaries Income
(Guarantor Subsidiaries Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue and Other Income: | |||||||||||
Coal Revenue | $ 288,254 | $ 279,245 | $ 303,707 | $ 316,448 | $ 321,171 | $ 267,685 | $ 250,562 | $ 226,164 | $ 1,187,654 | $ 1,065,582 | $ 1,289,036 |
Terminal Revenue | 60,066 | 31,464 | 30,967 | ||||||||
Freight Revenue | 21,845 | 21,803 | 17,762 | 12,282 | 12,519 | 9,392 | 11,447 | 13,110 | 73,692 | 46,468 | 20,499 |
Miscellaneous Other Income | 20,771 | 19,713 | 10,145 | 22,650 | 32,418 | 13,569 | 20,627 | 15,506 | 73,279 | 82,120 | 68,193 |
Gain (Loss) on Sale of Assets | 4,188 | (513) | 5,582 | 7,955 | 1,129 | 194 | 3,933 | (28) | 17,212 | 5,228 | 13,025 |
Total Revenue and Other Income | 352,318 | 335,313 | 352,051 | 372,221 | 378,385 | 295,389 | 294,627 | 262,461 | 1,411,903 | 1,230,862 | 1,421,720 |
Costs and Expenses: | |||||||||||
Operating and Other Costs | 204,306 | 229,527 | 222,882 | 229,994 | 253,907 | 215,824 | 226,257 | 181,189 | 886,709 | 877,177 | 699,594 |
Depreciation, Depletion and Amortization | 47,088 | 46,653 | 25,268 | 52,993 | 50,296 | 49,850 | 29,314 | 48,662 | 172,002 | 178,122 | 195,337 |
Freight Expense | 21,845 | 21,803 | 17,762 | 12,282 | 12,519 | 9,392 | 11,447 | 13,110 | 73,692 | 46,468 | 20,499 |
Selling, General and Administrative Costs | 25,008 | 21,180 | 20,338 | 17,079 | 19,850 | 12,157 | 10,460 | 7,560 | 83,605 | 50,027 | 55,720 |
Loss on Debt Extinguishment | 0 | ||||||||||
Interest Expense | 14,270 | 3,862 | 3,944 | 4,022 | 4,075 | 3,481 | 3,357 | 3,140 | 26,098 | 14,053 | 7,544 |
Total Costs and Expenses | 312,517 | 323,025 | 290,194 | 316,370 | 340,647 | 290,704 | 280,835 | 253,661 | 1,242,106 | 1,165,847 | 978,694 |
Earnings Before Income Tax | 39,801 | 12,288 | 61,857 | 55,851 | 37,738 | 4,685 | 13,792 | 8,800 | 169,797 | 65,015 | 443,026 |
Income Tax Expense | 64,441 | 3,770 | 9,611 | 9,406 | 14,824 | (66) | (109) | (84) | 87,228 | 14,565 | 125,605 |
Net Income | (24,640) | 8,518 | 52,246 | 46,445 | 22,914 | 4,751 | 13,901 | 8,884 | 82,569 | 50,450 | 317,421 |
Less: Net Income Attributable to Noncontrolling Interest | 4,373 | 790 | 4,313 | 5,464 | 4,413 | 2,248 | 1,179 | 1,114 | 14,940 | 8,954 | 10,410 |
Net Income Attributable to CONSOL Energy Shareholders | $ (29,013) | $ 7,728 | $ 47,933 | $ 40,981 | $ 18,501 | $ 2,503 | $ 12,722 | $ 7,770 | 67,629 | 41,496 | 307,011 |
Elimination | |||||||||||
Revenue and Other Income: | |||||||||||
Coal Revenue | 0 | 0 | 0 | ||||||||
Terminal Revenue | 0 | 0 | 0 | ||||||||
Freight Revenue | 0 | 0 | 0 | ||||||||
Miscellaneous Other Income | (238,818) | (50,425) | (371,266) | ||||||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | (238,818) | (50,425) | (371,266) | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Freight Expense | 0 | 0 | 0 | ||||||||
Selling, General and Administrative Costs | 0 | 0 | 0 | ||||||||
Loss on Debt Extinguishment | (2,468) | ||||||||||
Interest Expense | (350,057) | 0 | 0 | ||||||||
Total Costs and Expenses | (352,525) | 0 | 0 | ||||||||
Earnings Before Income Tax | 113,707 | (50,425) | (371,266) | ||||||||
Income Tax Expense | 0 | 0 | 0 | ||||||||
Net Income | 113,707 | (50,425) | (371,266) | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 14,940 | 8,954 | 10,410 | ||||||||
Net Income Attributable to CONSOL Energy Shareholders | 98,767 | (59,379) | (381,676) | ||||||||
Parent Issuer | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Coal Revenue | 0 | 0 | 0 | ||||||||
Terminal Revenue | 0 | 0 | (11) | ||||||||
Freight Revenue | 0 | 0 | 0 | ||||||||
Miscellaneous Other Income | 238,818 | 50,425 | 371,266 | ||||||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | 238,818 | 50,425 | 371,255 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Freight Expense | 0 | 0 | 0 | ||||||||
Selling, General and Administrative Costs | 0 | 0 | 0 | ||||||||
Loss on Debt Extinguishment | 0 | ||||||||||
Interest Expense | 10,064 | 190 | (1,071) | ||||||||
Total Costs and Expenses | 10,064 | 190 | (1,071) | ||||||||
Earnings Before Income Tax | 228,754 | 50,235 | 372,326 | ||||||||
Income Tax Expense | 161,125 | 8,739 | 65,315 | ||||||||
Net Income | 67,629 | 41,496 | 307,011 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Shareholders | 67,629 | 41,496 | 307,011 | ||||||||
Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Coal Revenue | 890,741 | 799,187 | 966,775 | ||||||||
Terminal Revenue | 60,066 | 31,464 | 30,978 | ||||||||
Freight Revenue | 55,269 | 34,865 | 16,690 | ||||||||
Miscellaneous Other Income | 67,230 | 78,992 | 62,484 | ||||||||
Gain (Loss) on Sale of Assets | 15,813 | 5,237 | 13,025 | ||||||||
Total Revenue and Other Income | 1,089,119 | 949,745 | 1,089,952 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 691,451 | 694,073 | 505,057 | ||||||||
Depreciation, Depletion and Amortization | 130,565 | 136,128 | 151,201 | ||||||||
Freight Expense | 55,269 | 34,865 | 16,690 | ||||||||
Selling, General and Administrative Costs | 67,908 | 40,078 | 44,789 | ||||||||
Loss on Debt Extinguishment | 0 | ||||||||||
Interest Expense | 355,059 | 5,144 | (1,021) | ||||||||
Total Costs and Expenses | 1,300,252 | 910,288 | 716,716 | ||||||||
Earnings Before Income Tax | (211,133) | 39,457 | 373,236 | ||||||||
Income Tax Expense | (73,897) | 5,826 | 60,290 | ||||||||
Net Income | (137,236) | 33,631 | 312,946 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Shareholders | (137,236) | 33,631 | 312,946 | ||||||||
Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Coal Revenue | 0 | 0 | 0 | ||||||||
Terminal Revenue | 0 | 0 | 0 | ||||||||
Freight Revenue | 0 | 0 | 0 | ||||||||
Miscellaneous Other Income | 0 | 0 | 4,768 | ||||||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | 0 | 0 | 4,768 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 272 | 103 | 576 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Freight Expense | 0 | 0 | 0 | ||||||||
Selling, General and Administrative Costs | 0 | 0 | 0 | ||||||||
Loss on Debt Extinguishment | 0 | ||||||||||
Interest Expense | 1,723 | 0 | 0 | ||||||||
Total Costs and Expenses | 1,995 | 103 | 576 | ||||||||
Earnings Before Income Tax | (1,995) | (103) | 4,192 | ||||||||
Income Tax Expense | 0 | 0 | 0 | ||||||||
Net Income | (1,995) | (103) | 4,192 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Shareholders | (1,995) | (103) | 4,192 | ||||||||
CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Coal Revenue | 296,913 | 266,395 | 322,261 | ||||||||
Terminal Revenue | 0 | 0 | 0 | ||||||||
Freight Revenue | 18,423 | 11,603 | 3,809 | ||||||||
Miscellaneous Other Income | 6,049 | 3,128 | 941 | ||||||||
Gain (Loss) on Sale of Assets | 1,399 | (9) | 0 | ||||||||
Total Revenue and Other Income | 322,784 | 281,117 | 327,011 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 194,986 | 183,001 | 193,961 | ||||||||
Depreciation, Depletion and Amortization | 41,437 | 41,994 | 44,136 | ||||||||
Freight Expense | 18,423 | 11,603 | 3,809 | ||||||||
Selling, General and Administrative Costs | 15,697 | 9,949 | 10,931 | ||||||||
Loss on Debt Extinguishment | 2,468 | ||||||||||
Interest Expense | 9,309 | 8,719 | 9,636 | ||||||||
Total Costs and Expenses | 282,320 | 255,266 | 262,473 | ||||||||
Earnings Before Income Tax | 40,464 | 25,851 | 64,538 | ||||||||
Income Tax Expense | 0 | 0 | |||||||||
Net Income | 40,464 | 25,851 | 64,538 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Shareholders | $ 40,464 | $ 25,851 | $ 64,538 |
(Guarantor Subsidiaries Balance
(Guarantor Subsidiaries Balance Sheet) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||||
Cash and Cash Equivalents | $ 153,979 | $ 13,311 | $ 6,639 | $ 137 |
Accounts and Notes Receivable: | ||||
Trade | 131,545 | 95,707 | ||
Other Receivables | 36,552 | 23,320 | ||
Other Receivables - Related Party | 0 | 34 | ||
Inventories | 53,420 | 50,161 | ||
Prepaid Expenses | 23,744 | 17,601 | ||
Total Current Assets | 399,240 | 200,134 | ||
Property, Plant and Equipment: | ||||
Property, Plant and Equipment | 4,676,353 | 4,593,395 | ||
Less Accumulated Depreciation, Depletion and Amortization | 2,554,056 | 2,413,125 | ||
Total Property, Plant and Equipment—Net | 2,122,297 | 2,180,270 | 2,325,181 | |
Other Assets: | ||||
Deferred Income Taxes | 75,065 | 184,579 | ||
Affiliated Credit Facility | 0 | |||
Investment in Affiliates | 0 | 0 | ||
Other | 110,497 | 122,451 | ||
Total Other Assets | 185,562 | 307,030 | ||
TOTAL ASSETS | 2,707,099 | 2,687,434 | $ 2,867,733 | |
Current Liabilities: | ||||
Accounts Payable | 109,100 | 82,897 | ||
Accounts Payable (Recoverable)-Related Parties | 0 | 0 | ||
Current Portion of Long-Term Debt | 22,482 | 4,076 | ||
Other Accrued Liabilities | 290,627 | 292,121 | ||
Total Current Liabilities | 422,209 | 379,094 | ||
Long-Term Debt | 313,639 | |||
Total Long-Term Debt | 865,289 | 313,639 | ||
Deferred Credits and Other Liabilities: | ||||
Postretirement Benefits Other Than Pensions | 554,099 | 659,474 | ||
Pneumoconiosis Benefits | 149,868 | 108,073 | ||
Asset Retirement Obligations | 228,343 | 246,279 | ||
Workers’ Compensation | 66,648 | 65,932 | ||
Salary Retirement | 52,960 | 99,872 | ||
Other | 24,042 | 14,947 | ||
Total Deferred Credits and Other Liabilities | 1,075,960 | 1,194,577 | ||
Total CONSOL Energy Inc. Stockholders' Equity | 204,260 | 657,631 | ||
Noncontrolling Interest | 139,381 | 142,493 | ||
TOTAL LIABILITIES AND EQUITY | 2,707,099 | 2,687,434 | ||
Elimination | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | ||
Accounts and Notes Receivable: | ||||
Trade | 0 | 0 | ||
Other Receivables | 0 | 0 | ||
Other Receivables - Related Party | 0 | |||
Inventories | 0 | 0 | ||
Prepaid Expenses | 0 | 0 | ||
Total Current Assets | 0 | 0 | ||
Property, Plant and Equipment: | ||||
Property, Plant and Equipment | 0 | 0 | ||
Less Accumulated Depreciation, Depletion and Amortization | 0 | 0 | ||
Total Property, Plant and Equipment—Net | 0 | 0 | ||
Other Assets: | ||||
Deferred Income Taxes | 0 | 0 | ||
Affiliated Credit Facility | (165,110) | |||
Investment in Affiliates | (645,157) | (654,144) | ||
Other | 0 | 0 | ||
Total Other Assets | (810,267) | (654,144) | ||
TOTAL ASSETS | (810,267) | (654,144) | ||
Current Liabilities: | ||||
Accounts Payable | 18 | (1,608) | ||
Accounts Payable (Recoverable)-Related Parties | (163,069) | 0 | ||
Current Portion of Long-Term Debt | 0 | 0 | ||
Other Accrued Liabilities | (4,874) | (59) | ||
Total Current Liabilities | (167,925) | (1,667) | ||
Long-Term Debt | 0 | |||
Total Long-Term Debt | (165,110) | 0 | ||
Deferred Credits and Other Liabilities: | ||||
Postretirement Benefits Other Than Pensions | 0 | 0 | ||
Pneumoconiosis Benefits | 0 | 0 | ||
Asset Retirement Obligations | 0 | 0 | ||
Workers’ Compensation | 0 | 0 | ||
Salary Retirement | 0 | 0 | ||
Other | 0 | 0 | ||
Total Deferred Credits and Other Liabilities | 0 | 0 | ||
Total CONSOL Energy Inc. Stockholders' Equity | (616,613) | (794,970) | ||
Noncontrolling Interest | 139,381 | 142,493 | ||
TOTAL LIABILITIES AND EQUITY | (810,267) | (654,144) | ||
Parent Issuer | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 152,235 | 2 | ||
Accounts and Notes Receivable: | ||||
Trade | 0 | 0 | ||
Other Receivables | 17,702 | 3,654 | ||
Other Receivables - Related Party | 0 | |||
Inventories | 0 | 0 | ||
Prepaid Expenses | 5,745 | 2,882 | ||
Total Current Assets | 175,682 | 6,538 | ||
Property, Plant and Equipment: | ||||
Property, Plant and Equipment | 0 | 0 | ||
Less Accumulated Depreciation, Depletion and Amortization | 0 | 0 | ||
Total Property, Plant and Equipment—Net | 0 | 0 | ||
Other Assets: | ||||
Deferred Income Taxes | 75,065 | 184,579 | ||
Affiliated Credit Facility | 165,110 | |||
Investment in Affiliates | 645,157 | 654,144 | ||
Other | 44,177 | 34,482 | ||
Total Other Assets | 929,509 | 873,205 | ||
TOTAL ASSETS | 1,105,191 | 879,743 | ||
Current Liabilities: | ||||
Accounts Payable | 20,014 | 4,411 | ||
Accounts Payable (Recoverable)-Related Parties | (2,291) | 0 | ||
Current Portion of Long-Term Debt | 0 | 3,347 | ||
Other Accrued Liabilities | 101,994 | 102,878 | ||
Total Current Liabilities | 119,717 | 110,636 | ||
Long-Term Debt | 11,604 | |||
Total Long-Term Debt | 728,254 | 11,604 | ||
Deferred Credits and Other Liabilities: | ||||
Postretirement Benefits Other Than Pensions | 0 | 0 | ||
Pneumoconiosis Benefits | 0 | 0 | ||
Asset Retirement Obligations | 0 | 0 | ||
Workers’ Compensation | 0 | 0 | ||
Salary Retirement | 52,960 | 99,872 | ||
Other | 0 | 0 | ||
Total Deferred Credits and Other Liabilities | 52,960 | 99,872 | ||
Total CONSOL Energy Inc. Stockholders' Equity | 204,260 | 657,631 | ||
Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND EQUITY | 1,105,191 | 879,743 | ||
Guarantor | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 105 | 3,493 | ||
Accounts and Notes Receivable: | ||||
Trade | 0 | 0 | ||
Other Receivables | 16,880 | 19,151 | ||
Other Receivables - Related Party | 0 | |||
Inventories | 41,117 | 38,670 | ||
Prepaid Expenses | 13,568 | 11,204 | ||
Total Current Assets | 71,670 | 72,518 | ||
Property, Plant and Equipment: | ||||
Property, Plant and Equipment | 3,765,885 | 3,716,705 | ||
Less Accumulated Depreciation, Depletion and Amortization | 2,070,646 | 1,970,947 | ||
Total Property, Plant and Equipment—Net | 1,695,239 | 1,745,758 | ||
Other Assets: | ||||
Deferred Income Taxes | 0 | 0 | ||
Affiliated Credit Facility | 0 | |||
Investment in Affiliates | 0 | 0 | ||
Other | 50,846 | 66,906 | ||
Total Other Assets | 50,846 | 66,906 | ||
TOTAL ASSETS | 1,817,755 | 1,885,182 | ||
Current Liabilities: | ||||
Accounts Payable | 66,271 | 59,624 | ||
Accounts Payable (Recoverable)-Related Parties | 36,221 | (72,289) | ||
Current Portion of Long-Term Debt | 22,405 | 641 | ||
Other Accrued Liabilities | 149,425 | 145,072 | ||
Total Current Liabilities | 274,322 | 133,048 | ||
Long-Term Debt | 104,046 | |||
Total Long-Term Debt | 135,390 | 104,046 | ||
Deferred Credits and Other Liabilities: | ||||
Postretirement Benefits Other Than Pensions | 554,099 | 659,474 | ||
Pneumoconiosis Benefits | 146,035 | 106,016 | ||
Asset Retirement Obligations | 218,728 | 236,933 | ||
Workers’ Compensation | 63,244 | 62,842 | ||
Salary Retirement | 0 | 0 | ||
Other | 23,435 | 14,484 | ||
Total Deferred Credits and Other Liabilities | 1,005,541 | 1,079,749 | ||
Total CONSOL Energy Inc. Stockholders' Equity | 402,502 | 568,339 | ||
Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND EQUITY | 1,817,755 | 1,885,182 | ||
Non-Guarantor | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 106 | 31 | ||
Accounts and Notes Receivable: | ||||
Trade | 131,545 | 95,707 | ||
Other Receivables | 0 | 0 | ||
Other Receivables - Related Party | 34 | |||
Inventories | 0 | 0 | ||
Prepaid Expenses | 3 | 3 | ||
Total Current Assets | 131,654 | 95,775 | ||
Property, Plant and Equipment: | ||||
Property, Plant and Equipment | 0 | 0 | ||
Less Accumulated Depreciation, Depletion and Amortization | 0 | 0 | ||
Total Property, Plant and Equipment—Net | 0 | 0 | ||
Other Assets: | ||||
Deferred Income Taxes | 0 | 0 | ||
Affiliated Credit Facility | 0 | |||
Investment in Affiliates | 0 | 0 | ||
Other | 0 | 0 | ||
Total Other Assets | 0 | 0 | ||
TOTAL ASSETS | 131,654 | 95,775 | ||
Current Liabilities: | ||||
Accounts Payable | 8 | 7 | ||
Accounts Payable (Recoverable)-Related Parties | 129,139 | 95,707 | ||
Current Portion of Long-Term Debt | 0 | 0 | ||
Other Accrued Liabilities | (20) | 0 | ||
Total Current Liabilities | 129,127 | 95,714 | ||
Long-Term Debt | 0 | |||
Total Long-Term Debt | 1,572 | 0 | ||
Deferred Credits and Other Liabilities: | ||||
Postretirement Benefits Other Than Pensions | 0 | 0 | ||
Pneumoconiosis Benefits | 0 | 0 | ||
Asset Retirement Obligations | 0 | 0 | ||
Workers’ Compensation | 0 | 0 | ||
Salary Retirement | 0 | 0 | ||
Other | 0 | 0 | ||
Total Deferred Credits and Other Liabilities | 0 | 0 | ||
Total CONSOL Energy Inc. Stockholders' Equity | 955 | 61 | ||
Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND EQUITY | 131,654 | 95,775 | ||
CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 1,533 | 9,785 | ||
Accounts and Notes Receivable: | ||||
Trade | 0 | 0 | ||
Other Receivables | 1,970 | 515 | ||
Other Receivables - Related Party | 0 | |||
Inventories | 12,303 | 11,491 | ||
Prepaid Expenses | 4,428 | 3,512 | ||
Total Current Assets | 20,234 | 25,303 | ||
Property, Plant and Equipment: | ||||
Property, Plant and Equipment | 910,468 | 876,690 | ||
Less Accumulated Depreciation, Depletion and Amortization | 483,410 | 442,178 | ||
Total Property, Plant and Equipment—Net | 427,058 | 434,512 | ||
Other Assets: | ||||
Deferred Income Taxes | 0 | 0 | ||
Affiliated Credit Facility | 0 | |||
Investment in Affiliates | 0 | 0 | ||
Other | 15,474 | 21,063 | ||
Total Other Assets | 15,474 | 21,063 | ||
TOTAL ASSETS | 462,766 | 480,878 | ||
Current Liabilities: | ||||
Accounts Payable | 22,789 | 20,463 | ||
Accounts Payable (Recoverable)-Related Parties | 0 | (23,418) | ||
Current Portion of Long-Term Debt | 77 | 88 | ||
Other Accrued Liabilities | 44,102 | 44,230 | ||
Total Current Liabilities | 66,968 | 41,363 | ||
Long-Term Debt | 197,989 | |||
Total Long-Term Debt | 165,183 | 197,989 | ||
Deferred Credits and Other Liabilities: | ||||
Postretirement Benefits Other Than Pensions | 0 | 0 | ||
Pneumoconiosis Benefits | 3,833 | 2,057 | ||
Asset Retirement Obligations | 9,615 | 9,346 | ||
Workers’ Compensation | 3,404 | 3,090 | ||
Salary Retirement | 0 | 0 | ||
Other | 607 | 463 | ||
Total Deferred Credits and Other Liabilities | 17,459 | 14,956 | ||
Total CONSOL Energy Inc. Stockholders' Equity | 213,156 | 226,570 | ||
Noncontrolling Interest | 0 | 0 | ||
TOTAL LIABILITIES AND EQUITY | $ 462,766 | $ 480,878 |
(Guarantor Subsidiaries, Conden
(Guarantor Subsidiaries, Condensed Statement of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $ 248,110 | $ 329,107 | $ 291,693 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (81,413) | (53,600) | (143,053) |
Proceeds from Sales of Assets | 24,582 | 7,842 | 12,779 |
Net Cash Used in Investing Activities | (56,831) | (45,758) | (130,274) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Miscellaneous Borrowings | (3,904) | 431 | (5,829) |
Affiliated Credit Facility | 0 | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | (201,000) | 16,000 | 185,000 |
Distributions to Noncontrolling Interest | (21,892) | (21,657) | (5,060) |
Distribution of Proceeds | 0 | ||
Distributions to Noncontrolling Interest | (21,892) | (21,657) | |
Proceeds from Sale of MLP Interest | 0 | 0 | 148,359 |
Units/Shares Withheld for Taxes | (2,156) | 0 | 0 |
Intercompany Contributions/(Distributions) | 0 | 0 | 0 |
Change in Parent Net Investment | (156,502) | (270,969) | (461,051) |
Spin Distribution to CNX Resources | (425,000) | 0 | 0 |
Debt Issuance and Financing Fees | (32,304) | (482) | (16,336) |
Net Cash (Used in) Provided by Financing Activities | (50,611) | (276,677) | (154,917) |
Elimination | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
Proceeds from Sales of Assets | 0 | 0 | 0 |
Net Cash Used in Investing Activities | 0 | 0 | 0 |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Miscellaneous Borrowings | 0 | 0 | 0 |
Affiliated Credit Facility | (196,583) | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | 0 |
Distributions to Noncontrolling Interest | 11,353 | ||
Distribution of Proceeds | 0 | ||
Distributions to Noncontrolling Interest | 34,508 | 42,634 | |
Proceeds from Sale of MLP Interest | 0 | ||
Units/Shares Withheld for Taxes | 0 | ||
Intercompany Contributions/(Distributions) | 162,075 | 0 | 0 |
Change in Parent Net Investment | 0 | 0 | 0 |
Spin Distribution to CNX Resources | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash (Used in) Provided by Financing Activities | 0 | 42,634 | 11,353 |
Parent Issuer | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | (17,032) | 253 | 12,608 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
Proceeds from Sales of Assets | 0 | 0 | 0 |
Net Cash Used in Investing Activities | 0 | 0 | 0 |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Miscellaneous Borrowings | (3,503) | 231 | (600) |
Affiliated Credit Facility | 0 | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | 0 |
Distributions to Noncontrolling Interest | 0 | ||
Distribution of Proceeds | 0 | ||
Distributions to Noncontrolling Interest | 0 | 0 | |
Proceeds from Sale of MLP Interest | 0 | ||
Units/Shares Withheld for Taxes | 0 | ||
Intercompany Contributions/(Distributions) | (5,573) | 270,969 | 461,051 |
Change in Parent Net Investment | (156,502) | (270,969) | (461,051) |
Spin Distribution to CNX Resources | (425,000) | ||
Debt Issuance and Financing Fees | (32,304) | (482) | (12,007) |
Net Cash (Used in) Provided by Financing Activities | 169,265 | (251) | (12,607) |
Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 192,423 | 255,756 | 202,177 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (61,917) | (40,896) | (108,980) |
Proceeds from Sales of Assets | 23,082 | 7,819 | 12,708 |
Net Cash Used in Investing Activities | (38,835) | (33,077) | (96,272) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Miscellaneous Borrowings | (305) | 279 | (5,176) |
Affiliated Credit Facility | 0 | (6,039) | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | 0 |
Distributions to Noncontrolling Interest | (5,060) | ||
Distribution of Proceeds | 342,711 | ||
Distributions to Noncontrolling Interest | 0 | (21,657) | |
Proceeds from Sale of MLP Interest | 0 | ||
Units/Shares Withheld for Taxes | (171) | ||
Intercompany Contributions/(Distributions) | (156,502) | (270,969) | (461,051) |
Change in Parent Net Investment | 0 | 0 | 17,328 |
Spin Distribution to CNX Resources | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash (Used in) Provided by Financing Activities | (156,978) | (292,347) | (117,287) |
Non-Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 75 | 0 | 0 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
Proceeds from Sales of Assets | 0 | 0 | 0 |
Net Cash Used in Investing Activities | 0 | 0 | 0 |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Miscellaneous Borrowings | 0 | 0 | 0 |
Affiliated Credit Facility | 0 | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | 0 |
Distributions to Noncontrolling Interest | 0 | ||
Distribution of Proceeds | 0 | ||
Distributions to Noncontrolling Interest | 0 | 0 | |
Proceeds from Sale of MLP Interest | 0 | ||
Units/Shares Withheld for Taxes | 0 | ||
Intercompany Contributions/(Distributions) | 0 | 0 | |
Change in Parent Net Investment | 0 | 0 | 0 |
Spin Distribution to CNX Resources | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash (Used in) Provided by Financing Activities | 0 | 0 | 0 |
CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 72,644 | 73,098 | 76,908 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (19,496) | (12,704) | (34,073) |
Proceeds from Sales of Assets | 1,500 | 23 | 71 |
Net Cash Used in Investing Activities | (17,996) | (12,681) | (34,002) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Miscellaneous Borrowings | (96) | (79) | (53) |
Affiliated Credit Facility | 196,583 | 6,039 | |
Net (Payments on) Proceeds from Revolver - MLP | (201,000) | 16,000 | 185,000 |
Distributions to Noncontrolling Interest | (11,353) | ||
Distribution of Proceeds | (342,711) | ||
Distributions to Noncontrolling Interest | (56,400) | (42,634) | |
Proceeds from Sale of MLP Interest | 148,359 | ||
Units/Shares Withheld for Taxes | (1,985) | ||
Intercompany Contributions/(Distributions) | 0 | 0 | |
Change in Parent Net Investment | 0 | 0 | (17,328) |
Spin Distribution to CNX Resources | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | (4,329) |
Net Cash (Used in) Provided by Financing Activities | (62,898) | (26,713) | (36,376) |
Term Loan A | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 100,000 | 0 | 0 |
Term Loan A | Elimination | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Term Loan A | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 100,000 | ||
Term Loan A | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Term Loan A | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Term Loan A | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Term Loan B | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 392,147 | 0 | 0 |
Term Loan B | Elimination | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Term Loan B | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 392,147 | ||
Term Loan B | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Term Loan B | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Term Loan B | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Senior Secured Second Lien Notes due 2025 | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 300,000 | $ 0 | $ 0 |
Senior Secured Second Lien Notes due 2025 | Elimination | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Senior Secured Second Lien Notes due 2025 | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 300,000 | ||
Senior Secured Second Lien Notes due 2025 | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Senior Secured Second Lien Notes due 2025 | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | ||
Senior Secured Second Lien Notes due 2025 | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | $ 0 |
Guarantor Subsidiaries Finan121
Guarantor Subsidiaries Financial Information (Guarantor Subsidiaries Comprehensive Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | $ (24,640) | $ 8,518 | $ 52,246 | $ 46,445 | $ 22,914 | $ 4,751 | $ 13,901 | $ 8,884 | $ 82,569 | $ 50,450 | $ 317,421 |
Other Comprehensive Income (Loss): | |||||||||||
Amortization of Prior Service Credits | (1,832) | (316) | (13,524) | ||||||||
Settlement Loss | 7,841 | 13,983 | 12,003 | ||||||||
Net Actuarial Loss (Gain) | 94,919 | (31,409) | (89,442) | ||||||||
Other Comprehensive Income (Loss) | 94,919 | (31,409) | (89,442) | ||||||||
Comprehensive Income | 177,488 | 19,041 | 227,979 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 14,896 | 9,216 | 10,410 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 162,592 | 9,825 | 217,569 | ||||||||
Reportable Legal Entities | Parent Issuer | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 67,629 | 41,496 | 307,011 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Amortization of Prior Service Credits | 0 | ||||||||||
Settlement Loss | 0 | ||||||||||
Net Actuarial Loss (Gain) | 94,919 | (31,409) | (89,442) | ||||||||
Other Comprehensive Income (Loss) | 94,919 | (31,409) | (89,442) | ||||||||
Comprehensive Income | 162,548 | 10,087 | 217,569 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 162,548 | 10,087 | 217,569 | ||||||||
Reportable Legal Entities | Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | (137,236) | 33,631 | 312,946 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Amortization of Prior Service Credits | 0 | ||||||||||
Settlement Loss | 0 | ||||||||||
Net Actuarial Loss (Gain) | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||||||||
Comprehensive Income | (137,236) | 33,631 | 312,946 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (137,236) | 33,631 | 312,946 | ||||||||
Reportable Legal Entities | Non-Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | (1,995) | (103) | 4,192 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Amortization of Prior Service Credits | 0 | ||||||||||
Settlement Loss | 0 | ||||||||||
Net Actuarial Loss (Gain) | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||||||||
Comprehensive Income | (1,995) | (103) | 4,192 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (1,995) | (103) | 4,192 | ||||||||
Elimination | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 113,707 | (50,425) | (371,266) | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Amortization of Prior Service Credits | 0 | ||||||||||
Settlement Loss | 0 | ||||||||||
Net Actuarial Loss (Gain) | (1,366) | (818) | 1,840 | ||||||||
Other Comprehensive Income (Loss) | (1,366) | (818) | 1,840 | ||||||||
Comprehensive Income | 112,341 | (51,243) | (369,426) | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 14,896 | 9,216 | 10,410 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 97,445 | (60,459) | (379,836) | ||||||||
CONSOL Coal Resources LP | Reportable Legal Entities | Non-Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 40,464 | 25,851 | 64,538 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Amortization of Prior Service Credits | 0 | ||||||||||
Settlement Loss | 0 | ||||||||||
Net Actuarial Loss (Gain) | 1,366 | 818 | (1,840) | ||||||||
Other Comprehensive Income (Loss) | 1,366 | 818 | (1,840) | ||||||||
Comprehensive Income | 41,830 | 26,669 | 62,698 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 41,830 | $ 26,669 | $ 62,698 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2017shares | Sep. 30, 2016USD ($)$ / sharesshares | Jul. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($)business | Nov. 30, 2017 | Nov. 28, 2017USD ($) | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |||||||
Accounts payable, related parties | $ 3,071,000 | $ 1,666,000 | |||||
Other Receivables - Related Party | 0 | $ 34,000 | |||||
Separation and distribution costs | $ 40,545,000 | ||||||
Number of independent businesses | business | 2 | ||||||
Net proceeds from initial public offering | $ 342,711,000 | ||||||
Undivided interest (as a percent) | 75.00% | ||||||
CONSOL Thermal Holdings LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Undivided interest (as a percent) | 5.00% | ||||||
Cash consideration | $ 21,500,000 | ||||||
Equity consideration | $ 67,300,000 | ||||||
Weighted average trading price (in dollars per share) | $ / shares | $ 14.79 | ||||||
Price premium (as a percent) | 15.00% | ||||||
Preferred Class A | CONSOL Thermal Holdings LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Preferred units issued (in shares) | shares | 3,956,496 | 3,956,496 | |||||
Issue price (in dollars per share) | $ / shares | $ 17.01 | ||||||
Senior Secured Revolving Credit Facility | Line of Credit | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum borrowing capacity | 400,000,000 | ||||||
Initial draw on line of credit | 200,000,000 | ||||||
Origination fees | 3,000,000 | ||||||
Net proceeds line of credit | $ 197,000,000 | ||||||
CNX Resources Corporation | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts payable, related parties | 12,540,000 | ||||||
Accounts receivable, related parties | 15,415,000 | ||||||
Other Receivables - Related Party | 4,500,000 | ||||||
Accounts receivable, related parties, noncurrent | 10,915,000 | ||||||
CNX Coal Resources LP | |||||||
Related Party Transaction [Line Items] | |||||||
Units sold in initial public offering (in shares) | shares | 5,000,000 | ||||||
Initial public offering share price (in dollars per share) | $ / shares | $ 15 | ||||||
Net proceeds initial public offering | $ 75,000,000 | ||||||
Over-allotment option | shares | 561,067 | ||||||
Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum borrowing capacity | $ 275,000,000 | ||||||
Line of credit amount drawn | $ 201,000,000 | ||||||
Stated interest rate (as a percent) | 4.25% | ||||||
Interest expense | $ 746,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Related Party Disclosures) (Details) - Majority Shareholder - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | $ 6,612 | $ 8,077 | $ 15,719 |
Operating and Other Costs | |||
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | 3,503 | 4,251 | 6,793 |
Selling, General and Administrative Costs | |||
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | $ 3,109 | $ 3,826 | $ 8,926 |
Supplemental Coal Data (unau124
Supplemental Coal Data (unaudited) (Narrative) (Details) - T T in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assigned Coal Reserves | ||||||
Reserve Quantities [Line Items] | ||||||
Coal Reserves | 227 | |||||
Steam [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Proved Undeveloped Reserve (Mass) | 2,211 | |||||
Coal Segment | ||||||
Reserve Quantities [Line Items] | ||||||
Proved Undeveloped Reserve (Mass) | 2,298 | 2,361 | 3,047 | 3,238 | 3,032 | 4,229 |
metallurgical coal [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Proved Undeveloped Reserve (Mass) | 87 |
Supplemental Coal Data (unau125
Supplemental Coal Data (unaudited) (Schedule of Proven and Probable Reserves) (Details) - Coal Segment - T T in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proved Developed and Undeveloped Reserve (Mass) Rollforward [Roll Forward] | |||||
Proven and probable coal reserves at beginning of period | 2,361 | 3,047 | 3,238 | 3,032 | 4,229 |
Purchased reserves | 0 | 0 | 24 | 0 | 1 |
Reserves sold in place | (16) | (601) | (43) | (233) | (1,199) |
Production | (26) | (26) | (29) | (32) | (55) |
Revisions and other changes | (21) | (59) | (143) | 471 | 56 |
Consolidated proven and probable coal reserves at end of period | (2,298) | (2,361) | (3,047) | (3,238) | (3,032) |
Consolidation Coal Company | |||||
Proved Developed and Undeveloped Reserve (Mass) Rollforward [Roll Forward] | |||||
Consolidated proven and probable coal reserves at end of period | (143.3) |
Supplemental Quarterly Infor126
Supplemental Quarterly Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 28, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Revenue and Other Income: | ||||||||||||
Coal Revenue | $ 288,254 | $ 279,245 | $ 303,707 | $ 316,448 | $ 321,171 | $ 267,685 | $ 250,562 | $ 226,164 | $ 1,187,654 | $ 1,065,582 | $ 1,289,036 | |
Terminal Revenue | 17,260 | 15,065 | 14,855 | 12,886 | 11,148 | 4,549 | 8,058 | 7,709 | ||||
Freight Revenue | 21,845 | 21,803 | 17,762 | 12,282 | 12,519 | 9,392 | 11,447 | 13,110 | 73,692 | 46,468 | 20,499 | |
Miscellaneous Other Income | 20,771 | 19,713 | 10,145 | 22,650 | 32,418 | 13,569 | 20,627 | 15,506 | 73,279 | 82,120 | 68,193 | |
Gain (Loss) on Sale of Assets | 4,188 | (513) | 5,582 | 7,955 | 1,129 | 194 | 3,933 | (28) | 17,212 | 5,228 | 13,025 | |
Total Revenue and Other Income | 352,318 | 335,313 | 352,051 | 372,221 | 378,385 | 295,389 | 294,627 | 262,461 | 1,411,903 | 1,230,862 | 1,421,720 | |
Costs and Expenses: | ||||||||||||
Operating and Other Costs | 204,306 | 229,527 | 222,882 | 229,994 | 253,907 | 215,824 | 226,257 | 181,189 | 886,709 | 877,177 | 699,594 | |
Depreciation, Depletion and Amortization | 47,088 | 46,653 | 25,268 | 52,993 | 50,296 | 49,850 | 29,314 | 48,662 | 172,002 | 178,122 | 195,337 | |
Freight Expense | 21,845 | 21,803 | 17,762 | 12,282 | 12,519 | 9,392 | 11,447 | 13,110 | 73,692 | 46,468 | 20,499 | |
Selling, General and Administrative Costs | 25,008 | 21,180 | 20,338 | 17,079 | 19,850 | 12,157 | 10,460 | 7,560 | 83,605 | 50,027 | 55,720 | |
Interest Expense | 14,270 | 3,862 | 3,944 | 4,022 | 4,075 | 3,481 | 3,357 | 3,140 | 26,098 | 14,053 | 7,544 | |
Total Costs and Expenses | 312,517 | 323,025 | 290,194 | 316,370 | 340,647 | 290,704 | 280,835 | 253,661 | 1,242,106 | 1,165,847 | 978,694 | |
Earnings Before Income Tax | 39,801 | 12,288 | 61,857 | 55,851 | 37,738 | 4,685 | 13,792 | 8,800 | 169,797 | 65,015 | 443,026 | |
Income Tax Expense | 64,441 | 3,770 | 9,611 | 9,406 | 14,824 | (66) | (109) | (84) | 87,228 | 14,565 | 125,605 | |
Net Income (Loss) | (24,640) | 8,518 | 52,246 | 46,445 | 22,914 | 4,751 | 13,901 | 8,884 | 82,569 | 50,450 | 317,421 | |
Less: Net Income Attributable to Noncontrolling Interest | 4,373 | 790 | 4,313 | 5,464 | 4,413 | 2,248 | 1,179 | 1,114 | 14,940 | 8,954 | 10,410 | |
Net Income (Loss) Attributable to CONSOL Energy Shareholders | $ (29,013) | $ 7,728 | $ 47,933 | $ 40,981 | $ 18,501 | $ 2,503 | $ 12,722 | $ 7,770 | $ 67,629 | $ 41,496 | $ 307,011 | |
Earnings Per Share: | ||||||||||||
Basic (in dollars per share) | $ (1.04) | $ 0.28 | $ 1.71 | $ 1.47 | $ 0.66 | $ 0.09 | $ 0.45 | $ 0.28 | $ 2.42 | $ 1.48 | $ 10.98 | |
Diluted (in dollars per share) | $ (1.04) | $ 0 | $ 0 | $ 0 | $ 0.66 | $ 0 | $ 0 | $ 0 | $ 2.40 | $ 1.48 | $ 10.98 | |
Common stock distributed (in shares) | 27,968 | 27,968 | 0 | 0 |