Document and Equity Information
Document and Equity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 15, 2018 | |
Document and Entity Information [Abstract] | ||
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 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 27,778,006 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue and Other Income: | ||||
Revenue from contracts with customers | $ 313,355 | $ 316,113 | $ 1,102,272 | $ 994,053 |
Miscellaneous Other Income | 10,978 | 19,713 | 47,234 | 52,508 |
(Loss) Gain on Sale of Assets | (85) | (513) | 273 | 13,024 |
Total Revenue and Other Income | 324,248 | 335,313 | 1,149,779 | 1,059,585 |
Costs and Expenses: | ||||
Operating and Other Costs | 222,781 | 229,527 | 700,778 | 682,403 |
Depreciation, Depletion and Amortization | 51,242 | 46,653 | 155,674 | 124,914 |
Freight Expense | 2,443 | 21,803 | 37,774 | 51,847 |
Selling, General and Administrative Costs | 18,526 | 21,180 | 47,715 | 58,597 |
Loss on Debt Extinguishment | 0 | 0 | 3,149 | 0 |
Interest Expense, net | 20,862 | 3,862 | 63,411 | 11,828 |
Total Costs and Expenses | 315,854 | 323,025 | 1,008,501 | 929,589 |
Earnings Before Income Tax | 8,394 | 12,288 | 141,278 | 129,996 |
Income Tax (Benefit) Expense | (690) | 3,770 | 8,527 | 22,787 |
Net Income | 9,084 | 8,518 | 132,751 | 107,209 |
Less: Net Income Attributable to Noncontrolling Interest | (3,350) | (790) | (19,447) | (10,567) |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 5,734 | $ 7,728 | $ 113,304 | $ 96,642 |
Earnings per Share: | ||||
Total Basic Earnings per Share | $ 0.20 | $ 0.28 | $ 4.04 | $ 3.46 |
Total Dilutive Earnings per Share | $ 0.20 | $ 0.28 | $ 3.97 | $ 3.46 |
Coal Revenue | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | $ 294,797 | $ 279,245 | $ 1,016,503 | $ 899,400 |
Terminal Revenue | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 16,115 | 15,065 | 47,995 | 42,806 |
Freight Revenue | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | $ 2,443 | $ 21,803 | $ 37,774 | $ 51,847 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 9,084 | $ 8,518 | $ 132,751 | $ 107,209 |
Other Comprehensive Income: | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,232), ($1,893), ($3,697), ($5,679)) | 4,177 | 3,285 | 12,356 | 9,855 |
Other Comprehensive Income | 4,177 | 3,285 | 12,356 | 9,855 |
Comprehensive Income | 13,261 | 11,803 | 145,107 | 117,064 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 3,346 | 779 | 19,444 | 10,533 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 9,915 | $ 11,024 | $ 125,663 | $ 106,531 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Actuarially Determined Long-Term Liability Adjustments, Tax | $ 1,232 | $ 1,893 | $ 3,697 | $ 5,679 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and Cash Equivalents | $ 250,452 | $ 153,979 |
Accounts and Notes Receivable | ||
Trade | 78,649 | 131,545 |
Other Receivables | 29,208 | 36,552 |
Inventories | 52,470 | 53,420 |
Prepaid Expenses and Other Assets | 58,123 | 23,744 |
Total Current Assets | 468,902 | 399,240 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 4,796,141 | 4,676,353 |
Less—Accumulated Depreciation, Depletion and Amortization | 2,692,450 | 2,554,056 |
Total Property, Plant and Equipment—Net | 2,103,691 | 2,122,297 |
Other Assets: | ||
Deferred Income Taxes | 72,120 | 75,065 |
Other | 101,215 | 110,497 |
Total Other Assets | 173,335 | 185,562 |
TOTAL ASSETS | 2,745,928 | 2,707,099 |
Current Liabilities: | ||
Accounts Payable | 102,401 | 109,100 |
Current Portion of Long-Term Debt | 20,945 | 22,482 |
Other Accrued Liabilities | 249,758 | 290,627 |
Total Current Liabilities | 373,104 | 422,209 |
Long-Term Debt: | ||
Long-Term Debt | 826,777 | 856,650 |
Capital Lease Obligations | 30,234 | 8,639 |
Total Long-Term Debt | 857,011 | 865,289 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions | 541,373 | 554,099 |
Pneumoconiosis Benefits | 151,676 | 149,868 |
Asset Retirement Obligations | 236,191 | 228,343 |
Workers’ Compensation | 65,346 | 66,648 |
Salary Retirement | 39,921 | 52,960 |
Other | 18,845 | 24,042 |
Total Deferred Credits and Other Liabilities | 1,053,352 | 1,075,960 |
TOTAL LIABILITIES | 2,283,467 | 2,363,458 |
Stockholders' Equity: | ||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 27,815,470 Issued and Outstanding at September 30, 2018; 27,973,281 Issued and Outstanding at December 31, 2017 | 278 | 280 |
Capital in Excess of Par Value | 549,507 | 552,793 |
Retained Earnings (Deficit) | 148,619 | (43,713) |
Accumulated Other Comprehensive Loss | (377,470) | (305,100) |
Total CONSOL Energy Inc. Stockholders' Equity | 320,934 | 204,260 |
Noncontrolling Interest | 141,527 | 139,381 |
TOTAL EQUITY | 462,461 | 343,641 |
TOTAL LIABILITIES AND EQUITY | $ 2,745,928 | $ 2,707,099 |
CONSOLIDATED BALANCE SHEETS - P
CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 62,500,000 | 62,500,000 |
Common stock shares issued (in shares) | 27,815,470 | 27,973,281 |
Common stock shares outstanding (in shares) | 27,815,470 | 27,973,281 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings (Deficit) | Accumulated Other Comprehensive (Loss) Income | Total CONSOL Energy Inc. Stockholders' Equity | Noncontrolling Interest | Consol Coal Resources LP Units | Consol Coal Resources LP UnitsCapital in Excess of Par Value | Consol Coal Resources LP UnitsTotal CONSOL Energy Inc. Stockholders' Equity | Consol Coal Resources LP UnitsNoncontrolling Interest |
Beginning balance at Dec. 31, 2017 | $ 343,641 | $ 280 | $ 552,793 | $ (43,713) | $ (305,100) | $ 204,260 | $ 139,381 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 132,751 | 113,304 | 113,304 | 19,447 | |||||||
Actuarially Determined Long-Term Liability Adjustments (Net of $3,697 Tax) | 12,356 | 12,359 | 12,359 | (3) | |||||||
Comprehensive Income | 145,107 | 113,304 | 12,359 | 125,663 | 19,444 | ||||||
Reclassification of Stranded Tax Effect of Change in Tax Law | 0 | 84,729 | (84,729) | ||||||||
Separation Adjustments | (1,595) | (1,595) | (1,595) | ||||||||
Issuance of Common Stock | 0 | 1 | (1) | ||||||||
Retirement of outstanding shares | (11,259) | (3) | (5,555) | (5,701) | (11,259) | $ (1,385) | $ (392) | $ (392) | $ (993) | ||
Amortization of Stock-Based Compensation Awards | 7,638 | 6,268 | 6,268 | 1,370 | |||||||
Units/Shares Withheld for Taxes | (2,923) | (2,011) | (2,011) | (912) | |||||||
Distributions to Noncontrolling Interest | (16,763) | (16,763) | |||||||||
Ending balance at Sep. 30, 2018 | $ 462,461 | $ 278 | $ 549,507 | $ 148,619 | $ (377,470) | $ 320,934 | $ 141,527 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Actuarially Determined Long-Term Liability Adjustments, Tax | $ 1,232 | $ 1,893 | $ 3,697 | $ 5,679 |
Retirement of common stock (in shares) | 281,272 | |||
Consol Coal Resources LP Units | ||||
Retirement of common stock (in shares) | 77,536 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 132,751 | $ 107,209 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 155,674 | 124,914 |
Gain on Sale of Assets | (273) | (13,024) |
Stock/Unit Based Compensation | 7,638 | 15,074 |
Deferred Income Taxes | 2,945 | (4,801) |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | 60,240 | 5,489 |
Inventories | 950 | (1,843) |
Prepaid Expenses | (8,230) | (4,258) |
Changes in Other Assets | 10,005 | 4,567 |
Changes in Operating Liabilities: | ||
Accounts Payable | 5,197 | 8,341 |
Other Operating Liabilities | (18,239) | (23,076) |
Changes in Other Liabilities | (25,154) | (48,136) |
Other | 6,748 | 1,195 |
Net Cash Provided by Operating Activities | 330,252 | 171,651 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (96,855) | (51,010) |
Proceeds from Sales of Assets | 1,368 | 17,921 |
Net Cash Used in Investing Activities | (95,487) | (33,089) |
Cash Flows from Financing Activities: | ||
Payments on Capitalized Leases | (11,019) | (2,920) |
Net Payments on Revolver - MLP | 0 | (13,000) |
Repurchases of Common Stock | (9,724) | 0 |
Spin Distribution to CNX Resources | (18,234) | 0 |
Distributions to Noncontrolling Interest | (16,763) | (16,403) |
Other Parent Net Distributions | 0 | (114,844) |
Shares/Units Withheld for Taxes | (2,923) | (1,009) |
Debt-Related Financing Fees | (2,851) | 0 |
Net Cash Used in Financing Activities | (112,430) | (148,176) |
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | 122,335 | (9,614) |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 153,979 | 13,311 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 276,314 | 3,697 |
Non-Cash Investing and Financing Activities: | ||
Capital Lease | 45,979 | 0 |
Term Loan A | ||
Cash Flows from Financing Activities: | ||
Payments of loans | (26,250) | 0 |
Term Loan B | ||
Cash Flows from Financing Activities: | ||
Payments of loans | (3,000) | 0 |
Senior Secured Second Lien Notes due 2025 | ||
Cash Flows from Financing Activities: | ||
Payments of loans | (20,524) | 0 |
Consol Coal Resources LP Units | ||
Cash Flows from Financing Activities: | ||
Repurchases of Common Stock | $ (1,142) | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: 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. Basis of Presentation The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2017 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2017 . Basis of Consolidation The Unaudited 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 between subsidiaries within the Company 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 Unaudited 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 Unaudited 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 Unaudited Consolidated Financial Statements. All significant intercompany transactions between ParentCo and the Company were included within Parent Net Investment in the accompanying Unaudited Consolidated Financial Statements. Cost Allocations The description and information on cost allocations is applicable for all periods included in the Unaudited Consolidated Financial Statements prior to the separation and distribution. 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 Unaudited 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. Nevertheless, the Unaudited Consolidated Financial Statements of CONSOL Energy Inc. may not reflect the actual expenses that would have been incurred and may not reflect CONSOL Energy Inc.'s consolidated results of operations, financial position and cash flows had it been a standalone company during the periods prior to the separation and distribution. Actual costs that would have been incurred if CONSOL Energy Inc. had been a standalone company would depend on multiple factors, including organizational structure, capital structure, and strategic decisions made in various areas, including information technology and infrastructure. Transactions between CONSOL Energy Inc. and ParentCo were included as related party transactions in the Unaudited Consolidated Financial Statements and were considered to be effectively settled for cash at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the accompanying Unaudited Consolidated Statements of Cash Flows as a financing activity and in the Unaudited Consolidated Balance Sheets as Parent Net Investment. Long-term employee obligations, comprised of pensions, OPEB, CWP and workers' compensation, have been allocated to CONSOL Energy Inc. on the basis of the underlying employees comprising those plans. Prior to the completion of the separation and distribution, all external debt not directly attributable to the ParentCo Coal Business has been excluded from the Unaudited Consolidated Balance Sheets of CONSOL Energy Inc. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements on fair value measurements including the consideration of costs and benefits. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In July 2018, the FASB issued ASU 2018-11 - Leases (Topic 842) to assist stakeholders with implementation questions and issues as organizations prepare to adopt the new leasing standard. Under the amendments in Update 2018-11, entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may elect not to separate lease and nonlease components when certain conditions are met. These changes will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07 - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. The amendments in this update seek to simplify accounting for non-employee share-based payments by clarifying and improving the areas of the overall measurement objective, measurement date, and awards with performance conditions. 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. Management does not expect this update to have a material impact on the Company's financial statements. In February 2018, the FASB issued ASU 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. Early adoption is permitted. CONSOL Energy adopted the new guidance during the first quarter of 2018 and elected to make the reclassification. As a result, retained earnings increased $ 84,729 with a corresponding decrease to accumulated other comprehensive loss. In January 2018, the FASB issued ASU 2018-01 - Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This Update, if elected, would not require an entity to reassess the accounting treatment of existing land easements not currently accounted for as a lease under Topic 840. Once an entity adopts Topic 842, it should apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement should be accounted for as a lease. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this update is permitted for all entities. Management is expecting to adopt this practical expedient and is currently evaluating the impact this guidance may have on the Company’s financial statements. In November 2016, the FASB issued ASU 2016-18 - Statement of Cash Flows (Topic 230) - Restricted Cash. During the three months ended March 31, 2018, the Company adopted this guidance, which addressed the presentation of several items in the statement of cash flows. Specifically, the guidance identifies nine cash flow items and the sections where they must be presented within the statement of cash flows. Other than the classification of restricted cash, the adoption of this guidance had no impact on the Company's financial statements. This guidance requires that restricted cash be aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items at the bottom of the statement of cash flows. Previously, the change in restricted cash between the beginning-of-period and end-of-period was reflected as either an investing, financing, operating, or non-cash activity based on the underlying nature of the transaction. Accordingly, for the accompanying Unaudited Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 , the cash and cash equivalents and restricted cash at end of period line item includes $25,862 of restricted cash. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the accompanying Unaudited Consolidated Balance Sheet that sums to the cash and cash equivalents and restricted cash at the end of the period presented on the accompanying Unaudited Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 : September 30, 2018 December 31, 2017 Cash and cash equivalents $ 250,452 $ 153,979 Restricted cash* 25,862 — $ 276,314 $ 153,979 *These amounts are reported in Prepaid Expenses and Other Assets on the accompanying Unaudited Consolidated Balance Sheets. In June 2016, the FASB issued ASU 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The amendments in this Update will be applied using a modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted for fiscal years beginning after December 15, 2018 and interim periods within those annual periods. Management does not expect this update to have a material impact on the Company's financial statements. In 2016, the FASB issued a new lease accounting standard which requires lessees to put most leases on their balance sheets but recognize the expenses in their income statements in a manner similar to current practice. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Expenses related to leases determined to be operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. The ultimate impact of the standard will depend on the Company's lease portfolio as of the adoption date. CONSOL Energy will adopt ASC 842 using a modified retrospective transition method. The Company continues to assess its current population of contracts classified as leases, which will be updated as the lease population changes, continues to evaluate new business processes related to internal controls for leases and is assessing and documenting the accounting impacts related to the new standard. In addition to monitoring FASB activity regarding ASU 2016-02, the Company continues to monitor various non-authoritative groups with respect to implementation issues that could affect its assessment. These changes will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. Separation Transaction 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, as well as ParentCo's ownership of 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 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. Earnings per Share Basic earnings per share are computed by dividing net income attributable to CONSOL Energy Inc. 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 third quarter of 2018 represents CONSOL Energy's third full quarter as a publicly-traded company. The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Anti-Dilutive Restricted Stock Units 620 — 620 — The computations for basic and dilutive earnings per share are as follows: For the Three Months Ended For the Nine Months Ended Amounts in thousands, except per share data September 30, September 30, 2018 2017 2018 2017 Numerator: Net Income $ 9,084 $ 8,518 $ 132,751 $ 107,209 Less: Net Income Attributable to Noncontrolling Interest 3,350 790 19,447 10,567 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 5,734 $ 7,728 $ 113,304 $ 96,642 Denominator: Weighted-average shares of common stock outstanding 27,982,538 27,967,509 28,011,488 27,967,509 Effect of dilutive shares 593,322 — 516,527 — Weighted-average diluted shares of common stock outstanding 28,575,860 27,967,509 28,528,015 27,967,509 Earnings per Share: Basic $ 0.20 $ 0.28 $ 4.04 $ 3.46 Dilutive $ 0.20 $ 0.28 $ 3.97 $ 3.46 In 2017 , the earnings per share included on the accompanying Unaudited Consolidated Statements of Income was calculated based on the 27,967,509 shares of CONSOL Energy common stock distributed in conjunction with the completion of 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. As of September 30, 2018 , CONSOL Energy had 500,000 shares of preferred stock, none of which were issued or outstanding. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE: The following table disaggregates CONSOL Energy's revenue by major source for the three and nine months ended September 30, 2018 : Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Coal Revenue $ 294,797 $ 1,016,503 Terminal Revenue 16,115 47,995 Freight Revenue 2,443 37,774 Total Revenue from Contracts with Customers $ 313,355 $ 1,102,272 ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): On January 1, 2018, the Company adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) for all contracts using the modified retrospective method. No cumulative adjustment to the opening balance of retained earnings was made as a result of initially applying the new revenue standard. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its net income on an ongoing basis. CONSOL Energy's revenue continues to be recognized when title passes to the customer. Coal Revenue Revenues are recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base price per ton. None of the Company’s coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. Some of the Company's contracts span multiple years and have annual pricing modifications, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Also, some of the Company's contracts contain favorable electric power price related adjustments, which represent market-driven price adjustments, wherein there is no additional value being exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are immaterial to the Company's net income. At September 30, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Unaudited Consolidated Balance Sheet. As of and for the three and nine months ended September 30, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Terminal Revenue Terminal revenues are attributable to the Company's CONSOL Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the Terminal, stockpiling, blending, weighing, sampling, redelivery, and loading of coal onto vessels. Revenues for these services are generally earned on a throughput basis, and performance obligations are considered fulfilled as the services are performed. CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At September 30, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Unaudited Consolidated Balance Sheet. As of and for the three and nine months ended September 30, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining Terminal customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Freight Revenue Some of CONSOL Energy's coal contracts require that the Company sell its coal at locations other than its central preparation plant. The cost to transport the Company's coal to the ultimate sales point is passed through to the Company's customers and CONSOL Energy recognizes the freight revenue equal to the transportation costs when title of the coal passes to the customer. |
MISCELLANEOUS OTHER INCOME
MISCELLANEOUS OTHER INCOME | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
MISCELLANEOUS OTHER INCOME | MISCELLANEOUS OTHER INCOME: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Royalty Income - Non-Operated Coal $ 5,160 $ 3,520 $ 19,108 $ 15,713 Purchased Coal Sales 2,901 3,569 15,389 9,667 Property Easements and Option Income 1,069 1,402 5,479 2,396 Rental Income 896 1,589 3,066 12,722 Interest Income 523 448 1,591 1,495 Contract Buyout — 8,410 — 8,410 Other 429 775 2,601 2,105 Miscellaneous Other Income $ 10,978 $ 19,713 $ 47,234 $ 52,508 |
COMPONENTS OF PENSION AND OTHER
COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS | COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS: Components of Net Periodic Benefit (Credit) Cost are as follows: Pension Benefits Other Post-Employment Benefits Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 Service Cost $ 288 $ 759 $ 863 $ 2,277 $ — $ — $ — $ — Interest Cost 5,876 6,121 17,628 18,363 4,677 5,986 14,030 17,958 Expected Return on Plan Assets (10,092 ) (10,596 ) (30,277 ) (31,787 ) — — — — Amortization of Prior Service Credits (126 ) (60 ) (377 ) (180 ) (601 ) (601 ) (1,804 ) (1,804 ) Amortization of Actuarial Loss 2,179 1,955 6,537 5,865 4,051 5,778 12,154 17,334 Net Periodic Benefit (Credit) Cost $ (1,875 ) $ (1,821 ) $ (5,626 ) $ (5,462 ) $ 8,127 $ 11,163 $ 24,380 $ 33,488 Expenses related to pension and other post-employment benefits are reflected in Operating and Other Costs in the Consolidated Statements of Income. |
COMPONENTS OF COAL WORKERS_ PNE
COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS | COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS: Components of Net Periodic Benefit Cost are as follows: CWP Workers' Compensation Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 Service Cost $ 1,662 $ 1,280 $ 4,987 $ 3,842 $ 1,558 $ 1,569 $ 4,673 $ 4,706 Interest Cost 1,311 1,013 3,934 3,038 571 580 1,712 1,740 Amortization of Actuarial Gain (213 ) (1,908 ) (640 ) (5,724 ) (20 ) (150 ) (59 ) (449 ) State Administrative Fees and Insurance Bond Premiums — — — — 675 609 1,986 1,969 Net Periodic Benefit Cost $ 2,760 $ 385 $ 8,281 $ 1,156 $ 2,784 $ 2,608 $ 8,312 $ 7,966 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: The effective tax rate for the three and nine months ended September 30, 2018 was (8.2)% and 6.0% , respectively. The effective tax rate for the three and nine months ended September 30, 2018 differs from the U.S. federal statutory rate of 21% , primarily due to the income tax benefit for excess percentage depletion. The effective tax rate for the three and nine months ended September 30, 2017 was 30.7% and 17.5% , respectively. The effective tax rate for the three and nine months ended September 30, 2017 differs from the U.S. federal statutory rate of 35% , primarily due to the income tax benefit for excess percentage depletion. 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 recorded a deferred tax expense of approximately $58,558 in its financial statements for the period ended December 31, 2017 . This impact is related to the reduction of the net deferred tax asset as a result of the federal corporate income tax rate being reduced from 35% to 21% for all periods after December 31, 2017. The Company recognized a tax benefit of $297 related to the Tax Bill in its financial statements for the three and nine months ended September 30, 2018 . This benefit is related to finalizing the impact of certain provisions of the Tax Bill during this time period. 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 monitor and 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 nine months ended September 30, 2018 and the year ended December 31, 2017 , 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 the nine months ended September 30, 2018 for certain state and foreign returns. Further, the Company is subject to examination for the period November 29, 2017 through the nine months ended September 30, 2018 for federal and certain state returns. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES: Inventory components consist of the following: September 30, December 31, Coal $ 9,572 $ 11,411 Supplies 42,898 42,009 Total Inventories $ 52,470 $ 53,420 Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (“FIFO”) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion and amortization, and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. |
ACCOUNTS RECEIVABLE SECURITIZAT
ACCOUNTS RECEIVABLE SECURITIZATION | 9 Months Ended |
Sep. 30, 2018 | |
Short-term Debt [Abstract] | |
ACCOUNTS RECEIVABLE SECURITIZATION | ACCOUNTS RECEIVABLE SECURITIZATION: CONSOL Energy and certain of its U.S. subsidiaries are parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. In August 2018, the securitization facility was amended to, among other things, extend the term of the securitization facility for three years ending August 30, 2021. Pursuant to the securitization facility, CONSOL Thermal Holdings LLC sells current and future trade receivables to CONSOL Pennsylvania Coal Company LLC. CONSOL Marine Terminals LLC and CONSOL Pennsylvania Coal Company LLC sells and/or contributes 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, in turn, pledges its interests in the receivables to PNC Bank, which either makes loans or issues 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 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 also accrue a program fee and a letter of credit participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. 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 September 30, 2018 , the Company's eligible accounts receivable yielded $41,188 of borrowing capacity. At September 30, 2018 , the facility had no outstanding borrowings and $52,536 of letters of credit outstanding, leaving no unused capacity. CONSOL Energy posted $11,348 of cash collateral to secure the difference in the outstanding letters of credit and the eligible accounts receivable. Restricted cash of $11,348 is included in Prepaid Expenses and Other Assets in the Unaudited Consolidated Balance Sheets. 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 $60,582 of letters of credit outstanding, leaving no unused capacity. Costs associated with the receivables facility totaled $658 thousand and $2,184 thousand for the three and nine months ended September 30, 2018 . These costs have been recorded as financing fees which are included in Operating and Other Costs in the Unaudited Consolidated Statements of Income. The Company has not derecognized any receivables due to its continued involvement in the collections efforts. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment consists of the following: September 30, December 31, Plant and Equipment $ 2,860,449 $ 2,757,062 Coal Properties and Surface Lands 857,814 857,031 Airshafts 406,726 392,266 Mine Development 344,147 344,139 Advance Mining Royalties 327,005 325,855 Total Property, Plant and Equipment 4,796,141 4,676,353 Less: Accumulated Depreciation, Depletion and Amortization 2,692,450 2,554,056 Total Property, Plant and Equipment, Net $ 2,103,691 $ 2,122,297 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 September 30, 2018 and December 31, 2017 , property, plant and equipment includes gross assets under capital lease of $ 49,619 and $ 3,559 , respectively. Accumulated amortization for capital leases was $ 12,058 and $ 2,839 at September 30, 2018 and December 31, 2017 , respectively. Amortization expense for assets under capital leases approximated $3,927 and $104 for the three months ended and $9,236 and $315 for the nine months ended September 30, 2018 and 2017 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Unaudited Consolidated Statements of Income. |
OTHER ACCRUED LIABILITIES
OTHER ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
OTHER ACCRUED LIABILITIES | OTHER ACCRUED LIABILITIES: September 30, December 31, 2017 Subsidence Liability $ 90,311 $ 88,027 Accrued Payroll and Benefits 16,045 14,689 Accrued Interest 13,305 10,039 Litigation 9,270 8,197 Accrued Other Taxes 5,164 7,510 Short-Term Incentive Compensation 4,862 4,729 Deferred Revenue 155 6,807 Longwall Equipment Buyout — 22,631 Equipment Lease Rental — 9,865 Other 18,424 23,900 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 37,238 37,464 Asset Retirement Obligations 31,823 30,480 Workers' Compensation 12,369 13,317 Pneumoconiosis Benefits 10,792 12,972 Total Other Accrued Liabilities $ 249,758 $ 290,627 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT: September 30, December 31, Debt: Term Loan B due in November 2022 (Principal of $397,000 and $400,000 less Unamortized Discount of $6,653 and $7,853, respectively, 8.25% Weighted Average Interest Rate) $ 390,347 $ 392,147 11.00% Senior Secured Second Lien Notes due 2025 279,476 300,000 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in November 2021 (6.50% Weighted Average Interest Rate) 73,750 100,000 Advance Royalty Commitments (9.42% Weighted Average Interest Rate) 2,085 2,085 Less: Unamortized Debt Issuance Costs 17,428 21,129 831,095 875,968 Less: Amounts Due in One Year* 4,318 19,318 Long-Term Debt $ 826,777 $ 856,650 * Excludes current portion of Capital Lease Obligations of $16,627 and $3,164 at September 30, 2018 and December 31, 2017 , respectively. 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 1.29 to 1.00 at September 30, 2018 . 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 1.63 to 1.00 at September 30, 2018 . 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, include cash interest payments, cash payments for income taxes, scheduled debt repayments, dividends paid, and Maintenance Capital Expenditures. The minimum fixed charge coverage ratio was 2.17 to 1.00 at September 30, 2018 . The TLB Facility also includes a financial covenant that requires the Company to repay a certain amount of its borrowings under the TLB Facility within ten days after the date it files its Form 10-K with the Securities and Exchange Commission if the Company has excess cash flow (as defined in the credit agreement for the Senior Secured Credit Facilities) during the year covered by the applicable Form 10-K. As the amount of excess cash flow is a covenant feature only applicable as of the Company's year-end and calculated as of December 31, 2018, no amounts related to the prepayment of the TLB Facility have been classified as Current Portion of Long-Term Debt in the Unaudited Consolidated Balance Sheet as of September 30, 2018 . At September 30, 2018 , the Revolving Credit Facility had no borrowings outstanding and $54,065 of letters of credit outstanding, leaving $245,935 of unused capacity. 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. During the nine months ended September 30, 2018 , CONSOL Energy made total payments of $26 million on its outstanding TLA Facility, including accelerated payments of $15 million. The Company also repurchased $21 million of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025 during the nine months ended September 30, 2018 . As part of these transactions, $3,149 was included in Loss on Debt Extinguishment on the Unaudited Consolidated Statements of Income for the nine months ended September 30, 2018 . |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 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 September 30, 2018 . 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 September 30, 2018 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. The Casey complaint was amended on March 1, 2018 to add new plaintiffs, add defendant CONSOL Pennsylvania Coal Company, LLC and eliminate defendant CONSOL Buchanan Mining Co., LLC in an attempt to expand the class of retirees. The Company believes it has a meritorious defense and intends to vigorously defend this suit. 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 federal black lung 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 September 30, 2018 , 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 $ 73,383 $ 46,944 $ 26,439 $ — $ — Environmental 398 398 — — — Other 32,820 25,704 7,116 — — Total Letters of Credit 106,601 73,046 33,555 — — Surety Bonds: Employee-Related 104,033 103,083 950 — — Environmental 490,545 484,495 6,050 — — Other 4,802 4,605 197 — — Total Surety Bonds 599,380 592,183 7,197 — — Guarantees: Other 26,562 8,634 13,860 3,438 630 Total Guarantees 26,562 8,634 13,860 3,438 630 Total Commitments $ 732,543 $ 673,863 $ 54,612 $ 3,438 $ 630 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. As of September 30, 2018 , the Company has not been required to perform under these guarantees. The equipment lease obligations are collateralized by the underlying assets. The current maximum estimated exposure under the Murray Energy guarantees as of September 30, 2018 and December 31, 2017 is believed to be approximately $30,000 and $35,000 , respectively. At September 30, 2018 and December 31, 2017 , the fair value of these guarantees was $818 and $1,040 , respectively, and is included in Other Accrued Liabilities on the Unaudited Consolidated Balance Sheets. 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 | 9 Months Ended |
Sep. 30, 2018 | |
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 three months ended September 30, 2018 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 294,797 $ — $ — $ 294,797 (A) Terminal Revenue — 16,115 — 16,115 Freight Revenue 2,443 — — 2,443 Total Revenue and Freight $ 297,240 $ 16,115 $ — $ 313,355 Earnings (Loss) Before Income Tax $ 37,962 $ (29,568 ) $ — $ 8,394 Segment Assets $ 1,891,606 $ 854,322 $ — $ 2,745,928 Depreciation, Depletion and Amortization $ 44,236 $ 7,006 $ — $ 51,242 Capital Expenditures $ 32,309 $ 8,347 $ — $ 40,656 Industry segment results for the three months ended September 30, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 279,245 $ — $ — $ 279,245 (A) Terminal Revenue — 15,065 — 15,065 Freight Revenue 21,803 — — 21,803 Total Revenue and Freight $ 301,048 $ 15,065 $ — $ 316,113 Earnings (Loss) Before Income Tax $ 21,011 $ (8,723 ) $ — $ 12,288 Segment Assets $ 1,912,656 $ 675,873 $ — $ 2,588,529 Depreciation, Depletion and Amortization $ 41,638 $ 5,015 $ — $ 46,653 Capital Expenditures $ 27,157 $ 624 $ — $ 27,781 Industry segment results for the nine months ended September 30, 2018 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,016,503 $ — $ — $ 1,016,503 (A) Terminal Revenue — 47,995 — 47,995 Freight Revenue 37,774 — — 37,774 Total Revenue and Freight $ 1,054,277 $ 47,995 $ — $ 1,102,272 Earnings (Loss) Before Income Tax $ 220,862 $ (79,584 ) $ — $ 141,278 Segment Assets $ 1,891,606 $ 854,322 $ — $ 2,745,928 Depreciation, Depletion and Amortization $ 135,074 $ 20,600 $ — $ 155,674 Capital Expenditures $ 81,025 $ 15,830 $ — $ 96,855 Industry segment results for the nine months ended September 30, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 899,400 $ — $ — $ 899,400 (A) Terminal Revenue — 42,806 — 42,806 Freight Revenue 51,847 — — 51,847 Total Revenue and Freight $ 951,247 $ 42,806 $ — $ 994,053 Earnings (Loss) Before Income Tax $ 131,670 $ (1,674 ) $ — $ 129,996 Segment Assets $ 1,912,656 $ 675,873 $ — $ 2,588,529 Depreciation, Depletion and Amortization $ 125,341 $ (427 ) $ — $ 124,914 Capital Expenditures $ 49,045 $ 1,965 $ — $ 51,010 (A) For the three and nine months ended September 30, 2018 and 2017 , the PAMC segment had revenues from the following customers, each comprising over 10% of the Company’s total sales: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Customer A $ 46,727 * $ 209,968 * Customer B 84,110 * 181,236 114,451 Customer C 59,364 70,159 169,052 177,948 * Revenues from these customers during the periods presented were less than 10% of the Company’s total sales. Reconciliation of Segment Information to Consolidated Amounts: Total Assets: September 30, 2018 2017 Segment assets for total reportable business segments $ 1,891,606 $ 1,912,656 Segment assets for all other business segments 506,825 400,362 Items excluded from segment assets: Cash and other investments 275,377 86,131 Deferred tax assets 72,120 189,380 Total Consolidated Assets $ 2,745,928 $ 2,588,529 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2018 | |
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 $ — $ — $ (818 ) $ — $ — $ (1,040 ) The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 848,523 $ 905,597 $ 897,097 $ 931,768 Certain of the Company’s debt is actively traded on a public market and, as a result, constitutes 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. |
GUARANTOR SUBSIDIARIES FINANCIA
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
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, 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 Three Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 221,097 $ 73,700 $ — $ — $ 294,797 Terminal Revenue — 16,115 — — — 16,115 Freight Revenue — 1,832 611 — — 2,443 Miscellaneous Other Income 25,485 5,292 1,003 — (20,802 ) 10,978 Gain on Sale of Assets — (85 ) — — — (85 ) Total Revenue and Other Income 25,485 244,251 75,314 — (20,802 ) 324,248 Costs and Expenses: Operating and Other Costs — 172,569 49,540 672 — 222,781 Depreciation, Depletion and Amortization — 40,183 11,059 — — 51,242 Freight Expense — 1,832 611 — — 2,443 Selling, General and Administrative Costs — 14,627 3,899 — — 18,526 Interest Expense 20,441 421 1,560 — (1,560 ) 20,862 Total Costs And Expenses 20,441 229,632 66,669 672 (1,560 ) 315,854 Earnings (Loss) Before Income Tax 5,044 14,619 8,645 (672 ) (19,242 ) 8,394 Income Tax Expense (690 ) — — — (690 ) Net Income (Loss) 5,734 14,619 8,645 (672 ) (19,242 ) 9,084 Less: Net Income Attributable to Noncontrolling Interest — — — — 3,350 3,350 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 5,734 $ 14,619 $ 8,645 $ (672 ) $ (22,592 ) $ 5,734 Balance Sheet at September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 249,287 $ 245 $ 920 $ — $ — $ 250,452 Accounts and Notes Receivable: Trade — — — 78,649 — 78,649 Other Receivables 16,917 11,964 327 — — 29,208 Inventories — 40,445 12,025 — — 52,470 Prepaid Expenses 7,840 18,285 6,136 25,862 — 58,123 Total Current Assets 274,044 70,939 19,408 104,511 — 468,902 Property, Plant and Equipment: Property, Plant and Equipment — 3,860,242 935,899 — — 4,796,141 Less-Accumulated Depreciation, Depletion and Amortization — 2,176,357 516,093 — — 2,692,450 Total Property, Plant and Equipment-Net — 1,683,885 419,806 — — 2,103,691 Other Assets: Deferred Income Taxes 72,120 — — — — 72,120 Affiliated Credit Facility 147,277 — — — (147,277 ) — Investment in Affiliates 640,187 — — — (640,187 ) — Other 39,011 47,261 14,943 — — 101,215 Total Other Assets 898,595 47,261 14,943 — (787,464 ) 173,335 Total Assets $ 1,172,639 $ 1,802,085 $ 454,157 $ 104,511 $ (787,464 ) $ 2,745,928 Liabilities and Equity: Current Liabilities: Accounts Payable $ 8,709 $ 71,169 $ 20,656 $ — $ 1,867 $ 102,401 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,220 1,573 87,513 (123,015 ) — Current Portion of Long-Term Debt 6,796 10,696 3,453 — — 20,945 Other Accrued Liabilities 101,272 114,392 35,961 — (1,867 ) 249,758 Total Current Liabilities 114,486 232,477 61,643 87,513 (123,015 ) 373,104 Long-Term Debt: 697,298 153,708 153,282 — (147,277 ) 857,011 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 541,373 — — — 541,373 Pneumoconiosis Benefits — 146,729 4,947 — — 151,676 Asset Retirement Obligations — 226,586 9,605 — — 236,191 Workers’ Compensation — 61,816 3,530 — — 65,346 Salary Retirement 39,921 — — — — 39,921 Other — 18,240 605 — — 18,845 Total Deferred Credits and Other Liabilities 39,921 994,744 18,687 — — 1,053,352 Total CONSOL Energy Inc. Stockholders’ Equity 320,934 421,156 220,545 16,998 (658,699 ) 320,934 Noncontrolling Interest — — — — 141,527 141,527 Total Liabilities and Equity $ 1,172,639 $ 1,802,085 $ 454,157 $ 104,511 $ (787,464 ) $ 2,745,928 Income Statement for the Three Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 209,434 $ 69,811 $ — $ — $ 279,245 Terminal Revenue — 15,065 — — — 15,065 Freight Revenue — 16,352 5,451 — — 21,803 Miscellaneous Other Income 11,682 11,903 2,996 — (6,868 ) 19,713 (Loss) Gain on Sale of Assets — (519 ) 6 — — (513 ) Total Revenue and Other Income 11,682 252,235 78,264 — (6,868 ) 335,313 Costs and Expenses: Operating and Other Costs — 177,354 52,160 (74,324 ) 74,337 229,527 Depreciation, Depletion and Amortization — 36,301 10,352 — — 46,653 Freight Expense — 16,352 5,451 — — 21,803 Selling, General and Administrative Costs — 16,897 4,283 — — 21,180 Interest Expense 184 1,274 2,404 — — 3,862 Total Costs And Expenses 184 248,178 74,650 (74,324 ) 74,337 323,025 Earnings Before Income Tax 11,498 4,057 3,614 74,324 (81,205 ) 12,288 Income Tax Expense 3,770 — — — — 3,770 Net Income (Loss) 7,728 4,057 3,614 74,324 (81,205 ) 8,518 Less: Net Income Attributable to Noncontrolling Interest — — — — 790 790 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 7,728 $ 4,057 $ 3,614 $ 74,324 $ (81,995 ) $ 7,728 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 Income Statement for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 762,377 $ 254,126 $ — $ — $ 1,016,503 Terminal Revenue — 47,995 — — — 47,995 Freight Revenue — 28,330 9,444 — — 37,774 Miscellaneous Other Income 186,475 21,893 4,240 — (165,374 ) 47,234 Gain on Sale of Assets — 211 62 — — 273 Total Revenue and Other Income 186,475 860,806 267,872 — (165,374 ) 1,149,779 Costs and Expenses: Operating and Other Costs — 539,412 159,126 2,240 — 700,778 Depreciation, Depletion and Amortization — 121,905 33,769 — — 155,674 Freight Expense — 28,330 9,444 — — 37,774 Selling, General and Administrative Costs — 37,455 10,260 — — 47,715 Loss on Debt Extinguishment 3,149 — — — — 3,149 Interest Expense 61,495 1,916 5,295 — (5,295 ) 63,411 Total Costs And Expenses 64,644 729,018 217,894 2,240 (5,295 ) 1,008,501 Earnings (Loss) Before Income Tax 121,831 131,788 49,978 (2,240 ) (160,079 ) 141,278 Income Tax Expense 8,527 — — — — 8,527 Net Income (Loss) 113,304 131,788 49,978 (2,240 ) (160,079 ) 132,751 Less: Net Income Attributable to Noncontrolling Interest — — — — 19,447 19,447 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 113,304 $ 131,788 $ 49,978 $ (2,240 ) $ (179,526 ) $ 113,304 Income Statement for the Nine Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 674,550 $ 224,850 $ — $ — $ 899,400 Terminal Revenue — 42,806 — — — 42,806 Freight Revenue — 38,885 12,962 — — 51,847 Miscellaneous Other Income 120,022 22,865 4,798 — (95,177 ) 52,508 Gain on Sale of Assets — 11,618 1,406 — — 13,024 Total Revenue and Other Income 120,022 790,724 244,016 — (95,177 ) 1,059,585 Costs and Expenses: Operating and Other Costs — 530,040 152,275 88 — 682,403 Depreciation, Depletion and Amortization — 93,764 31,150 — — 124,914 Freight Expense — 38,885 12,962 — — 51,847 Selling, General and Administrative Costs — 47,379 11,218 — — 58,597 Interest Expense 593 3,978 7,257 — — 11,828 Total Costs And Expenses 593 714,046 214,862 88 — 929,589 Earnings (Loss) Before Income Tax 119,429 76,678 29,154 (88 ) (95,177 ) 129,996 Income Tax Expense 22,787 — — 22,787 Net Income (Loss) 96,642 76,678 29,154 (88 ) (95,177 ) 107,209 Less: Net Income Attributable to Noncontrolling Interest — — — — 10,567 10,567 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 96,642 $ 76,678 $ 29,154 $ (88 ) $ (105,744 ) $ 96,642 Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ (45,278 ) $ 280,396 $ 95,134 $ — $ — $ 330,252 Cash Flows from Investing Activities: Capital Expenditures — (76,599 ) (20,256 ) — — (96,855 ) Proceeds From Sales of Assets — 1,198 170 — — 1,368 (Investments in), net of Distributions from, Subsidiaries 30,237 (3,959 ) — — (26,278 ) — Net Cash (Used in) Provided by Investing Activities 30,237 (79,360 ) (20,086 ) — (26,278 ) (95,487 ) Cash Flows from Financing Activities: Payments on Capitalized Lease Obligations — (8,894 ) (2,125 ) — — (11,019 ) Affiliated Credit Facility 29,583 — (29,583 ) — — — Payments on Term Loan A (26,250 ) — — — — (26,250 ) Payments on Term Loan B (3,000 ) — — — — (3,000 ) Buyback of Second Lien Notes (20,524 ) — — — — (20,524 ) Distributions to Noncontrolling Interest — — (43,041 ) — 26,278 (16,763 ) Shares/Units Withheld for Taxes — (2,011 ) (912 ) — — (2,923 ) Spin Distribution to CNX Resources (18,234 ) — — — (18,234 ) Repurchases of Common Stock (9,724 ) — — — — (9,724 ) Purchases of CCR Units (1,142 ) — — — — (1,142 ) Debt-Related Financing Fees (2,851 ) — — — — (2,851 ) Net Cash (Used in) Provided by Financing Activities $ (33,908 ) $ (29,139 ) $ (75,661 ) $ — $ 26,278 $ (112,430 ) Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ (89,602 ) $ 200,470 $ 60,783 $ — $ — $ 171,651 Cash Flows from Investing Activities: Capital Expenditures — (38,749 ) (12,261 ) — — (51,010 ) Proceeds From Sales of Assets — 16,421 1,500 — — 17,921 (Investments in), net of Distributions from, Subsidiaries 37,243 (11,496 ) — — (25,747 ) — Net Cash (Used in) Provided by Investing Activities 37,243 (33,824 ) (10,761 ) — (25,747 ) (33,089 ) Cash Flows from Financing Activities: Payments on Capitalized Lease Obligations — (2,846 ) (74 ) — — (2,920 ) Net (Payments on) Proceeds from Revolver - MLP — — (13,000 ) — — (13,000 ) Distributions to Noncontrolling Interest — — (42,150 ) — 25,747 (16,403 ) Shares/Units Withheld for Taxes — — (1,009 ) — — (1,009 ) Intercompany Contributions/(Distributions) 114,844 (114,844 ) — — — — Other Parent Net Distributions (114,844 ) — — — — (114,844 ) Net Cash (Used in) Provided by Financing Activities $ — $ (117,690 ) $ (56,233 ) $ — $ 25,747 $ (148,176 ) Statement of Comprehensive Income for the Three Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 5,734 $ 14,619 $ 8,645 $ (672 ) $ (19,242 ) $ 9,084 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 4,177 — (2 ) — 2 4,177 Other Comprehensive Income (Loss): 4,177 — (2 ) — 2 4,177 Comprehensive Income (Loss) 9,911 14,619 8,643 (672 ) (19,240 ) 13,261 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 3,346 3,346 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 9,911 $ 14,619 $ 8,643 $ (672 ) $ (22,586 ) $ 9,915 Statement of Comprehensive Income for the Three Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 7,728 $ 4,057 $ 3,614 $ 74,324 $ (81,205 ) $ 8,518 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 3,285 — (39 ) — 39 3,285 Other Comprehensive Income (Loss): 3,285 — (39 ) — 39 3,285 Comprehensive Income (Loss) 11,013 4,057 3,575 74,324 (81,166 ) 11,803 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 779 779 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 11,013 $ 4,057 $ 3,575 $ 74,324 $ (81,945 ) $ 11,024 Statement of Comprehensive Income for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 113,304 $ 131,788 $ 49,978 $ (2,240 ) $ (160,079 ) $ 132,751 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 12,356 — (6 ) — 6 12,356 Other Comprehensive Income (Loss): 12,356 — (6 ) — 6 12,356 Comprehensive Income (Loss) 125,660 131,788 49,972 (2,240 ) (160,073 ) 145,107 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 19,444 19,444 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 125,660 $ 131,788 $ 49,972 $ (2,240 ) $ (179,517 ) $ 125,663 Statement of Comprehensive Income for the Nine Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 96,642 $ 76,678 $ 29,154 $ (88 ) $ (95,177 ) $ 107,209 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 9,855 — (118 ) — 118 9,855 Other Comprehensive Income (Loss): 9,855 — (118 ) — 118 9,855 Comprehensive Income (Loss) 106,497 76,678 29,036 (88 ) (95,059 ) 117,064 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 10,533 10,533 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 106,497 $ 76,678 $ 29,036 $ (88 ) $ (105,592 ) $ 106,531 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2018 | |
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, 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 1 - Basis of Presentation for further information on the separation from ParentCo. Also refer to Note 16 - Stock-Based Compensation in the Notes to the Audited Consolidated Financial Statements in Item 8 of the Company’s December 31, 2017 Form 10-K 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 Unaudited Consolidated Balance Sheets and as a financing activity within the accompanying Unaudited Consolidated Statements of Cash Flows. In the Unaudited Consolidated Statements of Stockholders’ Equity, ParentCo’s net investment on the Unaudited 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 unaudited 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 three and nine months ended September 30, 2018 , and are consistent with expenses that ParentCo has historically allocated or incurred with respect to such services. CNX Resources Receivables and Payables At September 30, 2018 and December 31, 2017 , the Company had a payable to CNX Resources Corporation of $473 and $12,540 , respectively. The Company also had a receivable from CNX Resources Corporation of $11,570 and $15,415 , of which $5,282 and $4,500 was recorded in current assets and $6,288 and $10,915 was included in other assets on the Unaudited Consolidated Balance Sheets at September 30, 2018 and December 31, 2017 , respectively. 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 . During the nine months ended September 30, 2018 , the Company paid CNX Resources $18,234 for its portion of the one-time transaction costs related to the separation and distribution. Per the SDA, these costs are split equally by the two companies. These costs consist 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 on the Unaudited 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, which was controlled by CNX at the time of the IPO and is now controlled by the Company following the separation and distribution. 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 (the “Original CCR Credit Facility”). Obligations under the revolving credit facility were guaranteed by CCR’s subsidiaries (the guarantor subsidiaries) and were secured by substantially all of CCR’s and CCR’s subsidiaries’ assets pursuant to a security agreement and various mortgages. 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 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 outstanding amounts under the Original CCR Credit Facility and to provide working capital for the Partnership following the separation and for other general corporate purposes. The Original CCR Credit Facility was then terminated. The Affiliated Company Credit Agreement matures on February 27, 2023. Interest accrues at a rate ranging from 3.75% to 4.75% , subject to the Partnership's net leverage ratio. For the three and nine months ended September 30, 2018 , $1,832 and $5,942 of interest expense is included in the Unaudited Consolidated Statements of Income, respectively. The collateral obligations under the Affiliated Company Credit Agreement generally mirror the Original CCR Credit Facility, 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 September 30, 2018 . 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). CCR is a party to a number of other agreements with CONSOL Energy, or its subsidiaries, that are described in detail in the section titled “Agreements with Affiliates” in Item 13 of CCR’s Form 10-K filed on February 16, 2018. Charges for services from the Company to CCR include the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Operating and Other Costs $ 725 $ 850 $ 2,172 $ 2,589 Selling, General and Administrative Costs 2,345 834 5,943 2,288 Total Services from CONSOL Energy $ 3,070 $ 1,684 $ 8,115 $ 4,877 Operating and Other Costs includes service costs for pension and insurance expenses. Selling, General and Administrative Costs include charges for incentive compensation, an annual administrative support fee and reimbursement for the provision of certain management and operating services provided by CNX prior to the separation and by CONSOL Energy following the separation. As of November 28, 2017, certain administrative services historically incurred by the Partnership are now incurred by CONSOL Energy and the Partnership's portion is reimbursed to CONSOL Energy. At September 30, 2018 and December 31, 2017 , CCR had a net payable to the Company in the amount of $ 1,573 and $ 3,071 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the omnibus agreement. In July 2018, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock and debt repurchase program (see Note 17 - Stock, Unit and Debt Repurchase). The program expansion allows the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP's outstanding common units in the open market. During the nine months ended September 30, 2018 , 77,536 of the Partnership's common units were repurchased at an average price of $17.86 per unit. |
STOCK, UNIT AND DEBT REPURCHASE
STOCK, UNIT AND DEBT REPURCHASE | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
STOCK, UNIT AND DEBT REPURCHASE | STOCK, UNIT AND DEBT 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 million through the period ending June 30, 2019. The program was subsequently amended by CONSOL Energy’s Board of Directors in July 2018 to allow up to $100 million of repurchases of the Company’s common stock or its 11.00% Senior Secured Second Lien Notes due 2025, subject to certain limitations in the Company’s current credit agreement and the TMA. The Company’s Board of Directors also authorized the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP’s outstanding common units in the open market. 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. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock, notes or units 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, notes or units, 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, indenture, or the TMA, and is subject to market conditions and other factors. During the nine months ended September 30, 2018 , 281,272 shares of the Company’s common stock were repurchased and retired at an average price of $40.03 per share, and 77,536 of the Partnership’s common units were purchased at an average price of $17.86 per unit. Additionally, the Company repurchased approximately $20,524 of its Senior Secured Second Lien Notes. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS: On October 25, 2018, the Board of Directors of CCR's general partner declared a cash distribution of $0.5125 for the quarter ended September 30, 2018 per unit to CCR's limited partner unitholders and the holder of the general partner interest. The cash distribution will be paid on November 15, 2018 to the unitholders of record at the close of business on November 8, 2018. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2017 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2017 . |
Basis of Consolidation | Basis of Consolidation The Unaudited 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 between subsidiaries within the Company 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 Unaudited 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 Unaudited 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 Unaudited Consolidated Financial Statements. All significant intercompany transactions between ParentCo and the Company were included within Parent Net Investment in the accompanying Unaudited Consolidated Financial Statements. |
Cost Allocations | Cost Allocations The description and information on cost allocations is applicable for all periods included in the Unaudited Consolidated Financial Statements prior to the separation and distribution. 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 Unaudited 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. Nevertheless, the Unaudited Consolidated Financial Statements of CONSOL Energy Inc. may not reflect the actual expenses that would have been incurred and may not reflect CONSOL Energy Inc.'s consolidated results of operations, financial position and cash flows had it been a standalone company during the periods prior to the separation and distribution. Actual costs that would have been incurred if CONSOL Energy Inc. had been a standalone company would depend on multiple factors, including organizational structure, capital structure, and strategic decisions made in various areas, including information technology and infrastructure. Transactions between CONSOL Energy Inc. and ParentCo were included as related party transactions in the Unaudited Consolidated Financial Statements and were considered to be effectively settled for cash at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the accompanying Unaudited Consolidated Statements of Cash Flows as a financing activity and in the Unaudited Consolidated Balance Sheets as Parent Net Investment. Long-term employee obligations, comprised of pensions, OPEB, CWP and workers' compensation, have been allocated to CONSOL Energy Inc. on the basis of the underlying employees comprising those plans. Prior to the completion of the separation and distribution, all external debt not directly attributable to the ParentCo Coal Business has been excluded from the Unaudited Consolidated Balance Sheets of CONSOL Energy Inc. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements on fair value measurements including the consideration of costs and benefits. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In July 2018, the FASB issued ASU 2018-11 - Leases (Topic 842) to assist stakeholders with implementation questions and issues as organizations prepare to adopt the new leasing standard. Under the amendments in Update 2018-11, entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may elect not to separate lease and nonlease components when certain conditions are met. These changes will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07 - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. The amendments in this update seek to simplify accounting for non-employee share-based payments by clarifying and improving the areas of the overall measurement objective, measurement date, and awards with performance conditions. 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. Management does not expect this update to have a material impact on the Company's financial statements. In February 2018, the FASB issued ASU 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. Early adoption is permitted. CONSOL Energy adopted the new guidance during the first quarter of 2018 and elected to make the reclassification. As a result, retained earnings increased $ 84,729 with a corresponding decrease to accumulated other comprehensive loss. In January 2018, the FASB issued ASU 2018-01 - Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This Update, if elected, would not require an entity to reassess the accounting treatment of existing land easements not currently accounted for as a lease under Topic 840. Once an entity adopts Topic 842, it should apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement should be accounted for as a lease. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this update is permitted for all entities. Management is expecting to adopt this practical expedient and is currently evaluating the impact this guidance may have on the Company’s financial statements. In November 2016, the FASB issued ASU 2016-18 - Statement of Cash Flows (Topic 230) - Restricted Cash. During the three months ended March 31, 2018, the Company adopted this guidance, which addressed the presentation of several items in the statement of cash flows. Specifically, the guidance identifies nine cash flow items and the sections where they must be presented within the statement of cash flows. Other than the classification of restricted cash, the adoption of this guidance had no impact on the Company's financial statements. This guidance requires that restricted cash be aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items at the bottom of the statement of cash flows. Previously, the change in restricted cash between the beginning-of-period and end-of-period was reflected as either an investing, financing, operating, or non-cash activity based on the underlying nature of the transaction. Accordingly, for the accompanying Unaudited Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 , the cash and cash equivalents and restricted cash at end of period line item includes $25,862 of restricted cash. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the accompanying Unaudited Consolidated Balance Sheet that sums to the cash and cash equivalents and restricted cash at the end of the period presented on the accompanying Unaudited Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 : September 30, 2018 December 31, 2017 Cash and cash equivalents $ 250,452 $ 153,979 Restricted cash* 25,862 — $ 276,314 $ 153,979 *These amounts are reported in Prepaid Expenses and Other Assets on the accompanying Unaudited Consolidated Balance Sheets. In June 2016, the FASB issued ASU 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The amendments in this Update will be applied using a modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted for fiscal years beginning after December 15, 2018 and interim periods within those annual periods. Management does not expect this update to have a material impact on the Company's financial statements. In 2016, the FASB issued a new lease accounting standard which requires lessees to put most leases on their balance sheets but recognize the expenses in their income statements in a manner similar to current practice. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Expenses related to leases determined to be operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. The ultimate impact of the standard will depend on the Company's lease portfolio as of the adoption date. CONSOL Energy will adopt ASC 842 using a modified retrospective transition method. The Company continues to assess its current population of contracts classified as leases, which will be updated as the lease population changes, continues to evaluate new business processes related to internal controls for leases and is assessing and documenting the accounting impacts related to the new standard. In addition to monitoring FASB activity regarding ASU 2016-02, the Company continues to monitor various non-authoritative groups with respect to implementation issues that could affect its assessment. These changes will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. |
Earnings per Share | Earnings per Share Basic earnings per share are computed by dividing net income attributable to CONSOL Energy Inc. 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. |
Revenue Recognition | ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): On January 1, 2018, the Company adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) for all contracts using the modified retrospective method. No cumulative adjustment to the opening balance of retained earnings was made as a result of initially applying the new revenue standard. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its net income on an ongoing basis. CONSOL Energy's revenue continues to be recognized when title passes to the customer. Coal Revenue Revenues are recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base price per ton. None of the Company’s coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. Some of the Company's contracts span multiple years and have annual pricing modifications, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Also, some of the Company's contracts contain favorable electric power price related adjustments, which represent market-driven price adjustments, wherein there is no additional value being exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are immaterial to the Company's net income. At September 30, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Unaudited Consolidated Balance Sheet. As of and for the three and nine months ended September 30, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Terminal Revenue Terminal revenues are attributable to the Company's CONSOL Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the Terminal, stockpiling, blending, weighing, sampling, redelivery, and loading of coal onto vessels. Revenues for these services are generally earned on a throughput basis, and performance obligations are considered fulfilled as the services are performed. CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At September 30, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Unaudited Consolidated Balance Sheet. As of and for the three and nine months ended September 30, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining Terminal customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Freight Revenue Some of CONSOL Energy's coal contracts require that the Company sell its coal at locations other than its central preparation plant. The cost to transport the Company's coal to the ultimate sales point is passed through to the Company's customers and CONSOL Energy recognizes the freight revenue equal to the transportation costs when title of the coal passes to the customer. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the accompanying Unaudited Consolidated Balance Sheet that sums to the cash and cash equivalents and restricted cash at the end of the period presented on the accompanying Unaudited Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 : September 30, 2018 December 31, 2017 Cash and cash equivalents $ 250,452 $ 153,979 Restricted cash* 25,862 — $ 276,314 $ 153,979 *These amounts are reported in Prepaid Expenses and Other Assets on the accompanying Unaudited Consolidated Balance Sheets. |
Schedule of Antidilutive Securities | The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Anti-Dilutive Restricted Stock Units 620 — 620 — |
Schedule of Basic and Dilutive Earnings Per Share | The computations for basic and dilutive earnings per share are as follows: For the Three Months Ended For the Nine Months Ended Amounts in thousands, except per share data September 30, September 30, 2018 2017 2018 2017 Numerator: Net Income $ 9,084 $ 8,518 $ 132,751 $ 107,209 Less: Net Income Attributable to Noncontrolling Interest 3,350 790 19,447 10,567 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 5,734 $ 7,728 $ 113,304 $ 96,642 Denominator: Weighted-average shares of common stock outstanding 27,982,538 27,967,509 28,011,488 27,967,509 Effect of dilutive shares 593,322 — 516,527 — Weighted-average diluted shares of common stock outstanding 28,575,860 27,967,509 28,528,015 27,967,509 Earnings per Share: Basic $ 0.20 $ 0.28 $ 4.04 $ 3.46 Dilutive $ 0.20 $ 0.28 $ 3.97 $ 3.46 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Major Source | The following table disaggregates CONSOL Energy's revenue by major source for the three and nine months ended September 30, 2018 : Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Coal Revenue $ 294,797 $ 1,016,503 Terminal Revenue 16,115 47,995 Freight Revenue 2,443 37,774 Total Revenue from Contracts with Customers $ 313,355 $ 1,102,272 |
MISCELLANEOUS OTHER INCOME (Tab
MISCELLANEOUS OTHER INCOME (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Miscellaneous Other Income | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Royalty Income - Non-Operated Coal $ 5,160 $ 3,520 $ 19,108 $ 15,713 Purchased Coal Sales 2,901 3,569 15,389 9,667 Property Easements and Option Income 1,069 1,402 5,479 2,396 Rental Income 896 1,589 3,066 12,722 Interest Income 523 448 1,591 1,495 Contract Buyout — 8,410 — 8,410 Other 429 775 2,601 2,105 Miscellaneous Other Income $ 10,978 $ 19,713 $ 47,234 $ 52,508 |
COMPONENTS OF PENSION AND OTH_2
COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit (Credit) Cost | Components of Net Periodic Benefit (Credit) Cost are as follows: Pension Benefits Other Post-Employment Benefits Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 Service Cost $ 288 $ 759 $ 863 $ 2,277 $ — $ — $ — $ — Interest Cost 5,876 6,121 17,628 18,363 4,677 5,986 14,030 17,958 Expected Return on Plan Assets (10,092 ) (10,596 ) (30,277 ) (31,787 ) — — — — Amortization of Prior Service Credits (126 ) (60 ) (377 ) (180 ) (601 ) (601 ) (1,804 ) (1,804 ) Amortization of Actuarial Loss 2,179 1,955 6,537 5,865 4,051 5,778 12,154 17,334 Net Periodic Benefit (Credit) Cost $ (1,875 ) $ (1,821 ) $ (5,626 ) $ (5,462 ) $ 8,127 $ 11,163 $ 24,380 $ 33,488 |
COMPONENTS OF COAL WORKERS_ P_2
COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost are as follows: CWP Workers' Compensation Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 Service Cost $ 1,662 $ 1,280 $ 4,987 $ 3,842 $ 1,558 $ 1,569 $ 4,673 $ 4,706 Interest Cost 1,311 1,013 3,934 3,038 571 580 1,712 1,740 Amortization of Actuarial Gain (213 ) (1,908 ) (640 ) (5,724 ) (20 ) (150 ) (59 ) (449 ) State Administrative Fees and Insurance Bond Premiums — — — — 675 609 1,986 1,969 Net Periodic Benefit Cost $ 2,760 $ 385 $ 8,281 $ 1,156 $ 2,784 $ 2,608 $ 8,312 $ 7,966 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory components consist of the following: September 30, December 31, Coal $ 9,572 $ 11,411 Supplies 42,898 42,009 Total Inventories $ 52,470 $ 53,420 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consists of the following: September 30, December 31, Plant and Equipment $ 2,860,449 $ 2,757,062 Coal Properties and Surface Lands 857,814 857,031 Airshafts 406,726 392,266 Mine Development 344,147 344,139 Advance Mining Royalties 327,005 325,855 Total Property, Plant and Equipment 4,796,141 4,676,353 Less: Accumulated Depreciation, Depletion and Amortization 2,692,450 2,554,056 Total Property, Plant and Equipment, Net $ 2,103,691 $ 2,122,297 |
OTHER ACCRUED LIABILITIES (Tabl
OTHER ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | September 30, December 31, 2017 Subsidence Liability $ 90,311 $ 88,027 Accrued Payroll and Benefits 16,045 14,689 Accrued Interest 13,305 10,039 Litigation 9,270 8,197 Accrued Other Taxes 5,164 7,510 Short-Term Incentive Compensation 4,862 4,729 Deferred Revenue 155 6,807 Longwall Equipment Buyout — 22,631 Equipment Lease Rental — 9,865 Other 18,424 23,900 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 37,238 37,464 Asset Retirement Obligations 31,823 30,480 Workers' Compensation 12,369 13,317 Pneumoconiosis Benefits 10,792 12,972 Total Other Accrued Liabilities $ 249,758 $ 290,627 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | September 30, December 31, Debt: Term Loan B due in November 2022 (Principal of $397,000 and $400,000 less Unamortized Discount of $6,653 and $7,853, respectively, 8.25% Weighted Average Interest Rate) $ 390,347 $ 392,147 11.00% Senior Secured Second Lien Notes due 2025 279,476 300,000 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in November 2021 (6.50% Weighted Average Interest Rate) 73,750 100,000 Advance Royalty Commitments (9.42% Weighted Average Interest Rate) 2,085 2,085 Less: Unamortized Debt Issuance Costs 17,428 21,129 831,095 875,968 Less: Amounts Due in One Year* 4,318 19,318 Long-Term Debt $ 826,777 $ 856,650 * Excludes current portion of Capital Lease Obligations of $16,627 and $3,164 at September 30, 2018 and December 31, 2017 , respectively. |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 $ 73,383 $ 46,944 $ 26,439 $ — $ — Environmental 398 398 — — — Other 32,820 25,704 7,116 — — Total Letters of Credit 106,601 73,046 33,555 — — Surety Bonds: Employee-Related 104,033 103,083 950 — — Environmental 490,545 484,495 6,050 — — Other 4,802 4,605 197 — — Total Surety Bonds 599,380 592,183 7,197 — — Guarantees: Other 26,562 8,634 13,860 3,438 630 Total Guarantees 26,562 8,634 13,860 3,438 630 Total Commitments $ 732,543 $ 673,863 $ 54,612 $ 3,438 $ 630 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Industry Segment Results | Industry segment results for the three months ended September 30, 2018 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 294,797 $ — $ — $ 294,797 (A) Terminal Revenue — 16,115 — 16,115 Freight Revenue 2,443 — — 2,443 Total Revenue and Freight $ 297,240 $ 16,115 $ — $ 313,355 Earnings (Loss) Before Income Tax $ 37,962 $ (29,568 ) $ — $ 8,394 Segment Assets $ 1,891,606 $ 854,322 $ — $ 2,745,928 Depreciation, Depletion and Amortization $ 44,236 $ 7,006 $ — $ 51,242 Capital Expenditures $ 32,309 $ 8,347 $ — $ 40,656 Industry segment results for the three months ended September 30, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 279,245 $ — $ — $ 279,245 (A) Terminal Revenue — 15,065 — 15,065 Freight Revenue 21,803 — — 21,803 Total Revenue and Freight $ 301,048 $ 15,065 $ — $ 316,113 Earnings (Loss) Before Income Tax $ 21,011 $ (8,723 ) $ — $ 12,288 Segment Assets $ 1,912,656 $ 675,873 $ — $ 2,588,529 Depreciation, Depletion and Amortization $ 41,638 $ 5,015 $ — $ 46,653 Capital Expenditures $ 27,157 $ 624 $ — $ 27,781 Industry segment results for the nine months ended September 30, 2018 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,016,503 $ — $ — $ 1,016,503 (A) Terminal Revenue — 47,995 — 47,995 Freight Revenue 37,774 — — 37,774 Total Revenue and Freight $ 1,054,277 $ 47,995 $ — $ 1,102,272 Earnings (Loss) Before Income Tax $ 220,862 $ (79,584 ) $ — $ 141,278 Segment Assets $ 1,891,606 $ 854,322 $ — $ 2,745,928 Depreciation, Depletion and Amortization $ 135,074 $ 20,600 $ — $ 155,674 Capital Expenditures $ 81,025 $ 15,830 $ — $ 96,855 Industry segment results for the nine months ended September 30, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 899,400 $ — $ — $ 899,400 (A) Terminal Revenue — 42,806 — 42,806 Freight Revenue 51,847 — — 51,847 Total Revenue and Freight $ 951,247 $ 42,806 $ — $ 994,053 Earnings (Loss) Before Income Tax $ 131,670 $ (1,674 ) $ — $ 129,996 Segment Assets $ 1,912,656 $ 675,873 $ — $ 2,588,529 Depreciation, Depletion and Amortization $ 125,341 $ (427 ) $ — $ 124,914 Capital Expenditures $ 49,045 $ 1,965 $ — $ 51,010 |
Schedule of Segment Revenues from Major Customers | For the three and nine months ended September 30, 2018 and 2017 , the PAMC segment had revenues from the following customers, each comprising over 10% of the Company’s total sales: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Customer A $ 46,727 * $ 209,968 * Customer B 84,110 * 181,236 114,451 Customer C 59,364 70,159 169,052 177,948 |
Schedule of Total Assets | Total Assets: September 30, 2018 2017 Segment assets for total reportable business segments $ 1,891,606 $ 1,912,656 Segment assets for all other business segments 506,825 400,362 Items excluded from segment assets: Cash and other investments 275,377 86,131 Deferred tax assets 72,120 189,380 Total Consolidated Assets $ 2,745,928 $ 2,588,529 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 $ — $ — $ (818 ) $ — $ — $ (1,040 ) |
Schedule of Fair Value of Financial Instruments | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 848,523 $ 905,597 $ 897,097 $ 931,768 |
GUARANTOR SUBSIDIARIES FINANC_2
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Income Statement | Income Statement for the Three Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 209,434 $ 69,811 $ — $ — $ 279,245 Terminal Revenue — 15,065 — — — 15,065 Freight Revenue — 16,352 5,451 — — 21,803 Miscellaneous Other Income 11,682 11,903 2,996 — (6,868 ) 19,713 (Loss) Gain on Sale of Assets — (519 ) 6 — — (513 ) Total Revenue and Other Income 11,682 252,235 78,264 — (6,868 ) 335,313 Costs and Expenses: Operating and Other Costs — 177,354 52,160 (74,324 ) 74,337 229,527 Depreciation, Depletion and Amortization — 36,301 10,352 — — 46,653 Freight Expense — 16,352 5,451 — — 21,803 Selling, General and Administrative Costs — 16,897 4,283 — — 21,180 Interest Expense 184 1,274 2,404 — — 3,862 Total Costs And Expenses 184 248,178 74,650 (74,324 ) 74,337 323,025 Earnings Before Income Tax 11,498 4,057 3,614 74,324 (81,205 ) 12,288 Income Tax Expense 3,770 — — — — 3,770 Net Income (Loss) 7,728 4,057 3,614 74,324 (81,205 ) 8,518 Less: Net Income Attributable to Noncontrolling Interest — — — — 790 790 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 7,728 $ 4,057 $ 3,614 $ 74,324 $ (81,995 ) $ 7,728 Income Statement for the Three Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 221,097 $ 73,700 $ — $ — $ 294,797 Terminal Revenue — 16,115 — — — 16,115 Freight Revenue — 1,832 611 — — 2,443 Miscellaneous Other Income 25,485 5,292 1,003 — (20,802 ) 10,978 Gain on Sale of Assets — (85 ) — — — (85 ) Total Revenue and Other Income 25,485 244,251 75,314 — (20,802 ) 324,248 Costs and Expenses: Operating and Other Costs — 172,569 49,540 672 — 222,781 Depreciation, Depletion and Amortization — 40,183 11,059 — — 51,242 Freight Expense — 1,832 611 — — 2,443 Selling, General and Administrative Costs — 14,627 3,899 — — 18,526 Interest Expense 20,441 421 1,560 — (1,560 ) 20,862 Total Costs And Expenses 20,441 229,632 66,669 672 (1,560 ) 315,854 Earnings (Loss) Before Income Tax 5,044 14,619 8,645 (672 ) (19,242 ) 8,394 Income Tax Expense (690 ) — — — (690 ) Net Income (Loss) 5,734 14,619 8,645 (672 ) (19,242 ) 9,084 Less: Net Income Attributable to Noncontrolling Interest — — — — 3,350 3,350 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 5,734 $ 14,619 $ 8,645 $ (672 ) $ (22,592 ) $ 5,734 Income Statement for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 762,377 $ 254,126 $ — $ — $ 1,016,503 Terminal Revenue — 47,995 — — — 47,995 Freight Revenue — 28,330 9,444 — — 37,774 Miscellaneous Other Income 186,475 21,893 4,240 — (165,374 ) 47,234 Gain on Sale of Assets — 211 62 — — 273 Total Revenue and Other Income 186,475 860,806 267,872 — (165,374 ) 1,149,779 Costs and Expenses: Operating and Other Costs — 539,412 159,126 2,240 — 700,778 Depreciation, Depletion and Amortization — 121,905 33,769 — — 155,674 Freight Expense — 28,330 9,444 — — 37,774 Selling, General and Administrative Costs — 37,455 10,260 — — 47,715 Loss on Debt Extinguishment 3,149 — — — — 3,149 Interest Expense 61,495 1,916 5,295 — (5,295 ) 63,411 Total Costs And Expenses 64,644 729,018 217,894 2,240 (5,295 ) 1,008,501 Earnings (Loss) Before Income Tax 121,831 131,788 49,978 (2,240 ) (160,079 ) 141,278 Income Tax Expense 8,527 — — — — 8,527 Net Income (Loss) 113,304 131,788 49,978 (2,240 ) (160,079 ) 132,751 Less: Net Income Attributable to Noncontrolling Interest — — — — 19,447 19,447 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 113,304 $ 131,788 $ 49,978 $ (2,240 ) $ (179,526 ) $ 113,304 Income Statement for the Nine Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 674,550 $ 224,850 $ — $ — $ 899,400 Terminal Revenue — 42,806 — — — 42,806 Freight Revenue — 38,885 12,962 — — 51,847 Miscellaneous Other Income 120,022 22,865 4,798 — (95,177 ) 52,508 Gain on Sale of Assets — 11,618 1,406 — — 13,024 Total Revenue and Other Income 120,022 790,724 244,016 — (95,177 ) 1,059,585 Costs and Expenses: Operating and Other Costs — 530,040 152,275 88 — 682,403 Depreciation, Depletion and Amortization — 93,764 31,150 — — 124,914 Freight Expense — 38,885 12,962 — — 51,847 Selling, General and Administrative Costs — 47,379 11,218 — — 58,597 Interest Expense 593 3,978 7,257 — — 11,828 Total Costs And Expenses 593 714,046 214,862 88 — 929,589 Earnings (Loss) Before Income Tax 119,429 76,678 29,154 (88 ) (95,177 ) 129,996 Income Tax Expense 22,787 — — 22,787 Net Income (Loss) 96,642 76,678 29,154 (88 ) (95,177 ) 107,209 Less: Net Income Attributable to Noncontrolling Interest — — — — 10,567 10,567 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 96,642 $ 76,678 $ 29,154 $ (88 ) $ (105,744 ) $ 96,642 |
Balance Sheet | Balance Sheet at September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 249,287 $ 245 $ 920 $ — $ — $ 250,452 Accounts and Notes Receivable: Trade — — — 78,649 — 78,649 Other Receivables 16,917 11,964 327 — — 29,208 Inventories — 40,445 12,025 — — 52,470 Prepaid Expenses 7,840 18,285 6,136 25,862 — 58,123 Total Current Assets 274,044 70,939 19,408 104,511 — 468,902 Property, Plant and Equipment: Property, Plant and Equipment — 3,860,242 935,899 — — 4,796,141 Less-Accumulated Depreciation, Depletion and Amortization — 2,176,357 516,093 — — 2,692,450 Total Property, Plant and Equipment-Net — 1,683,885 419,806 — — 2,103,691 Other Assets: Deferred Income Taxes 72,120 — — — — 72,120 Affiliated Credit Facility 147,277 — — — (147,277 ) — Investment in Affiliates 640,187 — — — (640,187 ) — Other 39,011 47,261 14,943 — — 101,215 Total Other Assets 898,595 47,261 14,943 — (787,464 ) 173,335 Total Assets $ 1,172,639 $ 1,802,085 $ 454,157 $ 104,511 $ (787,464 ) $ 2,745,928 Liabilities and Equity: Current Liabilities: Accounts Payable $ 8,709 $ 71,169 $ 20,656 $ — $ 1,867 $ 102,401 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,220 1,573 87,513 (123,015 ) — Current Portion of Long-Term Debt 6,796 10,696 3,453 — — 20,945 Other Accrued Liabilities 101,272 114,392 35,961 — (1,867 ) 249,758 Total Current Liabilities 114,486 232,477 61,643 87,513 (123,015 ) 373,104 Long-Term Debt: 697,298 153,708 153,282 — (147,277 ) 857,011 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 541,373 — — — 541,373 Pneumoconiosis Benefits — 146,729 4,947 — — 151,676 Asset Retirement Obligations — 226,586 9,605 — — 236,191 Workers’ Compensation — 61,816 3,530 — — 65,346 Salary Retirement 39,921 — — — — 39,921 Other — 18,240 605 — — 18,845 Total Deferred Credits and Other Liabilities 39,921 994,744 18,687 — — 1,053,352 Total CONSOL Energy Inc. Stockholders’ Equity 320,934 421,156 220,545 16,998 (658,699 ) 320,934 Noncontrolling Interest — — — — 141,527 141,527 Total Liabilities and Equity $ 1,172,639 $ 1,802,085 $ 454,157 $ 104,511 $ (787,464 ) $ 2,745,928 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 | Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ (45,278 ) $ 280,396 $ 95,134 $ — $ — $ 330,252 Cash Flows from Investing Activities: Capital Expenditures — (76,599 ) (20,256 ) — — (96,855 ) Proceeds From Sales of Assets — 1,198 170 — — 1,368 (Investments in), net of Distributions from, Subsidiaries 30,237 (3,959 ) — — (26,278 ) — Net Cash (Used in) Provided by Investing Activities 30,237 (79,360 ) (20,086 ) — (26,278 ) (95,487 ) Cash Flows from Financing Activities: Payments on Capitalized Lease Obligations — (8,894 ) (2,125 ) — — (11,019 ) Affiliated Credit Facility 29,583 — (29,583 ) — — — Payments on Term Loan A (26,250 ) — — — — (26,250 ) Payments on Term Loan B (3,000 ) — — — — (3,000 ) Buyback of Second Lien Notes (20,524 ) — — — — (20,524 ) Distributions to Noncontrolling Interest — — (43,041 ) — 26,278 (16,763 ) Shares/Units Withheld for Taxes — (2,011 ) (912 ) — — (2,923 ) Spin Distribution to CNX Resources (18,234 ) — — — (18,234 ) Repurchases of Common Stock (9,724 ) — — — — (9,724 ) Purchases of CCR Units (1,142 ) — — — — (1,142 ) Debt-Related Financing Fees (2,851 ) — — — — (2,851 ) Net Cash (Used in) Provided by Financing Activities $ (33,908 ) $ (29,139 ) $ (75,661 ) $ — $ 26,278 $ (112,430 ) Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ (89,602 ) $ 200,470 $ 60,783 $ — $ — $ 171,651 Cash Flows from Investing Activities: Capital Expenditures — (38,749 ) (12,261 ) — — (51,010 ) Proceeds From Sales of Assets — 16,421 1,500 — — 17,921 (Investments in), net of Distributions from, Subsidiaries 37,243 (11,496 ) — — (25,747 ) — Net Cash (Used in) Provided by Investing Activities 37,243 (33,824 ) (10,761 ) — (25,747 ) (33,089 ) Cash Flows from Financing Activities: Payments on Capitalized Lease Obligations — (2,846 ) (74 ) — — (2,920 ) Net (Payments on) Proceeds from Revolver - MLP — — (13,000 ) — — (13,000 ) Distributions to Noncontrolling Interest — — (42,150 ) — 25,747 (16,403 ) Shares/Units Withheld for Taxes — — (1,009 ) — — (1,009 ) Intercompany Contributions/(Distributions) 114,844 (114,844 ) — — — — Other Parent Net Distributions (114,844 ) — — — — (114,844 ) Net Cash (Used in) Provided by Financing Activities $ — $ (117,690 ) $ (56,233 ) $ — $ 25,747 $ (148,176 ) |
Statement of Comprehensive Income | Statement of Comprehensive Income for the Three Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 5,734 $ 14,619 $ 8,645 $ (672 ) $ (19,242 ) $ 9,084 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 4,177 — (2 ) — 2 4,177 Other Comprehensive Income (Loss): 4,177 — (2 ) — 2 4,177 Comprehensive Income (Loss) 9,911 14,619 8,643 (672 ) (19,240 ) 13,261 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 3,346 3,346 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 9,911 $ 14,619 $ 8,643 $ (672 ) $ (22,586 ) $ 9,915 Statement of Comprehensive Income for the Three Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 7,728 $ 4,057 $ 3,614 $ 74,324 $ (81,205 ) $ 8,518 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 3,285 — (39 ) — 39 3,285 Other Comprehensive Income (Loss): 3,285 — (39 ) — 39 3,285 Comprehensive Income (Loss) 11,013 4,057 3,575 74,324 (81,166 ) 11,803 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 779 779 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 11,013 $ 4,057 $ 3,575 $ 74,324 $ (81,945 ) $ 11,024 Statement of Comprehensive Income for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 113,304 $ 131,788 $ 49,978 $ (2,240 ) $ (160,079 ) $ 132,751 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 12,356 — (6 ) — 6 12,356 Other Comprehensive Income (Loss): 12,356 — (6 ) — 6 12,356 Comprehensive Income (Loss) 125,660 131,788 49,972 (2,240 ) (160,073 ) 145,107 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 19,444 19,444 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 125,660 $ 131,788 $ 49,972 $ (2,240 ) $ (179,517 ) $ 125,663 Statement of Comprehensive Income for the Nine Months Ended September 30, 2017 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 96,642 $ 76,678 $ 29,154 $ (88 ) $ (95,177 ) $ 107,209 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 9,855 — (118 ) — 118 9,855 Other Comprehensive Income (Loss): 9,855 — (118 ) — 118 9,855 Comprehensive Income (Loss) 106,497 76,678 29,036 (88 ) (95,059 ) 117,064 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 10,533 10,533 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 106,497 $ 76,678 $ 29,036 $ (88 ) $ (105,592 ) $ 106,531 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Charges for services from the Company to CCR include the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Operating and Other Costs $ 725 $ 850 $ 2,172 $ 2,589 Selling, General and Administrative Costs 2,345 834 5,943 2,288 Total Services from CONSOL Energy $ 3,070 $ 1,684 $ 8,115 $ 4,877 |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016business | Sep. 30, 2018USD ($)shares | Sep. 30, 2017shares | Sep. 30, 2018USD ($)businessshares | Sep. 30, 2017shares | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||||
Restricted cash | $ | $ 25,862 | $ 25,862 | $ 0 | ||||
Number of independent businesses | business | 2 | ||||||
Common stock distributed in completion of separation agreement (in shares) | 27,982,538 | 27,967,509 | 28,011,488 | 27,967,509 | |||
Preferred stock, shares authorized | 500,000 | 500,000 | |||||
Preferred stock, shares issued | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
ParentCo | |||||||
Related Party Transaction [Line Items] | |||||||
Number of independent businesses | business | 2 | ||||||
CNX Coal Resources LP | Pennsylvania Mining Operations | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership percentage | 25.00% | 25.00% | |||||
Retained Earnings | Accounting Standards Update 2018-02 | |||||||
Related Party Transaction [Line Items] | |||||||
Cumulative effect adjustments | $ | $ 84,729 | ||||||
Accumulated Other Comprehensive (Loss) Income | Accounting Standards Update 2018-02 | |||||||
Related Party Transaction [Line Items] | |||||||
Cumulative effect adjustments | $ | $ (84,729) |
BASIS OF PRESENTATION - Schedul
BASIS OF PRESENTATION - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 250,452 | $ 153,979 | ||
Restricted cash | 25,862 | 0 | ||
Cash and cash equivalents and restricted cash | $ 276,314 | $ 153,979 | $ 3,697 | $ 13,311 |
BASIS OF PRESENTATION - Sched_2
BASIS OF PRESENTATION - Schedule of Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Anti-Dilutive Restricted Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of earnings per share (in shares) | 620 | 0 | 620 | 0 |
BASIS OF PRESENTATION - Sched_3
BASIS OF PRESENTATION - Schedule of Basic and Dilutive Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||
Net Income | $ 9,084 | $ 8,518 | $ 132,751 | $ 107,209 |
Less: Net Income Attributable to Noncontrolling Interest | 3,350 | 790 | 19,447 | 10,567 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 5,734 | $ 7,728 | $ 113,304 | $ 96,642 |
Denominator: | ||||
Weighted-average shares of common stock outstanding (in shares) | 27,982,538 | 27,967,509 | 28,011,488 | 27,967,509 |
Effect of dilutive shares (in shares) | 593,322 | 0 | 516,527 | 0 |
Weighted-average diluted shares of common stock outstanding (in shares) | 28,575,860 | 27,967,509 | 28,528,015 | 27,967,509 |
Earnings per Share: | ||||
Basic (in dollars per share) | $ 0.20 | $ 0.28 | $ 4.04 | $ 3.46 |
Dilutive (in dollars per share) | $ 0.20 | $ 0.28 | $ 3.97 | $ 3.46 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 313,355 | $ 316,113 | $ 1,102,272 | $ 994,053 |
Coal Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 294,797 | 279,245 | 1,016,503 | 899,400 |
Terminal Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 16,115 | 15,065 | 47,995 | 42,806 |
Freight Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 2,443 | $ 21,803 | $ 37,774 | $ 51,847 |
MISCELLANEOUS OTHER INCOME (Det
MISCELLANEOUS OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Royalty Income - Non-Operated Coal | $ 5,160 | $ 3,520 | $ 19,108 | $ 15,713 |
Purchased Coal Sales | 2,901 | 3,569 | 15,389 | 9,667 |
Property Easements and Option Income | 1,069 | 1,402 | 5,479 | 2,396 |
Rental Income | 896 | 1,589 | 3,066 | 12,722 |
Interest Income | 523 | 448 | 1,591 | 1,495 |
Contract Buyout | 0 | 8,410 | 0 | 8,410 |
Other | 429 | 775 | 2,601 | 2,105 |
Miscellaneous Other Income | $ 10,978 | $ 19,713 | $ 47,234 | $ 52,508 |
COMPONENTS OF PENSION AND OTH_3
COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS - Schedule of Components of Net Periodic Benefit (Credit) Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 288 | $ 759 | $ 863 | $ 2,277 |
Interest Cost | 5,876 | 6,121 | 17,628 | 18,363 |
Expected Return on Plan Assets | (10,092) | (10,596) | (30,277) | (31,787) |
Amortization of Prior Service Credits | (126) | (60) | (377) | (180) |
Amortization of Actuarial Loss | 2,179 | 1,955 | 6,537 | 5,865 |
Net Periodic Benefit (Credit) Cost | (1,875) | (1,821) | (5,626) | (5,462) |
Other Post-Employment Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 0 | 0 | 0 | 0 |
Interest Cost | 4,677 | 5,986 | 14,030 | 17,958 |
Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Amortization of Prior Service Credits | (601) | (601) | (1,804) | (1,804) |
Amortization of Actuarial Loss | 4,051 | 5,778 | 12,154 | 17,334 |
Net Periodic Benefit (Credit) Cost | $ 8,127 | $ 11,163 | $ 24,380 | $ 33,488 |
COMPONENTS OF COAL WORKERS_ P_3
COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
CWP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 1,662 | $ 1,280 | $ 4,987 | $ 3,842 |
Interest Cost | 1,311 | 1,013 | 3,934 | 3,038 |
Amortization of Actuarial Gain | (213) | (1,908) | (640) | (5,724) |
State Administrative Fees and Insurance Bond Premiums | 0 | 0 | 0 | 0 |
Net Periodic Benefit (Credit) Cost | 2,760 | 385 | 8,281 | 1,156 |
Workers' Compensation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 1,558 | 1,569 | 4,673 | 4,706 |
Interest Cost | 571 | 580 | 1,712 | 1,740 |
Amortization of Actuarial Gain | (20) | (150) | (59) | (449) |
State Administrative Fees and Insurance Bond Premiums | 675 | 609 | 1,986 | 1,969 |
Net Periodic Benefit (Credit) Cost | $ 2,784 | $ 2,608 | $ 8,312 | $ 7,966 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate (as a percent) | (8.20%) | 30.70% | 6.00% | 17.50% | |
Deferred tax expense | $ 58,558 | ||||
Tax benefit | $ 297 | $ 297 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Coal | $ 9,572 | $ 11,411 |
Supplies | 42,898 | 42,009 |
Total Inventories | $ 52,470 | $ 53,420 |
ACCOUNTS RECEIVABLE SECURITIZ_2
ACCOUNTS RECEIVABLE SECURITIZATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | ||||
Restricted cash | $ 25,862,000 | $ 25,862,000 | $ 0 | |
Costs associated with receivables facility | 2,851,000 | $ 0 | ||
Line of Credit | Accounts Receivable Securitization Facility | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | $ 100,000,000 | ||
Unused commitment fee (as a percent) | 0.60% | |||
Accounts receivable eligible for securitization | 41,188,000 | $ 41,188,000 | 60,582,000 | |
Outstanding borrowings | 0 | 0 | 0 | |
Letters of credit outstanding | 52,536,000 | 52,536,000 | 60,582,000 | |
Borrowings and issuance of letters of credit remaining capacity | 0 | 0 | $ 0 | |
Restricted cash | 11,348,000 | 11,348,000 | ||
Costs associated with receivables facility | $ 658,000 | $ 2,184,000 | ||
Minimum | Line of Credit | Accounts Receivable Securitization Facility | ||||
Short-term Debt [Line Items] | ||||
Security facility program fee (as a percent) | 2.00% | |||
Maximum | Line of Credit | Accounts Receivable Securitization Facility | ||||
Short-term Debt [Line Items] | ||||
Security facility program fee (as a percent) | 2.50% |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Total Property, Plant and Equipment | $ 4,796,141 | $ 4,796,141 | $ 4,676,353 | ||
Less: Accumulated Depreciation, Depletion and Amortization | 2,692,450 | 2,692,450 | 2,554,056 | ||
Total Property, Plant and Equipment—Net | 2,103,691 | 2,103,691 | 2,122,297 | ||
Gross assets under capital lease | 49,619 | 49,619 | 3,559 | ||
Accumulated amortization for capital leases | 12,058 | 12,058 | 2,839 | ||
Amortization expense for assets under capital lease | 3,927 | $ 104 | 9,236 | $ 315 | |
Plant and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total Property, Plant and Equipment | 2,860,449 | 2,860,449 | 2,757,062 | ||
Coal Properties and Surface Lands | |||||
Property, Plant and Equipment [Line Items] | |||||
Total Property, Plant and Equipment | 857,814 | 857,814 | 857,031 | ||
Airshafts | |||||
Property, Plant and Equipment [Line Items] | |||||
Total Property, Plant and Equipment | 406,726 | 406,726 | 392,266 | ||
Mine Development | |||||
Property, Plant and Equipment [Line Items] | |||||
Total Property, Plant and Equipment | 344,147 | 344,147 | 344,139 | ||
Advance Mining Royalties | |||||
Property, Plant and Equipment [Line Items] | |||||
Total Property, Plant and Equipment | $ 327,005 | $ 327,005 | $ 325,855 |
OTHER ACCRUED LIABILITIES (Deta
OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Subsidence Liability | $ 90,311 | $ 88,027 |
Accrued Payroll and Benefits | 16,045 | 14,689 |
Accrued Interest | 13,305 | 10,039 |
Litigation | 9,270 | 8,197 |
Accrued Other Taxes | 5,164 | 7,510 |
Short-Term Incentive Compensation | 4,862 | 4,729 |
Deferred Revenue | 155 | 6,807 |
Longwall Equipment Buyout | 0 | 22,631 |
Equipment Lease Rental | 0 | 9,865 |
Other | 18,424 | 23,900 |
Current Portion of Long-Term Liabilities: | ||
Postretirement Benefits Other than Pensions | 37,238 | 37,464 |
Asset Retirement Obligations | 31,823 | 30,480 |
Workers' Compensation | 12,369 | 13,317 |
Pneumoconiosis Benefits | 10,792 | 12,972 |
Total Other Accrued Liabilities | $ 249,758 | $ 290,627 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 831,095 | $ 875,968 | |
Less: Unamortized Debt Issuance Costs | 17,428 | 21,129 | |
Less amounts due in one year | 4,318 | 19,318 | |
Long-Term Debt | 826,777 | 856,650 | |
Current portion of capital lease obligations | 16,627 | 3,164 | |
Loans Payable | Term Loan B | |||
Debt Instrument [Line Items] | |||
Long-term debt | 390,347 | 392,147 | |
Long term debt, carrying amount | 397,000 | 400,000 | |
Unamortized discount | $ 6,653 | 7,853 | |
Weighted average interest rate (as a percent) | 8.25% | ||
Loans Payable | MEDCO Revenue Bonds in Series due September 2025 at 5.75% | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 102,865 | 102,865 | |
Stated interest rate (as a percent) | 5.75% | ||
Loans Payable | Term Loan A | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 73,750 | 100,000 | |
Weighted average interest rate (as a percent) | 6.50% | ||
Loans Payable | Advance royalty commitments | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 2,085 | 2,085 | |
Weighted average interest rate (as a percent) | 9.42% | ||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Long term debt, carrying amount | $ 279,476 | $ 300,000 | |
Stated interest rate (as a percent) | 11.00% | 11.00% |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | 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% | ||||||||
Loss on debt extinguishment | $ 0 | $ 0 | $ 3,149,000 | $ 0 | |||||
Loans Payable | Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||
Principal | 100,000,000 | 100,000,000 | |||||||
Repayment on line of credit | 26,000,000 | ||||||||
Accelerated repayment | 15,000,000 | ||||||||
Loans Payable | Term Loan B | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 400,000,000 | ||||||||
Principal | 400,000,000 | 400,000,000 | |||||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||
Stated interest rate (as a percent) | 11.00% | 11.00% | 11.00% | ||||||
Debt repurchased | $ 21,000,000 | $ 21,000,000 | |||||||
Revolving Credit Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||||
First lien gross leverage ratio, maximum | 2.25 | 2.25 | |||||||
First lien gross leverage ratio, actual | 1.29 | 1.29 | |||||||
Total net leverage ratio, maximum | 3.25 | 3.25 | |||||||
Total net leverage ratio, actual | 1.63 | 1.63 | |||||||
Fixed charge coverage ratio, minimum | 1 | 1 | |||||||
Fixed charge coverage ratio | 2.17 | 2.17 | |||||||
Outstanding borrowings | $ 0 | $ 0 | $ 0 | ||||||
Letters of credit outstanding | 54,065,000 | 54,065,000 | 27,426,000 | ||||||
Borrowings and issuance of letters of credit remaining capacity | $ 245,935,000 | $ 245,935,000 | $ 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 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Thousands | Aug. 23, 2017plaintiff | Apr. 24, 2017plaintiff | Sep. 30, 2018USD ($)mine | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | ||||
Number of mines sold | mine | 5 | |||
Guarantees maximum exposure | $ | $ 30,000 | $ 35,000 | ||
Fair value of guarantees | $ | $ 818 | $ 1,040 | ||
Fitzwater Litigation | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | plaintiff | 3 | |||
Casey Litigation | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | plaintiff | 2 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Schedule of Commitment Expiration (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | $ 732,543 |
Less Than 1 Year | 673,863 |
1-3 Years | 54,612 |
3-5 Years | 3,438 |
Beyond 5 Years | 630 |
Letters of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 106,601 |
Less Than 1 Year | 73,046 |
1-3 Years | 33,555 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 73,383 |
Less Than 1 Year | 46,944 |
1-3 Years | 26,439 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 398 |
Less Than 1 Year | 398 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 32,820 |
Less Than 1 Year | 25,704 |
1-3 Years | 7,116 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 599,380 |
Less Than 1 Year | 592,183 |
1-3 Years | 7,197 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 104,033 |
Less Than 1 Year | 103,083 |
1-3 Years | 950 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 490,545 |
Less Than 1 Year | 484,495 |
1-3 Years | 6,050 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 4,802 |
Less Than 1 Year | 4,605 |
1-3 Years | 197 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Guarantees | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 26,562 |
Less Than 1 Year | 8,634 |
1-3 Years | 13,860 |
3-5 Years | 3,438 |
Beyond 5 Years | 630 |
Guarantees | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 26,562 |
Less Than 1 Year | 8,634 |
1-3 Years | 13,860 |
3-5 Years | 3,438 |
Beyond 5 Years | $ 630 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 9 Months Ended |
Sep. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Industry Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | $ 313,355 | $ 316,113 | $ 1,102,272 | $ 994,053 | |
Earnings (Loss) Before Income Tax | 8,394 | 12,288 | 141,278 | 129,996 | |
Segment Assets | 2,745,928 | 2,588,529 | 2,745,928 | 2,588,529 | $ 2,707,099 |
Depreciation, Depletion and Amortization | 51,242 | 46,653 | 155,674 | 124,914 | |
Capital Expenditures | 40,656 | 27,781 | 96,855 | 51,010 | |
Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 294,797 | 279,245 | 1,016,503 | 899,400 | |
Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 16,115 | 15,065 | 47,995 | 42,806 | |
Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 2,443 | 21,803 | 37,774 | 51,847 | |
PAMC | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 297,240 | 301,048 | 1,054,277 | 951,247 | |
Earnings (Loss) Before Income Tax | 37,962 | 21,011 | 220,862 | 131,670 | |
Segment Assets | 1,891,606 | 1,912,656 | 1,891,606 | 1,912,656 | |
Depreciation, Depletion and Amortization | 44,236 | 41,638 | 135,074 | 125,341 | |
Capital Expenditures | 32,309 | 27,157 | 81,025 | 49,045 | |
PAMC | Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 294,797 | 279,245 | 1,016,503 | 899,400 | |
PAMC | Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
PAMC | Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 2,443 | 21,803 | 37,774 | 51,847 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 16,115 | 15,065 | 47,995 | 42,806 | |
Earnings (Loss) Before Income Tax | (29,568) | (8,723) | (79,584) | (1,674) | |
Segment Assets | 854,322 | 675,873 | 854,322 | 675,873 | |
Depreciation, Depletion and Amortization | 7,006 | 5,015 | 20,600 | (427) | |
Capital Expenditures | 8,347 | 624 | 15,830 | 1,965 | |
Other | Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Other | Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 16,115 | 15,065 | 47,995 | 42,806 | |
Other | Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Schedul_2
SEGMENT INFORMATION - Schedule of Segment Revenues from Major Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | $ 313,355 | $ 316,113 | $ 1,102,272 | $ 994,053 |
PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | 297,240 | 301,048 | 1,054,277 | 951,247 |
Sales Revenue, Goods, Net | Customer Concentration Risk | Customer A | PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | 46,727 | 209,968 | ||
Sales Revenue, Goods, Net | Customer Concentration Risk | Customer B | PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | 84,110 | 181,236 | 114,451 | |
Sales Revenue, Goods, Net | Customer Concentration Risk | Customer C | PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | $ 59,364 | $ 70,159 | $ 169,052 | $ 177,948 |
SEGMENT INFORMATION - Schedul_3
SEGMENT INFORMATION - Schedule of Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Items excluded from segment assets: | |||
Deferred tax assets | $ 72,120 | $ 75,065 | |
Segment Assets | 2,745,928 | $ 2,707,099 | $ 2,588,529 |
Corporate Reconciling Items and Eliminations | |||
Items excluded from segment assets: | |||
Cash and other investments | 275,377 | 86,131 | |
Deferred tax assets | 72,120 | 189,380 | |
Reportable Segments | Operating Segments | |||
Items excluded from segment assets: | |||
Segment Assets | 1,891,606 | 1,912,656 | |
All Other Segments | Operating Segments | |||
Items excluded from segment assets: | |||
Segment Assets | $ 506,825 | $ 400,362 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Murray Energy Guarantees | $ (818) | $ (1,040) |
Fair Value Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Murray Energy Guarantees | 0 | 0 |
Fair Value Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Murray Energy Guarantees | 0 | 0 |
Fair Value Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Murray Energy Guarantees | $ (818) | $ (1,040) |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt, Carrying Amount | $ 848,523 | $ 897,097 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt, Fair Value | $ 905,597 | $ 931,768 |
GUARANTOR SUBSIDIARIES FINANC_3
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Narrative (Details) - USD ($) | Sep. 30, 2018 | Nov. 30, 2017 |
Loans Payable | Term Loan B | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt instrument face value | $ 400,000,000 | |
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 FINANC_4
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue and Other Income: | ||||
Revenue from contracts with customers | $ 313,355 | $ 316,113 | $ 1,102,272 | $ 994,053 |
Miscellaneous Other Income | 10,978 | 19,713 | 47,234 | 52,508 |
Gain on Sale of Assets | (85) | (513) | 273 | 13,024 |
Total Revenue and Other Income | 324,248 | 335,313 | 1,149,779 | 1,059,585 |
Costs and Expenses: | ||||
Operating and Other Costs | 222,781 | 229,527 | 700,778 | 682,403 |
Depreciation, Depletion and Amortization | 51,242 | 46,653 | 155,674 | 124,914 |
Freight Expense | 2,443 | 21,803 | 37,774 | 51,847 |
Selling, General and Administrative Costs | 18,526 | 21,180 | 47,715 | 58,597 |
Loss on debt extinguishment | 0 | 0 | 3,149 | 0 |
Interest Expense, net | 20,862 | 3,862 | 63,411 | 11,828 |
Total Costs and Expenses | 315,854 | 323,025 | 1,008,501 | 929,589 |
Earnings Before Income Tax | 8,394 | 12,288 | 141,278 | 129,996 |
Income Tax (Benefit) Expense | (690) | 3,770 | 8,527 | 22,787 |
Net Income | 9,084 | 8,518 | 132,751 | 107,209 |
Less: Net Income Attributable to Noncontrolling Interest | 3,350 | 790 | 19,447 | 10,567 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | 5,734 | 7,728 | 113,304 | 96,642 |
Elimination | ||||
Revenue and Other Income: | ||||
Miscellaneous Other Income | (20,802) | (6,868) | (165,374) | (95,177) |
Gain on Sale of Assets | 0 | 0 | 0 | 0 |
Total Revenue and Other Income | (20,802) | (6,868) | (165,374) | (95,177) |
Costs and Expenses: | ||||
Operating and Other Costs | 0 | 74,337 | 0 | 0 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 |
Freight Expense | 0 | 0 | 0 | 0 |
Selling, General and Administrative Costs | 0 | 0 | 0 | 0 |
Loss on debt extinguishment | 0 | |||
Interest Expense, net | (1,560) | 0 | (5,295) | 0 |
Total Costs and Expenses | (1,560) | 74,337 | (5,295) | 0 |
Earnings Before Income Tax | (19,242) | (81,205) | (160,079) | (95,177) |
Income Tax (Benefit) Expense | 0 | 0 | 0 | 0 |
Net Income | (19,242) | (81,205) | (160,079) | (95,177) |
Less: Net Income Attributable to Noncontrolling Interest | 3,350 | 790 | 19,447 | 10,567 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | (22,592) | (81,995) | (179,526) | (105,744) |
Parent Issuer | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Miscellaneous Other Income | 25,485 | 11,682 | 186,475 | 120,022 |
Gain on Sale of Assets | 0 | 0 | 0 | 0 |
Total Revenue and Other Income | 25,485 | 11,682 | 186,475 | 120,022 |
Costs and Expenses: | ||||
Operating and Other Costs | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 |
Freight Expense | 0 | 0 | 0 | 0 |
Selling, General and Administrative Costs | 0 | 0 | 0 | 0 |
Loss on debt extinguishment | 3,149 | |||
Interest Expense, net | 20,441 | 184 | 61,495 | 593 |
Total Costs and Expenses | 20,441 | 184 | 64,644 | 593 |
Earnings Before Income Tax | 5,044 | 11,498 | 121,831 | 119,429 |
Income Tax (Benefit) Expense | (690) | 3,770 | 8,527 | 22,787 |
Net Income | 5,734 | 7,728 | 113,304 | 96,642 |
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | 5,734 | 7,728 | 113,304 | 96,642 |
Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Miscellaneous Other Income | 5,292 | 11,903 | 21,893 | 22,865 |
Gain on Sale of Assets | (85) | (519) | 211 | 11,618 |
Total Revenue and Other Income | 244,251 | 252,235 | 860,806 | 790,724 |
Costs and Expenses: | ||||
Operating and Other Costs | 172,569 | 177,354 | 539,412 | 530,040 |
Depreciation, Depletion and Amortization | 40,183 | 36,301 | 121,905 | 93,764 |
Freight Expense | 1,832 | 16,352 | 28,330 | 38,885 |
Selling, General and Administrative Costs | 14,627 | 16,897 | 37,455 | 47,379 |
Loss on debt extinguishment | 0 | |||
Interest Expense, net | 421 | 1,274 | 1,916 | 3,978 |
Total Costs and Expenses | 229,632 | 248,178 | 729,018 | 714,046 |
Earnings Before Income Tax | 14,619 | 4,057 | 131,788 | 76,678 |
Income Tax (Benefit) Expense | 0 | 0 | 0 | |
Net Income | 14,619 | 4,057 | 131,788 | 76,678 |
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | 14,619 | 4,057 | 131,788 | 76,678 |
Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Miscellaneous Other Income | 0 | 0 | 0 | 0 |
Gain on Sale of Assets | 0 | 0 | 0 | 0 |
Total Revenue and Other Income | 0 | 0 | 0 | 0 |
Costs and Expenses: | ||||
Operating and Other Costs | 672 | (74,324) | 2,240 | 88 |
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 |
Freight Expense | 0 | 0 | 0 | 0 |
Selling, General and Administrative Costs | 0 | 0 | 0 | 0 |
Loss on debt extinguishment | 0 | |||
Interest Expense, net | 0 | 0 | 0 | 0 |
Total Costs and Expenses | 672 | (74,324) | 2,240 | 88 |
Earnings Before Income Tax | (672) | 74,324 | (2,240) | (88) |
Income Tax (Benefit) Expense | 0 | 0 | 0 | 0 |
Net Income | (672) | 74,324 | (2,240) | (88) |
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | (672) | 74,324 | (2,240) | (88) |
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Miscellaneous Other Income | 1,003 | 2,996 | 4,240 | 4,798 |
Gain on Sale of Assets | 0 | 6 | 62 | 1,406 |
Total Revenue and Other Income | 75,314 | 78,264 | 267,872 | 244,016 |
Costs and Expenses: | ||||
Operating and Other Costs | 49,540 | 52,160 | 159,126 | 152,275 |
Depreciation, Depletion and Amortization | 11,059 | 10,352 | 33,769 | 31,150 |
Freight Expense | 611 | 5,451 | 9,444 | 12,962 |
Selling, General and Administrative Costs | 3,899 | 4,283 | 10,260 | 11,218 |
Loss on debt extinguishment | 0 | |||
Interest Expense, net | 1,560 | 2,404 | 5,295 | 7,257 |
Total Costs and Expenses | 66,669 | 74,650 | 217,894 | 214,862 |
Earnings Before Income Tax | 8,645 | 3,614 | 49,978 | 29,154 |
Income Tax (Benefit) Expense | 0 | 0 | ||
Net Income | 8,645 | 3,614 | 49,978 | 29,154 |
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | 8,645 | 3,614 | 49,978 | 29,154 |
Coal Revenue | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 294,797 | 279,245 | 1,016,503 | 899,400 |
Coal Revenue | Elimination | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Coal Revenue | Parent Issuer | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Coal Revenue | Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 221,097 | 209,434 | 762,377 | 674,550 |
Coal Revenue | Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Coal Revenue | Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 73,700 | 69,811 | 254,126 | 224,850 |
Terminal Revenue | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 16,115 | 15,065 | 47,995 | 42,806 |
Terminal Revenue | Elimination | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Terminal Revenue | Parent Issuer | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Terminal Revenue | Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 16,115 | 15,065 | 47,995 | 42,806 |
Terminal Revenue | Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Terminal Revenue | Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Freight Revenue | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 2,443 | 21,803 | 37,774 | 51,847 |
Freight Revenue | Elimination | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Freight Revenue | Parent Issuer | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Freight Revenue | Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 1,832 | 16,352 | 28,330 | 38,885 |
Freight Revenue | Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Freight Revenue | Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Revenue and Other Income: | ||||
Revenue from contracts with customers | $ 611 | $ 5,451 | $ 9,444 | $ 12,962 |
GUARANTOR SUBSIDIARIES FINANC_5
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Current Assets: | |||
Cash and Cash Equivalents | $ 250,452 | $ 153,979 | |
Trade | 78,649 | 131,545 | |
Other Receivables | 29,208 | 36,552 | |
Inventories | 52,470 | 53,420 | |
Prepaid Expenses and Other Assets | 58,123 | 23,744 | |
Total Current Assets | 468,902 | 399,240 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 4,796,141 | 4,676,353 | |
Less—Accumulated Depreciation, Depletion and Amortization | 2,692,450 | 2,554,056 | |
Total Property, Plant and Equipment—Net | 2,103,691 | 2,122,297 | |
Other Assets: | |||
Deferred Income Taxes | 72,120 | 75,065 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 101,215 | 110,497 | |
Total Other Assets | 173,335 | 185,562 | |
TOTAL ASSETS | 2,745,928 | 2,707,099 | $ 2,588,529 |
Current Liabilities: | |||
Accounts Payable | 102,401 | 109,100 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 0 | |
Current Portion of Long-Term Debt | 20,945 | 22,482 | |
Other Accrued Liabilities | 249,758 | 290,627 | |
Total Current Liabilities | 373,104 | 422,209 | |
Long-Term Debt | 857,011 | 865,289 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 541,373 | 554,099 | |
Pneumoconiosis Benefits | 151,676 | 149,868 | |
Asset Retirement Obligations | 236,191 | 228,343 | |
Workers’ Compensation | 65,346 | 66,648 | |
Salary Retirement | 39,921 | 52,960 | |
Other | 18,845 | 24,042 | |
Total Deferred Credits and Other Liabilities | 1,053,352 | 1,075,960 | |
Total CONSOL Energy Inc. Stockholders' Equity | 320,934 | 204,260 | |
Noncontrolling Interest | 141,527 | 139,381 | |
TOTAL LIABILITIES AND EQUITY | 2,745,928 | 2,707,099 | |
Elimination | |||
Current Assets: | |||
Cash and Cash Equivalents | 0 | 0 | |
Trade | 0 | 0 | |
Other Receivables | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 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 | (147,277) | (165,110) | |
Investment in Affiliates | (640,187) | (645,157) | |
Other | 0 | 0 | |
Total Other Assets | (787,464) | (810,267) | |
TOTAL ASSETS | (787,464) | (810,267) | |
Current Liabilities: | |||
Accounts Payable | 1,867 | 18 | |
Accounts Payable (Recoverable)-Related Parties | (123,015) | (163,069) | |
Current Portion of Long-Term Debt | 0 | 0 | |
Other Accrued Liabilities | (1,867) | (4,874) | |
Total Current Liabilities | (123,015) | (167,925) | |
Long-Term Debt | (147,277) | (165,110) | |
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 | (658,699) | (616,613) | |
Noncontrolling Interest | 141,527 | 139,381 | |
TOTAL LIABILITIES AND EQUITY | (787,464) | (810,267) | |
CCR Non-Guarantor | |||
Current Liabilities: | |||
Accounts Payable (Recoverable)-Related Parties | 1,573 | 3,071 | |
Parent Issuer | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 249,287 | 152,235 | |
Trade | 0 | 0 | |
Other Receivables | 16,917 | 17,702 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 7,840 | 5,745 | |
Total Current Assets | 274,044 | 175,682 | |
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 | 72,120 | 75,065 | |
Affiliated Credit Facility | 147,277 | 165,110 | |
Investment in Affiliates | 640,187 | 645,157 | |
Other | 39,011 | 44,177 | |
Total Other Assets | 898,595 | 929,509 | |
TOTAL ASSETS | 1,172,639 | 1,105,191 | |
Current Liabilities: | |||
Accounts Payable | 8,709 | 20,014 | |
Accounts Payable (Recoverable)-Related Parties | (2,291) | (2,291) | |
Current Portion of Long-Term Debt | 6,796 | 0 | |
Other Accrued Liabilities | 101,272 | 101,994 | |
Total Current Liabilities | 114,486 | 119,717 | |
Long-Term Debt | 697,298 | 728,254 | |
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 | 39,921 | 52,960 | |
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 39,921 | 52,960 | |
Total CONSOL Energy Inc. Stockholders' Equity | 320,934 | 204,260 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,172,639 | 1,105,191 | |
Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 245 | 105 | |
Trade | 0 | 0 | |
Other Receivables | 11,964 | 16,880 | |
Inventories | 40,445 | 41,117 | |
Prepaid Expenses and Other Assets | 18,285 | 13,568 | |
Total Current Assets | 70,939 | 71,670 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 3,860,242 | 3,765,885 | |
Less—Accumulated Depreciation, Depletion and Amortization | 2,176,357 | 2,070,646 | |
Total Property, Plant and Equipment—Net | 1,683,885 | 1,695,239 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 47,261 | 50,846 | |
Total Other Assets | 47,261 | 50,846 | |
TOTAL ASSETS | 1,802,085 | 1,817,755 | |
Current Liabilities: | |||
Accounts Payable | 71,169 | 66,271 | |
Accounts Payable (Recoverable)-Related Parties | 36,220 | 36,221 | |
Current Portion of Long-Term Debt | 10,696 | 22,405 | |
Other Accrued Liabilities | 114,392 | 149,425 | |
Total Current Liabilities | 232,477 | 274,322 | |
Long-Term Debt | 153,708 | 135,390 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 541,373 | 554,099 | |
Pneumoconiosis Benefits | 146,729 | 146,035 | |
Asset Retirement Obligations | 226,586 | 218,728 | |
Workers’ Compensation | 61,816 | 63,244 | |
Salary Retirement | 0 | 0 | |
Other | 18,240 | 23,435 | |
Total Deferred Credits and Other Liabilities | 994,744 | 1,005,541 | |
Total CONSOL Energy Inc. Stockholders' Equity | 421,156 | 402,502 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,802,085 | 1,817,755 | |
Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 0 | 106 | |
Trade | 78,649 | 131,545 | |
Other Receivables | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 25,862 | 3 | |
Total Current Assets | 104,511 | 131,654 | |
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 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 0 | 0 | |
Total Other Assets | 0 | 0 | |
TOTAL ASSETS | 104,511 | 131,654 | |
Current Liabilities: | |||
Accounts Payable | 0 | 8 | |
Accounts Payable (Recoverable)-Related Parties | 87,513 | 129,139 | |
Current Portion of Long-Term Debt | 0 | 0 | |
Other Accrued Liabilities | 0 | (20) | |
Total Current Liabilities | 87,513 | 129,127 | |
Long-Term Debt | 0 | 1,572 | |
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 | 16,998 | 955 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 104,511 | 131,654 | |
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 920 | 1,533 | |
Trade | 0 | 0 | |
Other Receivables | 327 | 1,970 | |
Inventories | 12,025 | 12,303 | |
Prepaid Expenses and Other Assets | 6,136 | 4,428 | |
Total Current Assets | 19,408 | 20,234 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 935,899 | 910,468 | |
Less—Accumulated Depreciation, Depletion and Amortization | 516,093 | 483,410 | |
Total Property, Plant and Equipment—Net | 419,806 | 427,058 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 14,943 | 15,474 | |
Total Other Assets | 14,943 | 15,474 | |
TOTAL ASSETS | 454,157 | 462,766 | |
Current Liabilities: | |||
Accounts Payable | 20,656 | 22,789 | |
Accounts Payable (Recoverable)-Related Parties | 1,573 | 0 | |
Current Portion of Long-Term Debt | 3,453 | 77 | |
Other Accrued Liabilities | 35,961 | 44,102 | |
Total Current Liabilities | 61,643 | 66,968 | |
Long-Term Debt | 153,282 | 165,183 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 4,947 | 3,833 | |
Asset Retirement Obligations | 9,605 | 9,615 | |
Workers’ Compensation | 3,530 | 3,404 | |
Salary Retirement | 0 | 0 | |
Other | 605 | 607 | |
Total Deferred Credits and Other Liabilities | 18,687 | 17,459 | |
Total CONSOL Energy Inc. Stockholders' Equity | 220,545 | 213,156 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | $ 454,157 | $ 462,766 |
GUARANTOR SUBSIDIARIES FINANC_6
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 330,252 | $ 171,651 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | $ (40,656) | $ (27,781) | (96,855) | (51,010) |
Proceeds from Sales of Assets | 1,368 | 17,921 | ||
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | ||
Net Cash Used in Investing Activities | (95,487) | (33,089) | ||
Cash Flows from Financing Activities: | ||||
Payments on Capitalized Lease Obligations | (11,019) | (2,920) | ||
Net Payments on Revolver - MLP | 0 | (13,000) | ||
Affiliated Credit Facility | 0 | |||
Distributions to Noncontrolling Interest | (16,763) | (16,403) | ||
Shares/Units Withheld for Taxes | (2,923) | (1,009) | ||
Intercompany Contributions/(Distributions) | 0 | |||
Payments Of Distributions To Parent | 0 | (114,844) | ||
Spin Distribution to CNX Resources | (18,234) | 0 | ||
Repurchases of Common Stock | (9,724) | 0 | ||
Debt-Related Financing Fees | (2,851) | |||
Net Cash Used in Financing Activities | (112,430) | (148,176) | ||
Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | (26,250) | |||
Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | (3,000) | |||
Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | (20,524) | |||
Elimination | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | 0 | 0 | ||
Proceeds from Sales of Assets | 0 | 0 | ||
(Investments in), net of Distributions from, Subsidiaries | (26,278) | (25,747) | ||
Net Cash Used in Investing Activities | (26,278) | (25,747) | ||
Cash Flows from Financing Activities: | ||||
Payments on Capitalized Lease Obligations | 0 | 0 | ||
Net Payments on Revolver - MLP | 0 | |||
Affiliated Credit Facility | 0 | |||
Distributions to Noncontrolling Interest | 26,278 | 25,747 | ||
Shares/Units Withheld for Taxes | 0 | 0 | ||
Intercompany Contributions/(Distributions) | 0 | |||
Payments Of Distributions To Parent | 0 | |||
Spin Distribution to CNX Resources | 0 | |||
Repurchases of Common Stock | 0 | |||
Debt-Related Financing Fees | 0 | |||
Net Cash Used in Financing Activities | 26,278 | 25,747 | ||
Elimination | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Elimination | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Elimination | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Parent Issuer | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (45,278) | (89,602) | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | 0 | 0 | ||
Proceeds from Sales of Assets | 0 | 0 | ||
(Investments in), net of Distributions from, Subsidiaries | 30,237 | 37,243 | ||
Net Cash Used in Investing Activities | 30,237 | 37,243 | ||
Cash Flows from Financing Activities: | ||||
Payments on Capitalized Lease Obligations | 0 | 0 | ||
Net Payments on Revolver - MLP | 0 | |||
Affiliated Credit Facility | 29,583 | |||
Distributions to Noncontrolling Interest | 0 | 0 | ||
Shares/Units Withheld for Taxes | 0 | 0 | ||
Intercompany Contributions/(Distributions) | 114,844 | |||
Payments Of Distributions To Parent | (114,844) | |||
Spin Distribution to CNX Resources | ||||
Repurchases of Common Stock | (9,724) | |||
Debt-Related Financing Fees | (2,851) | |||
Net Cash Used in Financing Activities | (33,908) | 0 | ||
Parent Issuer | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | (26,250) | |||
Parent Issuer | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | (3,000) | |||
Parent Issuer | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | (20,524) | |||
Guarantor | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 280,396 | 200,470 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | (76,599) | (38,749) | ||
Proceeds from Sales of Assets | 1,198 | 16,421 | ||
(Investments in), net of Distributions from, Subsidiaries | (3,959) | (11,496) | ||
Net Cash Used in Investing Activities | (79,360) | (33,824) | ||
Cash Flows from Financing Activities: | ||||
Payments on Capitalized Lease Obligations | (8,894) | (2,846) | ||
Net Payments on Revolver - MLP | 0 | |||
Affiliated Credit Facility | 0 | |||
Distributions to Noncontrolling Interest | 0 | 0 | ||
Shares/Units Withheld for Taxes | (2,011) | 0 | ||
Intercompany Contributions/(Distributions) | (114,844) | |||
Payments Of Distributions To Parent | 0 | |||
Spin Distribution to CNX Resources | (18,234) | |||
Repurchases of Common Stock | 0 | |||
Debt-Related Financing Fees | 0 | |||
Net Cash Used in Financing Activities | (29,139) | (117,690) | ||
Guarantor | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Guarantor | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Guarantor | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Non-Guarantor | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | 0 | 0 | ||
Proceeds from Sales of Assets | 0 | 0 | ||
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | ||
Net Cash Used in Investing Activities | 0 | 0 | ||
Cash Flows from Financing Activities: | ||||
Payments on Capitalized Lease Obligations | 0 | 0 | ||
Net Payments on Revolver - MLP | 0 | |||
Affiliated Credit Facility | 0 | |||
Distributions to Noncontrolling Interest | 0 | 0 | ||
Shares/Units Withheld for Taxes | 0 | 0 | ||
Intercompany Contributions/(Distributions) | 0 | |||
Payments Of Distributions To Parent | 0 | |||
Spin Distribution to CNX Resources | 0 | |||
Repurchases of Common Stock | 0 | |||
Debt-Related Financing Fees | 0 | |||
Net Cash Used in Financing Activities | 0 | 0 | ||
Non-Guarantor | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Non-Guarantor | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Non-Guarantor | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 95,134 | 60,783 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | (20,256) | (12,261) | ||
Proceeds from Sales of Assets | 170 | 1,500 | ||
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | ||
Net Cash Used in Investing Activities | (20,086) | (10,761) | ||
Cash Flows from Financing Activities: | ||||
Payments on Capitalized Lease Obligations | (2,125) | (74) | ||
Net Payments on Revolver - MLP | (13,000) | |||
Affiliated Credit Facility | (29,583) | |||
Distributions to Noncontrolling Interest | (43,041) | (42,150) | ||
Shares/Units Withheld for Taxes | (912) | (1,009) | ||
Intercompany Contributions/(Distributions) | 0 | |||
Payments Of Distributions To Parent | 0 | |||
Spin Distribution to CNX Resources | 0 | |||
Repurchases of Common Stock | 0 | |||
Debt-Related Financing Fees | 0 | |||
Net Cash Used in Financing Activities | (75,661) | (56,233) | ||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Repayment of debt | 0 | |||
Consol Coal Resources LP Units | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | (1,142) | $ 0 | ||
Consol Coal Resources LP Units | Elimination | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | 0 | |||
Consol Coal Resources LP Units | Parent Issuer | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | (1,142) | |||
Consol Coal Resources LP Units | Guarantor | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | 0 | |||
Consol Coal Resources LP Units | Non-Guarantor | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | 0 | |||
Consol Coal Resources LP Units | Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | $ 0 |
GUARANTOR SUBSIDIARIES FINANC_7
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net Income | $ 9,084 | $ 8,518 | $ 132,751 | $ 107,209 |
Other Comprehensive Income (Loss): | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,232), ($1,893), ($3,697), ($5,679)) | 4,177 | 3,285 | 12,356 | 9,855 |
Other Comprehensive Income | 4,177 | 3,285 | 12,356 | 9,855 |
Comprehensive Income | 13,261 | 11,803 | 145,107 | 117,064 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 3,346 | 779 | 19,444 | 10,533 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 9,915 | 11,024 | 125,663 | 106,531 |
Elimination | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income | (19,242) | (81,205) | (160,079) | (95,177) |
Other Comprehensive Income (Loss): | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,232), ($1,893), ($3,697), ($5,679)) | 2 | 39 | 6 | 118 |
Other Comprehensive Income | 2 | 39 | 6 | 118 |
Comprehensive Income | (19,240) | (81,166) | (160,073) | (95,059) |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 3,346 | 779 | 19,444 | 10,533 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (22,586) | (81,945) | (179,517) | (105,592) |
Parent Issuer | Reportable Legal Entities | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income | 5,734 | 7,728 | 113,304 | 96,642 |
Other Comprehensive Income (Loss): | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,232), ($1,893), ($3,697), ($5,679)) | 4,177 | 3,285 | 12,356 | 9,855 |
Other Comprehensive Income | 4,177 | 3,285 | 12,356 | 9,855 |
Comprehensive Income | 9,911 | 11,013 | 125,660 | 106,497 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 9,911 | 11,013 | 125,660 | 106,497 |
Guarantor | Reportable Legal Entities | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income | 14,619 | 4,057 | 131,788 | 76,678 |
Other Comprehensive Income (Loss): | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,232), ($1,893), ($3,697), ($5,679)) | 0 | 0 | 0 | 0 |
Other Comprehensive Income | 0 | 0 | 0 | 0 |
Comprehensive Income | 14,619 | 4,057 | 131,788 | 76,678 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 14,619 | 4,057 | 131,788 | 76,678 |
Non-Guarantor | Reportable Legal Entities | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income | (672) | 74,324 | (2,240) | (88) |
Other Comprehensive Income (Loss): | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,232), ($1,893), ($3,697), ($5,679)) | 0 | 0 | 0 | 0 |
Other Comprehensive Income | 0 | 0 | 0 | 0 |
Comprehensive Income | (672) | 74,324 | (2,240) | (88) |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (672) | 74,324 | (2,240) | (88) |
Non-Guarantor | Reportable Legal Entities | CCR Non-Guarantor | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income | 8,645 | 3,614 | 49,978 | 29,154 |
Other Comprehensive Income (Loss): | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,232), ($1,893), ($3,697), ($5,679)) | (2) | (39) | (6) | (118) |
Other Comprehensive Income | (2) | (39) | (6) | (118) |
Comprehensive Income | 8,643 | 3,575 | 49,972 | 29,036 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 8,643 | $ 3,575 | $ 49,972 | $ 29,036 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017shares | Sep. 30, 2016USD ($)$ / sharesshares | Jul. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($)business$ / sharesshares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jul. 31, 2018USD ($) | Nov. 30, 2017 | Nov. 28, 2017USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Separation and distribution costs | $ 40,545,000 | |||||||||
Payment of separation and distribution costs | $ 18,234,000 | |||||||||
Number of independent businesses | business | 2 | |||||||||
Origination fees | $ 2,851,000 | $ 0 | ||||||||
Net proceeds from initial public offering | $ 342,711,000 | |||||||||
Undivided interest (as a percent) | 75.00% | |||||||||
Net payable | $ 0 | $ 0 | 0 | |||||||
Shares repurchased (in shares) | shares | 281,272 | |||||||||
Average share price (in dollars per share) | $ / shares | $ 40.03 | |||||||||
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% | |||||||||
CONSOL Coal Resources LP | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Net payable | 1,573,000 | $ 1,573,000 | 3,071,000 | |||||||
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 | |||||||||
Consol Coal Resources LP Units | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | |||||||||
Shares repurchased (in shares) | shares | 77,536 | |||||||||
Average share price (in dollars per share) | $ / shares | $ 17.86 | |||||||||
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 | 473,000 | $ 473,000 | 12,540,000 | |||||||
Notes receivable, related parties | 11,570,000 | 11,570,000 | 15,415,000 | |||||||
Other receivables - related parties | 5,282,000 | 5,282,000 | 4,500,000 | |||||||
Accounts receivable, related parties, noncurrent | 6,288,000 | 6,288,000 | $ 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 (in shares) | 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 | |||||||||
Interest expense | $ 1,832,000 | $ 5,942,000 | ||||||||
Minimum | Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stated interest rate (as a percent) | 3.75% | 3.75% | ||||||||
Maximum | Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stated interest rate (as a percent) | 4.75% | 4.75% |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Disclosures (Details) - Majority Shareholder - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Total Services from CONSOL Energy | $ 3,070 | $ 1,684 | $ 8,115 | $ 4,877 |
Operating and Other Costs | ||||
Related Party Transaction [Line Items] | ||||
Total Services from CONSOL Energy | 725 | 850 | 2,172 | 2,589 |
Selling, General and Administrative Costs | ||||
Related Party Transaction [Line Items] | ||||
Total Services from CONSOL Energy | $ 2,345 | $ 834 | $ 5,943 | $ 2,288 |
STOCK, UNIT AND DEBT REPURCHA_2
STOCK, UNIT AND DEBT REPURCHASE (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2018 | Jul. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | |
Class of Stock [Line Items] | ||||
Aggregate authorized amount | $ 50,000,000 | |||
Stock and debt repurchase authorized amount | $ 100,000,000 | |||
Shares repurchased (in shares) | 281,272 | |||
Average share price (in dollars per share) | $ 40.03 | |||
Senior Secured Second Lien Notes due 2025 | ||||
Class of Stock [Line Items] | ||||
Repayments of debt | $ 20,524,000 | |||
Senior Notes | Senior Secured Notes due 2025 | ||||
Class of Stock [Line Items] | ||||
Stated interest rate (as a percent) | 11.00% | 11.00% | ||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||
Class of Stock [Line Items] | ||||
Stated interest rate (as a percent) | 11.00% | 11.00% | ||
Repayments of debt | $ 20,524,000 | |||
Consol Coal Resources LP Units | ||||
Class of Stock [Line Items] | ||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | |||
Shares repurchased (in shares) | 77,536 | |||
Average share price (in dollars per share) | $ 17.86 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Oct. 25, 2018$ / shares |
Subsequent Event | CONSOL Coal Resources LP | |
Subsequent Event [Line Items] | |
Cash distribution declared (per common unit) | $ 0.5125 |