COVER PAGE
COVER PAGE - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 25, 2019 | |
Cover page. | ||
Entity Registrant Name | CONSOL Energy Inc. | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Entity Central Index Key | 0001710366 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Entity File Number | 001-38147 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 25,901,275 | |
Entity Tax Identification Number | 82-1954058 | |
Entity Address, Address Line One | 1000 CONSOL Energy Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317-6506 | |
City Area Code | 724 | |
Local Phone Number | 416-8300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Trading Symbol | CEIX | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue and Other Income: | ||||||||
Revenue from contracts with customers | $ 321,444 | $ 313,355 | $ 1,049,609 | $ 1,102,272 | ||||
Miscellaneous Other Income | 11,188 | 10,978 | 36,674 | 47,234 | ||||
Gain (Loss) on Sale of Assets | 714 | (85) | 1,986 | 273 | ||||
Total Revenue and Other Income | 333,346 | 324,248 | 1,088,269 | 1,149,779 | ||||
Costs and Expenses: | ||||||||
Operating and Other Costs | 234,849 | 222,781 | 718,410 | 700,778 | ||||
Depreciation, Depletion and Amortization | 54,370 | 51,242 | 151,245 | 155,674 | ||||
Freight Expense | 3,599 | 2,443 | 14,115 | 37,774 | ||||
Selling, General and Administrative Costs | 14,690 | 18,526 | 52,901 | 47,715 | ||||
Loss on Debt Extinguishment | 801 | 0 | 25,444 | 3,149 | ||||
Interest Expense, net | 15,598 | 20,862 | 50,240 | 63,411 | ||||
Total Costs and Expenses | 323,907 | 315,854 | 1,012,355 | 1,008,501 | ||||
Earnings Before Income Tax | 9,439 | 8,394 | 75,914 | 141,278 | ||||
Income Tax Expense (Benefit) | 2,415 | (690) | (243) | 8,527 | ||||
Net Income | 7,024 | $ 48,830 | $ 20,303 | 9,084 | $ 52,709 | $ 70,958 | 76,157 | 132,751 |
Less: Net Income Attributable to Noncontrolling Interest | 2,684 | 3,350 | 14,102 | 19,447 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 4,340 | $ 5,734 | $ 62,055 | $ 113,304 | ||||
Earnings per Share: | ||||||||
Total Basic Earnings per Share (in dollars per share) | $ 0.16 | $ 0.20 | $ 2.27 | $ 4.04 | ||||
Total Dilutive Earnings per Share (in dollars per share) | $ 0.16 | $ 0.20 | $ 2.26 | $ 3.97 | ||||
Coal Revenue | ||||||||
Revenue and Other Income: | ||||||||
Revenue from contracts with customers | $ 301,542 | $ 294,797 | $ 984,665 | $ 1,016,503 | ||||
Terminal Revenue | ||||||||
Revenue and Other Income: | ||||||||
Revenue from contracts with customers | 16,303 | 16,115 | 50,829 | 47,995 | ||||
Freight Revenue | ||||||||
Revenue and Other Income: | ||||||||
Revenue from contracts with customers | $ 3,599 | $ 2,443 | $ 14,115 | $ 37,774 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||||
Net Income | $ 7,024 | $ 48,830 | $ 20,303 | $ 9,084 | $ 52,709 | $ 70,958 | $ 76,157 | $ 132,751 | |
Other Comprehensive Income: | |||||||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($780), ($1,232), ($2,342), ($3,697)) | 2,457 | 2,459 | 2,460 | 4,177 | 4,182 | 3,997 | 7,376 | 12,356 | |
Unrecognized Loss on Derivatives: | |||||||||
Unrealized Loss on Cash Flow Hedges (Net of tax: $83, $—, $167, $—) | (261) | (264) | 0 | (525) | 0 | $ 0 | |||
Other Comprehensive Income | 2,196 | 4,177 | 6,851 | 12,356 | |||||
Comprehensive Income | 9,220 | $ 51,025 | $ 22,763 | 13,261 | $ 56,891 | $ 74,955 | 83,008 | 145,107 | |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 2,681 | 3,346 | 14,097 | 19,444 | |||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 6,539 | $ 9,915 | $ 68,911 | $ 125,663 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Actuarially Determined Long-Term Liability Adjustments, Tax | $ 780 | $ 781 | $ 781 | $ 1,232 | $ 1,183 | $ 1,281 | $ 2,342 | $ 3,697 |
Unrealized Loss on Cash Flow Hedges, Tax | $ (83) | $ (84) | $ 0 | $ (167) | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and Cash Equivalents | $ 133,331 | $ 235,677 |
Restricted Cash | 1,518 | 29,258 |
Accounts and Notes Receivable | ||
Trade | 109,793 | 87,589 |
Other Receivables | 29,204 | 41,355 |
Inventories | 48,839 | 48,646 |
Prepaid Expenses and Other Assets | 34,439 | 31,430 |
Total Current Assets | 357,124 | 473,955 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 4,973,400 | 4,838,171 |
Less—Accumulated Depreciation, Depletion and Amortization | 2,866,649 | 2,731,643 |
Total Property, Plant and Equipment—Net | 2,106,751 | 2,106,528 |
Other Assets: | ||
Deferred Income Taxes | 91,772 | 77,545 |
Right of Use Asset - Operating Leases | 77,411 | |
Other | 90,177 | 102,699 |
Total Other Assets | 259,360 | 180,244 |
TOTAL ASSETS | 2,723,235 | 2,760,727 |
Current Liabilities: | ||
Accounts Payable | 125,320 | 130,930 |
Current Portion of Long-Term Debt | 45,215 | 134,812 |
Other Accrued Liabilities | 240,617 | 226,434 |
Total Current Liabilities | 411,152 | 492,176 |
Long-Term Debt: | ||
Long-Term Debt | 677,935 | 708,536 |
Finance Lease Obligations | 11,628 | |
Finance Lease Obligations | 25,690 | |
Total Long-Term Debt | 689,563 | 734,226 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions | 427,442 | 441,246 |
Pneumoconiosis Benefits | 164,972 | 165,001 |
Asset Retirement Obligations | 242,816 | 235,984 |
Workers’ Compensation | 59,092 | 59,742 |
Salary Retirement | 54,622 | 64,172 |
Operating Lease Liability | 66,432 | |
Other | 13,697 | 16,569 |
Total Deferred Credits and Other Liabilities | 1,029,073 | 982,714 |
TOTAL LIABILITIES | 2,129,788 | 2,209,116 |
Stockholders' Equity: | ||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 25,900,785 Issued and Outstanding at September 30, 2019; 27,437,844 Issued and Outstanding at December 31, 2018 | 259 | 274 |
Capital in Excess of Par Value | 524,896 | 550,995 |
Retained Earnings | 245,957 | 182,148 |
Accumulated Other Comprehensive Loss | (316,626) | (323,482) |
Total CONSOL Energy Inc. Stockholders' Equity | 454,486 | 409,935 |
Noncontrolling Interest | 138,961 | 141,676 |
TOTAL EQUITY | 593,447 | 551,611 |
TOTAL LIABILITIES AND EQUITY | $ 2,723,235 | $ 2,760,727 |
CONSOLIDATED BALANCE SHEETS - P
CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 62,500,000 | 62,500,000 |
Common stock shares issued | 25,900,785 | 27,437,844 |
Common stock shares outstanding | 25,900,785 | 27,437,844 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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 |
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 | 70,958 | 62,408 | 62,408 | 8,550 | |||
Net Actuarial Gain (Loss) | 3,997 | 3,999 | 3,999 | (2) | |||
Comprehensive Income | 74,955 | 62,408 | 3,999 | 66,407 | 8,548 | ||
Issuance of Common Stock | 0 | 1 | (1) | ||||
Amortization of Stock-Based Compensation Awards | 1,847 | 1,488 | 1,488 | 359 | |||
Units/Shares Withheld for Taxes | (2,788) | (1,889) | (1,889) | (899) | |||
Distributions to Noncontrolling Interest | (5,587) | (5,587) | |||||
Repurchases of Common Stock | (1,285) | (1) | (867) | (417) | (1,285) | ||
Reclassification of Stranded Tax Effect of Change in Tax Law | 0 | 84,729 | (84,729) | ||||
Separation Adjustments | (1,595) | (1,595) | (1,595) | ||||
Ending balance at Mar. 31, 2018 | 409,188 | 280 | 549,929 | 103,007 | (385,830) | 267,386 | 141,802 |
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 | ||||||
Net Actuarial Gain (Loss) | 12,356 | ||||||
Interest Rate Hedge, Net | 0 | ||||||
Comprehensive Income | 145,107 | ||||||
Ending balance at Sep. 30, 2018 | 462,461 | 278 | 549,507 | 148,619 | (377,470) | 320,934 | 141,527 |
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] | |||||||
Interest Rate Hedge, Net | 0 | ||||||
Ending balance at Dec. 31, 2018 | 551,611 | 274 | 550,995 | 182,148 | (323,482) | 409,935 | 141,676 |
Beginning balance at Mar. 31, 2018 | 409,188 | 280 | 549,929 | 103,007 | (385,830) | 267,386 | 141,802 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 52,709 | 45,162 | 45,162 | 7,547 | |||
Net Actuarial Gain (Loss) | 4,182 | 4,179 | 4,179 | 3 | |||
Comprehensive Income | 56,891 | 45,162 | 4,179 | 49,341 | 7,550 | ||
Amortization of Stock-Based Compensation Awards | 2,808 | 2,301 | 2,301 | 507 | |||
Units/Shares Withheld for Taxes | (83) | (83) | (83) | 0 | |||
Distributions to Noncontrolling Interest | (5,587) | (5,587) | |||||
Repurchases of Common Stock | (1,996) | (930) | (1,066) | (1,996) | |||
Ending balance at Jun. 30, 2018 | 461,221 | 280 | 551,217 | 147,103 | (381,651) | 316,949 | 144,272 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 9,084 | 5,734 | 5,734 | 3,350 | |||
Net Actuarial Gain (Loss) | 4,177 | 4,181 | 4,181 | (4) | |||
Interest Rate Hedge, Net | 0 | ||||||
Comprehensive Income | 13,261 | 5,734 | 4,181 | 9,915 | 3,346 | ||
Amortization of Stock-Based Compensation Awards | 2,983 | 2,479 | 2,479 | 504 | |||
Units/Shares Withheld for Taxes | (52) | (39) | (39) | (13) | |||
Distributions to Noncontrolling Interest | (5,589) | (5,589) | |||||
Repurchases of Common Stock | (7,978) | (2) | (3,758) | (4,218) | (7,978) | ||
Purchase of CCR Units | (1,385) | (392) | (392) | (993) | |||
Ending balance at Sep. 30, 2018 | 462,461 | 278 | 549,507 | 148,619 | (377,470) | 320,934 | 141,527 |
Beginning balance at Dec. 31, 2018 | 551,611 | 274 | 550,995 | 182,148 | (323,482) | 409,935 | 141,676 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 20,303 | 14,435 | 14,435 | 5,868 | |||
Net Actuarial Gain (Loss) | 2,460 | 2,461 | 2,461 | (1) | |||
Comprehensive Income | 22,763 | 14,435 | 2,461 | 16,896 | 5,867 | ||
Issuance of Common Stock | 0 | 2 | (2) | ||||
Amortization of Stock-Based Compensation Awards | 7,450 | 7,053 | 7,053 | 397 | |||
Units/Shares Withheld for Taxes | (4,743) | (3,863) | (3,863) | (880) | |||
Distributions to Noncontrolling Interest | (5,559) | (5,559) | |||||
Ending balance at Mar. 31, 2019 | 571,522 | 276 | 554,183 | 196,583 | (321,021) | 430,021 | 141,501 |
Beginning balance at Dec. 31, 2018 | 551,611 | 274 | 550,995 | 182,148 | (323,482) | 409,935 | 141,676 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 76,157 | ||||||
Net Actuarial Gain (Loss) | 7,376 | ||||||
Interest Rate Hedge, Net | (525) | ||||||
Comprehensive Income | 83,008 | ||||||
Ending balance at Sep. 30, 2019 | 593,447 | 259 | 524,896 | 245,957 | (316,626) | 454,486 | 138,961 |
Beginning balance at Mar. 31, 2019 | 571,522 | 276 | 554,183 | 196,583 | (321,021) | 430,021 | 141,501 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 48,830 | 43,280 | 43,280 | 5,550 | |||
Net Actuarial Gain (Loss) | 2,459 | 2,460 | 2,460 | (1) | |||
Interest Rate Hedge, Net | (264) | (264) | (264) | ||||
Comprehensive Income | 51,025 | 43,280 | 2,196 | 45,476 | 5,549 | ||
Amortization of Stock-Based Compensation Awards | 2,925 | 2,584 | 2,584 | 341 | |||
Distributions to Noncontrolling Interest | (5,560) | (5,560) | |||||
Repurchases of Common Stock | (9,550) | (3) | (7,053) | (2,494) | (9,550) | ||
Purchase of CCR Units | (119) | (28) | (28) | (91) | |||
Ending balance at Jun. 30, 2019 | 610,243 | 273 | 549,686 | 237,369 | (318,825) | 468,503 | 141,740 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 7,024 | 4,340 | 4,340 | 2,684 | |||
Net Actuarial Gain (Loss) | 2,457 | 2,460 | 2,460 | (3) | |||
Interest Rate Hedge, Net | (261) | (261) | (261) | ||||
Comprehensive Income | 9,220 | 4,340 | 2,199 | 6,539 | 2,681 | ||
Amortization of Stock-Based Compensation Awards | 2,974 | 2,630 | 2,630 | 344 | |||
Units/Shares Withheld for Taxes | (2) | (2) | (2) | ||||
Distributions to Noncontrolling Interest | (5,555) | (5,555) | |||||
Repurchases of Common Stock | (23,183) | (14) | (27,417) | 4,248 | (23,183) | ||
Purchase of CCR Units | (250) | (1) | (1) | (249) | |||
Ending balance at Sep. 30, 2019 | $ 593,447 | $ 259 | $ 524,896 | $ 245,957 | $ (316,626) | $ 454,486 | $ 138,961 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Actuarially Determined Long-Term Liability Adjustments, Tax | $ 780 | $ 781 | $ 781 | $ 1,232 | $ 1,183 | $ 1,281 | $ 2,342 | $ 3,697 |
Repurchase of Common Stock (in shares) | 1,366,054 | 351,443 | 190,272 | 47,000 | 44,000 | 1,717,497 | 281,272 | |
Interest Rate Hedge, Tax | $ (83) | $ (84) | $ 0 | $ (167) | $ 0 | |||
Purchase of CCR Units (in units) | 19,413 | 6,884 | 77,536 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 76,157 | $ 132,751 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 151,245 | 155,674 |
Gain on Sale of Assets | (1,986) | (273) |
Stock/Unit-Based Compensation | 13,349 | 7,638 |
Amortization of Debt Issuance Costs | 4,953 | 6,713 |
Loss on Debt Extinguishment | 25,444 | 3,149 |
Deferred Income Taxes | (16,402) | 2,945 |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | (10,002) | 60,240 |
Inventories | (193) | 950 |
Prepaid Expenses | (3,009) | (8,230) |
Changes in Other Assets | 14,332 | 7,272 |
Changes in Operating Liabilities: | ||
Accounts Payable | (10,233) | 5,197 |
Other Operating Liabilities | 3,204 | (18,239) |
Changes in Other Liabilities | (23,676) | (25,154) |
Other | 0 | (381) |
Net Cash Provided by Operating Activities | 223,183 | 330,252 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (131,475) | (96,855) |
Proceeds from Sales of Assets | 2,015 | 1,368 |
Net Cash Used in Investing Activities | (129,460) | (95,487) |
Cash Flows from Financing Activities: | ||
Payments on Finance Leases | (13,784) | |
Payments on Finance Leases | (11,019) | |
Repurchases of Common Stock | (31,318) | (9,724) |
Spin Distribution to CNX Resources | 0 | (18,234) |
Distributions to Noncontrolling Interest | (16,674) | (16,763) |
Shares/Units Withheld for Taxes | (4,745) | (2,923) |
Debt-Related Financing Fees | (20,628) | (2,851) |
Net Cash Used in Financing Activities | (223,809) | (112,430) |
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | (130,086) | 122,335 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 264,935 | 153,979 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 134,849 | 276,314 |
Non-Cash Investing and Financing Activities: | ||
Finance Lease | 0 | 45,979 |
Longwall Shield Rebuild | 3,834 | 0 |
Term Loan A | ||
Cash Flows from Financing Activities: | ||
Proceeds from loans | 26,250 | 0 |
Payments on Term Loan A | (7,500) | (26,250) |
Term Loan B | ||
Cash Flows from Financing Activities: | ||
Proceeds from (Payments on) loans | (123,750) | (3,000) |
Senior Secured Second Lien Notes due 2025 | ||
Cash Flows from Financing Activities: | ||
Proceeds from (Payments on) loans | (35,048) | (20,524) |
Other Asset-Backed Financing | ||
Cash Flows from Financing Activities: | ||
Proceeds from loans | 3,757 | 0 |
Consol Coal Resources LP Units | ||
Cash Flows from Financing Activities: | ||
Repurchases of Common Stock | $ (369) | $ (1,142) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: On November 28, 2017, CONSOL Energy was separated from its former parent to become an independent, publicly-traded coal company. As part of the separation, the following assets of the Company's former parent were transferred to CONSOL Energy (collectively, the “Coal Business”): (i) its interest in the Pennsylvania Mining Complex, and certain related coal assets, (ii) its ownership interest in CNX Coal Resources LP, which owns a 25% undivided interest in the PAMC, (iii) the CONSOL Marine Terminal and, (iv) undeveloped coal reserves (Greenfield Reserves) located in the Northern Appalachian, Central Appalachian and Illinois basins and certain related coal assets and liabilities. Following the separation, shares of the Company's common stock began “regular-way” trading on the New York Stock Exchange on November 29, 2017 under the symbol “CEIX”. Basis of Presentation The accompanying 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, 2019 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2018 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, 2018 . Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in Update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, 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 August 2018, the FASB issued 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 does not expect this update to have a material impact on the Company's financial statements. 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. In May 2019, the FASB updated Topic 326 by issuing ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments in these Updates 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 fiscal years. Management does not expect this update to have a material impact on the Company's financial statements. 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 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, 2019 2018 2019 2018 Anti-Dilutive Restricted Stock Units 418,924 620 166,650 620 Anti-Dilutive Performance Share Units 56,399 — — — 475,323 620 166,650 620 The computations for basic and dilutive earnings per share are as follows: For the Three Months Ended For the Nine Months Ended Dollars in thousands, except per share data September 30, September 30, 2019 2018 2019 2018 Numerator: Net Income $ 7,024 $ 9,084 $ 76,157 $ 132,751 Less: Net Income Attributable to Noncontrolling Interest 2,684 3,350 14,102 19,447 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 4,340 $ 5,734 $ 62,055 $ 113,304 Denominator: Weighted-average shares of common stock outstanding 26,835,297 27,982,538 27,285,511 28,011,488 Effect of dilutive shares 181,693 593,322 195,332 516,527 Weighted-average diluted shares of common stock outstanding 27,016,990 28,575,860 27,480,843 28,528,015 Earnings per Share: Basic $ 0.16 $ 0.20 $ 2.27 $ 4.04 Dilutive $ 0.16 $ 0.20 $ 2.26 $ 3.97 As of September 30, 2019 , CONSOL Energy authorized 500,000 shares of preferred stock, none of which were issued or outstanding. Reclassifications Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period, including the reclassification of restricted cash, previously included in Prepaid Expenses and Other Assets on the Consolidated Balance Sheets, as well as the reclassification of amortization of debt issuance costs and loss on debt extinguishment within the Operating Activities section of the Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported total assets, net income or stockholders' equity. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE: The following table disaggregates CONSOL Energy's revenue by major source to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Coal Revenue $ 301,542 $ 294,797 $ 984,665 $ 1,016,503 Terminal Revenue 16,303 16,115 50,829 47,995 Freight Revenue 3,599 2,443 14,115 37,774 Total Revenue from Contracts with Customers $ 321,444 $ 313,355 $ 1,049,609 $ 1,102,272 CONSOL Energy's coal revenue is recognized when title passes to the customer. The Company has determined that each ton of coal represents a separate and distinct performance obligation. The Company's coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative stand-alone selling prices determined at contract inception. Coal Revenue Revenues are recognized at a point in time, which is generally 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 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, 2019 and December 31, 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2019 and 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 rateable 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, 2019 and December 31, 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2019 and 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. Contract Balances Contract assets are recorded as trade receivables and reported separately in the Company's Consolidated Balance Sheets from other contract assets as title passes to the customer and the Company's right to consideration becomes unconditional. Payments for coal shipments are typically due within two to four weeks from the invoice date. CONSOL Energy typically does not have material contract assets that are stated separately from trade receivables as the Company's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the good or service passes to the customer. |
MISCELLANEOUS OTHER INCOME
MISCELLANEOUS OTHER INCOME | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 2019 2018 Royalty Income - Non-Operated Coal $ 4,976 $ 5,160 $ 16,863 $ 19,108 Purchased Coal Sales 3,136 2,901 9,052 15,389 Contract Buyout 1,193 — 3,583 350 Interest Income 755 523 2,399 1,591 Rental Income 625 896 1,923 3,066 Property Easements and Option Income 100 1,069 1,529 5,479 Other 403 429 1,325 2,251 Miscellaneous Other Income $ 11,188 $ 10,978 $ 36,674 $ 47,234 |
COMPONENTS OF PENSION AND OTHER
COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS | 9 Months Ended |
Sep. 30, 2019 | |
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: The 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 2019 2018 2019 2018 2019 2018 2019 2018 Service Cost $ 987 $ 288 $ 2,963 $ 863 $ — $ — $ — $ — Interest Cost 6,275 5,876 18,825 17,628 4,580 4,677 13,740 14,030 Expected Return on Plan Assets (10,114 ) (10,092 ) (30,343 ) (30,277 ) — — — — Amortization of Prior Service Credits (92 ) (126 ) (275 ) (377 ) (601 ) (601 ) (1,804 ) (1,804 ) Amortization of Actuarial Loss 1,490 2,179 4,469 6,537 2,315 4,051 6,946 12,154 Net Periodic Benefit (Credit) Cost $ (1,454 ) $ (1,875 ) $ (4,361 ) $ (5,626 ) $ 6,294 $ 8,127 $ 18,882 $ 24,380 Expenses (credits) 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, 2019 | |
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: The components of Net Periodic Benefit Cost are as follows: CWP Workers' Compensation Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2019 2018 2019 2018 2019 2018 2019 2018 Service Cost $ 948 $ 1,662 $ 2,844 $ 4,987 $ 1,421 $ 1,558 $ 4,264 $ 4,673 Interest Cost 1,750 1,311 5,250 3,934 646 571 1,939 1,712 Amortization of Actuarial Loss (Gain) 254 (213 ) 762 (640 ) (193 ) (20 ) (580 ) (59 ) State Administrative Fees and Insurance Bond Premiums — — — — 510 675 1,671 1,986 Net Periodic Benefit Cost $ 2,952 $ 2,760 $ 8,856 $ 8,281 $ 2,384 $ 2,784 $ 7,294 $ 8,312 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: The Company's effective tax rate is based on its estimated full year effective tax rate, comprised of expected statutory tax provision, offset by excess percentage depletion and other discrete tax benefits. The effective tax rate for the nine months ended September 30, 2019 was (0.3)% , composed of a tax expense of 0.2% from operations and a discrete tax benefit of (0.5)% primarily related to equity compensation. The effective tax rate for the nine months ended September 30, 2019 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 nine months ended September 30, 2018 was 6.0% . The effective tax rate for the 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 Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the nine months ended September 30, 2019 and the year ended December 31, 2018 , 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 entered into between the Company and its former parent on November 28, 2017 (the “TMA”), 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, 2019 for certain state and foreign returns. Further, the Company is subject to examination for the period November 28, 2017 through the nine months ended September 30, 2019 for federal and certain state returns. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES: Inventory components consist of the following: September 30, December 31, Coal $ 3,974 $ 4,642 Supplies 44,865 44,004 Total Inventories $ 48,839 $ 48,646 Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (“FIFO”) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. |
ACCOUNTS RECEIVABLE SECURITIZAT
ACCOUNTS RECEIVABLE SECURITIZATION | 9 Months Ended |
Sep. 30, 2019 | |
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 sell and/or contribute current and future trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC (the “SPV”). The SPV, 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, 2019 , the Company's eligible accounts receivable yielded $38,384 of borrowing capacity. At September 30, 2019 , the facility had no outstanding borrowings and $39,902 of letters of credit outstanding, leaving no unused capacity. CONSOL Energy posted $1,518 of cash collateral to secure the difference in the outstanding letters of credit and the eligible accounts receivable. Cash collateral of $1,518 is included in Restricted Cash in the Consolidated Balance Sheets. At December 31, 2018 , the Company's eligible accounts receivable yielded $37,869 of borrowing capacity. At December 31, 2018 , the facility had no outstanding borrowings and $52,536 of letters of credit outstanding, leaving no unused capacity. CONSOL Energy posted $14,667 of cash collateral to secure the difference in the outstanding letters of credit and the eligible accounts receivable. Cash collateral of $14,667 is included in Restricted Cash in the Consolidated Balance Sheets. Costs associated with the receivables facility totaled $344 and $1,095 for the three and nine months ended September 30, 2019 , respectively, and $658 and $2,184 for the three and nine months ended September 30, 2018 , respectively. These costs have been recorded as financing fees which are included in Operating and Other Costs in the Consolidated Statements of Income. The Company has not derecognized any receivables due to its continued involvement in the collections efforts. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2019 | |
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 $ 3,008,945 $ 2,890,970 Coal Properties and Surface Lands 863,191 858,153 Airshafts 430,592 419,100 Mine Development 342,706 342,405 Advance Mining Royalties 327,966 327,543 Total Property, Plant and Equipment 4,973,400 4,838,171 Less: Accumulated Depreciation, Depletion and Amortization 2,866,649 2,731,643 Total Property, Plant and Equipment, Net $ 2,106,751 $ 2,106,528 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, 2019 and December 31, 2018 , property, plant and equipment includes gross assets under finance leases of $ 49,899 and $ 49,775 , respectively. Accumulated amortization for finance leases was $ 27,458 and $ 15,973 at September 30, 2019 and December 31, 2018 , respectively. Amortization expense for assets under finance leases approximated $3,919 and $3,927 for the three months ended September 30, 2019 and 2018 and $11,753 and $9,236 for the nine months ended September 30, 2019 and 2018 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
LEASES | LEASES: On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements. As allowed under this guidance, the Company elected not to recast the comparative periods presented when transitioning to ASC 842. As most of the Company's leases do not provide an implicit rate, CONSOL Energy has taken a portfolio approach of applying its incremental borrowing rate based on the information available at the adoption date to calculate the present value of lease payments over the lease term. CONSOL Energy has elected the package of practical expedients permitted under the transition guidance within the standard, which allows the Company (1) to not reassess whether any expired or existing contracts are or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. CONSOL Energy has also elected the practical expedient to not evaluate land easements that existed or expired before the Company’s adoption of Topic 842 and the practical expedient to not separate lease and non-lease components; that is, to account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Company made an accounting policy election to keep leases with an initial term of twelve months or less off the balance sheet. CONSOL Energy will recognize those lease payments in the Consolidated Statements of Income over the lease term. For the three and nine months ended September 30, 2019 , these short-term lease expenses were not material to the Company's financial statements. Based on the Company's lease portfolio, the standard had a material impact on the Company’s Consolidated Balance Sheet but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of Right of Use (“ROU”) assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. The Company's bank covenants were not affected by this update. The Company recorded operating lease ROU assets and operating lease liabilities of approximately $92 million as of January 1, 2019, primarily related to mining equipment, based on the present value of the future lease payments on the date of adoption. The Company determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Company has operating leases for mining and other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend, the leases, and some leases include options to terminate or buy out the leases within a set period of time. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of the Company's operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of the Company's leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. For the three and nine months ended September 30, 2019 , the components of operating lease expense were as follows: Three Months Ended Nine Months Ended Fixed operating lease expense $ 6,265 $ 19,561 Variable operating lease expense 2,860 9,211 Total operating lease expense $ 9,125 $ 28,772 Supplemental cash flow information related to the Company's operating leases for the nine months ended September 30, 2019 was as follows: Cash paid for amounts included in the measurement of operating lease liabilities $ 9,884 ROU assets obtained in exchange for operating lease obligations — The following table presents the lease balances within the Consolidated Balance Sheet, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at September 30, 2019 : Lease Assets and Liabilities Classification Assets: Operating Lease ROU Assets Other Assets $ 77,411 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 15,769 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 66,432 Total Operating Lease Liabilities $ 82,201 Weighted average remaining lease term (in years) 5.07 Weighted average discount rate 5.64 % CONSOL Energy leases certain owned mining equipment to a third-party under operating leases. At September 30, 2019 , the amount of owned equipment included in gross property, plant and equipment was $6,966 and the associated amount of accumulated depreciation was $6,966 . At September 30, 2019 , scheduled minimum rental payments for operating leases related to this equipment were as follows: Remainder of 2019 2020 2021 2022 2023 Thereafter Total $ 311 $ 627 $ — $ — $ — $ — $ 938 The Company also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheet. For the three and nine months ended September 30, 2019 , the components of finance lease expense were as follows: Three Months Ended Nine Months Ended Amortization of right of use assets $ 3,919 $ 11,753 Interest expense 434 1,484 Total finance lease expense $ 4,353 $ 13,237 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of September 30, 2019 : Weighted average remaining lease term (in years) 1.59 Weighted average discount rate 5.37 % At September 30, 2019 , certain finance leases for mining equipment are subleased to a third-party. The following table represents the minimum payments, including interest, for those finance subleases: Remainder of 2019 2020 2021 2022 2023 Thereafter Total $ 925 $ 3,699 $ 2,157 $ — $ — $ — $ 6,781 The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at September 30, 2019 : Finance Operating Leases Leases Remainder of 2019 $ 3,406 $ 8,746 2020 20,222 24,067 2021 6,565 23,134 2022 154 13,341 2023 133 6,504 Thereafter 24 22,073 Total minimum lease payments 30,504 97,865 Less amount representing interest 1,339 15,664 Present value of minimum lease payments $ 29,165 $ 82,201 As of September 30, 2019 , the Company had no additional significant operating or finance leases that had not yet commenced. |
LEASES | LEASES: On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements. As allowed under this guidance, the Company elected not to recast the comparative periods presented when transitioning to ASC 842. As most of the Company's leases do not provide an implicit rate, CONSOL Energy has taken a portfolio approach of applying its incremental borrowing rate based on the information available at the adoption date to calculate the present value of lease payments over the lease term. CONSOL Energy has elected the package of practical expedients permitted under the transition guidance within the standard, which allows the Company (1) to not reassess whether any expired or existing contracts are or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. CONSOL Energy has also elected the practical expedient to not evaluate land easements that existed or expired before the Company’s adoption of Topic 842 and the practical expedient to not separate lease and non-lease components; that is, to account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Company made an accounting policy election to keep leases with an initial term of twelve months or less off the balance sheet. CONSOL Energy will recognize those lease payments in the Consolidated Statements of Income over the lease term. For the three and nine months ended September 30, 2019 , these short-term lease expenses were not material to the Company's financial statements. Based on the Company's lease portfolio, the standard had a material impact on the Company’s Consolidated Balance Sheet but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of Right of Use (“ROU”) assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. The Company's bank covenants were not affected by this update. The Company recorded operating lease ROU assets and operating lease liabilities of approximately $92 million as of January 1, 2019, primarily related to mining equipment, based on the present value of the future lease payments on the date of adoption. The Company determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Company has operating leases for mining and other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend, the leases, and some leases include options to terminate or buy out the leases within a set period of time. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of the Company's operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of the Company's leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. For the three and nine months ended September 30, 2019 , the components of operating lease expense were as follows: Three Months Ended Nine Months Ended Fixed operating lease expense $ 6,265 $ 19,561 Variable operating lease expense 2,860 9,211 Total operating lease expense $ 9,125 $ 28,772 Supplemental cash flow information related to the Company's operating leases for the nine months ended September 30, 2019 was as follows: Cash paid for amounts included in the measurement of operating lease liabilities $ 9,884 ROU assets obtained in exchange for operating lease obligations — The following table presents the lease balances within the Consolidated Balance Sheet, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at September 30, 2019 : Lease Assets and Liabilities Classification Assets: Operating Lease ROU Assets Other Assets $ 77,411 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 15,769 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 66,432 Total Operating Lease Liabilities $ 82,201 Weighted average remaining lease term (in years) 5.07 Weighted average discount rate 5.64 % CONSOL Energy leases certain owned mining equipment to a third-party under operating leases. At September 30, 2019 , the amount of owned equipment included in gross property, plant and equipment was $6,966 and the associated amount of accumulated depreciation was $6,966 . At September 30, 2019 , scheduled minimum rental payments for operating leases related to this equipment were as follows: Remainder of 2019 2020 2021 2022 2023 Thereafter Total $ 311 $ 627 $ — $ — $ — $ — $ 938 The Company also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheet. For the three and nine months ended September 30, 2019 , the components of finance lease expense were as follows: Three Months Ended Nine Months Ended Amortization of right of use assets $ 3,919 $ 11,753 Interest expense 434 1,484 Total finance lease expense $ 4,353 $ 13,237 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of September 30, 2019 : Weighted average remaining lease term (in years) 1.59 Weighted average discount rate 5.37 % At September 30, 2019 , certain finance leases for mining equipment are subleased to a third-party. The following table represents the minimum payments, including interest, for those finance subleases: Remainder of 2019 2020 2021 2022 2023 Thereafter Total $ 925 $ 3,699 $ 2,157 $ — $ — $ — $ 6,781 The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at September 30, 2019 : Finance Operating Leases Leases Remainder of 2019 $ 3,406 $ 8,746 2020 20,222 24,067 2021 6,565 23,134 2022 154 13,341 2023 133 6,504 Thereafter 24 22,073 Total minimum lease payments 30,504 97,865 Less amount representing interest 1,339 15,664 Present value of minimum lease payments $ 29,165 $ 82,201 As of September 30, 2019 , the Company had no additional significant operating or finance leases that had not yet commenced. |
OTHER ACCRUED LIABILITIES
OTHER ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
OTHER ACCRUED LIABILITIES | OTHER ACCRUED LIABILITIES: September 30, December 31, 2018 Subsidence Liability $ 93,202 $ 83,532 Accrued Payroll and Benefits 17,144 12,978 Accrued Interest 11,521 6,850 Accrued Other Taxes 3,357 5,050 Litigation 2,640 8,235 Short-Term Incentive Compensation 2,411 6,024 Other 10,167 15,588 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 32,361 32,345 Asset Retirement Obligations 29,413 31,017 Operating Lease Liability 15,769 — Workers' Compensation 11,846 12,628 Pneumoconiosis Benefits 10,786 12,187 Total Other Accrued Liabilities $ 240,617 $ 226,434 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT: September 30, December 31, Debt: Term Loan B due in September 2024 (Principal of $273,625 and $396,000 less Unamortized Discount of $1,250 and $6,253, 6.55% and 8.53% Weighted Average Interest Rate, respectively) $ 272,375 $ 389,747 11.00% Senior Secured Second Lien Notes due November 2025 239,228 274,276 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in March 2023 (5.80% and 6.78% Weighted Average Interest Rate, respectively) 92,500 73,750 Other Asset-Backed Financing Arrangements Maturing in December 2020 and September 2024, 6.35% Weighted Average Interest Rate and 3.61%, respectively 7,591 — Advance Royalty Commitments (8.57% Weighted Average Interest Rate) 2,261 2,261 Less: Unamortized Debt Issuance Costs 11,207 16,409 705,613 826,490 Less: Amounts Due in One Year* 27,678 117,954 Long-Term Debt $ 677,935 $ 708,536 * Excludes current portion of Finance Lease Obligations of $17,537 and $16,858 at September 30, 2019 and December 31, 2018 , 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”). On March 28, 2019, the Company amended the Senior Secured Credit Facilities (the “amendment”) to increase the borrowing commitment of the Revolving Credit Facility to $400 million and reallocate the principal amounts outstanding under the TLA Facility and TLB Facility. As a result, the principal amount outstanding under the TLA Facility was $100 million and the principal amount outstanding under the TLB Facility was $275 million . 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 amendment reduced the applicable margin by 50 basis points on both the Revolving Credit Facility and the TLA Facility, and by 150 basis points on the TLB Facility. The amendment also extended the maturity dates of the Senior Secured Credit Facilities. The maturity date of the Revolving Credit and TLA Facilities was extended from November 28, 2021 to March 28, 2023. The TLB Facility's maturity date was extended from November 28, 2022 to September 28, 2024. 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 2.00 to 1.00, measured quarterly, stepping down to 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 1.15 to 1.00 at September 30, 2019 . CONSOL Energy must maintain a maximum total net leverage ratio covenant of no more than 3.00 to 1.00, measured quarterly, stepping down to 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 1.78 to 1.00 at September 30, 2019 . 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 1.10 to 1.00, measured quarterly. 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 1.46 to 1.00 at September 30, 2019 . 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 business 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. During the nine months ended September 30, 2019 , CONSOL Energy made the required repayment of approximately $110 million based on the amount of the Company's excess cash flow as of December 31, 2018 . For fiscal year 2018, such repayment was equal to 75% of the Company’s excess cash flow less any voluntary prepayments of its borrowings under the TLB Facility made by the Company during 2018. For all subsequent fiscal years, the required repayment is equal to a certain percentage of the Company’s excess cash flow for such year, ranging from 0% to 75% depending on the Company’s total net leverage ratio, less the amount of certain voluntary prepayments made by the Company, if any, under the TLB Facility during such fiscal year. The amendment reduced the maximum amount of the mandatory annual excess cash flow sweep under the TLB Facility by 25% . As of September 30, 2019 , no amount related to the prepayment of the TLB Facility in connection with the excess cash flow requirement has been classified as Current Portion of Long-Term Debt in the Consolidated Balance Sheets. 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, 2019. If this covenant was applicable as of September 30, 2019 , management estimates the repayment under this covenant would be approximately $7 million , subject to fourth quarter performance and other discretionary uses of cash. At September 30, 2019 , the Revolving Credit Facility had no borrowings outstanding and $73,732 of letters of credit outstanding, leaving $326,268 of unused capacity. At December 31, 2018 , the Revolving Credit Facility had no borrowings outstanding and $54,065 of letters of credit outstanding, leaving $245,935 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, 2019 , the Company made a required repayment of approximately $110 million on the TLB Facility (discussed above) and amended the Senior Secured Credit Facilities.The Company also repurchased $35 million of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025 during the nine months ended September 30, 2019 . As part of these transactions, $801 and $25,444 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the three and nine months ended September 30, 2019 , respectively. 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 Consolidated Statements of Income for the nine months ended September 30, 2018 . During the nine months ended September 30, 2019 , the Company entered into two asset-backed financing arrangements related to certain equipment. The equipment, which has an approximate value of $7,591 , fully collateralizes the loans. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES: The Company and its former parent entered into a separation and distribution agreement on November 28, 2017 that implemented the legal and structural separation of the Company from its former parent. 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 its former parent relating to the liabilities of the Coal Business that the Company assumed. The Company 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 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, 2019 . 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, 2019 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 the Company's former parent) 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. On October 15, 2019, Plantiffs’ supplemental motion for class certification was denied on all counts and a scheduling order for the remaining individual claims was set on October 16, 2019. 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 subsidiary of the Company's former parent 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. On October 15, 2019, Plantiffs’ supplemental motion for class certification was denied on all counts and a scheduling order for the remaining individual claims was set on October 16, 2019. 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 and agreed to reimburse its former parent for certain financial guarantees relating to the Coal Business that its former parent 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, 2019 , 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 the Company's former parent 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 $ 65,292 $ 40,044 $ 25,248 $ — $ — Environmental 398 398 — — — Other 47,944 39,150 8,794 — — Total Letters of Credit 113,634 79,592 34,042 — — Surety Bonds: Employee-Related 87,174 74,424 12,750 — — Environmental 532,027 437,422 94,605 — — Other 3,898 3,607 291 — — Total Surety Bonds 623,099 515,453 107,646 — — Guarantees: Other 17,928 7,224 9,875 398 431 Total Guarantees 17,928 7,224 9,875 398 431 Total Commitments $ 754,661 $ 602,269 $ 151,563 $ 398 $ 431 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 third party. As part of the separation and distribution, the Company's former parent agreed to indemnify the Company and the Company agreed to indemnify its former parent in each case with respect to guarantees of certain equipment lease obligations that were assumed by the third party. In the event that the third party 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, 2019 , 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 these guarantees as of September 30, 2019 and December 31, 2018 is believed to be approximately $22,000 and $28,000 , respectively. At September 30, 2019 and December 31, 2018 , the fair value of these guarantees was $547 and $734 , respectively, and is included in Other Accrued Liabilities on the 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. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES: The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. The interest rate swaps have been designated as cash flow hedges of future variable interest payments, which are considered probable of occurring. Based on the Company's assessment, all of the critical terms of each of the hedges matched the underlying terms of the hedged debt and related forecasted interest payments, and as such, these hedges were considered highly effective. There is no ineffective portion or amount excluded from effectiveness testing. The following table presents information related to interest rate contracts entered into by the Company and designated as cash flow hedges: September 30, 2019 December 31, 2018 Pay fixed swaps - notional amount $ 350,000 — Net unrealized loss $ (525 ) — Weighted-average maturity period (years) 1.51 — Weighted-average received rate — — Weighted-average pay rate — — The fair value of the interest rate swaps reflected an unrealized loss of $ 525 (net of $ (167) tax) at September 30, 2019 and $0 at December 31, 2018 . The unrealized loss is included on the Consolidated Statements of Stockholders' Equity as part of accumulated other comprehensive loss, as well as on the Consolidated Statements of Comprehensive Income as unrealized loss on cash flow hedges. At September 30, 2019 and December 31, 2018 , the interest rate swap contracts were reflected in the Consolidated Balance Sheets as follows: September 30, 2019 December 31, 2018 Current assets: Other current assets — — Long-term assets: Other assets — — Current liabilities: Other current liabilities $ 243 — Long-term liabilities: Other liabilities $ 448 — Total derivatives $ 691 $ — No gains or losses were recognized in interest expense in the Consolidated Statements of Income, as no interest rate swaps have reached their effective date. During 2020, notional amounts of $ 150,000 will become effective. In the next 12 months, the Company expects a loss of approximately $ (20) |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 December 31, 2018 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Lease Guarantees $ — $ — $ (547 ) $ — $ — $ (734 ) Derivatives (1) $ — $ (691 ) $ — $ — $ — $ — (1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy. The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 716,820 $ 719,361 $ 842,899 $ 881,711 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 is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitutes Level 2 fair value measurements. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION: CONSOL Energy Inc. consists of one reportable segment: the Pennsylvania Mining Complex. The principal activities of the 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 the PAMC. CONSOL Energy Inc.’s Other division includes revenue and expenses from various corporate and diversified business activities that are not allocated to the 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, 2019 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 301,542 $ — $ — $ 301,542 (A) Terminal Revenue — 16,303 — 16,303 Freight Revenue 3,599 — — 3,599 Total Revenue and Freight $ 305,141 $ 16,303 $ — $ 321,444 Earnings (Loss) Before Income Tax $ 30,546 $ (21,107 ) $ — $ 9,439 Segment Assets $ 2,014,381 $ 708,854 $ — $ 2,723,235 Depreciation, Depletion and Amortization $ 45,829 $ 8,541 $ — $ 54,370 Capital Expenditures $ 45,232 $ 3,289 $ — $ 48,521 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 nine months ended September 30, 2019 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 984,665 $ — $ — $ 984,665 (A) Terminal Revenue — 50,829 — 50,829 Freight Revenue 14,115 — — 14,115 Total Revenue and Freight $ 998,780 $ 50,829 $ — $ 1,049,609 Earnings (Loss) Before Income Tax $ 156,029 $ (80,115 ) $ — $ 75,914 Segment Assets $ 2,014,381 $ 708,854 $ — $ 2,723,235 Depreciation, Depletion and Amortization $ 136,124 $ 15,121 $ — $ 151,245 Capital Expenditures $ 117,417 $ 14,058 $ — $ 131,475 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 (A) For the three and nine months ended September 30, 2019 and 2018 , 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, 2019 2018 2019 2018 Customer A $ 49,772 $ 46,727 $ 180,014 $ 209,968 Customer B $ 95,953 $ 84,110 $ 358,882 $ 181,236 Customer C $ 63,526 $ 59,364 $ 158,903 $ 169,052 Reconciliation of Segment Information to Consolidated Amounts: Total Assets: September 30, 2019 2018 Segment assets for total reportable business segments $ 2,014,381 $ 1,891,606 Segment assets for all other business segments 512,738 506,825 Items excluded from segment assets: Cash, restricted cash and other investments 104,344 275,377 Deferred tax assets 91,772 72,120 Total Consolidated Assets $ 2,723,235 $ 2,745,928 |
GUARANTOR SUBSIDIARIES FINANCIA
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION: The payment obligations under the $275,000 , Term Loan B due in September 2024, the $300,000 , 11.000% per annum senior notes due November 2025, and the $100,000 , Term Loan A due in March 2023 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, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue and Other Income: Coal Revenue $ — $ 226,157 $ 75,385 $ — $ — $ 301,542 Terminal Revenue — 16,303 — — — 16,303 Freight Revenue — 2,699 900 — — 3,599 Miscellaneous Other Income (Loss) 20,578 (4,311 ) 1,096 9,701 (15,876 ) 11,188 Gain (Loss) on Sale of Assets 717 (3 ) — — — 714 Total Revenue and Other Income 21,295 240,845 77,381 9,701 (15,876 ) 333,346 Costs and Expenses: Operating and Other Costs — 180,488 53,998 363 — 234,849 Depreciation, Depletion and Amortization — 43,284 11,086 — — 54,370 Freight Expense — 2,699 900 — — 3,599 Selling, General and Administrative Costs — 11,850 2,840 — — 14,690 Loss on Debt Extinguishment 801 — — — — 801 Interest Expense, net 13,739 272 1,587 — — 15,598 Total Costs and Expenses 14,540 238,593 70,411 363 — 323,907 Earnings Before Income Tax 6,755 2,252 6,970 9,338 (15,876 ) 9,439 Income Tax Expense 2,415 — — — — 2,415 Net Income 4,340 2,252 6,970 9,338 (15,876 ) 7,024 Less: Net Income Attributable to Noncontrolling Interest — — — — 2,684 2,684 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 4,340 $ 2,252 $ 6,970 $ 9,338 $ (18,560 ) $ 4,340 Balance Sheet at September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 92,472 $ 30,191 $ 10,611 $ 57 $ — $ 133,331 Restricted Cash — — — 1,518 — 1,518 Accounts and Notes Receivable: Trade — — — 109,793 — 109,793 Other Receivables 22,772 6,376 56 — — 29,204 Inventories — 37,500 11,339 — — 48,839 Prepaid Expenses and Other Assets 7,125 20,220 7,094 — — 34,439 Total Current Assets 122,369 94,287 29,100 111,368 — 357,124 Property, Plant and Equipment: Property, Plant and Equipment — 3,995,982 977,418 — — 4,973,400 Less-Accumulated Depreciation, Depletion and Amortization — 2,307,111 559,538 — — 2,866,649 Total Property, Plant and Equipment-Net — 1,688,871 417,880 — — 2,106,751 Other Assets: Deferred Income Taxes 91,772 — — — — 91,772 Affiliated Credit Facility 154,155 — — — (154,155 ) — Investment in Affiliates 882,762 — — — (882,762 ) — Right of Use Asset - Operating Leases — 60,556 16,855 — — 77,411 Other 34,187 42,692 13,298 — — 90,177 Total Other Assets 1,162,876 103,248 30,153 — (1,036,917 ) 259,360 Total Assets $ 1,285,245 $ 1,886,406 $ 477,133 $ 111,368 $ (1,036,917 ) $ 2,723,235 Liabilities and Equity: Current Liabilities: Accounts Payable $ 88,838 $ 7,671 $ 23,405 $ 5,406 $ — $ 125,320 Accounts Payable (Recoverable)-Related Parties — — 2,882 — (2,882 ) — Current Portion of Long-Term Debt 25,710 14,906 4,599 — — 45,215 Other Accrued Liabilities 82,441 119,984 38,192 — — 240,617 Total Current Liabilities 196,989 142,561 69,078 5,406 (2,882 ) 411,152 Long-Term Debt: 579,148 108,330 156,240 — (154,155 ) 689,563 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 427,442 — — — 427,442 Pneumoconiosis Benefits — 160,075 4,897 — — 164,972 Asset Retirement Obligations — 231,877 10,939 — — 242,816 Workers’ Compensation — 56,178 2,914 — — 59,092 Salary Retirement 54,622 — — — — 54,622 Operating Lease Liability — 52,208 14,224 — — 66,432 Other — 13,150 547 — — 13,697 Total Deferred Credits and Other Liabilities 54,622 940,930 33,521 — — 1,029,073 Total CONSOL Energy Inc. Stockholders’ Equity 454,486 694,585 218,294 105,962 (1,018,841 ) 454,486 Noncontrolling Interest — — — — 138,961 138,961 Total Liabilities and Equity $ 1,285,245 $ 1,886,406 $ 477,133 $ 111,368 $ (1,036,917 ) $ 2,723,235 Income Statement for the Three Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue 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 Loss 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, net 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 Benefit (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 Inc. Shareholders $ 5,734 $ 14,619 $ 8,645 $ (672 ) $ (22,592 ) $ 5,734 Balance Sheet at December 31, 2018: Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 234,536 $ 138 $ 1,003 $ — $ — $ 235,677 Restricted Cash 14,557 — — 14,701 — 29,258 Accounts and Notes Receivable: Trade — — — 87,589 — 87,589 Other Receivables 24,352 15,935 1,068 — — 41,355 Inventories — 37,580 11,066 — — 48,646 Prepaid Expenses and Other Assets 10,883 15,451 5,096 — — 31,430 Total Current Assets 284,328 69,104 18,233 102,290 — 473,955 Property, Plant and Equipment: Property, Plant and Equipment — 3,891,873 946,298 — — 4,838,171 Less-Accumulated Depreciation, Depletion and Amortization — 2,204,896 526,747 — — 2,731,643 Total Property, Plant and Equipment-Net — 1,686,977 419,551 — — 2,106,528 Other Assets: Deferred Income Taxes 77,545 — — — — 77,545 Affiliated Credit Facility 141,129 — — — (141,129 ) — Investment in Affiliates 605,981 — — — (605,981 ) — Other 40,760 47,031 14,908 — — 102,699 Total Other Assets 865,415 47,031 14,908 — (747,110 ) 180,244 Total Assets $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 Liabilities and Equity: Current Liabilities: Accounts Payable $ (721 ) $ 102,995 $ 24,834 $ — $ 3,822 $ 130,930 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,220 3,831 87,593 (125,353 ) — Current Portion of Long-Term Debt 8,157 11,139 3,503 — 112,013 134,812 Other Accrued Liabilities 92,534 105,806 31,916 — (3,822 ) 226,434 Total Current Liabilities 97,679 256,160 64,084 87,593 (13,340 ) 492,176 Long-Term Debt: 577,957 151,202 146,196 — (141,129 ) 734,226 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 441,246 — — — 441,246 Pneumoconiosis Benefits — 160,741 4,260 — — 165,001 Asset Retirement Obligations — 226,209 9,775 — — 235,984 Workers’ Compensation — 56,623 3,119 — — 59,742 Salary Retirement 64,172 — — — — 64,172 Other — 16,051 518 — — 16,569 Total Deferred Credits and Other Liabilities 64,172 900,870 17,672 — — 982,714 Total CONSOL Energy Inc. Stockholders’ Equity 409,935 494,880 224,740 14,697 (734,317 ) 409,935 Noncontrolling Interest — — — — 141,676 141,676 Total Liabilities and Equity $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 Income Statement for the Nine Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue and Other Income: Coal Revenue $ — $ 738,499 $ 246,166 $ — $ — $ 984,665 Terminal Revenue — 50,829 — — — 50,829 Freight Revenue — 10,586 3,529 — — 14,115 Miscellaneous Other Income (Loss) 130,278 (10,648 ) 3,445 28,701 (115,102 ) 36,674 Gain (Loss) on Sale of Assets 2,008 (17 ) (5 ) — — 1,986 Total Revenue and Other Income 132,286 789,249 253,135 28,701 (115,102 ) 1,088,269 Costs and Expenses: Operating and Other Costs — 552,672 164,542 1,196 — 718,410 Depreciation, Depletion and Amortization — 117,606 33,639 — — 151,245 Freight Expense — 10,586 3,529 — — 14,115 Selling, General and Administrative Costs — 42,548 10,353 — — 52,901 Loss on Debt Extinguishment 25,444 — — — — 25,444 Interest Expense, net 45,030 715 4,495 — — 50,240 Total Costs and Expenses 70,474 724,127 216,558 1,196 — 1,012,355 Earnings Before Income Tax 61,812 65,122 36,577 27,505 (115,102 ) 75,914 Income Tax Benefit (243 ) — — — — (243 ) Net Income 62,055 65,122 36,577 27,505 (115,102 ) 76,157 Less: Net Income Attributable to Noncontrolling Interest — — — — 14,102 14,102 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 62,055 $ 65,122 $ 36,577 $ 27,505 $ (129,204 ) $ 62,055 Income Statement for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue 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, net 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 Inc. Shareholders $ 113,304 $ 131,788 $ 49,978 $ (2,240 ) $ (179,526 ) $ 113,304 Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ 182,938 $ (27,260 ) $ 67,505 $ — $ — $ 223,183 Cash Flows from Investing Activities: Capital Expenditures — (102,121 ) (29,354 ) — — (131,475 ) Proceeds from Sales of Assets — 2,011 4 — — 2,015 (Investments in), net of Distributions from, Subsidiaries (146,896 ) 173,436 — — (26,540 ) — Net Cash (Used in) Provided by Investing Activities (146,896 ) 73,326 (29,350 ) — (26,540 ) (129,460 ) Cash Flows from Financing Activities: Payments on Finance Leases — (10,931 ) (2,853 ) — — (13,784 ) Net (Payments on) Proceeds from Related Party Long-Term Notes (18,400 ) — 18,400 — — — Proceeds from Term Loan A 26,250 — — — — 26,250 Payments on Term Loan A (7,500 ) — — — — (7,500 ) Payments on Term Loan B (123,062 ) (688 ) — — — (123,750 ) Buyback of Second Lien Notes (35,048 ) — — — — (35,048 ) Proceeds from Asset-Backed Financing 3,757 — — — — 3,757 Purchases of CCR Units (369 ) — — — — (369 ) Repurchases of Common Stock (31,318 ) — — — — (31,318 ) Distributions to Noncontrolling Interest — — (43,214 ) — 26,540 (16,674 ) Shares/Units Withheld for Taxes — (3,865 ) (880 ) — — (4,745 ) Debt-Related Financing Fees (20,628 ) — — — — (20,628 ) Net Cash Used in Financing Activities $ (206,318 ) $ (15,484 ) $ (28,547 ) $ — $ 26,540 $ (223,809 ) 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 (Used in) Provided by 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 Distributions from, net of (Investments in), Subsidiaries 30,237 (3,959 ) — — (26,278 ) — Net Cash Provided by (Used in) Investing Activities 30,237 (79,360 ) (20,086 ) — (26,278 ) (95,487 ) Cash Flows from Financing Activities: Payments on Finance Leases — (8,894 ) (2,125 ) — — (11,019 ) Net Proceeds from (Payments on) Related Party Long-Term Notes 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 ) Purchases of CCR Units (1,142 ) — — — — (1,142 ) Repurchases of Common Stock (9,724 ) — — — — (9,724 ) Spin Distribution to CNX Resources — (18,234 ) — — — (18,234 ) Distributions to Noncontrolling Interest — — (43,041 ) — 26,278 (16,763 ) Shares/Units Withheld for Taxes — (2,011 ) (912 ) — — (2,923 ) Debt Related Financing Fees (2,851 ) — — — — (2,851 ) Net Cash Used in Financing Activities $ (33,908 ) $ (29,139 ) $ (75,661 ) $ — $ 26,278 $ (112,430 ) Statement of Comprehensive Income for the Three Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income $ 4,340 $ 2,252 $ 6,970 $ 9,338 $ (15,876 ) $ 7,024 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 2,457 — (5 ) — 5 2,457 Unrecognized Loss on Derivatives (261 ) — — — — (261 ) Other Comprehensive Income (Loss) 2,196 — (5 ) — 5 2,196 Comprehensive Income 6,536 2,252 6,965 9,338 (15,871 ) 9,220 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 2,681 2,681 Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders $ 6,536 $ 2,252 $ 6,965 $ 9,338 $ (18,552 ) $ 6,539 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 Nine Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income $ 62,055 $ 65,122 $ 36,577 $ 27,505 $ (115,102 ) $ 76,157 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 7,376 — (11 ) — 11 7,376 Unrecognized Loss on Derivatives (525 ) — — — — (525 ) Other Comprehensive Income (Loss) 6,851 — (11 ) — 11 6,851 Comprehensive Income 68,906 65,122 36,566 27,505 (115,091 ) 83,008 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 14,097 14,097 Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders $ 68,906 $ 65,122 $ 36,566 $ 27,505 $ (129,188 ) $ 68,911 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 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS: Transactions with the Company's Former Parent (2017) Transition Services Agreements The Company entered into a transition services agreement and certain other agreements in connection with the separation and distribution agreement with its former parent to cover certain continued corporate services provided by the Company and its former parent 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 transition services agreement, the Company's former parent 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 its former parent. The charges associated with these services were not material during the three and nine months ended September 30, 2019 and 2018 , and are consistent with expenses that the Company's former parent has historically allocated or incurred with respect to such services. The transition services agreement with the Company's former parent expired in February 2019. Former Parent Receivables and Payables The Company had a receivable from its former parent of $6,666 and $11,788 , of which $6,666 and $5,500 was recorded in Other Receivables on the Consolidated Balance Sheets at September 30, 2019 and December 31, 2018 , respectively. Additionally, $6,288 was included in Other Assets on the Consolidated Balance Sheet at December 31, 2018 . These items relate to the reimbursement of the one-time transaction costs as well as other reimbursements per the terms of the separation and distribution agreement. During the year ended December 31, 2018 , the Company paid its former parent $18,234 related to the final settlement of shared, spin-related fees. Per the separation and distribution agreement, these costs were split equally by the two companies. These costs consisted of consulting and professional fees associated with preparing for and executing the separation and distribution, as well as various other items. CONSOL Coal Resources LP CONSOL Energy, certain of its subsidiaries and the Partnership are party to an Omnibus Agreement, dated September 30, 2016, as amended on November 28, 2017 (the “Omnibus Agreement”). Under the Omnibus Agreement, CONSOL Energy provides the Partnership with certain services in exchange for payments by the Partnership for those services. On November 28, 2017, the Company 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 CCR's $400 million senior secured revolving credit facility with certain lenders and PNC Bank, National Association (“PNC”), as administrative agent (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. On March 28, 2019, the Affiliated Company Credit Agreement was amended to extend the maturity date from February 27, 2023 to December 28, 2024. Interest accrues at a rate ranging from 3.75% to 4.75% , subject to the Partnership's net leverage ratio. For the three months ended September 30, 2019 and 2018 , $2,003 and $1,832 of interest expense is included in the Consolidated Statements of Income, respectively. For the nine months ended September 30, 2019 and 2018 , $5,770 and $5,942 of interest expense is included in the 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, 2019 . 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 8, 2019. In August 2019, upon payment of the cash distribution with respect to the quarter ended June 30, 2019, the financial requirements for the conversion of all CCR subordinated units were satisfied. As a result, all 11,611,067 of the CCR subordinated units owned entirely by CONSOL Energy Inc. were converted into CCR common units on a one -for-one basis. The conversion did not impact the amount of the cash distribution paid or the total number of CCR's outstanding units representing limited partner interests. 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, 2019 2018 2019 2018 Operating and Other Costs $ 838 $ 725 $ 2,368 $ 2,172 Selling, General and Administrative Costs 1,902 2,345 6,932 5,943 Total Services from CONSOL Energy $ 2,740 $ 3,070 $ 9,300 $ 8,115 Operating and Other Costs include pension service costs 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 the Company. At September 30, 2019 and December 31, 2018 , CCR had a net payable to the Company in the amount of $ 2,882 and $ 3,831 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the Omnibus Agreement. In May 2019, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock, unit and debt repurchase program (see Note 19 - Stock, Unit and Debt Repurchase). The program expansion allows the Company to use up to $50 million of the program to purchase CCR's outstanding common units in the open market. For the three and nine months ended September 30, 2019 , 19,413 and 26,297 of the Partnership's common units were purchased under this program at an average price of $12.88 and $14.05 per unit, respectively. During the three and nine months ended September 30, 2018 , 77,536 of the Partnership's common units were purchased under this program at an average price of $17.86 per unit. |
STOCK, UNIT AND DEBT REPURCHASE
STOCK, UNIT AND DEBT REPURCHASE | 9 Months Ended |
Sep. 30, 2019 | |
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 tax matters agreement (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. In May 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $75 million , bringing the aggregate limit of the program to $175 million . The May 2019 expansion also increased the aggregate limit of the amount of CCR's common units that can be purchased under the program to $50 million , which is consistent with the Company's credit facility covenants that prohibit the Company from using more than $50 million for the purchase of CCR's outstanding common units. The Company's Board of Directors also approved extending the termination date of the program, from June 30, 2019 to June 30, 2020. In July 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $25 million , bringing the aggregate limit of the Company's stock, unit and debt repurchase program to $200 million . 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 three and nine months ended September 30, 2019 , the Company repurchased approximately $15,728 and $35,048 of its 11.00% Senior Secured Second Lien Notes due 2025, respectively. Also during the three and nine months ended September 30, 2019 , 1,366,054 and 1,717,497 shares of the Company's common stock were repurchased and retired at an average price of $16.97 and $ 19.06 per share, respectively, and 19,413 and 26,297 of the Partnership's common units were purchased at an average price of $12.88 and $ 14.05 per unit, respectively. During the nine months ended September 30, 2018 , the Company repurchased approximately $20,524 of its 11.00% Senior Secured Second Lien Notes due 2025. During the three and nine months ended September 30, 2018 , 190,272 and 281,272 shares of the Company's common stock were repurchased and retired at an average price of $41.93 and $40.03 per share, respectively, and 77,536 of the Partnership's common units were purchased at an average price of $17.86 per unit. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS: On October 30, 2019, the Board of Directors of CCR's general partner declared a cash distribution of $0.5125 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, 2019 to the unitholders of record at the close of business on November 11, 2019. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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, 2019 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2018 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, 2018 . |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in Update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, 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 August 2018, the FASB issued 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 does not expect this update to have a material impact on the Company's financial statements. 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. In May 2019, the FASB updated Topic 326 by issuing ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments in these Updates 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 fiscal years. Management does not expect this update to have a material impact 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. |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period, including the reclassification of restricted cash, previously included in Prepaid Expenses and Other Assets on the Consolidated Balance Sheets, as well as the reclassification of amortization of debt issuance costs and loss on debt extinguishment within the Operating Activities section of the Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported total assets, net income or stockholders' equity. |
Revenue Recognition | CONSOL Energy's coal revenue is recognized when title passes to the customer. The Company has determined that each ton of coal represents a separate and distinct performance obligation. The Company's coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative stand-alone selling prices determined at contract inception. Coal Revenue Revenues are recognized at a point in time, which is generally 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 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, 2019 and December 31, 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2019 and 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 rateable 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, 2019 and December 31, 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2019 and 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. |
Leases | The Company determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Company has operating leases for mining and other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend, the leases, and some leases include options to terminate or buy out the leases within a set period of time. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of the Company's operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of the Company's leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
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, 2019 2018 2019 2018 Anti-Dilutive Restricted Stock Units 418,924 620 166,650 620 Anti-Dilutive Performance Share Units 56,399 — — — 475,323 620 166,650 620 |
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 Dollars in thousands, except per share data September 30, September 30, 2019 2018 2019 2018 Numerator: Net Income $ 7,024 $ 9,084 $ 76,157 $ 132,751 Less: Net Income Attributable to Noncontrolling Interest 2,684 3,350 14,102 19,447 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 4,340 $ 5,734 $ 62,055 $ 113,304 Denominator: Weighted-average shares of common stock outstanding 26,835,297 27,982,538 27,285,511 28,011,488 Effect of dilutive shares 181,693 593,322 195,332 516,527 Weighted-average diluted shares of common stock outstanding 27,016,990 28,575,860 27,480,843 28,528,015 Earnings per Share: Basic $ 0.16 $ 0.20 $ 2.27 $ 4.04 Dilutive $ 0.16 $ 0.20 $ 2.26 $ 3.97 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Major Source | The following table disaggregates CONSOL Energy's revenue by major source to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Coal Revenue $ 301,542 $ 294,797 $ 984,665 $ 1,016,503 Terminal Revenue 16,303 16,115 50,829 47,995 Freight Revenue 3,599 2,443 14,115 37,774 Total Revenue from Contracts with Customers $ 321,444 $ 313,355 $ 1,049,609 $ 1,102,272 |
MISCELLANEOUS OTHER INCOME (Tab
MISCELLANEOUS OTHER INCOME (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Miscellaneous Other Income | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Royalty Income - Non-Operated Coal $ 4,976 $ 5,160 $ 16,863 $ 19,108 Purchased Coal Sales 3,136 2,901 9,052 15,389 Contract Buyout 1,193 — 3,583 350 Interest Income 755 523 2,399 1,591 Rental Income 625 896 1,923 3,066 Property Easements and Option Income 100 1,069 1,529 5,479 Other 403 429 1,325 2,251 Miscellaneous Other Income $ 11,188 $ 10,978 $ 36,674 $ 47,234 |
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, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit (Credit) Cost | The 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 2019 2018 2019 2018 2019 2018 2019 2018 Service Cost $ 987 $ 288 $ 2,963 $ 863 $ — $ — $ — $ — Interest Cost 6,275 5,876 18,825 17,628 4,580 4,677 13,740 14,030 Expected Return on Plan Assets (10,114 ) (10,092 ) (30,343 ) (30,277 ) — — — — Amortization of Prior Service Credits (92 ) (126 ) (275 ) (377 ) (601 ) (601 ) (1,804 ) (1,804 ) Amortization of Actuarial Loss 1,490 2,179 4,469 6,537 2,315 4,051 6,946 12,154 Net Periodic Benefit (Credit) Cost $ (1,454 ) $ (1,875 ) $ (4,361 ) $ (5,626 ) $ 6,294 $ 8,127 $ 18,882 $ 24,380 |
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, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The components of Net Periodic Benefit Cost are as follows: CWP Workers' Compensation Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended 2019 2018 2019 2018 2019 2018 2019 2018 Service Cost $ 948 $ 1,662 $ 2,844 $ 4,987 $ 1,421 $ 1,558 $ 4,264 $ 4,673 Interest Cost 1,750 1,311 5,250 3,934 646 571 1,939 1,712 Amortization of Actuarial Loss (Gain) 254 (213 ) 762 (640 ) (193 ) (20 ) (580 ) (59 ) State Administrative Fees and Insurance Bond Premiums — — — — 510 675 1,671 1,986 Net Periodic Benefit Cost $ 2,952 $ 2,760 $ 8,856 $ 8,281 $ 2,384 $ 2,784 $ 7,294 $ 8,312 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory components consist of the following: September 30, December 31, Coal $ 3,974 $ 4,642 Supplies 44,865 44,004 Total Inventories $ 48,839 $ 48,646 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consists of the following: September 30, December 31, Plant and Equipment $ 3,008,945 $ 2,890,970 Coal Properties and Surface Lands 863,191 858,153 Airshafts 430,592 419,100 Mine Development 342,706 342,405 Advance Mining Royalties 327,966 327,543 Total Property, Plant and Equipment 4,973,400 4,838,171 Less: Accumulated Depreciation, Depletion and Amortization 2,866,649 2,731,643 Total Property, Plant and Equipment, Net $ 2,106,751 $ 2,106,528 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of lease and supplemental cash flow information | For the three and nine months ended September 30, 2019 , the components of operating lease expense were as follows: Three Months Ended Nine Months Ended Fixed operating lease expense $ 6,265 $ 19,561 Variable operating lease expense 2,860 9,211 Total operating lease expense $ 9,125 $ 28,772 Supplemental cash flow information related to the Company's operating leases for the nine months ended September 30, 2019 was as follows: Cash paid for amounts included in the measurement of operating lease liabilities $ 9,884 ROU assets obtained in exchange for operating lease obligations — For the three and nine months ended September 30, 2019 , the components of finance lease expense were as follows: Three Months Ended Nine Months Ended Amortization of right of use assets $ 3,919 $ 11,753 Interest expense 434 1,484 Total finance lease expense $ 4,353 $ 13,237 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of September 30, 2019 : Weighted average remaining lease term (in years) 1.59 Weighted average discount rate 5.37 % |
Schedule of lease balances, weighted average lease terms and discount rates | The following table presents the lease balances within the Consolidated Balance Sheet, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at September 30, 2019 : Lease Assets and Liabilities Classification Assets: Operating Lease ROU Assets Other Assets $ 77,411 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 15,769 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 66,432 Total Operating Lease Liabilities $ 82,201 Weighted average remaining lease term (in years) 5.07 Weighted average discount rate 5.64 % |
Schedule of future maturities of finance lease liabilities | The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at September 30, 2019 : Finance Operating Leases Leases Remainder of 2019 $ 3,406 $ 8,746 2020 20,222 24,067 2021 6,565 23,134 2022 154 13,341 2023 133 6,504 Thereafter 24 22,073 Total minimum lease payments 30,504 97,865 Less amount representing interest 1,339 15,664 Present value of minimum lease payments $ 29,165 $ 82,201 At September 30, 2019 , certain finance leases for mining equipment are subleased to a third-party. The following table represents the minimum payments, including interest, for those finance subleases: Remainder of 2019 2020 2021 2022 2023 Thereafter Total $ 925 $ 3,699 $ 2,157 $ — $ — $ — $ 6,781 |
Schedule of future maturities of operating lease liabilities | At September 30, 2019 , scheduled minimum rental payments for operating leases related to this equipment were as follows: Remainder of 2019 2020 2021 2022 2023 Thereafter Total $ 311 $ 627 $ — $ — $ — $ — $ 938 The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at September 30, 2019 : Finance Operating Leases Leases Remainder of 2019 $ 3,406 $ 8,746 2020 20,222 24,067 2021 6,565 23,134 2022 154 13,341 2023 133 6,504 Thereafter 24 22,073 Total minimum lease payments 30,504 97,865 Less amount representing interest 1,339 15,664 Present value of minimum lease payments $ 29,165 $ 82,201 |
OTHER ACCRUED LIABILITIES (Tabl
OTHER ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | September 30, December 31, 2018 Subsidence Liability $ 93,202 $ 83,532 Accrued Payroll and Benefits 17,144 12,978 Accrued Interest 11,521 6,850 Accrued Other Taxes 3,357 5,050 Litigation 2,640 8,235 Short-Term Incentive Compensation 2,411 6,024 Other 10,167 15,588 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 32,361 32,345 Asset Retirement Obligations 29,413 31,017 Operating Lease Liability 15,769 — Workers' Compensation 11,846 12,628 Pneumoconiosis Benefits 10,786 12,187 Total Other Accrued Liabilities $ 240,617 $ 226,434 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | September 30, December 31, Debt: Term Loan B due in September 2024 (Principal of $273,625 and $396,000 less Unamortized Discount of $1,250 and $6,253, 6.55% and 8.53% Weighted Average Interest Rate, respectively) $ 272,375 $ 389,747 11.00% Senior Secured Second Lien Notes due November 2025 239,228 274,276 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in March 2023 (5.80% and 6.78% Weighted Average Interest Rate, respectively) 92,500 73,750 Other Asset-Backed Financing Arrangements Maturing in December 2020 and September 2024, 6.35% Weighted Average Interest Rate and 3.61%, respectively 7,591 — Advance Royalty Commitments (8.57% Weighted Average Interest Rate) 2,261 2,261 Less: Unamortized Debt Issuance Costs 11,207 16,409 705,613 826,490 Less: Amounts Due in One Year* 27,678 117,954 Long-Term Debt $ 677,935 $ 708,536 * Excludes current portion of Finance Lease Obligations of $17,537 and $16,858 at September 30, 2019 and December 31, 2018 , respectively. |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 $ 65,292 $ 40,044 $ 25,248 $ — $ — Environmental 398 398 — — — Other 47,944 39,150 8,794 — — Total Letters of Credit 113,634 79,592 34,042 — — Surety Bonds: Employee-Related 87,174 74,424 12,750 — — Environmental 532,027 437,422 94,605 — — Other 3,898 3,607 291 — — Total Surety Bonds 623,099 515,453 107,646 — — Guarantees: Other 17,928 7,224 9,875 398 431 Total Guarantees 17,928 7,224 9,875 398 431 Total Commitments $ 754,661 $ 602,269 $ 151,563 $ 398 $ 431 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents information related to interest rate contracts entered into by the Company and designated as cash flow hedges: September 30, 2019 December 31, 2018 Pay fixed swaps - notional amount $ 350,000 — Net unrealized loss $ (525 ) — Weighted-average maturity period (years) 1.51 — Weighted-average received rate — — Weighted-average pay rate — — |
Schedule of Interest Rate Swap Contracts Reflected in Balance Sheets | At September 30, 2019 and December 31, 2018 , the interest rate swap contracts were reflected in the Consolidated Balance Sheets as follows: September 30, 2019 December 31, 2018 Current assets: Other current assets — — Long-term assets: Other assets — — Current liabilities: Other current liabilities $ 243 — Long-term liabilities: Other liabilities $ 448 — Total derivatives $ 691 $ — |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 December 31, 2018 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Lease Guarantees $ — $ — $ (547 ) $ — $ — $ (734 ) Derivatives (1) $ — $ (691 ) $ — $ — $ — $ — (1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy. |
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, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 716,820 $ 719,361 $ 842,899 $ 881,711 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Industry Segment Results | Industry segment results for the three months ended September 30, 2019 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 301,542 $ — $ — $ 301,542 (A) Terminal Revenue — 16,303 — 16,303 Freight Revenue 3,599 — — 3,599 Total Revenue and Freight $ 305,141 $ 16,303 $ — $ 321,444 Earnings (Loss) Before Income Tax $ 30,546 $ (21,107 ) $ — $ 9,439 Segment Assets $ 2,014,381 $ 708,854 $ — $ 2,723,235 Depreciation, Depletion and Amortization $ 45,829 $ 8,541 $ — $ 54,370 Capital Expenditures $ 45,232 $ 3,289 $ — $ 48,521 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 nine months ended September 30, 2019 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 984,665 $ — $ — $ 984,665 (A) Terminal Revenue — 50,829 — 50,829 Freight Revenue 14,115 — — 14,115 Total Revenue and Freight $ 998,780 $ 50,829 $ — $ 1,049,609 Earnings (Loss) Before Income Tax $ 156,029 $ (80,115 ) $ — $ 75,914 Segment Assets $ 2,014,381 $ 708,854 $ — $ 2,723,235 Depreciation, Depletion and Amortization $ 136,124 $ 15,121 $ — $ 151,245 Capital Expenditures $ 117,417 $ 14,058 $ — $ 131,475 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 (A) For the three and nine months ended September 30, 2019 and 2018 , 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, 2019 2018 2019 2018 Customer A $ 49,772 $ 46,727 $ 180,014 $ 209,968 Customer B $ 95,953 $ 84,110 $ 358,882 $ 181,236 Customer C $ 63,526 $ 59,364 $ 158,903 $ 169,052 |
Schedule of Segment Revenues from Major Customers | For the three and nine months ended September 30, 2019 and 2018 , 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, 2019 2018 2019 2018 Customer A $ 49,772 $ 46,727 $ 180,014 $ 209,968 Customer B $ 95,953 $ 84,110 $ 358,882 $ 181,236 Customer C $ 63,526 $ 59,364 $ 158,903 $ 169,052 |
Schedule of Total Assets | Total Assets: September 30, 2019 2018 Segment assets for total reportable business segments $ 2,014,381 $ 1,891,606 Segment assets for all other business segments 512,738 506,825 Items excluded from segment assets: Cash, restricted cash and other investments 104,344 275,377 Deferred tax assets 91,772 72,120 Total Consolidated Assets $ 2,723,235 $ 2,745,928 |
GUARANTOR SUBSIDIARIES FINANC_2
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Income Statement | Income Statement for the Nine Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue and Other Income: Coal Revenue $ — $ 738,499 $ 246,166 $ — $ — $ 984,665 Terminal Revenue — 50,829 — — — 50,829 Freight Revenue — 10,586 3,529 — — 14,115 Miscellaneous Other Income (Loss) 130,278 (10,648 ) 3,445 28,701 (115,102 ) 36,674 Gain (Loss) on Sale of Assets 2,008 (17 ) (5 ) — — 1,986 Total Revenue and Other Income 132,286 789,249 253,135 28,701 (115,102 ) 1,088,269 Costs and Expenses: Operating and Other Costs — 552,672 164,542 1,196 — 718,410 Depreciation, Depletion and Amortization — 117,606 33,639 — — 151,245 Freight Expense — 10,586 3,529 — — 14,115 Selling, General and Administrative Costs — 42,548 10,353 — — 52,901 Loss on Debt Extinguishment 25,444 — — — — 25,444 Interest Expense, net 45,030 715 4,495 — — 50,240 Total Costs and Expenses 70,474 724,127 216,558 1,196 — 1,012,355 Earnings Before Income Tax 61,812 65,122 36,577 27,505 (115,102 ) 75,914 Income Tax Benefit (243 ) — — — — (243 ) Net Income 62,055 65,122 36,577 27,505 (115,102 ) 76,157 Less: Net Income Attributable to Noncontrolling Interest — — — — 14,102 14,102 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 62,055 $ 65,122 $ 36,577 $ 27,505 $ (129,204 ) $ 62,055 Income Statement for the Nine Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue 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, net 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 Inc. Shareholders $ 113,304 $ 131,788 $ 49,978 $ (2,240 ) $ (179,526 ) $ 113,304 Income Statement for the Three Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue and Other Income: Coal Revenue $ — $ 226,157 $ 75,385 $ — $ — $ 301,542 Terminal Revenue — 16,303 — — — 16,303 Freight Revenue — 2,699 900 — — 3,599 Miscellaneous Other Income (Loss) 20,578 (4,311 ) 1,096 9,701 (15,876 ) 11,188 Gain (Loss) on Sale of Assets 717 (3 ) — — — 714 Total Revenue and Other Income 21,295 240,845 77,381 9,701 (15,876 ) 333,346 Costs and Expenses: Operating and Other Costs — 180,488 53,998 363 — 234,849 Depreciation, Depletion and Amortization — 43,284 11,086 — — 54,370 Freight Expense — 2,699 900 — — 3,599 Selling, General and Administrative Costs — 11,850 2,840 — — 14,690 Loss on Debt Extinguishment 801 — — — — 801 Interest Expense, net 13,739 272 1,587 — — 15,598 Total Costs and Expenses 14,540 238,593 70,411 363 — 323,907 Earnings Before Income Tax 6,755 2,252 6,970 9,338 (15,876 ) 9,439 Income Tax Expense 2,415 — — — — 2,415 Net Income 4,340 2,252 6,970 9,338 (15,876 ) 7,024 Less: Net Income Attributable to Noncontrolling Interest — — — — 2,684 2,684 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 4,340 $ 2,252 $ 6,970 $ 9,338 $ (18,560 ) $ 4,340 Income Statement for the Three Months Ended September 30, 2018 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue 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 Loss 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, net 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 Benefit (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 Inc. Shareholders $ 5,734 $ 14,619 $ 8,645 $ (672 ) $ (22,592 ) $ 5,734 |
Balance Sheet | Balance Sheet at September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 92,472 $ 30,191 $ 10,611 $ 57 $ — $ 133,331 Restricted Cash — — — 1,518 — 1,518 Accounts and Notes Receivable: Trade — — — 109,793 — 109,793 Other Receivables 22,772 6,376 56 — — 29,204 Inventories — 37,500 11,339 — — 48,839 Prepaid Expenses and Other Assets 7,125 20,220 7,094 — — 34,439 Total Current Assets 122,369 94,287 29,100 111,368 — 357,124 Property, Plant and Equipment: Property, Plant and Equipment — 3,995,982 977,418 — — 4,973,400 Less-Accumulated Depreciation, Depletion and Amortization — 2,307,111 559,538 — — 2,866,649 Total Property, Plant and Equipment-Net — 1,688,871 417,880 — — 2,106,751 Other Assets: Deferred Income Taxes 91,772 — — — — 91,772 Affiliated Credit Facility 154,155 — — — (154,155 ) — Investment in Affiliates 882,762 — — — (882,762 ) — Right of Use Asset - Operating Leases — 60,556 16,855 — — 77,411 Other 34,187 42,692 13,298 — — 90,177 Total Other Assets 1,162,876 103,248 30,153 — (1,036,917 ) 259,360 Total Assets $ 1,285,245 $ 1,886,406 $ 477,133 $ 111,368 $ (1,036,917 ) $ 2,723,235 Liabilities and Equity: Current Liabilities: Accounts Payable $ 88,838 $ 7,671 $ 23,405 $ 5,406 $ — $ 125,320 Accounts Payable (Recoverable)-Related Parties — — 2,882 — (2,882 ) — Current Portion of Long-Term Debt 25,710 14,906 4,599 — — 45,215 Other Accrued Liabilities 82,441 119,984 38,192 — — 240,617 Total Current Liabilities 196,989 142,561 69,078 5,406 (2,882 ) 411,152 Long-Term Debt: 579,148 108,330 156,240 — (154,155 ) 689,563 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 427,442 — — — 427,442 Pneumoconiosis Benefits — 160,075 4,897 — — 164,972 Asset Retirement Obligations — 231,877 10,939 — — 242,816 Workers’ Compensation — 56,178 2,914 — — 59,092 Salary Retirement 54,622 — — — — 54,622 Operating Lease Liability — 52,208 14,224 — — 66,432 Other — 13,150 547 — — 13,697 Total Deferred Credits and Other Liabilities 54,622 940,930 33,521 — — 1,029,073 Total CONSOL Energy Inc. Stockholders’ Equity 454,486 694,585 218,294 105,962 (1,018,841 ) 454,486 Noncontrolling Interest — — — — 138,961 138,961 Total Liabilities and Equity $ 1,285,245 $ 1,886,406 $ 477,133 $ 111,368 $ (1,036,917 ) $ 2,723,235 Balance Sheet at December 31, 2018: Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 234,536 $ 138 $ 1,003 $ — $ — $ 235,677 Restricted Cash 14,557 — — 14,701 — 29,258 Accounts and Notes Receivable: Trade — — — 87,589 — 87,589 Other Receivables 24,352 15,935 1,068 — — 41,355 Inventories — 37,580 11,066 — — 48,646 Prepaid Expenses and Other Assets 10,883 15,451 5,096 — — 31,430 Total Current Assets 284,328 69,104 18,233 102,290 — 473,955 Property, Plant and Equipment: Property, Plant and Equipment — 3,891,873 946,298 — — 4,838,171 Less-Accumulated Depreciation, Depletion and Amortization — 2,204,896 526,747 — — 2,731,643 Total Property, Plant and Equipment-Net — 1,686,977 419,551 — — 2,106,528 Other Assets: Deferred Income Taxes 77,545 — — — — 77,545 Affiliated Credit Facility 141,129 — — — (141,129 ) — Investment in Affiliates 605,981 — — — (605,981 ) — Other 40,760 47,031 14,908 — — 102,699 Total Other Assets 865,415 47,031 14,908 — (747,110 ) 180,244 Total Assets $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 Liabilities and Equity: Current Liabilities: Accounts Payable $ (721 ) $ 102,995 $ 24,834 $ — $ 3,822 $ 130,930 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,220 3,831 87,593 (125,353 ) — Current Portion of Long-Term Debt 8,157 11,139 3,503 — 112,013 134,812 Other Accrued Liabilities 92,534 105,806 31,916 — (3,822 ) 226,434 Total Current Liabilities 97,679 256,160 64,084 87,593 (13,340 ) 492,176 Long-Term Debt: 577,957 151,202 146,196 — (141,129 ) 734,226 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 441,246 — — — 441,246 Pneumoconiosis Benefits — 160,741 4,260 — — 165,001 Asset Retirement Obligations — 226,209 9,775 — — 235,984 Workers’ Compensation — 56,623 3,119 — — 59,742 Salary Retirement 64,172 — — — — 64,172 Other — 16,051 518 — — 16,569 Total Deferred Credits and Other Liabilities 64,172 900,870 17,672 — — 982,714 Total CONSOL Energy Inc. Stockholders’ Equity 409,935 494,880 224,740 14,697 (734,317 ) 409,935 Noncontrolling Interest — — — — 141,676 141,676 Total Liabilities and Equity $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 |
Condensed Statement of Cash Flows | Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used in) Operating Activities $ 182,938 $ (27,260 ) $ 67,505 $ — $ — $ 223,183 Cash Flows from Investing Activities: Capital Expenditures — (102,121 ) (29,354 ) — — (131,475 ) Proceeds from Sales of Assets — 2,011 4 — — 2,015 (Investments in), net of Distributions from, Subsidiaries (146,896 ) 173,436 — — (26,540 ) — Net Cash (Used in) Provided by Investing Activities (146,896 ) 73,326 (29,350 ) — (26,540 ) (129,460 ) Cash Flows from Financing Activities: Payments on Finance Leases — (10,931 ) (2,853 ) — — (13,784 ) Net (Payments on) Proceeds from Related Party Long-Term Notes (18,400 ) — 18,400 — — — Proceeds from Term Loan A 26,250 — — — — 26,250 Payments on Term Loan A (7,500 ) — — — — (7,500 ) Payments on Term Loan B (123,062 ) (688 ) — — — (123,750 ) Buyback of Second Lien Notes (35,048 ) — — — — (35,048 ) Proceeds from Asset-Backed Financing 3,757 — — — — 3,757 Purchases of CCR Units (369 ) — — — — (369 ) Repurchases of Common Stock (31,318 ) — — — — (31,318 ) Distributions to Noncontrolling Interest — — (43,214 ) — 26,540 (16,674 ) Shares/Units Withheld for Taxes — (3,865 ) (880 ) — — (4,745 ) Debt-Related Financing Fees (20,628 ) — — — — (20,628 ) Net Cash Used in Financing Activities $ (206,318 ) $ (15,484 ) $ (28,547 ) $ — $ 26,540 $ (223,809 ) 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 (Used in) Provided by 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 Distributions from, net of (Investments in), Subsidiaries 30,237 (3,959 ) — — (26,278 ) — Net Cash Provided by (Used in) Investing Activities 30,237 (79,360 ) (20,086 ) — (26,278 ) (95,487 ) Cash Flows from Financing Activities: Payments on Finance Leases — (8,894 ) (2,125 ) — — (11,019 ) Net Proceeds from (Payments on) Related Party Long-Term Notes 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 ) Purchases of CCR Units (1,142 ) — — — — (1,142 ) Repurchases of Common Stock (9,724 ) — — — — (9,724 ) Spin Distribution to CNX Resources — (18,234 ) — — — (18,234 ) Distributions to Noncontrolling Interest — — (43,041 ) — 26,278 (16,763 ) Shares/Units Withheld for Taxes — (2,011 ) (912 ) — — (2,923 ) Debt Related Financing Fees (2,851 ) — — — — (2,851 ) Net Cash Used in Financing Activities $ (33,908 ) $ (29,139 ) $ (75,661 ) $ — $ 26,278 $ (112,430 ) |
Statement of Comprehensive Income | Statement of Comprehensive Income for the Three Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income $ 4,340 $ 2,252 $ 6,970 $ 9,338 $ (15,876 ) $ 7,024 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 2,457 — (5 ) — 5 2,457 Unrecognized Loss on Derivatives (261 ) — — — — (261 ) Other Comprehensive Income (Loss) 2,196 — (5 ) — 5 2,196 Comprehensive Income 6,536 2,252 6,965 9,338 (15,871 ) 9,220 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 2,681 2,681 Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders $ 6,536 $ 2,252 $ 6,965 $ 9,338 $ (18,552 ) $ 6,539 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 Nine Months Ended September 30, 2019 (unaudited): Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income $ 62,055 $ 65,122 $ 36,577 $ 27,505 $ (115,102 ) $ 76,157 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 7,376 — (11 ) — 11 7,376 Unrecognized Loss on Derivatives (525 ) — — — — (525 ) Other Comprehensive Income (Loss) 6,851 — (11 ) — 11 6,851 Comprehensive Income 68,906 65,122 36,566 27,505 (115,091 ) 83,008 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 14,097 14,097 Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders $ 68,906 $ 65,122 $ 36,566 $ 27,505 $ (129,188 ) $ 68,911 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 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 2019 2018 Operating and Other Costs $ 838 $ 725 $ 2,368 $ 2,172 Selling, General and Administrative Costs 1,902 2,345 6,932 5,943 Total Services from CONSOL Energy $ 2,740 $ 3,070 $ 9,300 $ 8,115 |
BASIS OF PRESENTATION - Narrati
BASIS OF PRESENTATION - Narrative (Details) - shares | Nov. 28, 2017 | Sep. 30, 2019 |
Related Party Transaction [Line Items] | ||
Preferred stock, shares authorized | 500,000 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Pennsylvania Mining Operations | CNX Coal Resources LP | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 25.00% |
BASIS OF PRESENTATION - Schedul
BASIS OF PRESENTATION - Schedule of Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of earnings per share (in shares) | 475,323 | 620 | 166,650 | 620 |
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) | 418,924 | 620 | 166,650 | 620 |
Anti-Dilutive Performance Share Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of earnings per share (in shares) | 56,399 | 0 | 0 | 0 |
BASIS OF PRESENTATION - Sched_2
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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||||||
Net Income | $ 7,024 | $ 48,830 | $ 20,303 | $ 9,084 | $ 52,709 | $ 70,958 | $ 76,157 | $ 132,751 |
Less: Net Income Attributable to Noncontrolling Interest | 2,684 | 3,350 | 14,102 | 19,447 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 4,340 | $ 5,734 | $ 62,055 | $ 113,304 | ||||
Denominator: | ||||||||
Weighted-average shares of common stock outstanding | 26,835,297 | 27,982,538 | 27,285,511 | 28,011,488 | ||||
Effect of dilutive shares | 181,693 | 593,322 | 195,332 | 516,527 | ||||
Weighted-average diluted shares of common stock outstanding | 27,016,990 | 28,575,860 | 27,480,843 | 28,528,015 | ||||
Earnings per Share: | ||||||||
Basic (in dollars per share) | $ 0.16 | $ 0.20 | $ 2.27 | $ 4.04 | ||||
Dilutive (in dollars per share) | $ 0.16 | $ 0.20 | $ 2.26 | $ 3.97 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 321,444 | $ 313,355 | $ 1,049,609 | $ 1,102,272 |
Coal Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 301,542 | 294,797 | 984,665 | 1,016,503 |
Terminal Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 16,303 | 16,115 | 50,829 | 47,995 |
Freight Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 3,599 | $ 2,443 | $ 14,115 | $ 37,774 |
MISCELLANEOUS OTHER INCOME (Det
MISCELLANEOUS OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Royalty Income - Non-Operated Coal | $ 4,976 | $ 5,160 | $ 16,863 | $ 19,108 |
Purchased Coal Sales | 3,136 | 2,901 | 9,052 | 15,389 |
Contract Buyout | 1,193 | 0 | 3,583 | 350 |
Interest Income | 755 | 523 | 2,399 | 1,591 |
Rental Income | 625 | 896 | 1,923 | 3,066 |
Property Easements and Option Income | 100 | 1,069 | 1,529 | 5,479 |
Other | 403 | 429 | 1,325 | 2,251 |
Miscellaneous Other Income | $ 11,188 | $ 10,978 | $ 36,674 | $ 47,234 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 987 | $ 288 | $ 2,963 | $ 863 |
Interest Cost | 6,275 | 5,876 | 18,825 | 17,628 |
Expected Return on Plan Assets | (10,114) | (10,092) | (30,343) | (30,277) |
Amortization of Prior Service Credits | (92) | (126) | (275) | (377) |
Amortization of Actuarial Loss | 1,490 | 2,179 | 4,469 | 6,537 |
Net Periodic Benefit (Credit) Cost | (1,454) | (1,875) | (4,361) | (5,626) |
Other Post-Employment Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 0 | 0 | 0 | 0 |
Interest Cost | 4,580 | 4,677 | 13,740 | 14,030 |
Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Amortization of Prior Service Credits | (601) | (601) | (1,804) | (1,804) |
Amortization of Actuarial Loss | 2,315 | 4,051 | 6,946 | 12,154 |
Net Periodic Benefit (Credit) Cost | $ 6,294 | $ 8,127 | $ 18,882 | $ 24,380 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
CWP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 948 | $ 1,662 | $ 2,844 | $ 4,987 |
Interest Cost | 1,750 | 1,311 | 5,250 | 3,934 |
Amortization of Actuarial Loss (Gain) | 254 | (213) | 762 | (640) |
State Administrative Fees and Insurance Bond Premiums | 0 | 0 | 0 | 0 |
Net Periodic Benefit (Credit) Cost | 2,952 | 2,760 | 8,856 | 8,281 |
Workers' Compensation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 1,421 | 1,558 | 4,264 | 4,673 |
Interest Cost | 646 | 571 | 1,939 | 1,712 |
Amortization of Actuarial Loss (Gain) | (193) | (20) | (580) | (59) |
State Administrative Fees and Insurance Bond Premiums | 510 | 675 | 1,671 | 1,986 |
Net Periodic Benefit (Credit) Cost | $ 2,384 | $ 2,784 | $ 7,294 | $ 8,312 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | (0.30%) | 6.00% |
Tax expense from operations | 0.20% | |
Tax benefit from equity compensation | (0.50%) |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Coal | $ 3,974 | $ 4,642 |
Supplies | 44,865 | 44,004 |
Total Inventories | $ 48,839 | $ 48,646 |
ACCOUNTS RECEIVABLE SECURITIZ_2
ACCOUNTS RECEIVABLE SECURITIZATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||||
Costs associated with receivables facility | $ 20,628,000 | $ 2,851,000 | |||
Line of Credit | Accounts Receivable Securitization Facility | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | |||
Unused commitment fee | 0.60% | ||||
Accounts receivable eligible for securitization | 38,384,000 | $ 38,384,000 | $ 37,869,000 | ||
Outstanding borrowings | 0 | 0 | 0 | ||
Letters of credit outstanding | 39,902,000 | 39,902,000 | 52,536,000 | ||
Borrowings and issuance of letters of credit remaining capacity | 0 | 0 | 0 | ||
Cash collateral | 1,518,000 | 1,518,000 | 14,667,000 | ||
Costs associated with receivables facility | 344,000 | $ 658,000 | $ 1,095,000 | $ 2,184,000 | |
Minimum | Line of Credit | Accounts Receivable Securitization Facility | |||||
Short-term Debt [Line Items] | |||||
Security facility program fee | 2.00% | ||||
Maximum | Line of Credit | Accounts Receivable Securitization Facility | |||||
Short-term Debt [Line Items] | |||||
Security facility program fee | 2.50% | ||||
Restricted Cash | Line of Credit | Accounts Receivable Securitization Facility | |||||
Short-term Debt [Line Items] | |||||
Cash collateral | $ 1,518,000 | $ 1,518,000 | $ 14,667,000 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | $ 4,973,400 | $ 4,973,400 | $ 4,838,171 | ||
Less—Accumulated Depreciation, Depletion and Amortization | 2,866,649 | 2,866,649 | 2,731,643 | ||
Total Property, Plant and Equipment—Net | 2,106,751 | 2,106,751 | 2,106,528 | ||
Gross assets under finance lease | 49,899 | 49,899 | |||
Gross assets under capital lease | 49,775 | ||||
Accumulated amortization for finance leases | 27,458 | 27,458 | |||
Accumulated amortization for capital leases | 15,973 | ||||
Amortization of right of use assets | 3,919 | 11,753 | |||
Amortization expense for assets under capital lease | $ 3,927 | $ 9,236 | |||
Plant and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 3,008,945 | 3,008,945 | 2,890,970 | ||
Coal Properties and Surface Lands | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 863,191 | 863,191 | 858,153 | ||
Airshafts | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 430,592 | 430,592 | 419,100 | ||
Mine Development | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | 342,706 | 342,706 | 342,405 | ||
Advance Mining Royalties | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment | $ 327,966 | $ 327,966 | $ 327,543 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of Use Asset - Operating Leases | $ 77,411 | ||
Present value of minimum lease payments | 82,201 | ||
Gross property, plant and equipment | 4,973,400 | $ 4,838,171 | |
Accumulated depreciation | 2,866,649 | $ 2,731,643 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of Use Asset - Operating Leases | $ 92,000 | ||
Present value of minimum lease payments | $ 92,000 | ||
Operating lease | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Gross property, plant and equipment | 6,966 | ||
Accumulated depreciation | $ 6,966 |
LEASES - Components of expense
LEASES - Components of expense and supplemental cash flow information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Operating | ||
Fixed operating lease expense | $ 6,265 | $ 19,561 |
Variable operating lease expense | 2,860 | 9,211 |
Total operating lease expense | 9,125 | 28,772 |
Cash paid for amounts included in the measurement of operating lease liabilities | 9,884 | |
ROU assets obtained in exchange for operating lease obligations | 0 | |
Finance | ||
Amortization of right of use assets | 3,919 | 11,753 |
Interest expense | 434 | 1,484 |
Total finance lease expense | $ 4,353 | $ 13,237 |
Weighted average remaining lease term (in years) | 1 year 7 months 2 days | 1 year 7 months 2 days |
Weighted average discount rate | 5.37% | 5.37% |
LEASES - Schedule of lease bala
LEASES - Schedule of lease balances, weighted average lease terms and discount rates (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Lease ROU Assets | $ 77,411 |
Current: Operating Lease Liabilities | 15,769 |
Long-Term: Operating Lease Liabilities | 66,432 |
Total Operating Lease Liabilities | $ 82,201 |
Weighted average remaining lease term (in years) | 5 years 25 days |
Weighted average discount rate | 5.64% |
LEASES - Schedule of future mat
LEASES - Schedule of future maturities of lease liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Finance | |
Remainder of 2019 | $ 3,406 |
2020 | 20,222 |
2021 | 6,565 |
2022 | 154 |
2023 | 133 |
Thereafter | 24 |
Total minimum lease payments | 30,504 |
Less amount representing interest | 1,339 |
Present value of minimum lease payments | 29,165 |
Operating | |
Remainder of 2019 | 8,746 |
2020 | 24,067 |
2021 | 23,134 |
2022 | 13,341 |
2023 | 6,504 |
Thereafter | 22,073 |
Total minimum lease payments | 97,865 |
Less amount representing interest | 15,664 |
Present value of minimum lease payments | 82,201 |
Mining equipment | |
Finance | |
Remainder of 2019 | 925 |
2020 | 3,699 |
2021 | 2,157 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total minimum lease payments | 6,781 |
Operating | |
Remainder of 2019 | 311 |
2020 | 627 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total minimum lease payments | $ 938 |
OTHER ACCRUED LIABILITIES (Deta
OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Subsidence Liability | $ 93,202 | $ 83,532 |
Accrued Payroll and Benefits | 17,144 | 12,978 |
Accrued Interest | 11,521 | 6,850 |
Accrued Other Taxes | 3,357 | 5,050 |
Litigation | 2,640 | 8,235 |
Short-Term Incentive Compensation | 2,411 | 6,024 |
Other | 10,167 | 15,588 |
Current Portion of Long-Term Liabilities: | ||
Postretirement Benefits Other than Pensions | 32,361 | 32,345 |
Asset Retirement Obligations | 29,413 | 31,017 |
Operating Lease Liability | 15,769 | |
Workers' Compensation | 11,846 | 12,628 |
Pneumoconiosis Benefits | 10,786 | 12,187 |
Total Other Accrued Liabilities | $ 240,617 | $ 226,434 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Nov. 30, 2017 |
Debt Instrument [Line Items] | ||||
Long-term debt, net | $ 705,613 | $ 826,490 | ||
Less: Unamortized Debt Issuance Costs | 11,207 | 16,409 | ||
Less amounts due in one year | 27,678 | 117,954 | ||
Long-Term Debt | 677,935 | 708,536 | ||
Current portion of finance lease obligations | 17,537 | |||
Current portion of capital lease obligations | 16,858 | |||
Loans Payable | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | 272,375 | 389,747 | ||
Long term debt, gross | 273,625 | 396,000 | ||
Unamortized discount | $ 1,250 | $ 6,253 | ||
Weighted average interest rate | 6.55% | 8.53% | ||
Loans Payable | MEDCO Revenue Bonds in Series due September 2025 at 5.75% | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 102,865 | $ 102,865 | ||
Stated interest rate | 5.75% | |||
Loans Payable | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 92,500 | $ 73,750 | ||
Weighted average interest rate | 5.80% | 6.78% | ||
Loans Payable | Advance royalty commitments | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 2,261 | $ 2,261 | ||
Weighted average interest rate | 8.57% | |||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 239,228 | 274,276 | ||
Stated interest rate | 11.00% | 11.00% | 11.00% | |
Secured Debt | Other Asset-Backed Financing | ||||
Debt Instrument [Line Items] | ||||
Long term debt, gross | $ 7,591 | $ 0 | ||
Secured Debt | Other Asset-Backed Financing Maturing December 2020 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 6.35% | |||
Secured Debt | Other Asset-Backed Financing Maturing September 2024 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.61% |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | Mar. 28, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Financing_Arrangement | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2020 | Nov. 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Undivided interest | 75.00% | |||||||
Loss on debt extinguishment | $ 801,000 | $ 0 | $ 25,444,000 | $ 3,149,000 | ||||
Number of asset-backed financing arrangements | Financing_Arrangement | 2 | |||||||
Collateral amount | 7,591,000 | $ 7,591,000 | ||||||
Loans Payable | Term Loan A | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 100,000,000 | 100,000,000 | $ 100,000,000 | |||||
Amendment to basis points | 0.50% | |||||||
Repayment on line of credit | 26,000,000 | |||||||
Principal | 100,000,000 | 100,000,000 | ||||||
Accelerated repayment | $ 15,000,000 | |||||||
Loans Payable | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 275,000,000 | 275,000,000 | 400,000,000 | |||||
Amendment to basis points | 1.50% | |||||||
Repayment on line of credit | $ 110,000,000 | |||||||
Repayment, percent of excess cash flow | 75.00% | |||||||
Repayment, decrease to percent of excess cash flow | 25.00% | |||||||
Repayment on line of credit if covenant applicable | 7,000,000 | $ 7,000,000 | ||||||
Principal | 275,000,000 | 275,000,000 | ||||||
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 | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | |||
Debt repurchased | $ 35,000,000 | $ 21,000,000 | $ 35,000,000 | $ 21,000,000 | ||||
Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 300,000,000 | ||||||
First lien gross leverage ratio, maximum | 2 | 2 | ||||||
First lien gross leverage ratio, actual | 1.15 | 1.15 | ||||||
Total net leverage ratio, maximum | 3 | 3 | ||||||
Total net leverage ratio, actual | 1.78 | 1.78 | ||||||
Fixed charge coverage ratio, minimum | 1.10 | 1.10 | ||||||
Fixed charge coverage ratio | 1.46 | 1.46 | ||||||
Outstanding borrowings | $ 0 | $ 0 | $ 0 | |||||
Letters of credit outstanding | 73,732,000 | 73,732,000 | 54,065,000 | |||||
Borrowings and issuance of letters of credit remaining capacity | $ 326,268,000 | $ 326,268,000 | $ 245,935,000 | |||||
Revolving Credit Facility | Line of Credit | Scenario, Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
First lien gross leverage ratio, maximum | 1.75 | |||||||
Total net leverage ratio, maximum | 2.75 | |||||||
Minimum | Loans Payable | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment, percent of excess cash flow | 0.00% | |||||||
Maximum | Loans Payable | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment, percent of excess cash flow | 75.00% |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Thousands | Aug. 23, 2017plaintiff | Apr. 24, 2017plaintiff | Sep. 30, 2019USD ($)mine | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | ||||
Number of mines sold | mine | 5 | |||
Guarantees maximum exposure | $ | $ 22,000 | $ 28,000 | ||
Fair value of guarantees | $ | $ 547 | $ 734 | ||
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, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | $ 754,661 |
Less Than 1 Year | 602,269 |
1-3 Years | 151,563 |
3-5 Years | 398 |
Beyond 5 Years | 431 |
Letters of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 113,634 |
Less Than 1 Year | 79,592 |
1-3 Years | 34,042 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 65,292 |
Less Than 1 Year | 40,044 |
1-3 Years | 25,248 |
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 | 47,944 |
Less Than 1 Year | 39,150 |
1-3 Years | 8,794 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 623,099 |
Less Than 1 Year | 515,453 |
1-3 Years | 107,646 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 87,174 |
Less Than 1 Year | 74,424 |
1-3 Years | 12,750 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 532,027 |
Less Than 1 Year | 437,422 |
1-3 Years | 94,605 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 3,898 |
Less Than 1 Year | 3,607 |
1-3 Years | 291 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Guarantees | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 17,928 |
Less Than 1 Year | 7,224 |
1-3 Years | 9,875 |
3-5 Years | 398 |
Beyond 5 Years | 431 |
Guarantees | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 17,928 |
Less Than 1 Year | 7,224 |
1-3 Years | 9,875 |
3-5 Years | 398 |
Beyond 5 Years | $ 431 |
DERIVATIVES - Schedule of Deriv
DERIVATIVES - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||
Pay fixed swaps - notional amount | $ 350,000 | $ 350,000 | $ 0 | |||
Net unrealized loss | $ (261) | $ (264) | $ 0 | $ (525) | $ 0 | $ 0 |
Weighted-average maturity period (years) | 1 year 6 months 3 days | 0 years | ||||
Weighted-average received rate | 0.00% | 0.00% | 0.00% | |||
Weighted-average pay rate | 0.00% | 0.00% | 0.00% |
DERIVATIVES - Narrative (Detail
DERIVATIVES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2020 | |
Derivative [Line Items] | |||||||
Net unrealized loss | $ 261 | $ 264 | $ 0 | $ 525 | $ 0 | $ 0 | |
Interest Rate Hedge, Tax | (83) | $ (84) | $ 0 | (167) | $ 0 | ||
Notional amount | $ 350,000 | $ 350,000 | $ 0 | ||||
Estimated period for expected loss | 12 months | ||||||
Estimated loss reclassified into earnings | $ (20) | ||||||
Scenario, Forecast | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 150,000 |
DERIVATIVES - Schedule of Inter
DERIVATIVES - Schedule of Interest Rate Swap Contracts Reflected in Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total derivatives | $ 691 | $ 0 |
Other current assets | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Other assets | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative liabilities | 243 | 0 |
Other liabilities | ||
Derivative [Line Items] | ||
Derivative liabilities | $ 448 | $ 0 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lease Guarantees | $ (547) | $ (734) |
Fair Value Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lease Guarantees | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lease Guarantees | 0 | 0 |
Derivative liabilities | (691) | 0 |
Fair Value Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lease Guarantees | (547) | (734) |
Derivative liabilities | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt, Carrying Amount | $ 716,820 | $ 842,899 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt, Fair Value | $ 719,361 | $ 881,711 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019segment | |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | $ 321,444 | $ 313,355 | $ 1,049,609 | $ 1,102,272 | |
Earnings (Loss) Before Income Tax | 9,439 | 8,394 | 75,914 | 141,278 | |
Segment Assets | 2,723,235 | 2,745,928 | 2,723,235 | 2,745,928 | $ 2,760,727 |
Depreciation, Depletion and Amortization | 54,370 | 51,242 | 151,245 | 155,674 | |
Capital Expenditures | 48,521 | 40,656 | 131,475 | 96,855 | |
Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 301,542 | 294,797 | 984,665 | 1,016,503 | |
Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 16,303 | 16,115 | 50,829 | 47,995 | |
Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 3,599 | 2,443 | 14,115 | 37,774 | |
PAMC | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 305,141 | 297,240 | 998,780 | 1,054,277 | |
Earnings (Loss) Before Income Tax | 30,546 | 37,962 | 156,029 | 220,862 | |
Segment Assets | 2,014,381 | 1,891,606 | 2,014,381 | 1,891,606 | |
Depreciation, Depletion and Amortization | 45,829 | 44,236 | 136,124 | 135,074 | |
Capital Expenditures | 45,232 | 32,309 | 117,417 | 81,025 | |
PAMC | Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 301,542 | 294,797 | 984,665 | 1,016,503 | |
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 | 3,599 | 2,443 | 14,115 | 37,774 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from contracts with customers | 16,303 | 16,115 | 50,829 | 47,995 | |
Earnings (Loss) Before Income Tax | (21,107) | (29,568) | (80,115) | (79,584) | |
Segment Assets | 708,854 | 854,322 | 708,854 | 854,322 | |
Depreciation, Depletion and Amortization | 8,541 | 7,006 | 15,121 | 20,600 | |
Capital Expenditures | 3,289 | 8,347 | 14,058 | 15,830 | |
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 | 16,303 | 16,115 | 50,829 | 47,995 | |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | $ 321,444 | $ 313,355 | $ 1,049,609 | $ 1,102,272 |
PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | 305,141 | 297,240 | 998,780 | 1,054,277 |
Revenue | Customer Concentration Risk | Customer A | PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | 49,772 | 46,727 | 180,014 | 209,968 |
Revenue | Customer Concentration Risk | Customer B | PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | 95,953 | 84,110 | 358,882 | 181,236 |
Revenue | Customer Concentration Risk | Customer C | PAMC | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue from contracts with customers | $ 63,526 | $ 59,364 | $ 158,903 | $ 169,052 |
SEGMENT INFORMATION - Schedul_3
SEGMENT INFORMATION - Schedule of Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Items excluded from segment assets: | |||
Deferred tax assets | $ 91,772 | $ 77,545 | |
Total Consolidated Assets | 2,723,235 | $ 2,760,727 | $ 2,745,928 |
Corporate Reconciling Items and Eliminations | |||
Items excluded from segment assets: | |||
Cash, restricted cash and other investments | 104,344 | 275,377 | |
Deferred tax assets | 91,772 | 72,120 | |
Reportable Segments | Operating Segments | |||
Items excluded from segment assets: | |||
Total Consolidated Assets | 2,014,381 | 1,891,606 | |
All Other Segments | Operating Segments | |||
Items excluded from segment assets: | |||
Total Consolidated Assets | $ 512,738 | $ 506,825 |
GUARANTOR SUBSIDIARIES FINANC_3
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Narrative (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | Nov. 30, 2017 |
Loans Payable | Term Loan B | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt instrument face value | $ 275,000,000 | ||
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 | 11.00% | 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, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue and Other Income: | ||||||||
Revenue from contracts with customers | $ 321,444 | $ 313,355 | $ 1,049,609 | $ 1,102,272 | ||||
Miscellaneous Other Income | 11,188 | 10,978 | 36,674 | 47,234 | ||||
Gain (Loss) on Sale of Assets | 714 | (85) | 1,986 | 273 | ||||
Total Revenue and Other Income | 333,346 | 324,248 | 1,088,269 | 1,149,779 | ||||
Costs and Expenses: | ||||||||
Operating and Other Costs | 234,849 | 222,781 | 718,410 | 700,778 | ||||
Depreciation, Depletion and Amortization | 54,370 | 51,242 | 151,245 | 155,674 | ||||
Freight Expense | 3,599 | 2,443 | 14,115 | 37,774 | ||||
Selling, General and Administrative Costs | 14,690 | 18,526 | 52,901 | 47,715 | ||||
Loss on Debt Extinguishment | 801 | 0 | 25,444 | 3,149 | ||||
Interest Expense, net | 15,598 | 20,862 | 50,240 | 63,411 | ||||
Total Costs and Expenses | 323,907 | 315,854 | 1,012,355 | 1,008,501 | ||||
Earnings Before Income Tax | 9,439 | 8,394 | 75,914 | 141,278 | ||||
Income Tax Expense (Benefit) | 2,415 | (690) | (243) | 8,527 | ||||
Net Income | 7,024 | $ 48,830 | $ 20,303 | 9,084 | $ 52,709 | $ 70,958 | 76,157 | 132,751 |
Less: Net Income Attributable to Noncontrolling Interest | 2,684 | 3,350 | 14,102 | 19,447 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 4,340 | 5,734 | 62,055 | 113,304 | ||||
Elimination | ||||||||
Revenue and Other Income: | ||||||||
Miscellaneous Other Income | (15,876) | (20,802) | (115,102) | (165,374) | ||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | 0 | ||||
Total Revenue and Other Income | (15,876) | (20,802) | (115,102) | (165,374) | ||||
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 | 0 | 0 | 0 | |||||
Interest Expense, net | 0 | (1,560) | 0 | (5,295) | ||||
Total Costs and Expenses | 0 | (1,560) | 0 | (5,295) | ||||
Earnings Before Income Tax | (15,876) | (19,242) | (115,102) | (160,079) | ||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||
Net Income | (15,876) | (19,242) | (115,102) | (160,079) | ||||
Less: Net Income Attributable to Noncontrolling Interest | 2,684 | 3,350 | 14,102 | 19,447 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | (18,560) | (22,592) | (129,204) | (179,526) | ||||
Parent Issuer | Reportable Legal Entities | ||||||||
Revenue and Other Income: | ||||||||
Miscellaneous Other Income | 20,578 | 25,485 | 130,278 | 186,475 | ||||
Gain (Loss) on Sale of Assets | 717 | 0 | 2,008 | 0 | ||||
Total Revenue and Other Income | 21,295 | 25,485 | 132,286 | 186,475 | ||||
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 | 801 | 25,444 | 3,149 | |||||
Interest Expense, net | 13,739 | 20,441 | 45,030 | 61,495 | ||||
Total Costs and Expenses | 14,540 | 20,441 | 70,474 | 64,644 | ||||
Earnings Before Income Tax | 6,755 | 5,044 | 61,812 | 121,831 | ||||
Income Tax Expense (Benefit) | 2,415 | (690) | (243) | 8,527 | ||||
Net Income | 4,340 | 5,734 | 62,055 | 113,304 | ||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 4,340 | 5,734 | 62,055 | 113,304 | ||||
Guarantor | Reportable Legal Entities | ||||||||
Revenue and Other Income: | ||||||||
Miscellaneous Other Income | (4,311) | 5,292 | (10,648) | 21,893 | ||||
Gain (Loss) on Sale of Assets | (3) | (85) | (17) | 211 | ||||
Total Revenue and Other Income | 240,845 | 244,251 | 789,249 | 860,806 | ||||
Costs and Expenses: | ||||||||
Operating and Other Costs | 180,488 | 172,569 | 552,672 | 539,412 | ||||
Depreciation, Depletion and Amortization | 43,284 | 40,183 | 117,606 | 121,905 | ||||
Freight Expense | 2,699 | 1,832 | 10,586 | 28,330 | ||||
Selling, General and Administrative Costs | 11,850 | 14,627 | 42,548 | 37,455 | ||||
Loss on Debt Extinguishment | 0 | 0 | 0 | |||||
Interest Expense, net | 272 | 421 | 715 | 1,916 | ||||
Total Costs and Expenses | 238,593 | 229,632 | 724,127 | 729,018 | ||||
Earnings Before Income Tax | 2,252 | 14,619 | 65,122 | 131,788 | ||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||
Net Income | 2,252 | 14,619 | 65,122 | 131,788 | ||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 2,252 | 14,619 | 65,122 | 131,788 | ||||
Non-Guarantor | Reportable Legal Entities | ||||||||
Revenue and Other Income: | ||||||||
Miscellaneous Other Income | 9,701 | 0 | 28,701 | 0 | ||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | 0 | ||||
Total Revenue and Other Income | 9,701 | 0 | 28,701 | 0 | ||||
Costs and Expenses: | ||||||||
Operating and Other Costs | 363 | 672 | 1,196 | 2,240 | ||||
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 | 0 | 0 | |||||
Interest Expense, net | 0 | 0 | 0 | 0 | ||||
Total Costs and Expenses | 363 | 672 | 1,196 | 2,240 | ||||
Earnings Before Income Tax | 9,338 | (672) | 27,505 | (2,240) | ||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||
Net Income | 9,338 | (672) | 27,505 | (2,240) | ||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 9,338 | (672) | 27,505 | (2,240) | ||||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||||||
Revenue and Other Income: | ||||||||
Miscellaneous Other Income | 1,096 | 1,003 | 3,445 | 4,240 | ||||
Gain (Loss) on Sale of Assets | 0 | 0 | (5) | 62 | ||||
Total Revenue and Other Income | 77,381 | 75,314 | 253,135 | 267,872 | ||||
Costs and Expenses: | ||||||||
Operating and Other Costs | 53,998 | 49,540 | 164,542 | 159,126 | ||||
Depreciation, Depletion and Amortization | 11,086 | 11,059 | 33,639 | 33,769 | ||||
Freight Expense | 900 | 611 | 3,529 | 9,444 | ||||
Selling, General and Administrative Costs | 2,840 | 3,899 | 10,353 | 10,260 | ||||
Loss on Debt Extinguishment | 0 | 0 | 0 | |||||
Interest Expense, net | 1,587 | 1,560 | 4,495 | 5,295 | ||||
Total Costs and Expenses | 70,411 | 66,669 | 216,558 | 217,894 | ||||
Earnings Before Income Tax | 6,970 | 8,645 | 36,577 | 49,978 | ||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||||
Net Income | 6,970 | 8,645 | 36,577 | 49,978 | ||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 6,970 | 8,645 | 36,577 | 49,978 | ||||
Coal Revenue | ||||||||
Revenue and Other Income: | ||||||||
Revenue from contracts with customers | 301,542 | 294,797 | 984,665 | 1,016,503 | ||||
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 | 226,157 | 221,097 | 738,499 | 762,377 | ||||
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 | 75,385 | 73,700 | 246,166 | 254,126 | ||||
Terminal Revenue | ||||||||
Revenue and Other Income: | ||||||||
Revenue from contracts with customers | 16,303 | 16,115 | 50,829 | 47,995 | ||||
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 | 16,303 | 16,115 | 50,829 | 47,995 | ||||
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 | 3,599 | 2,443 | 14,115 | 37,774 | ||||
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 | 2,699 | 1,832 | 10,586 | 28,330 | ||||
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 | $ 900 | $ 611 | $ 3,529 | $ 9,444 |
GUARANTOR SUBSIDIARIES FINANC_5
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Current Assets: | |||
Cash and Cash Equivalents | $ 133,331 | $ 235,677 | |
Restricted Cash | 1,518 | 29,258 | |
Trade | 109,793 | 87,589 | |
Other Receivables | 29,204 | 41,355 | |
Inventories | 48,839 | 48,646 | |
Prepaid Expenses and Other Assets | 34,439 | 31,430 | |
Total Current Assets | 357,124 | 473,955 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 4,973,400 | 4,838,171 | |
Less—Accumulated Depreciation, Depletion and Amortization | 2,866,649 | 2,731,643 | |
Total Property, Plant and Equipment—Net | 2,106,751 | 2,106,528 | |
Other Assets: | |||
Deferred Income Taxes | 91,772 | 77,545 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Right of Use Asset - Operating Leases | 77,411 | ||
Other | 90,177 | 102,699 | |
Total Other Assets | 259,360 | 180,244 | |
TOTAL ASSETS | 2,723,235 | 2,760,727 | $ 2,745,928 |
Current Liabilities: | |||
Accounts Payable | 125,320 | 130,930 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 0 | |
Current Portion of Long-Term Debt | 45,215 | 134,812 | |
Other Accrued Liabilities | 240,617 | 226,434 | |
Total Current Liabilities | 411,152 | 492,176 | |
Long-Term Debt: | 689,563 | 734,226 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 427,442 | 441,246 | |
Pneumoconiosis Benefits | 164,972 | 165,001 | |
Asset Retirement Obligations | 242,816 | 235,984 | |
Workers’ Compensation | 59,092 | 59,742 | |
Salary Retirement | 54,622 | 64,172 | |
Operating Lease Liability | 66,432 | ||
Other | 13,697 | 16,569 | |
Total Deferred Credits and Other Liabilities | 1,029,073 | 982,714 | |
Total CONSOL Energy Inc. Stockholders' Equity | 454,486 | 409,935 | |
Noncontrolling Interest | 138,961 | 141,676 | |
TOTAL LIABILITIES AND EQUITY | 2,723,235 | 2,760,727 | |
Elimination | |||
Current Assets: | |||
Cash and Cash Equivalents | 0 | 0 | |
Restricted Cash | 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 | (154,155) | (141,129) | |
Investment in Affiliates | (882,762) | (605,981) | |
Right of Use Asset - Operating Leases | 0 | ||
Other | 0 | 0 | |
Total Other Assets | (1,036,917) | (747,110) | |
TOTAL ASSETS | (1,036,917) | (747,110) | |
Current Liabilities: | |||
Accounts Payable | 0 | 3,822 | |
Accounts Payable (Recoverable)-Related Parties | (2,882) | (125,353) | |
Current Portion of Long-Term Debt | 0 | 112,013 | |
Other Accrued Liabilities | 0 | (3,822) | |
Total Current Liabilities | (2,882) | (13,340) | |
Long-Term Debt: | (154,155) | (141,129) | |
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 | |
Operating Lease Liability | 0 | ||
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 0 | 0 | |
Total CONSOL Energy Inc. Stockholders' Equity | (1,018,841) | (734,317) | |
Noncontrolling Interest | 138,961 | 141,676 | |
TOTAL LIABILITIES AND EQUITY | (1,036,917) | (747,110) | |
CCR Non-Guarantor | |||
Current Liabilities: | |||
Accounts Payable (Recoverable)-Related Parties | 2,882 | 3,831 | |
Parent Issuer | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 92,472 | 234,536 | |
Restricted Cash | 0 | 14,557 | |
Trade | 0 | 0 | |
Other Receivables | 22,772 | 24,352 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 7,125 | 10,883 | |
Total Current Assets | 122,369 | 284,328 | |
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 | 91,772 | 77,545 | |
Affiliated Credit Facility | 154,155 | 141,129 | |
Investment in Affiliates | 882,762 | 605,981 | |
Right of Use Asset - Operating Leases | 0 | ||
Other | 34,187 | 40,760 | |
Total Other Assets | 1,162,876 | 865,415 | |
TOTAL ASSETS | 1,285,245 | 1,149,743 | |
Current Liabilities: | |||
Accounts Payable | 88,838 | (721) | |
Accounts Payable (Recoverable)-Related Parties | 0 | (2,291) | |
Current Portion of Long-Term Debt | 25,710 | 8,157 | |
Other Accrued Liabilities | 82,441 | 92,534 | |
Total Current Liabilities | 196,989 | 97,679 | |
Long-Term Debt: | 579,148 | 577,957 | |
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 | 54,622 | 64,172 | |
Operating Lease Liability | 0 | ||
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 54,622 | 64,172 | |
Total CONSOL Energy Inc. Stockholders' Equity | 454,486 | 409,935 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,285,245 | 1,149,743 | |
Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 30,191 | 138 | |
Restricted Cash | 0 | 0 | |
Trade | 0 | 0 | |
Other Receivables | 6,376 | 15,935 | |
Inventories | 37,500 | 37,580 | |
Prepaid Expenses and Other Assets | 20,220 | 15,451 | |
Total Current Assets | 94,287 | 69,104 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 3,995,982 | 3,891,873 | |
Less—Accumulated Depreciation, Depletion and Amortization | 2,307,111 | 2,204,896 | |
Total Property, Plant and Equipment—Net | 1,688,871 | 1,686,977 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Right of Use Asset - Operating Leases | 60,556 | ||
Other | 42,692 | 47,031 | |
Total Other Assets | 103,248 | 47,031 | |
TOTAL ASSETS | 1,886,406 | 1,803,112 | |
Current Liabilities: | |||
Accounts Payable | 7,671 | 102,995 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 36,220 | |
Current Portion of Long-Term Debt | 14,906 | 11,139 | |
Other Accrued Liabilities | 119,984 | 105,806 | |
Total Current Liabilities | 142,561 | 256,160 | |
Long-Term Debt: | 108,330 | 151,202 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 427,442 | 441,246 | |
Pneumoconiosis Benefits | 160,075 | 160,741 | |
Asset Retirement Obligations | 231,877 | 226,209 | |
Workers’ Compensation | 56,178 | 56,623 | |
Salary Retirement | 0 | 0 | |
Operating Lease Liability | 52,208 | ||
Other | 13,150 | 16,051 | |
Total Deferred Credits and Other Liabilities | 940,930 | 900,870 | |
Total CONSOL Energy Inc. Stockholders' Equity | 694,585 | 494,880 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,886,406 | 1,803,112 | |
Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 57 | 0 | |
Restricted Cash | 1,518 | 14,701 | |
Trade | 109,793 | 87,589 | |
Other Receivables | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 0 | 0 | |
Total Current Assets | 111,368 | 102,290 | |
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 | |
Right of Use Asset - Operating Leases | 0 | ||
Other | 0 | 0 | |
Total Other Assets | 0 | 0 | |
TOTAL ASSETS | 111,368 | 102,290 | |
Current Liabilities: | |||
Accounts Payable | 5,406 | 0 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 87,593 | |
Current Portion of Long-Term Debt | 0 | 0 | |
Other Accrued Liabilities | 0 | 0 | |
Total Current Liabilities | 5,406 | 87,593 | |
Long-Term Debt: | 0 | 0 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 0 | 0 | |
Asset Retirement Obligations | 0 | 0 | |
Workers’ Compensation | 0 | 0 | |
Salary Retirement | 0 | 0 | |
Operating Lease Liability | 0 | ||
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 0 | 0 | |
Total CONSOL Energy Inc. Stockholders' Equity | 105,962 | 14,697 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 111,368 | 102,290 | |
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 10,611 | 1,003 | |
Restricted Cash | 0 | 0 | |
Trade | 0 | 0 | |
Other Receivables | 56 | 1,068 | |
Inventories | 11,339 | 11,066 | |
Prepaid Expenses and Other Assets | 7,094 | 5,096 | |
Total Current Assets | 29,100 | 18,233 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 977,418 | 946,298 | |
Less—Accumulated Depreciation, Depletion and Amortization | 559,538 | 526,747 | |
Total Property, Plant and Equipment—Net | 417,880 | 419,551 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Right of Use Asset - Operating Leases | 16,855 | ||
Other | 13,298 | 14,908 | |
Total Other Assets | 30,153 | 14,908 | |
TOTAL ASSETS | 477,133 | 452,692 | |
Current Liabilities: | |||
Accounts Payable | 23,405 | 24,834 | |
Accounts Payable (Recoverable)-Related Parties | 2,882 | 3,831 | |
Current Portion of Long-Term Debt | 4,599 | 3,503 | |
Other Accrued Liabilities | 38,192 | 31,916 | |
Total Current Liabilities | 69,078 | 64,084 | |
Long-Term Debt: | 156,240 | 146,196 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 4,897 | 4,260 | |
Asset Retirement Obligations | 10,939 | 9,775 | |
Workers’ Compensation | 2,914 | 3,119 | |
Salary Retirement | 0 | 0 | |
Operating Lease Liability | 14,224 | ||
Other | 547 | 518 | |
Total Deferred Credits and Other Liabilities | 33,521 | 17,672 | |
Total CONSOL Energy Inc. Stockholders' Equity | 218,294 | 224,740 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | $ 477,133 | $ 452,692 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 223,183 | $ 330,252 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | $ (48,521) | $ (40,656) | (131,475) | (96,855) |
Proceeds from Sales of Assets | 2,015 | 1,368 | ||
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | ||
Net Cash Used in Investing Activities | (129,460) | (95,487) | ||
Cash Flows from Financing Activities: | ||||
Payments on Finance Leases | (13,784) | |||
Payments on Finance Leases | (11,019) | |||
Net (Payments on) Proceeds from Related Party Long-Term Notes | 0 | 0 | ||
Repurchases of Common Stock | (31,318) | (9,724) | ||
Spin Distribution to CNX Resources | 0 | (18,234) | ||
Distributions to Noncontrolling Interest | (16,674) | (16,763) | ||
Shares/Units Withheld for Taxes | (4,745) | (2,923) | ||
Debt-Related Financing Fees | (20,628) | (2,851) | ||
Net Cash Used in Financing Activities | (223,809) | (112,430) | ||
Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 26,250 | 0 | ||
Payments on Term Loan A | (7,500) | (26,250) | ||
Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | (123,750) | (3,000) | ||
Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | (35,048) | (20,524) | ||
Other Asset-Backed Financing | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 3,757 | 0 | ||
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 | (26,540) | (26,278) | ||
Net Cash Used in Investing Activities | (26,540) | (26,278) | ||
Cash Flows from Financing Activities: | ||||
Payments on Finance Leases | 0 | |||
Payments on Finance Leases | 0 | |||
Net (Payments on) Proceeds from Related Party Long-Term Notes | 0 | 0 | ||
Repurchases of Common Stock | 0 | 0 | ||
Spin Distribution to CNX Resources | 0 | |||
Distributions to Noncontrolling Interest | 26,540 | 26,278 | ||
Shares/Units Withheld for Taxes | 0 | 0 | ||
Debt-Related Financing Fees | 0 | 0 | ||
Net Cash Used in Financing Activities | 26,540 | 26,278 | ||
Elimination | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 0 | |||
Payments on Term Loan A | 0 | 0 | ||
Elimination | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | 0 | 0 | ||
Elimination | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | 0 | 0 | ||
Elimination | Other Asset-Backed Financing | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 0 | |||
Parent Issuer | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 182,938 | (45,278) | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | 0 | 0 | ||
Proceeds from Sales of Assets | 0 | 0 | ||
(Investments in), net of Distributions from, Subsidiaries | (146,896) | 30,237 | ||
Net Cash Used in Investing Activities | (146,896) | 30,237 | ||
Cash Flows from Financing Activities: | ||||
Payments on Finance Leases | 0 | |||
Payments on Finance Leases | 0 | |||
Net (Payments on) Proceeds from Related Party Long-Term Notes | (18,400) | 29,583 | ||
Repurchases of Common Stock | (31,318) | (9,724) | ||
Spin Distribution to CNX Resources | 0 | |||
Distributions to Noncontrolling Interest | 0 | 0 | ||
Shares/Units Withheld for Taxes | 0 | 0 | ||
Debt-Related Financing Fees | (20,628) | (2,851) | ||
Net Cash Used in Financing Activities | (206,318) | (33,908) | ||
Parent Issuer | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 26,250 | |||
Payments on Term Loan A | (7,500) | (26,250) | ||
Parent Issuer | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | (123,062) | (3,000) | ||
Parent Issuer | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | (35,048) | (20,524) | ||
Parent Issuer | Reportable Legal Entities | Other Asset-Backed Financing | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 3,757 | |||
Guarantor | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (27,260) | 280,396 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | (102,121) | (76,599) | ||
Proceeds from Sales of Assets | 2,011 | 1,198 | ||
(Investments in), net of Distributions from, Subsidiaries | 173,436 | (3,959) | ||
Net Cash Used in Investing Activities | 73,326 | (79,360) | ||
Cash Flows from Financing Activities: | ||||
Payments on Finance Leases | (10,931) | |||
Payments on Finance Leases | (8,894) | |||
Net (Payments on) Proceeds from Related Party Long-Term Notes | 0 | 0 | ||
Repurchases of Common Stock | 0 | 0 | ||
Spin Distribution to CNX Resources | (18,234) | |||
Distributions to Noncontrolling Interest | 0 | 0 | ||
Shares/Units Withheld for Taxes | (3,865) | (2,011) | ||
Debt-Related Financing Fees | 0 | 0 | ||
Net Cash Used in Financing Activities | (15,484) | (29,139) | ||
Guarantor | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 0 | |||
Payments on Term Loan A | 0 | 0 | ||
Guarantor | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | (688) | 0 | ||
Guarantor | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | 0 | 0 | ||
Guarantor | Reportable Legal Entities | Other Asset-Backed Financing | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 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 Finance Leases | 0 | |||
Payments on Finance Leases | 0 | |||
Net (Payments on) Proceeds from Related Party Long-Term Notes | 0 | 0 | ||
Repurchases of Common Stock | 0 | 0 | ||
Spin Distribution to CNX Resources | 0 | |||
Distributions to Noncontrolling Interest | 0 | 0 | ||
Shares/Units Withheld for Taxes | 0 | 0 | ||
Debt-Related Financing Fees | 0 | 0 | ||
Net Cash Used in Financing Activities | 0 | 0 | ||
Non-Guarantor | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 0 | |||
Payments on Term Loan A | 0 | 0 | ||
Non-Guarantor | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | 0 | 0 | ||
Non-Guarantor | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | 0 | 0 | ||
Non-Guarantor | Reportable Legal Entities | Other Asset-Backed Financing | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 0 | |||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 67,505 | 95,134 | ||
Cash Flows from Investing Activities: | ||||
Capital Expenditures | (29,354) | (20,256) | ||
Proceeds from Sales of Assets | 4 | 170 | ||
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | ||
Net Cash Used in Investing Activities | (29,350) | (20,086) | ||
Cash Flows from Financing Activities: | ||||
Payments on Finance Leases | (2,853) | |||
Payments on Finance Leases | (2,125) | |||
Net (Payments on) Proceeds from Related Party Long-Term Notes | 18,400 | (29,583) | ||
Repurchases of Common Stock | 0 | 0 | ||
Spin Distribution to CNX Resources | 0 | |||
Distributions to Noncontrolling Interest | (43,214) | (43,041) | ||
Shares/Units Withheld for Taxes | (880) | (912) | ||
Debt-Related Financing Fees | 0 | 0 | ||
Net Cash Used in Financing Activities | (28,547) | (75,661) | ||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | Term Loan A | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 0 | |||
Payments on Term Loan A | 0 | 0 | ||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | Term Loan B | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | 0 | 0 | ||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | Senior Secured Second Lien Notes due 2025 | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from (Payments on) loans | 0 | 0 | ||
Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | Other Asset-Backed Financing | ||||
Cash Flows from Financing Activities: | ||||
Proceeds from loans | 0 | |||
Consol Coal Resources LP Units | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | (369) | (1,142) | ||
Consol Coal Resources LP Units | Elimination | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | 0 | 0 | ||
Consol Coal Resources LP Units | Parent Issuer | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | (369) | (1,142) | ||
Consol Coal Resources LP Units | Guarantor | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | 0 | 0 | ||
Consol Coal Resources LP Units | Non-Guarantor | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | 0 | 0 | ||
Consol Coal Resources LP Units | Non-Guarantor | CCR Non-Guarantor | Reportable Legal Entities | ||||
Cash Flows from Financing Activities: | ||||
Repurchases of Common Stock | $ 0 | $ 0 |
GUARANTOR SUBSIDIARIES FINANC_7
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Condensed Statement of Income Captions [Line Items] | |||||||||
Net Income | $ 7,024 | $ 48,830 | $ 20,303 | $ 9,084 | $ 52,709 | $ 70,958 | $ 76,157 | $ 132,751 | |
Other Comprehensive Income (Loss): | |||||||||
Net Actuarial Gain (Loss) | 2,457 | 2,459 | 2,460 | 4,177 | 4,182 | 3,997 | 7,376 | 12,356 | |
Net unrealized loss | (261) | (264) | 0 | (525) | 0 | $ 0 | |||
Other Comprehensive Income | 2,196 | 4,177 | 6,851 | 12,356 | |||||
Comprehensive Income | 9,220 | $ 51,025 | $ 22,763 | 13,261 | $ 56,891 | $ 74,955 | 83,008 | 145,107 | |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 2,681 | 3,346 | 14,097 | 19,444 | |||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 6,539 | 9,915 | 68,911 | 125,663 | |||||
Elimination | |||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||
Net Income | (15,876) | (19,242) | (115,102) | (160,079) | |||||
Other Comprehensive Income (Loss): | |||||||||
Net Actuarial Gain (Loss) | 5 | 2 | 11 | 6 | |||||
Net unrealized loss | 0 | 0 | |||||||
Other Comprehensive Income | 5 | 2 | 11 | 6 | |||||
Comprehensive Income | (15,871) | (19,240) | (115,091) | (160,073) | |||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 2,681 | 3,346 | 14,097 | 19,444 | |||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (18,552) | (22,586) | (129,188) | (179,517) | |||||
Parent Issuer | Reportable Legal Entities | |||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||
Net Income | 4,340 | 5,734 | 62,055 | 113,304 | |||||
Other Comprehensive Income (Loss): | |||||||||
Net Actuarial Gain (Loss) | 2,457 | 4,177 | 7,376 | 12,356 | |||||
Net unrealized loss | (261) | (525) | |||||||
Other Comprehensive Income | 2,196 | 4,177 | 6,851 | 12,356 | |||||
Comprehensive Income | 6,536 | 9,911 | 68,906 | 125,660 | |||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 6,536 | 9,911 | 68,906 | 125,660 | |||||
Guarantor | Reportable Legal Entities | |||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||
Net Income | 2,252 | 14,619 | 65,122 | 131,788 | |||||
Other Comprehensive Income (Loss): | |||||||||
Net Actuarial Gain (Loss) | 0 | 0 | 0 | ||||||
Net unrealized loss | 0 | 0 | |||||||
Other Comprehensive Income | 0 | 0 | 0 | 0 | |||||
Comprehensive Income | 2,252 | 14,619 | 65,122 | 131,788 | |||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 2,252 | 14,619 | 65,122 | 131,788 | |||||
Non-Guarantor | Reportable Legal Entities | |||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||
Net Income | 9,338 | (672) | 27,505 | (2,240) | |||||
Other Comprehensive Income (Loss): | |||||||||
Net Actuarial Gain (Loss) | 0 | 0 | 0 | 0 | |||||
Net unrealized loss | 0 | 0 | |||||||
Other Comprehensive Income | 0 | 0 | 0 | 0 | |||||
Comprehensive Income | 9,338 | (672) | 27,505 | (2,240) | |||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 9,338 | (672) | 27,505 | (2,240) | |||||
Non-Guarantor | Reportable Legal Entities | CCR Non-Guarantor | |||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||
Net Income | 6,970 | 8,645 | 36,577 | 49,978 | |||||
Other Comprehensive Income (Loss): | |||||||||
Net Actuarial Gain (Loss) | (5) | (2) | (11) | (6) | |||||
Net unrealized loss | 0 | 0 | |||||||
Other Comprehensive Income | (5) | (2) | (11) | (6) | |||||
Comprehensive Income | 6,965 | 8,643 | 36,566 | 49,972 | |||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 6,965 | $ 8,643 | $ 36,566 | $ 49,972 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 31, 2019shares | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019shares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($)business | May 31, 2019USD ($) | Nov. 28, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||||||
Payment of separation and distribution costs | $ 18,234,000 | ||||||||
Number of independent businesses | business | 2 | ||||||||
Net payable | $ 0 | $ 0 | $ 0 | ||||||
Purchase of CCR Units (in units) | shares | 19,413 | 6,884 | 77,536 | ||||||
Stock repurchase price (in dollars per share) | $ / shares | $ 16.97 | $ 41.93 | $ 19.06 | $ 40.03 | |||||
CONSOL Coal Resources LP | |||||||||
Related Party Transaction [Line Items] | |||||||||
Net payable | $ 2,882,000 | $ 2,882,000 | 3,831,000 | ||||||
Stock and debt repurchase restricted authorized amount | $ 50,000,000 | ||||||||
Consol Coal Resources LP Units | |||||||||
Related Party Transaction [Line Items] | |||||||||
Shares converted | shares | 11,611,067 | ||||||||
Conversion basis | shares | 1 | ||||||||
Purchase of CCR Units (in units) | shares | 19,413 | 77,536 | 26,297 | 77,536 | |||||
Stock repurchase price (in dollars per share) | $ / shares | $ 12.88 | $ 17.86 | $ 14.05 | $ 17.86 | |||||
Senior Secured Revolving Credit Facility | Line of Credit | |||||||||
Related Party Transaction [Line Items] | |||||||||
Maximum borrowing capacity | $ 400,000,000 | ||||||||
CNX Resources Corporation | |||||||||
Related Party Transaction [Line Items] | |||||||||
Notes receivable, related parties | $ 6,666,000 | $ 6,666,000 | 11,788,000 | ||||||
Other receivables - related parties | 6,666,000 | 6,666,000 | 5,500,000 | ||||||
Accounts receivable, related parties, noncurrent | $ 6,288,000 | ||||||||
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 | $ 2,003,000 | $ 1,832,000 | $ 5,770,000 | $ 5,942,000 | |||||
Minimum | Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stated interest rate | 3.75% | 3.75% | |||||||
Maximum | Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stated interest rate | 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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Total Services from CONSOL Energy | $ 2,740 | $ 3,070 | $ 9,300 | $ 8,115 |
Operating and Other Costs | ||||
Related Party Transaction [Line Items] | ||||
Total Services from CONSOL Energy | 838 | 725 | 2,368 | 2,172 |
Selling, General and Administrative Costs | ||||
Related Party Transaction [Line Items] | ||||
Total Services from CONSOL Energy | $ 1,902 | $ 2,345 | $ 6,932 | $ 5,943 |
STOCK, UNIT AND DEBT REPURCHA_2
STOCK, UNIT AND DEBT REPURCHASE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2019 | May 31, 2019 | 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 | |||||||||||
Retirement of Common Stock (in shares) | 1,366,054 | 351,443 | 190,272 | 47,000 | 44,000 | 1,717,497 | 281,272 | |||||
Purchase of CCR Units (in units) | 19,413 | 6,884 | 77,536 | |||||||||
Stock repurchase price (in dollars per share) | $ 16.97 | $ 41.93 | $ 19.06 | $ 40.03 | ||||||||
Senior Notes | Senior Secured Notes due 2025 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stated interest rate | 11.00% | 11.00% | ||||||||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | |||||||
Repayments of debt | $ 15,728,000 | $ 35,048,000 | $ 20,524,000 | |||||||||
Consol Coal Resources LP Units | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | |||||||||||
Purchase of CCR Units (in units) | 19,413 | 77,536 | 26,297 | 77,536 | ||||||||
Stock repurchase price (in dollars per share) | $ 12.88 | $ 17.86 | $ 14.05 | $ 17.86 | ||||||||
CONSOL Coal Resources LP | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock and debt repurchase authorized amount | $ 200,000,000 | $ 175,000,000 | ||||||||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | 75,000,000 | ||||||||||
Stock and debt repurchase restricted authorized amount | $ 50,000,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Oct. 30, 2019$ / shares |
Subsequent Event | CONSOL Coal Resources LP | |
Subsequent Event [Line Items] | |
Cash distribution declared (in dollars per share) | $ 0.5125 |