Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38147 | |
Entity Registrant Name | CONSOL Energy Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-1954058 | |
Entity Address, Address Line One | 275 Technology Drive | |
Entity Address, Address Line Two | Suite 101 | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317-9565 | |
City Area Code | 724 | |
Local Phone Number | 416-8300 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | CEIX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,985,081 | |
Entity Central Index Key | 0001710366 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total Revenue from Contracts with Customers | $ 654,023 | $ 604,916 | $ 1,331,620 | $ 1,141,086 |
Loss on Commodity Derivatives, net | 0 | (68,352) | 0 | (256,506) |
Miscellaneous Other Income | 6,934 | 7,690 | 12,218 | 12,022 |
Gain on Sale of Assets | 10 | 365 | 5,736 | 6,546 |
Total Revenue and Other Income | 660,967 | 544,619 | 1,349,574 | 903,148 |
Costs and Expenses: | ||||
Operating and Other Costs | 276,596 | 244,217 | 537,223 | 463,299 |
Depreciation, Depletion and Amortization | 64,528 | 57,880 | 124,079 | 113,834 |
Freight Expense | 81,556 | 50,411 | 149,063 | 88,800 |
General and Administrative Costs | 25,147 | 27,911 | 42,445 | 64,513 |
Loss on Debt Extinguishment | 688 | 1,565 | 2,063 | 3,687 |
Interest Expense | 7,155 | 13,121 | 17,434 | 27,473 |
Total Costs and Expenses | 455,670 | 395,105 | 872,307 | 761,606 |
Earnings Before Income Tax | 205,297 | 149,514 | 477,267 | 141,542 |
Income Tax Expense | 37,574 | 23,223 | 79,167 | 19,701 |
Net Income | $ 167,723 | $ 126,291 | $ 398,100 | $ 121,841 |
Earnings per Share: | ||||
Total Basic Earnings (Loss) per Share (in dollars per share) | $ 5 | $ 3.62 | $ 11.69 | $ 3.51 |
Total Dilutive Earnings (Loss) per Share (in dollars per share) | 4.94 | 3.54 | 11.53 | 3.42 |
Dividends Declared per Common Share (in dollars per share) | $ 1.10 | $ 0 | $ 2.20 | $ 0 |
Coal Revenue | ||||
Total Revenue from Contracts with Customers | $ 541,099 | $ 532,726 | $ 1,124,478 | $ 1,009,110 |
Terminal Revenue | ||||
Total Revenue from Contracts with Customers | 31,368 | 21,779 | 58,079 | 43,176 |
Freight Revenue | ||||
Total Revenue from Contracts with Customers | $ 81,556 | $ 50,411 | $ 149,063 | $ 88,800 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net Income | $ 167,723 | $ 126,291 | $ 398,100 | $ 121,841 |
Other Comprehensive (Loss) Income: | ||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $274, ($508), $548, ($1,016)) | 900 | (1,524) | 1,801 | (3,049) |
Unrealized Loss on Investments in Available-for-Sale Securities (Net of tax: $77, $—, $13, $—) | (255) | 0 | (43) | 0 |
Unrealized Gain on Cash Flow Hedges (Net of tax: $—, ($75), $—, ($205)) | 0 | 224 | 0 | 615 |
Other Comprehensive (Loss) Income | (1,155) | 1,748 | (1,844) | 3,664 |
Comprehensive Income | $ 166,568 | $ 128,039 | $ 396,256 | $ 125,505 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period, tax | $ 274 | $ (508) | $ 548 | $ (1,016) | |
OCI, debt securities, available-for-sale, gain (loss), after adjustment, tax | 77 | 0 | 13 | 0 | |
Interest rate hedge, tax | $ 0 | $ (75) | $ (130) | $ 0 | $ (205) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and Cash Equivalents | $ 189,539 | $ 273,070 |
Short-Term Investments | 100,699 | 0 |
Accounts and Notes Receivable | ||
Trade Receivables, net | 113,825 | 158,127 |
Other Receivables, net | 10,349 | 38,517 |
Inventories | 97,675 | 66,290 |
Other Current Assets | 66,337 | 62,479 |
Total Current Assets | 578,424 | 598,483 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 5,484,648 | 5,408,577 |
Less - Accumulated Depreciation, Depletion and Amortization | 3,553,045 | 3,448,495 |
Total Property, Plant and Equipment—Net | 1,931,603 | 1,960,082 |
Other Assets: | ||
Right of Use Asset - Operating Leases | 16,910 | 19,799 |
Salary Retirement | 44,797 | 38,548 |
Other Noncurrent Assets, net | 106,615 | 87,465 |
Total Other Assets | 168,322 | 145,812 |
TOTAL ASSETS | 2,678,349 | 2,704,377 |
Current Liabilities: | ||
Accounts Payable | 122,015 | 130,232 |
Current Portion of Long-Term Debt | 19,182 | 28,846 |
Operating Lease Liability, Current Portion | 4,775 | 4,922 |
Commodity Derivatives | 0 | 15,142 |
Other Accrued Liabilities | 267,759 | 269,656 |
Total Current Liabilities | 413,731 | 448,798 |
Long-Term Debt: | ||
Long-Term Debt | 207,464 | 342,110 |
Finance Lease Obligations | 7,299 | 13,225 |
Total Long-Term Debt | 214,763 | 355,335 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions | 228,830 | 232,593 |
Pneumoconiosis Benefits | 146,033 | 148,390 |
Asset Retirement Obligations | 223,775 | 221,858 |
Workers’ Compensation | 41,433 | 40,951 |
Salary Retirement | 20,552 | 20,585 |
Operating Lease Liability | 12,491 | 15,073 |
Deferred Income Taxes | 21,353 | 21,914 |
Other Noncurrent Liabilities | 20,193 | 33,054 |
Total Deferred Credits and Other Liabilities | 714,660 | 734,418 |
TOTAL LIABILITIES | 1,343,154 | 1,538,551 |
Stockholders' Equity: | ||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 32,698,939 Shares Issued and Outstanding at June 30, 2023; 34,746,904 Shares Issued and Outstanding at December 31, 2022 | 327 | 347 |
Capital in Excess of Par Value | 595,566 | 646,237 |
Retained Earnings | 890,786 | 668,882 |
Accumulated Other Comprehensive Loss | (151,484) | (149,640) |
TOTAL EQUITY | 1,335,195 | 1,165,826 |
TOTAL LIABILITIES AND EQUITY | $ 2,678,349 | $ 2,704,377 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 62,500,000 | 62,500,000 |
Common stock, shares, issued | 32,698,939 | 34,746,904 |
Common stock, shares, outstanding | 32,698,939 | 34,746,904 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2021 | $ 672,813 | $ 345 | $ 646,945 | $ 280,960 | $ (255,437) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | (4,450) | (4,450) | |||
Actuarially determined long-term liability adjustments | 1,525 | 1,525 | |||
Unrealized Gain on Cash Flow Hedges (Net of tax: $—, ($75), $—, ($205)) | 391 | 391 | |||
Comprehensive (Loss) Income | (2,534) | (4,450) | 1,916 | ||
Issuance of Common Stock | 0 | 3 | (3) | ||
Amortization of Stock-Based Compensation Awards | 4,201 | 4,201 | |||
Shares Withheld for Taxes | (6,072) | (6,072) | |||
Ending balance at Mar. 31, 2022 | 668,408 | 348 | 645,071 | 276,510 | (253,521) |
Beginning balance at Dec. 31, 2021 | 672,813 | 345 | 646,945 | 280,960 | (255,437) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 121,841 | ||||
Actuarially determined long-term liability adjustments | 3,049 | ||||
Unrealized Gain on Cash Flow Hedges (Net of tax: $—, ($75), $—, ($205)) | 615 | ||||
Investments in available-for-sale securities | 0 | ||||
Comprehensive (Loss) Income | 125,505 | ||||
Ending balance at Jun. 30, 2022 | 797,594 | 349 | 646,217 | 402,801 | (251,773) |
Beginning balance at Mar. 31, 2022 | 668,408 | 348 | 645,071 | 276,510 | (253,521) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 126,291 | 126,291 | |||
Actuarially determined long-term liability adjustments | 1,524 | 1,524 | |||
Unrealized Gain on Cash Flow Hedges (Net of tax: $—, ($75), $—, ($205)) | 224 | 224 | |||
Investments in available-for-sale securities | 0 | ||||
Comprehensive (Loss) Income | 128,039 | 126,291 | 1,748 | ||
Issuance of Common Stock | 0 | 1 | (1) | ||
Amortization of Stock-Based Compensation Awards | 1,269 | 1,269 | |||
Shares Withheld for Taxes | (122) | (122) | |||
Ending balance at Jun. 30, 2022 | 797,594 | 349 | 646,217 | 402,801 | (251,773) |
Beginning balance at Dec. 31, 2022 | 1,165,826 | 347 | 646,237 | 668,882 | (149,640) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 230,377 | 230,377 | |||
Actuarially determined long-term liability adjustments | (901) | (901) | |||
Investments in available-for-sale securities | 212 | 212 | |||
Comprehensive (Loss) Income | 229,688 | 230,377 | (689) | ||
Issuance of Common Stock | 0 | 3 | (3) | ||
Repurchases of common stock | (67,133) | (11) | (22,446) | (44,676) | |
Excise Tax on Repurchases of Common Stock | (478) | (478) | |||
Amortization of Stock-Based Compensation Awards | 4,792 | 4,792 | |||
Shares Withheld for Taxes | (12,708) | (12,708) | |||
Dividends on common shares | (38,287) | (38,287) | |||
Dividend Equivalents Earned on Stock-Based Compensation Awards | (803) | (803) | |||
Ending balance at Mar. 31, 2023 | 1,280,897 | 339 | 615,872 | 815,015 | (150,329) |
Beginning balance at Dec. 31, 2022 | 1,165,826 | 347 | 646,237 | 668,882 | (149,640) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 398,100 | ||||
Actuarially determined long-term liability adjustments | (1,801) | ||||
Unrealized Gain on Cash Flow Hedges (Net of tax: $—, ($75), $—, ($205)) | 0 | ||||
Investments in available-for-sale securities | (43) | ||||
Comprehensive (Loss) Income | 396,256 | ||||
Ending balance at Jun. 30, 2023 | 1,335,195 | 327 | 595,566 | 890,786 | (151,484) |
Beginning balance at Mar. 31, 2023 | 1,280,897 | 339 | 615,872 | 815,015 | (150,329) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 167,723 | 167,723 | |||
Actuarially determined long-term liability adjustments | (900) | (900) | |||
Unrealized Gain on Cash Flow Hedges (Net of tax: $—, ($75), $—, ($205)) | 0 | ||||
Investments in available-for-sale securities | (255) | (255) | |||
Comprehensive (Loss) Income | 166,568 | 167,723 | (1,155) | ||
Repurchases of common stock | (75,627) | (12) | (22,261) | (53,354) | |
Excise Tax on Repurchases of Common Stock | (728) | (728) | |||
Amortization of Stock-Based Compensation Awards | 1,993 | 1,993 | |||
Shares Withheld for Taxes | (38) | (38) | |||
Dividends on common shares | (37,187) | (37,187) | |||
Dividend Equivalents Earned on Stock-Based Compensation Awards | (683) | (683) | |||
Ending balance at Jun. 30, 2023 | $ 1,335,195 | $ 327 | $ 595,566 | $ 890,786 | $ (151,484) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Actuarially determined long-term liability adjustments, net of tax | $ 274 | $ 274 | $ 508 | |
OCI, debt securities, available-for-sale, gain (loss), after adjustment, tax | $ 77 | $ (64) | $ 0 | |
Stock repurchased and retired during period, shares | 1,225,134 | 1,207,409 | ||
Dividends Declared per Common Share (in dollars per share) | $ 1.10 | $ 1.10 | $ 0 | |
Actuarially determined long-term liability adjustments, net of tax | $ 508 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 398,100 | $ 121,841 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 124,079 | 113,834 |
Gain on Sale of Assets | (5,736) | (6,546) |
Stock-Based Compensation | 6,785 | 5,470 |
Amortization of Debt Issuance Costs | 3,389 | 3,980 |
Loss on Debt Extinguishment | 2,063 | 3,687 |
Deferred Income Taxes | (561) | (7,762) |
Other Adjustments to Net Income | (1,413) | 291 |
Changes in Operating Assets: | ||
Accounts and Notes Receivable | 72,470 | (33,585) |
Inventories | (31,385) | (5,567) |
Other Current Assets | 1,773 | 6,845 |
Changes in Other Assets | (25,654) | (10,356) |
Changes in Operating Liabilities: | ||
Accounts Payable | (14,810) | 29,053 |
Commodity Derivatives, net Liability | (15,142) | 122,724 |
Other Operating Liabilities | (3,868) | 5,066 |
Changes in Other Liabilities | (34,006) | (2,417) |
Net Cash Provided by Operating Activities | 476,084 | 346,558 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (76,082) | (76,061) |
Proceeds from Sales of Assets | 6,239 | 7,418 |
Investments in Mining-Related Activities | (4,731) | 0 |
Proceeds from Sales of Short-Term Investments | 30,419 | 0 |
Purchases of Short-Term Investments | (129,757) | 0 |
Other Investing Activity | 0 | (1,483) |
Net Cash Used in Investing Activities | (173,912) | (70,126) |
Cash Flows from Financing Activities: | ||
Payments on Finance Lease Obligations | (13,898) | (12,086) |
Payments on Other Debt | (480) | (375) |
Shares Withheld for Taxes | (12,746) | (6,194) |
Repurchases of Common Stock | (140,519) | 0 |
Debt-Related Financing Fees | (2,684) | 0 |
Dividends | (75,474) | 0 |
Net Cash Used in Financing Activities | (386,454) | (161,979) |
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | (84,282) | 114,453 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 326,952 | 198,206 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 242,670 | 312,659 |
Non-Cash Investing and Financing Activities: | ||
Finance Lease | 588 | 4,166 |
Term Loan A Facility | ||
Cash Flows from Financing Activities: | ||
Payments on debt | 0 | (41,250) |
Term Loan B Facility | ||
Cash Flows from Financing Activities: | ||
Payments on debt | (63,590) | (75,687) |
Senior Secured Second Lien Notes due 2025 | ||
Cash Flows from Financing Activities: | ||
Payments on debt | $ (77,063) | $ (26,387) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 10-01 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 six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2022 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, 2022. All dollar amounts discussed in these Notes to Consolidated Financial Statements are in thousands of U.S. dollars, except for per share amounts, and unless otherwise indicated. 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. All significant intercompany transactions and accounts have been eliminated in consolidation. Recent Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-02 - Investments—Equity Method and Joint Ventures (Topic 323). The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this update apply to all reporting entities that hold (1) tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or (2) an investment in a low-income-housing tax credit (LIHTC) structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from Subtopic 323-740, Investments—Equity Method and Joint Ventures—Income Taxes, has been applied. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Management is currently evaluating the impact of this guidance, but 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 by the weighted average number of shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average number of shares outstanding is 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, as applicable, 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: Three Months Ended Six Months Ended 2023 2022 2023 2022 Anti-Dilutive Restricted Stock Units 470 189 331 7,056 Anti-Dilutive Performance Share Units — — — — 470 189 331 7,056 The computations for basic and dilutive earnings per share are as follows: Dollars in thousands, except per share data Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator: Net Income $ 167,723 $ 126,291 $ 398,100 $ 121,841 Denominator: Weighted-average shares of common stock outstanding 33,557,761 34,846,037 34,043,815 34,753,887 Effect of dilutive shares 399,384 877,437 490,396 897,904 Weighted-average diluted shares of common stock outstanding 33,957,145 35,723,474 34,534,211 35,651,791 Earnings per Share: Basic $ 5.00 $ 3.62 $ 11.69 $ 3.51 Dilutive $ 4.94 $ 3.54 $ 11.53 $ 3.42 As of June 30, 2023, CONSOL Energy has 500,000 shares of preferred stock authorized, none of which are issued or outstanding. Reclassifications Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period. These reclassifications had no effect on previously reported total assets, stockholders' equity, net income or cash flows from operating activities. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE FROM CONTRACTS WITH CUSTOMERS: The following tables disaggregate CONSOL Energy's revenue from contracts with customers 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 June 30, 2023 Domestic Export Total Power Generation $ 122,779 $ 117,767 $ 240,546 Industrial 12,230 205,063 217,293 Metallurgical 6,302 76,958 83,260 Total Coal Revenue 141,311 399,788 541,099 Terminal Revenue 31,368 Freight Revenue 81,556 Total Revenue from Contracts with Customers $ 654,023 Three Months Ended June 30, 2022 Domestic Export Total Power Generation $ 203,853 $ 52,878 $ 256,731 Industrial 8,849 132,853 141,702 Metallurgical — 134,293 134,293 Total Coal Revenue 212,702 320,024 532,726 Terminal Revenue 21,779 Freight Revenue 50,411 Total Revenue from Contracts with Customers $ 604,916 Six Months Ended June 30, 2023 Domestic Export Total Power Generation $ 307,455 $ 233,602 $ 541,057 Industrial 18,738 390,673 409,411 Metallurgical 10,627 163,383 174,010 Total Coal Revenue 336,820 787,658 1,124,478 Terminal Revenue 58,079 Freight Revenue 149,063 Total Revenue from Contracts with Customers $ 1,331,620 Six Months Ended June 30, 2022 Domestic Export Total Power Generation $ 427,356 $ 143,072 $ 570,428 Industrial 10,794 260,661 271,455 Metallurgical — 167,227 167,227 Total Coal Revenue 438,150 570,960 1,009,110 Terminal Revenue 43,176 Freight Revenue 88,800 Total Revenue from Contracts with Customers $ 1,141,086 Coal Revenue The Company has disaggregated its coal revenue, derived from the PAMC and the Itmann Mining Complex, between domestic and export revenues, as well as industrial, power generation and metallurgical markets. Domestic coal revenue tends to be derived from contracts that typically have a term of one year or longer, and the pricing is typically fixed. Historically, export coal revenue tended to be derived from spot or shorter-term contracts with pricing determined closer to the time of shipment or based on a market index; however, the Company has secured several long-term export contracts with varying pricing arrangements. Coal revenue derived from the Itmann Mining Complex consists primarily of metallurgical coal sales, while coal revenue derived from the PAMC services the industrial, power generation and metallurgical markets due to the nature of its coal quality characteristics. CONSOL Energy's coal revenue is recognized when the performance obligation has been satisfied, and the corresponding transaction price has been determined. Generally, title passes when coal is loaded at the coal preparation facilities, at terminal locations or other customer destinations. The Company's coal contract revenue per ton is fixed and determinable based upon either fixed forward pricing or pricing derived from established indices and adjusted for nominal quality characteristics. Some coal contracts also contain positive electric power price-related adjustments, which represent market-driven price adjustments, wherein no additional value is exchanged, in addition to a fixed base price per ton. The Company’s coal contracts generally do not allow for retroactive adjustments to pricing after title to the coal has passed and typically do not 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 and per ton price fluctuations based on certain coal sales price indices. 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. The Company has determined that each ton of coal represents a separate and distinct performance obligation. 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. 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 generally immaterial. At June 30, 2023 and December 31, 2022, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and six months ended June 30, 2023 and 2022, the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any coal 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 earned and performance obligations are considered fulfilled as the services are performed. The CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At June 30, 2023 and December 31, 2022, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and six months ended June 30, 2023 and 2022, 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 coal preparation plants. 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 to the coal passes to the customer. Contract Balances Contract assets, when present, are recorded separately from trade receivables in the Company's Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company's right to consideration becomes unconditional. Credit is extended based on an evaluation of a customer's financial condition and a customer's ability to perform its obligations. CONSOL Energy typically does not have material contract assets that are stated separately from trade receivables since 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 goods passes to the customer, or over time when services are provided. |
Components of Pension and Other
Components of Pension and Other Post-employment Benefit Plans Net Periodic Benefit Costs | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Pension and Other Post-employment Benefit 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 Six Months Ended Three Months Ended Six Months Ended 2023 2022 2023 2022 2023 2022 2023 2022 Service Cost $ 305 $ 302 $ 609 $ 604 $ — $ — $ — $ — Interest Cost 6,757 4,134 13,514 8,269 3,261 1,975 6,522 3,949 Expected Return on Plan Assets (9,868) (9,319) (19,735) (18,638) — — — — Amortization of Prior Service Credits — — — — (602) (602) (1,203) (1,203) Amortization of Actuarial Loss 185 761 370 1,519 — 879 — 1,758 Net Periodic Benefit (Credit) Cost $ (2,621) $ (4,122) $ (5,242) $ (8,246) $ 2,659 $ 2,252 $ 5,319 $ 4,504 (Credits) expenses related to pension and other post-employment benefits are reflected in Operating and Other Costs in the Consolidated Statements of Income. Amounts reclassified out of accumulated other comprehensive income are reflected in Operating and Other Costs in the Consolidated Statements in Income. |
Components of Coal Workers' Pne
Components of Coal Workers' Pneumoconiosis and Workers' Compensation Net Periodic Benefit Costs | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Coal Workers' Pneumoconiosis 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 Six Months Ended Three Months Ended Six Months Ended 2023 2022 2023 2022 2023 2022 2023 2022 Service Cost $ 578 $ 726 $ 1,156 $ 1,452 $ 1,399 $ 1,230 $ 2,798 $ 2,460 Interest Cost 2,072 1,265 4,143 2,530 629 342 1,257 684 Amortization of Actuarial (Gain) Loss (262) 1,059 (523) 2,119 (513) (105) (1,025) (210) State Administrative Fees and Insurance Bond Premiums — — — — 466 448 1,011 885 Net Periodic Benefit Cost $ 2,388 $ 3,050 $ 4,776 $ 6,101 $ 1,981 $ 1,915 $ 4,041 $ 3,819 Expenses related to CWP and workers’ compensation are reflected in Operating and Other Costs in the Consolidated Statements of Income. Amounts reclassified out of accumulated other comprehensive income are reflected in Operating and Other Costs in the Consolidated Statements in Income. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The Company recorded its provision for income taxes for the three and six months ended June 30, 2023 of $37,574, or 18.3%, and $79,167, or 16.6%, respectively, of earnings before income taxes, based on its annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three and six months ended June 30, 2023 differs from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income. These tax provision amounts also include discrete tax adjustments primarily related to equity compensation. The provision for income taxes for the three and six months ended June 30, 2022 of $23,223, or 15.5%, and $19,701, or 13.9%, respectively, of earnings before income taxes was based on the Company's annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three and six months ended June 30, 2022 differed from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income, partially offset by tax expense related to compensation. The tax provision amounts also included a discrete tax benefit related to equity compensation. The Company continues to evaluate the impacts of the Inflation Reduction Act of 2022 signed into law by the President of the United States on August 16, 2022, but does not expect this legislation to have a material impact on the Company's financial statements. The Company is subject to taxation in the United States and certain of its various states, as well as Canada and certain of its various provinces. The Company is subject to examination for the tax periods 2018 through 2022 for federal and state returns. |
Cash and Cash Equivalents and S
Cash and Cash Equivalents and Short-Term Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash and Cash Equivalents and Short-Term Investments | CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS: June 30, 2023 2022 Cash and Cash Equivalents $ 189,539 $ 261,569 Restricted Cash - Current (1) 45,554 43,025 Restricted Cash - Non-current (1) 7,577 8,065 Cash and Cash Equivalents and Restricted Cash $ 242,670 $ 312,659 (1) Restricted Cash - Current is included in Other Current Assets in the accompanying Consolidated Balance Sheets. Restricted Cash - Non-current is included in Other Noncurrent Assets, net in the accompanying Consolidated Balance Sheets. During the six months ended June 30, 2023, the Company invested in marketable debt securities, primarily comprised of highly liquid U.S. Treasury securities. The investments are held in the custody of financial institutions. These securities are classified as available-for-sale securities and have maturity dates ranging from July 2023 through April 2024, and thus are classified as current assets. The Company's investments in available-for-sale securities are as follows: June 30, 2023 Gross Unrealized Amortized Cost Allowance for Credit Losses Gains Losses Fair Value U.S. Treasury Securities $ 100,755 $ — $ — $ (56) $ 100,699 Available-for-sale investments are reported at fair value and any unrealized gains or losses are recognized in other comprehensive income, net of tax. The unrealized losses in the Company's portfolio at June 30, 2023 are the result of normal market fluctuations. Interest and dividends are included in net income when earned. |
Credit Losses
Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
Credit Losses | CREDIT LOSSES: Trade receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on an evaluation of a customer's financial condition, the importance of the customer or market for future business and a customer's ability to perform its obligations. Trade receivable balances are monitored against approved credit terms. Credit terms are reviewed and adjusted as considered necessary based on changes to a customer's credit profile. If a customer's credit deteriorates, the Company may reduce credit risk exposure by reducing credit terms, obtaining letters of credit, obtaining credit insurance, or requiring pre-payment for shipments. Other non-trade contractual arrangements consist primarily of overriding royalty agreements and other financial arrangements between the Company and various counterparties. The Company is exposed to credit losses primarily through sales of products and services. The Company's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade and other accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company's monitoring activities include timely account reconciliations, dispute resolution, payment confirmation, and consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes to the assessment of anticipated payment, changes in economic conditions, current industry trends in the markets the Company serves, and changes in the financial health of the Company's counterparties. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Trade Receivables Other Non-Trade Contractual Beginning Balance, December 31, 2022 $ 1,731 $ 7,051 Provision for expected credit losses (1,329) (24) Write-off of uncollectible accounts — (30) Ending Balance, June 30, 2023 $ 402 $ 6,997 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: Inventory components consist of the following: June 30, December 31, Coal $ 28,663 $ 11,315 Supplies 69,012 54,975 Total Inventories $ 97,675 $ 66,290 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 | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Accounts Receivable Securitization | ACCOUNTS RECEIVABLE SECURITIZATION: At June 30, 2023, 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 March 2020, the securitization facility was amended to, among other things, extend the maturity date from August 30, 2021 to March 27, 2023. In July 2022, the securitization facility was again amended to, among other things, extend the maturity date to July 29, 2025. Pursuant to the securitization facility, CONSOL Thermal Holdings LLC, an indirect, wholly-owned subsidiary of the Company, sells trade receivables to CONSOL Pennsylvania Coal Company LLC, a wholly-owned subsidiary of the Company. CONSOL Marine Terminals LLC, a wholly-owned subsidiary of the Company, and CONSOL Pennsylvania Coal Company LLC sell and/or contribute trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC, a wholly-owned subsidiary of the Company (the “SPV”). The SPV, in turn, pledges its interests in the receivables to PNC Bank, N.A., 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 $100,000. Loans under the securitization facility accrue interest at a reserve-adjusted market index rate equal to the applicable term Secured Overnight Financing Rate (“SOFR”). 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 pays other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment consists of the following: June 30, December 31, Plant and Equipment $ 3,397,535 $ 3,330,755 Coal Properties and Surface Lands 904,573 898,628 Airshafts 484,502 481,090 Mine Development 366,265 366,241 Advance Mining Royalties 331,773 331,863 Total Property, Plant and Equipment 5,484,648 5,408,577 Less: Accumulated Depreciation, Depletion and Amortization 3,553,045 3,448,495 Total Property, Plant and Equipment - Net $ 1,931,603 $ 1,960,082 Coal reserves are either owned in fee or controlled 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 June 30, 2023 and December 31, 2022, property, plant and equipment includes gross assets under finance leases of $91,544 and $90,516, respectively. Accumulated amortization for finance leases was $67,870 and $54,028 at June 30, 2023 and December 31, 2022, respectively. Amortization expense for assets under finance leases approximated $6,944 and $5,868 for the three months ended June 30, 2023 and 2022, respectively, and $13,845 and $12,098 for the six months ended June 30, 2023 and 2022, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: June 30, December 31, Subsidence Liability $ 98,302 $ 96,623 Accrued Compensation and Benefits 54,813 67,893 Accrued Interest 6,591 7,942 Accrued Other Taxes 6,511 10,551 Accrued Income Taxes 5,394 1,513 Other 18,685 9,880 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 32,974 29,644 Postretirement Benefits Other than Pensions 21,944 22,436 Pneumoconiosis Benefits 12,622 12,723 Workers' Compensation 9,923 10,451 Total Other Accrued Liabilities $ 267,759 $ 269,656 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT: June 30, December 31, Debt: MEDCO Revenue Bonds in Series due September 2025 at 5.75% $ 102,865 $ 102,865 9.00% PEDFA Solid Waste Disposal Revenue Bonds due April 2028 75,000 75,000 11.00% Senior Secured Second Lien Notes due November 2025 24,107 99,107 Term Loan B due in September 2024 (Principal of $63,590 less Unamortized Discount of $106, 8.92% Weighted Average Interest Rate at December 31, 2022) — 63,484 Other Debt Arrangements 1,920 2,400 Advance Royalty Commitments (8.09% Weighted Average Interest Rate) 7,716 7,716 Less: Unamortized Debt Issuance Costs (2,125) (3,721) 209,483 346,851 Less: Amounts Due in One Year* (2,019) (4,741) Long-Term Debt $ 207,464 $ 342,110 * Excludes current portion of Finance Lease Obligations of $17,163 and $24,105 at June 30, 2023 and December 31, 2022, respectively. Revolving Credit Facility In November 2017, CONSOL Energy entered into a revolving credit facility with PNC Bank, N.A. (the “Revolving Credit Facility”). The Revolving Credit Facility has been amended several times, the most recent of which occurred in June 2023. This amendment increased the available revolving commitments from $260,000 to $355,000 and provides for the Company's ability to increase the revolving commitments or issue term loans in an additional amount not to exceed $45,000 and up to an aggregate total amount of $400,000. The maturity date of the Revolving Credit Facility is July 18, 2026. Borrowings under the Company's Revolving Credit Facility bear interest at a floating rate that is, at the Company's option, either (i) SOFR plus the applicable SOFR adjustment (as defined therein) depending on the applicable interest period plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility depends on the total net leverage ratio. Obligations under the Revolving Credit Facility are guaranteed by (i) all owners of 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. The obligations are secured by, subject to certain exceptions (including a limitation of pledges of equity interests in certain subsidiaries and certain thresholds with respect to real property), a first-priority lien on (i) the Company’s interest in the PAMC, (ii) the equity interests in PA Mining Complex LP held by the Company, (iii) the CONSOL Marine Terminal, (iv) the Itmann Mining Complex and (v) the 1.4 billion tons of Greenfield Reserves and Resources. The Revolving Credit Facility contains a number of customary affirmative covenants and a number of negative covenants, including (subject to certain exceptions) limitations on (among other things): indebtedness, liens, investments, acquisitions, dispositions, restricted payments and prepayments of junior indebtedness. The Revolving Credit Facility also includes covenants relating to (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio. The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA. 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 and gains and losses on debt extinguishment. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges. Consolidated Fixed Charges, as used in the covenant calculation, include cash interest payments, cash payments for income taxes, scheduled debt repayments, Maintenance Capital Expenditures and cash payments related to legacy employee liabilities to the extent in excess of amounts accrued in the calculation of Consolidated EBITDA. Under the Revolving Credit Facility, the maximum first lien gross leverage ratio shall be 1.50 to 1.00, the maximum total net leverage ratio shall be 2.50 to 1.00 and the minimum fixed charge coverage ratio shall be 1.10 to 1.00. The Company's first lien gross leverage ratio was 0.02 to 1.00 at June 30, 2023. The Company's total net leverage ratio was (0.06) to 1.00 at June 30, 2023. The Company's fixed charge coverage ratio was 3.54 to 1.00 at June 30, 2023. The Company was in compliance with all of its financial covenants under the Revolving Credit Facility as of June 30, 2023. At June 30, 2023, the Revolving Credit Facility had no borrowings outstanding and $130,281 of letters of credit outstanding, leaving $224,719 of unused capacity. At December 31, 2022, the Revolving Credit Facility had no borrowings outstanding and $103,029 of letters of credit outstanding, leaving $296,971 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. Second Lien Notes In November 2017, CONSOL Energy issued $300,000 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 on a first-priority basis as collateral securing the Company’s obligations under the Revolving Credit Facility (described above), subject to certain exceptions under the Indenture. The Indenture contains covenants that limit the ability of the Company and the Guarantors to (i) incur, assume or guarantee additional indebtedness or issue preferred stock; (ii) create liens to secure indebtedness; (iii) declare or pay dividends on the Company’s common stock, redeem stock or make other distributions to the Company’s stockholders; (iv) make investments; (v) restrict dividends, loans or other asset transfers from the Company’s restricted subsidiaries; (vi) merge or consolidate, or sell, transfer, lease or dispose of substantially all of the Company’s assets; (vii) sell or otherwise dispose of certain assets, including equity interests in subsidiaries; (viii) enter into transactions with affiliates; and (ix) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. If the Second Lien Notes achieve an investment grade rating from both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. and no default under the Indenture exists, many of the foregoing covenants will terminate and cease to apply. The SPV is a non-guarantor subsidiary of the Second Lien Notes and the Revolving Credit Facility, and the SPV holds the assets pledged to the lender in the securitization facility. The SPV had total assets of $114,470 and $158,877, comprised mainly of $113,825 and $158,127 trade receivables, net, at June 30, 2023 and December 31, 2022, respectively. Net income attributable to the SPV was $1,986 and $3,407 for the three months ended June 30, 2023 and 2022, respectively, and $4,608 and $4,092 for the six months ended June 30, 2023 and 2022, respectively, which primarily reflected intercompany fees related to purchasing the receivables, which are eliminated in the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q. During the six months ended June 30, 2023 and 2022, there were no borrowings or payments under the Accounts Receivable Securitization Facility. See Note 9 - Accounts Receivable Securitization for additional information. During the six months ended June 30, 2023, the Company spent $77,063 to redeem $75,000 of its outstanding Second Lien Notes. During the six months ended June 30, 2022, the Company spent $26,387 to repurchase $25,000 of its outstanding Second Lien Notes. As a result of these transactions, $688 and $1,565 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the three months ended June 30, 2023 and 2022, respectively, and $2,063 and $3,687 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the six months ended June 30, 2023 and 2022, respectively. PEDFA Bonds In April 2021, CONSOL Energy borrowed the proceeds received from the sale of tax-exempt bonds issued by the Pennsylvania Economic Development Financing Authority (“PEDFA”) in an aggregate principal amount of $75,000 (the “PEDFA Bonds”). The PEDFA Bonds bear interest at a fixed rate of 9.00% for an initial term of seven years. The PEDFA Bonds mature on April 1, 2051 but are subject to mandatory purchase by the Company on April 13, 2028, at the expiration of the initial term rate period. The PEDFA Bonds were issued pursuant to an indenture (the “PEDFA Indenture”) dated as of April 1, 2021, by and between PEDFA and Wilmington Trust, N.A., a national banking association, as trustee (the “PEDFA Notes Trustee”). PEDFA made a loan of the proceeds of the PEDFA Bonds to the Company pursuant to a Loan Agreement (the “Loan Agreement”) dated as of April 1, 2021 between PEDFA and the Company. Under the terms of the Loan Agreement, the Company agreed to make all payments of principal, interest and other amounts at any time due on the PEDFA Bonds or under the PEDFA Indenture. PEDFA assigned its rights as lender under the Loan Agreement, excluding certain reserved rights, to the PEDFA Notes Trustee. Certain subsidiaries of the Company (the “PEDFA Notes Guarantors”) executed a Guaranty Agreement (the “Guaranty”) dated as of April 1, 2021 in favor of the PEDFA Notes Trustee, guarantying the obligations of the Company under the Loan Agreement to pay the PEDFA Bonds when and as due. The obligations of the Company under the Loan Agreement and of the PEDFA Notes Guarantors under the Guaranty are secured by second priority liens on substantially all of the assets of the Company and the PEDFA Notes Guarantors on parity with the Second Lien Notes. The Loan Agreement and Guaranty incorporate by reference covenants in the Indenture under which the Second Lien Notes were issued (discussed above). The Company started a capital construction project on the PAMC coarse refuse disposal area in 2017, which is now funded, in part, by the $75,000 of PEDFA Bond proceeds loaned to the Company. The Company expects to expend these funds as qualified work is completed. The Company utilized restricted cash in the amount of $4,627 and $7,871 during the three and six months ended June 30, 2023, respectively, and $1,693 and $4,724 during the three and six months ended June 30, 2022, respectively, for qualified expenses. Additionally, the Company had $28,404 and $35,516 in restricted cash at June 30, 2023 and December 31, 2022, respectively, associated with this financing that will be used to fund future spending on the coarse refuse disposal area. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: 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 June 30, 2023. 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 June 30, 2023 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 the U.S. District Court for the Southern District of West Virginia 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 to the Company 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, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial order setting the trial date, which was held in February 2021. No ruling has been issued by the judge. 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, the Company's Chief Administrative Officer, in the U.S. District Court for the Southern District of West Virginia 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, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial order setting the trial date, which was held in February 2021. No ruling has been issued by the judge. The Company believes it has a meritorious defense and intends to vigorously defend this suit. United Mine Workers of America 1992 Benefit Plan Litigation: In 2013, Murray Energy and its subsidiaries (“Murray”) entered into a stock purchase agreement (the “Murray sale agreement”) with the Company's former parent pursuant to which Murray acquired the stock of CCC and certain subsidiaries and certain other assets and liabilities. At the time of sale, the liabilities included certain retiree medical liabilities under the Coal Industry Retiree Health Benefit Act of 1992 (“Coal Act”) and certain federal black lung liabilities under the Black Lung Benefits Act (“BLBA”). Based upon information available, the Company estimates that the annual servicing costs of these liabilities are approximately $10 million to $20 million per year for the next ten years. The annual servicing cost would decline each year since the beneficiaries of the Coal Act consist principally of miners who retired prior to 1994. Murray filed for Chapter 11 bankruptcy in October 2019. As part of the bankruptcy proceedings, Murray unilaterally entered into a settlement with the United Mine Workers of America 1992 Benefit Plan (the “1992 Benefit Plan”) to transfer retirees in the Murray Energy Section 9711 Plan to the 1992 Benefit Plan. This was approved by the bankruptcy court on April 30, 2020. On May 2, 2020, the 1992 Benefit Plan filed an action in the United States District Court for the District of Columbia asking the court to make a determination whether the Company's former parent or the Company has any continuing retiree medical liabilities under the Coal Act (the “1992 Plan Lawsuit”). The Murray sale agreement includes indemnification by Murray with respect to the Coal Act and BLBA liabilities. In addition, the Company had agreed to indemnify its former parent relative to certain pre-separation liabilities. As of September 16, 2020, the Company entered into a settlement agreement with Murray and withdrew its claims in bankruptcy. On September 11, 2020, the Defendants in the 1992 Plan Lawsuit filed a Motion to Dismiss Plaintiffs' Second Amended Complaint which was denied by the Court on March 29, 2022. The Company will continue to vigorously defend any claims that attempt to transfer any of such liabilities directly or indirectly to the Company, including raising all applicable defenses against the 1992 Benefit Plan’s suit. With respect to this lawsuit, while a loss is possible, it is not probable and, as a result, no accrual has been recorded. Other Matters: On July 27, 2021, the Company's former parent informed the Company that it had received a request from the UMWA 1974 Pension Plan for information related to the facts and circumstances surrounding the former parent's 2013 sale of certain of its coal subsidiaries to Murray (the “Letter Request”). The Letter Request indicates that litigation by the UMWA 1974 Pension Plan against the Company's former parent related to potential withdrawal liabilities from the plan created by the 2019 bankruptcy of Murray is reasonably foreseeable. There has been no indication of potential claims against the Company by the UMWA 1974 Pension Plan and, at this time, no liability of the Company's former parent has been assessed. The Company and various subsidiaries are defendants in certain other legal proceedings. 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. The following is a summary, as of June 30, 2023, of the financial guarantees, unconditional purchase obligations and letters of credit to certain third parties. Employee-related financial guarantees have primarily been provided to support the 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. Other financial guarantees have been extended to support sales contracts, insurance policies, surety indemnity agreements, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. Certain letters of credit included in the table below were issued against other commitments included in this table. 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 commitments are recorded as liabilities in the financial statements. The Company's management believes that these 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 $ 48,034 $ 48,034 $ — $ — $ — Environmental 398 398 — — — Other 132,770 132,770 — — — Total Letters of Credit $ 181,202 $ 181,202 $ — $ — $ — Surety Bonds: Employee-Related $ 81,010 $ 81,010 $ — $ — $ — Environmental 521,325 521,325 — — — Other 3,798 3,798 — — — Total Surety Bonds $ 606,133 $ 606,133 $ — $ — $ — 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 | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DERIVATIVES Coal Price Risk Management Positions The Company may sell or purchase forward contracts, swaps and options in the over-the-counter coal market in order to manage its exposure to coal prices. The Company has exposure to the risk of fluctuating coal prices related to forecasted or index-priced sales of coal or to the risk of changes in the fair value of a fixed price physical sales contract. All of the Company's coal-related derivative contracts were settled as of December 31, 2022. Tabular Derivatives Disclosures The Company had master netting agreements with all of its counterparties which allowed for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduced the Company's credit exposure related to these counterparties to the extent the Company had any liability to such counterparties. For classification purposes, the Company recorded the net fair value of all the positions with a given counterparty as a net asset or liability in the Consolidated Balance Sheets. The fair value of derivatives reflected in the accompanying Consolidated Balance Sheets are set forth in the table below. June 30, 2023 December 31, 2022 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Coal Swap Contracts $ — $ — $ 6,024 $ (21,166) Effect of Counterparty Netting — — (6,024) 6,024 Net Derivatives as Classified in the Consolidated Balance Sheets $ — $ — $ — $ (15,142) The Company did not seek cash flow hedge accounting treatment for its commodity derivative financial instruments and therefore, changes in fair value were reflected in earnings throughout the terms of those instruments. During the three and six months ended June 30, 2022, the Company settled a portion of its commodity derivatives at losses of $73,923 and $160,175, respectively. Additionally, during the three and six months ended June 30, 2022, the Company recognized adjustments to the fair value of its commodity derivatives of ($5,571) and $96,331, respectively. These settlements and fair value adjustments were included in Loss on Commodity Derivatives, net on the accompanying Consolidated Statements of Income. The Company classified the cash effects of its derivatives within the Cash Flows from Operating Activities section of the Consolidated Statements of Cash Flows. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
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 SOFR-based discount rates and U.S. Treasury-based 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. The Company's Level 1 assets include marketable debt securities, primarily highly liquid U.S. Treasury securities. 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 SOFR-based discount rates and U.S. Treasury-based rates. The Company's Level 2 assets and liabilities include coal commodity contracts with fair values derived from quoted prices in over-the-counter markets. Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. 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 June 30, 2023 December 31, 2022 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity Derivatives $ — $ — $ — $ — $ (15,142) $ — U.S. Treasury Securities $ 100,699 $ — $ — $ — $ — $ — 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: June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Long-Term Debt (Excluding Debt Issuance Costs) $ 211,608 $ 226,470 $ 350,572 $ 365,789 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 | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | EGMENT INFORMATION: The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management to make decisions on and assess performance of the Company’s reportable segments. CONSOL Energy presently consists of two reportable segments, the PAMC and the CONSOL Marine Terminal. The PAMC includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and a centralized preparation plant. The PAMC segment’s principal activities include the mining, preparation and marketing of bituminous coal, sold primarily to power generators, industrial end-users and metallurgical end-users. The CONSOL Marine Terminal provides coal export terminal services through the Port of Baltimore. General and administrative costs are allocated to the Company’s segments based on a percentage of resources utilized, a percentage of total revenue and a percentage of total projected capital expenditures. CONSOL Energy’s Other segment includes revenue and expenses from various corporate and diversified business activities that are not allocated to the PAMC or the CONSOL Marine Terminal segments. The diversified business activities currently include the Itmann Mining Complex, the Greenfield Reserves and Resources, closed mine activities, other income, gain on asset sales related to non-core assets, and gain/loss on debt extinguishment. Additionally, interest expense and income taxes, as well as various other non-operated activities, none of which are individually significant to the Company, are also reflected in CONSOL Energy's Other segment and are not allocated to the PAMC and CONSOL Marine Terminal segments. The Company evaluates the performance of its segments utilizing Adjusted EBITDA and various sales and production metrics. Adjusted EBITDA measures the operating performance of the Company's segments and is used to allocate resources to the Company's segments. Reportable segment results for the three months ended June 30, 2023 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 521,176 $ — $ 19,923 $ — $ 541,099 Terminal Revenue — 31,368 — — 31,368 Freight Revenue 77,882 — 3,674 — 81,556 Total Revenue from Contracts with Customers $ 599,058 $ 31,368 $ 23,597 $ — $ 654,023 Adjusted EBITDA $ 270,065 $ 23,856 $ (17,971) $ — $ 275,950 Segment Assets $ 1,682,118 $ 82,326 $ 913,905 $ — $ 2,678,349 Depreciation, Depletion and Amortization $ 50,268 $ 1,176 $ 13,084 $ — $ 64,528 Capital Expenditures $ 37,495 $ 1,124 $ 3,706 $ — $ 42,325 Reportable segment results for the three months ended June 30, 2022 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 518,976 $ — $ 13,750 $ — $ 532,726 Terminal Revenue — 21,779 — — 21,779 Freight Revenue 47,386 — 3,025 — 50,411 Total Revenue from Contracts with Customers $ 566,362 $ 21,779 $ 16,775 $ — $ 604,916 Adjusted EBITDA $ 203,980 $ 15,077 $ (2,718) $ — $ 216,339 Segment Assets $ 1,735,635 $ 80,238 $ 904,613 $ — $ 2,720,486 Depreciation, Depletion and Amortization $ 49,465 $ 1,142 $ 7,273 $ — $ 57,880 Capital Expenditures $ 21,673 $ 188 $ 17,557 $ — $ 39,418 Reportable segment results for the six months ended June 30, 2023 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,084,513 $ — $ 39,965 $ — $ 1,124,478 Terminal Revenue — 58,079 — — 58,079 Freight Revenue 142,219 — 6,844 — 149,063 Total Revenue from Contracts with Customers $ 1,226,732 $ 58,079 $ 46,809 $ — $ 1,331,620 Adjusted EBITDA $ 601,029 $ 44,471 $ (23,250) $ — $ 622,250 Segment Assets $ 1,682,118 $ 82,326 $ 913,905 $ — $ 2,678,349 Depreciation, Depletion and Amortization $ 101,639 $ 2,332 $ 20,108 $ — $ 124,079 Capital Expenditures $ 64,302 $ 1,699 $ 10,081 $ — $ 76,082 Reportable segment results for the six months ended June 30, 2022 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 991,953 $ — $ 17,157 $ — $ 1,009,110 Terminal Revenue — 43,176 — — 43,176 Freight Revenue 85,775 — 3,025 — 88,800 Total Revenue from Contracts with Customers $ 1,077,728 $ 43,176 $ 20,182 $ — $ 1,141,086 Adjusted EBITDA $ 362,239 $ 29,554 $ (6,224) $ — $ 385,569 Segment Assets $ 1,735,635 $ 80,238 $ 904,613 $ — $ 2,720,486 Depreciation, Depletion and Amortization $ 100,421 $ 2,307 $ 11,106 $ — $ 113,834 Capital Expenditures $ 34,651 $ 360 $ 41,050 $ — $ 76,061 For the three and six months ended June 30, 2023 and 2022, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales: Three Months Ended Six Months Ended 2023 2022 2023 2022 Customer A $ 70,725 $ 67,174 $ 145,034 * Customer B $ 67,197 * $ 135,412 * Customer C * * $ 151,404 * Customer D * $ 124,469 * $ 211,055 Customer E * $ 64,874 * $ 131,164 *Revenues from these customers during the periods presented were less than 10% of the Company's total sales. Reconciliation of Segment Information to Consolidated Amounts: Three Months Ended June 30, 2023 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 218,636 $ 21,094 $ (72,007) $ 167,723 Income Tax Expense — — 37,574 37,574 Interest Expense — 1,526 5,629 7,155 Interest Income (513) — (3,198) (3,711) Depreciation, Depletion and Amortization 50,268 1,176 13,084 64,528 Stock-Based Compensation 1,674 60 259 1,993 Loss on Debt Extinguishment — — 688 688 Adjusted EBITDA $ 270,065 $ 23,856 $ (17,971) $ 275,950 Three Months Ended June 30, 2022 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 159,404 $ 12,354 $ (45,467) $ 126,291 Income Tax Expense — — 23,223 23,223 Interest Expense 68 1,530 11,523 13,121 Interest Income (452) — (987) (1,439) Depreciation, Depletion and Amortization 49,465 1,142 7,273 57,880 Stock-Based Compensation 1,066 51 152 1,269 Loss on Debt Extinguishment — — 1,565 1,565 Fair Value Adjustment of Commodity Derivative Instruments (5,571) — — (5,571) Adjusted EBITDA $ 203,980 $ 15,077 $ (2,718) $ 216,339 Six Months Ended June 30, 2023 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 494,611 $ 38,883 $ (135,394) $ 398,100 Income Tax Expense — — 79,167 79,167 Interest Expense — 3,052 14,382 17,434 Interest Income (921) — (4,457) (5,378) Depreciation, Depletion and Amortization 101,639 2,332 20,108 124,079 Stock-Based Compensation 5,700 204 881 6,785 Loss on Debt Extinguishment — — 2,063 2,063 Adjusted EBITDA $ 601,029 $ 44,471 $ (23,250) $ 622,250 Six Months Ended June 30, 2022 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 161,501 $ 23,967 $ (63,627) $ 121,841 Income Tax Expense — — 19,701 19,701 Interest Expense 257 3,061 24,155 27,473 Interest Income (866) — (1,902) (2,768) Depreciation, Depletion and Amortization 100,421 2,307 11,106 113,834 Stock-Based Compensation 4,595 219 656 5,470 Loss on Debt Extinguishment — — 3,687 3,687 Fair Value Adjustment of Commodity Derivative Instruments 96,331 — — 96,331 Adjusted EBITDA $ 362,239 $ 29,554 $ (6,224) $ 385,569 |
Stock and Debt Repurchases
Stock and Debt Repurchases | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stock and Debt Repurchases | STOCK AND DEBT REPURCHASES: 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 Second Lien Notes. Since the program's inception, the Company's Board of Directors has subsequently amended the program several times. The most recent amendment occurred in April 2023, in which the aggregate limit of the Company's repurchase authority was raised to $1,000,000. The program terminates on December 31, 2024. 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 or notes are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock or notes, and the program can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement or indenture. During the six months ended June 30, 2023, the Company did not make any open market repurchases of its Second Lien Notes in accordance with this program. During the six months ended June 30, 2022, the Company spent $26,387 to repurchase $25,000 of its Second Lien Notes in accordance with this program. During the six months ended June 30, 2023, the Company repurchased and retired 2,432,543 shares of the Company's common stock at an average price of $58.69 per share. No shares of common stock were repurchased under this program during the six months ended June 30, 2022. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS:On June 26, 2023, CONSOL Energy issued a notice of full and final redemption of the remaining outstanding balance of its Second Lien Notes at 102.75% in the amount of $24 million. The redemption took place on July 26, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income | $ 167,723 | $ 230,377 | $ 126,291 | $ (4,450) | $ 398,100 | $ 121,841 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [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 10-01 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 six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2022 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, 2022. All dollar amounts discussed in these Notes to Consolidated Financial Statements are in thousands of U.S. dollars, except for per share amounts, and unless otherwise indicated. |
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. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-02 - Investments—Equity Method and Joint Ventures (Topic 323). The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this update apply to all reporting entities that hold (1) tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or (2) an investment in a low-income-housing tax credit (LIHTC) structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from Subtopic 323-740, Investments—Equity Method and Joint Ventures—Income Taxes, has been applied. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements. |
Earnings per Share | arnings per ShareBasic earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average number of shares outstanding is 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, as applicable, 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. These reclassifications had no effect on previously reported total assets, stockholders' equity, net income or cash flows from operating activities. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 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: Three Months Ended Six Months Ended 2023 2022 2023 2022 Anti-Dilutive Restricted Stock Units 470 189 331 7,056 Anti-Dilutive Performance Share Units — — — — 470 189 331 7,056 |
Schedule of Earnings Per Share, Basic and Diluted | The computations for basic and dilutive earnings per share are as follows: Dollars in thousands, except per share data Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator: Net Income $ 167,723 $ 126,291 $ 398,100 $ 121,841 Denominator: Weighted-average shares of common stock outstanding 33,557,761 34,846,037 34,043,815 34,753,887 Effect of dilutive shares 399,384 877,437 490,396 897,904 Weighted-average diluted shares of common stock outstanding 33,957,145 35,723,474 34,534,211 35,651,791 Earnings per Share: Basic $ 5.00 $ 3.62 $ 11.69 $ 3.51 Dilutive $ 4.94 $ 3.54 $ 11.53 $ 3.42 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate CONSOL Energy's revenue from contracts with customers 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 June 30, 2023 Domestic Export Total Power Generation $ 122,779 $ 117,767 $ 240,546 Industrial 12,230 205,063 217,293 Metallurgical 6,302 76,958 83,260 Total Coal Revenue 141,311 399,788 541,099 Terminal Revenue 31,368 Freight Revenue 81,556 Total Revenue from Contracts with Customers $ 654,023 Three Months Ended June 30, 2022 Domestic Export Total Power Generation $ 203,853 $ 52,878 $ 256,731 Industrial 8,849 132,853 141,702 Metallurgical — 134,293 134,293 Total Coal Revenue 212,702 320,024 532,726 Terminal Revenue 21,779 Freight Revenue 50,411 Total Revenue from Contracts with Customers $ 604,916 Six Months Ended June 30, 2023 Domestic Export Total Power Generation $ 307,455 $ 233,602 $ 541,057 Industrial 18,738 390,673 409,411 Metallurgical 10,627 163,383 174,010 Total Coal Revenue 336,820 787,658 1,124,478 Terminal Revenue 58,079 Freight Revenue 149,063 Total Revenue from Contracts with Customers $ 1,331,620 Six Months Ended June 30, 2022 Domestic Export Total Power Generation $ 427,356 $ 143,072 $ 570,428 Industrial 10,794 260,661 271,455 Metallurgical — 167,227 167,227 Total Coal Revenue 438,150 570,960 1,009,110 Terminal Revenue 43,176 Freight Revenue 88,800 Total Revenue from Contracts with Customers $ 1,141,086 |
Components of Pension and Oth_2
Components of Pension and Other Post-employment Benefit Plans Net Periodic Benefit Costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The components of Net Periodic Benefit (Credit) Cost are as follows: Pension Benefits Other Post-Employment Benefits Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2023 2022 2023 2022 2023 2022 2023 2022 Service Cost $ 305 $ 302 $ 609 $ 604 $ — $ — $ — $ — Interest Cost 6,757 4,134 13,514 8,269 3,261 1,975 6,522 3,949 Expected Return on Plan Assets (9,868) (9,319) (19,735) (18,638) — — — — Amortization of Prior Service Credits — — — — (602) (602) (1,203) (1,203) Amortization of Actuarial Loss 185 761 370 1,519 — 879 — 1,758 Net Periodic Benefit (Credit) Cost $ (2,621) $ (4,122) $ (5,242) $ (8,246) $ 2,659 $ 2,252 $ 5,319 $ 4,504 |
Components of Coal Workers' P_2
Components of Coal Workers' Pneumoconiosis and Workers' Compensation Net Periodic Benefit Costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The components of Net Periodic Benefit Cost are as follows: CWP Workers' Compensation Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2023 2022 2023 2022 2023 2022 2023 2022 Service Cost $ 578 $ 726 $ 1,156 $ 1,452 $ 1,399 $ 1,230 $ 2,798 $ 2,460 Interest Cost 2,072 1,265 4,143 2,530 629 342 1,257 684 Amortization of Actuarial (Gain) Loss (262) 1,059 (523) 2,119 (513) (105) (1,025) (210) State Administrative Fees and Insurance Bond Premiums — — — — 466 448 1,011 885 Net Periodic Benefit Cost $ 2,388 $ 3,050 $ 4,776 $ 6,101 $ 1,981 $ 1,915 $ 4,041 $ 3,819 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash, Cash Equivalents and Investments | June 30, 2023 2022 Cash and Cash Equivalents $ 189,539 $ 261,569 Restricted Cash - Current (1) 45,554 43,025 Restricted Cash - Non-current (1) 7,577 8,065 Cash and Cash Equivalents and Restricted Cash $ 242,670 $ 312,659 (1) Restricted Cash - Current is included in Other Current Assets in the accompanying Consolidated Balance Sheets. Restricted Cash - Non-current is included in Other Noncurrent Assets, net in the accompanying Consolidated Balance Sheets. |
Debt Securities, Available-for-Sale | The Company's investments in available-for-sale securities are as follows: June 30, 2023 Gross Unrealized Amortized Cost Allowance for Credit Losses Gains Losses Fair Value U.S. Treasury Securities $ 100,755 $ — $ — $ (56) $ 100,699 |
Credit Losses (Tables)
Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Credit Loss [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | Trade Receivables Other Non-Trade Contractual Beginning Balance, December 31, 2022 $ 1,731 $ 7,051 Provision for expected credit losses (1,329) (24) Write-off of uncollectible accounts — (30) Ending Balance, June 30, 2023 $ 402 $ 6,997 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | June 30, December 31, Coal $ 28,663 $ 11,315 Supplies 69,012 54,975 Total Inventories $ 97,675 $ 66,290 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consists of the following: June 30, December 31, Plant and Equipment $ 3,397,535 $ 3,330,755 Coal Properties and Surface Lands 904,573 898,628 Airshafts 484,502 481,090 Mine Development 366,265 366,241 Advance Mining Royalties 331,773 331,863 Total Property, Plant and Equipment 5,484,648 5,408,577 Less: Accumulated Depreciation, Depletion and Amortization 3,553,045 3,448,495 Total Property, Plant and Equipment - Net $ 1,931,603 $ 1,960,082 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | June 30, December 31, Subsidence Liability $ 98,302 $ 96,623 Accrued Compensation and Benefits 54,813 67,893 Accrued Interest 6,591 7,942 Accrued Other Taxes 6,511 10,551 Accrued Income Taxes 5,394 1,513 Other 18,685 9,880 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 32,974 29,644 Postretirement Benefits Other than Pensions 21,944 22,436 Pneumoconiosis Benefits 12,622 12,723 Workers' Compensation 9,923 10,451 Total Other Accrued Liabilities $ 267,759 $ 269,656 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | June 30, December 31, Debt: MEDCO Revenue Bonds in Series due September 2025 at 5.75% $ 102,865 $ 102,865 9.00% PEDFA Solid Waste Disposal Revenue Bonds due April 2028 75,000 75,000 11.00% Senior Secured Second Lien Notes due November 2025 24,107 99,107 Term Loan B due in September 2024 (Principal of $63,590 less Unamortized Discount of $106, 8.92% Weighted Average Interest Rate at December 31, 2022) — 63,484 Other Debt Arrangements 1,920 2,400 Advance Royalty Commitments (8.09% Weighted Average Interest Rate) 7,716 7,716 Less: Unamortized Debt Issuance Costs (2,125) (3,721) 209,483 346,851 Less: Amounts Due in One Year* (2,019) (4,741) Long-Term Debt $ 207,464 $ 342,110 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | 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 $ 48,034 $ 48,034 $ — $ — $ — Environmental 398 398 — — — Other 132,770 132,770 — — — Total Letters of Credit $ 181,202 $ 181,202 $ — $ — $ — Surety Bonds: Employee-Related $ 81,010 $ 81,010 $ — $ — $ — Environmental 521,325 521,325 — — — Other 3,798 3,798 — — — Total Surety Bonds $ 606,133 $ 606,133 $ — $ — $ — |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | June 30, 2023 December 31, 2022 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Coal Swap Contracts $ — $ — $ 6,024 $ (21,166) Effect of Counterparty Netting — — (6,024) 6,024 Net Derivatives as Classified in the Consolidated Balance Sheets $ — $ — $ — $ (15,142) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at Fair Value Measurements at June 30, 2023 December 31, 2022 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity Derivatives $ — $ — $ — $ — $ (15,142) $ — U.S. Treasury Securities $ 100,699 $ — $ — $ — $ — $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Long-Term Debt (Excluding Debt Issuance Costs) $ 211,608 $ 226,470 $ 350,572 $ 365,789 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Reportable segment results for the three months ended June 30, 2023 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 521,176 $ — $ 19,923 $ — $ 541,099 Terminal Revenue — 31,368 — — 31,368 Freight Revenue 77,882 — 3,674 — 81,556 Total Revenue from Contracts with Customers $ 599,058 $ 31,368 $ 23,597 $ — $ 654,023 Adjusted EBITDA $ 270,065 $ 23,856 $ (17,971) $ — $ 275,950 Segment Assets $ 1,682,118 $ 82,326 $ 913,905 $ — $ 2,678,349 Depreciation, Depletion and Amortization $ 50,268 $ 1,176 $ 13,084 $ — $ 64,528 Capital Expenditures $ 37,495 $ 1,124 $ 3,706 $ — $ 42,325 Reportable segment results for the three months ended June 30, 2022 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 518,976 $ — $ 13,750 $ — $ 532,726 Terminal Revenue — 21,779 — — 21,779 Freight Revenue 47,386 — 3,025 — 50,411 Total Revenue from Contracts with Customers $ 566,362 $ 21,779 $ 16,775 $ — $ 604,916 Adjusted EBITDA $ 203,980 $ 15,077 $ (2,718) $ — $ 216,339 Segment Assets $ 1,735,635 $ 80,238 $ 904,613 $ — $ 2,720,486 Depreciation, Depletion and Amortization $ 49,465 $ 1,142 $ 7,273 $ — $ 57,880 Capital Expenditures $ 21,673 $ 188 $ 17,557 $ — $ 39,418 Reportable segment results for the six months ended June 30, 2023 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,084,513 $ — $ 39,965 $ — $ 1,124,478 Terminal Revenue — 58,079 — — 58,079 Freight Revenue 142,219 — 6,844 — 149,063 Total Revenue from Contracts with Customers $ 1,226,732 $ 58,079 $ 46,809 $ — $ 1,331,620 Adjusted EBITDA $ 601,029 $ 44,471 $ (23,250) $ — $ 622,250 Segment Assets $ 1,682,118 $ 82,326 $ 913,905 $ — $ 2,678,349 Depreciation, Depletion and Amortization $ 101,639 $ 2,332 $ 20,108 $ — $ 124,079 Capital Expenditures $ 64,302 $ 1,699 $ 10,081 $ — $ 76,082 Reportable segment results for the six months ended June 30, 2022 are: PAMC CONSOL Marine Terminal Other Adjustments and Eliminations Consolidated Coal Revenue $ 991,953 $ — $ 17,157 $ — $ 1,009,110 Terminal Revenue — 43,176 — — 43,176 Freight Revenue 85,775 — 3,025 — 88,800 Total Revenue from Contracts with Customers $ 1,077,728 $ 43,176 $ 20,182 $ — $ 1,141,086 Adjusted EBITDA $ 362,239 $ 29,554 $ (6,224) $ — $ 385,569 Segment Assets $ 1,735,635 $ 80,238 $ 904,613 $ — $ 2,720,486 Depreciation, Depletion and Amortization $ 100,421 $ 2,307 $ 11,106 $ — $ 113,834 Capital Expenditures $ 34,651 $ 360 $ 41,050 $ — $ 76,061 |
Schedule of Revenue by Major Customers by Reporting Segments | For the three and six months ended June 30, 2023 and 2022, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales: Three Months Ended Six Months Ended 2023 2022 2023 2022 Customer A $ 70,725 $ 67,174 $ 145,034 * Customer B $ 67,197 * $ 135,412 * Customer C * * $ 151,404 * Customer D * $ 124,469 * $ 211,055 Customer E * $ 64,874 * $ 131,164 *Revenues from these customers during the periods presented were less than 10% of the Company's total sales. |
Schedule of Adjusted EBITDA | Reconciliation of Segment Information to Consolidated Amounts: Three Months Ended June 30, 2023 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 218,636 $ 21,094 $ (72,007) $ 167,723 Income Tax Expense — — 37,574 37,574 Interest Expense — 1,526 5,629 7,155 Interest Income (513) — (3,198) (3,711) Depreciation, Depletion and Amortization 50,268 1,176 13,084 64,528 Stock-Based Compensation 1,674 60 259 1,993 Loss on Debt Extinguishment — — 688 688 Adjusted EBITDA $ 270,065 $ 23,856 $ (17,971) $ 275,950 Three Months Ended June 30, 2022 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 159,404 $ 12,354 $ (45,467) $ 126,291 Income Tax Expense — — 23,223 23,223 Interest Expense 68 1,530 11,523 13,121 Interest Income (452) — (987) (1,439) Depreciation, Depletion and Amortization 49,465 1,142 7,273 57,880 Stock-Based Compensation 1,066 51 152 1,269 Loss on Debt Extinguishment — — 1,565 1,565 Fair Value Adjustment of Commodity Derivative Instruments (5,571) — — (5,571) Adjusted EBITDA $ 203,980 $ 15,077 $ (2,718) $ 216,339 Six Months Ended June 30, 2023 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 494,611 $ 38,883 $ (135,394) $ 398,100 Income Tax Expense — — 79,167 79,167 Interest Expense — 3,052 14,382 17,434 Interest Income (921) — (4,457) (5,378) Depreciation, Depletion and Amortization 101,639 2,332 20,108 124,079 Stock-Based Compensation 5,700 204 881 6,785 Loss on Debt Extinguishment — — 2,063 2,063 Adjusted EBITDA $ 601,029 $ 44,471 $ (23,250) $ 622,250 Six Months Ended June 30, 2022 PAMC CONSOL Marine Terminal Other Total Company Net Income (Loss) $ 161,501 $ 23,967 $ (63,627) $ 121,841 Income Tax Expense — — 19,701 19,701 Interest Expense 257 3,061 24,155 27,473 Interest Income (866) — (1,902) (2,768) Depreciation, Depletion and Amortization 100,421 2,307 11,106 113,834 Stock-Based Compensation 4,595 219 656 5,470 Loss on Debt Extinguishment — — 3,687 3,687 Fair Value Adjustment of Commodity Derivative Instruments 96,331 — — 96,331 Adjusted EBITDA $ 362,239 $ 29,554 $ (6,224) $ 385,569 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 470 | 189 | 331 | 7,056 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 470 | 189 | 331 | 7,056 |
Performance Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 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 | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net Income | $ 167,723 | $ 230,377 | $ 126,291 | $ (4,450) | $ 398,100 | $ 121,841 |
Denominator: | ||||||
Weighted-average shares of common stock outstanding | 33,557,761 | 34,846,037 | 34,043,815 | 34,753,887 | ||
Effect of dilutive shares | 399,384 | 877,437 | 490,396 | 897,904 | ||
Weighted-average diluted shares of common stock outstanding | 33,957,145 | 35,723,474 | 34,534,211 | 35,651,791 | ||
Earnings per Share: | ||||||
Basic (in dollars per share) | $ 5 | $ 3.62 | $ 11.69 | $ 3.51 | ||
Diluted (in dollars per share) | $ 4.94 | $ 3.54 | $ 11.53 | $ 3.42 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | Jun. 30, 2023 shares |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Preferred stock, shares authorized | 500,000 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 654,023 | $ 604,916 | $ 1,331,620 | $ 1,141,086 |
Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 541,099 | 532,726 | 1,124,478 | 1,009,110 |
Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 240,546 | 256,731 | 541,057 | 570,428 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 217,293 | 141,702 | 409,411 | 271,455 |
Metallurgical | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 83,260 | 134,293 | 174,010 | 167,227 |
Terminal Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 31,368 | 21,779 | 58,079 | 43,176 |
Freight Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 81,556 | 50,411 | 149,063 | 88,800 |
Domestic | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 141,311 | 212,702 | 336,820 | 438,150 |
Domestic | Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 122,779 | 203,853 | 307,455 | 427,356 |
Domestic | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 12,230 | 8,849 | 18,738 | 10,794 |
Domestic | Metallurgical | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 6,302 | 0 | 10,627 | 0 |
Export | Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 399,788 | 320,024 | 787,658 | 570,960 |
Export | Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 117,767 | 52,878 | 233,602 | 143,072 |
Export | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 205,063 | 132,853 | 390,673 | 260,661 |
Export | Metallurgical | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 76,958 | $ 134,293 | $ 163,383 | $ 167,227 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Coal | |||||
Disaggregation of Revenue [Line Items] | |||||
Capitalized contract cost, net | $ 0 | $ 0 | $ 0 | ||
Capitalized contract cost, amortization | 0 | $ 0 | 0 | $ 0 | |
Terminal Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Capitalized contract cost, net | 0 | 0 | $ 0 | ||
Capitalized contract cost, amortization | 0 | 0 | 0 | 0 | |
Contract with customer, liability, revenue recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Components of Pension and Oth_3
Components of Pension and Other Post-employment Benefit Plans Net Periodic Benefit Costs - Components of Net Periodic Benefit (Credit) Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Benefits | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Service Cost | $ 305 | $ 302 | $ 609 | $ 604 |
Interest Cost | 6,757 | 4,134 | 13,514 | 8,269 |
Expected Return on Plan Assets | (9,868) | (9,319) | (19,735) | (18,638) |
Amortization of Prior Service Credits | 0 | 0 | 0 | 0 |
Amortization of Actuarial Loss | 185 | 761 | 370 | 1,519 |
Net Periodic Benefit (Credit) Cost | (2,621) | (4,122) | (5,242) | (8,246) |
Other Post-Employment Benefits | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Service Cost | 0 | 0 | 0 | 0 |
Interest Cost | 3,261 | 1,975 | 6,522 | 3,949 |
Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Amortization of Prior Service Credits | (602) | (602) | (1,203) | (1,203) |
Amortization of Actuarial Loss | 0 | 879 | 0 | 1,758 |
Net Periodic Benefit (Credit) Cost | $ 2,659 | $ 2,252 | $ 5,319 | $ 4,504 |
Components of Coal Workers' P_3
Components of Coal Workers' Pneumoconiosis and Workers' Compensation Net Periodic Benefit Costs - Components of Net Period Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CWP | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Service Cost | $ 578 | $ 726 | $ 1,156 | $ 1,452 |
Interest Cost | 2,072 | 1,265 | 4,143 | 2,530 |
Amortization of Actuarial Loss | (262) | 1,059 | (523) | 2,119 |
State Administrative Fees and Insurance Bond Premiums | 0 | 0 | 0 | 0 |
Net Periodic Benefit (Credit) Cost | 2,388 | 3,050 | 4,776 | 6,101 |
Workers' Compensation | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Service Cost | 1,399 | 1,230 | 2,798 | 2,460 |
Interest Cost | 629 | 342 | 1,257 | 684 |
Amortization of Actuarial Loss | (513) | (105) | (1,025) | (210) |
State Administrative Fees and Insurance Bond Premiums | 466 | 448 | 1,011 | 885 |
Net Periodic Benefit (Credit) Cost | $ 1,981 | $ 1,915 | $ 4,041 | $ 3,819 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense | $ 37,574 | $ 23,223 | $ 79,167 | $ 19,701 |
Effective income tax rate reconciliation, percent | 183% | 15.50% | 16.60% | 139% |
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21% | 21% |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Purchases of short-term investments | $ 129,757 | $ 0 |
Cash and Cash Equivalents and_4
Cash and Cash Equivalents and Short-Term Investments - Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||||
Cash and Cash Equivalents | $ 189,539 | $ 273,070 | $ 261,569 | |
Restricted Cash - Current | 45,554 | 43,025 | ||
Restricted Cash - Non-current | 7,577 | 8,065 | ||
Cash and Cash Equivalents and Restricted Cash | $ 242,670 | $ 326,952 | $ 312,659 | $ 198,206 |
Cash and Cash Equivalents and_5
Cash and Cash Equivalents and Short-Term Investments - Investments in Available-for-Sale Securities (Details) - U.S. Treasury Securities $ in Thousands | Jun. 30, 2023 USD ($) |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | $ 100,755 |
Allowance for Credit Losses | 0 |
Gains | 0 |
Losses | (56) |
Fair Value | $ 100,699 |
Credit Losses - Allowance for C
Credit Losses - Allowance for Credit Losses by Portfolio (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Trade Receivables | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning Balance | $ 1,731 |
Provision for expected credit losses | (1,329) |
Write-off of uncollectible accounts | 0 |
Ending Balance | 402 |
Other Non-Trade Contractual Arrangements | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning Balance | 7,051 |
Provision for expected credit losses | (24) |
Write-off of uncollectible accounts | (30) |
Ending Balance | $ 6,997 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Coal | $ 28,663 | $ 11,315 |
Supplies | 69,012 | 54,975 |
Total Inventories | $ 97,675 | $ 66,290 |
Accounts Receivable Securitiz_2
Accounts Receivable Securitization (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments of financing costs | $ 2,684,000 | $ 0 | |||
Line of Credit | Accounts Receivable Securitization Facility | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | |||
Line of credit facility, unused capacity, commitment fee percentage | 6% | ||||
Accounts receivable eligible for securitization | 51,275,000 | $ 51,275,000 | $ 85,179,000 | ||
Line of credit facility, fair value of amount outstanding | 0 | 0 | 0 | ||
Letters of credit outstanding, amount | 50,921,000 | 50,921,000 | 83,465,000 | ||
Line of credit facility, remaining borrowing capacity | 354,000 | 354,000 | $ 1,714,000 | ||
Payments of financing costs | $ 324,000 | $ 341,000 | $ 737,000 | $ 616,000 | |
Line of Credit | Accounts Receivable Securitization Facility | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Line of credit facility, commitment fee percentage | 200% | ||||
Line of Credit | Accounts Receivable Securitization Facility | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Line of credit facility, commitment fee percentage | 25% |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | $ 5,484,648 | $ 5,408,577 |
Less: Accumulated Depreciation, Depletion and Amortization | 3,553,045 | 3,448,495 |
Total Property, Plant and Equipment - Net | 1,931,603 | 1,960,082 |
Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 3,397,535 | 3,330,755 |
Coal Properties and Surface Lands | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 904,573 | 898,628 |
Airshafts | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 484,502 | 481,090 |
Mine Development | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 366,265 | 366,241 |
Advance Mining Royalties | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | $ 331,773 | $ 331,863 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||||
Finance lease, right-of-use asset, before accumulated amortization | $ 91,544 | $ 91,544 | $ 90,516 | ||
Finance lease, right-of-use asset, accumulated amortization | 67,870 | 67,870 | $ 54,028 | ||
Finance lease, right-of-use asset, amortization | $ 6,944 | $ 5,868 | $ 13,845 | $ 12,098 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Subsidence Liability | $ 98,302 | $ 96,623 |
Accrued Compensation and Benefits | 54,813 | 67,893 |
Accrued Interest | 6,591 | 7,942 |
Accrued Other Taxes | 6,511 | 10,551 |
Accrued Income Taxes | 5,394 | 1,513 |
Other | 18,685 | 9,880 |
Current Portion of Long-Term Liabilities: | ||
Asset Retirement Obligations | 32,974 | 29,644 |
Postretirement Benefits Other than Pensions | 21,944 | 22,436 |
Pneumoconiosis Benefits | 12,622 | 12,723 |
Workers' Compensation | 9,923 | 10,451 |
Total Other Accrued Liabilities | $ 267,759 | $ 269,656 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Apr. 30, 2021 | Nov. 30, 2017 |
Debt Instrument [Line Items] | ||||
Less: Unamortized Debt Issuance Costs | $ (2,125) | $ (3,721) | ||
Principal amount | 209,483 | 346,851 | ||
Less: amounts due in one year | (2,019) | (4,741) | ||
Long-Term Debt | 207,464 | 342,110 | ||
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 percentage | 5.75% | 5.75% | ||
PEDFA Solid Waste Disposal Revenue Bonds | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 75,000 | $ 75,000 | ||
Stated interest rate percentage | 9% | 9% | 900% | |
Other Asset Backed Financing | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 1,920 | $ 2,400 | ||
Advance Royalty Commitments | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 7,716 | $ 7,716 | ||
Weighted average interest rate | 8.09% | 8.09% | ||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 24,107 | $ 99,107 | ||
Stated interest rate percentage | 11% | 11% | 11% | |
Loans Payable | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Finance lease, liability, current | $ 17,163 | $ 24,105 | ||
Loans Payable | Term Loan B Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | 63,484 | ||
Less: Unamortized Debt Issuance Costs | (106) | |||
Principal amount | $ 63,590 | |||
Weighted average interest rate | 8.92% |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) T in Billions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Apr. 30, 2021 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) T | Jun. 30, 2022 USD ($) | Jun. 26, 2023 USD ($) | Mar. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Number of tons | T | 1.4 | ||||||||||
Assets | $ 2,678,349,000 | $ 2,720,486,000 | $ 2,678,349,000 | $ 2,720,486,000 | $ 2,704,377,000 | ||||||
Net Income | 167,723,000 | $ 230,377,000 | 126,291,000 | $ (4,450,000) | 398,100,000 | 121,841,000 | |||||
Gain (loss) on extinguishment of debt | 688,000 | 1,565,000 | 2,063,000 | 3,687,000 | |||||||
Non-Guarantor Subsidiaries | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Assets | 114,470,000 | 114,470,000 | 158,877,000 | ||||||||
Accounts receivable, after allowance for credit loss | 113,825,000 | 113,825,000 | $ 158,127,000 | ||||||||
Net Income | $ 1,986,000 | 3,407,000 | 4,608,000 | 4,092,000 | |||||||
Senior Secured Second Lien Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | $ 77,063,000 | 26,387,000 | |||||||||
PEDFA Solid Waste Disposal Revenue Bonds | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate, stated percentage | 900% | 9% | 9% | 9% | |||||||
Debt instrument, face amount | $ 75,000,000,000 | ||||||||||
Debt instrument, term | 7 years | ||||||||||
Proceeds from issuance of debt | $ 75,000,000 | ||||||||||
Restricted cash | $ 28,404,000 | $ 28,404,000 | $ 35,516,000 | ||||||||
PEDFA Solid Waste Disposal Revenue Bonds Due April 2028 | Restricted Cash | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payment of capital construction project, qualified costs | $ 4,627,000 | 1,693,000 | $ 7,871,000 | 4,724,000 | |||||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate, stated percentage | 11% | 11% | 11% | 11% | |||||||
Repayments of debt | $ 77,063,000 | 26,387,000 | |||||||||
Debt instrument, repurchased face amount | $ 75,000,000 | $ 25,000,000 | 75,000,000 | $ 25,000,000 | $ 24,000,000 | ||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term line of credit | 0 | 0 | $ 0 | ||||||||
Revolving Credit Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 355,000,000 | 355,000,000 | $ 260,000,000 | $ 300,000,000 | |||||||
Line of credit facility, maximum borrowing capacity, option to increase, maximum increase amount | 45,000,000 | 45,000,000 | |||||||||
Line of credit facility, maximum borrowing capacity, option to increase, maximum amount | 400,000,000 | 400,000,000 | |||||||||
Letters of credit outstanding, amount | 130,281,000 | 130,281,000 | 103,029,000 | ||||||||
Line of credit facility, remaining borrowing capacity | $ 224,719,000 | $ 224,719,000 | $ 296,971,000 | ||||||||
Revolving Credit Facility and TLA Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, covenant, net leverage ratio, maximum | 2.50 | 2.50 | |||||||||
Debt instrument, covenant, fixed charge coverage ratio, minimum | 1.10 | 1.10 | |||||||||
Debt instrument, covenant, first lien gross leverage ratio, actual | 0.02 | 0.02 | |||||||||
Debt instrument, covenant, net leverage ratio, actual | (0.06) | (0.06) | |||||||||
Debt instrument, covenant, fixed charge coverage ratio, actual | 3.54 | 3.54 | |||||||||
Revolving Credit Facility and TLA Facility | Line of Credit | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, covenant, first lien gross leverage ratio | 1.50 | 1.50 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Narrative (Details) $ in Millions | 6 Months Ended | |
Aug. 23, 2017 | Jun. 30, 2023 USD ($) plaintiff | |
Fitzwater Litigation | ||
Loss Contingencies [Line Items] | ||
Number of plaintiffs | plaintiff | 3 | |
Casey Litigation | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Number of plaintiffs | 2 | |
United Mine Workers of America 1992 Benefit Plan Litigation | Pending Litigation | Minimum | ||
Loss Contingencies [Line Items] | ||
Annual servicing costs | $ 10 | |
United Mine Workers of America 1992 Benefit Plan Litigation | Pending Litigation | Maximum | ||
Loss Contingencies [Line Items] | ||
Annual servicing costs | $ 20 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Guarantor Obligations (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Letters of Credit: | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | $ 181,202 |
Less Than 1 Year | 181,202 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit: | Employee-Related | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 48,034 |
Less Than 1 Year | 48,034 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit: | Environmental | |
Loss Contingencies [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 | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 132,770 |
Less Than 1 Year | 132,770 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 606,133 |
Less Than 1 Year | 606,133 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | Employee-Related | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 81,010 |
Less Than 1 Year | 81,010 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | Environmental | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 521,325 |
Less Than 1 Year | 521,325 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | Other | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 3,798 |
Less Than 1 Year | 3,798 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | $ 0 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain (loss) on derivatives and commodity contracts | $ (5,571) | $ 96,331 |
Coal Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized gain (loss), investment and derivative | (73,923) | (160,175) |
Unrealized gain (loss) on derivatives and commodity contracts | $ (5,571) | $ 96,331 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Asset Derivatives | ||
Effect of Counterparty Netting | $ 0 | $ (6,024) |
Net Derivatives as Classified in the Consolidated Balance Sheets | 0 | 0 |
Liability Derivatives | ||
Effect of Counterparty Netting | 0 | 6,024 |
Net Derivatives as Classified in the Consolidated Balance Sheets | 0 | (15,142) |
Coal Contract | ||
Asset Derivatives | ||
Coal Swap Contracts | 0 | 6,024 |
Liability Derivatives | ||
Coal Swap Contracts | $ 0 | $ (21,166) |
Fair Value of Financial instr_3
Fair Value of Financial instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 100,699 | |
Fair Value, Recurring | Level 1 | U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 100,699 | $ 0 |
Fair Value, Recurring | Level 1 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | 0 | 0 |
Fair Value, Recurring | Level 2 | U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 2 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | 0 | (15,142) |
Fair Value, Recurring | Level 3 | U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Recurring | Level 3 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | $ 0 | $ 0 |
Fair Value of Financial instr_4
Fair Value of Financial instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt (Excluding Debt Issuance Costs) | $ 211,608 | $ 350,572 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt (Excluding Debt Issuance Costs) | $ 226,470 | $ 365,789 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | $ 654,023 | $ 604,916 | $ 1,331,620 | $ 1,141,086 | |
Adjusted EBITDA | 275,950 | 216,339 | 622,250 | 385,569 | |
Segment Assets | 2,678,349 | 2,720,486 | 2,678,349 | 2,720,486 | $ 2,704,377 |
Depreciation, Depletion and Amortization | 64,528 | 57,880 | 124,079 | 113,834 | |
Capital Expenditures | 42,325 | 39,418 | 76,082 | 76,061 | |
Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 541,099 | 532,726 | 1,124,478 | 1,009,110 | |
Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 31,368 | 21,779 | 58,079 | 43,176 | |
Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 81,556 | 50,411 | 149,063 | 88,800 | |
Corporate And Reconciling Items | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 23,597 | 16,775 | 46,809 | 20,182 | |
Adjusted EBITDA | (17,971) | (2,718) | (23,250) | (6,224) | |
Segment Assets | 913,905 | 904,613 | 913,905 | 904,613 | |
Depreciation, Depletion and Amortization | 13,084 | 7,273 | 20,108 | 11,106 | |
Capital Expenditures | 3,706 | 17,557 | 10,081 | 41,050 | |
Corporate And Reconciling Items | Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 19,923 | 13,750 | 39,965 | 17,157 | |
Corporate And Reconciling Items | Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
Corporate And Reconciling Items | Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 3,674 | 3,025 | 6,844 | 3,025 | |
Adjustments and Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 0 | 0 | 0 | 0 | |
Segment Assets | 0 | 0 | 0 | 0 | |
Depreciation, Depletion and Amortization | 0 | 0 | 0 | 0 | |
Capital Expenditures | 0 | 0 | 0 | 0 | |
Adjustments and Eliminations | Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
Adjustments and Eliminations | Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
Adjustments and Eliminations | Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
PAMC | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted EBITDA | 270,065 | 203,980 | 601,029 | 362,239 | |
Depreciation, Depletion and Amortization | 50,268 | 49,465 | 101,639 | 100,421 | |
PAMC | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 599,058 | 566,362 | 1,226,732 | 1,077,728 | |
Adjusted EBITDA | 270,065 | 203,980 | 601,029 | 362,239 | |
Segment Assets | 1,682,118 | 1,735,635 | 1,682,118 | 1,735,635 | |
Depreciation, Depletion and Amortization | 50,268 | 49,465 | 101,639 | 100,421 | |
Capital Expenditures | 37,495 | 21,673 | 64,302 | 34,651 | |
PAMC | Operating Segments | Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 521,176 | 518,976 | 1,084,513 | 991,953 | |
PAMC | Operating Segments | Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
PAMC | Operating Segments | Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 77,882 | 47,386 | 142,219 | 85,775 | |
CONSOL Marine Terminal | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted EBITDA | 23,856 | 15,077 | 44,471 | 29,554 | |
Depreciation, Depletion and Amortization | 1,176 | 1,142 | 2,332 | 2,307 | |
CONSOL Marine Terminal | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 31,368 | 21,779 | 58,079 | 43,176 | |
Adjusted EBITDA | 23,856 | 15,077 | 44,471 | 29,554 | |
Segment Assets | 82,326 | 80,238 | 82,326 | 80,238 | |
Depreciation, Depletion and Amortization | 1,176 | 1,142 | 2,332 | 2,307 | |
Capital Expenditures | 1,124 | 188 | 1,699 | 360 | |
CONSOL Marine Terminal | Operating Segments | Coal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 0 | 0 | 0 | 0 | |
CONSOL Marine Terminal | Operating Segments | Terminal Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | 31,368 | 21,779 | 58,079 | 43,176 | |
CONSOL Marine Terminal | Operating Segments | Freight Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenue from Contracts with Customers | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue by Major Customers by Reporting Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 654,023 | $ 604,916 | $ 1,331,620 | $ 1,141,086 |
Revenue Benchmark | Customer Concentration Risk | Customer A | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue from Contracts with Customers | 70,725 | 67,174 | 145,034 | |
Revenue Benchmark | Customer Concentration Risk | Customer B | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 67,197 | 135,412 | ||
Revenue Benchmark | Customer Concentration Risk | Customer C | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 151,404 | |||
Revenue Benchmark | Customer Concentration Risk | Customer D | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue from Contracts with Customers | 124,469 | 211,055 | ||
Revenue Benchmark | Customer Concentration Risk | Customer E | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 64,874 | $ 131,164 |
Segment Information - Schedul_3
Segment Information - Schedule of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | $ 167,723 | $ 126,291 | $ 398,100 | $ 121,841 |
Income Tax Expense | 37,574 | 23,223 | 79,167 | 19,701 |
Interest Expense | 7,155 | 13,121 | 17,434 | 27,473 |
Interest Income | (3,711) | (1,439) | (5,378) | (2,768) |
Depreciation, Depletion and Amortization | 64,528 | 57,880 | 124,079 | 113,834 |
Stock-Based Compensation | 1,993 | 1,269 | 6,785 | 5,470 |
Loss on Debt Extinguishment | 688 | 1,565 | 2,063 | 3,687 |
Fair Value Adjustment of Commodity Derivative Instruments | (5,571) | 96,331 | ||
Adjusted EBITDA | 275,950 | 216,339 | 622,250 | 385,569 |
PAMC | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 218,636 | 159,404 | 494,611 | 161,501 |
Income Tax Expense | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 68 | 0 | 257 |
Interest Income | (513) | (452) | (921) | (866) |
Depreciation, Depletion and Amortization | 50,268 | 49,465 | 101,639 | 100,421 |
Stock-Based Compensation | 1,674 | 1,066 | 5,700 | 4,595 |
Loss on Debt Extinguishment | 0 | 0 | 0 | 0 |
Fair Value Adjustment of Commodity Derivative Instruments | (5,571) | 96,331 | ||
Adjusted EBITDA | 270,065 | 203,980 | 601,029 | 362,239 |
CONSOL Marine Terminal | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | 21,094 | 12,354 | 38,883 | 23,967 |
Income Tax Expense | 0 | 0 | 0 | 0 |
Interest Expense | 1,526 | 1,530 | 3,052 | 3,061 |
Interest Income | 0 | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 1,176 | 1,142 | 2,332 | 2,307 |
Stock-Based Compensation | 60 | 51 | 204 | 219 |
Loss on Debt Extinguishment | 0 | 0 | 0 | 0 |
Fair Value Adjustment of Commodity Derivative Instruments | 0 | 0 | ||
Adjusted EBITDA | 23,856 | 15,077 | 44,471 | 29,554 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Income (Loss) | (72,007) | (45,467) | (135,394) | (63,627) |
Income Tax Expense | 37,574 | 23,223 | 79,167 | 19,701 |
Interest Expense | 5,629 | 11,523 | 14,382 | 24,155 |
Interest Income | (3,198) | (987) | (4,457) | (1,902) |
Depreciation, Depletion and Amortization | 13,084 | 7,273 | 20,108 | 11,106 |
Stock-Based Compensation | 259 | 152 | 881 | 656 |
Loss on Debt Extinguishment | 688 | 1,565 | 2,063 | 3,687 |
Fair Value Adjustment of Commodity Derivative Instruments | 0 | 0 | ||
Adjusted EBITDA | $ (17,971) | $ (2,718) | $ (23,250) | $ (6,224) |
Stock and Debt Repurchases - Na
Stock and Debt Repurchases - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 26, 2023 | Dec. 31, 2022 | Aug. 01, 2022 | Nov. 30, 2017 | |
Class of Stock [Line Items] | ||||||||
Aggregate authorized amount | $ 1,000,000 | |||||||
Stock repurchased and retired during period, shares | 1,225,134 | 1,207,409 | 2,432,543 | |||||
Treasury stock acquired, average cost per share (in dollars per share) | $ 58.69 | |||||||
Stock repurchased during period (in shares) | 0 | |||||||
Senior Secured Second Lien Notes due 2025 | ||||||||
Class of Stock [Line Items] | ||||||||
Repayments of debt | $ 77,063 | $ 26,387 | ||||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||||||
Class of Stock [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 11% | 11% | 11% | 11% | ||||
Repayments of debt | $ 77,063 | 26,387 | ||||||
Debt instrument, repurchased face amount | $ 75,000 | $ 75,000 | $ 25,000 | $ 24,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Senior Secured Second Lien Notes due 2025 - Senior Notes - USD ($) $ in Thousands | Jun. 26, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Subsequent Event [Line Items] | |||
Debt instrument, redemption price, percentage | 102.75% | ||
Debt instrument, repurchased face amount | $ 24,000 | $ 75,000 | $ 25,000 |