Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,165,152,746 | ||
Entity Common Stock, Shares Outstanding | 29,603,460 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of CONSOL Energy Inc.'s Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed within 120 days of the end of the registrant's fiscal year are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III. | ||
Entity Central Index Key | 0001710366 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Pittsburgh, Pennsylvania |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue and Other Income: | $ 2,506,635 | $ 2,280,018 | $ 1,261,034 |
Loss on Commodity Derivatives, net | 0 | (237,024) | (52,204) |
Miscellaneous Other Income | 53,261 | 24,354 | 38,394 |
Gain on Sale of Assets | 8,981 | 34,589 | 11,723 |
Total Revenue and Other Income | 2,568,877 | 2,101,937 | 1,258,947 |
Costs and Expenses: | |||
Operating and Other Costs | 1,120,065 | 949,222 | 745,292 |
Depreciation, Depletion and Amortization | 241,317 | 226,878 | 224,583 |
Freight Expense | 294,103 | 182,441 | 103,819 |
General and Administrative Costs | 103,470 | 116,696 | 87,161 |
Loss (Gain) on Debt Extinguishment | 2,725 | 5,623 | (657) |
Interest Expense | 29,325 | 52,640 | 63,342 |
Total Costs and Expenses | 1,791,005 | 1,533,500 | 1,223,540 |
Earnings Before Income Tax | 777,872 | 568,437 | 35,407 |
Income Tax Expense | 121,980 | 101,458 | 1,297 |
Net Income | $ 655,892 | $ 466,979 | $ 34,110 |
Earnings per Share: | |||
Total Basic Earnings per Share (in dollars per share) | $ 19.91 | $ 13.41 | $ 0.99 |
Total Basic Earnings per Share (in dollars per share) | 19.79 | 13.07 | 0.96 |
Dividends on common shares (in dollars per share) | $ 2.20 | $ 2.05 | $ 0 |
Coal Revenue | |||
Revenue and Other Income: | $ 2,106,366 | $ 2,018,662 | $ 1,092,022 |
Terminal Revenue | |||
Revenue and Other Income: | 106,166 | 78,915 | 65,193 |
Freight Revenue | |||
Revenue and Other Income: | $ 294,103 | $ 182,441 | $ 103,819 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net Income | $ 655,892 | $ 466,979 | $ 34,110 |
Actuarially Determined Long-Term Liability Adjustments: | |||
Amortization of Prior Service Credits (net of tax: $537, $561, $601) | (1,868) | (1,844) | (1,804) |
Recognized Net Actuarial (Gain) Loss (net of tax: $512, $(2,459), $(5,122)) | (1,782) | 8,076 | 15,374 |
Settlement Loss Recognized (net of tax: $—, $—, $(6)) | 0 | 0 | 16 |
Other Comprehensive Gain before Reclassifications (net of tax: $(1,232), $(30,516), $(21,979)) | 4,150 | 99,164 | 65,617 |
Available-for-Sale Securities: | |||
Unrealized Gain on Investments in Available-for-Sale Securities (net of tax: $23, $—, $—) | 80 | 0 | 0 |
Derivative Instruments: | |||
Unrealized Gain on Cash Flow Hedges (net of tax: $—, $116, $596) | 0 | 401 | 1,721 |
Other Comprehensive Income | 580 | 105,797 | 80,924 |
Comprehensive Income | $ 656,472 | $ 572,776 | $ 115,034 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Other comprehensive (income) loss, defined benefit plan, prior service cost (credit), tax | $ 537 | $ 561 | $ 601 |
Net actuarial loss, tax | 512 | (2,459) | (5,122) |
Adjustment to other comprehensive income, tax | 0 | 0 | (6) |
Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period, tax | (1,232) | (30,516) | (21,979) |
OCI, debt securities, available-for-sale, gain (loss), after adjustment, tax | 23 | 0 | 0 |
Interest rate hedge, tax | $ 0 | $ 116 | $ 596 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and Cash Equivalents | $ 199,371 | $ 273,070 |
Short-Term Investments (Note 6) | 81,932 | 0 |
Accounts and Notes Receivable | ||
Trade Receivables, net | 147,612 | 158,127 |
Other Receivables, net | 12,765 | 38,517 |
Inventories | 88,154 | 66,290 |
Other Current Assets | 71,172 | 62,479 |
Total Current Assets | 601,006 | 598,483 |
Property, Plant and Equipment | ||
Total Property, Plant and Equipment | 5,552,404 | 5,408,577 |
Less—Accumulated Depreciation, Depletion and Amortization | 3,649,281 | 3,448,495 |
Total Property, Plant and Equipment—Net | 1,903,123 | 1,960,082 |
Other Assets: | ||
Right of Use Asset - Operating Leases | 14,658 | 19,799 |
Salary Retirement | 47,246 | 38,548 |
Other Noncurrent Assets, net | 108,970 | 87,465 |
Total Other Assets | 170,874 | 145,812 |
TOTAL ASSETS | 2,675,003 | 2,704,377 |
Current Liabilities: | ||
Accounts Payable | 137,243 | 130,232 |
Current Portion of Long, Term Debt | 11,106 | 28,846 |
Operating Lease, Liability, Current Portion | 4,769 | 4,922 |
Commodity Derivatives | 0 | 15,142 |
Other Accrued Liabilites | 290,606 | 269,656 |
Total Current Liabilities | 443,724 | 448,798 |
Long-Term Debt: | ||
Long-Term Debt | 181,885 | 342,110 |
Financial Lease Obligations | 4,182 | 13,225 |
Total Long-Term Debt | 186,067 | 355,335 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other than Pensions | 207,908 | 232,593 |
Pneumoconiosis Benefits | 154,943 | 148,390 |
Asset Retirement Obligations | 212,621 | 221,858 |
Workers' Compensation | 39,144 | 40,951 |
Salary Retirement | 20,808 | 20,585 |
Operating Lease Liability | 10,385 | 15,073 |
Deferred Income Taxes | 36,219 | 21,914 |
Other Noncurrent Liabilities | 19,742 | 33,054 |
Total Deferred Credits and Other Liabilities | 701,770 | 734,418 |
TOTAL LIABILITIES | 1,331,561 | 1,538,551 |
Stockholders’ Equity: | ||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 29,910,439 Shares Issued and Outstanding at December 31, 2023; 34,746,904 Shares Issued and Outstanding at December 31, 2022 | 299 | 347 |
Capital in Excess of Par Value | 547,861 | 646,237 |
Retained Earnings | 944,342 | 668,882 |
Accumulated Other Comprehensive Loss | (149,060) | (149,640) |
TOTAL EQUITY | 1,343,442 | 1,165,826 |
TOTAL LIABILITIES AND EQUITY | $ 2,675,003 | $ 2,704,377 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized, (in shares) | 62,500,000 | 62,500,000 |
Common stock, shares, issued, (in shares) | 29,910,439 | 34,746,904 |
Common stock, shares, outstanding, (in shares) | 29,910,439 | 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, 2020 | $ 553,519 | $ 340 | $ 642,887 | $ 246,850 | $ (336,558) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 34,110 | 34,110 | |||
Actuarially Determined Long-Term Liability Adjustments, Net of Tax | 79,203 | 79,203 | |||
Investments in Available-for-Sale Securities (Net of $(23) Tax) | 0 | ||||
Interest Rate Hedge, Net of Tax | 1,721 | 1,721 | |||
Comprehensive Income | 115,034 | 34,110 | 80,924 | ||
Issuance of Common Stock | 0 | 5 | (5) | ||
Amortization of Stock-Based Compensation Awards | 6,632 | 6,632 | |||
Shares Withheld for Taxes | (2,303) | (2,303) | |||
CCR Merger | (69) | 0 | (266) | 197 | |
Ending balance at Dec. 31, 2021 | 672,813 | 345 | 646,945 | 280,960 | (255,437) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 466,979 | 466,979 | 0 | ||
Actuarially Determined Long-Term Liability Adjustments, Net of Tax | 105,396 | 0 | 105,396 | ||
Investments in Available-for-Sale Securities (Net of $(23) Tax) | 0 | ||||
Interest Rate Hedge, Net of Tax | 401 | 0 | 401 | ||
Comprehensive Income | 572,776 | 466,979 | 105,797 | ||
Issuance of Common Stock | 0 | 4 | (4) | ||
Repurchases of Common Stock | (7,988) | (2) | (2,333) | (5,653) | |
Amortization of Stock-Based Compensation Awards | 7,890 | 7,890 | |||
Shares Withheld for Taxes | (6,261) | (6,261) | |||
Dividends on Common Shares | (71,486) | (71,486) | |||
Dividend Equivalents Earned on Stock-Based Compensation Awards | (1,918) | (1,918) | |||
Ending balance at Dec. 31, 2022 | 1,165,826 | 347 | 646,237 | 668,882 | (149,640) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income | 655,892 | 655,892 | |||
Actuarially Determined Long-Term Liability Adjustments, Net of Tax | 500 | 500 | |||
Investments in Available-for-Sale Securities (Net of $(23) Tax) | 80 | 80 | |||
Interest Rate Hedge, Net of Tax | 0 | ||||
Comprehensive Income | 656,472 | 655,892 | 580 | ||
Issuance of Common Stock | 0 | 4 | (4) | ||
Repurchases of Common Stock | (395,392) | (52) | (95,587) | (299,753) | |
Excise Tax on Repurchases of Common Stock | (3,729) | (3,729) | |||
Amortization of Stock-Based Compensation Awards | 10,046 | 10,046 | |||
Shares Withheld for Taxes | (12,831) | (12,831) | |||
Dividends on Common Shares | (75,474) | (75,474) | |||
Dividend Equivalents Earned on Stock-Based Compensation Awards | (1,476) | (1,476) | |||
Ending balance at Dec. 31, 2023 | $ 1,343,442 | $ 299 | $ 547,861 | $ 944,342 | $ (149,060) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Actuarially Determined Long-Term Liability Adjustments, Tax | $ (183) | $ (32,414) | $ (26,506) |
Interest rate hedge, tax | $ 0 | $ (116) | $ (596) |
Stock repurchased and retired during period (in shares) | 5,224,016 | 124,454 | 0 |
Dividends on common shares (in dollars per share) | $ 2.20 | $ 2.05 | $ 0 |
OCI, debt securities, available-for-sale, gain (loss), after adjustment, tax | $ (23) | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 655,892 | $ 466,979 | $ 34,110 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Depreciation, Depletion and Amortization | 241,317 | 226,878 | 224,583 |
Stock-Based Compensation | 10,046 | 7,890 | 6,632 |
Gain on Sale of Assets | (8,981) | (34,589) | (11,723) |
Amortization of Debt Issuance Costs | 5,468 | 8,314 | 8,552 |
Loss (Gain) on Debt Extinguishment | 2,725 | 5,623 | (657) |
Deferred Income Taxes | 14,121 | 49,387 | (14,760) |
Other Adjustments to Net Income | (3,418) | 3,880 | 644 |
Changes in Operating Assets: | |||
Trade and Other Receivables | 36,922 | (52,577) | 44,707 |
Inventories | (21,540) | (3,020) | (6,676) |
Other Current Assets | (4,673) | 2,883 | 229 |
Changes in Other Assets | (11,725) | (26,063) | (13,797) |
Changes in Operating Liabilities: | |||
Accounts Payable | 11,449 | 39,235 | 11,473 |
Commodity Derivatives, net Liability | (15,142) | (37,062) | 52,204 |
Other Operating Liabilities | 3,063 | 14,453 | 27,461 |
Changes in Other Liabilities | (57,575) | (21,221) | (57,413) |
Net Cash Provided by Operating Activities | 857,949 | 650,990 | 305,569 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (167,791) | (171,506) | (132,752) |
Proceeds from Sales of Assets | 4,255 | 21,538 | 13,572 |
Investments in Mining-Related Activities | (7,481) | 0 | 0 |
Proceeds from Sales of Short-Term Investments | 122,658 | 0 | 0 |
Purchases of Short-Term Investments | (200,870) | 0 | 0 |
Other Investing Activity | (10,203) | 7,790 | (8,181) |
Net Cash Used in Investing Activities | (259,432) | (142,178) | (127,361) |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | (25,335) | (24,511) | (27,447) |
Proceeds from Long-Term Debt | 0 | 0 | 75,000 |
Payments on Other Debt | (981) | (840) | (731) |
Shares Withheld for Taxes | (12,831) | (6,261) | (2,303) |
Repurchases of Common Stock | (399,379) | 0 | 0 |
Debt Issuance and Financing Fees | (2,779) | (7,957) | (2,368) |
Dividends | (75,474) | (71,486) | 0 |
Net Cash Used in Financing Activities | (682,201) | (380,066) | (30,852) |
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | (83,684) | 128,746 | 147,356 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 326,952 | 198,206 | 50,850 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 243,268 | 326,952 | 198,206 |
Term Loan A Facility | |||
Cash Flows from Financing Activities: | |||
Payments on Debt | 0 | (41,250) | (25,000) |
Term Loan B Facility | |||
Cash Flows from Financing Activities: | |||
Payments on Debt | (63,590) | (175,687) | (30,911) |
Senior Secured Second Lien Notes due 2025 | |||
Cash Flows from Financing Activities: | |||
Payments on Debt | $ (101,832) | $ (52,074) | $ (17,092) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES: A summary of the significant accounting policies of CONSOL Energy Inc. and its subsidiaries (“we,” “our,” “us,” “our Company,” “the Company” and “CONSOL Energy”) is presented below. These, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as various disclosures. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term securities with original maturities of three months or less. Restricted Cash Restricted cash includes the unused proceeds of tax-exempt bonds issued by the Pennsylvania Economic Development Financing Authority (“PEDFA”). Restricted cash also includes cash collateral supporting the Company's surety bond portfolio and letters of credit issued under the Company's accounts receivable securitization program. As of December 31, 2023, the Company had $43,897 in restricted cash. As of December 31, 2022, the Company had $53,882 in restricted cash. Trade Receivables and Allowance for 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. See Note 7 - Credit Losses for additional information regarding the Company's measurement of expected credit losses. There were no material financing receivables with a contractual maturity greater than one year at December 31, 2023 and 2022. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. Property, Plant and Equipment Property, plant and equipment is recorded at cost upon acquisition. Expenditures that extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs that do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of-production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. The Company employs this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development costs begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled by lease. The duration of the leases vary; however, the lease terms 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. Depletion of leased coal interests is computed using the units-of-production method over recoverable coal reserves. The Company also makes advance payments (advanced mining royalties) to lessors under certain lease agreements that are recoupable against future production, and it makes payments that are generally based upon a specified rate per ton or a percentage of gross realization from the sale of the coal. The Company evaluates its properties, including advance mining royalties and leased coal interests, for impairment indicators whenever events or circumstances indicate that the carrying amount may not be recoverable. Costs to obtain coal lands are capitalized based on the cost at acquisition and are amortized using the units-of-production method over all estimated recoverable reserve tons assigned and accessible to the mine. Recoverable coal reserves are estimated on a clean coal ton equivalent, which excludes nonrecoverable coal reserves and anticipated central preparation plant processing refuse. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is produced. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material effect from changes in estimates is disclosed in the period the change occurs. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain on Sale of Assets in the Consolidated Statements of Income. Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives or lease terms, generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Capitalization of Interest Interest costs associated with the development of significant properties and projects are capitalized until the project is substantially complete and ready for its intended use. A weighted average cost of borrowing rate is used. For the years ended December 31, 2023, 2022 and 2021, capitalized interest totaled $3,981, $5,425 and $2,425, respectively. Impairment of Long-lived Assets Impairment of long-lived assets or asset groups is recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' or asset groups' carrying value. The carrying value of the assets is then reduced to its estimated fair value which is usually measured based on an estimate of future discounted cash flows. There were no indicators of impairment and, therefore, no impairment losses were recorded during the years ended December 31, 2023, 2022 and 2021. Income Taxes The Company files a consolidated federal income tax return and utilizes the asset and liability method to account for income taxes. The provision for income taxes represents amounts paid or estimated to be payable, net of amounts refunded or estimated to be refunded, for the current year and the change in deferred taxes, exclusive of amounts recorded in Other Comprehensive Income (Loss). Any refinements to prior years’ taxes made due to subsequent information are reflected as adjustments in the current period. Deferred income tax assets and liabilities are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities and are recognized using enacted tax rates for the effect of such temporary differences. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In accounting for uncertainty in income taxes of a tax position taken or expected to be taken in a tax return, the Company utilizes a recognition threshold and measurement attribute for the financial statement recognition and measurement. The recognition threshold requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position in order to record any financial statement benefit. If it is more likely than not that a tax position will be sustained, then the Company must measure the tax position to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Postretirement Benefits Other Than Pensions Postretirement benefit obligations established by the Coal Industry Retiree Health Benefit Act of 1992 (the “Coal Act”) are treated as a multi-employer plan which requires expense to be recorded for the associated obligations as payments are made. Postretirement benefits other than pensions, except for those established pursuant to the Coal Act, are accounted for in accordance with the Retirement Benefits Compensation and Non-retirement Postemployment Benefits Compensation Topics of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, which requires employers to accrue the cost of such retirement benefits for the employees' active service periods. Such liabilities are determined on an actuarial basis and CONSOL Energy administers these liabilities through a combination of self-insured and fully insured agreements. Differences between actual and expected results or changes in the value of obligations are recognized through Other Comprehensive Income (Loss). Pneumoconiosis Benefits and Workers' Compensation CONSOL Energy is required by federal and state statutes to provide benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers' pneumoconiosis. CONSOL Energy is also required by various state statutes to provide workers' compensation benefits for employees who sustain employment-related physical injuries or some types of occupational disease. Workers' compensation benefits include compensation for disability, medical costs, and on some occasions, the cost of rehabilitation. CONSOL Energy is primarily self-insured for these benefits. Provisions for estimated benefits are determined on an actuarial basis. Asset Retirement Obligations Mine closing costs and costs associated with dismantling and removing de-gasification facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. For active locations, the present value of the estimated asset retirement obligation is capitalized as part of the carrying amount of the long-lived asset. For locations that have been fully depleted or closed, the present value of the change is recorded directly to the consolidated statements of income. Generally, the capitalized asset retirement obligation is depreciated on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and until the reclamation obligations are satisfied. Accretion is included in Depreciation, Depletion and Amortization on the Consolidated Statements of Income. Asset retirement obligations primarily relate to the closure of mines, which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual water treatment costs, reclamation and costs associated with dismantling and removing de-gasification facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements, in each case if and as applicable. Subsidence Subsidence occurs when there is sinking or shifting of the ground surface due to the removal of underlying coal. Areas affected may include, although are not limited to, streams, property, roads, pipelines and other land and surface structures. Total estimated subsidence claims are recognized in the period when the related coal has been extracted and are included in Operating and Other Costs on the Consolidated Statements of Income and Other Accrued Liabilities on the Consolidated Balance Sheets. On occasion, CONSOL Energy may elect to prepay for estimated damages prior to undermining the property, in return for a release of liability. Prepayments are included as assets and are either recognized as Other Current Assets or in Other Noncurrent Assets on the Consolidated Balance Sheets if the payment is made less than or greater than one year, respectively, prior to undermining the property. Retirement Plans CONSOL Energy has non-contributory defined benefit retirement plans. In 2015, CONSOL's qualified defined benefit retirement plan was frozen. The benefits for these plans are based primarily on years of service and employees' pay. These plans are accounted for using the guidance outlined in the Compensation - Retirement Benefits Topic of the FASB Accounting Standards Codification. The costs of these retiree benefits are recognized over the employees' service periods. CONSOL Energy uses actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the value of obligations and plan assets are recognized through Other Comprehensive Income (Loss). Stock-Based Compensation Eligible CONSOL Energy employees participate in equity-based compensation plans. CONSOL Energy recognizes compensation expense for all stock-based compensation awards based on the grant date fair value estimated in accordance with the provisions of the Stock Compensation Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award's vesting term. See Note 18 - Stock-Based Compensation for additional information. Revenue Recognition 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 or 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, 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. See Note 2 - Revenue from Contracts with Customers for additional information. Freight Revenue and Expense Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. Contingencies 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. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense of these matters and are based upon the nature of the lawsuit, progress of the case in court, view of legal counsel, prior experience in similar matters and management's intended response. Environmental liabilities are not discounted or reduced by possible recoveries from third-parties. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. Derivative Instruments The Company may utilize derivative instruments to manage exposures to interest rate risk on long-term debt. The Company entered into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deemed appropriate. These interest rate swaps were designated as cash flow hedges of future variable interest payments and were accounted for as an asset or a liability in the accompanying Consolidated Balance Sheets at their fair value. The Company may, from time to time, also utilize derivative instruments to manage 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. 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 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 (see Note 21 - Derivatives and Note 22 - Fair Value of Financial Instruments for additional information). In a cash flow hedge, the Company hedges the risk of changes in future cash flows related to the underlying item being hedged. Changes in the fair value of the derivative instrument used as a hedge instrument in a cash flow hedge are recorded in other comprehensive income or loss. Amounts in other comprehensive income or loss are reclassified to earnings when the hedged transaction affects earnings and are classified in a manner consistent with the transaction being hedged. The Company evaluates the effectiveness of its hedging relationships both at the hedge's inception and on an ongoing basis. Any ineffective portion of the change in fair value of a derivative instrument used as a hedge instrument in a cash flow hedge is recognized immediately in earnings. 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: For the Years Ended 2023 2022 2021 Anti-Dilutive Restricted Stock Units 1,146 942 45,653 Anti-Dilutive Performance Share Units — — — 1,146 942 45,653 The computations for basic and dilutive earnings per share are as follows: Dollars in thousands, except per share data For the Years Ended 2023 2022 2021 Numerator: Net Income $ 655,892 $ 466,979 $ 34,110 Denominator: Weighted-average shares of common stock outstanding 32,941,654 34,811,906 34,404,360 Effect of dilutive shares 200,353 906,349 984,198 Weighted-average diluted shares of common stock outstanding 33,142,007 35,718,255 35,388,558 Earnings per Share: Basic $ 19.91 $ 13.41 $ 0.99 Dilutive $ 19.79 $ 13.07 $ 0.96 As of December 31, 2023, CONSOL Energy has 500,000 shares of preferred stock authorized, none of which are issued or outstanding. Shares of common stock outstanding were as follows: 2023 2022 2021 Balance, Beginning of Year 34,746,904 34,480,181 34,031,374 Retirement Related to Stock Repurchase (1) (5,224,016) (124,454) — Issuance Related to Stock-Based Compensation (2) 387,551 391,177 448,807 Balance, End of Year 29,910,439 34,746,904 34,480,181 (1) See Note 4 - Stock and Debt Repurchases for additional information. (2) See Note 18 - Stock-Based Compensation for additional information. Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 Income Taxes (Topic 740). The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation, (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate), (3) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, (4) disclose the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received), (5) disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (6) disclose income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this update are effective for annual periods beginning after December 15, 2024, and should be applied prospectively. 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. In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280). The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in this update do not change or remove those disclosure requirements. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively. 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. In August 2023, the FASB issued ASU 2023-05 - Business Combinations—Joint Venture Formations (Subtopic 805-60). The amendments in this update address the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital in a joint venture's financial statements and (2) reduce diversity in practice. The amendments in this update do not amend the definition of a joint venture, the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Existing joint ventures may elect to apply the guidance retrospectively. 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. In March 2023, the FASB issued 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. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS: The following tables disaggregate CONSOL Energy's revenue from contracts with customers by product type and market: For the Year Ended December 31, 2023 Domestic Export Total Power Generation $ 672,509 $ 346,671 $ 1,019,180 Industrial 34,453 738,189 772,642 Metallurgical 10,671 303,873 314,544 Total Coal Revenue 717,633 1,388,733 2,106,366 Terminal Revenue 106,166 Freight Revenue 294,103 Total Revenue from Contracts with Customers $ 2,506,635 For the Year Ended December 31, 2022 Domestic Export Total Power Generation $ 908,666 $ 393,647 $ 1,302,313 Industrial 19,231 391,872 411,103 Metallurgical 16,637 288,609 305,246 Total Coal Revenue 944,534 1,074,128 2,018,662 Terminal Revenue 78,915 Freight Revenue 182,441 Total Revenue from Contracts with Customers $ 2,280,018 For the Year Ended December 31, 2021 Domestic Export Total Power Generation $ 571,622 $ 118,361 $ 689,983 Industrial 12,377 296,003 308,380 Metallurgical 6,942 86,717 93,659 Total Coal Revenue 590,941 501,081 1,092,022 Terminal Revenue 65,193 Freight Revenue 103,819 Total Revenue from Contracts with Customers $ 1,261,034 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 or 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, 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. 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 December 31, 2023 and 2022, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. For the years ended December 31, 2023, 2022 and 2021, 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 December 31, 2023 and 2022, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. For the years ended December 31, 2023, 2022 and 2021, 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. |
Miscellaneous Other Income
Miscellaneous Other Income | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Miscellaneous Other Income | MISCELLANEOUS OTHER INCOME: For the Years Ended December 31, 2023 2022 2021 Contract Buyout $ 16,350 $ — $ — Interest Income 13,597 6,031 3,287 Royalty Income - Non-Operated Coal 8,855 10,258 8,661 Rental Income 2,129 2,239 1,095 Sale of Certain Mining Rights — — 21,756 Other 12,330 5,826 3,595 Miscellaneous Other Income $ 53,261 $ 24,354 $ 38,394 Contract buyout income was primarily the result of partial contract buyouts that involved negotiations with several customers to reduce coal quantities for which they were otherwise obligated to purchase under contracts in exchange for payment of certain fees to the Company, and did not impact forward contract terms. Interest income increased primarily due to the Company's investment in marketable debt securities, primarily comprised of highly liquid U.S. Treasury securities, during the year ended December 31, 2023. Royalty income represents earned revenue related to overriding royalty agreements or coal reserve leases between the Company and third-party operators. The sale of certain mining rights involved transactions in connection with future coal reserves completed in the year ended December 31, 2021. |
Stock and Debt Repurchases
Stock and Debt Repurchases | 12 Months Ended |
Dec. 31, 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 11.00% Senior Secured Second Lien Notes due 2025 (the “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 imposed by any credit agreement, receivables purchase agreement or indenture. During the year ended December 31, 2023, the Company did not make any open market repurchases of its Second Lien Notes in accordance with this program. During the years ended December 31, 2022 and 2021, the Company spent $26,387 to repurchase $25,000 and spent $17,092 to repurchase $18,040 of its Second Lien Notes, respectively, in accordance with this program. During the years ended December 31, 2023 and 2022, the Company repurchased and retired 5,224,016 and 124,454 shares of the Company's common stock at an average price of $75.69 and $64.18 per share, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The components of income tax expense were as follows: For the Years Ended December 31, 2023 2022 2021 Current: U.S. Federal $ 100,572 $ 45,068 $ 13,769 U.S. State 7,287 7,238 2,145 Non-U.S. — (235) 143 107,859 52,071 16,057 Deferred: U.S. Federal 12,528 37,154 (16,657) U.S. State 1,593 12,233 1,897 14,121 49,387 (14,760) Total Income Tax Expense $ 121,980 $ 101,458 $ 1,297 A reconciliation of income tax expense and the amount computed by applying the statutory federal income tax rate of 21% to income from operations before income tax is: For the Years Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 163,353 21.0 % $ 119,372 21.0 % $ 7,436 21.0 % State income taxes, net of federal tax benefit 7,618 1.0 11,110 2.0 (642) (1.8) Effect of foreign income taxes — — (241) — 125 0.4 Excess tax depletion (26,802) (3.5) (32,431) (5.7) (10,535) (29.8) Foreign derived intangible income (23,545) (3.0) (4,906) (0.9) — — Uncertain tax positions 36 — (792) (0.1) 1,473 4.2 Compensation 2,284 0.3 4,178 0.7 3,192 9.0 Valuation allowance — — (937) (0.2) (544) (1.5) Tax credits (700) (0.1) (350) (0.1) (210) (0.6) State rate change and prior period adjustments (809) (0.1) 5,397 0.9 642 1.8 Other 545 0.1 1,058 0.2 360 1.0 Income Tax Expense / Effective Rate $ 121,980 15.7 % $ 101,458 17.8 % $ 1,297 3.7 % Significant components of deferred tax assets and liabilities were as follows: December 31, 2023 2022 Deferred Tax Asset: Postretirement benefits other than pensions $ 47,730 $ 56,119 Asset retirement obligations 41,400 44,680 Pneumoconiosis benefits 33,867 33,946 Compensation 8,317 8,826 Workers' compensation 6,461 7,099 State bonus, net of Federal 1,917 2,973 Long-term disability 1,280 1,463 Operating lease liability 1,033 46 Net operating loss 238 211 Financing 124 838 Other 8,910 4,957 Total Deferred Tax Asset 151,277 161,158 Valuation Allowance — — Net Deferred Tax Asset 151,277 161,158 Deferred Tax Liability: Equity Partnerships (122,220) (118,231) Property, plant and equipment (52,409) (54,322) Advance mining royalties (6,476) (6,782) Salary retirement (5,468) (3,737) Right of use assets (923) — Total Deferred Tax Liability (187,496) (183,072) Net Deferred Tax Liability $ (36,219) $ (21,914) At December 31, 2023, the Company has net operating loss carryforwards of approximately $238 for state income tax purposes, which will, if ultimately utilized, offset future taxable income. These net operating losses, if unused, will expire in 2041. As required by U.S. GAAP, a valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Management must review all available evidence, both positive and negative, in determining the need for a valuation allowance. As of December 31, 2023 and 2022, no valuation allowance has been recorded. Unrecognized Tax Benefits The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the years ended December 31, 2023 and 2022, a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2023 2022 Balance at January 1 $ 1,941 $ 3,633 Additions based on tax positions related to the current year 22 384 Additions for tax positions of prior years 24 — Reductions for tax positions of prior years — (1,168) Reductions due to the statute of limitations — — Settlements — (908) Balance at December 31 $ 1,987 $ 1,941 The Company recorded an unrecognized tax benefit for the tax years ending December 31, 2023 and 2022 of $1,987 and $1,941, respectively, related to a position taken on state taxes. The actual amount of any change to the unrecognized tax benefit could vary depending on the timing and nature of the settlement; therefore, an estimate of change cannot be provided. Related interest and penalties were not accrued as these were estimated to be immaterial. The Company is subject to taxation in the United States and its various states, as well as Canada and its various provinces. The Company is subject to examination for the tax periods 2018 through 2023 for federal and state returns. |
Cash, Cash Equivalents, and Sho
Cash, Cash Equivalents, and Short-Term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Short-Term Investments | CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS: December 31, 2023 2022 Cash and Cash Equivalents $ 199,371 $ 273,070 Restricted Cash - Current (1) 43,897 40,366 Restricted Cash - Non-current (1) — 13,516 Cash and Cash Equivalents and Restricted Cash $ 243,268 $ 326,952 (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 year ended December 31, 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 January 2024 through December 2024, and are classified as current assets accordingly. The Company's investments in available-for-sale securities are as follows: December 31, 2023 Gross Unrealized Amortized Cost Allowance for Credit Losses Gains Losses Fair Value U.S. Treasury Securities $ 81,829 $ — $ 103 $ — $ 81,932 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 gains in the Company's portfolio at December 31, 2023 are the result of normal market fluctuations. Interest and dividends are included in net income when earned. |
Credit Losses
Credit Losses | 12 Months Ended |
Dec. 31, 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 may be at risk of exposure 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 may be necessary from time to time and 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 and other non-trade contractual arrangements to present the net amount expected to be collected. Trade Receivables Other Non-Trade Beginning Balance, December 31, 2022 $ 1,731 $ 7,051 Provision for expected credit losses (1,265) 498 Write-off of uncollectible accounts — (45) Ending Balance, December 31, 2023 $ 466 $ 7,504 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | ASSET RETIREMENT OBLIGATIONS: CONSOL Energy accrues for mine closing costs, perpetual water treatment costs, and costs associated with the plugging of degasification wells using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes capitalized asset retirement obligations by increasing the carrying amount of related long-lived assets. The reconciliation of changes in the Company's asset retirement obligations at December 31, 2023 and 2022 is as follows: As of December 31, 2023 2022 Balance at Beginning of Period $ 251,502 $ 238,118 Accretion Expense 19,843 18,747 Payments (22,771) (18,025) Revisions in Estimated Cash Flows 4,533 12,801 Other (11,915) (139) Balance at End of Period $ 241,192 $ 251,502 For the year ended December 31, 2023, Other consists of $(11,915) attributed to conveyances of several gas wells to third parties. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: Inventory components consist of the following: December 31, 2023 2022 Coal $ 17,128 $ 11,315 Supplies 71,026 54,975 Total Inventories $ 88,154 $ 66,290 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment consists of the following: December 31, 2023 2022 Plant and Equipment $ 3,458,655 $ 3,330,755 Coal Properties and Surface Lands 906,343 898,628 Airshafts 492,806 481,090 Mine Development 366,260 366,241 Advance Mining Royalties 328,340 331,863 Total Property, Plant and Equipment 5,552,404 5,408,577 Less: Accumulated Depreciation, Depletion and Amortization 3,649,281 3,448,495 Total Property, Plant and Equipment - Net $ 1,903,123 $ 1,960,082 As of December 31, 2023 and 2022, property, plant and equipment includes gross assets under finance leases of $44,622 and $90,516, respectively. Accumulated amortization for finance leases was $31,873 and $54,028 at December 31, 2023 and 2022, respectively. Amortization expense for assets under finance leases approximated $25,400, $24,206 and $27,846 for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income. See Note 14 - Leases for further discussion of finance leases. |
Accounts Receivable Securitizat
Accounts Receivable Securitization | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable Securitization | ACCOUNTS RECEIVABLE SECURITIZATION: At December 31, 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 July 2022, the securitization facility was 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. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: December 31, 2023 2022 Subsidence Liability $ 105,322 $ 96,623 Accrued Compensation and Benefits 73,763 67,893 Accrued Other Taxes 12,276 10,551 Deferred Revenue 9,517 966 Accrued Interest 6,283 7,942 Other 10,457 10,427 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 28,571 29,644 Postretirement Benefits Other than Pensions 19,327 22,436 Pneumoconiosis Benefits 15,071 12,723 Workers' Compensation 10,019 10,451 Total Other Accrued Liabilities $ 290,606 $ 269,656 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT: December 31, 2023 2022 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 Advance Royalty Commitments (8.80% and 8.09% Weighted Average Interest Rate, respectively) 5,922 7,716 Other Debt Arrangements 1,419 2,400 11.00% Senior Secured Second Lien Notes due November 2025 — 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 Less: Unamortized Debt Issuance Costs (1,686) (3,721) 183,520 346,851 Less: Amounts Due in One Year* (1,635) (4,741) Long-Term Debt $ 181,885 $ 342,110 *Excludes current portion of Finance Lease Obligations of $9,471 and $24,105 at December 31, 2023 and 2022, respectively. Annual undiscounted maturities on the Company's debt instruments during the next five years and thereafter are as follows: Year ended December 31, Amount 2024 $ 1,635 2025 103,900 2026 883 2027 816 2028 75,697 Thereafter 2,275 Total Long-Term Debt Maturities $ 185,206 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 1.3 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 0.01 to 1.00 at December 31, 2023. The Company's total net leverage ratio was (0.08) to 1.00 at December 31, 2023. The Company's fixed charge coverage ratio was 3.42 to 1.00 at December 31, 2023. The Company was in compliance with all of its financial covenants under the Revolving Credit Facility as of December 31, 2023. At December 31, 2023, the Revolving Credit Facility had no borrowings outstanding and $111,186 of letters of credit outstanding, leaving $243,814 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. The SPV is a non-guarantor subsidiary of the Revolving Credit Facility, and the SPV holds the assets pledged to the lender in the securitization facility. The SPV had total assets of $147,918 and $158,877, comprised mainly of $147,612 and $158,127 trade receivables, net, at December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022 and 2021, net income (loss) attributable to the SPV was $5,129, $12,330 and $(54), respectively, which primarily reflected intercompany fees related to purchasing the receivables, which are eliminated in the Consolidated Financial Statements contained within this Annual Report on Form 10-K. During the years ended December 31, 2023, 2022 and 2021, there were no borrowings or payments under the accounts receivable securitization facility. See Note 11 - Accounts Receivable Securitization for additional information. Second Lien Notes In November 2017, CONSOL Energy issued $300,000 in aggregate principal amount of 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 were 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 contained covenants that limited 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) pay or make 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 were subject to important exceptions and qualifications. If the Second Lien Notes achieved an investment grade rating from both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. and no default under the Indenture existed, many of the foregoing covenants would have terminated and ceased to apply. During the year ended December 31, 2023, the Company spent $101,832 to fully redeem the remaining balance of $99,107 of its outstanding Second Lien Notes. During the year ended December 31, 2022, the Company spent $26,387 to repurchase $25,000, and spent $25,687 to redeem $25,000 of its outstanding Second Lien Notes. As a result of these transactions, losses of $2,725 and $5,623 were incurred and are included in Loss (Gain) on Debt Extinguishment on the Consolidated Statements of Income for the years ended December 31, 2023 and 2022, respectively. PEDFA Bonds In April 2021, CONSOL Energy borrowed the proceeds received from the sale of tax-exempt bonds issued by 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. The Loan Agreement and Guaranty incorporate by reference covenants in the Indenture under which the Second Lien Notes were issued (discussed previously). The Company started a capital construction project on the PAMC coarse refuse disposal area in 2017, which is now funded, in part, by the proceeds from the PEDFA Bonds. The Company expects to expend these funds as qualified work is completed. During the years ended December 31, 2023 and 2022, the Company utilized restricted cash in the amount of $24,705 and $11,196, respectively, for qualified expenses. Additionally, the Company had $12,177 and $35,516 in restricted cash at December 31, 2023 and 2022, respectively, associated with this financing that will be used to fund future spending on the coarse refuse disposal area. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASES: The Company has operating leases for mining and other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend, the leases, and some leases include options to terminate or buy out the leases within a set period of time. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of the Company's operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of the Company's leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. The Company determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Company is the lessee, Right of Use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. Further, the Company made an accounting policy election not to apply the recognition and measurement requirements to short-term leases, defined as leases with an initial term of twelve months or less. CONSOL Energy will recognize those lease payments in the Consolidated Statements of Income over the lease term. For the years ended December 31, 2023 and 2022, these short-term lease expenses were not material to the Company's financial statements. For the years ended December 31, 2023 and 2022, the components of operating lease expense were as follows: December 31, 2023 2022 Fixed operating lease expense $ 6,447 $ 11,467 Variable operating lease expense 8,358 10,752 Total operating lease expense $ 14,805 $ 22,219 Supplemental cash flow information related to the Company's operating leases for the years ended December 31, 2023 and 2022 was as follows: December 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,148 $ 22,020 The following table presents the lease balances within the Consolidated Balance Sheets, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at December 31, 2023 and 2022: December 31, Lease Assets and Liabilities Classification 2023 2022 Assets: Operating Lease ROU Assets Other Assets $ 14,658 $ 19,799 Liabilities: Current: Operating Lease Liabilities Operating Lease Liabilities $ 4,769 $ 4,922 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 10,385 $ 15,073 Total Operating Lease Liabilities $ 15,154 $ 19,995 Weighted average remaining lease term (in years) 4.46 4.83 Weighted average discount rate 7.21 % 7.13 % The Company also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in property, plant and equipment-net and the liabilities are included in current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, the components of finance lease expense were as follows: December 31, 2023 2022 Amortization of right of use assets $ 25,400 $ 24,206 Interest expense 1,712 2,751 Total finance lease expense $ 27,112 $ 26,957 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of December 31, 2023 and 2022: December 31, December 31, Weighted average remaining lease term (in years) 1.64 1.62 Weighted average discount rate 6.68 % 6.53 % The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2023: Finance Operating 2024 $ 10,045 $ 5,669 2025 3,649 4,135 2026 487 4,011 2027 369 658 2028 149 638 Thereafter — 2,799 Total minimum lease payments 14,699 17,910 Less amount representing interest 1,046 2,756 Present value of minimum lease payments $ 13,653 $ 15,154 |
Leases | LEASES: The Company has operating leases for mining and other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend, the leases, and some leases include options to terminate or buy out the leases within a set period of time. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of the Company's operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of the Company's leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. The Company determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Company is the lessee, Right of Use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. Further, the Company made an accounting policy election not to apply the recognition and measurement requirements to short-term leases, defined as leases with an initial term of twelve months or less. CONSOL Energy will recognize those lease payments in the Consolidated Statements of Income over the lease term. For the years ended December 31, 2023 and 2022, these short-term lease expenses were not material to the Company's financial statements. For the years ended December 31, 2023 and 2022, the components of operating lease expense were as follows: December 31, 2023 2022 Fixed operating lease expense $ 6,447 $ 11,467 Variable operating lease expense 8,358 10,752 Total operating lease expense $ 14,805 $ 22,219 Supplemental cash flow information related to the Company's operating leases for the years ended December 31, 2023 and 2022 was as follows: December 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,148 $ 22,020 The following table presents the lease balances within the Consolidated Balance Sheets, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at December 31, 2023 and 2022: December 31, Lease Assets and Liabilities Classification 2023 2022 Assets: Operating Lease ROU Assets Other Assets $ 14,658 $ 19,799 Liabilities: Current: Operating Lease Liabilities Operating Lease Liabilities $ 4,769 $ 4,922 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 10,385 $ 15,073 Total Operating Lease Liabilities $ 15,154 $ 19,995 Weighted average remaining lease term (in years) 4.46 4.83 Weighted average discount rate 7.21 % 7.13 % The Company also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in property, plant and equipment-net and the liabilities are included in current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, the components of finance lease expense were as follows: December 31, 2023 2022 Amortization of right of use assets $ 25,400 $ 24,206 Interest expense 1,712 2,751 Total finance lease expense $ 27,112 $ 26,957 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of December 31, 2023 and 2022: December 31, December 31, Weighted average remaining lease term (in years) 1.64 1.62 Weighted average discount rate 6.68 % 6.53 % The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2023: Finance Operating 2024 $ 10,045 $ 5,669 2025 3,649 4,135 2026 487 4,011 2027 369 658 2028 149 638 Thereafter — 2,799 Total minimum lease payments 14,699 17,910 Less amount representing interest 1,046 2,756 Present value of minimum lease payments $ 13,653 $ 15,154 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS: Pension CONSOL Energy has non-contributory defined benefit retirement plans. The benefits for these plans are based primarily on years of service and employees' pay. CONSOL Energy's qualified pension plan (the “Pension Plan”) allows for lump-sum distributions of benefits earned up until December 31, 2005, at the employees' election. According to the Defined Benefit Plans Topic of the FASB Accounting Standards Codification, if the lump sum distributions made during a plan year, which for CONSOL Energy is January 1 to December 31, exceed the total of the projected service cost and interest cost for the plan year, settlement accounting is required. Lump sum payments exceeded this threshold during the year ended December 31, 2021. Accordingly, CONSOL Energy recognized expense of $22 for the year ended December 31, 2021 in Operating and Other Costs in the Consolidated Statements of Income. The settlement charges represented a pro rata portion of the net unrecognized loss based on the percentage reduction in the projected benefit obligation due to the lump sum payments. The settlement charges noted above also resulted in a remeasurement of the pension plan at June 30, 2021, which reduced the pension liability by $1,009. The settlement and corresponding remeasurement of the pension plan resulted in an adjustment of $766 to Other Comprehensive Income, net of $265 in deferred taxes. Lump sum payments did not exceed this threshold during the years ended December 31, 2023 and 2022. Other Postretirement Benefit Plan Certain subsidiaries of CONSOL Energy provide medical and prescription drug benefits to retired employees covered by either the Coal Act or the National Bituminous Coal Wage Agreement of 2011. The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2023 and 2022 is as follows: Pension Benefits Other Postretirement Benefits at December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of period $ 524,212 $ 723,006 $ 255,029 $ 353,297 Service cost 1,217 1,207 — — Interest cost 27,027 16,539 13,044 7,898 Actuarial loss (gain) 14,061 (173,233) (20,776) (84,810) Benefits and other payments (41,431) (43,307) (20,062) (21,356) Benefit obligation at end of period $ 525,086 $ 524,212 $ 227,235 $ 255,029 Change in plan assets: Fair value of plan assets at beginning of period $ 540,225 $ 733,966 $ — $ — Actual return on plan assets 49,239 (151,968) — — Company contributions 1,538 1,534 20,062 21,356 Benefits and other payments (41,431) (43,307) (20,062) (21,356) Fair value of plan assets at end of period $ 549,571 $ 540,225 $ — $ — Funded status: Noncurrent assets $ 47,246 $ 38,548 $ — $ — Current liabilities (1,953) (1,950) (19,327) (22,436) Noncurrent liabilities (20,808) (20,585) (207,908) (232,593) Net asset (obligation) recognized $ 24,485 $ 16,013 $ (227,235) $ (255,029) Amounts recognized in accumulated other comprehensive (loss) income consist of: Net actuarial loss (gain) $ 248,252 $ 244,700 $ (26,249) $ (5,473) Prior service credit — — (11,329) (13,734) Net amount recognized (before tax effect) $ 248,252 $ 244,700 $ (37,578) $ (19,207) The components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2023 2022 2021 2023 2022 2021 Components of net periodic benefit (credit) cost: Service cost $ 1,217 $ 1,207 $ 1,114 $ — $ — $ — Interest cost 27,027 16,539 14,230 13,044 7,898 7,274 Expected return on plan assets (39,470) (37,276) (42,168) — — — Amortization of prior service credits — — — (2,405) (2,405) (2,405) Recognized net actuarial loss 741 3,037 5,469 — 3,515 6,516 Settlement loss recognized — — 22 — — — Net periodic benefit (credit) cost $ (10,485) $ (16,493) $ (21,333) $ 10,639 $ 9,008 $ 11,385 (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 (loss) income are reflected in Operating and Other Costs in the Consolidated Statements of Income. CONSOL Energy utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the Pension Plan. Cumulative gains and losses that are in excess of 10% of the greater of either the projected benefit obligation (PBO) or the market-related value of plan assets are amortized over the expected remaining future lifetime of all plan participants for the Pension Plan. Actuarial gains or losses can result from discount rate changes, changes in underlying assumptions that affect the projected benefit obligation, changes in underlying assumptions that affect the market-related value of plan assets, as well as actual fluctuations in the market value of plan assets. CONSOL Energy also utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the OPEB Plan. Cumulative gains and losses that are in excess of 10% of the accumulated postretirement benefit obligation (APBO) are amortized over the average future remaining lifetime of the current inactive population for the OPEB Plan. The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets: As of December 31, 2023 2022 Projected benefit obligation $ 22,762 $ 22,535 Accumulated benefit obligation $ 22,464 $ 22,203 Fair value of plan assets $ — $ — Assumptions: The weighted-average assumptions used to determine benefit obligations are as follows: Pension Obligations at Other Postretirement Obligations at 2023 2022 2023 2022 Discount rate 5.15 % 5.41 % 5.14 % 5.43 % Rate of compensation increase 3.93 % 3.89 % — — The discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company's plans. The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended 2023 2022 2021 2023 2022 2021 Discount rate 5.41 % 2.83 % 2.46 % 5.43 % 2.79 % 2.39 % Expected long-term return on plan assets 5.81 % 4.75 % 5.60 % — — — Rate of compensation increase 3.89 % 3.78 % 3.76 % — — — The long-term rate of return is the sum of the portion of total assets in each asset class held multiplied by the expected return for that class, adjusted for expected expenses to be paid from the assets. The expected return for each class is determined using the plan asset allocation at the measurement date and a distribution of compound average returns over a twenty-year time horizon. The model uses asset class returns, variances and correlation assumptions to produce the expected return for each portfolio. The return assumptions used forward-looking gross returns influenced by the current Treasury yield curve. These returns recognize current bond yields, corporate bond spreads and equity risk premiums based on current market conditions. The assumed health care cost trend rates are as follows: At December 31, 2023 2022 Health care cost trend rate for next year 6.40 % 6.78 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.00 % 4.00 % Year that the rate reaches ultimate trend rate 2048 2048 Plan Assets: The Company’s overall investment strategy is to meet current and future benefit payment needs through diversification across asset classes, fund strategies and fund managers to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation. Consistent with the objectives of the pension trust (the “Trust”) and in consideration of the Trust’s current funded status and the current level of market interest rates, the Retirement Board, as appointed by the CONSOL Energy Board of Directors (the “Retirement Board”) has approved an asset allocation strategy that will change over time in response to future improvements in the Trust’s funded status and/or changes in market interest rates. Such changes in asset allocation strategy are intended to allocate additional assets to the fixed income asset class should the Trust’s funded status improve. In this framework, the current target allocation for plan assets is 10.0% diversified growth assets and 90.0% liability hedging fixed income. Both the equity and fixed income portfolios are comprised of both active and passive investment strategies. The Trust is primarily invested in Mercer Common Collective Trusts. Equity securities consist of investments in large and mid/small cap companies; non-U.S. equities are derived from both developed and emerging markets. Fixed income securities consist primarily of U.S. long duration fixed income corporate and U.S. Treasury instruments. The average quality of the fixed income portfolio must be rated at least “investment grade” by nationally recognized rating agencies. Within the fixed income asset class, investments are invested primarily across various strategies such that the overall profile strongly correlates with the interest rate sensitivity of the Trust’s liabilities in order to reduce the volatility resulting from the risk of changes in interest rates and the impact of such changes on the Trust’s overall financial status. Derivatives, interest rate swaps, options and futures are permitted investments for the purpose of reducing risk and to extend the duration of the overall fixed income portfolio; however, they may not be used for speculative purposes. All or a portion of the assets may be invested in mutual funds or other commingled vehicles so long as the pooled investment funds have an adequate asset base relative to their asset class; are invested in a diversified manner; and have management and/or oversight by an Investment Advisor registered with the SEC. The Retirement Board reviews the investment program on an ongoing basis including asset performance, current trends and developments in capital markets, changes in Trust liabilities and ongoing appropriateness of the overall investment policy. The fair values of plan assets at December 31, 2023 and 2022 by asset category are as follows: Fair Value Measurements at December 31, 2023 Fair Value Measurements at December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category Cash/Accrued Income $ 116 $ 116 $ — $ — $ 101 $ 101 $ — $ — Mercer Common Collective Trusts (a) 549,455 — — — 540,124 — — — Total $ 549,571 $ 116 $ — $ — $ 540,225 $ 101 $ — $ — (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. There are no investments in CONSOL Energy stock held by these plans at December 31, 2023 or 2022. There are no assets in the other postretirement benefit plan at December 31, 2023 or 2022. Cash Flows: If necessary, CONSOL Energy intends to contribute to the pension trust using prudent funding methods. However, the Company does not expect to contribute to the pension plan trust in 2024. Pension benefit payments are primarily funded from the Trust. CONSOL Energy expects to pay benefits of $1,953 from the non-qualified pension plan in 2024. CONSOL Energy does not expect to contribute to the other postretirement benefit plan in 2024 and intends to pay benefit claims as they become due. The following benefit payments are expected to be paid in accordance with plan documents: Pension Other 2024 $ 40,937 $ 19,327 2025 $ 39,700 $ 19,207 2026 $ 41,409 $ 18,969 2027 $ 39,060 $ 18,490 2028 $ 38,717 $ 18,168 Year 2029-2033 $ 184,782 $ 85,644 |
Coal Workers' Pneumoconiosis an
Coal Workers' Pneumoconiosis and Workers' Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Coal Workers' Pneumoconiosis And Workers Compensation | COAL WORKERS ’ PNEUMOCONIOSIS AND WORKERS ’ COMPENSATION: Coal Workers' Pneumoconiosis Under the Federal Coal Mine Health and Safety Act of 1969, as amended, CONSOL Energy is responsible for medical and disability benefits to employees and their dependents resulting from occurrences of coal workers' pneumoconiosis (CWP) disease. CONSOL Energy is also responsible under various state statutes for pneumoconiosis benefits. CONSOL Energy primarily provides for these claims through a self-insurance program. The calculation of the actuarial present value of the estimated pneumoconiosis obligation is based on an annual actuarial study by independent actuaries and uses assumptions regarding disability incidence, medical costs, indemnity levels, mortality, death benefits, dependents and interest rates which are derived from actual company experience and outside sources. Actuarial gains or losses can result from discount rate changes, differences in incident rates and severity of claims filed as compared to original assumptions. Workers' Compensation CONSOL Energy must also compensate individuals who sustain employment-related physical injuries or some types of occupational diseases and, on some occasions, for costs of their rehabilitation. Workers' compensation programs will also compensate survivors of workers who suffer employment-related deaths. Workers' compensation laws are administered by state agencies, and each state has its own set of rules and regulations regarding compensation owed to an employee that is injured in the course of employment. CONSOL Energy primarily provides for these claims through a self-insurance program. CONSOL Energy recognizes an actuarial present value of the estimated workers' compensation obligation calculated by independent actuaries. The calculation is based on claims filed and an estimate of claims incurred but not yet reported as well as various assumptions, including discount rate, future healthcare trend rate, benefit duration and recurrence of injuries. Actuarial gains or losses associated with workers' compensation have resulted from discount rate changes and differences in claims experience and incident rates as compared to prior assumptions. The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2023 and 2022 is as follows: CWP Workers' Compensation 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of period $ 161,113 $ 215,871 $ 50,344 $ 67,261 State administrative fees and insurance bond premiums — — 1,953 1,817 Service cost 2,313 2,905 5,597 4,920 Interest cost 8,285 5,060 2,514 1,369 Actuarial loss (gain) 13,270 (46,498) (2,919) (14,422) Benefits paid (14,967) (16,225) (9,336) (10,601) Benefit obligation at end of period $ 170,014 $ 161,113 $ 48,153 $ 50,344 Funded status: Current assets $ — $ — $ 1,010 $ 1,058 Current liabilities (15,071) (12,723) (10,019) (10,451) Noncurrent liabilities (154,943) (148,390) (39,144) (40,951) Net obligation recognized $ (170,014) $ (161,113) $ (48,153) $ (50,344) Amounts recognized in accumulated other comprehensive (loss) income consist of: Net actuarial loss (gain) $ 4,217 $ (10,098) $ (25,597) $ (24,727) Net amount recognized (before tax effect) $ 4,217 $ (10,098) $ (25,597) $ (24,727) The components of net periodic benefit cost are as follows: CWP Workers’ Compensation 2023 2022 2021 2023 2022 2021 Service cost $ 2,313 $ 2,905 $ 4,460 $ 5,597 $ 4,920 $ 4,236 Interest cost 8,285 5,060 4,710 2,514 1,369 1,127 Recognized net actuarial (gain) loss (1,045) 4,238 8,364 (2,049) (420) (179) State administrative fees and insurance bond premiums — — — 1,953 1,817 1,778 Net periodic benefit cost $ 9,553 $ 12,203 $ 17,534 $ 8,015 $ 7,686 $ 6,962 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 (loss) income are reflected in Operating and Other Costs in the Consolidated Statements of Income. CONSOL Energy utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the Workers’ Compensation and CWP plans. Cumulative gains and losses that are in excess of 10% of the greater of either the estimated liability or the market-related value of plan assets are amortized over the expected average remaining future service of the current active membership of the Workers’ Compensation and CWP plans. Assumptions: The weighted-average discount rates used to determine benefit obligations and net periodic benefit costs are as follows: CWP Workers’ Compensation 2023 2022 2021 2023 2022 2021 Benefit obligations 5.14 % 5.40 % 2.85 % 5.12 % 5.38 % 2.74 % Net periodic benefit costs 5.40 % 2.85 % 2.53 % 5.38 % 2.74 % 2.35 % Discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company's plans. Cash Flows: CONSOL Energy does not intend to make contributions to the CWP or Workers' Compensation plans in 2024, but it intends to pay benefit claims as they become due. The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other 2024 $ 15,071 $ 10,932 $ 9,009 $ 1,923 2025 $ 14,305 $ 10,958 $ 8,987 $ 1,971 2026 $ 13,636 $ 11,220 $ 9,200 $ 2,020 2027 $ 12,909 $ 11,246 $ 9,175 $ 2,071 2028 $ 12,440 $ 11,575 $ 9,452 $ 2,123 Year 2029-2033 $ 59,950 $ 60,729 $ 49,293 $ 11,436 |
Other Employee Benefit Plans
Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Other Employee Benefit Plans | OTHER EMPLOYEE BENEFIT PLANS: UMWA Benefit Trusts The Coal Act created two multi-employer benefit plans: (1) the United Mine Workers of America (the “UMWA”) Combined Benefit Fund (the “Combined Fund”) into which the former UMWA Benefit Trusts were merged, and (2) the UMWA 1992 Benefit Plan (the “1992 Benefit Plan”). CONSOL Energy accounts for required contributions to these multi-employer trusts as expense when incurred. The Combined Fund provides medical and death benefits for all beneficiaries of the former UMWA Benefit Trusts who were actually receiving benefits as of July 20, 1992. The 1992 Benefit Plan provides medical and death benefits to orphan UMWA-represented members eligible for retirement on February 1, 1993 and for those who retired between July 20, 1992 and September 30, 1994. The Coal Act provides for the assignment of beneficiaries to former employers and the allocation of unassigned beneficiaries (referred to as orphans) to companies using a formula set forth in the Coal Act. The Coal Act requires that responsibility for funding the benefits to be paid to beneficiaries be assigned to their former signatory employers or related companies. This cost is recognized when contributions are assessed. CONSOL Energy's total contributions under the Coal Act were $3,552, $4,099 and $4,760 for the years ended December 31, 2023, 2022 and 2021, respectively. Based on available information at December 31, 2023, CONSOL Energy's gross obligation for the Combined Fund and 1992 Benefit Plan is estimated to be approximately $32,896. Pursuant to the provisions of the Tax Relief and Healthcare Act of 2006 (the “2006 Act”) and the 1992 Benefit Plan, CONSOL Energy is required to provide security in an amount based on the annual cost of providing health care benefits for all individuals receiving benefits from the 1992 Benefit Plan who are attributable to CONSOL Energy, plus all individuals receiving benefits from an individual employer plan maintained by CONSOL Energy who are entitled to receive such benefits. In accordance with the terms of the 2006 Act and the 1992 Benefit Plan, CONSOL Energy must secure its obligations by posting letters of credit, which were $12,890, $15,221 and $16,199 at December 31, 2023, 2022 and 2021, respectively. The 2023, 2022 and 2021 security amounts were based on the annual cost of providing health care benefits and included a reduction in the number of eligible employees. Investment Plan CONSOL Energy has an investment plan, the CONSOL Energy Inc. Investment Plan (the “CEIX 401(k) Plan”), available to most non-represented employees. The CEIX 401(k) Plan includes company matching of 6% of eligible compensation contributed by eligible CONSOL Energy employees. Total company matching contributions were $12,348, $10,216 and $9,117 for the years ended December 31, 2023, 2022 and 2021, respectively. The Company may also make discretionary contributions to the CEIX 401(k) Plan ranging from 1% to 6% of eligible compensation for eligible employees (as defined by the CEIX 401(k) Plan). Discretionary contributions of $10,517 were accrued for at December 31, 2022 and were paid into employees' accounts in 2023. Discretionary contributions of $9,378 were accrued for at December 31, 2021 and were paid into employees' accounts in 2022. There were no such discretionary contributions accrued for at December 31, 2023 or paid by the Company in the year ended December 31, 2021. Long-Term Disability CONSOL Energy has a Long-Term Disability Plan available to all eligible full-time salaried employees. The benefits for this plan are based on a percentage of monthly earnings, offset by all other income benefits available to the disabled. For the Years Ended 2023 2022 2021 Net periodic benefit costs $ 534 $ 546 $ 1,075 Discount rate assumption used to determine net periodic benefit costs 5.34 % 2.39 % 1.86 % Liabilities incurred under the Long-Term Disability Plan are included in Other Accrued Liabilities and Other Noncurrent Liabilities in the Consolidated Balance Sheets and amounted to a combined total of $6,803 and $7,241 at December 31, 2023 and 2022, respectively. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | STOCK-BASED COMPENSATION: CONSOL Energy adopted the CONSOL Energy Inc. Omnibus Performance Incentive Plan (the “Performance Incentive Plan”) on November 22, 2017. The Performance Incentive Plan provides for grants of stock-based awards to employees, including any officer or employee-director of the Company, who is not a member of the Compensation Committee. These awards are intended to compensate the recipients thereof based on the performance of the Company's stock and the recipients' continued services during the vesting period, as well as align the recipients' long-term interests with those of the Company's shareholders. CONSOL Energy is responsible for the cost of awards granted under the Performance Incentive Plan, and all determinations with respect to awards to be made under the Performance Incentive Plan will be made by the board of directors or a committee as delegated by the board of directors. The Performance Incentive Plan limits the number of units that may be delivered pursuant to vested awards to 2,600,000 shares, subject to proportionate adjustment in the event of stock splits, stock dividends, recapitalizations, and other similar transactions or events. Shares subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminate without delivery will be available for delivery pursuant to other awards. For only those shares expected to vest, CONSOL Energy recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award as specified in the award agreement, which is generally the vesting term. The vesting of all awards will accelerate in the event of death and disability and may accelerate upon a change in control of CONSOL Energy. Some awards may accelerate based on retirement age. The Company accounts for forfeitures of stock-based compensation as they occur. The total stock-based compensation expense recognized during the years ended December 31, 2023, 2022 and 2021 was $10,046, $7,890, and $6,632, respectively, and was included in General and Administrative Costs on the Consolidated Statements of Income. This includes expense specifically related to the Performance Incentive Plan. The related deferred tax benefit totaled $2,244, $1,842 and $1,657 for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, CONSOL Energy has $7,506 of unrecognized compensation cost related to all nonvested stock-based compensation awards, which is expected to be recognized over a weighted-average period of 1.69 years. When restricted stock and performance share unit awards become vested, the issuances are made from CONSOL Energy's common stock shares. Restricted Stock Units CONSOL Energy grants certain employees and non-employee directors restricted stock units, which entitle the holder to shares of common stock as the award vests. Compensation expense is recognized on a straight-line basis over the requisite service period of the award. The total fair value of restricted stock units vested during the years ended December 31, 2023, 2022 and 2021 was $8,359, $5,420 and $6,716, respectively. The following table represents the nonvested restricted stock units and their corresponding fair value (based upon the closing share price) at the date of grant: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 861,878 $ 19.67 Granted 170,989 $ 62.51 Vested (465,247) $ 14.13 Forfeited (17,409) $ 42.38 Nonvested at December 31, 2023 550,211 $ 36.96 Performance Share Units CONSOL Energy grants certain employees performance share unit awards, which entitle the holder to shares of common stock subject to the achievement of certain market and performance goals. Compensation expense is recognized over the service period of awards and adjusted for the probability of achievement of performance-based goals. The total fair value of performance share units vested during the years ended December 31, 2023, 2022 and 2021 was $1,161, $1,943 and $707, respectively. The following table represents the nonvested performance share units and their corresponding fair value (based upon the closing share price and/or Monte Carlo simulation) on the date of grant: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 74,109 $ 7.91 Granted 113,361 $ 26.83 Vested (147,898) $ 7.85 Forfeited (160) $ 35.49 Nonvested at December 31, 2023 39,412 $ 62.45 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION: The following are non-cash transactions that impact the investing and financing activities of CONSOL Energy. CONSOL Energy entered into non-cash finance lease arrangements of $1,842, $24,844 and $19,011 for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, 2022 and 2021, CONSOL Energy purchased goods and services related to capital projects in the amount of $9,833, $6,381 and $1,054, respectively, which are included in Accounts Payable, Other Accrued Liabilities and Other Noncurrent Liabilities on the Consolidated Balance Sheets. The following table shows cash paid for interest and income taxes for the periods indicated. For the Years Ended December 31, 2023 2022 2021 Cash Paid For: Interest (net of amounts capitalized) $ 29,251 $ 50,844 $ 54,401 Income taxes (net of refunds received) $ 111,304 $ 55,753 $ 3,199 |
Concentration of Credit Risk an
Concentration of Credit Risk and Major Customers | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk and Major Customers | CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS: The Company has contractual relationships with certain coal exporters who distribute coal to international markets. For the years ended December 31, 2023, 2022 and 2021, approximately 66%, 53% and 46%, respectively, of the Company's coal revenues were derived from these exporters and other foreign customers. The Company uses the end usage point as the basis for attributing tons to individual countries. Because title to the Company's export shipments typically transfers to customers at a point that does not necessarily reflect the end usage point, the Company attributes export tons to the country with the end usage point, if known. India was attributed greater than 10% of total revenue during the years ended December 31, 2023 and 2021. India and Europe were attributed greater than 10% of total revenue during the year ended December 31, 2022. CONSOL Energy also markets its thermal coal to electric power producers in the eastern United States. Revenues generated from electric power producers and other customers in the eastern United States were 34%, 47% and 54% for the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023 and 2022, two customers each comprised over 10% of the Company's total sales, aggregating approximately 23% and 30%, respectively, of the Company's total sales. During the year ended December 31, 2021, three customers each comprised over 10% of the Company's total sales, aggregating approximately 40% of the Company's total sales. Additionally, three of the Company's customers each had outstanding balances in excess of 10% of the total trade receivable balance as of December 31, 2023 and 2022. Concentration of credit risk is summarized below: December 31, 2023 2022 Electric coal utilities $ 28,870 $ 82,608 Coal exporters and industrial customers 85,080 51,548 Steel and coke producers 29,340 24,230 Other 4,788 1,472 Total Trade Receivables 148,078 159,858 Less: Allowance for credit losses (466) (1,731) Total Trade Receivables, net $ 147,612 $ 158,127 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 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. December 31, 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 year ended December 31, 2022, the Company settled its commodity derivatives at a loss of $289,228. Additionally, during the years ended December 31, 2022 and 2021, the Company recognized adjustments to the fair value of its commodity derivatives of $(52,204) and $52,204, 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 | 12 Months Ended |
Dec. 31, 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 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity Derivatives $ — $ — $ — $ — $ (15,142) $ — U.S Treasury Securities $ 81,932 $ — $ — $ — $ — $ — 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: December 31, 2023 December 31, 2022 Carrying Amount Fair Carrying Amount Fair Long-Term Debt (Excluding Debt Issuance Costs) $ 185,206 $ 199,591 $ 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. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 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 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 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 December 31, 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 Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Employee-Related $ 48,034 $ 31,884 $ 16,150 $ — $ — Environmental 398 — 398 — — Other 134,841 110,595 24,246 — — Total Letters of Credit $ 183,273 $ 142,479 $ 40,794 $ — $ — Surety Bonds: Employee-Related $ 80,210 $ 80,210 $ — $ — $ — Environmental 523,715 523,715 — — — Other 3,867 3,867 — — — Total Surety Bonds $ 607,792 $ 607,792 $ — $ — $ — |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT 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 industrial end-users, power generators 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 year ended December 31, 2023 are: PAMC CONSOL Marine Terminal Other, Corporate and Eliminations Consolidated Coal Revenue $ 2,024,610 $ — $ 81,756 $ 2,106,366 Terminal Revenue — 106,166 — 106,166 Freight Revenue 278,348 — 15,755 294,103 Total Revenue from Contracts with Customers $ 2,302,958 $ 106,166 $ 97,511 $ 2,506,635 Adjusted EBITDA $ 1,019,161 $ 80,322 $ (51,795) $ 1,047,688 Segment Assets $ 1,582,434 $ 83,322 $ 1,009,247 $ 2,675,003 Depreciation, Depletion and Amortization $ 202,833 $ 4,671 $ 33,813 $ 241,317 Capital Expenditures $ 144,550 $ 4,568 $ 18,673 $ 167,791 Reportable segment results for the year ended December 31, 2022 are: PAMC CONSOL Marine Terminal Other, Corporate and Eliminations Consolidated Coal Revenue $ 1,973,884 $ — $ 44,778 $ 2,018,662 Terminal Revenue — 78,915 — 78,915 Freight Revenue 177,610 — 4,831 182,441 Total Revenue from Contracts with Customers $ 2,151,494 $ 78,915 $ 49,609 $ 2,280,018 Adjusted EBITDA $ 773,095 $ 52,259 $ (18,621) $ 806,733 Segment Assets $ 1,756,368 $ 82,333 $ 865,676 $ 2,704,377 Depreciation, Depletion and Amortization $ 200,320 $ 4,604 $ 21,954 $ 226,878 Capital Expenditures $ 107,401 $ 4,646 $ 59,459 $ 171,506 Reportable segment results for the year ended December 31, 2021 are: PAMC CONSOL Marine Terminal Other, Corporate and Eliminations Consolidated Coal Revenue $ 1,085,080 $ — $ 6,942 $ 1,092,022 Terminal Revenue — 65,193 — 65,193 Freight Revenue 103,819 — — 103,819 Total Revenue from Contracts with Customers $ 1,188,899 $ 65,193 $ 6,942 $ 1,261,034 Adjusted EBITDA $ 360,480 $ 43,491 $ (25,725) $ 378,246 Segment Assets $ 1,773,609 $ 108,877 $ 691,031 $ 2,573,517 Depreciation, Depletion and Amortization $ 206,727 $ 4,834 $ 13,022 $ 224,583 Capital Expenditures $ 100,896 $ 974 $ 30,882 $ 132,752 For the years ended December 31, 2023, 2022 and 2021, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales: For the Years Ended December 31, 2023 2022 2021 Customer A $ 286,041 * $ 170,901 Customer B $ 283,115 * * Customer C * $ 368,502 * Customer D * $ 328,994 $ 186,622 Customer E * * $ 141,968 * 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: Revenue and Other Income: For the Years Ended December 31, 2023 2022 2021 Total Segment Revenue from Contracts with Customers $ 2,506,635 $ 2,280,018 $ 1,261,034 Loss on Commodity Derivatives, net — (237,024) (52,204) Other Income not Allocated to Segments (Note 3) 53,261 24,354 38,394 Gain on Sale of Assets 8,981 34,589 11,723 Total Consolidated Revenue and Other Income $ 2,568,877 $ 2,101,937 $ 1,258,947 Adjusted EBITDA: For the Year Ended December 31, 2023 PAMC CONSOL Marine Terminal Other Total Net Income (Loss) $ 810,234 $ 69,253 $ (223,595) $ 655,892 Income Tax Expense — — 121,980 121,980 Interest Expense — 6,097 23,228 29,325 Interest Income (2,344) — (11,253) (13,597) Depreciation, Depletion and Amortization 202,833 4,671 33,813 241,317 Stock-Based Compensation 8,438 301 1,307 10,046 Loss on Debt Extinguishment — — 2,725 2,725 Adjusted EBITDA $ 1,019,161 $ 80,322 $ (51,795) $ 1,047,688 For the Year Ended December 31, 2022 PAMC CONSOL Marine Terminal Other Total Net Income (Loss) $ 620,208 $ 41,223 $ (194,452) $ 466,979 Income Tax Expense — — 101,458 101,458 Interest Expense — 6,116 46,524 52,640 Interest Income (1,857) — (4,174) (6,031) Depreciation, Depletion and Amortization 200,320 4,604 21,954 226,878 Stock-Based Compensation 6,628 316 946 7,890 Loss on Debt Extinguishment — — 5,623 5,623 Equity Affiliate Adjustments — — 3,500 3,500 Fair Value Adjustment of Commodity Derivative Instruments (52,204) — — (52,204) Adjusted EBITDA $ 773,095 $ 52,259 $ (18,621) $ 806,733 For the Year Ended December 31, 2021 PAMC CONSOL Marine Terminal Other Total Net Income (Loss) $ 94,161 $ 32,251 $ (92,302) $ 34,110 Income Tax Expense — — 1,297 1,297 Interest Expense 1,710 6,141 55,491 63,342 Interest Income (90) — (3,197) (3,287) Depreciation, Depletion and Amortization 206,727 4,834 13,022 224,583 Stock-Based Compensation 5,768 265 599 6,632 Gain on Debt Extinguishment — — (657) (657) Pension Settlement — — 22 22 Fair Value Adjustment of Commodity Derivative Instruments 52,204 — — 52,204 Adjusted EBITDA $ 360,480 $ 43,491 $ (25,725) $ 378,246 Enterprise-Wide Disclosures: For the year ended December 31, 2023, India and the United States of America were each attributed greater than 30% of total revenue. For the year ended December 31, 2022, more than 40% of the Company's revenue was attributable to customers based in the United States of America. India and Europe were each attributed greater than 10% of total revenue during the year ended December 31, 2022. For the year ended December 31, 2021, more than 50% of the Company's revenue was attributable to customers based in the United States of America. India was attributed greater than 10% of total revenue during the year ended December 31, 2021. CONSOL Energy's property, plant and equipment is predominantly located in the United States. At December 31, 2023 and 2022, less than 1% of the Company's net property, plant and equipment was located in Canada. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 655,892 | $ 466,979 | $ 34,110 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term securities with original maturities of three months or less. |
Restricted Cash | Restricted Cash |
Trade Receivables and Allowance for Credit Losses | Trade Receivables and Allowance for Credit Losses |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost upon acquisition. Expenditures that extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs that do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of-production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. The Company employs this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development costs begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled by lease. The duration of the leases vary; however, the lease terms 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. Depletion of leased coal interests is computed using the units-of-production method over recoverable coal reserves. The Company also makes advance payments (advanced mining royalties) to lessors under certain lease agreements that are recoupable against future production, and it makes payments that are generally based upon a specified rate per ton or a percentage of gross realization from the sale of the coal. The Company evaluates its properties, including advance mining royalties and leased coal interests, for impairment indicators whenever events or circumstances indicate that the carrying amount may not be recoverable. Costs to obtain coal lands are capitalized based on the cost at acquisition and are amortized using the units-of-production method over all estimated recoverable reserve tons assigned and accessible to the mine. Recoverable coal reserves are estimated on a clean coal ton equivalent, which excludes nonrecoverable coal reserves and anticipated central preparation plant processing refuse. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is produced. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material effect from changes in estimates is disclosed in the period the change occurs. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain on Sale of Assets in the Consolidated Statements of Income. Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives or lease terms, generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease |
Capitalization of Interest | Capitalization of Interest |
Impairment of Long-lived Assets | Impairment of Long-lived Assets |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return and utilizes the asset and liability method to account for income taxes. The provision for income taxes represents amounts paid or estimated to be payable, net of amounts refunded or estimated to be refunded, for the current year and the change in deferred taxes, exclusive of amounts recorded in Other Comprehensive Income (Loss). Any refinements to prior years’ taxes made due to subsequent information are reflected as adjustments in the current period. Deferred income tax assets and liabilities are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities and are recognized using enacted tax rates for the effect of such temporary differences. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In accounting for uncertainty in income taxes of a tax position taken or expected to be taken in a tax return, the Company utilizes a recognition threshold and measurement attribute for the financial statement recognition and measurement. The recognition threshold requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position in order to record any financial statement benefit. If it is more likely than not that a tax position will be sustained, then the Company must measure the tax position to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions Postretirement benefit obligations established by the Coal Industry Retiree Health Benefit Act of 1992 (the “Coal Act”) are treated as a multi-employer plan which requires expense to be recorded for the associated obligations as payments are made. Postretirement benefits other than pensions, except for those established pursuant to the Coal Act, are accounted for in accordance with the Retirement Benefits Compensation and Non-retirement Postemployment Benefits Compensation Topics of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, which requires employers to accrue the cost of such retirement benefits for the employees' active service periods. Such liabilities are determined on an actuarial basis and CONSOL Energy administers these liabilities through a combination of self-insured and fully insured agreements. Differences between actual and expected results or changes in the value of obligations are recognized through Other Comprehensive Income (Loss). |
Pnuemoconiosis Benefits and Workers' Compensation | Pneumoconiosis Benefits and Workers' Compensation CONSOL Energy is required by federal and state statutes to provide benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers' pneumoconiosis. CONSOL Energy is also required by various state statutes to provide workers' compensation benefits for employees who sustain employment-related physical injuries or some types of occupational disease. Workers' compensation benefits include compensation for disability, medical costs, and on some occasions, the cost of rehabilitation. CONSOL Energy is primarily self-insured for these benefits. Provisions for estimated benefits are determined on an actuarial basis. |
Asset Retirement Obligation | Asset Retirement Obligations Mine closing costs and costs associated with dismantling and removing de-gasification facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. For active locations, the present value of the estimated asset retirement obligation is capitalized as part of the carrying amount of the long-lived asset. For locations that have been fully depleted or closed, the present value of the change is recorded directly to the consolidated statements of income. Generally, the capitalized asset retirement obligation is depreciated on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and until the reclamation obligations are satisfied. Accretion is included in Depreciation, Depletion and Amortization on the Consolidated Statements of Income. Asset retirement obligations primarily relate to the closure of mines, which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual water treatment costs, reclamation and costs associated with dismantling and removing de-gasification facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements, in each case if and as applicable. |
Subsidence | Subsidence Subsidence occurs when there is sinking or shifting of the ground surface due to the removal of underlying coal. Areas affected may include, although are not limited to, streams, property, roads, pipelines and other land and surface structures. Total estimated subsidence claims are recognized in the period when the related coal has been extracted and are included in Operating and Other Costs on the Consolidated Statements of Income and Other Accrued Liabilities on the Consolidated Balance Sheets. On occasion, CONSOL Energy may elect to prepay for estimated damages prior to undermining the property, in return for a release of liability. Prepayments are included as assets and are either recognized as Other Current Assets or in Other Noncurrent Assets on the Consolidated Balance Sheets if the payment is made less than or greater than one year, respectively, prior to undermining the property. |
Retirement Plans | Retirement Plans CONSOL Energy has non-contributory defined benefit retirement plans. In 2015, CONSOL's qualified defined benefit retirement plan was frozen. The benefits for these plans are based primarily on years of service and employees' pay. These plans are accounted for using the guidance outlined in the Compensation - Retirement Benefits Topic of the FASB Accounting Standards Codification. The costs of these retiree benefits are recognized over the employees' service periods. CONSOL Energy uses actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the value of obligations and plan assets are recognized through Other Comprehensive Income (Loss). |
Stock-Based Compensation | Stock-Based Compensation Eligible CONSOL Energy employees participate in equity-based compensation plans. CONSOL Energy recognizes compensation expense for all stock-based compensation awards based on the grant date fair value estimated in accordance with the provisions of the Stock Compensation Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award's vesting term. See Note 18 - Stock-Based Compensation for additional information. |
Revenue Recognition | Revenue Recognition 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 or 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, 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. See Note 2 - Revenue from Contracts with Customers for additional information. |
Freight Revenue and Expense | Freight Revenue and Expense Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. |
Contingencies | Contingencies 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. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense of these matters and are based upon the nature of the lawsuit, progress of the case in court, view of legal counsel, prior experience in similar matters and management's intended response. Environmental liabilities are not discounted or reduced by possible recoveries from third-parties. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. |
Derivative Instruments | Derivative Instruments The Company may utilize derivative instruments to manage exposures to interest rate risk on long-term debt. The Company entered into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deemed appropriate. These interest rate swaps were designated as cash flow hedges of future variable interest payments and were accounted for as an asset or a liability in the accompanying Consolidated Balance Sheets at their fair value. The Company may, from time to time, also utilize derivative instruments to manage 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. 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 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 (see Note 21 - Derivatives and Note 22 - Fair Value of Financial Instruments for additional information). In a cash flow hedge, the Company hedges the risk of changes in future cash flows related to the underlying item being hedged. Changes in the fair value of the derivative instrument used as a hedge instrument in a cash flow hedge are recorded in other comprehensive income or loss. Amounts in other comprehensive income or loss are reclassified to earnings when the hedged transaction affects earnings and are classified in a manner consistent with the transaction being hedged. The Company evaluates the effectiveness of its hedging relationships both at the hedge's inception and on an ongoing basis. Any ineffective portion of the change in fair value of a derivative instrument used as a hedge instrument in a cash flow hedge is recognized immediately in earnings. |
Earnings Per Share | 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 Income Taxes (Topic 740). The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation, (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate), (3) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, (4) disclose the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received), (5) disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (6) disclose income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this update are effective for annual periods beginning after December 15, 2024, and should be applied prospectively. 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. In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280). The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in this update do not change or remove those disclosure requirements. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively. 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. In August 2023, the FASB issued ASU 2023-05 - Business Combinations—Joint Venture Formations (Subtopic 805-60). The amendments in this update address the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital in a joint venture's financial statements and (2) reduce diversity in practice. The amendments in this update do not amend the definition of a joint venture, the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Existing joint ventures may elect to apply the guidance retrospectively. 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. In March 2023, the FASB issued 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. |
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. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Useful Life of Property, Plant, and Equipment | Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease |
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: For the Years Ended 2023 2022 2021 Anti-Dilutive Restricted Stock Units 1,146 942 45,653 Anti-Dilutive Performance Share Units — — — 1,146 942 45,653 |
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 For the Years Ended 2023 2022 2021 Numerator: Net Income $ 655,892 $ 466,979 $ 34,110 Denominator: Weighted-average shares of common stock outstanding 32,941,654 34,811,906 34,404,360 Effect of dilutive shares 200,353 906,349 984,198 Weighted-average diluted shares of common stock outstanding 33,142,007 35,718,255 35,388,558 Earnings per Share: Basic $ 19.91 $ 13.41 $ 0.99 Dilutive $ 19.79 $ 13.07 $ 0.96 |
Schedule of Common Stock Outstanding | Shares of common stock outstanding were as follows: 2023 2022 2021 Balance, Beginning of Year 34,746,904 34,480,181 34,031,374 Retirement Related to Stock Repurchase (1) (5,224,016) (124,454) — Issuance Related to Stock-Based Compensation (2) 387,551 391,177 448,807 Balance, End of Year 29,910,439 34,746,904 34,480,181 (1) See Note 4 - Stock and Debt Repurchases for additional information. (2) See Note 18 - Stock-Based Compensation for additional information. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue from Contracts with Customers | The following tables disaggregate CONSOL Energy's revenue from contracts with customers by product type and market: For the Year Ended December 31, 2023 Domestic Export Total Power Generation $ 672,509 $ 346,671 $ 1,019,180 Industrial 34,453 738,189 772,642 Metallurgical 10,671 303,873 314,544 Total Coal Revenue 717,633 1,388,733 2,106,366 Terminal Revenue 106,166 Freight Revenue 294,103 Total Revenue from Contracts with Customers $ 2,506,635 For the Year Ended December 31, 2022 Domestic Export Total Power Generation $ 908,666 $ 393,647 $ 1,302,313 Industrial 19,231 391,872 411,103 Metallurgical 16,637 288,609 305,246 Total Coal Revenue 944,534 1,074,128 2,018,662 Terminal Revenue 78,915 Freight Revenue 182,441 Total Revenue from Contracts with Customers $ 2,280,018 For the Year Ended December 31, 2021 Domestic Export Total Power Generation $ 571,622 $ 118,361 $ 689,983 Industrial 12,377 296,003 308,380 Metallurgical 6,942 86,717 93,659 Total Coal Revenue 590,941 501,081 1,092,022 Terminal Revenue 65,193 Freight Revenue 103,819 Total Revenue from Contracts with Customers $ 1,261,034 |
Miscellaneous Other Income (Tab
Miscellaneous Other Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss) | For the Years Ended December 31, 2023 2022 2021 Contract Buyout $ 16,350 $ — $ — Interest Income 13,597 6,031 3,287 Royalty Income - Non-Operated Coal 8,855 10,258 8,661 Rental Income 2,129 2,239 1,095 Sale of Certain Mining Rights — — 21,756 Other 12,330 5,826 3,595 Miscellaneous Other Income $ 53,261 $ 24,354 $ 38,394 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were as follows: For the Years Ended December 31, 2023 2022 2021 Current: U.S. Federal $ 100,572 $ 45,068 $ 13,769 U.S. State 7,287 7,238 2,145 Non-U.S. — (235) 143 107,859 52,071 16,057 Deferred: U.S. Federal 12,528 37,154 (16,657) U.S. State 1,593 12,233 1,897 14,121 49,387 (14,760) Total Income Tax Expense $ 121,980 $ 101,458 $ 1,297 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense and the amount computed by applying the statutory federal income tax rate of 21% to income from operations before income tax is: For the Years Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 163,353 21.0 % $ 119,372 21.0 % $ 7,436 21.0 % State income taxes, net of federal tax benefit 7,618 1.0 11,110 2.0 (642) (1.8) Effect of foreign income taxes — — (241) — 125 0.4 Excess tax depletion (26,802) (3.5) (32,431) (5.7) (10,535) (29.8) Foreign derived intangible income (23,545) (3.0) (4,906) (0.9) — — Uncertain tax positions 36 — (792) (0.1) 1,473 4.2 Compensation 2,284 0.3 4,178 0.7 3,192 9.0 Valuation allowance — — (937) (0.2) (544) (1.5) Tax credits (700) (0.1) (350) (0.1) (210) (0.6) State rate change and prior period adjustments (809) (0.1) 5,397 0.9 642 1.8 Other 545 0.1 1,058 0.2 360 1.0 Income Tax Expense / Effective Rate $ 121,980 15.7 % $ 101,458 17.8 % $ 1,297 3.7 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows: December 31, 2023 2022 Deferred Tax Asset: Postretirement benefits other than pensions $ 47,730 $ 56,119 Asset retirement obligations 41,400 44,680 Pneumoconiosis benefits 33,867 33,946 Compensation 8,317 8,826 Workers' compensation 6,461 7,099 State bonus, net of Federal 1,917 2,973 Long-term disability 1,280 1,463 Operating lease liability 1,033 46 Net operating loss 238 211 Financing 124 838 Other 8,910 4,957 Total Deferred Tax Asset 151,277 161,158 Valuation Allowance — — Net Deferred Tax Asset 151,277 161,158 Deferred Tax Liability: Equity Partnerships (122,220) (118,231) Property, plant and equipment (52,409) (54,322) Advance mining royalties (6,476) (6,782) Salary retirement (5,468) (3,737) Right of use assets (923) — Total Deferred Tax Liability (187,496) (183,072) Net Deferred Tax Liability $ (36,219) $ (21,914) |
Schedule of Unrecognized Tax Benefits Roll Forward | For the years ended December 31, 2023 and 2022, a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2023 2022 Balance at January 1 $ 1,941 $ 3,633 Additions based on tax positions related to the current year 22 384 Additions for tax positions of prior years 24 — Reductions for tax positions of prior years — (1,168) Reductions due to the statute of limitations — — Settlements — (908) Balance at December 31 $ 1,987 $ 1,941 |
Cash, Cash Equivalents, and S_2
Cash, Cash Equivalents, and Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2023 2022 Cash and Cash Equivalents $ 199,371 $ 273,070 Restricted Cash - Current (1) 43,897 40,366 Restricted Cash - Non-current (1) — 13,516 Cash and Cash Equivalents and Restricted Cash $ 243,268 $ 326,952 (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. |
Restrictions on Cash and Cash Equivalents | December 31, 2023 2022 Cash and Cash Equivalents $ 199,371 $ 273,070 Restricted Cash - Current (1) 43,897 40,366 Restricted Cash - Non-current (1) — 13,516 Cash and Cash Equivalents and Restricted Cash $ 243,268 $ 326,952 (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: December 31, 2023 Gross Unrealized Amortized Cost Allowance for Credit Losses Gains Losses Fair Value U.S. Treasury Securities $ 81,829 $ — $ 103 $ — $ 81,932 |
Credit Losses (Tables)
Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Schedule of Allowance for Credit Loss | The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable and other non-trade contractual arrangements to present the net amount expected to be collected. Trade Receivables Other Non-Trade Beginning Balance, December 31, 2022 $ 1,731 $ 7,051 Provision for expected credit losses (1,265) 498 Write-off of uncollectible accounts — (45) Ending Balance, December 31, 2023 $ 466 $ 7,504 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligations | The reconciliation of changes in the Company's asset retirement obligations at December 31, 2023 and 2022 is as follows: As of December 31, 2023 2022 Balance at Beginning of Period $ 251,502 $ 238,118 Accretion Expense 19,843 18,747 Payments (22,771) (18,025) Revisions in Estimated Cash Flows 4,533 12,801 Other (11,915) (139) Balance at End of Period $ 241,192 $ 251,502 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory components consist of the following: December 31, 2023 2022 Coal $ 17,128 $ 11,315 Supplies 71,026 54,975 Total Inventories $ 88,154 $ 66,290 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following: December 31, 2023 2022 Plant and Equipment $ 3,458,655 $ 3,330,755 Coal Properties and Surface Lands 906,343 898,628 Airshafts 492,806 481,090 Mine Development 366,260 366,241 Advance Mining Royalties 328,340 331,863 Total Property, Plant and Equipment 5,552,404 5,408,577 Less: Accumulated Depreciation, Depletion and Amortization 3,649,281 3,448,495 Total Property, Plant and Equipment - Net $ 1,903,123 $ 1,960,082 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | December 31, 2023 2022 Subsidence Liability $ 105,322 $ 96,623 Accrued Compensation and Benefits 73,763 67,893 Accrued Other Taxes 12,276 10,551 Deferred Revenue 9,517 966 Accrued Interest 6,283 7,942 Other 10,457 10,427 Current Portion of Long-Term Liabilities: Asset Retirement Obligations 28,571 29,644 Postretirement Benefits Other than Pensions 19,327 22,436 Pneumoconiosis Benefits 15,071 12,723 Workers' Compensation 10,019 10,451 Total Other Accrued Liabilities $ 290,606 $ 269,656 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | December 31, 2023 2022 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 Advance Royalty Commitments (8.80% and 8.09% Weighted Average Interest Rate, respectively) 5,922 7,716 Other Debt Arrangements 1,419 2,400 11.00% Senior Secured Second Lien Notes due November 2025 — 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 Less: Unamortized Debt Issuance Costs (1,686) (3,721) 183,520 346,851 Less: Amounts Due in One Year* (1,635) (4,741) Long-Term Debt $ 181,885 $ 342,110 *Excludes current portion of Finance Lease Obligations of $9,471 and $24,105 at December 31, 2023 and 2022, respectively. |
Schedule of Maturities of Long-term Debt | Annual undiscounted maturities on the Company's debt instruments during the next five years and thereafter are as follows: Year ended December 31, Amount 2024 $ 1,635 2025 103,900 2026 883 2027 816 2028 75,697 Thereafter 2,275 Total Long-Term Debt Maturities $ 185,206 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Expense and Supplemental Cash Flow Information | For the years ended December 31, 2023 and 2022, the components of operating lease expense were as follows: December 31, 2023 2022 Fixed operating lease expense $ 6,447 $ 11,467 Variable operating lease expense 8,358 10,752 Total operating lease expense $ 14,805 $ 22,219 Supplemental cash flow information related to the Company's operating leases for the years ended December 31, 2023 and 2022 was as follows: December 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,148 $ 22,020 The Company also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in property, plant and equipment-net and the liabilities are included in current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheets. For the years ended December 31, 2023 and 2022, the components of finance lease expense were as follows: December 31, 2023 2022 Amortization of right of use assets $ 25,400 $ 24,206 Interest expense 1,712 2,751 Total finance lease expense $ 27,112 $ 26,957 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of December 31, 2023 and 2022: December 31, December 31, Weighted average remaining lease term (in years) 1.64 1.62 Weighted average discount rate 6.68 % 6.53 % |
Schedule of Lease Assets and Liabilities | The following table presents the lease balances within the Consolidated Balance Sheets, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at December 31, 2023 and 2022: December 31, Lease Assets and Liabilities Classification 2023 2022 Assets: Operating Lease ROU Assets Other Assets $ 14,658 $ 19,799 Liabilities: Current: Operating Lease Liabilities Operating Lease Liabilities $ 4,769 $ 4,922 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 10,385 $ 15,073 Total Operating Lease Liabilities $ 15,154 $ 19,995 Weighted average remaining lease term (in years) 4.46 4.83 Weighted average discount rate 7.21 % 7.13 % |
Lessee, Operating Lease, Liability, Maturity | The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2023: Finance Operating 2024 $ 10,045 $ 5,669 2025 3,649 4,135 2026 487 4,011 2027 369 658 2028 149 638 Thereafter — 2,799 Total minimum lease payments 14,699 17,910 Less amount representing interest 1,046 2,756 Present value of minimum lease payments $ 13,653 $ 15,154 |
Finance Lease, Liability, Fiscal Year Maturity | The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2023: Finance Operating 2024 $ 10,045 $ 5,669 2025 3,649 4,135 2026 487 4,011 2027 369 658 2028 149 638 Thereafter — 2,799 Total minimum lease payments 14,699 17,910 Less amount representing interest 1,046 2,756 Present value of minimum lease payments $ 13,653 $ 15,154 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2023 and 2022 is as follows: Pension Benefits Other Postretirement Benefits at December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of period $ 524,212 $ 723,006 $ 255,029 $ 353,297 Service cost 1,217 1,207 — — Interest cost 27,027 16,539 13,044 7,898 Actuarial loss (gain) 14,061 (173,233) (20,776) (84,810) Benefits and other payments (41,431) (43,307) (20,062) (21,356) Benefit obligation at end of period $ 525,086 $ 524,212 $ 227,235 $ 255,029 Change in plan assets: Fair value of plan assets at beginning of period $ 540,225 $ 733,966 $ — $ — Actual return on plan assets 49,239 (151,968) — — Company contributions 1,538 1,534 20,062 21,356 Benefits and other payments (41,431) (43,307) (20,062) (21,356) Fair value of plan assets at end of period $ 549,571 $ 540,225 $ — $ — Funded status: Noncurrent assets $ 47,246 $ 38,548 $ — $ — Current liabilities (1,953) (1,950) (19,327) (22,436) Noncurrent liabilities (20,808) (20,585) (207,908) (232,593) Net asset (obligation) recognized $ 24,485 $ 16,013 $ (227,235) $ (255,029) Amounts recognized in accumulated other comprehensive (loss) income consist of: Net actuarial loss (gain) $ 248,252 $ 244,700 $ (26,249) $ (5,473) Prior service credit — — (11,329) (13,734) Net amount recognized (before tax effect) $ 248,252 $ 244,700 $ (37,578) $ (19,207) The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2023 and 2022 is as follows: CWP Workers' Compensation 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of period $ 161,113 $ 215,871 $ 50,344 $ 67,261 State administrative fees and insurance bond premiums — — 1,953 1,817 Service cost 2,313 2,905 5,597 4,920 Interest cost 8,285 5,060 2,514 1,369 Actuarial loss (gain) 13,270 (46,498) (2,919) (14,422) Benefits paid (14,967) (16,225) (9,336) (10,601) Benefit obligation at end of period $ 170,014 $ 161,113 $ 48,153 $ 50,344 Funded status: Current assets $ — $ — $ 1,010 $ 1,058 Current liabilities (15,071) (12,723) (10,019) (10,451) Noncurrent liabilities (154,943) (148,390) (39,144) (40,951) Net obligation recognized $ (170,014) $ (161,113) $ (48,153) $ (50,344) Amounts recognized in accumulated other comprehensive (loss) income consist of: Net actuarial loss (gain) $ 4,217 $ (10,098) $ (25,597) $ (24,727) Net amount recognized (before tax effect) $ 4,217 $ (10,098) $ (25,597) $ (24,727) |
Schedule of Net Benefit Costs | The components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2023 2022 2021 2023 2022 2021 Components of net periodic benefit (credit) cost: Service cost $ 1,217 $ 1,207 $ 1,114 $ — $ — $ — Interest cost 27,027 16,539 14,230 13,044 7,898 7,274 Expected return on plan assets (39,470) (37,276) (42,168) — — — Amortization of prior service credits — — — (2,405) (2,405) (2,405) Recognized net actuarial loss 741 3,037 5,469 — 3,515 6,516 Settlement loss recognized — — 22 — — — Net periodic benefit (credit) cost $ (10,485) $ (16,493) $ (21,333) $ 10,639 $ 9,008 $ 11,385 The components of net periodic benefit cost are as follows: CWP Workers’ Compensation 2023 2022 2021 2023 2022 2021 Service cost $ 2,313 $ 2,905 $ 4,460 $ 5,597 $ 4,920 $ 4,236 Interest cost 8,285 5,060 4,710 2,514 1,369 1,127 Recognized net actuarial (gain) loss (1,045) 4,238 8,364 (2,049) (420) (179) State administrative fees and insurance bond premiums — — — 1,953 1,817 1,778 Net periodic benefit cost $ 9,553 $ 12,203 $ 17,534 $ 8,015 $ 7,686 $ 6,962 |
Schedule of Defined Benefit Plan with Accumulated Benefit Obligation in Excess of Plan Assets | The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets: As of December 31, 2023 2022 Projected benefit obligation $ 22,762 $ 22,535 Accumulated benefit obligation $ 22,464 $ 22,203 Fair value of plan assets $ — $ — |
Schedule of Weighted-Average Assumptions | The weighted-average assumptions used to determine benefit obligations are as follows: Pension Obligations at Other Postretirement Obligations at 2023 2022 2023 2022 Discount rate 5.15 % 5.41 % 5.14 % 5.43 % Rate of compensation increase 3.93 % 3.89 % — — The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended 2023 2022 2021 2023 2022 2021 Discount rate 5.41 % 2.83 % 2.46 % 5.43 % 2.79 % 2.39 % Expected long-term return on plan assets 5.81 % 4.75 % 5.60 % — — — Rate of compensation increase 3.89 % 3.78 % 3.76 % — — — |
Schedule of Health Care Cost Trend Rates | The assumed health care cost trend rates are as follows: At December 31, 2023 2022 Health care cost trend rate for next year 6.40 % 6.78 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.00 % 4.00 % Year that the rate reaches ultimate trend rate 2048 2048 |
Schedule of Fair Value of Plan Assets | The fair values of plan assets at December 31, 2023 and 2022 by asset category are as follows: Fair Value Measurements at December 31, 2023 Fair Value Measurements at December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category Cash/Accrued Income $ 116 $ 116 $ — $ — $ 101 $ 101 $ — $ — Mercer Common Collective Trusts (a) 549,455 — — — 540,124 — — — Total $ 549,571 $ 116 $ — $ — $ 540,225 $ 101 $ — $ — (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid in accordance with plan documents: Pension Other 2024 $ 40,937 $ 19,327 2025 $ 39,700 $ 19,207 2026 $ 41,409 $ 18,969 2027 $ 39,060 $ 18,490 2028 $ 38,717 $ 18,168 Year 2029-2033 $ 184,782 $ 85,644 The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other 2024 $ 15,071 $ 10,932 $ 9,009 $ 1,923 2025 $ 14,305 $ 10,958 $ 8,987 $ 1,971 2026 $ 13,636 $ 11,220 $ 9,200 $ 2,020 2027 $ 12,909 $ 11,246 $ 9,175 $ 2,071 2028 $ 12,440 $ 11,575 $ 9,452 $ 2,123 Year 2029-2033 $ 59,950 $ 60,729 $ 49,293 $ 11,436 |
Coal Workers' Pneumoconiosis _2
Coal Workers' Pneumoconiosis and Workers' Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2023 and 2022 is as follows: Pension Benefits Other Postretirement Benefits at December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of period $ 524,212 $ 723,006 $ 255,029 $ 353,297 Service cost 1,217 1,207 — — Interest cost 27,027 16,539 13,044 7,898 Actuarial loss (gain) 14,061 (173,233) (20,776) (84,810) Benefits and other payments (41,431) (43,307) (20,062) (21,356) Benefit obligation at end of period $ 525,086 $ 524,212 $ 227,235 $ 255,029 Change in plan assets: Fair value of plan assets at beginning of period $ 540,225 $ 733,966 $ — $ — Actual return on plan assets 49,239 (151,968) — — Company contributions 1,538 1,534 20,062 21,356 Benefits and other payments (41,431) (43,307) (20,062) (21,356) Fair value of plan assets at end of period $ 549,571 $ 540,225 $ — $ — Funded status: Noncurrent assets $ 47,246 $ 38,548 $ — $ — Current liabilities (1,953) (1,950) (19,327) (22,436) Noncurrent liabilities (20,808) (20,585) (207,908) (232,593) Net asset (obligation) recognized $ 24,485 $ 16,013 $ (227,235) $ (255,029) Amounts recognized in accumulated other comprehensive (loss) income consist of: Net actuarial loss (gain) $ 248,252 $ 244,700 $ (26,249) $ (5,473) Prior service credit — — (11,329) (13,734) Net amount recognized (before tax effect) $ 248,252 $ 244,700 $ (37,578) $ (19,207) The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2023 and 2022 is as follows: CWP Workers' Compensation 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of period $ 161,113 $ 215,871 $ 50,344 $ 67,261 State administrative fees and insurance bond premiums — — 1,953 1,817 Service cost 2,313 2,905 5,597 4,920 Interest cost 8,285 5,060 2,514 1,369 Actuarial loss (gain) 13,270 (46,498) (2,919) (14,422) Benefits paid (14,967) (16,225) (9,336) (10,601) Benefit obligation at end of period $ 170,014 $ 161,113 $ 48,153 $ 50,344 Funded status: Current assets $ — $ — $ 1,010 $ 1,058 Current liabilities (15,071) (12,723) (10,019) (10,451) Noncurrent liabilities (154,943) (148,390) (39,144) (40,951) Net obligation recognized $ (170,014) $ (161,113) $ (48,153) $ (50,344) Amounts recognized in accumulated other comprehensive (loss) income consist of: Net actuarial loss (gain) $ 4,217 $ (10,098) $ (25,597) $ (24,727) Net amount recognized (before tax effect) $ 4,217 $ (10,098) $ (25,597) $ (24,727) |
Schedule of Net Benefit Costs | The components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2023 2022 2021 2023 2022 2021 Components of net periodic benefit (credit) cost: Service cost $ 1,217 $ 1,207 $ 1,114 $ — $ — $ — Interest cost 27,027 16,539 14,230 13,044 7,898 7,274 Expected return on plan assets (39,470) (37,276) (42,168) — — — Amortization of prior service credits — — — (2,405) (2,405) (2,405) Recognized net actuarial loss 741 3,037 5,469 — 3,515 6,516 Settlement loss recognized — — 22 — — — Net periodic benefit (credit) cost $ (10,485) $ (16,493) $ (21,333) $ 10,639 $ 9,008 $ 11,385 The components of net periodic benefit cost are as follows: CWP Workers’ Compensation 2023 2022 2021 2023 2022 2021 Service cost $ 2,313 $ 2,905 $ 4,460 $ 5,597 $ 4,920 $ 4,236 Interest cost 8,285 5,060 4,710 2,514 1,369 1,127 Recognized net actuarial (gain) loss (1,045) 4,238 8,364 (2,049) (420) (179) State administrative fees and insurance bond premiums — — — 1,953 1,817 1,778 Net periodic benefit cost $ 9,553 $ 12,203 $ 17,534 $ 8,015 $ 7,686 $ 6,962 |
Schedule of Long-Term Disability Plan Components | The weighted-average discount rates used to determine benefit obligations and net periodic benefit costs are as follows: CWP Workers’ Compensation 2023 2022 2021 2023 2022 2021 Benefit obligations 5.14 % 5.40 % 2.85 % 5.12 % 5.38 % 2.74 % Net periodic benefit costs 5.40 % 2.85 % 2.53 % 5.38 % 2.74 % 2.35 % For the Years Ended 2023 2022 2021 Net periodic benefit costs $ 534 $ 546 $ 1,075 Discount rate assumption used to determine net periodic benefit costs 5.34 % 2.39 % 1.86 % |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid in accordance with plan documents: Pension Other 2024 $ 40,937 $ 19,327 2025 $ 39,700 $ 19,207 2026 $ 41,409 $ 18,969 2027 $ 39,060 $ 18,490 2028 $ 38,717 $ 18,168 Year 2029-2033 $ 184,782 $ 85,644 The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other 2024 $ 15,071 $ 10,932 $ 9,009 $ 1,923 2025 $ 14,305 $ 10,958 $ 8,987 $ 1,971 2026 $ 13,636 $ 11,220 $ 9,200 $ 2,020 2027 $ 12,909 $ 11,246 $ 9,175 $ 2,071 2028 $ 12,440 $ 11,575 $ 9,452 $ 2,123 Year 2029-2033 $ 59,950 $ 60,729 $ 49,293 $ 11,436 |
Other Employee Benefit Plans (T
Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Schedule of Long-Term Disability Plan Components | The weighted-average discount rates used to determine benefit obligations and net periodic benefit costs are as follows: CWP Workers’ Compensation 2023 2022 2021 2023 2022 2021 Benefit obligations 5.14 % 5.40 % 2.85 % 5.12 % 5.38 % 2.74 % Net periodic benefit costs 5.40 % 2.85 % 2.53 % 5.38 % 2.74 % 2.35 % For the Years Ended 2023 2022 2021 Net periodic benefit costs $ 534 $ 546 $ 1,075 Discount rate assumption used to determine net periodic benefit costs 5.34 % 2.39 % 1.86 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | The following table represents the nonvested restricted stock units and their corresponding fair value (based upon the closing share price) at the date of grant: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 861,878 $ 19.67 Granted 170,989 $ 62.51 Vested (465,247) $ 14.13 Forfeited (17,409) $ 42.38 Nonvested at December 31, 2023 550,211 $ 36.96 |
Schedule of Nonvested Performance-based Units Activity | The following table represents the nonvested performance share units and their corresponding fair value (based upon the closing share price and/or Monte Carlo simulation) on the date of grant: Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 74,109 $ 7.91 Granted 113,361 $ 26.83 Vested (147,898) $ 7.85 Forfeited (160) $ 35.49 Nonvested at December 31, 2023 39,412 $ 62.45 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Paid for Interest and Income Taxes | The following table shows cash paid for interest and income taxes for the periods indicated. For the Years Ended December 31, 2023 2022 2021 Cash Paid For: Interest (net of amounts capitalized) $ 29,251 $ 50,844 $ 54,401 Income taxes (net of refunds received) $ 111,304 $ 55,753 $ 3,199 |
Concentration of Credit Risk _2
Concentration of Credit Risk and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Credit Risk | Concentration of credit risk is summarized below: December 31, 2023 2022 Electric coal utilities $ 28,870 $ 82,608 Coal exporters and industrial customers 85,080 51,548 Steel and coke producers 29,340 24,230 Other 4,788 1,472 Total Trade Receivables 148,078 159,858 Less: Allowance for credit losses (466) (1,731) Total Trade Receivables, net $ 147,612 $ 158,127 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The fair value of derivatives reflected in the accompanying Consolidated Balance Sheets are set forth in the table below. December 31, 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) | 12 Months Ended |
Dec. 31, 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 Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Commodity Derivatives $ — $ — $ — $ — $ (15,142) $ — U.S Treasury Securities $ 81,932 $ — $ — $ — $ — $ — |
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: December 31, 2023 December 31, 2022 Carrying Amount Fair Carrying Amount Fair Long-Term Debt (Excluding Debt Issuance Costs) $ 185,206 $ 199,591 $ 350,572 $ 365,789 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | Amount of Commitment Expiration per Period Total Less Than 1-3 Years 3-5 Years Beyond Letters of Credit: Employee-Related $ 48,034 $ 31,884 $ 16,150 $ — $ — Environmental 398 — 398 — — Other 134,841 110,595 24,246 — — Total Letters of Credit $ 183,273 $ 142,479 $ 40,794 $ — $ — Surety Bonds: Employee-Related $ 80,210 $ 80,210 $ — $ — $ — Environmental 523,715 523,715 — — — Other 3,867 3,867 — — — Total Surety Bonds $ 607,792 $ 607,792 $ — $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Reportable segment results for the year ended December 31, 2023 are: PAMC CONSOL Marine Terminal Other, Corporate and Eliminations Consolidated Coal Revenue $ 2,024,610 $ — $ 81,756 $ 2,106,366 Terminal Revenue — 106,166 — 106,166 Freight Revenue 278,348 — 15,755 294,103 Total Revenue from Contracts with Customers $ 2,302,958 $ 106,166 $ 97,511 $ 2,506,635 Adjusted EBITDA $ 1,019,161 $ 80,322 $ (51,795) $ 1,047,688 Segment Assets $ 1,582,434 $ 83,322 $ 1,009,247 $ 2,675,003 Depreciation, Depletion and Amortization $ 202,833 $ 4,671 $ 33,813 $ 241,317 Capital Expenditures $ 144,550 $ 4,568 $ 18,673 $ 167,791 Reportable segment results for the year ended December 31, 2022 are: PAMC CONSOL Marine Terminal Other, Corporate and Eliminations Consolidated Coal Revenue $ 1,973,884 $ — $ 44,778 $ 2,018,662 Terminal Revenue — 78,915 — 78,915 Freight Revenue 177,610 — 4,831 182,441 Total Revenue from Contracts with Customers $ 2,151,494 $ 78,915 $ 49,609 $ 2,280,018 Adjusted EBITDA $ 773,095 $ 52,259 $ (18,621) $ 806,733 Segment Assets $ 1,756,368 $ 82,333 $ 865,676 $ 2,704,377 Depreciation, Depletion and Amortization $ 200,320 $ 4,604 $ 21,954 $ 226,878 Capital Expenditures $ 107,401 $ 4,646 $ 59,459 $ 171,506 Reportable segment results for the year ended December 31, 2021 are: PAMC CONSOL Marine Terminal Other, Corporate and Eliminations Consolidated Coal Revenue $ 1,085,080 $ — $ 6,942 $ 1,092,022 Terminal Revenue — 65,193 — 65,193 Freight Revenue 103,819 — — 103,819 Total Revenue from Contracts with Customers $ 1,188,899 $ 65,193 $ 6,942 $ 1,261,034 Adjusted EBITDA $ 360,480 $ 43,491 $ (25,725) $ 378,246 Segment Assets $ 1,773,609 $ 108,877 $ 691,031 $ 2,573,517 Depreciation, Depletion and Amortization $ 206,727 $ 4,834 $ 13,022 $ 224,583 Capital Expenditures $ 100,896 $ 974 $ 30,882 $ 132,752 |
Schedule of Revenue by Major Customers by Reporting Segments | For the years ended December 31, 2023, 2022 and 2021, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales: For the Years Ended December 31, 2023 2022 2021 Customer A $ 286,041 * $ 170,901 Customer B $ 283,115 * * Customer C * $ 368,502 * Customer D * $ 328,994 $ 186,622 Customer E * * $ 141,968 * Revenues from these customers during the periods presented were less than 10% of the Company's total sales. |
Schedule of Reconciliation of Revenue from Segments to Consolidated | For the Years Ended December 31, 2023 2022 2021 Total Segment Revenue from Contracts with Customers $ 2,506,635 $ 2,280,018 $ 1,261,034 Loss on Commodity Derivatives, net — (237,024) (52,204) Other Income not Allocated to Segments (Note 3) 53,261 24,354 38,394 Gain on Sale of Assets 8,981 34,589 11,723 Total Consolidated Revenue and Other Income $ 2,568,877 $ 2,101,937 $ 1,258,947 |
Schedule of Adjusted EBITDA | For the Year Ended December 31, 2023 PAMC CONSOL Marine Terminal Other Total Net Income (Loss) $ 810,234 $ 69,253 $ (223,595) $ 655,892 Income Tax Expense — — 121,980 121,980 Interest Expense — 6,097 23,228 29,325 Interest Income (2,344) — (11,253) (13,597) Depreciation, Depletion and Amortization 202,833 4,671 33,813 241,317 Stock-Based Compensation 8,438 301 1,307 10,046 Loss on Debt Extinguishment — — 2,725 2,725 Adjusted EBITDA $ 1,019,161 $ 80,322 $ (51,795) $ 1,047,688 For the Year Ended December 31, 2022 PAMC CONSOL Marine Terminal Other Total Net Income (Loss) $ 620,208 $ 41,223 $ (194,452) $ 466,979 Income Tax Expense — — 101,458 101,458 Interest Expense — 6,116 46,524 52,640 Interest Income (1,857) — (4,174) (6,031) Depreciation, Depletion and Amortization 200,320 4,604 21,954 226,878 Stock-Based Compensation 6,628 316 946 7,890 Loss on Debt Extinguishment — — 5,623 5,623 Equity Affiliate Adjustments — — 3,500 3,500 Fair Value Adjustment of Commodity Derivative Instruments (52,204) — — (52,204) Adjusted EBITDA $ 773,095 $ 52,259 $ (18,621) $ 806,733 For the Year Ended December 31, 2021 PAMC CONSOL Marine Terminal Other Total Net Income (Loss) $ 94,161 $ 32,251 $ (92,302) $ 34,110 Income Tax Expense — — 1,297 1,297 Interest Expense 1,710 6,141 55,491 63,342 Interest Income (90) — (3,197) (3,287) Depreciation, Depletion and Amortization 206,727 4,834 13,022 224,583 Stock-Based Compensation 5,768 265 599 6,632 Gain on Debt Extinguishment — — (657) (657) Pension Settlement — — 22 22 Fair Value Adjustment of Commodity Derivative Instruments 52,204 — — 52,204 Adjusted EBITDA $ 360,480 $ 43,491 $ (25,725) $ 378,246 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||||
Restricted cash | $ 43,897 | $ 53,882 | |||
Capitalized interest costs | 3,981 | $ 5,425 | $ 2,425 | ||
Impairment losses | $ 0 | $ 0 | $ 0 | ||
Preferred stock, shares authorized, (in shares) | 500,000 | ||||
Preferred stock, shares issued, (in shares) | 0 | ||||
Preferred stock, shares outstanding, (in shares) | 0 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Useful Life of Property, Plant and Equipment (Details) | Dec. 31, 2023 |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of property, plant and equipment | 10 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of property, plant and equipment | 3 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of property, plant and equipment | 45 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of property, plant and equipment | 25 years |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,146 | 942 | 45,653 |
Anti-Dilutive Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,146 | 942 | 45,653 |
Anti-Dilutive Performance Share Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Basic and Dilutive Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net Income | $ 655,892 | $ 466,979 | $ 34,110 |
Denominator: | |||
Weighted-average shares of common stock outstanding (in shares) | 32,941,654 | 34,811,906 | 34,404,360 |
Effect of dilutive shares, (in shares) | 200,353 | 906,349 | 984,198 |
Weighted-average diluted shares of common stock outstanding (in shares) | 33,142,007 | 35,718,255 | 35,388,558 |
Earnings per Share: | |||
Basic (in dollars per share) | $ 19.91 | $ 13.41 | $ 0.99 |
Dilutive (in dollars per share) | $ 19.79 | $ 13.07 | $ 0.96 |
Significant Accounting Polici_8
Significant Accounting Policies - Schedule of Common Stock Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Shares, Outstanding [Roll Forward] | |||
Balance, beginning of year (in shares) | 34,746,904 | 34,480,181 | 34,031,374 |
Retirement related to stock repurchase (in shares) | (5,224,016) | (124,454) | 0 |
Issuance related to stock-based compensation (in shares) | 387,551 | 391,177 | 448,807 |
Balance, end of year (in shares) | 29,910,439 | 34,746,904 | 34,480,181 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | $ 2,506,635 | $ 2,280,018 | $ 1,261,034 |
Coal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 2,106,366 | 2,018,662 | 1,092,022 |
Power Generation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 1,019,180 | 1,302,313 | 689,983 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 772,642 | 411,103 | 308,380 |
Metallurgical | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 314,544 | 305,246 | 93,659 |
Terminal Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 106,166 | 78,915 | 65,193 |
Freight Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 294,103 | 182,441 | 103,819 |
Domestic | Coal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 717,633 | 944,534 | 590,941 |
Domestic | Power Generation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 672,509 | 908,666 | 571,622 |
Domestic | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 34,453 | 19,231 | 12,377 |
Domestic | Metallurgical | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 10,671 | 16,637 | 6,942 |
Export | Coal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 1,388,733 | 1,074,128 | 501,081 |
Export | Power Generation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 346,671 | 393,647 | 118,361 |
Export | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | 738,189 | 391,872 | 296,003 |
Export | Metallurgical | |||
Disaggregation of Revenue [Line Items] | |||
Revenue and Other Income: | $ 303,873 | $ 288,609 | $ 86,717 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Capitalized contract cost | $ 0 | $ 0 | |
Amortization of capitalized contract cost | 0 | 0 | $ 0 |
Revenue recognized | $ 0 | $ 0 | $ 0 |
Miscellaneous Other Income (Det
Miscellaneous Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Contract Buyout | $ 16,350 | $ 0 | $ 0 |
Interest Income | 13,597 | 6,031 | 3,287 |
Royalty Income - Non-Operated Coal | 8,855 | 10,258 | 8,661 |
Rental Income | 2,129 | 2,239 | 1,095 |
Sale of Certain Mining Rights | 0 | 0 | 21,756 |
Other | 12,330 | 5,826 | 3,595 |
Miscellaneous Other Income | $ 53,261 | $ 24,354 | $ 38,394 |
Stock and Debt Repurchases - Na
Stock and Debt Repurchases - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2022 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||
Aggregate authorized amount | $ 1,000,000 | ||||||
Stock repurchased and retired during period (in shares) | 5,224,016 | 124,454 | 0 | ||||
Treasury stock acquired, average cost per share (in dollars per share) | $ 75.69 | $ 64.18 | |||||
Stock repurchased during period (in shares) | 0 | 0 | |||||
Senior Secured Second Lien Notes due 2025 | |||||||
Class of Stock [Line Items] | |||||||
Repayments of debt | $ 101,832 | $ 52,074 | $ 17,092 | ||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||||||
Class of Stock [Line Items] | |||||||
Stated interest rate percentage | 11% | 11% | 11% | ||||
Repayments of debt | $ 25,687 | $ 26,387 | $ 101,832 | $ 26,387 | 17,092 | ||
Repurchased face amount | $ 99,107 | $ 25,000 | $ 18,040 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
U.S. Federal | $ 100,572 | $ 45,068 | $ 13,769 |
U.S. State | 7,287 | 7,238 | 2,145 |
Non-U.S. | 0 | (235) | 143 |
Current Income Tax Expense (Benefit), Total | 107,859 | 52,071 | 16,057 |
Deferred: | |||
U.S. Federal | 12,528 | 37,154 | (16,657) |
U.S. State | 1,593 | 12,233 | 1,897 |
Deferred Income Tax Expense (Benefit), Total | 14,121 | 49,387 | (14,760) |
Total Income Tax Expense | $ 121,980 | $ 101,458 | $ 1,297 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount | |||
Statutory U.S. federal income tax rate | $ 163,353 | $ 119,372 | $ 7,436 |
State income taxes, net of federal tax benefit | 7,618 | 11,110 | (642) |
Effect of foreign income taxes | 0 | (241) | 125 |
Excess tax depletion | (26,802) | (32,431) | (10,535) |
Foreign derived intangible income | (23,545) | (4,906) | 0 |
Uncertain tax positions | 36 | (792) | 1,473 |
Compensation | 2,284 | 4,178 | 3,192 |
Valuation allowance | 0 | (937) | (544) |
Tax credits | (700) | (350) | (210) |
State rate change and prior period adjustments | (809) | 5,397 | 642 |
Other | 545 | 1,058 | 360 |
Total Income Tax Expense | $ 121,980 | $ 101,458 | $ 1,297 |
Percent | |||
Statutory U.S. federal income tax rate | 21% | 21% | 21% |
State income taxes, net of federal tax benefit | 1% | 2% | (1.80%) |
Effect of foreign income taxes | 0% | 0% | 0.40% |
Excess tax depletion | (3.50%) | (5.70%) | (29.80%) |
Foreign derived intangible income | (3.00%) | (0.90%) | 0% |
Uncertain tax positions | 0% | (0.10%) | 4.20% |
Compensation | 0.30% | 0.70% | 9% |
Valuation allowance | 0% | (0.20%) | (1.50%) |
Tax credits | (0.10%) | (0.10%) | (0.60%) |
State rate change and prior period adjustments | (0.10%) | 0.90% | 1.80% |
Other | 0.10% | 0.20% | 1% |
Effective Rate | 15.70% | 17.80% | 3.70% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Asset: | ||
Postretirement benefits other than pensions | $ 47,730,000 | $ 56,119,000 |
Asset retirement obligations | 41,400,000 | 44,680,000 |
Pneumoconiosis benefits | 33,867,000 | 33,946,000 |
Compensation | 8,317,000 | 8,826,000 |
Workers' compensation | 6,461,000 | 7,099,000 |
State bonus, net of Federal | 1,917,000 | 2,973,000 |
Long-term disability | 1,280,000 | 1,463,000 |
Operating lease liability | 1,033,000 | 46,000 |
Net operating loss | 238,000 | 211,000 |
Financing | 124,000 | 838,000 |
Other | 8,910,000 | 4,957,000 |
Total Deferred Tax Asset | 151,277,000 | 161,158,000 |
Valuation Allowance | 0 | 0 |
Net Deferred Tax Asset | 151,277,000 | 161,158,000 |
Deferred Tax Liability: | ||
Equity Partnerships | (122,220,000) | (118,231,000) |
Property, plant and equipment | (52,409,000) | (54,322,000) |
Advance mining royalties | (6,476,000) | (6,782,000) |
Salary retirement | (5,468,000) | (3,737,000) |
Right of use assets | (923,000) | 0 |
Total Deferred Tax Liability | (187,496,000) | (183,072,000) |
Net Deferred Tax Liability | $ (36,219,000) | $ (21,914,000) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 0 | $ 0 | |
Unrecognized tax benefits | 1,987,000 | $ 1,941,000 | $ 3,633,000 |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 238,000 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 1,941 | $ 3,633 |
Additions based on tax positions related to the current year | 22 | 384 |
Additions for tax positions of prior years | 24 | 0 |
Reductions for tax positions of prior years | 0 | (1,168) |
Reductions due to the statute of limitations | 0 | 0 |
Settlements | 0 | (908) |
Ending balance | $ 1,987 | $ 1,941 |
Cash, Cash Equivalents, and S_3
Cash, Cash Equivalents, and Short-Term Investments - Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and Cash Equivalents | $ 199,371 | $ 273,070 | ||
Restricted Cash - Current | 43,897 | 40,366 | ||
Restricted Cash - Non-current | 0 | 13,516 | ||
Cash and Cash Equivalents and Restricted Cash | $ 243,268 | $ 326,952 | $ 198,206 | $ 50,850 |
Cash, Cash Equivalents, and S_4
Cash, Cash Equivalents, and Short-Term Investments - Debt Securities, Available-for-Sale (Details) - U.S Treasury Securities $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | $ 81,829 |
Allowance for Credit Losses | 0 |
Gains | 103 |
Losses | 0 |
Fair Value | $ 81,932 |
Credit Losses - Schedule of All
Credit Losses - Schedule of Allowance for Credit Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Trade Receivables | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 1,731 |
Provision for expected credit losses | (1,265) |
Write-off of uncollectible accounts | 0 |
Ending balance | 466 |
Other Non-Trade Contractual Arrangements | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | 7,051 |
Provision for expected credit losses | 498 |
Write-off of uncollectible accounts | (45) |
Ending balance | $ 7,504 |
Asset Retirement Obligations -
Asset Retirement Obligations - Schedule of Change in Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at Beginning of Period | $ 251,502 | $ 238,118 |
Accretion Expense | 19,843 | 18,747 |
Payments | (22,771) | (18,025) |
Revisions in Estimated Cash Flows | 4,533 | 12,801 |
Other | (11,915) | (139) |
Balance at End of Period | $ 241,192 | $ 251,502 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Gain (loss) on disposition of degasification wells | $ (11,915) | $ (139) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Coal | $ 17,128 | $ 11,315 |
Supplies | 71,026 | 54,975 |
Total Inventories | $ 88,154 | $ 66,290 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | $ 5,552,404 | $ 5,408,577 |
Less—Accumulated Depreciation, Depletion and Amortization | 3,649,281 | 3,448,495 |
Total Property, Plant and Equipment—Net | 1,903,123 | 1,960,082 |
Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 3,458,655 | 3,330,755 |
Coal Properties and Surface Lands | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 906,343 | 898,628 |
Airshafts | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 492,806 | 481,090 |
Mine Development | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 366,260 | 366,241 |
Advance Mining Royalties | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | $ 328,340 | $ 331,863 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Gross assets under finance leases | $ 44,622 | $ 90,516 | |
Accumulated amortization for finance leases | 31,873 | 54,028 | |
Amortization of right of use assets | $ 25,400 | $ 24,206 | $ 27,846 |
Accounts Receivable Securitiz_2
Accounts Receivable Securitization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments of financing costs | $ 2,779 | $ 7,957 | $ 2,368 |
Line of Credit | Accounts Receivable Securitization Facility | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum borrowing capacity | $ 100,000 | ||
Commitment fee percentage | 6% | ||
Accounts receivable eligible for securitization | $ 72,125 | 85,179 | |
Fair value of amount outstanding | 0 | 0 | |
Letters of credit outstanding | 72,087 | 83,465 | |
Remaining borrowing capacity | 38 | 1,714 | |
Payments of financing costs | $ 1,423 | $ 1,101 | $ 1,048 |
Line of Credit | Accounts Receivable Securitization Facility | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fee percentage | 200% | ||
Line of Credit | Accounts Receivable Securitization Facility | Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fee percentage | 25% |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Subsidence Liability | $ 105,322 | $ 96,623 |
Accrued Compensation and Benefits | 73,763 | 67,893 |
Accrued Other Taxes | 12,276 | 10,551 |
Deferred Revenue | 9,517 | 966 |
Accrued Interest | 6,283 | 7,942 |
Other | 10,457 | 10,427 |
Current Portion of Long-Term Liabilities: | ||
Asset Retirement Obligations | 28,571 | 29,644 |
Postretirement Benefits Other than Pensions | 19,327 | 22,436 |
Pneumoconiosis Benefits | 15,071 | 12,723 |
Workers' Compensation | 10,019 | 10,451 |
Total Other Accrued Liabilities | $ 290,606 | $ 269,656 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2021 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 185,206 | |||
Less: Unamortized Debt Issuance Costs | (1,686) | $ (3,721) | ||
Principal amount | 183,520 | 346,851 | ||
Less: amounts due in one year | (1,635) | (4,741) | ||
Long-Term Debt | 181,885 | 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% | 900% | ||
Advance Royalty Commitments | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 5,922 | $ 7,716 | ||
Weighted average interest rate | 8.80% | 8.09% | ||
Other Asset Backed Financing | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 1,419 | $ 2,400 | ||
Loans Payable | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Current portion of finance lease obligations | 9,471 | 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% | |||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | $ 99,107 | ||
Stated interest rate percentage | 11% | 11% | 11% |
Long-term Debt - Schedule of Un
Long-term Debt - Schedule of Undiscounted Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 1,635 |
2025 | 103,900 |
2026 | 883 |
2027 | 816 |
2028 | 75,697 |
Thereafter | 2,275 |
Total Long-Term Debt Maturities | $ 185,206 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) T in Billions | 1 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) T | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jun. 30, 2022 | Dec. 31, 2018 | Nov. 30, 2017 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Number of tons | T | 1.3 | ||||||||||
Segment Assets | $ 2,675,003,000 | $ 2,704,377,000 | $ 2,573,517,000 | ||||||||
Net Income (Loss) | 655,892,000 | 466,979,000 | 34,110,000 | ||||||||
Gain (loss) on extinguishment of debt | 2,725,000 | 5,623,000 | (657,000) | ||||||||
Proceeds from reimbursements from qualified expenses | 24,705,000 | 11,196,000 | |||||||||
Restricted cash | 43,897,000 | 53,882,000 | |||||||||
Non-Guarantor Subsidiaries | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Segment Assets | 147,918,000 | 158,877,000 | |||||||||
Trade receivables | 147,612,000 | 158,127,000 | |||||||||
Net Income (Loss) | 5,129,000 | 12,330,000 | (54,000) | ||||||||
Senior Secured Second Lien Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | $ 101,832,000 | 52,074,000 | 17,092,000 | ||||||||
PEDFA Solid Waste Disposal Revenue Bonds | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate percentage | 900% | 9% | |||||||||
Aggregate principal amount | $ 75,000,000 | ||||||||||
Initial term | 7 years | ||||||||||
Restricted cash | $ 12,177,000 | $ 35,516,000 | |||||||||
Line of Credit | Debt Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, covenant, first lien gross leverage ratio, maximum | 1.50 | ||||||||||
Debt instrument, covenant, leverage ratio, maximum | 2.50 | ||||||||||
Minimum fixed charge coverage ratio | 1.10 | ||||||||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate percentage | 11% | 11% | 11% | ||||||||
Repayments of debt | $ 25,687,000 | $ 26,387,000 | $ 101,832,000 | $ 26,387,000 | 17,092,000 | ||||||
Repurchased face amount | 99,107,000 | 25,000,000 | $ 18,040,000 | ||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings outstanding | 0 | 0 | |||||||||
Revolving Credit Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 355,000 | $ 260,000 | $ 300,000,000 | ||||||||
Line of credit facility, maximum borrowing capacity, option to increase, maximum increase amount | 45,000 | ||||||||||
Line of credit facility, maximum borrowing capacity, option to increase, maximum amount | $ 400,000 | ||||||||||
Letters of credit outstanding | 111,186,000 | 103,029,000 | |||||||||
Remaining borrowing capacity | $ 243,814,000 | $ 296,971,000 | |||||||||
Revolving Credit Facility and TLA Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
First lien gross leverage ratio | 0.01 | ||||||||||
Debt instrument covenant net leverage ratio | 0.08 | ||||||||||
Debt instrument, covenant, fixed charge coverage ratio | 3.42 |
Leases - Schedule of Components
Leases - Schedule of Components of Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Fixed operating lease expense | $ 6,447 | $ 11,467 | |
Variable operating lease expense | 8,358 | 10,752 | |
Total operating lease expense | 14,805 | 22,219 | |
Operating lease payments | 6,148 | 22,020 | |
Amortization of right of use assets | 25,400 | 24,206 | $ 27,846 |
Interest expense | 1,712 | 2,751 | |
Total finance lease expense | $ 27,112 | $ 26,957 | |
Weighted average remaining lease term (in years) | 1 year 7 months 20 days | 1 year 7 months 13 days | |
Weighted average discount rate | 6.68% | 6.53% |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Right of Use Asset - Operating Leases | $ 14,658 | $ 19,799 |
Current Liabilities: | ||
Operating Lease Liabilities | 4,769 | 4,922 |
Long-Term Debt: | ||
Operating Lease Liabilities | 10,385 | 15,073 |
Total Operating Lease Liabilities | $ 15,154 | $ 19,995 |
Weighted average remaining lease term (in years) | 4 years 5 months 15 days | 4 years 9 months 29 days |
Weighted average discount rate | 7.21% | 7.13% |
Leases - Schedule of Future Mat
Leases - Schedule of Future Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Leases | ||
2024 | $ 10,045 | |
2025 | 3,649 | |
2026 | 487 | |
2027 | 369 | |
2028 | 149 | |
Thereafter | 0 | |
Total minimum lease payments | 14,699 | |
Less amount representing interest | 1,046 | |
Present value of minimum lease payments | 13,653 | |
Operating Leases | ||
2024 | 5,669 | |
2025 | 4,135 | |
2026 | 4,011 | |
2027 | 658 | |
2028 | 638 | |
Thereafter | 2,799 | |
Total minimum lease payments | 17,910 | |
Less amount representing interest | 2,756 | |
Present value of minimum lease payments | $ 15,154 | $ 19,995 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expense due to settlement | $ 3,500 | ||
Adjustment to other comprehensive income, net of taxes | $ 0 | 0 | $ 16 |
Adjustment to other comprehensive income, tax | $ 0 | 0 | (6) |
Assumed time horizon (years) | 20 years | ||
Other postretirement benefit plan assets | $ 549,571 | 540,225 | |
Expected benefits payable | $ 10,932 | ||
United States Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 100% | ||
Non U.S. Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 900% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expense due to settlement | $ 0 | 0 | (22) |
Decrease for remeasurement due to settlement | 1,009 | ||
Adjustment to other comprehensive income, net of taxes | 766 | ||
Adjustment to other comprehensive income, tax | 265 | ||
Other postretirement benefit plan assets | 549,571 | 540,225 | 733,966 |
Expected benefits payable | 40,937 | ||
Pension Benefits | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected benefits payable | 1,953 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expense due to settlement | 0 | 0 | 0 |
Other postretirement benefit plan assets | 0 | 0 | $ 0 |
Expected benefits payable | $ 19,327 | ||
Commodity Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expense due to settlement | $ 22 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans - Schedule of Changes in Accumulated Postemployment Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | $ 540,225 | ||
Fair value of plan assets at end of period | 549,571 | $ 540,225 | |
Funded status: | |||
Salary Retirement | 47,246 | 38,548 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 524,212 | 723,006 | |
Service cost | 1,217 | 1,207 | $ 1,114 |
Interest cost | 27,027 | 16,539 | 14,230 |
Actuarial loss (gain) | 14,061 | (173,233) | |
Benefits and other payments | (41,431) | (43,307) | |
Benefit obligation at end of period | 525,086 | 524,212 | 723,006 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 540,225 | 733,966 | |
Actual return on plan assets | 49,239 | (151,968) | |
Company contributions | 1,538 | 1,534 | |
Benefits and other payments | (41,431) | (43,307) | |
Fair value of plan assets at end of period | 549,571 | 540,225 | 733,966 |
Funded status: | |||
Salary Retirement | 47,246 | 38,548 | |
Current liabilities | (1,953) | (1,950) | |
Noncurrent liabilities | (20,808) | (20,585) | |
Net asset (obligation) recognized | 24,485 | 16,013 | |
Amounts recognized in accumulated other comprehensive (loss) income consist of: | |||
Net actuarial loss (gain) | 248,252 | 244,700 | |
Prior service credit | 0 | 0 | |
Net amount recognized (before tax effect) | 248,252 | 244,700 | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 255,029 | 353,297 | |
Service cost | 0 | 0 | 0 |
Interest cost | 13,044 | 7,898 | 7,274 |
Actuarial loss (gain) | (20,776) | (84,810) | |
Benefits and other payments | (20,062) | (21,356) | |
Benefit obligation at end of period | 227,235 | 255,029 | 353,297 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 20,062 | 21,356 | |
Benefits and other payments | (20,062) | (21,356) | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded status: | |||
Salary Retirement | 0 | 0 | |
Current liabilities | (19,327) | (22,436) | |
Noncurrent liabilities | (207,908) | (232,593) | |
Net asset (obligation) recognized | (227,235) | (255,029) | |
Amounts recognized in accumulated other comprehensive (loss) income consist of: | |||
Net actuarial loss (gain) | (26,249) | (5,473) | |
Prior service credit | (11,329) | (13,734) | |
Net amount recognized (before tax effect) | $ (37,578) | $ (19,207) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss recognized | $ (3,500) | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,217 | 1,207 | $ 1,114 |
Interest cost | 27,027 | 16,539 | 14,230 |
Expected return on plan assets | (39,470) | (37,276) | (42,168) |
Amortization of prior service credits | 0 | 0 | 0 |
Recognized net actuarial loss | 741 | 3,037 | 5,469 |
Settlement loss recognized | 0 | 0 | 22 |
Net periodic benefit (credit) cost | (10,485) | (16,493) | (21,333) |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 13,044 | 7,898 | 7,274 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credits | (2,405) | (2,405) | (2,405) |
Recognized net actuarial loss | 0 | 3,515 | 6,516 |
Settlement loss recognized | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ 10,639 | $ 9,008 | $ 11,385 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans - Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 22,762 | $ 22,535 |
Accumulated benefit obligation | 22,464 | 22,203 |
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans - Schedule of Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 5.15% | 5.41% | |
Rate of compensation increase | 3.93% | 3.89% | |
Discount rate | 5.41% | 2.83% | 2.46% |
Expected long-term return on plan assets | 5.81% | 4.75% | 5.60% |
Rate of compensation increase | 3.89% | 3.78% | 3.76% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 5.14% | 5.43% | |
Rate of compensation increase | 0% | 0% | |
Discount rate | 5.43% | 2.79% | 2.39% |
Expected long-term return on plan assets | 0% | 0% | 0% |
Rate of compensation increase | 0% | 0% | 0% |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans - Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefits | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate for next year | 6.40% | 6.78% |
Rate to which the cost trend is assumed to decline (ultimate trend rate) | 4% | 4% |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans - Schedule of Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | $ 549,571 | $ 540,225 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 116 | 101 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 0 | 0 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 0 | 0 |
Defined Benefit Plan, Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 116 | 101 |
Defined Benefit Plan, Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 116 | 101 |
Defined Benefit Plan, Cash and Cash Equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 0 | 0 |
Defined Benefit Plan, Cash and Cash Equivalents | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 0 | 0 |
Private Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 549,455 | 540,124 |
Private Equity Funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 0 | 0 |
Private Equity Funds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | 0 | 0 |
Private Equity Funds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other postretirement benefit plan assets | $ 0 | $ 0 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 10,932 |
2025 | 10,958 |
2026 | 11,220 |
2027 | 11,246 |
2028 | 11,575 |
Year 2029-2033 | 60,729 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 40,937 |
2025 | 39,700 |
2026 | 41,409 |
2027 | 39,060 |
2028 | 38,717 |
Year 2029-2033 | 184,782 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 19,327 |
2025 | 19,207 |
2026 | 18,969 |
2027 | 18,490 |
2028 | 18,168 |
Year 2029-2033 | $ 85,644 |
Coal Workers' Pneumoconiosis _3
Coal Workers' Pneumoconiosis and Workers' Compensation - Schedule of Changes in Accumulated Postemployment Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligation: | |||
Current assets | $ 47,246 | $ 38,548 | |
CWP Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 161,113 | 215,871 | |
State administrative fees and insurance bond premiums | 0 | 0 | $ 0 |
Service cost | 2,313 | 2,905 | 4,460 |
Interest cost | 8,285 | 5,060 | 4,710 |
Actuarial loss (gain) | 13,270 | (46,498) | |
Benefits and other payments | (14,967) | (16,225) | |
Benefit obligation at end of period | 170,014 | 161,113 | 215,871 |
Current assets | 0 | 0 | |
Current liabilities | (15,071) | (12,723) | |
Noncurrent liabilities | (154,943) | (148,390) | |
Net asset (obligation) recognized | (170,014) | (161,113) | |
Net actuarial loss (gain) | 4,217 | (10,098) | |
Net amount recognized (before tax effect) | 4,217 | (10,098) | |
Workers Compensation | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 50,344 | 67,261 | |
State administrative fees and insurance bond premiums | 1,953 | 1,817 | 1,778 |
Service cost | 5,597 | 4,920 | 4,236 |
Interest cost | 2,514 | 1,369 | 1,127 |
Actuarial loss (gain) | (2,919) | (14,422) | |
Benefits and other payments | (9,336) | (10,601) | |
Benefit obligation at end of period | 48,153 | 50,344 | $ 67,261 |
Current assets | 1,010 | 1,058 | |
Current liabilities | (10,019) | (10,451) | |
Noncurrent liabilities | (39,144) | (40,951) | |
Net asset (obligation) recognized | (48,153) | (50,344) | |
Net actuarial loss (gain) | (25,597) | (24,727) | |
Net amount recognized (before tax effect) | $ (25,597) | $ (24,727) |
Coal Workers' Pneumoconiosis _4
Coal Workers' Pneumoconiosis and Workers' Compensation - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CWP Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,313 | $ 2,905 | $ 4,460 |
Interest cost | 8,285 | 5,060 | 4,710 |
Recognized net actuarial loss | (1,045) | 4,238 | 8,364 |
State administrative fees and insurance bond premiums | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 9,553 | 12,203 | 17,534 |
Workers Compensation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5,597 | 4,920 | 4,236 |
Interest cost | 2,514 | 1,369 | 1,127 |
Recognized net actuarial loss | (2,049) | (420) | (179) |
State administrative fees and insurance bond premiums | 1,953 | 1,817 | 1,778 |
Net periodic benefit (credit) cost | $ 8,015 | $ 7,686 | $ 6,962 |
Coal Workers' Pneumoconiosis _5
Coal Workers' Pneumoconiosis and Workers' Compensation - Schedule of Weighted Average Discount Rates (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CWP Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 5.14% | 5.40% | 2.85% |
Net periodic benefit costs | 5.40% | 2.85% | 2.53% |
Workers Compensation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 5.12% | 5.38% | 2.74% |
Net periodic benefit costs | 5.38% | 2.74% | 2.35% |
Coal Workers' Pneumoconiosis _6
Coal Workers' Pneumoconiosis and Workers' Compensation - Schedule of Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 10,932 |
2025 | 10,958 |
2026 | 11,220 |
2027 | 11,246 |
2028 | 11,575 |
Year 2029-2033 | 60,729 |
CWP Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 15,071 |
2025 | 14,305 |
2026 | 13,636 |
2027 | 12,909 |
2028 | 12,440 |
Year 2029-2033 | 59,950 |
Actuarial Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 9,009 |
2025 | 8,987 |
2026 | 9,200 |
2027 | 9,175 |
2028 | 9,452 |
Year 2029-2033 | 49,293 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 1,923 |
2025 | 1,971 |
2026 | 2,020 |
2027 | 2,071 |
2028 | 2,123 |
Year 2029-2033 | $ 11,436 |
Other Employee Benefit Plans -
Other Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution | 600% | ||
Defined contribution plan costs | $ 12,348 | $ 10,216 | $ 9,117 |
Employer discretionary contribution amount | 10,517 | 9,378 | |
Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer discretionary contribution percent | 100% | ||
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer discretionary contribution percent | 600% | ||
Retiree Health Benefit Act of 1992 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Total employer contribution | $ 3,552 | 4,099 | 4,760 |
Withdrawal obligation | 32,896 | ||
Non Pension Multiemployer Plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Letters of credit outstanding | 12,890 | 15,221 | $ 16,199 |
Long Term Disability | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined benefit plan, benefit obligation | $ 6,803 | $ 7,241 |
Other Employee Benefit Plans _2
Other Employee Benefit Plans - Schedule of Long-Term Disability Plan Components (Details) - Long Term Disability - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 534 | $ 546 | $ 1,075 |
Discount rate | 5.34% | 2.39% | 1.86% |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 2,600,000 | ||
Deferred tax benefit | $ 2,244 | $ 1,842 | $ 1,657 |
Urecognized compensation cost | $ 7,506 | ||
Weighted-average recognition period (years) | 1 year 8 months 8 days | ||
Anti-Dilutive Restricted Stock Units | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Fair value of restricted stock units vested | $ 8,359 | 5,420 | 6,716 |
Anti-Dilutive Performance Share Units | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Fair value of restricted stock units vested | 1,161 | 1,943 | 707 |
Selling, General and Administrative Expenses | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 10,046 | $ 7,890 | $ 6,632 |
Stock-based Compensation - Shar
Stock-based Compensation - Share Based Units Activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Anti-Dilutive Restricted Stock Units | |
Number of Shares | |
Nonvested, beginning balance (in shares) | shares | 861,878 |
Granted (in shares) | shares | 170,989 |
Vested (in shares) | shares | (465,247) |
Forfeited (in shares) | shares | (17,409) |
Nonvested, ending balance (in shares) | shares | 550,211 |
Weighted Average Grant Date Fair Value | |
Nonvested (in dollars per share) | $ / shares | $ 19.67 |
Granted (in dollars per share) | $ / shares | 62.51 |
Vested (in dollars per share) | $ / shares | 14.13 |
Forfeited (in dollars per share) | $ / shares | 42.38 |
Nonvested (in dollars per share) | $ / shares | $ 36.96 |
Anti-Dilutive Performance Share Units | |
Number of Shares | |
Nonvested, beginning balance (in shares) | shares | 74,109 |
Granted (in shares) | shares | 113,361 |
Vested (in shares) | shares | (147,898) |
Forfeited (in shares) | shares | (160) |
Nonvested, ending balance (in shares) | shares | 39,412 |
Weighted Average Grant Date Fair Value | |
Nonvested (in dollars per share) | $ / shares | $ 7.91 |
Granted (in dollars per share) | $ / shares | 26.83 |
Vested (in dollars per share) | $ / shares | 7.85 |
Forfeited (in dollars per share) | $ / shares | 35.49 |
Nonvested (in dollars per share) | $ / shares | $ 62.45 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Significant Noncash Transactions [Line Items] | |||
Non-cash finance lease arrangement | $ 1,842 | $ 24,844 | $ 19,011 |
Notes Received from Property Sales | |||
Other Significant Noncash Transactions [Line Items] | |||
Goods and services purchased | $ 9,833 | $ 6,381 | $ 1,054 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest (net of amounts capitalized) | $ 29,251 | $ 50,844 | $ 54,401 |
Income taxes (net of refunds received) | $ 111,304 | $ 55,753 | $ 3,199 |
Concentration of Credit Risk _3
Concentration of Credit Risk and Major Customers (Details) - Revenue Benchmark | 12 Months Ended | ||
Dec. 31, 2023 Rate | Dec. 31, 2022 Rate | Dec. 31, 2021 Rate | |
Exporters Concentration Risk | Non-US | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 66% | 53% | 46% |
Geographic Concentration Risk | UNITED STATES | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 34% | 47% | 54% |
Customer Concentration Risk | Two Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23% | 30% | |
Customer Concentration Risk | Three Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 40% | ||
Customer Concentration Risk | UNITED STATES | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 40% | 50% |
Concentration of Credit Risk _4
Concentration of Credit Risk and Major Customers - Schedule of Concentration of Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Concentration Risk [Line Items] | ||
Accounts receivables, before allowance for credit loss | $ 148,078 | $ 159,858 |
Less: Allowance for credit losses | (466) | (1,731) |
Total Trade Receivables, net | 147,612 | 158,127 |
Accounts Receivable | Customer Concentration Risk | Electric coal utilities | ||
Concentration Risk [Line Items] | ||
Accounts receivables, before allowance for credit loss | 28,870 | 82,608 |
Accounts Receivable | Customer Concentration Risk | Coal exporters and industrial customers | ||
Concentration Risk [Line Items] | ||
Accounts receivables, before allowance for credit loss | 85,080 | 51,548 |
Accounts Receivable | Customer Concentration Risk | Steel and coke producers | ||
Concentration Risk [Line Items] | ||
Accounts receivables, before allowance for credit loss | 29,340 | 24,230 |
Accounts Receivable | Customer Concentration Risk | Other | ||
Concentration Risk [Line Items] | ||
Accounts receivables, before allowance for credit loss | $ 4,788 | $ 1,472 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized gain (loss), investment and derivative | $ 289,228 | ||
Fair Value Adjustment of Commodity Derivative Instruments | $ (52,204) | $ (52,204) | |
Coal Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair Value Adjustment of Commodity Derivative Instruments | $ 52,204 | $ (52,204) |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset Derivatives | ||
Effect of Counterparty Netting | $ 0 | $ (6,024) |
Net derivative assets | 0 | 0 |
Liability Derivatives | ||
Effect of Counterparty Netting | 0 | 6,024 |
Net derivative liabilities | 0 | (15,142) |
Coal Contract | ||
Asset Derivatives | ||
Coal swap contract asset derivatives | 0 | 6,024 |
Liability Derivatives | ||
Coal swap contract liability derivatives | $ 0 | $ (21,166) |
Fair Value of Financial instr_3
Fair Value of Financial instruments - Schedule of Fair Value of Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Level 1 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | $ 0 | $ 0 |
Level 1 | U.S Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | 81,932 | 0 |
Level 2 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | 0 | (15,142) |
Level 2 | U.S Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | 0 | 0 |
Level 3 | Commodity Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative liabilities | 0 | 0 |
Level 3 | U.S Treasury Securities | ||
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 | Dec. 31, 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) | $ 185,206 | $ 350,572 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt (Excluding Debt Issuance Costs) | $ 199,591 | $ 365,789 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Narrative (Details) $ in Millions | 12 Months Ended | |
Aug. 23, 2017 plaintiff | Dec. 31, 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 | plaintiff | 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 | Dec. 31, 2023 USD ($) |
Letters of Credit: | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | $ 183,273 |
Less Than 1 Year | 142,479 |
1-3 Years | 40,794 |
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 | 31,884 |
1-3 Years | 16,150 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit: | Environmental | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 398 |
Less Than 1 Year | 0 |
1-3 Years | 398 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit: | Other | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 134,841 |
Less Than 1 Year | 110,595 |
1-3 Years | 24,246 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 607,792 |
Less Than 1 Year | 607,792 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | Employee-Related | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 80,210 |
Less Than 1 Year | 80,210 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | Environmental | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 523,715 |
Less Than 1 Year | 523,715 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds: | Other | |
Loss Contingencies [Line Items] | |
Total Amounts Committed | 3,867 |
Less Than 1 Year | 3,867 |
1-3 Years | 0 |
3-5 Years | 0 |
Beyond 5 Years | $ 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Number of reportable segments | 2 | ||
Customer Concentration Risk | Revenue Benchmark | United Stated and India | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 30% | ||
Customer Concentration Risk | Revenue Benchmark | India and Europe | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10% | ||
Customer Concentration Risk | Revenue Benchmark | UNITED STATES | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 40% | 50% | |
Customer Concentration Risk | Revenue Benchmark | INDIA | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | $ 2,506,635 | $ 2,280,018 | $ 1,261,034 |
Adjusted EBITDA | 1,047,688 | 806,733 | 378,246 |
Segment Assets | 2,675,003 | 2,704,377 | 2,573,517 |
Depreciation, Depletion and Amortization | 241,317 | 226,878 | 224,583 |
Capital Expenditures | 167,791 | 171,506 | 132,752 |
Coal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 2,106,366 | 2,018,662 | 1,092,022 |
Terminal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 106,166 | 78,915 | 65,193 |
Freight Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 294,103 | 182,441 | 103,819 |
Corporate And Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 97,511 | 49,609 | 6,942 |
Adjusted EBITDA | (51,795) | (18,621) | (25,725) |
Segment Assets | 1,009,247 | 865,676 | 691,031 |
Depreciation, Depletion and Amortization | 33,813 | 21,954 | 13,022 |
Capital Expenditures | 18,673 | 59,459 | 30,882 |
Corporate And Reconciling Items | Coal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 81,756 | 44,778 | 6,942 |
Corporate And Reconciling Items | Terminal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 0 | 0 | 0 |
Corporate And Reconciling Items | Freight Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 15,755 | 4,831 | 0 |
PAMC | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 2,302,958 | 2,151,494 | 1,188,899 |
Adjusted EBITDA | 1,019,161 | 773,095 | 360,480 |
Segment Assets | 1,582,434 | 1,756,368 | 1,773,609 |
Depreciation, Depletion and Amortization | 202,833 | 200,320 | 206,727 |
Capital Expenditures | 144,550 | 107,401 | 100,896 |
PAMC | Operating Segments | Coal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 2,024,610 | 1,973,884 | 1,085,080 |
PAMC | Operating Segments | Terminal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 0 | 0 | 0 |
PAMC | Operating Segments | Freight Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 278,348 | 177,610 | 103,819 |
CONSOL Marine Terminal | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 106,166 | 78,915 | 65,193 |
Adjusted EBITDA | 80,322 | 52,259 | 43,491 |
Segment Assets | 83,322 | 82,333 | 108,877 |
Depreciation, Depletion and Amortization | 4,671 | 4,604 | 4,834 |
Capital Expenditures | 4,568 | 4,646 | 974 |
CONSOL Marine Terminal | Operating Segments | Coal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 0 | 0 | 0 |
CONSOL Marine Terminal | Operating Segments | Terminal Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 106,166 | 78,915 | 65,193 |
CONSOL Marine Terminal | Operating Segments | Freight Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | $ 0 | $ 0 | $ 0 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue by Major Customers by Reporting Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | $ 2,506,635 | $ 2,280,018 | $ 1,261,034 |
Revenue Benchmark | PAMC | Customer Concentration Risk | Customer A | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 286,041 | 170,901 | |
Revenue Benchmark | PAMC | Customer Concentration Risk | Customer B | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | $ 283,115 | ||
Revenue Benchmark | PAMC | Customer Concentration Risk | Customer C | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | 368,502 | ||
Revenue Benchmark | PAMC | Customer Concentration Risk | Customer D | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | $ 328,994 | 186,622 | |
Revenue Benchmark | PAMC | Customer Concentration Risk | Customer E | |||
Segment Reporting Information [Line Items] | |||
Revenue and Other Income: | $ 141,968 |
Segment Information - Schedul_3
Segment Information - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Total Segment Revenue from Contracts with Customers | $ 2,506,635 | $ 2,280,018 | $ 1,261,034 |
Loss on Commodity Derivatives, net | 0 | (237,024) | (52,204) |
Other Income not Allowed to Segments | 53,261 | 24,354 | 38,394 |
Gain on Sale of Assets | 8,981 | 34,589 | 11,723 |
Total Revenue and Other Income | $ 2,568,877 | $ 2,101,937 | $ 1,258,947 |
Segment Information - Schedul_4
Segment Information - Schedule of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Income | $ 655,892 | $ 466,979 | $ 34,110 |
Income Tax Expense | 121,980 | 101,458 | 1,297 |
Interest Expense | 29,325 | 52,640 | 63,342 |
Interest Income | (13,597) | (6,031) | (3,287) |
Depreciation, Depletion and Amortization | 241,317 | 226,878 | 224,583 |
Stock-Based Compensation | 10,046 | 7,890 | 6,632 |
Pension Settlement | 22 | ||
Loss (Gain) on Debt Extinguishment | 2,725 | $ 5,623 | (657) |
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income | Operating and Other Costs | ||
Settlement loss recognized | $ 3,500 | ||
Fair Value Adjustment of Commodity Derivative Instruments | (52,204) | (52,204) | |
Adjusted EBITDA | 1,047,688 | 806,733 | 378,246 |
Corporate And Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Net Income | (223,595) | (194,452) | (92,302) |
Income Tax Expense | 121,980 | 101,458 | 1,297 |
Interest Expense | 23,228 | 46,524 | 55,491 |
Interest Income | (11,253) | (4,174) | (3,197) |
Depreciation, Depletion and Amortization | 33,813 | 21,954 | 13,022 |
Stock-Based Compensation | 1,307 | 946 | 599 |
Pension Settlement | 22 | ||
Loss (Gain) on Debt Extinguishment | 2,725 | 5,623 | (657) |
Settlement loss recognized | 3,500 | ||
Fair Value Adjustment of Commodity Derivative Instruments | 0 | 0 | |
Adjusted EBITDA | (51,795) | (18,621) | (25,725) |
PAMC | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Income | 810,234 | 620,208 | 94,161 |
Income Tax Expense | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 1,710 |
Interest Income | (2,344) | (1,857) | (90) |
Depreciation, Depletion and Amortization | 202,833 | 200,320 | 206,727 |
Stock-Based Compensation | 8,438 | 6,628 | 5,768 |
Pension Settlement | 0 | ||
Loss (Gain) on Debt Extinguishment | 0 | 0 | 0 |
Settlement loss recognized | 0 | ||
Fair Value Adjustment of Commodity Derivative Instruments | (52,204) | (52,204) | |
Adjusted EBITDA | 1,019,161 | 773,095 | 360,480 |
CONSOL Marine Terminal | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Income | 69,253 | 41,223 | 32,251 |
Income Tax Expense | 0 | 0 | 0 |
Interest Expense | 6,097 | 6,116 | 6,141 |
Interest Income | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | 4,671 | 4,604 | 4,834 |
Stock-Based Compensation | 301 | 316 | 265 |
Pension Settlement | 0 | ||
Loss (Gain) on Debt Extinguishment | 0 | 0 | 0 |
Settlement loss recognized | 0 | ||
Fair Value Adjustment of Commodity Derivative Instruments | 0 | 0 | |
Adjusted EBITDA | $ 80,322 | $ 52,259 | $ 43,491 |