Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Coronado Global Resources Inc. | |
Entity Central Index Key | 0001770561 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 96,651,692 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity File Number | 1-16247 | |
Entity Tax Identification Number | 83-1780608 | |
Entity Incorporation State Country Code | DE | |
Entity Address Address Line1 | 100 Bill Baker Way | |
Entity Address City Or Town | Beckley | |
Entity Address State Or Province | WV | |
Entity Address Postal Zip Code | 25801 | |
City Area Code | 681 | |
Local Phone Number | 207-7263 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and restricted cash | $ 34,445 | $ 124,881 |
Trade receivables | 146,331 | 206,127 |
Related party trade receivables | 55,222 | 36,716 |
Income tax receivable | 0 | 12,017 |
Inventories | 164,640 | 95,103 |
Other current assets | 39,824 | 40,914 |
Total current assets | 440,462 | 515,758 |
Non-current assets: | ||
Property, plant and equipment, net | 1,584,904 | 1,618,558 |
Right of use asset - operating leases, net | 65,938 | 0 |
Goodwill | 28,008 | 28,008 |
Intangible assets, net | 5,158 | 5,402 |
Deposits and reclamation bonds | 12,577 | 11,635 |
Deferred income tax assets | 12,612 | 11,848 |
Other non-current assets | 18,699 | 18,355 |
Total assets | 2,168,358 | 2,209,564 |
Current liabilities: | ||
Accounts payable | 49,999 | 42,962 |
Accrued expenses and other current liabilities | 236,699 | 243,496 |
Income tax payable | 46,527 | 9,241 |
Asset retirement obligations | 7,719 | 7,719 |
Contingent royalty consideration | 2,913 | 26,832 |
Contract obligations | 35,318 | 39,116 |
Lease liabilities | 33,303 | 1,308 |
Other current financial liabilities | 9,533 | 7,727 |
Total current liabilities | 422,011 | 378,401 |
Non-current liabilities: | ||
Asset retirement obligations | 122,789 | 118,072 |
Contract obligations | 206,960 | 253,578 |
Deferred consideration liability | 162,773 | 155,332 |
Interest bearing liabilities | 310,000 | 0 |
Other financial liabilities | 2,112 | 4,073 |
Lease liabilities | 48,600 | 2,481 |
Contingent royalty consideration | 3,007 | 3,371 |
Deferred income tax liabilities | 59,244 | 38,838 |
Other non-current liabilities | 1,340 | 1,610 |
Total liabilities | 1,338,836 | 955,756 |
Common stock $0.01 par value; 1,000,000,000 shares authorized, 96,651,692 shares are issued and outstanding as of September 30, 2019 and December 31, 2018 | 967 | 967 |
Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of September 30, 2019 and December 31, 2018 | 0 | 0 |
Additional paid-in capital | 820,171 | 1,107,948 |
Accumulated other comprehensive loss | (61,497) | (49,609) |
Retained earnings | 69,605 | 194,220 |
Noncontrolling interest | 276 | 282 |
Total stockholders' equity | 829,522 | 1,253,808 |
Total liabilities and stockholders' equity | $ 2,168,358 | $ 2,209,564 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Stockholders' equity | ||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 1 | 1 |
Preferred stock, shares outstanding (in shares) | 1 | 1 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 96,651,692 | 96,651,692 |
Common stock, shares outstanding (in shares) | 96,651,692 | 96,651,692 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Revenues | $ 535,841,000 | $ 599,634,000 | $ 1,770,176,000 | $ 1,399,317,000 |
Costs and expenses: | ||||
Cost of coal revenues (exclusive of items shown separately below) | 264,585,000 | 297,985,000 | 798,281,000 | 722,605,000 |
Depreciation, depletion and amortization | 39,855,000 | 48,237,000 | 125,134,000 | 112,639,000 |
Freight expenses | 36,973,000 | 38,892,000 | 126,335,000 | 84,047,000 |
Stanwell rebate | 40,172,000 | 45,123,000 | 134,846,000 | 77,935,000 |
Other royalties | 35,815,000 | 47,424,000 | 129,237,000 | 130,411,000 |
Selling, general, and administrative expenses | 8,233,000 | 4,612,000 | 26,544,000 | 56,895,000 |
Total costs and expenses | 425,633,000 | 482,273,000 | 1,340,377,000 | 1,184,532,000 |
Operating income | 110,208,000 | 117,361,000 | 429,799,000 | 214,785,000 |
Other income (expenses): | ||||
Interest expense, net | (9,319,000) | (20,304,000) | (26,583,000) | (45,792,000) |
Loss on debt extinguishment | 0 | 0 | 0 | (3,905,000) |
Other, net | (1,172,000) | 4,787,000 | (130,000) | (22,059,000) |
Total other income (expense), net | (10,491,000) | (15,517,000) | (26,713,000) | (71,756,000) |
Income before tax | 99,717,000 | 101,844,000 | 403,086,000 | 143,029,000 |
Income tax expense | (30,618,000) | (56,645,000) | (119,661,000) | (62,179,000) |
Net income | 69,099,000 | 45,199,000 | 283,425,000 | 80,850,000 |
Less: Net loss attributable to noncontrolling interest | (2,000) | (3,000) | (6,000) | (7,000) |
Net income attributable to Coronado Global Resources Inc. | 69,101,000 | 45,202,000 | 283,431,000 | 80,857,000 |
Other comprehensive income, net of income taxes: | ||||
Foreign currency translation adjustment | (13,128,000) | (16,022,000) | (14,193,000) | (34,717,000) |
Net gain (loss) on flow hedges, net of tax | (4,167,000) | 0 | 2,305,000 | 0 |
Total comprehensive income | 51,804,000 | 29,177,000 | 271,537,000 | 46,133,000 |
Less: Net loss attributable to noncontrolling interest | (2,000) | (3,000) | (6,000) | (7,000) |
Total comprehensive income attributable to Coronado Global Resources, Inc. | $ 51,806,000 | $ 29,180,000 | $ 271,543,000 | $ 46,140,000 |
Earnings per share of common stock | ||||
Basic | $ 0.71 | $ 0 | $ 2.93 | $ 0 |
Diluted | $ 0.71 | $ 0 | $ 2.93 | $ 0 |
Coal Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 422,174,000 | $ 469,889,000 | $ 1,341,503,000 | $ 1,041,232,000 |
Coal Revenues From Related Parties [Member] | ||||
Revenues: | ||||
Revenues | 103,600,000 | 121,955,000 | 396,758,000 | 334,958,000 |
Other Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 10,067,000 | $ 7,790,000 | $ 31,915,000 | $ 23,127,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity/Members' Capital - USD ($) $ in Thousands | Total | Member Capital [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained earnings [Member] | Noncontrolling Interest [Member] |
Balance, beginning of period at Dec. 31, 2017 | $ 633,300 | $ 553,524 | $ 79,539 | $ 237 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (23,671) | (23,669) | (2) | |||||
Total comprehensive income | (23,671) | (23,669) | (2) | |||||
Members' Contributions | 181,672 | 181,610 | 62 | |||||
Balance, end of period at Mar. 31, 2018 | 791,301 | 735,134 | 55,870 | 297 | ||||
Balance, beginning of period at Dec. 31, 2017 | 633,300 | 553,524 | 79,539 | 237 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 80,850 | |||||||
Total comprehensive income | 46,133 | |||||||
Balance, end of period at Sep. 30, 2018 | 792,031 | 666,060 | $ (34,717) | 160,396 | 292 | |||
Balance, beginning of period at Mar. 31, 2018 | 791,301 | 735,134 | 55,870 | 297 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 59,322 | 59,324 | (2) | |||||
Other comprehensive income | (18,695) | (18,695) | ||||||
Total comprehensive income | 40,627 | (18,695) | 59,324 | (2) | ||||
Members' distributions/Dividends paid | (30,274) | (30,274) | ||||||
Balance, end of period at Jun. 30, 2018 | 801,654 | 704,860 | (18,695) | 115,194 | 295 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 45,199 | 45,202 | (3) | |||||
Other comprehensive income | (16,022) | (16,022) | ||||||
Total comprehensive income | 29,177 | (16,022) | 45,202 | (3) | ||||
Members' distributions/Dividends paid | (38,800) | (38,800) | ||||||
Balance, end of period at Sep. 30, 2018 | 792,031 | $ 666,060 | (34,717) | 160,396 | 292 | |||
Balance, beginning of period at Dec. 31, 2018 | 1,253,808 | $ 967 | $ 1,107,948 | (49,609) | 194,220 | 282 | ||
Balance, beginning of period, shares at Dec. 31, 2018 | 96,651,692 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 96,820 | 96,820 | ||||||
Other comprehensive income | 5,021 | 5,021 | ||||||
Total comprehensive income | 101,841 | 5,021 | 96,820 | |||||
Members' distributions/Dividends paid | (299,682) | (299,682) | ||||||
Balance, end of period at Mar. 31, 2019 | 1,055,967 | $ 967 | 1,107,948 | (44,588) | (8,642) | 282 | ||
Balance, end of period, shares at Mar. 31, 2019 | 96,651,692 | 1 | ||||||
Balance, beginning of period at Dec. 31, 2018 | 1,253,808 | $ 967 | 1,107,948 | (49,609) | 194,220 | 282 | ||
Balance, beginning of period, shares at Dec. 31, 2018 | 96,651,692 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 283,425 | |||||||
Other comprehensive income | (11,888) | |||||||
Total comprehensive income | 271,537 | |||||||
Return of capital | 288,020 | 288,020 | ||||||
Balance, end of period at Sep. 30, 2019 | $ 829,522 | $ 967 | 820,171 | (61,497) | 69,605 | 276 | ||
Balance, end of period, shares at Sep. 30, 2019 | 96,651,692 | 1 | ||||||
Balance, beginning of period at Mar. 31, 2019 | $ 1,055,967 | $ 967 | 1,107,948 | (44,588) | (8,642) | 282 | ||
Balance, beginning of period, shares at Mar. 31, 2019 | 96,651,692 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 117,506 | 117,510 | (4) | |||||
Other comprehensive income | 386 | 386 | ||||||
Total comprehensive income | 117,892 | 386 | 117,510 | (4) | ||||
Share-based compensation for equity classified awards | 93 | 93 | ||||||
Balance, end of period at Jun. 30, 2019 | 1,173,952 | $ 967 | 1,108,041 | (44,202) | 108,868 | 278 | ||
Balance, end of period, shares at Jun. 30, 2019 | 96,651,692 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 69,099 | 69,101 | (2) | |||||
Other comprehensive income | (17,295) | (17,295) | ||||||
Total comprehensive income | 51,804 | (17,295) | 69,101 | (2) | ||||
Share-based compensation for equity classified awards | 150 | 150 | ||||||
Members' distributions/Dividends paid | (108,364) | (108,364) | ||||||
Balance, end of period at Sep. 30, 2019 | $ 829,522 | $ 967 | $ 820,171 | $ (61,497) | $ 69,605 | $ 276 | ||
Balance, end of period, shares at Sep. 30, 2019 | 96,651,692 | 1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity/Members' Capital (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Other Comprehensive Income Loss Tax | $ (1,796) | $ 383 | $ 2,391 | $ (988) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 283,425 | $ 80,850 |
Adjustments to reconcile net income to cash and restricted cash provided by operating activities: | ||
Depreciation, depletion and amortization | 125,259 | 112,639 |
Amortization of right of use asset - operating leases | 16,978 | 0 |
Amortization of deferred financing costs | 3,108 | 3,283 |
Non-cash interest expense | 14,725 | 4,912 |
Amortization of contract obligations | (25,760) | (21,898) |
Loss on disposal of property, plant and equipment | (267) | (335) |
Increase (decrease) in contingent royalty consideration | (11,296) | 12,062 |
Loss on interest rate swap | 0 | 3,975 |
Equity-based compensation expense | 243 | 0 |
Deferred income taxes | 18,031 | 48,818 |
Reclamation of asset retirement obligations | (2,790) | (3,107) |
Change in estimate of asset retirement obligations | (125) | 48 |
Changes in operating assets and liabilities: | ||
Accounts receivable - including related party receivables | 27,668 | (25,691) |
Inventories | (73,741) | 11,469 |
Other current assets | (6,310) | (28,888) |
Accounts payable | 7,675 | 8,229 |
Accrued expenses and other current liabilities | 13,108 | 58,836 |
Operating lease liabilities | (18,041) | 0 |
Change in other liabilities | 66,721 | 8,697 |
Net cash provided by operating activities | 438,611 | 273,899 |
Cash flows from investing activities: | ||
Capital expenditures | (117,369) | (73,038) |
Purchase of deposits and reclamation bonds | (947) | (971) |
Redemption of deposits and reclamation bonds | 5 | 204 |
Acquisition of Curragh, net of cash acquired | 0 | (537,207) |
Net cash used in investing activities | (118,311) | (611,012) |
Cash flows from financing activities: | ||
Proceeds from interest bearing liabilities and other financial liabilities, net of debt discount | 422,599 | 720,083 |
Proceeds from interest rate swap | 0 | 28,251 |
Debt issuance costs and other financing costs | (4,082) | (42,075) |
Principal payments on interest bearing liabilities and other financial liabilities | (112,754) | (241,930) |
Principal payments on finance and capital lease obligations | (994) | (1,424) |
Payment of contingent purchase consideration | (17,660) | (6,628) |
Dividends paid | (408,046) | 0 |
Shareholders'/Memberss contributions (distributions), net | (288,020) | 112,529 |
NCI member's contributions | 0 | 70 |
Net cash prrovided by (used in) financing activities | (408,957) | 565,362 |
Net increase (decrease) in cash and restricted cash | (88,657) | 228,249 |
Effect of exchange rate changes on cash and restricted cash | (1,779) | (4,213) |
Cash and restricted cash at beginning of period | 124,881 | |
Cash and restricted cash at end of period | 34,445 | 252,105 |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest | 9,244 | 44,781 |
Cash paid for taxes | $ 49,884 | $ 10,973 |
Description of Business, Basis
Description of Business, Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Description of Business, Basis of Presentation [Abstract] | |
Description of Business, Basis of Presentation | 1. Description of Business, Basis of Presentation (a) Description of the Business Coronado Global Resources Inc. (together with its subsidiaries, the “Company” or “Coronado”) is a global producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia and in the states of Pennsylvania, Virginia and West Virginia in the USA . (b) Basis of Presentation The interim unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the U.S. Generally Accepted Accounting Principles, or U.S. GAAP, and with the instructions to Form 10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s registration statement on Form 10, as amended, filed with the SEC and the Australian Securities Exchange, or the ASX, on June 28, 2019. During the year ended December 31, 2018, Coronado Group LLC and Coronado Global Resources Inc. completed a common control reorganization, or the Reorganization Transaction, of their legal entity structure. Prior to the Reorganization Transaction in August 2018, Coronado Group HoldCo LLC, the holding company of our operations in Australia, or the Australian Operations, was a wholly-owned subsidiary of Coronado Group LLC. In connection with the Reorganization Transaction, (i) Coronado Group HoldCo LLC was converted into Coronado Global Resources Inc. in August 2018 and (ii) Coronado Group LLC contributed all of the equity ownership in our operations in the United States, or the U.S. Operations, to Coronado Coal Corporation, a wholly-owned subsidiary of Coronado Global Resources Inc. Immediately following the Reorganization Transaction, Coronado Global Resources Inc. remained a wholly-owned subsidiary of Coronado Group LLC, which is currently owned by The Energy & Minerals Group, or EMG Group, and certain members of our management. The Reorganization Transaction was treated as a combination of entities under common control in line with Accounting Standards Codification, or ASC, 805, Business Combinations, whereby the receiving entity (the Company) recorded the contributed assets and liabilities at the carrying value of Coronado Group LLC. Prior to the Reorganization Transaction, the consolidated financial statements of the Company reflect the net assets and operations of Coronado Group LLC. The financial statements presented following the Reorganization Transaction are those of the receiving entity (the Company) and are retrospectively adjusted to present that entity as if it always held the net assets or equity interests previously held by the seller, Coronado Group LLC. As such, financial information (including comparatives) of the Company has been presented as a continuation of the pre-existing accounting values of assets and liabilities in Coronado Group LLC’s financial statements. The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless otherwise stated. They include the accounts of Coronado Global Resources Inc. and its affiliates. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are references to Australian dollars, the lawful currency of the Commonwealth of Australia. The Company, or Coronado, are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries, or to Coronado Group LLC, as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, these interim financial statements reflect all normal, recurring adjustments necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein as of December 31, 2018 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Please see Note 2 “Summary of Significant Accounting Policies” contained in the audited consolidated financial statements for the year ended December 31, 2018 included in Coronado Global Resources Inc.’s registration statement on Form 10, as amended, filed with the SEC and ASX on June 28, 2019. (a) Newly Adopted Accounting Standards Leases . In February 2016, the Financial Accounting Standards Board, or FASB, established Topic 842, Leases, by issuing Accounting Standards Update, or ASU, No. 2016-02, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use, or ROU, model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. On January 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective transition approach and elected the package of practical expedients that allows it to forgo reassessment of lease classification for leases that have already commenced. The Company also elected the practical expedients to the new standard without restating comparative prior period financial information, to not recognize ROU assets and liabilities for operating leases with shorter than 12-month terms and to include both lease and non-lease components with lease payments. In addition to existing finance leases and other financing obligations, the adoption of the new standard, on January 1, 2019, resulted in the recognition of ROU assets of $ 66.8 million and lease liabilities of $ 81.1 million related to operating leases. On adoption, the lease liability included reclassification of a terminal services contract liability of $ 14.3 million, which is classified as a lease under the newly adopted standard. There was no material impact to the Consolidated Statements of Operations and Comprehensive Income, the Consolidated Statements of Cash Flows, or the Company’s debt covenant calculations as a result of the adoption of ASU 2016-02. ASU No. 2016-02 also requires entities to disclose certain qualitative and quantitative information regarding the amount, timing, and uncertainty of cash flows arising from leases. Such disclosures are included in Note 10 “Leases”. (b) Accounting Standards Not Yet Implemented Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13 related to the measurement of credit losses on financial instruments. The pronouncement replaces the incurred loss methodology to record credit losses with a methodology that reflects the expected credit losses for financial assets not accounted for at fair value with gains and losses recognized through net income. This standard is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for the Company) and interim periods therein. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is in the process of evaluating the impacts of adoption. Fair Value Measurement . In August 2018, the FASB issued ASU 2018-13, which amended the fair value measurement guidance by removing and modifying certain disclosure requirements, while also adding new disclosure requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all companies for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company plans to adopt all disclosure requirements effective January 1, 2020. (c) Reclassification Certain amounts in the prior period Condensed Consolidated Balance Sheet have been reclassified to conform to the presentation of the current period financial statements. These related to the reclassification of capital lease liabilities included within “other financial liabilities and capital leases” and “other financial liabilities, excluding current instalments” as at December 31, 2018 to “Lease liabilities” current and non-current, respectively. These reclassifications had no effect on the previously reported net income. |
Acquisition of Curragh Complex
Acquisition of Curragh Complex | 9 Months Ended |
Sep. 30, 2019 | |
Acquisition of Curragh Complex [Abstract] | |
Acquisitions | 3. Acquisition of Curragh Complex On December 22, 2017, a Membership Interest and Asset Purchase Agreement, or the Agreement, was entered by Coronado Australia Holdings Pty Ltd and Coronado Group LLC in order to acquire Wesfarmers Curragh Pty Ltd from Wesfarmers Limited (since renamed Coronado Curragh Pty Ltd), which we refer to as the Curragh acquisition. The Agreement was executed on March 29, 2018. The aggregate base purchase price for the Membership Interest in Curragh was A$ 700 million and was subject to adjustments pursuant to the terms of the Agreement. The Company acquired 100% of the Membership Interest. The operating results related to the Curragh acquisition have been included in the consolidated financial statements since March 29, 2018. The aggregate consideration on the date of the Curragh acquisition totaled $ 563.8 million. Contingent consideration recognized on the date of the Curragh acquisition, specifically the Value Share Mechanism, or VSM, of $ 26.6 million associated with the Curragh acquisition represents the fair value of a two-year, 25% royalty on sales from metallurgical coal mined at Curragh. The royalty only applies to the realized price on metallurgical coal sales above $ 145 per metric ton. The VSM liability is marked-to-market at each reporting date, with any fluctuations included as an operating expense in the Consolidated Statement of Operations. The payout structure of the royalty can be replicated through a probability weighted discounted cash flow approach using a Monte Carlo simulation over a 24-month period from acquisition date. As such, the Company developed a fair value of the royalty using a Monte Carlo simulation. In connection with the acquisition, Coronado Australia Holdings Pty Ltd incurred acquisition related costs for the nine months ended September 30, 2018 of $ 53.8 million, $ 38.5 million of which is recorded in selling, general, and administrative expenses. The remainder, relating to foreign currency swap losses, is recorded in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income under “Other, net”. The Curragh acquisition has been accounted for using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The following table summarizes total consideration transferred and the allocation of the purchase price to the acquired assets and liabilities: Amount (US$ thousands) Fair value of total consideration transferred: Cash consideration $ 537,207 Contingent consideration (Value Share Mechanism) 26,552 Total consideration transferred 563,759 Recognized amounts of identifiable assets acquired, and liabilities assumed: Current assets $ 240,966 Property, plant and equipment 851,981 Deferred income tax assets 24,432 Other long-term assets 1,831 Current liabilities ( 141,611) Contract obligations ( 306,960) Asset retirement obligations ( 104,305) Other long-term liabilities ( 2,575) Total identifiable net assets acquired $ 563,759 No goodwill has been recorded in connection with this acquisition as the purchase consideration equaled the fair value of the net assets acquired. The following pro forma summary reflects consolidated results of operation as if the Curragh acquisition had occurred on January 1, 2018 (unaudited). Nine Months Ended September 30, 2018 (US$ thousands) Revenue $ 1,715,817 Net Income 197,487 The pro forma financial information was prepared based on historical financial information and has been adjusted to give effect to pro forma adjustments that are (i) directly attributable to the Curragh acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. These pro forma results are based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had the acquisition actually occurred on January 1, 2018 and are not necessarily indicative of the Company’s consolidated results of operations in future periods. The pro forma results include adjustments related to purchase accounting, depreciation of property and equipment, and do not include any anticipated synergies or other expected benefits that may be realized from the Curragh acquisition. The pro forma results for the nine months ended September 30, 2018 exclude non-recurring adjustments of $ 53.8 million of transaction costs. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Information [Abstract] | |
Segment Information | 4. Segment Information The Company has a portfolio of operating mines and development projects in Queensland, Australia and in the states of Pennsylvania, Virginia and West Virginia in the USA. The Company operates its business along four reportable segments: Curragh, Buchanan, Logan and Greenbrier. These segments are grouped based on geography. Factors affecting and differentiating the financial performance of each of these four reportable segments generally include coal quality, geology, and coal marketing opportunities, mining and transportation methods and regulatory issues. The Company believes this method of segment reporting reflects both the way its business segments are currently managed and the way the performance of each segment is evaluated. The four segments consist of similar operating activities as each segment produces similar products. The organization of the four reportable segments reflects how Coronado’s chief operating decision maker, or CODM, manages and allocates resources to the various components. The CODM uses Adjusted EBITDA as the primary metric to measure each segment’s operating performance. Adjusted EBITDA is defined as earnings before interest, tax, depreciation, depletion and amortization, other foreign exchange losses and loss on debt extinguishment. “Other and corporate” relates to additional financial information for the corporate function such as accounting, treasury, legal, human resources, compliance, and tax. As such, the corporate function is not determined to be a reportable segment but is discretely disclosed for purposes of reconciliation to the Company’s consolidated financials. Reportable segment results as of and for the three and nine months ended September 30, 2019 and 2018 are presented below Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Three months ended September 30, 2019 Total revenues 350,505 91,780 75,888 17,668 — 535,841 Adjusted EBITDA 94,860 43,555 19,229 267 ( 8,169) 149,742 Net income/(loss) 56,379 21,522 8,584 ( 2,112) ( 15,274) 69,099 Total assets 1,114,022 524,748 332,496 147,674 49,418 2,168,358 Capital expenditures (2) 22,981 12,512 13,784 1,665 — 50,942 Three months ended September 30, 2018 Total revenues 396,979 120,966 66,408 16,241 ( 960) 599,634 Adjusted EBITDA 110,740 52,821 6,454 ( 1,445) 2,850 171,420 Net income/(loss) 41,742 16,435 ( 12,877) ( 15,626) 15,525 45,199 Total assets 1,203,787 508,739 252,312 146,816 217,154 2,328,808 Capital expenditures (2) 12,632 9,165 4,061 419 559 26,836 Nine Months Ended September 30, 2019 Total revenues 1,144,689 343,217 231,805 50,465 — 1,770,176 Adjusted EBITDA 366,568 159,956 54,520 186 ( 26,134) 555,096 Net income/(loss) 216,136 88,441 24,107 ( 7,144) ( 38,115) 283,425 Total assets 1,114,022 524,748 332,496 147,674 49,418 2,168,358 Capital expenditures (2) 38,407 40,712 34,102 4,143 5 117,369 Nine Months Ended September 30, 2018 Total revenues 784,358 381,467 179,063 54,429 — 1,399,317 Adjusted EBITDA 210,719 152,522 21,955 ( 462) ( 71,486) 313,248 Net income/(loss) 95,959 93,278 ( 10,129) ( 21,802) ( 76,456) 80,850 Total assets 1,203,787 508,739 252,312 146,816 217,154 2,328,808 Capital expenditures (2) 30,470 23,349 17,252 978 989 73,038 (1) On March 29, 2018, Coronado acquired the Curragh Mining business from Wesfarmers Limited. Curragh is a separate reportable segment due to having separate management, location, assets, and operations. Curragh is located in central Queensland, Australia and the reportable segment produces a wide variety of metallurgical coal. (2) Capital expenditures includes financing fees incurred through other financial liabilities for the purchase of certain equipment. The reconciliation of Adjusted EBITDA to net income attributable to the Company for the three and nine months ended September 30, 2019 and 2018 are as follows: Three months ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (US$ thousands) (US$ thousands) Net income $ 69,099 $ 45,199 $ 283,425 $ 80,850 Depreciation, depletion and amortization 39,855 48,237 125,134 112,639 Interest expense (net of income) 9,319 20,304 26,583 45,792 Other foreign exchange (gains) losses 851 1,035 293 7,883 Loss on retirement of debt — — — 3,905 Income tax expense 30,618 56,645 119,661 62,179 Consolidated adjusted EBITDA $ 149,742 $ 171,420 $ 555,096 $ 313,248 Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by major product group for each of the Company’s segments, as the company believes it best depicts the nature, amount, timing and uncertainty of revenues and cash flows. All revenue is recognized at point in time. Three months ended September 30, 2019 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 318,634 89,353 67,041 15,890 — 490,918 Thermal coal 23,582 2,265 8,097 912 — 34,856 Total coal revenue 342,216 91,618 75,138 16,802 — 525,774 Other 1 8,289 162 750 866 — 10,067 Total 350,505 91,780 75,888 17,668 — 535,841 Three months ended September 30, 2018 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 366,247 117,482 53,963 15,969 — 553,661 Thermal coal 23,765 3,418 10,995 5 — 38,183 Total coal revenue 390,012 120,900 64,958 15,974 — 591,844 Other 1 6,967 66 1,450 267 ( 960) 7,790 Total 396,979 120,966 66,408 16,241 ( 960) 599,634 Nine Months Ended September 30, 2019 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 1,046,598 334,400 198,461 46,957 — 1,626,416 Thermal coal 71,563 8,571 30,304 1,407 — 111,845 Total coal revenue 1,118,161 342,971 228,765 48,364 — 1,738,261 Other 1 26,528 246 3,040 2,101 — 31,915 Total 1,144,689 343,217 231,805 50,465 — 1,770,176 Nine Months Ended September 30, 2018 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 715,733 370,817 147,164 51,951 — 1,285,665 Thermal coal 48,813 10,545 30,449 718 — 90,525 Total coal revenue 764,546 381,362 177,613 52,669 — 1,376,190 Other 1 19,812 105 1,450 1,760 — 23,127 Total 784,358 381,467 179,063 54,429 — 1,399,317 (1) Other revenue for Curragh includes the amortization of the Stanwell non-market coal supply contract obligation liability. |
Expenses
Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Expenses [Abstract] | |
Expenses | 5. Expenses Three months ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (US$ thousands) (US$ thousands) Loss on foreign exchange swap $ — $ — $ — $ ( 15,695) Other foreign exchange (losses) gains ( 851) ( 1,035) ( 293) ( 7,883) Other (expenses) income ( 321) 5,822 163 1,519 Total Other, net $ ( 1,172) $ 4,787 $ ( 130) $ ( 22,059) |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Inventories | 6. Inventories (US$ thousands) September 30, 2019 December 31,2018 Raw coal $ 49,543 $ 20,106 Saleable coal 61,213 26,374 Total coal inventories 110,756 46,480 Supplies inventory 53,884 48,623 Total inventories $ 164,640 $ 95,103 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment (US$ thousands) September 30, 2019 December 31,2018 Land $ 26,539 $ 26,845 Buildings and improvements 75,877 89,027 Plant, machinery, mining equipment and transportation vehicles 795,506 765,432 Mineral rights and reserves 464,710 464,680 Office and computer equipment 3,788 3,700 Mine development 477,790 479,152 Asset retirement obligation asset 82,042 80,993 Construction in process 106,970 43,691 2,033,222 1,953,520 Less accumulated depreciation, depletion and amortization 448,318 334,962 Net property, plant and equipment $ 1,584,904 $ 1,618,558 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets Acquired Intangible Assets September 30, 2019 (US$ thousands) Weighted average amortization period (years) Gross carrying amount Accumulated amortization Net carrying amount Intangible assets: Amortizing intangible assets: Mining permits - Greenbrier 14 $ 1,500 $ 820 $ 680 Mining permits - Logan 15 1,642 729 913 Mining permits - Buchanan 28 4,000 435 3,565 Total intangible assets $ 7,142 $ 1,984 $ 5,158 December 31, 2018 (US$ thousands) Weighted average amortization period (years) Gross carrying amount Accumulated amortization Net carrying amount Intangible assets: Amortizing intangible assets: Mining permits - Greenbrier 14 $ 1,500 $ 760 $ 740 Mining permits - Logan 15 1,642 638 1,004 Mining permits - Buchanan 28 4,000 342 3,658 Total intangible assets $ 7,142 $ 1,740 $ 5,402 Amortization expense is charged using the straight-line method over the useful lives of the respective intangible asset. The aggregate amount of amortization expense for amortizing intangible assets for the three months ended September 30, 2019 and 2018 was $ 0.1 million and $ 0.1 million, respectively. The aggregate amount of amortization expense for amortizing intangible assets for the nine months ended September 30, 2019 and 2018 was $ 0.2 million and $ 0.2 million, respectively. (b) Goodwill In connection with the Buchanan acquisition on March 31, 2016, the Company recorded goodwill in the amount of $ 28.0 million. The balance of goodwill as at both September 30, 2019 and December 31, 2018 was $ 28.0 million. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: (US$ thousands) September 30, 2019 December 31,2018 Wages and employee benefits $ 65,648 $ 50,819 Taxes other than income taxes 8,353 6,512 Accrued royalties 34,858 49,129 Accrued freight costs 19,361 26,509 Accrued mining fees 55,351 45,615 Cash flow hedge derivative liability 2,227 5,311 Acquisition related accruals 29,025 30,349 Other liabilities 21,876 29,252 Total accrued expenses and other current liabilities $ 236,699 $ 243,496 Included within acquisition related accruals is an amount outstanding for stamp duty payable on the Curragh acquisition of $ million (A$ 43.0 million). This amount was outstanding as at September 30, 2019 and December 31, 2018 pending financial assessment to be made by the Office of State Revenue in Queensland, Australia. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 10. Leases On January 1, 2019, the Company adopted ASC 842, Leases. Changes to the Company’s accounting policy as a result of adoption are discussed below. From time to time, the Company enters into mining services contracts which may include embedded leases of mining equipment and other contractual agreements to lease mining equipment and facilities. Based upon the Company’s assessment of the terms of a specific lease agreement, the Company classifies a lease as either finance or operating. (a) Finance Leases ROU assets related to finance leases are presented in Property, plant and equipment, net on the unaudited Condensed Consolidated Balance Sheet. Lease liabilities related to finance leases are presented in “Lease Liabilities” (current) and “Lease Liabilities” (non-current) on the unaudited Condensed Consolidated Balance Sheet. Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. (b) Operating Leases ROU assets related to operating leases are presented as Right of Use assets – operating leases, net on the unaudited Condensed Consolidated Balance Sheet. Lease liabilities related to operating leases that are subject to the ASC 842 measurement requirements such as operating leases with lease terms greater than twelve months are presented in “Lease Liabilities” (current) and “Lease Liabilities” (non-current) on the unaudited Condensed Consolidated Balance Sheet. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value. As at September 30, 2019 the unaudited Condensed Consolidated Balance Sheet included $ 44.7 million of operating lease liabilities relating to equipment embedded within mining service contracts. Information related to Company’s right-of use assets and related lease liabilities are as follows: Three Months Ended Nine Months Ended (US$ thousands) September 30, 2019 September 30, 2019 Operating lease costs $ 7,671 $ 20,532 Cash paid for operating lease liabilities 6,968 18,041 Finance lease costs: Amortization of right of use assets 627 1,848 Interest on lease liabilities 47 155 Total finance lease costs $ 674 $ 2,003 (US$ thousands) September 30, 2019 December 31,2018 Operating leases: Operating lease right-of-use assets $ 65,938 $ — Finance leases: Property and equipment 7,881 7,074 Accumulated depreciation ( 4,762) ( 2,914) Property and equipment, net 3,119 4,160 Current operating lease obligations 30,510 — Operating lease liabilities, less current portion 48,600 — Total operating lease liabilities 79,110 — Current finance lease obligations 2,793 1,307 Finance lease liabilities, less current portion — 2,481 Total Finance lease liabilities 2,793 3,788 Total Lease liability $ 81,903 $ 3,788 September 30, 2019 Weighted Average Remaining Lease Term (Years) Weighted average remaining lease term – finance leases 0.93 Weighted average remaining lease term – operating leases 2.95 Weighted Average Discount Rate Weighted discount rate – finance lease 6.25% Weighted discount rate – operating lease 7.97% The Company’s operating leases have remaining lease terms of 1 year to 5 years , some of which include options to extend the terms deemed reasonable to exercise. Maturities of lease liabilities are as follows: (US$ thousands) Operating Lease Finance Lease Year ending December 31, 2019 $ 9,180 $ 355 2020 34,823 2,568 2021 25,819 — 2022 8,473 — 2023 8,427 — Thereafter 2,103 — Total lease payments 88,825 2,923 Less imputed interest ( 9,715) ( 130) Total lease liability $ 79,110 $ 2,793 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes Prior to August 13, 2018, the Company and its related entities were treated as partnerships for US income tax purposes and therefore provided no income taxes within the financial statements. On August 13, 2018, the Company converted to a c-corporation and began to provide US income taxes on the earnings of the Curragh operations. The Company’s foreign structure consists of Australian entities which are treated as corporations subject to tax under Australian tax authorities. The Curragh entities are treated as a branch for US tax purposes and income flows through to the Company. On September 19, 2018, the legacy US businesses were contributed to the Company and became taxable under the ownership of the Company at that time. The effect of the above restructures was to recognize net deferred tax balances of $ 40.5 million through income tax expense during the quarter ended September 30, 2018. For the three and nine months ended September 30, 2019 and 2018, the Company estimated its annual effective tax rate and applied this effective tax rate to its year-to-date pretax income at the end of the interim reporting period. The tax effect of unusual or infrequently occurring items, including effects of changes in tax laws or rates and changes in judgment about the realizability of deferred tax assets, are reported in the interim period in which they occur. The Company’s 2019 estimated annual effective tax rate, including discrete items, is 29.7%. The Company had income tax expense of $ 30.6 million and $ 119.7 million for the three and nine months ended September 30, 2019 respectively. Income tax expense of $ 56.7 million for the three months ended September 30, 2018 and $ 62.2 million for the nine months ended September 30, 2018, related to the Company’s Australian Operations and was calculated based on effective tax rate of 15.1% for the period, and the initial recognition of the deferred tax balances of $ 40.5 million relating to the reorganization noted above. |
Interest Bearing Liabilities
Interest Bearing Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Interest Bearing Liabilities [Abstract] | |
Interest Bearing Liabilities | 12. Interest Bearing Liabilities The Company had a Multicurrency Revolving Syndicated Facility Agreement, or SFA, dated September 15, 2018, comprising of Facility A ($ 350 million loan facility) and Facility B (A$ 370 million bank guarantee facility). On September 11, 2019, the Company executed an amendment to the SFA, with the key amendments as follows: Facility C – an additional multicurrency loan facility with a limit of $ 200 million. All other terms match those of Facility A. Facility B – amended to a multicurrency bank guarantee facility without altering its limit of A$ 370 million. Termination date – the termination date of the SFA was extended by 12 months to February 15, 2023. The SFA is a revolving credit facility under which the Company may borrow funds from Facility A and/or Facility C for a period of one , two , three or six months , each referred to as a Term. The interest rate is set at the commencement of each Term. At the end of each Term, the Company may elect to repay the loan or extend any loan amount outstanding for a further period of one two three six months During the nine months ended September 30, 2019 the Company borrowed a total amount of $ 414.0 million under the SFA to partially fund distributions to shareholders in the period of $ 696.0 million, and for other working capital purposes. The total interest bearing liabilities outstanding under the SFA as at September 30, 2019, was $ 310.0 million. There were no amounts outstanding under the SFA as at December 31, 2018. |
Contract Obligations
Contract Obligations | 9 Months Ended |
Sep. 30, 2019 | |
Contract Obligations [Abstract] | |
Contract Obligations | 13. Contract Obligations The following is a summary of the contract obligations as of September 30, 2019: (US$ thousands) Short-term Long-term Total Coal leases contract liability $ 843 $ 21,519 $ 22,362 Stanwell below market coal supply agreement 34,475 185,441 219,916 $ 35,318 $ 206,960 $ 242,278 The following is a summary of the contract obligations as of December 31, 2018: (US$ thousands) Short-term Long-term Total Terminal services contract liability $ 2,717 $ 11,549 $ 14,266 Coal leases contract liability 844 22,354 23,198 Stanwell below market coal supply agreement 35,555 219,675 255,230 $ 39,116 $ 253,578 $ 292,694 On adoption of ASC 842 – Leases the Terminal services contract liability was eliminated against the Terminal services Right of Use Asset on the unaudited Condensed Consolidated Balance Sheet. |
Deferred Consideration Liabilit
Deferred Consideration Liability | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Consideration Liability [Abstract] | |
Deferred Consideration Liability | 14. Deferred Consideration Liability On August 14, 2018 the Company completed the purchase of the Stanwell Reserved Area, or the SRA, adjacent to the current Curragh mining tenements. This area was acquired on a deferred consideration basis and on acquisition the Company recognized a “Right-to-mine-asset” and a corresponding deferred consideration liability of $ 155.2 million, calculated using a pre-tax discount rate of 13% representing fair value of the arrangements and the date of acquisition. The deferred consideration liability will reflect passage of time changes by way of an annual accretion at the pre-tax discount rate of 13% while the liability will decrease as domestic coal is supplied to Stanwell from the SRA. The accretion of deferred consideration is recognized in “Interest expense, net” in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. (US$ thousands) September 30, 2019 December 31,2018 Stanwell Reserved Area deferred consideration $ 162,773 $ 155,332 $ 162,773 $ 155,332 |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings per Share [Abstract] | |
Earnings per Share | 15. Earnings per Share Basic earnings per share of common stock is computed by dividing net income attributable to the Company for the period, by the weighted-average number of shares of common stock outstanding during the same period. Diluted earnings per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. There were no traded shares of common stock outstanding prior to October 23, 2018, therefore no earnings per share information has been presented for any period prior to that date. Basic and diluted earnings per share was calculated as follows (in thousands, except per share data): Three Months Ended Nine Months Ended (US$ thousands, except per share data) September 30, 2019 September 30, 2019 Numerator: Net Income $ 69,099 $ 283,425 Less: Net income attributable to Non-controlling interest ( 2) ( 6) Net Income attributable to Company stockholders $ 69,101 $ 283,431 Denominator (in thousands): Weighted-average shares of common stock outstanding 96,652 96,652 Effects of dilutive shares 2 2 Weighted average diluted shares of common stock outstanding 96,654 96,654 Earnings Per Share (US$): Basic 0.71 2.93 Dilutive 0.71 2.93 |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Derivatives And Fair Value Measurement [Absract] | |
Derivatives and Fair Value Measurement | 16. Derivatives and Fair Value Measurement (a) Derivatives The Company may use derivative financial instruments to manage its financial risks in the normal course of operations, including foreign currency risks, commodity price risk related to purchase of raw materials (such as gas or diesel) and interest rate risk. Derivatives are exclusively used for cashflow hedge purposes and hedging for speculative purposes is strictly prohibited under the Treasury Risk Management Policy approved by the Board of Directors. The financing counterparties to the derivative contracts potentially expose the Company to credit-related risk. Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of the financial instrument. The Company mitigates credit risk by entering into derivative contracts with high credit quality counterparties, limiting the amount of exposure to each counterparty and frequently monitoring their financial condition. Forward fuel contracts In 2018, the Company entered into forward derivative contracts to hedge its exposure to diesel fuel for the diesel fuel that is used, or expects to use, in the operations at Curragh in 2019. During the nine months ended September 30, 2019, the Company entered into additional derivative contracts in relation to expected consumption of diesel fuel in the operations at Curragh in 2020. The aggregate notional amount for all outstanding derivative contracts were $ 70.9 million at September 30, 2019, and $ 44.6 million at December 31, 2018. The unrealized loss of $ 0.2 million, net of tax, recognized in “Accumulated other comprehensive income/(loss)” as at September 30, 2019, is expected to be recognized into “Cost of coal revenues” in the Unaudited Condensed Statements of Operations and Comprehensive Income within the next 15 months. Forward foreign currency contracts The Company’s Australian operations utilizes the cash it generates from its US$ denominated coal sales revenue to fund its operating costs, which are predominantly in A$. During the three months ended September 30, 2019, the Company entered into forward foreign currency contracts to hedge its foreign exchange exposure on a portion of the US$ denominated coal sales revenue at Curragh, whose functional currency is A$. The aggregated notional amount of the outstanding derivative contracts as at September 30, 2019 was $ 166.5 million. The unrealized loss of $ 1.3 million, net of tax, recognized in “Accumulated other comprehensive income/(loss)” at September 30, 2019, is expected to be recognized into “Coal revenues” in the Unaudited Condensed Statements of Operations and Comprehensive Income within the next 12 months. Given the forward fuel and forward foreign currency contracts were designated as cash flow hedges, any unrealized gain and losses on these derivatives are recorded in “Accumulated other comprehensive income/(loss)” and are reclassified into “Cost of coal revenues” and “Coal revenues”, respectively, in the Unaudited Condensed Statements of Operations and Comprehensive Income in the period in which the hedged transaction impacts income. Refer to Note 17 “Accumulated other comprehensive loss” for further disclosure. The fair value of foreign currency and diesel fuel derivatives reflected in the accompanying unaudited Condensed Consolidated Balance Sheet are set forth in the table below: September 30, 2019 December 31, 2018 (US$ thousands) Classification Derivative asset Derivative liability Derivative asset Derivative liability Forward fuel contracts Other current assets 39 — — — Other current liabilities — 215 — 5,402 Other non-current liabilities — 345 — — Forward foreign currency contracts Other current assets 112 — — — Other current liabilities — 2,012 — — 151 2,572 — 5,402 The following table presents our details of foreign currency and diesel fuel outstanding hedge contracts: September 30, 2019 December 31, 2018 (in thousands) Notional amount (thousands) Unit of measure Varying maturity dates Notional amount (thousands) Unit of measure Varying maturity dates Designated forward fuel contracts 150,742 Liters August 2019 – December 2020 93,420 Liters January 2019 – December 2019 Designated forward foreign currency contracts 166,542 US$ September 2019 - March 2020 - - - Other derivatives During the nine months ended September 30, 2018 the Company entered into a foreign exchange swap contract to hedge against the exposure fluctuations in the Australian Dollar against the U.S. Dollar on the purchase price of Curragh between the Agreement date and the completion date. The Company elected not to formally designate the swaps as cash flow hedges. As such, the Company accounted for the foreign exchange swaps as an economic hedge and recorded at fair value at the end of each reporting period. Pursuant with ASC 815, the foreign exchange swaps were initially recorded at fair value and all subsequent changes were recorded to “Other, net” (see Note 5 – “Other, net”) within the unaudited Condensed Consolidated Statements of Operations. Fair Value of Financial Instruments The fair value of a financial instrument is the amount that will be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of financial instruments involve uncertainty and cannot be determined with precision. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Financial Instruments Measured on a Recurring Basis As of September 30, 2019, the Company has the following liabilities that are required to be measured at fair value on a recurring basis: Forward commodity contracts: valued based on a valuation that is corroborated by the use of market-based pricing (Level 2) Foreign currency forward contracts: valued based on a valuation that is corroborated by the use of market-based pricing (Level 2) Contingent royalty: fair value is determined using the Black-Scholes option pricing formula (Level 3) VSM: fair value is determined using the projected cash flow analysis (Level 3) The following tables set forth the hierarchy of the Company’s net financial liabilities positions for which fair value is measured on a recurring basis as of September 30, 2019: Assets/(Liabilities) (US$ thousands) Level 1 Level 2 Level 3 Total Forward commodity contracts $ — $ ( 521) $ — $ ( 521) Forward foreign currency contracts — ( 1,900) — ( 1,900) Contingent royalty — — ( 5,920) ( 5,920) $ — $ ( 2,421) $ ( 5,920) $ ( 8,341) The Company’s net financial liability positions for which fair value is measured on a recurring basis as of December 31, 2018 was as follows: Assets/(Liabilities) (US$ thousands) Level 1 Level 2 Level 3 Total Forward commodity contracts $ — $ ( 5,402) $ — $ ( 5,402) Contingent royalty — — ( 17,216) ( 17,216) VSM — — ( 12,987) ( 12,987) $ — $ ( 5,402) $ ( 30,203) $ ( 35,605) Contingent Royalty Consideration Key assumptions in the valuation include the gross sales price forecast, export volume forecast, volatility, the risk-free rate, and credit-spread of the Company. Quantitative Information about Level 3 Fair Value Measurements (US$ thousands) Fair value at September 30, 2019 Valuation technique Unobservable input Range (Weighted Avg.) Contingent Royalty Liability (1) $ 5,920 Black-Scholes Option model Gross sales price forecast per tonne $ 87.2 to $ 114.2 ($ 104.3) Export volume forecast (000’s) 5,117 tons over 18 months Volatility 15.6% Risk-free rate 1.69% to 1.91% ( 1.82%) Company credit spread 0.0635 (1) $ 2.9 million of this amount is classified as a current liability with the remainder of $ 3.0 million being classified as a non-current liability. Value Share Mechanism Key assumptions in the valuation include the risk-free rate, the tax rate, distribution, price volatility, and Foreign Exchange (“FX”) rate. Quantitative Information about Level 3 Fair Value Measurements (US$ thousands) Fair value at September 30, 2019 Valuation technique Unobservable input Range (Weighted Avg.) Value Share Mechanism (VSM) $ — Projected cash flows Gross sales price forecast per tonne $ 102.2 to $ 121.5 ($ 112.2) Tax rate 30.00% FX rate 0.675 Given the remaining period of the VSM obligation is short-term, the valuation technique has been changed from Monte Carlo simulation to projected cash flows. The following is a summary of all the activity related to the contingent royalty liability and value share mechanism: Nine Months Ended September 30, 2019 activity (US$ thousands) Account Classification Contingent Royalty Liability VSM Incurred royalties Total Beginning balance at January 1, 2019: 17,216 12,987 8,295 38,498 Statement of Operation activity: Contingent liability/VSM expense incurred Other royalties — — 16,598 16,598 Decrease in VSM Liability value Other royalties — ( 12,987) — ( 12,987) Decrease in Contingent Royalty Liability value Other royalties ( 11,296) — — ( 11,296) Total Statement of Operations activity: ( 11,296) ( 12,987) 16,598 ( 7,685) Cash paid to CONSOL/Wesfarmers — — ( 23,400) ( 23,400) Balance sheet: Royalties payable to CONSOL/Wesfarmers Accrued expenses and other liabilities — — 1,493 1,493 VSM Liability Contingent royalty consideration—current — — — — Contingent Royalty Liability Contingent royalty consideration 5,920 — — 5,920 Total liabilities 5,920 — 1,493 7,413 There are no other fair value measurements of assets and liabilities that are measured at fair value on a nonrecurring basis as of September 30, 2019 and December 31, 2018. Other Financial Instruments The following methods and assumptions are used to estimate the fair value of other financial instruments as of September 30, 2019 and December 31, 2018: Cash and restricted cash, accounts receivable, accounts payable, accrued expenses, lease liabilities and other current financial liabilities: The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets approximate fair value due to the short maturity of these instruments. Deposits and reclamation bonds, lease liabilities, interest bearing liabilities and other financial liabilities: The fair values approximate the carrying values reported in the unaudited Condensed Consolidated Balance Sheets. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income [Abstract] | |
Other Comprehensive Income | 17. Other Comprehensive Income Accumulated other comprehensive loss consisted of the following at September 30, 2019: Net unrealized gain (loss) (US$ thousands) Foreign currency translation adjustments Cash flow fuel hedges Cash flow foreign currency hedges Total Balance at December 31, 2018 ( 45,827) ( 3,782) — ( 49,609) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications ( 14,193) 6,251 ( 3,332) ( 11,274) (Gain) loss reclassified from accumulated other comprehensive income (loss) — ( 1,111) 1,485 374 Tax effects — ( 1,542) 554 ( 988) Total net current-period other comprehensive income (loss) ( 14,193) 3,598 ( 1,293) ( 11,888) Balance at September 30, 2019 ( 60,020) ( 184) ( 1,293) ( 61,497) |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Commitments [Abstract] | |
Commitments | 18. Commitments (a) Mineral Leases The Company leases mineral interests and surface rights from land owners under various terms and royalty rates. The future minimum royalties under these leases are as follows: (US$ thousands) Amount Year ending December 31, 2019 1,746 2020 5,297 2021 5,160 2022 4,995 2023 4,921 Thereafter 25,714 Total 47,833 Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining. (b) Other commitments As of September 30, 2019, purchase commitments for capital expenditures were $ 37.2 million, all of which is obligated within the next 12 months. The Company has entered into fixed price contracts to purchase fuel for the U.S. operations. As of September 30, 2019, the commitment for fuel purchases were $ 2.8 million, all of which is obligated within the three months to December 31, 2019. In Australia, the Company has generally secured the ability to transport coal through rail contracts and coal export terminal contracts that are primarily funded through take-or-pay arrangements with terms ranging up to 11 years. In the U.S., the Company typically negotiates its rail and coal terminal on an annual basis. As of September 30, 2019, these Australian and U.S. commitments under take-or-pay arrangements totaled $ 1.0 billion, of which approximately $ 87.8 million is obligated within the next year. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 19. Related‑Party Transactions X-Coal During the three and nine months ended September 30, 2019 the Company sold coal to Xcoal Energy and Resources, or Xcoal, an entity associated with Non-Executive director, Mr. Ernie Thrasher. Revenues from Xcoal of $ 103.6 million and $ 122.0 million, respectively, are recorded as coal revenues on the unaudited Condensed Consolidated Statement of Operations for the three months ended September 30, 2019 and 2018. Revenues from Xcoal of $ 396.8 million and $ 335.0 million, respectively, are recorded as coal revenues on the unaudited Condensed Consolidated Statement of Operations for the nine months ended September 30, 2019 and 2018. At September 30, 2019 amounts due from Xcoal in respect of coal sales were $ 55.2 million. As of December 31, 2018, amounts due from Xcoal in respect of coal sales were $ 36.0 million. These balances are included in related party receivables. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Contingencies [Abstract] | |
Contingencies | 20. Contingencies In the normal course of business, the Company is a party to certain guarantees and financial instruments with off-balance sheet risk, such as letters of credit and performance or surety bonds. No liabilities related to these arrangements are reflected in the Company’s unaudited Condensed Consolidated Balance Sheets. Management does not expect any material losses to result from these guarantees or off-balance sheet financial instruments. Facility B of the SFA provides A$ 370 million for issuing multicurrency bank guarantees. At September 30, 2019, Facility B of the SFA had been utilized to issue A$ 268.1 million of bank guarantees on behalf of the Company. Curragh is a co-appellant to proceedings in the Queensland Supreme Court brought by Aurizon. Aurizon’s claim relates to costs relating to the co-defendants’ use of the Wiggins Island Coal Export Terminal Pty Ltd, or WICET, rail links, in particular, whether the “First Milestone Target Date”, which triggers certain “WIRP Fee” payments under the Wiggins Island Rail Project Deed, or WIRP Deed, has been achieved. On June 27, 2019, the Queensland Supreme Court delivered judgements in favor of Aurizon against Coronado Curragh Pty Ltd and the other co-defendants. The Company intends to continue to strongly contest the matter. The Company, together with the other co-defendants, lodged a notice of appeal of the Queensland Supreme Court judgement on July 25, 2019. It is currently expected that, were Aurizon successful in the ultimate result of the litigation and expert determinations, Coronado Curragh Pty Ltd would be required to pay approximately A$ 2.3 million per annum for the term of the WIRP Deed (which is 233 months). Resolution of this dispute would also result in the Company’s below rail access to WICET (of 1.5 MMtpa) becoming a firm contractual capacity entitlement (and the subject of a 20 year take-or-pay access agreement) instead of an ad hoc entitlement only. The Company’s unaudited Condensed Consolidated Balance Sheet includes an estimated loss contingency associated with these proceedings of approximately $ 4.6 million and $ 3.5 million as at September 30, 2019 and December 31, 2018, respectively. From time to time, the Company becomes a party to other legal proceedings in the ordinary course of business in Australia, the U.S. and other countries where the Company does business. Based on current information, the Company believes that such other pending or threatened proceedings are likely to be resolved without a material adverse effect on its financial condition, results of operations or cash flows. The liabilities recorded in relation to the above litigations do not include estimated future costs associated with legal representation, which, in accordance with the Company’s policy, are expensed as incurred. In management’s opinion, the Company is not currently involved in any legal proceedings, which individually or in the aggregate could have a material effect on the financial condition, results of operations and/or liquidity of the Company. |
Description of Business, Basi_2
Description of Business, Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2019 | |
Description of Business, Basis of Presentation [Abstract] | |
Description of the Business | Description of the Business Coronado Global Resources Inc. (together with its subsidiaries, the “Company” or “Coronado”) is a global producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia and in the states of Pennsylvania, Virginia and West Virginia in the USA |
Basis of presentation | (b) Basis of Presentation The interim unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the U.S. Generally Accepted Accounting Principles, or U.S. GAAP, and with the instructions to Form 10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s registration statement on Form 10, as amended, filed with the SEC and the Australian Securities Exchange, or the ASX, on June 28, 2019. During the year ended December 31, 2018, Coronado Group LLC and Coronado Global Resources Inc. completed a common control reorganization, or the Reorganization Transaction, of their legal entity structure. Prior to the Reorganization Transaction in August 2018, Coronado Group HoldCo LLC, the holding company of our operations in Australia, or the Australian Operations, was a wholly-owned subsidiary of Coronado Group LLC. In connection with the Reorganization Transaction, (i) Coronado Group HoldCo LLC was converted into Coronado Global Resources Inc. in August 2018 and (ii) Coronado Group LLC contributed all of the equity ownership in our operations in the United States, or the U.S. Operations, to Coronado Coal Corporation, a wholly-owned subsidiary of Coronado Global Resources Inc. Immediately following the Reorganization Transaction, Coronado Global Resources Inc. remained a wholly-owned subsidiary of Coronado Group LLC, which is currently owned by The Energy & Minerals Group, or EMG Group, and certain members of our management. The Reorganization Transaction was treated as a combination of entities under common control in line with Accounting Standards Codification, or ASC, 805, Business Combinations, whereby the receiving entity (the Company) recorded the contributed assets and liabilities at the carrying value of Coronado Group LLC. Prior to the Reorganization Transaction, the consolidated financial statements of the Company reflect the net assets and operations of Coronado Group LLC. The financial statements presented following the Reorganization Transaction are those of the receiving entity (the Company) and are retrospectively adjusted to present that entity as if it always held the net assets or equity interests previously held by the seller, Coronado Group LLC. As such, financial information (including comparatives) of the Company has been presented as a continuation of the pre-existing accounting values of assets and liabilities in Coronado Group LLC’s financial statements. The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless otherwise stated. They include the accounts of Coronado Global Resources Inc. and its affiliates. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are references to Australian dollars, the lawful currency of the Commonwealth of Australia. The Company, or Coronado, are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries, or to Coronado Group LLC, as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, these interim financial statements reflect all normal, recurring adjustments necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein as of December 31, 2018 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Newly Adopted Accounting Standards | (a) Newly Adopted Accounting Standards Leases . In February 2016, the Financial Accounting Standards Board, or FASB, established Topic 842, Leases, by issuing Accounting Standards Update, or ASU, No. 2016-02, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use, or ROU, model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. On January 1, 2019, the Company adopted ASU No. 2016-02 using the modified retrospective transition approach and elected the package of practical expedients that allows it to forgo reassessment of lease classification for leases that have already commenced. The Company also elected the practical expedients to the new standard without restating comparative prior period financial information, to not recognize ROU assets and liabilities for operating leases with shorter than 12-month terms and to include both lease and non-lease components with lease payments. In addition to existing finance leases and other financing obligations, the adoption of the new standard, on January 1, 2019, resulted in the recognition of ROU assets of $ 66.8 million and lease liabilities of $ 81.1 million related to operating leases. On adoption, the lease liability included reclassification of a terminal services contract liability of $ 14.3 million, which is classified as a lease under the newly adopted standard. There was no material impact to the Consolidated Statements of Operations and Comprehensive Income, the Consolidated Statements of Cash Flows, or the Company’s debt covenant calculations as a result of the adoption of ASU 2016-02. ASU No. 2016-02 also requires entities to disclose certain qualitative and quantitative information regarding the amount, timing, and uncertainty of cash flows arising from leases. Such disclosures are included in Note 10 “Leases”. |
Accounting Standards Not Yet Implemented | (b) Accounting Standards Not Yet Implemented Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13 related to the measurement of credit losses on financial instruments. The pronouncement replaces the incurred loss methodology to record credit losses with a methodology that reflects the expected credit losses for financial assets not accounted for at fair value with gains and losses recognized through net income. This standard is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for the Company) and interim periods therein. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is in the process of evaluating the impacts of adoption. Fair Value Measurement . In August 2018, the FASB issued ASU 2018-13, which amended the fair value measurement guidance by removing and modifying certain disclosure requirements, while also adding new disclosure requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all companies for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company plans to adopt all disclosure requirements effective January 1, 2020. |
Reclassification | (c) Reclassification Certain amounts in the prior period Condensed Consolidated Balance Sheet have been reclassified to conform to the presentation of the current period financial statements. These related to the reclassification of capital lease liabilities included within “other financial liabilities and capital leases” and “other financial liabilities, excluding current instalments” as at December 31, 2018 to “Lease liabilities” current and non-current, respectively. These reclassifications had no effect on the previously reported net income. |
Acquisition of Curragh Complex
Acquisition of Curragh Complex (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Acquisition of Curragh Complex [Abstract] | |
Summary of Total Consideration Transferred and Allocation of Purchase Price | Amount (US$ thousands) Fair value of total consideration transferred: Cash consideration $ 537,207 Contingent consideration (Value Share Mechanism) 26,552 Total consideration transferred 563,759 Recognized amounts of identifiable assets acquired, and liabilities assumed: Current assets $ 240,966 Property, plant and equipment 851,981 Deferred income tax assets 24,432 Other long-term assets 1,831 Current liabilities ( 141,611) Contract obligations ( 306,960) Asset retirement obligations ( 104,305) Other long-term liabilities ( 2,575) Total identifiable net assets acquired $ 563,759 |
Summary of Pro Forma Information | Nine Months Ended September 30, 2018 (US$ thousands) Revenue $ 1,715,817 Net Income 197,487 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Information [Abstract] | |
Reportable Segment Results | Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Three months ended September 30, 2019 Total revenues 350,505 91,780 75,888 17,668 — 535,841 Adjusted EBITDA 94,860 43,555 19,229 267 ( 8,169) 149,742 Net income/(loss) 56,379 21,522 8,584 ( 2,112) ( 15,274) 69,099 Total assets 1,114,022 524,748 332,496 147,674 49,418 2,168,358 Capital expenditures (2) 22,981 12,512 13,784 1,665 — 50,942 Three months ended September 30, 2018 Total revenues 396,979 120,966 66,408 16,241 ( 960) 599,634 Adjusted EBITDA 110,740 52,821 6,454 ( 1,445) 2,850 171,420 Net income/(loss) 41,742 16,435 ( 12,877) ( 15,626) 15,525 45,199 Total assets 1,203,787 508,739 252,312 146,816 217,154 2,328,808 Capital expenditures (2) 12,632 9,165 4,061 419 559 26,836 Nine Months Ended September 30, 2019 Total revenues 1,144,689 343,217 231,805 50,465 — 1,770,176 Adjusted EBITDA 366,568 159,956 54,520 186 ( 26,134) 555,096 Net income/(loss) 216,136 88,441 24,107 ( 7,144) ( 38,115) 283,425 Total assets 1,114,022 524,748 332,496 147,674 49,418 2,168,358 Capital expenditures (2) 38,407 40,712 34,102 4,143 5 117,369 Nine Months Ended September 30, 2018 Total revenues 784,358 381,467 179,063 54,429 — 1,399,317 Adjusted EBITDA 210,719 152,522 21,955 ( 462) ( 71,486) 313,248 Net income/(loss) 95,959 93,278 ( 10,129) ( 21,802) ( 76,456) 80,850 Total assets 1,203,787 508,739 252,312 146,816 217,154 2,328,808 Capital expenditures (2) 30,470 23,349 17,252 978 989 73,038 (1) On March 29, 2018, Coronado acquired the Curragh Mining business from Wesfarmers Limited. Curragh is a separate reportable segment due to having separate management, location, assets, and operations. Curragh is located in central Queensland, Australia and the reportable segment produces a wide variety of metallurgical coal. (2) Capital expenditures includes financing fees incurred through other financial liabilities for the purchase of certain equipment. |
Reconciliation of EBITDA to Net Income | Three months ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (US$ thousands) (US$ thousands) Net income $ 69,099 $ 45,199 $ 283,425 $ 80,850 Depreciation, depletion and amortization 39,855 48,237 125,134 112,639 Interest expense (net of income) 9,319 20,304 26,583 45,792 Other foreign exchange (gains) losses 851 1,035 293 7,883 Loss on retirement of debt — — — 3,905 Income tax expense 30,618 56,645 119,661 62,179 Consolidated adjusted EBITDA $ 149,742 $ 171,420 $ 555,096 $ 313,248 |
Disaggregation of Revenue | Three months ended September 30, 2019 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 318,634 89,353 67,041 15,890 — 490,918 Thermal coal 23,582 2,265 8,097 912 — 34,856 Total coal revenue 342,216 91,618 75,138 16,802 — 525,774 Other 1 8,289 162 750 866 — 10,067 Total 350,505 91,780 75,888 17,668 — 535,841 Three months ended September 30, 2018 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 366,247 117,482 53,963 15,969 — 553,661 Thermal coal 23,765 3,418 10,995 5 — 38,183 Total coal revenue 390,012 120,900 64,958 15,974 — 591,844 Other 1 6,967 66 1,450 267 ( 960) 7,790 Total 396,979 120,966 66,408 16,241 ( 960) 599,634 Nine Months Ended September 30, 2019 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 1,046,598 334,400 198,461 46,957 — 1,626,416 Thermal coal 71,563 8,571 30,304 1,407 — 111,845 Total coal revenue 1,118,161 342,971 228,765 48,364 — 1,738,261 Other 1 26,528 246 3,040 2,101 — 31,915 Total 1,144,689 343,217 231,805 50,465 — 1,770,176 Nine Months Ended September 30, 2018 Curragh(1) Buchanan Logan Greenbrier Other and Corporate Total ($ thousands) Product Groups Metallurgical coal 715,733 370,817 147,164 51,951 — 1,285,665 Thermal coal 48,813 10,545 30,449 718 — 90,525 Total coal revenue 764,546 381,362 177,613 52,669 — 1,376,190 Other 1 19,812 105 1,450 1,760 — 23,127 Total 784,358 381,467 179,063 54,429 — 1,399,317 (1) Other revenue for Curragh includes the amortization of the Stanwell non-market coal supply contract obligation liability. |
Expenses (Tables)
Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Expenses [Abstract] | |
Schedule of Expenses | Three months ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (US$ thousands) (US$ thousands) Loss on foreign exchange swap $ — $ — $ — $ ( 15,695) Other foreign exchange (losses) gains ( 851) ( 1,035) ( 293) ( 7,883) Other (expenses) income ( 321) 5,822 163 1,519 Total Other, net $ ( 1,172) $ 4,787 $ ( 130) $ ( 22,059) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Schedule of Inventories | (US$ thousands) September 30, 2019 December 31,2018 Raw coal $ 49,543 $ 20,106 Saleable coal 61,213 26,374 Total coal inventories 110,756 46,480 Supplies inventory 53,884 48,623 Total inventories $ 164,640 $ 95,103 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (US$ thousands) September 30, 2019 December 31,2018 Land $ 26,539 $ 26,845 Buildings and improvements 75,877 89,027 Plant, machinery, mining equipment and transportation vehicles 795,506 765,432 Mineral rights and reserves 464,710 464,680 Office and computer equipment 3,788 3,700 Mine development 477,790 479,152 Asset retirement obligation asset 82,042 80,993 Construction in process 106,970 43,691 2,033,222 1,953,520 Less accumulated depreciation, depletion and amortization 448,318 334,962 Net property, plant and equipment $ 1,584,904 $ 1,618,558 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Acquired Intangible Assets | September 30, 2019 (US$ thousands) Weighted average amortization period (years) Gross carrying amount Accumulated amortization Net carrying amount Intangible assets: Amortizing intangible assets: Mining permits - Greenbrier 14 $ 1,500 $ 820 $ 680 Mining permits - Logan 15 1,642 729 913 Mining permits - Buchanan 28 4,000 435 3,565 Total intangible assets $ 7,142 $ 1,984 $ 5,158 December 31, 2018 (US$ thousands) Weighted average amortization period (years) Gross carrying amount Accumulated amortization Net carrying amount Intangible assets: Amortizing intangible assets: Mining permits - Greenbrier 14 $ 1,500 $ 760 $ 740 Mining permits - Logan 15 1,642 638 1,004 Mining permits - Buchanan 28 4,000 342 3,658 Total intangible assets $ 7,142 $ 1,740 $ 5,402 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | (US$ thousands) September 30, 2019 December 31,2018 Wages and employee benefits $ 65,648 $ 50,819 Taxes other than income taxes 8,353 6,512 Accrued royalties 34,858 49,129 Accrued freight costs 19,361 26,509 Accrued mining fees 55,351 45,615 Cash flow hedge derivative liability 2,227 5,311 Acquisition related accruals 29,025 30,349 Other liabilities 21,876 29,252 Total accrued expenses and other current liabilities $ 236,699 $ 243,496 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Operating Right-of Use Assets and Related Lease Liabilities | Three Months Ended Nine Months Ended (US$ thousands) September 30, 2019 September 30, 2019 Operating lease costs $ 7,671 $ 20,532 Cash paid for operating lease liabilities 6,968 18,041 Finance lease costs: Amortization of right of use assets 627 1,848 Interest on lease liabilities 47 155 Total finance lease costs $ 674 $ 2,003 |
Schedule of Supplemental Balance Sheet Information Related to Leases | (US$ thousands) September 30, 2019 December 31,2018 Operating leases: Operating lease right-of-use assets $ 65,938 $ — Finance leases: Property and equipment 7,881 7,074 Accumulated depreciation ( 4,762) ( 2,914) Property and equipment, net 3,119 4,160 Current operating lease obligations 30,510 — Operating lease liabilities, less current portion 48,600 — Total operating lease liabilities 79,110 — Current finance lease obligations 2,793 1,307 Finance lease liabilities, less current portion — 2,481 Total Finance lease liabilities 2,793 3,788 Total Lease liability $ 81,903 $ 3,788 |
Schedule Of Weighted Average Calculations For Remaining Iterm And Discount Rates | September 30, 2019 Weighted Average Remaining Lease Term (Years) Weighted average remaining lease term – finance leases 0.93 Weighted average remaining lease term – operating leases 2.95 Weighted Average Discount Rate Weighted discount rate – finance lease 6.25% Weighted discount rate – operating lease 7.97% |
Schedule of Maturities of Operating and Finance Lease Liabilities | (US$ thousands) Operating Lease Finance Lease Year ending December 31, 2019 $ 9,180 $ 355 2020 34,823 2,568 2021 25,819 — 2022 8,473 — 2023 8,427 — Thereafter 2,103 — Total lease payments 88,825 2,923 Less imputed interest ( 9,715) ( 130) Total lease liability $ 79,110 $ 2,793 |
Contract Obligations (Tables)
Contract Obligations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Contract Obligations [Abstract] | |
Summary of Contract Obligations | The following is a summary of the contract obligations as of September 30, 2019: (US$ thousands) Short-term Long-term Total Coal leases contract liability $ 843 $ 21,519 $ 22,362 Stanwell below market coal supply agreement 34,475 185,441 219,916 $ 35,318 $ 206,960 $ 242,278 The following is a summary of the contract obligations as of December 31, 2018: (US$ thousands) Short-term Long-term Total Terminal services contract liability $ 2,717 $ 11,549 $ 14,266 Coal leases contract liability 844 22,354 23,198 Stanwell below market coal supply agreement 35,555 219,675 255,230 $ 39,116 $ 253,578 $ 292,694 On adoption of ASC 842 – Leases the Terminal services contract liability was eliminated against the Terminal services Right of Use Asset on the unaudited Condensed Consolidated Balance Sheet. |
Deferred Consideration Liabil_2
Deferred Consideration Liability (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Consideration Liability [Abstract] | |
Schedule of Deferred Consideration Liability | (US$ thousands) September 30, 2019 December 31,2018 Stanwell Reserved Area deferred consideration $ 162,773 $ 155,332 $ 162,773 $ 155,332 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted earnings per share was calculated as follows (in thousands, except per share data): Three Months Ended Nine Months Ended (US$ thousands, except per share data) September 30, 2019 September 30, 2019 Numerator: Net Income $ 69,099 $ 283,425 Less: Net income attributable to Non-controlling interest ( 2) ( 6) Net Income attributable to Company stockholders $ 69,101 $ 283,431 Denominator (in thousands): Weighted-average shares of common stock outstanding 96,652 96,652 Effects of dilutive shares 2 2 Weighted average diluted shares of common stock outstanding 96,654 96,654 Earnings Per Share (US$): Basic 0.71 2.93 Dilutive 0.71 2.93 |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivatives and Fair Value Measurement [Abstract] | |
Summary of Derivative Financial Instruments | September 30, 2019 December 31, 2018 (US$ thousands) Classification Derivative asset Derivative liability Derivative asset Derivative liability Forward fuel contracts Other current assets 39 — — — Other current liabilities — 215 — 5,402 Other non-current liabilities — 345 — — Forward foreign currency contracts Other current assets 112 — — — Other current liabilities — 2,012 — — 151 2,572 — 5,402 |
Net Amounts of Derivative Assets and Liabilties | September 30, 2019 December 31, 2018 (in thousands) Notional amount (thousands) Unit of measure Varying maturity dates Notional amount (thousands) Unit of measure Varying maturity dates Designated forward fuel contracts 150,742 Liters August 2019 – December 2020 93,420 Liters January 2019 – December 2019 Designated forward foreign currency contracts 166,542 US$ September 2019 - March 2020 - - - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth the hierarchy of the Company’s net financial liabilities positions for which fair value is measured on a recurring basis as of September 30, 2019: Assets/(Liabilities) (US$ thousands) Level 1 Level 2 Level 3 Total Forward commodity contracts $ — $ ( 521) $ — $ ( 521) Forward foreign currency contracts — ( 1,900) — ( 1,900) Contingent royalty — — ( 5,920) ( 5,920) $ — $ ( 2,421) $ ( 5,920) $ ( 8,341) The Company’s net financial liability positions for which fair value is measured on a recurring basis as of December 31, 2018 was as follows: Assets/(Liabilities) (US$ thousands) Level 1 Level 2 Level 3 Total Forward commodity contracts $ — $ ( 5,402) $ — $ ( 5,402) Contingent royalty — — ( 17,216) ( 17,216) VSM — — ( 12,987) ( 12,987) $ — $ ( 5,402) $ ( 30,203) $ ( 35,605) |
Quantitative Information about Level 3 Fair Value Measurements | Contingent Royalty Consideration Key assumptions in the valuation include the gross sales price forecast, export volume forecast, volatility, the risk-free rate, and credit-spread of the Company. Quantitative Information about Level 3 Fair Value Measurements (US$ thousands) Fair value at September 30, 2019 Valuation technique Unobservable input Range (Weighted Avg.) Contingent Royalty Liability (1) $ 5,920 Black-Scholes Option model Gross sales price forecast per tonne $ 87.2 to $ 114.2 ($ 104.3) Export volume forecast (000’s) 5,117 tons over 18 months Volatility 15.6% Risk-free rate 1.69% to 1.91% ( 1.82%) Company credit spread 0.0635 (1) $ 2.9 million of this amount is classified as a current liability with the remainder of $ 3.0 million being classified as a non-current liability. Value Share Mechanism Key assumptions in the valuation include the risk-free rate, the tax rate, distribution, price volatility, and Foreign Exchange (“FX”) rate. Quantitative Information about Level 3 Fair Value Measurements (US$ thousands) Fair value at September 30, 2019 Valuation technique Unobservable input Range (Weighted Avg.) Value Share Mechanism (VSM) $ — Projected cash flows Gross sales price forecast per tonne $ 102.2 to $ 121.5 ($ 112.2) Tax rate 30.00% FX rate 0.675 Given the remaining period of the VSM obligation is short-term, the valuation technique has been changed from Monte Carlo simulation to projected cash flows. |
Summary of Activity Related to Contingent Royalty Liability and Value Share Mechanism | The following is a summary of all the activity related to the contingent royalty liability and value share mechanism: Nine Months Ended September 30, 2019 activity (US$ thousands) Account Classification Contingent Royalty Liability VSM Incurred royalties Total Beginning balance at January 1, 2019: 17,216 12,987 8,295 38,498 Statement of Operation activity: Contingent liability/VSM expense incurred Other royalties — — 16,598 16,598 Decrease in VSM Liability value Other royalties — ( 12,987) — ( 12,987) Decrease in Contingent Royalty Liability value Other royalties ( 11,296) — — ( 11,296) Total Statement of Operations activity: ( 11,296) ( 12,987) 16,598 ( 7,685) Cash paid to CONSOL/Wesfarmers — — ( 23,400) ( 23,400) Balance sheet: Royalties payable to CONSOL/Wesfarmers Accrued expenses and other liabilities — — 1,493 1,493 VSM Liability Contingent royalty consideration—current — — — — Contingent Royalty Liability Contingent royalty consideration 5,920 — — 5,920 Total liabilities 5,920 — 1,493 7,413 There are no other fair value measurements of assets and liabilities that are measured at fair value on a nonrecurring basis as of September 30, 2019 and December 31, 2018. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income [Abstract] | |
Schedule Of Comprehensive Income Loss [Table Text Block] | Net unrealized gain (loss) (US$ thousands) Foreign currency translation adjustments Cash flow fuel hedges Cash flow foreign currency hedges Total Balance at December 31, 2018 ( 45,827) ( 3,782) — ( 49,609) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications ( 14,193) 6,251 ( 3,332) ( 11,274) (Gain) loss reclassified from accumulated other comprehensive income (loss) — ( 1,111) 1,485 374 Tax effects — ( 1,542) 554 ( 988) Total net current-period other comprehensive income (loss) ( 14,193) 3,598 ( 1,293) ( 11,888) Balance at September 30, 2019 ( 60,020) ( 184) ( 1,293) ( 61,497) |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments [Abstract] | |
Future Minimum Royalties | (US$ thousands) Amount Year ending December 31, 2019 1,746 2020 5,297 2021 5,160 2022 4,995 2023 4,921 Thereafter 25,714 Total 47,833 Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use asset - operating leases, net | $ 65,938 | $ 0 | |
Operating lease liabilities | $ 79,110 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use asset - operating leases, net | $ 66,800 | ||
Operating lease liabilities | 81,100 | ||
Reclassification as part of adoption of new lease standard | $ 14,300 |
Acquisition of Curragh Comple_2
Acquisition of Curragh Complex (Narrative) (Details) $ in Millions | Mar. 29, 2018AUD ($) | Mar. 29, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||
Consideration paid | $ 23,400,000 | ||||
Contingent consideration (Value Share Mechanism) | 26,600,000 | ||||
Goodwill | 28,008,000 | $ 28,008,000 | |||
Non-recurring adjustment | $ 53,800,000 | ||||
Wesfarmers Curragh Pty Ltd [Member] | |||||
Business Acquisition [Line Items] | |||||
Consideration paid | $ 537,207,000 | ||||
Aggregate purchase price | $ 563,759,000 | ||||
Interest acquired | 100.00% | ||||
Contingent consideration (Value Share Mechanism) | $ 26,552,000 | ||||
Contingent consideration, royalty period | 2 years | 2 years | 2 years | ||
Contingent consideration, royalty percentage | 25.00% | 25.00% | |||
Contingent considertaion, sales threshold | 145 | ||||
Acquisition related costs | $ 53,800,000 | ||||
Goodwill | $ 0 | ||||
Wesfarmers Curragh Pty Ltd [Member] | Selling General And Administrative Expenses [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 38,500,000 | ||||
Membership Interest Curragh [Member] | |||||
Business Acquisition [Line Items] | |||||
Consideration paid | $ 700 |
Acquisition of Curragh Comple_3
Acquisition of Curragh Complex (Summary of Total Consideration Transferred and Allocation Of Purchase Price) (Details) - USD ($) $ in Thousands | Mar. 29, 2018 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||
Consideration paid | $ 23,400 | |
Contingent consideration (Value Share Mechanism) | $ 26,600 | |
Wesfarmers Curragh Pty Ltd [Member] | ||
Business Acquisition [Line Items] | ||
Consideration paid | $ 537,207 | |
Contingent consideration (Value Share Mechanism) | 26,552 | |
Total consideration transferred | 563,759 | |
Current assets | 240,966 | |
Property, plant and equipment | 851,981 | |
Deferred income tax assets | 24,432 | |
Other long-term assets | 1,831 | |
Current liabilities | (141,611) | |
Contract obligations | (306,960) | |
Asset retirement obligations | (104,305) | |
Other long-term liabilities | (2,575) | |
Total identifiable net assets acquired | $ 563,759 |
Acquisitions (Summary Of Pro Fo
Acquisitions (Summary Of Pro Forma Information) (Details) - Wesfarmers Curragh Pty Ltd [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 1,715,817 |
Net Income | $ 197,487 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Segment Information [Abstract] | |
Number of reportable segments | 4 |
Segment Information (Reportable
Segment Information (Reportable Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Reportable segment results | |||||||||
Total revenues | $ 535,841 | $ 599,634 | $ 1,770,176 | $ 1,399,317 | |||||
Adjusted EBITDA | 149,742 | 171,420 | 555,096 | 313,248 | |||||
Net income (loss) | 69,099 | $ 117,506 | $ 96,820 | 45,199 | $ 59,322 | $ (23,671) | 283,425 | 80,850 | |
Total assets | 2,168,358 | 2,328,808 | 2,168,358 | 2,328,808 | $ 2,209,564 | ||||
Capital expenditures | 50,942 | 26,836 | 117,369 | 73,038 | |||||
Other and Corporate [Member] | |||||||||
Reportable segment results | |||||||||
Total revenues | 0 | (960) | 0 | 0 | |||||
Adjusted EBITDA | (8,169) | 2,850 | (26,134) | (71,486) | |||||
Net income (loss) | (15,274) | 15,525 | (38,115) | (76,456) | |||||
Total assets | 49,418 | 217,154 | 49,418 | 217,154 | |||||
Capital expenditures | 0 | 559 | 5 | 989 | |||||
Curragh [Member] | Operating Segments [Member] | |||||||||
Reportable segment results | |||||||||
Total revenues | 350,505 | 396,979 | 1,144,689 | 784,358 | |||||
Adjusted EBITDA | 94,860 | 110,740 | 366,568 | 210,719 | |||||
Net income (loss) | 56,379 | 41,742 | 216,136 | 95,959 | |||||
Total assets | 1,114,022 | 1,203,787 | 1,114,022 | 1,203,787 | |||||
Capital expenditures | 22,981 | 12,632 | 38,407 | 30,470 | |||||
Buchanan [Member] | Operating Segments [Member] | |||||||||
Reportable segment results | |||||||||
Total revenues | 91,780 | 120,966 | 343,217 | 381,467 | |||||
Adjusted EBITDA | 43,555 | 52,821 | 159,956 | 152,522 | |||||
Net income (loss) | 21,522 | 16,435 | 88,441 | 93,278 | |||||
Total assets | 524,748 | 508,739 | 524,748 | 508,739 | |||||
Capital expenditures | 12,512 | 9,165 | 40,712 | 23,349 | |||||
Logan [Member] | Operating Segments [Member] | |||||||||
Reportable segment results | |||||||||
Total revenues | 75,888 | 66,408 | 231,805 | 179,063 | |||||
Adjusted EBITDA | 19,229 | 6,454 | 54,520 | 21,955 | |||||
Net income (loss) | 8,584 | (12,877) | 24,107 | (10,129) | |||||
Total assets | 332,496 | 252,312 | 332,496 | 252,312 | |||||
Capital expenditures | 13,784 | 4,061 | 34,102 | 17,252 | |||||
Greenbrier [Member] | Operating Segments [Member] | |||||||||
Reportable segment results | |||||||||
Total revenues | 17,668 | 16,241 | 50,465 | 54,429 | |||||
Adjusted EBITDA | 267 | (1,445) | 186 | (462) | |||||
Net income (loss) | (2,112) | (15,626) | (7,144) | (21,802) | |||||
Total assets | 147,674 | 146,816 | 147,674 | 146,816 | |||||
Capital expenditures | $ 1,665 | $ 419 | $ 4,143 | $ 978 |
Segment Information (Reconcilia
Segment Information (Reconciliation of EBITDA to Net Income) (Details) - USD ($) | Aug. 13, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Segment Information [Abstract] | |||||||||
Net income | $ 69,099,000 | $ 117,506,000 | $ 96,820,000 | $ 45,199,000 | $ 59,322,000 | $ (23,671,000) | $ 283,425,000 | $ 80,850,000 | |
Depreciation, depletion and amortization | 39,855,000 | 48,237,000 | 125,134,000 | 112,639,000 | |||||
Interest expense (net of income) | 9,319,000 | 20,304,000 | 26,583,000 | 45,792,000 | |||||
Other foreign exchange (gains) losses | 851,000 | 1,035,000 | 293,000 | 7,883,000 | |||||
Loss on retirement of debt | 0 | 0 | 0 | 3,905,000 | |||||
Income tax expense | $ 0 | 30,618,000 | 56,645,000 | 119,661,000 | 62,179,000 | ||||
Consolidated adjusted EBITDA | $ 149,742,000 | $ 171,420,000 | $ 555,096,000 | $ 313,248,000 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 535,841 | $ 599,634 | $ 1,770,176 | $ 1,399,317 |
Other and Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | (960) | 0 | 0 |
Metallurgical Coal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 490,918 | 553,661 | 1,626,416 | 1,285,665 |
Metallurgical Coal [Member] | Other and Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Thermal Coal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 34,856 | 38,183 | 111,845 | 90,525 |
Thermal Coal [Member] | Other and Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Total Coal Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 525,774 | 591,844 | 1,738,261 | 1,376,190 |
Total Coal Revenue [Member] | Other and Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,067 | 7,790 | 31,915 | 23,127 |
Other [Member] | Other and Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | (960) | 0 | 0 |
Curragh [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 350,505 | 396,979 | 1,144,689 | 784,358 |
Curragh [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 318,634 | 366,247 | 1,046,598 | 715,733 |
Curragh [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 23,582 | 23,765 | 71,563 | 48,813 |
Curragh [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 342,216 | 390,012 | 1,118,161 | 764,546 |
Curragh [Member] | Other [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,289 | 6,967 | 26,528 | 19,812 |
Buchanan [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 91,780 | 120,966 | 343,217 | 381,467 |
Buchanan [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 89,353 | 117,482 | 334,400 | 370,817 |
Buchanan [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,265 | 3,418 | 8,571 | 10,545 |
Buchanan [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 91,618 | 120,900 | 342,971 | 381,362 |
Buchanan [Member] | Other [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 162 | 66 | 246 | 105 |
Logan [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 75,888 | 66,408 | 231,805 | 179,063 |
Logan [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 67,041 | 53,963 | 198,461 | 147,164 |
Logan [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,097 | 10,995 | 30,304 | 30,449 |
Logan [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 75,138 | 64,958 | 228,765 | 177,613 |
Logan [Member] | Other [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 750 | 1,450 | 3,040 | 1,450 |
Greenbrier [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,668 | 16,241 | 50,465 | 54,429 |
Greenbrier [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,890 | 15,969 | 46,957 | 51,951 |
Greenbrier [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 912 | 5 | 1,407 | 718 |
Greenbrier [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 16,802 | 15,974 | 48,364 | 52,669 |
Greenbrier [Member] | Other [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 866 | $ 267 | $ 2,101 | $ 1,760 |
Expenses (Schedule of Expenses)
Expenses (Schedule of Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Expenses [Abstract] | ||||
Loss on foreign exchange swap | $ 0 | $ 0 | $ 0 | $ (15,695) |
Other foreign exchange (losses) gains | (851) | (1,035) | (293) | (7,883) |
Other (expenses) income | (321) | 5,822 | 163 | 1,519 |
Total Other, net | $ (1,172) | $ 4,787 | $ (130) | $ (22,059) |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw coal | $ 49,543 | $ 20,106 |
Saleable coal | 61,213 | 26,374 |
Total coal inventories | 110,756 | 46,480 |
Supplies inventories | 53,884 | 48,623 |
Total inventories | $ 164,640 | $ 95,103 |
Property, Plant and Equipment (
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | $ 2,033,222 | $ 1,953,520 |
Less accumulated depreciation, depletion and amortization | 448,318 | 334,962 |
Net property, plant and equipment | 1,584,904 | 1,618,558 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 26,539 | 26,845 |
Buildings And Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 75,877 | 89,027 |
Plant, Machinery, Mining Equipment And Transportation Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 795,506 | 765,432 |
Mineral Rights And Reserves [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 464,710 | 464,680 |
Office And Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 3,788 | 3,700 |
Mine Development [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 477,790 | 479,152 |
Asset Retirement Obligation Asset [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 82,042 | 80,993 |
Construction In Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | $ 106,970 | $ 43,691 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2016 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||||||
Amortization expense | $ 100 | $ 100 | $ 200 | $ 200 | ||
Goodwill | 28,008 | 28,008 | $ 28,008 | |||
Buchanan [Member] | ||||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 28,000 | $ 28,000 | $ 28,000 | $ 28,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | $ 7,142 | $ 7,142 |
Intangible assests, Accumulated amortization | 1,984 | 1,740 |
Total intangible assets, Net carrying amount | $ 5,158 | $ 5,402 |
Mining Permits [Member] | Greenbrier [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 14 years | 14 years |
Intangible assets, Gross carrying amount | $ 1,500 | $ 1,500 |
Intangible assests, Accumulated amortization | 820 | 760 |
Total intangible assets, Net carrying amount | $ 680 | $ 740 |
Mining Permits [Member] | Logan [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 15 years | 15 years |
Intangible assets, Gross carrying amount | $ 1,642 | $ 1,642 |
Intangible assests, Accumulated amortization | 729 | 638 |
Total intangible assets, Net carrying amount | $ 913 | $ 1,004 |
Mining Permits [Member] | Buchanan [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 28 years | 28 years |
Intangible assets, Gross carrying amount | $ 4,000 | $ 4,000 |
Intangible assests, Accumulated amortization | 435 | 342 |
Total intangible assets, Net carrying amount | $ 3,565 | $ 3,658 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) $ in Thousands, $ in Millions | Sep. 30, 2019AUD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Accrued Expenses and Other Current Liabilities [Abstract] | |||
Wages and employee benefits | $ 65,648 | $ 50,819 | |
Taxes other than income taxes | 8,353 | 6,512 | |
Accrued royalties | 34,858 | 49,129 | |
Accrued freight costs | 19,361 | 26,509 | |
Accrued mining fees | 55,351 | 45,615 | |
Cash flow hedge derivative liability | 2,227 | 5,311 | |
Acquisition related accruals | 29,025 | 30,349 | |
Other liabilities | 21,876 | 29,252 | |
Total accrued expenses and other current liabilities | 236,699 | 243,496 | |
Stamp Duty Payable | $ 43 | $ 29,000 | $ 29,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 79,110 | $ 0 |
Equipment Embedded Within Mining Service Contracts [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 44,700 | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases have remaining lease terms | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases have remaining lease terms | 5 years |
Leases (Summary of Operating Ri
Leases (Summary of Operating Right-of Use Assets and Related Lease Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Operating lease cost: | ||
Operating lease costs | $ 7,671 | $ 20,532 |
Cash paid for operating lease liabilities | 6,968 | 18,041 |
Finance lease costs: | ||
Amortization of right-of-use assets | 627 | 1,848 |
Interest on lease liabilities | 47 | 155 |
Total finance lease costs | $ 674 | $ 2,003 |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Operating leases: | ||
Operating lease right-of-use assets | $ 65,938 | $ 0 |
Finance leases: | ||
Property and equipment | 2,033,222 | 1,953,520 |
Accumulated depreciation | (448,318) | (334,962) |
Net property, plant and equipment | 1,584,904 | 1,618,558 |
Current operating lease obligations | 30,510 | 0 |
Operating lease liabilities, less current portion | 48,600 | 0 |
Total operating lease liabilities | 79,110 | 0 |
Current finance lease obligations | 2,793 | 1,307 |
Finance lease liabilities, less current portion | 0 | 2,481 |
Total finance lease liabilities | 2,793 | 3,788 |
Total Lease liability | $ 81,903 | 3,788 |
Weighted average remaining lease term | ||
Finance leases | 11 months 4 days | |
Operating leases | 2 years 11 months 12 days | |
Weighted average discount rate | ||
Finance leases | 0.0625% | |
Operating leases | 0.0797% | |
Finance Leases [Member] | ||
Finance leases: | ||
Property and equipment | $ 7,881 | 7,074 |
Accumulated depreciation | (4,762) | (2,914) |
Net property, plant and equipment | $ 3,119 | $ 4,160 |
Leases (Schedule of Maturities
Leases (Schedule of Maturities of Operating and Finance Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2019 | $ 9,180 | |
2020 | 34,823 | |
2021 | 25,819 | |
2022 | 8,473 | |
2023 | 8,427 | |
Thereafter | 2,103 | |
Total lease payments | 88,825 | |
Less imputed interest | (9,715) | |
Total lease liability | 79,110 | $ 0 |
Finance Leases | ||
2019 | 355 | |
2020 | 2,568 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | 0 | |
Total lease payments | 2,923 | |
Less imputed interest | (130) | |
Total lease liability | $ 2,793 | $ 3,788 |
Leases (Schedule of Maturitie_2
Leases (Schedule of Maturities of Operating and Finance Lease Liabilities II) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Total lease payments | $ 88,825 | |
Less imputed interest | (9,715) | |
Total lease liability | 79,110 | $ 0 |
Finance Leases | ||
Total lease payments | 2,923 | |
Less imputed interest | (130) | |
Total lease liability | $ 2,793 | $ 3,788 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Aug. 13, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Income Taxes | |||||
Income tax expense | $ 0 | $ 30,618,000 | $ 56,645,000 | $ 119,661,000 | $ 62,179,000 |
Effective tax rate before discrete items | 29.70% | ||||
Deferred tax | 40,500,000 | 40,500,000 | |||
Initial deferred tax | 40,500,000 | 40,500,000 | |||
Australian Taxation Office [Member] | |||||
Income Taxes | |||||
Income tax expense | $ 56,700,000 | $ 62,200,000 | |||
Effective tax rate before discrete items | 15.10% |
Interest Bearing Liabilities (N
Interest Bearing Liabilities (Narrative) (Details) $ in Millions | Mar. 29, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019AUD ($) | Sep. 30, 2019USD ($) | Sep. 11, 2019AUD ($) | Sep. 11, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Dividend paid | $ 696,000,000 | ||||||
Long-term debt | $ 310,000,000 | $ 0 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Draw from revolving facility | $ 414,000,000 | ||||||
Debt instrument term, extension period | 12 months | ||||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument term, possible repayment or extension period | 1 month | ||||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument term, possible repayment or extension period | 2 months | ||||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument term, possible repayment or extension period | 3 months | ||||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Four | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument term, possible repayment or extension period | 6 months | ||||||
Facility A [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000,000 | ||||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 1 month | ||||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 2 months | ||||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 3 months | ||||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Four | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 6 months | ||||||
Facility B [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 370 | $ 370 | |||||
Facility C [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 1 month | ||||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 2 months | ||||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 3 months | ||||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Four | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Term | 6 months |
Contract Obligations (Summary o
Contract Obligations (Summary of Contract Obligations) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Short-term | $ 35,318 | $ 39,116 |
Long-term | 206,960 | 253,578 |
Total | 242,278 | 292,694 |
Terminal Services Contract Liability [Member] | ||
Debt Instrument [Line Items] | ||
Short-term | 2,717 | |
Long-term | 11,549 | |
Total | 14,266 | |
Coal Leases Contract Liability [Member] | ||
Debt Instrument [Line Items] | ||
Short-term | 843 | 844 |
Long-term | 21,519 | 22,354 |
Total | 22,362 | 23,198 |
Stanwell Below Market Coal Supply Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Short-term | 34,475 | 35,555 |
Long-term | 185,441 | 219,675 |
Total | $ 219,916 | $ 255,230 |
Deferred Consideration Liabil_3
Deferred Consideration Liability (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Aug. 14, 2018 |
Deferred Consideration Liability [Line Items] | |||
Deferred consideration liability | $ 162,773 | $ 155,332 | |
Stanwell Reserved Area Deferred Consideration [Member] | |||
Deferred Consideration Liability [Line Items] | |||
Deferred consideration liability | $ 162,773 | $ 155,332 | $ 155,200 |
Pre-tax discount | 13.00% |
Deferred Consideration Liabil_4
Deferred Consideration Liability (Schedule of Deferred Consideration Liability) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Aug. 14, 2018 |
Deferred Consideration Liability [Line Items] | |||
Deferred consideration liability | $ 162,773 | $ 155,332 | |
Stanwell Reserved Area Deferred Consideration [Member] | |||
Deferred Consideration Liability [Line Items] | |||
Deferred consideration liability | $ 162,773 | $ 155,332 | $ 155,200 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||||||
Net income | $ 69,099 | $ 117,506 | $ 96,820 | $ 45,199 | $ 59,322 | $ (23,671) | $ 283,425 | $ 80,850 |
Less: Net income attributable to Non-controlling interests | (2) | $ (3) | (6) | $ (7) | ||||
Net income attributable to common stockholders, after allocation of earnings to participating securities (1) | $ 69,101 | $ 283,431 | ||||||
Denominator: | ||||||||
Weighted-average shares of common stock outstanding | 96,652 | 96,652 | ||||||
Effects of dilutive shares | 2 | 2 | ||||||
Weighted average diluted shares of common stock outstanding | 96,654 | 96,654 | ||||||
Earnings Per Share (US$): | ||||||||
Basic (in dollars per share) | $ 0.71 | $ 0 | $ 2.93 | $ 0 | ||||
Dilutive (in dollars per share) | $ 0.71 | $ 0 | $ 2.93 | $ 0 |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 70,900 | $ 44,600 |
Unrealized Gain Loss On Derivatives | 200 | |
Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 166,542 | |
Unrealized Gain Loss On Derivatives | $ 1,300 |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurement (Summary of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative assets | $ 151 | $ 0 |
Derivative liability | 2,572 | 5,402 |
Forward Contracts [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liability | 215 | 5,402 |
Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 39 | 0 |
Derivative liability | 0 | 0 |
Forward Contracts [Member] | Other Non-current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liability | 345 | 0 |
Foreign Currency Forward Contracts [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liability | 2,012 | 0 |
Foreign Currency Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 112 | 0 |
Derivative liability | $ 0 | $ 0 |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurement (Net Amounts of Derivative Assets and Liabilities) (Details) l in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)l | Dec. 31, 2018l | |
Derivatives, Fair Value [Line Items] | ||
Notional amount | l | 150,742 | 93,420 |
Foreign Currency Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ | $ 166,542 |
Derivatives and Fair Value Me_6
Derivatives and Fair Value Measurement (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ (8,341) | $ (35,605) |
Forward Commodity Contract [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (521) | (5,402) |
Foreign Currency Forward Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (1,900) | |
Contingent Royalty [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (5,920) | (17,216) |
Value Share Mechanism [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (12,987) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Forward Commodity Contract [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Forward Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Contingent Royalty [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Value Share Mechanism [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (2,421) | (5,402) |
Fair Value, Inputs, Level 2 [Member] | Forward Commodity Contract [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (521) | (5,402) |
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Forward Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (1,900) | |
Fair Value, Inputs, Level 2 [Member] | Contingent Royalty [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Value Share Mechanism [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | (5,920) | (30,203) |
Fair Value, Inputs, Level 3 [Member] | Forward Commodity Contract [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Forward Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Contingent Royalty [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ (5,920) | (17,216) |
Fair Value, Inputs, Level 3 [Member] | Value Share Mechanism [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ (12,987) |
Derivatives and Fair Value Me_7
Derivatives and Fair Value Measurement (Quantitative Information about Level 3 Fair Value Measurements) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability | $ 5,920 |
Value Share Mechanism (VSM) | 0 |
Fair Value, Inputs, Level 3 [Member] | Projected Cash Flows [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Value Share Mechanism (VSM) | 0 |
Fair Value, Inputs, Level 3 [Member] | Black-Sholes Options Model [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability | 5,920 |
Contingent royalty consideration - current | 2,900 |
Contingent royalty consideration - non-current | $ 3,000 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Gross Sales Price Forecast Per Tonne [Member] | Maximum [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 114.2 |
Value Share Mechanism (VSM), Measurement Input | 121.5 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Gross Sales Price Forecast Per Tonne [Member] | Minimum [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 87.2 |
Value Share Mechanism (VSM), Measurement Input | 102.2 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Gross Sales Price Forecast Per Tonne [Member] | Weighted Average [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 104.3 |
Value Share Mechanism (VSM), Measurement Input | 112.2 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Export Volume Forecast [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 5,117,000 |
Export Volume Forecast Period | 18 months |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Volatility [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 15.6 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 1.91 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 1.69 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Risk Free Interest Rate [Member] | Weighted Average [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 1.82 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Credit Spread [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Contingent Royalty Liability, Measurement Input | 0.0635 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Tax Rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Value Share Mechanism (VSM), Measurement Input | 30 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, FX Rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Value Share Mechanism (VSM), Measurement Input | 0.675 |
Derivatives and Fair Value Me_8
Derivatives and Fair Value Measurement (Summary of Activity Related to Contingent Royalty Liability and Value Share Mechanism) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Beginning balance | $ 38,498 |
Contigent liability / VSM expense incurred | 16,598 |
Decrease In VSM Liability value | (12,987) |
Decrease In Contingent Royalty Liability value | (11,296) |
Total Statement Of Operations activity: | (7,685) |
Cash paid to CONSOL/Wesfarmers | (23,400) |
Royalties payable to CONSOL/Wesfarmers | 1,493 |
VSM Liability | 0 |
Contingent royalty consideration | 5,920 |
Total liabilities | 7,413 |
Contingent Royalty Consideration [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Beginning balance | 17,216 |
Decrease In Contingent Royalty Liability value | (11,296) |
Total Statement Of Operations activity: | (11,296) |
Contingent royalty consideration | 5,920 |
Total liabilities | 5,920 |
Incurred Royalties [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Beginning balance | 8,295 |
Contigent liability / VSM expense incurred | 16,598 |
Total Statement Of Operations activity: | 16,598 |
Cash paid to CONSOL/Wesfarmers | (23,400) |
Royalties payable to CONSOL/Wesfarmers | 1,493 |
Total liabilities | 1,493 |
Value Share Mechanism [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Beginning balance | 12,987 |
Decrease In VSM Liability value | (12,987) |
Total Statement Of Operations activity: | (12,987) |
VSM Liability | 0 |
Total liabilities | $ 0 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | $ (49,609) | $ (49,609) | ||||
Net current-period other comprehensive income (loss): | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (11,274) | |||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 374 | |||||
Tax effects | $ 1,796 | $ (383) | (2,391) | 988 | ||
Other comprehensive loss, net of income taxes | (17,295) | $ 386 | 5,021 | $ (16,022) | $ (18,695) | (11,888) |
Accumulated other comprehensive income, end of period | (61,497) | (61,497) | ||||
Foreign Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | (45,827) | (45,827) | ||||
Net current-period other comprehensive income (loss): | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (14,193) | |||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 0 | |||||
Tax effects | 0 | |||||
Other comprehensive loss, net of income taxes | (14,193) | |||||
Accumulated other comprehensive income, end of period | (60,020) | (60,020) | ||||
Net Unrealized Gain (Loss) On Cash Flow Hedge [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | (3,782) | (3,782) | ||||
Net current-period other comprehensive income (loss): | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | 6,251 | |||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | (1,111) | |||||
Tax effects | 1,542 | |||||
Other comprehensive loss, net of income taxes | 3,598 | |||||
Accumulated other comprehensive income, end of period | (184) | (184) | ||||
Net Unrealized Gain (Loss) On Cash Flow Foreign Currency Hedge [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | $ 0 | 0 | ||||
Net current-period other comprehensive income (loss): | ||||||
Gain (loss) in other comprehensive income (loss) before reclassifications | (3,332) | |||||
(Gain) loss reclassified from accumulated other comprehensive income (loss) | 1,485 | |||||
Tax effects | (554) | |||||
Other comprehensive loss, net of income taxes | (1,293) | |||||
Accumulated other comprehensive income, end of period | $ (1,293) | $ (1,293) |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Commitments [Abstract] | |
Purchase commitments for capital expenditures | $ 37.2 |
Fuel purchase commitment | $ 2.8 |
Take-or-pay arrangement term | 11 years |
Take-or-pay arrangements, total | $ 1,000 |
Take-or-pay arrangements, due within the next year | $ 87.8 |
Commitments (Future Minimum Roy
Commitments (Future Minimum Royalties) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments [Abstract] | |
2019 | $ 1,746 |
2020 | 5,297 |
2021 | 5,160 |
2022 | 4,995 |
2023 | 4,921 |
Thereafter | 25,714 |
Total | $ 47,833 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - Xcoal Energy And Resources [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Revenue From Related Parties | $ 103.6 | $ 122 | $ 396.8 | $ 335 | |
Accounts Receivable Related Parties | $ 55.2 | $ 55.2 | $ 36 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019AUD ($)Mt / yr | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Facility B [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantee Obligations Available | $ 370 | ||
Company guarantees | 268.1 | ||
Rail Links Litigation Versus Aurizon [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation congtingency, estimate of annual payment | $ 2.3 | ||
Litigation contingency, rail access entitlement (in MMtpa) | Mt / yr | 1.5 | ||
Litigation congtingency, term of deed | 233 months | ||
Litigation contingency, term of rail access entitlement | 20 years | ||
Loss contingency accrual | $ 4.6 | $ 3.5 |