Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
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 | Mar. 31, 2021 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 138,387,890 | |
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 | Level 33, Central Plaza One | |
Entity Address Address Line 2 | 345 Queen Street | |
Entity Address City Or Town | Brisbane, Queensland | |
Entity Address Country | AU | |
Entity Address Postal Zip Code | 4000 | |
City Area Code | 61 | |
Local Phone Number | 7 3031 7777 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and restricted cash | $ 33,700 | $ 45,736 |
Trade receivables | 140,023 | 175,206 |
Related party trade receivables | 57,843 | 81,970 |
Income tax receivable | 19,261 | 20,325 |
Inventories | 113,240 | 110,135 |
Other current assets | 43,361 | 44,006 |
Assets held for sale | 51,320 | 52,524 |
Total current assets | 458,748 | 529,902 |
Non-current assets: | ||
Property, plant and equipment, net | 1,483,334 | 1,521,508 |
Right of use asset - operating leases, net | 19,146 | 19,498 |
Goodwill | 28,008 | 28,008 |
Intangible assets, net | 4,166 | 4,217 |
Deposits and reclamation bonds | 12,800 | 8,425 |
Deferred income tax assets | 38,784 | 24,654 |
Other non-current assets | 10,743 | 12,264 |
Total assets | 2,055,729 | 2,148,476 |
Current liabilities: | ||
Accounts payable | 48,689 | 74,651 |
Accrued expenses and other current liabilities | 205,768 | 234,526 |
Asset retirement obligations | 5,949 | 6,012 |
Contract obligations | 40,229 | 40,295 |
Lease liabilities | 9,341 | 8,414 |
Other current financial liabilities | 5,188 | 7,129 |
LIabilities held for sale | 15,872 | 16,719 |
Total current liabilities | 331,036 | 387,746 |
Non-current liabilities: | ||
Asset retirement obligations | 117,218 | 116,132 |
Contract obligations | 174,833 | 185,823 |
Deferred consideration liability | 220,240 | 216,513 |
Interest bearing liabilities | 324,113 | 327,625 |
Other financial liabilities | 17,646 | 0 |
Lease liabilities | 18,781 | 20,582 |
Deferred income tax liabilities | 62,227 | 64,366 |
Other non-current liabilities | 24,818 | 22,826 |
Total liabilities | 1,290,912 | 1,341,613 |
Common stock $0.01 par value; 1,000,000,000 shares authorized, 138,387,890 shares are issued and outstanding as of March 31, 2021 and December 31, 2020 | 1,384 | 1,384 |
Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of March 31, 2021 and December 31, 2020 | 0 | 0 |
Additional paid-in capital | 991,811 | 993,052 |
Accumulated other comprehensive losses | (28,489) | (28,806) |
Accumulated losses | (199,889) | (158,919) |
Coronado Global Resources Inc. stockholders equity | 764,817 | 806,711 |
Noncontrolling interest | 0 | 152 |
Total stockholders' equity | 764,817 | 806,863 |
Total liabilities and stockholders' equity | $ 2,055,729 | $ 2,148,476 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Condensed Consolidated Balance Sheets [Abstract] | ||
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) | 138,387,890 | 138,387,890 |
Common stock, shares outstanding (in shares) | 138,387,890 | 138,387,890 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Revenues | $ 376,111 | $ 409,317 |
Costs and expenses: | ||
Cost of coal revenues (exclusive of items shown separately below) | 274,103 | 256,887 |
Depreciation, depletion and amortization | 53,081 | 45,302 |
Freight expenses | 52,141 | 42,381 |
Stanwell rebate | 15,819 | 32,628 |
Other royalties | 20,947 | 24,298 |
Selling, general, and administrative expenses | 5,775 | 6,195 |
Total costs and expenses | 421,866 | 407,691 |
Operating (loss) income | (45,755) | 1,626 |
Other income (expense): | ||
Interest expense, net | (15,135) | (12,253) |
Unwind of discounting and credit losses | 3,778 | 0 |
Other, net | (2,928) | 4,053 |
Total other income (expense), net | (14,285) | (8,200) |
Loss before tax | (60,040) | (6,574) |
Income tax benefit (expense) | 19,068 | (2,291) |
Net loss | (40,972) | (8,865) |
Less: Net loss attributable to noncontrolling interest | (2) | (2) |
Net loss attributable to Coronado Global Resources Inc. | (40,970) | (8,863) |
Other comprehensive income, net of income taxes: | ||
Foreign currency translation adjustment | (4,609) | (53,567) |
Net gain (loss) on cash flow hedges, net of tax | 4,926 | (34,192) |
Total net current-period other comprehensive gain (loss) | 317 | (87,759) |
Total comprehensive income | (40,655) | (96,624) |
Less: Net loss attributable to noncontrolling interest | (2) | (2) |
Total comprehensive loss attributable to Coronado Global Resources, Inc. | $ (40,653) | $ (96,622) |
Loss per share of common stock | ||
Basic | $ (0.30) | $ (0.09) |
Diluted | $ (0.30) | $ (0.09) |
Coal Revenues [Member] | ||
Revenues: | ||
Revenues | $ 299,161 | $ 319,492 |
Coal Revenues From Related Parties [Member] | ||
Revenues: | ||
Revenues | 68,041 | 80,118 |
Other Revenues [Member] | ||
Revenues: | ||
Revenues | $ 8,909 | $ 9,707 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Losses [Member] | Retained earnings | Noncontrolling Interest [Member] |
Balance, beginning of period at Dec. 31, 2019 | $ 867,941 | $ 967 | $ 820,247 | $ (45,206) | $ 91,712 | $ 221 | |
Balance, beginning of period, shares at Dec. 31, 2019 | 96,651,692 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (8,865) | (8,863) | (2) | ||||
Other comprehensive loss | (87,759) | (87,759) | |||||
Total comprehensive loss | (96,624) | (87,759) | (8,863) | (2) | |||
Share-based compensation for equity classified awards | 148 | 148 | |||||
Dividends paid | (24,163) | (24,163) | |||||
Balance, end of period at Mar. 31, 2020 | 747,302 | $ 967 | 820,395 | (132,965) | 58,686 | 219 | |
Balance, end of period, shares at Mar. 31, 2020 | 96,651,692 | 1 | |||||
Balance, beginning of period at Dec. 31, 2020 | 806,863 | $ 1,384 | 993,052 | (28,806) | (158,919) | 152 | |
Balance, beginning of period, shares at Dec. 31, 2020 | 138,387,890 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (40,972) | (40,970) | (2) | ||||
Other comprehensive loss | 317 | 317 | |||||
Total comprehensive loss | (40,655) | 317 | (40,970) | (2) | |||
Share-based compensation for equity classified awards | (538) | (538) | |||||
Acquisition of noncontrolling interest | (853) | (703) | (150) | ||||
Balance, end of period at Mar. 31, 2021 | $ 764,817 | $ 1,384 | $ 991,811 | $ (28,489) | $ (199,889) | $ 0 | |
Balance, end of period, shares at Mar. 31, 2021 | 138,387,890 | 1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Consolidated Statements of Stockholders' Equity [Abstract] | ||
Other comprehensive income loss tax | $ 2,111 | $ 13,781 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (40,972) | $ (8,865) |
Adjustments to reconcile net income to cash and restricted cash provided by operating activities: | ||
Depreciation, depletion and amortization | 53,081 | 45,302 |
Amortization of right of use asset - operating leases | 2,246 | 7,074 |
Amortization of deferred financing costs | 1,379 | 1,364 |
Non-cash interest expense | 6,647 | 5,060 |
Amortization of contract obligations | (8,509) | (6,530) |
Loss on disposal of property, plant and equipment | 101 | 75 |
Decrease in contingent royalty consideration | 0 | (1,051) |
Gain on operating lease derecognition | 0 | 1,180 |
Equity-based compensation expense | (555) | 148 |
Deferred income taxes | (18,437) | (176) |
Reclamation of asset retirement obligations | (557) | (759) |
Unwind of discounting and credit losses | (3,778) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable - including related party receivables | 59,690 | (103,280) |
Inventories | (4,701) | 11,522 |
Other current assets | 2,255 | 5,187 |
Accounts payable | (19,849) | 10,262 |
Accrued expenses and other current liabilities | (26,790) | (8,481) |
Operating lease liabilities | (2,758) | (7,512) |
Change in other liabilities | 6,746 | (8,147) |
Net cash provided by (used in) operating activities | 5,239 | (59,987) |
Cash flows from investing activities: | ||
Capital expenditures | (28,604) | (41,420) |
Purchase of deposits and reclamation bonds | (4,550) | (27) |
Redemption of deposits and reclamation bonds | 250 | 0 |
Net cash used in investing activities | (32,904) | (41,447) |
Cash flows from financing activities: | ||
Proceeds from interest bearing liabilities and other financial liabilities | 53,489 | 145,000 |
Debt issuance costs and other financing costs | (1,266) | (72) |
Principal payments on interest bearing liabilities and other financial liabilities | (38,110) | (23,156) |
Principal payments on finance lease obligations | 0 | (319) |
Dividends paid | 0 | (24,162) |
Net cash provided by financing activities | 14,113 | 97,291 |
Net decrease in cash and restricted cash | (13,552) | (4,143) |
Effect of exchange rate changes on cash and restricted cash | 1,516 | (3,967) |
Cash and restricted cash at beginning of period | 45,736 | 26,553 |
Cash and restricted cash at end of period | 33,700 | 18,443 |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest | 7,111 | 5,906 |
Cash paid for taxes | $ 0 | $ 1,448 |
Description of Business, Basis
Description of Business, Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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 Annual Report on Form 10-K filed with the SEC and the Australian Securities Exchange, or the ASX, on February 25, 2021. 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., its wholly owned subsidiaries and subsidiaries in which it has a controlling interest. 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 Global Resources Inc., 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 upon 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, 2020 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K filed with the SEC and ASX on February 25, 2021. (a) Newly Adopted Accounting Standards “Income Taxes - Simplifying the Accounting for Income Taxes” - In December 2019, the FASB issued ASU 2019-12, which simplified various aspects related to accounting for income taxes. ASU 2019-12 removed certain exceptions to the general principles in Topic 740 and clarifies and amended existing guidance to improve consistent application. ASU 2019-12. The adoption of ASU 2019-12 on January 1, 2021 did not have material impact on the Company’s consolidated financial statements |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | 3. 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 Australian Operations comprise the 100%-owned Curragh producing mine complex. The U.S. Operations comprise two 100%-owned producing mine complexes (Buchanan and Logan), one 100%-owned idled mine complex (Greenbrier), two development properties (Pangburn-Shaner-Fallowfield and Russell County) and one idle property (Amonate). The Company operates its business along two reportable segments: Australia and the United States. The organization of the two reportable segment reflects how the Company’s chief operating decision maker, or CODM, manages and allocate resources to the various components. The CODM uses Adjusted EBITDA as the primary metric to measure each segment’s operating performance. Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP. Investors should be aware that the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled financial measures used by other companies. Adjusted EBITDA is defined as earnings before interest, tax, depreciation, depletion and amortization and other foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete items that management exclude in analyzing each of our segments’ operating performance. “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 months ended March 31, 2021 and 2020 are presented below: Australia United States Other and Corporate Total ($ thousands) Three months ended March 31, 2021 Total revenues 238,293 137,818 — 376,111 Adjusted EBITDA ( 23,059) 36,530 ( 5,830) 7,641 Net (loss) income ( 42,331) 10,391 ( 9,032) ( 40,972) Total assets 1,082,586 855,527 117,616 2,055,729 Capital expenditures 7,032 14,538 1,034 22,604 Three months ended March 31, 2020 Total revenues 245,142 164,175 — 409,317 Adjusted EBITDA 13,065 38,250 ( 5,893) 45,422 Net income (loss) ( 5,967) 9,130 ( 12,028) ( 8,865) Total assets 967,809 1,122,521 47,749 2,138,079 Capital expenditures 5,269 35,522 629 41,420 The reconciliation of Adjusted EBITDA to net income attributable to the Company for the three months ended March 31, 2021 and 2020 are as follows: Three months ended March 31, 2021 2020 (US$ thousands) Net loss $ ( 40,972) $ ( 8,865) Depreciation, depletion and amortization 53,081 45,302 Interest expense (net of income) 15,135 12,253 Other foreign exchange losses (gains) 1,749 ( 5,559) Income tax (benefit) expense ( 19,068) 2,291 Losses on idled assets held for sale (1) 1,494 — Unwind of discounting and credit losses ( 3,778) — Consolidated adjusted EBITDA $ 7,641 $ 45,422 (1) The reconciliation of capital expenditures per the Company’s segment information to capital expenditures disclosed on the unaudited consolidated statement of cash flows for the three months ended March 31, 2021 and 2020, are as follows: Three months ended March 31, 2021 2020 ($ thousands) Capital expenditures per Consolidated Statement of Cash flows 28,604 41,420 Payment for capital acquired in prior periods ( 6,000) — Capital expenditures per segment detail 22,604 41,420 Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by major product group for each of the Company’s reportable segments, as the company believes it best depicts the nature, amount, timing and uncertainty of revenues and cash flows. All revenue is recognized at a point in time. Three months ended March 31, 2021 Australia United States Total ($ thousands) Product Groups: Metallurgical coal 206,452 136,984 343,436 Thermal coal 22,998 768 23,766 Total coal revenue 229,450 137,752 367,202 Other (1) 8,843 66 8,909 Total 238,293 137,818 376,111 Three months ended March 31, 2020 Australia United States Total ($ thousands) Product Groups: Metallurgical coal 212,922 159,361 372,283 Thermal coal 25,606 1,721 27,327 Total coal revenue 238,528 161,082 399,610 Other (1) 6,614 3,093 9,707 Total 245,142 164,175 409,317 (1) Other revenue for Curragh includes the amortization of the Stanwell non-market coal supply contract obligation liability. |
Expenses
Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Expenses [Abstract] | |
Expenses | 4. Expenses Other, Net Three months ended March 31, 2021 2020 (US$ thousands) Other foreign exchange (losses) gains ( 1,749) 5,559 Other expenses ( 1,179) ( 1,506) Total Other, net $ ( 2,928) $ 4,053 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Inventories | 5. Inventories (US$ thousands) March 31, 2021 December 31,2020 Raw coal $ 9,371 $ 19,557 Saleable coal 40,996 26,581 Total coal inventories 50,367 46,138 Supplies inventory 62,873 63,997 Total inventories $ 113,240 $ 110,135 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. Property, Plant and Equipment (US$ thousands) March 31, 2021 December 31,2020 Land $ 27,801 $ 27,985 Buildings and improvements 90,712 89,726 Plant, machinery, mining equipment and transportation vehicles 953,067 939,521 Mineral rights and reserves 374,310 374,340 Office and computer equipment 4,302 4,316 Mine development 575,599 577,631 Asset retirement obligation asset 80,775 81,603 Construction in process 33,587 38,321 2,140,153 2,133,443 Less accumulated depreciation, depletion and amortization 656,819 611,935 Net property, plant and equipment $ 1,483,334 $ 1,521,508 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: (US$ thousands) March 31, 2021 December 31,2020 Wages and employee benefits $ 32,523 $ 32,386 Taxes other than income taxes 7,732 7,024 Accrued royalties 28,823 36,149 Accrued freight costs 32,312 29,199 Accrued mining fees 60,334 76,044 Acquisition related accruals 32,689 33,119 Other liabilities 11,355 20,605 Total accrued expenses and other current liabilities $ 205,768 $ 234,526 Included within acquisition related accruals is an amount outstanding for stamp duty payable on the Curragh acquisition of $ million (A$ million). This amount is outstanding as at March 31, 2021 and December 31, 2020 pending assessment by the Office of State Revenue in Queensland, Australia. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes For the three months ended March 31, 2021 and 2020, 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 2021 effective tax rate is 31.8%. The Company had an income tax benefit of $ 19.1 million for the three months ended March 31, 2021 on a loss before tax of $ 60.0 million. Income tax expense of $ 2.3 million for the three months ended March 31, 2020, was calculated based on an effective tax rate of 34.8% for the period. The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the three months ended March 31, 2021 and the year ended December 31, 2020, the Company had no unrecognized tax benefits. If accrual for interest or penalties is required, it is the Company’s policy to include these as a component of income tax expense. The Company is subject to taxation in the United States and its various states, as well as Australia and its various localities. In the United States and Australia, the first tax return was lodged for the year ended December 31, 2018. On March 27, 2020, the United States Congress enacted the Coronavirus Aid, Relief and Economic Security Act, or CARES Act, to provide certain relief as a result of the COVID-19 outbreak. The CARES Act (PL 116-136), allows for a five-year carryback for losses arising in tax years beginning in 2018, 2019 and 2020. As there was U.S. taxable income in tax years 2018 and 2019, the Company will be able to carryback the 2020 losses in order to receive a refund of taxes assessed in these tax years of approximately $ 11.3 million, which is in “Income tax receivable” in the unaudited consolidated balance sheet. The Australian group was in a tax loss position for 2020 and will choose to apply the tax loss carryback tax offset rules in order to receive refunds of taxes assessed in 2019 of approximately $ 7.9 million, which is in “Income tax receivable” in the unaudited consolidated balance sheet. On April 9, 2021, West Virginia Gov. Jim Justice signed into law House Bill 2026, adopting significant changes to the state’s income tax code including market-based sourcing, single-sales factor apportionment and limitations on temporary or mobile worker withholding. Although no material impact is expected, the Company is currently evaluating the effect it will have on its consolidated financial statements. |
Interest Bearing Liabilities
Interest Bearing Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Interest Bearing Liabilities [Abstract] | |
Interest Bearing Liabilities | 9. Interest Bearing Liabilities The Company’s Multicurrency Revolving Syndicated Facility Agreement, or SFA, dated September 15, 2018 and amended on September 11, 2019, comprises of Facility A ($ 334 million loan facility), Facility B (A$ 130 million bank guarantee facility) and Facility C ($ 191 million loan facility). The SFA has a termination date of 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 2020, due to the global impacts of COVID-19 on the demand and pricing for metallurgical coal and the resulting uncertainties associated with the pandemic, the Company executed the First Syndicated Facility Agreement Waiver Letter and the Second Syndicated Facility Agreement Waiver Letter, or the waiver, to waive compliance with certain financial covenants to September 30, 2021, or the waiver period. As part of the waiver extension agreement, the Company’s credit facility permanently reduced by $ 25.0 million in February 2021 and will permanently reduce in a further two steps by $ 25.0 million each, in May and August 2021. At the end of, or after the waiver period, a breach of financial covenants will constitute an event of default under the SFA and all amounts outstanding at that point may become due and payable. The terms of the SFA will revert to the originally agreed terms (but not amounts) at the end of the waiver period. The availability to fully draw down under the SFA is subject to a modified liquidity buffer of $ 50.0 million, leading to a review event process if amounts within this buffer are drawn down during the extended waiver period (i.e. before 30 September 2021). However, lender consent required to access the remaining $ 50.0 million was removed as part of the recent waiver extension. As at March 31, 2021, the Company met its undertakings under the SFA (as modified and waived in accordance with the terms of the waiver which expires on September 30, 2021). The Company is continuing to pursue a number of strategic initiatives to strengthen its liquidity. These initiatives include, among other things, further operating and capital cost control measures, potential for non-core asset sales and other funding measures. Subsequent to March 31, 2021, the Company announced a proposed refinancing package comprising a new senior secured notes offering and a new asset-based revolving credit facility in conjunction with an equity raise. A portion of the proceeds from these proposed note and equity transactions are intended to repay all the outstanding obligations under the SFA and to terminate such agreement. See note 17 “Subsequent Events.” Due to uncertainties surrounding the impact of the COVID-19 pandemic on global markets into the future, the Company cannot currently predict the extent of any potential material adverse impact to its business, results of operations, financial condition and ability to comply with financial covenants under the SFA. During the three months ended March 31, 2021, the Company borrowed a total amount of $ 30.0 million under the SFA for working capital and corporate purposes. Repayments of $ 33.5 million were made during the three months ended March 31, 2021. The total interest bearing liabilities outstanding under the SFA was $ 324.1 million and $ 327.6 million as at March 31, 2021 and December 31, 2020, respectively. |
Other Financial Liabilities
Other Financial Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Financial Liabilities [Abstract] | |
Other Financial Liabilities | 10. Other Financial Liabilities On January 6, 2021, the Company entered into an agreement with a third-party financier to sell and leaseback items of property, plant and equipment owned by Curragh, a wholly owned subsidiary of the Company. The transaction did not satisfy the sale criteria under ASC 606 – Revenues from Contracts with Customers. As a result, the transaction was deemed a financing arrangement and the Company has continued to recognize the underlying property, plant and equipment on its consolidated balance sheet. The proceeds received from the transaction of $ 23.5 million (A$ 30.2 million) was recognized as other financial liabilities on the balance sheet. The term of the financing arrangement ranges up to five years with an implied interest rate up to 7.8% per annum. The carrying value of this financial liability, net of issuance costs, was $ 21.6 million as at March 31, 2021, $ 3.9 million of which is classified as a current liability. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings per Share [Abstract] | |
Earnings per Share | 11. 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. Basic and diluted earnings per share was calculated as follows (in thousands, except per share data): Three Months Ended (US$ thousands, except per share data) March 31, 2021 March 31, 2020 Numerator: Net (loss) income $ ( 40,972) $ ( 8,865) Less: Net loss attributable to Non-controlling interest ( 2) ( 2) Net (loss) income attributable to Company stockholders $ ( 40,970) $ ( 8,863) Denominator (in thousands): Weighted-average shares of common stock outstanding 138,388 96,652 Weighted average diluted shares of common stock outstanding 138,388 96,652 Earnings Per Share (US$): Basic ( 0.30) ( 0.09) Dilutive ( 0.30) ( 0.09) |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Derivatives and Fair Value Measurement [Abstract] | |
Derivatives and Fair Value Measurement | 12. 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 for speculative purposes are 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 such 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 2020, the Company entered into forward derivative contracts to hedge its exposure to diesel fuel that is used, or expects to be used, at its operations in Australia, or Australian Operations, during 2021. The aggregate notional amount for all outstanding derivative contracts had a purchase value of $ 39.2 million at March 31, 2021. Unrealized gains, net of tax, recognized in “Accumulated other comprehensive loss” of $ 4.1 million as at March 31, 2021, are expected to be recognized into “Cost of coal revenues” in the Unaudited Condensed Statements of Operations and Comprehensive Income within the next nine months when the hedged transaction impacts income. Refer to Note 13 “Accumulated Other Comprehensive Losses” for further disclosure. The fair value of diesel fuel derivatives reflected in the accompanying unaudited Condensed Consolidated Balance Sheet are set forth in the table below: March 31, 2021 December 31, 2020 (US$ thousands) Classification Derivative asset Derivative liability Forward fuel contracts (Level 2) Other current assets 4,139 — Other current financial liabilities — 2,898 4,139 2,898 The following table presents our details of foreign currency and diesel fuel outstanding contracts: March 31, 2021 December 31, 2020 Notional amount (thousands) Unit of measure Varying maturity dates Notional amount (thousands) Unit of measure Varying maturity dates Forward fuel contracts (Level 2) 102,068 Liters April 2021 - December 2021 135,114 Liters January 2021 – December 2021 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 March 31, 2021, the Company has the following liabilities that are required to be measured at fair value on a recurring basis: Forward fuel contracts: valued based on a valuation that is corroborated by the use of market-based pricing (Level 2) Other Financial Instruments The following methods and assumptions are used to estimate the fair value of other financial instruments as of March 31, 2021 and December 31, 2020: 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Losses | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Accumulated Other Comprehensive Income | 13. Accumulated Other Comprehensive Losses Accumulated other comprehensive losses consisted of the following at March 31, 2021: Net unrealized gain (loss) (US$ thousands) Foreign currency translation adjustments Cash flow fuel hedges Total Balance at December 31, 2020 ( 26,777) ( 2,029) ( 28,806) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications ( 445) 8,010 7,565 Loss on long-term intra-entity foreign currency transactions ( 4,164) — ( 4,164) Gains reclassified from accumulated other comprehensive income (loss) — ( 973) ( 973) Tax effects — ( 2,111) ( 2,111) Total net current-period other comprehensive gain (loss) ( 4,609) 4,926 317 Balance at March 31, 2021 ( 31,386) 2,897 ( 28,489) |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2021 | |
Commitments [Abstract] | |
Commitments | 14. 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, 2021 4,934 2022 5,389 2023 5,211 2024 5,174 2025 4,754 Thereafter 26,095 Total 51,557 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 March 31, 2021, purchase commitments for capital expenditures were $ 20.1 million, all of which is obligated within the next 12 months. 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 access on an annual basis. As of March 31, 2021, these Australian and U.S. commitments under take-or-pay arrangements totaled $ 1.4 billion, of which approximately $ 109.3 million is obligated within the next year. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 15. Related‑Party Transactions Xcoal During the three months ended March 31, 2021, 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 $ 68.0 million and $ 80.1 million, respectively, are recorded as “Coal revenues from related parties” in the unaudited Condensed Consolidated Statement of Operations and Comprehensive Income for the three months ended March 31, 2021 and 2020. At March 31, 2021, amounts due from Xcoal in respect of coal sales were $ 63.1 million, of which $ 57.8 million was past due and $ 5.3 million was secured by letter of credit. At December 31, 2020, amounts due from Xcoal in respect of coal sales were $ 91.0 million. These balances are included in related party receivables. Sales to Xcoal are currently on prepayment, letter of credit or cash on delivery terms. During the quarter ended March 31, 2021, the Company collected $ 27.4 million from Xcoal in respect of their past due receivables. Subsequent to March 31, 2021, Xcoal has reduced its past due account receivable by $ 4.3 million to $ 53.5 million at April 30, 2021. The Company expects to receive all outstanding trade receivables amounts from Xcoal by September 30, 2021. To account for the expected timing of collection, a provision for discounting and credit losses of $ 9.0 million was recognized at December 31, 2020. During the three months ended March 31, 2021, the provision for discounting and credit losses was unwound to account for passage of time and payments made by Xcoal during the quarter resulting in a benefit of $ 3.8 million recorded in the Company’s unaudited condensed consolidated statement of operations and comprehensive income. The carrying value of related party trade receivables from Xcoal, net of the provision for discounting and credit losses, as at March 31, 2021, was $ 57.8 million. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Contingencies [Abstract] | |
Contingencies | 16. 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$ 130 million for issuing multicurrency bank guarantees. At March 31, 2021, Facility B of the SFA had been utilized to issue A$ 87.3 million of bank guarantees on behalf of the Company. For the U.S. Operations in order to provide the required financial assurance, the Company generally uses surety bonds for post-mining reclamation. The Company can also use bank letters of credit to collateralize certain obligations. As of March 31, 2021, the Company had outstanding surety bonds of $ 30.0 million, to secure various obligations and commitments. 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. 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On May 3, 2021 the Company entered into an underwriting agreement, whereby it has agreed to issue approximately 29.26 million shares of its common stock in the form of CHESS Depositary Interests, or CDIs, each of which represents a beneficial interest of 1/10th of a fully paid share of the Company’s common stock, in a transaction including a pro rata non-renounceable entitlement offer to eligible existing CDI holders, or the Equity Offering. The Equity offering will raise gross proceeds of $ 100 million and will be conducted at a price of A$ 0.45 per CDI. On May 4, 2021, a wholly-owned subsidiary of the Company, Coronado Finance Pty Ltd, priced an offering for $ 350 million aggregate principal amount of 10.750% Senior Secured Notes due 2026, or the Notes. The Notes will bear interest at an annual rate of 10.750 percent and will be issued at a price of 98.112 percent of their principal amount. The issuances of CDIs in the Equity Offering and the offering of the Notes will be made in transactions that are exempt from the registration requirements of the Securities Act. Concurrent with the issuance of the Notes, the Company intends to enter into a senior secured asset-based revolving credit agreement in an initial aggregate principal amount of $ 100.0 million, or the ABL Facility. The Company intends to use the proceeds from the offering of the Notes, along with the proceeds from the Equity Offering to (i) repay all outstanding obligations under the SFA and to terminate such agreement; (ii) cash collateralize one or more credit support facilities with approximately $ 70.0 million in cash which will be used to replace and/or provide back-to-back support for bank guarantees which have been issued under the SFA or to temporarily cash collateralize some or all such bank guarantees to allow for their orderly replacement under a credit support facility (the transactions in clauses (i) and (ii) are referred to as the Refinancing); (iii) pay discounts, fees and expenses related to the offering of the Notes, the ABL Facility, the Equity Offering and the Refinancing; and (iv) fund working capital and other general corporate needs. The Notes will contain customary covenants for high yield bonds, including, but not limited to, limitations on investments, liens, indebtedness, asset sales, transactions with affiliates and restricted payments, including payment of dividends on common stock. The Company expects that the ABL Facility will have substantially the same covenants as the Notes. However, the covenants under the ABL Facility are expected to contain certain additional covenants. The Company does not intend to draw on the ABL Facility in connection with the closing of the transactions. The Company expects the offering of Notes to close prior to the consummation of the Equity Offering and, as a result, the gross proceeds from the sale of the Notes, less initial purchasers’ discounts and commissions, will be deposited into a separate escrow account for the benefit of the trustee and the holders of the Notes. The closing of the offering of the Notes will be subject to closing of the ABL Facility, and the release of the escrow proceeds will be subject to certain conditions, including the consummation of the institutional portion of the Equity Offering, provided that the escrow proceeds, together with the proceeds of the institutional portion of the Equity Offering, are used for the Refinancing. The availability of commitments under the ABL Facility will be subject to, among other conditions, the closing of the offering of the Notes and the institutional portion of the Equity Offering as well as the consummation of the Refinancing. In addition, the institutional portion of the Equity Offering will be subject to the closing of the ABL Facility and the placement of proceeds from the sale of Notes in escrow. The Notes will be guaranteed on a senior secured basis by the Company’s wholly owned subsidiaries (subject to certain exceptions and permitted liens), and secured by (i) a first-priority lien on substantially all of the Company’s assets and the assets of the guarantors (other than accounts receivable and other rights to payment, inventory, intercompany indebtedness, certain general intangibles and commercial tort claims, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds and products of each of the foregoing, or collectively, the “ABL Collateral) and (ii) a second-priority lien on the ABL Collateral, which is junior to a first-priority lien, for the benefit of the lenders under the ABL Facility. |
Description of Business, Basi_2
Description of Business, Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Description of Business, Basis of Presentation [Abstract] | |
Description of the Business | (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. |
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 Annual Report on Form 10-K filed with the SEC and the Australian Securities Exchange, or the ASX, on February 25, 2021. 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., its wholly owned subsidiaries and subsidiaries in which it has a controlling interest. 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 Global Resources Inc., 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 upon 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, 2020 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Newly Adopted Accounting Standards | (a) Newly Adopted Accounting Standards “Income Taxes - Simplifying the Accounting for Income Taxes” - In December 2019, the FASB issued ASU 2019-12, which simplified various aspects related to accounting for income taxes. ASU 2019-12 removed certain exceptions to the general principles in Topic 740 and clarifies and amended existing guidance to improve consistent application. ASU 2019-12. The adoption of ASU 2019-12 on January 1, 2021 did not have material impact on the Company’s consolidated financial statements |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Reportable Segment Results | Australia United States Other and Corporate Total ($ thousands) Three months ended March 31, 2021 Total revenues 238,293 137,818 — 376,111 Adjusted EBITDA ( 23,059) 36,530 ( 5,830) 7,641 Net (loss) income ( 42,331) 10,391 ( 9,032) ( 40,972) Total assets 1,082,586 855,527 117,616 2,055,729 Capital expenditures 7,032 14,538 1,034 22,604 Three months ended March 31, 2020 Total revenues 245,142 164,175 — 409,317 Adjusted EBITDA 13,065 38,250 ( 5,893) 45,422 Net income (loss) ( 5,967) 9,130 ( 12,028) ( 8,865) Total assets 967,809 1,122,521 47,749 2,138,079 Capital expenditures 5,269 35,522 629 41,420 |
Reconciliation of EBITDA to Net Income | Three months ended March 31, 2021 2020 (US$ thousands) Net loss $ ( 40,972) $ ( 8,865) Depreciation, depletion and amortization 53,081 45,302 Interest expense (net of income) 15,135 12,253 Other foreign exchange losses (gains) 1,749 ( 5,559) Income tax (benefit) expense ( 19,068) 2,291 Losses on idled assets held for sale (1) 1,494 — Unwind of discounting and credit losses ( 3,778) — Consolidated adjusted EBITDA $ 7,641 $ 45,422 (1) |
Reconciliation of Capital Expenditures | Three months ended March 31, 2021 2020 ($ thousands) Capital expenditures per Consolidated Statement of Cash flows 28,604 41,420 Payment for capital acquired in prior periods ( 6,000) — Capital expenditures per segment detail 22,604 41,420 |
Disaggregation of Revenue | Three months ended March 31, 2021 Australia United States Total ($ thousands) Product Groups: Metallurgical coal 206,452 136,984 343,436 Thermal coal 22,998 768 23,766 Total coal revenue 229,450 137,752 367,202 Other (1) 8,843 66 8,909 Total 238,293 137,818 376,111 Three months ended March 31, 2020 Australia United States Total ($ thousands) Product Groups: Metallurgical coal 212,922 159,361 372,283 Thermal coal 25,606 1,721 27,327 Total coal revenue 238,528 161,082 399,610 Other (1) 6,614 3,093 9,707 Total 245,142 164,175 409,317 (1) Other revenue for Curragh includes the amortization of the Stanwell non-market coal supply contract obligation liability. |
Expenses (Tables)
Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Expenses [Abstract] | |
Schedule of Other, Net | Three months ended March 31, 2021 2020 (US$ thousands) Other foreign exchange (losses) gains ( 1,749) 5,559 Other expenses ( 1,179) ( 1,506) Total Other, net $ ( 2,928) $ 4,053 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | (US$ thousands) March 31, 2021 December 31,2020 Raw coal $ 9,371 $ 19,557 Saleable coal 40,996 26,581 Total coal inventories 50,367 46,138 Supplies inventory 62,873 63,997 Total inventories $ 113,240 $ 110,135 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (US$ thousands) March 31, 2021 December 31,2020 Land $ 27,801 $ 27,985 Buildings and improvements 90,712 89,726 Plant, machinery, mining equipment and transportation vehicles 953,067 939,521 Mineral rights and reserves 374,310 374,340 Office and computer equipment 4,302 4,316 Mine development 575,599 577,631 Asset retirement obligation asset 80,775 81,603 Construction in process 33,587 38,321 2,140,153 2,133,443 Less accumulated depreciation, depletion and amortization 656,819 611,935 Net property, plant and equipment $ 1,483,334 $ 1,521,508 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | (US$ thousands) March 31, 2021 December 31,2020 Wages and employee benefits $ 32,523 $ 32,386 Taxes other than income taxes 7,732 7,024 Accrued royalties 28,823 36,149 Accrued freight costs 32,312 29,199 Accrued mining fees 60,334 76,044 Acquisition related accruals 32,689 33,119 Other liabilities 11,355 20,605 Total accrued expenses and other current liabilities $ 205,768 $ 234,526 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 (US$ thousands, except per share data) March 31, 2021 March 31, 2020 Numerator: Net (loss) income $ ( 40,972) $ ( 8,865) Less: Net loss attributable to Non-controlling interest ( 2) ( 2) Net (loss) income attributable to Company stockholders $ ( 40,970) $ ( 8,863) Denominator (in thousands): Weighted-average shares of common stock outstanding 138,388 96,652 Weighted average diluted shares of common stock outstanding 138,388 96,652 Earnings Per Share (US$): Basic ( 0.30) ( 0.09) Dilutive ( 0.30) ( 0.09) |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivatives and Fair Value Measurement [Abstract] | |
Summary of Derivative Financial Instruments | March 31, 2021 December 31, 2020 (US$ thousands) Classification Derivative asset Derivative liability Forward fuel contracts (Level 2) Other current assets 4,139 — Other current financial liabilities — 2,898 4,139 2,898 |
Net Amounts of Derivative Assets and Liabilities | March 31, 2021 December 31, 2020 Notional amount (thousands) Unit of measure Varying maturity dates Notional amount (thousands) Unit of measure Varying maturity dates Forward fuel contracts (Level 2) 102,068 Liters April 2021 - December 2021 135,114 Liters January 2021 – December 2021 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Schedule of Accumulated Other Comprehensive Losses | Net unrealized gain (loss) (US$ thousands) Foreign currency translation adjustments Cash flow fuel hedges Total Balance at December 31, 2020 ( 26,777) ( 2,029) ( 28,806) Net current-period other comprehensive income (loss): Gain (loss) in other comprehensive income (loss) before reclassifications ( 445) 8,010 7,565 Loss on long-term intra-entity foreign currency transactions ( 4,164) — ( 4,164) Gains reclassified from accumulated other comprehensive income (loss) — ( 973) ( 973) Tax effects — ( 2,111) ( 2,111) Total net current-period other comprehensive gain (loss) ( 4,609) 4,926 317 Balance at March 31, 2021 ( 31,386) 2,897 ( 28,489) |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments [Abstract] | |
Future Minimum Royalties | (US$ thousands) Amount Year ending December 31, 2021 4,934 2022 5,389 2023 5,211 2024 5,174 2025 4,754 Thereafter 26,095 Total 51,557 Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Buchanan And Logan Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 2 |
Greenbrier Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 1 |
Pangburn-Shaner-Fallowfield And Russel County Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 2 |
Amonate Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 1 |
Segment Information (Reportable
Segment Information (Reportable Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Reportable segment results | |||
Total revenues | $ 376,111 | $ 409,317 | |
Adjusted EBITDA | 7,641 | 45,422 | |
Net loss | (40,972) | (8,865) | |
Total assets | 2,055,729 | 2,138,079 | $ 2,148,476 |
Capital expenditures | 22,604 | 41,420 | |
Other and Corporate [Member] | |||
Reportable segment results | |||
Total revenues | 0 | 0 | |
Adjusted EBITDA | (5,830) | (5,893) | |
Net loss | (9,032) | (12,028) | |
Total assets | 117,616 | 47,749 | |
Capital expenditures | 1,034 | 629 | |
Australia Segment [Member] | Operating Segments [Member] | |||
Reportable segment results | |||
Total revenues | 238,293 | 245,142 | |
Adjusted EBITDA | (23,059) | 13,065 | |
Net loss | (42,331) | (5,967) | |
Total assets | 1,082,586 | 967,809 | |
Capital expenditures | 7,032 | 5,269 | |
United States Segment [Member] | Operating Segments [Member] | |||
Reportable segment results | |||
Total revenues | 137,818 | 164,175 | |
Adjusted EBITDA | 36,530 | 38,250 | |
Net loss | 10,391 | 9,130 | |
Total assets | 855,527 | 1,122,521 | |
Capital expenditures | $ 14,538 | $ 35,522 |
Segment Information (Reconcilia
Segment Information (Reconciliation of EBITDA to Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Information [Abstract] | ||
Net (loss) income | $ (40,972) | $ (8,865) |
Depreciation, depletion and amortization | 53,081 | 45,302 |
Interest expense (net of income) | 15,135 | 12,253 |
Other foreign exchange gains (losses) | 1,749 | (5,559) |
Income tax expense | (19,068) | 2,291 |
Losses on idled assets held for sale | (1,494) | 0 |
Unwind of discounting and credit losses | (3,778) | 0 |
Consolidated adjusted EBITDA | $ 7,641 | $ 45,422 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Consolidated Statement of Cash Flows | $ 28,604 | $ 41,420 |
Operating Segments [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Consolidated Statement of Cash Flows | 28,604 | 41,420 |
Accruals for capital expenditures | (6,000) | 0 |
Capital expenditures per segment detail | $ 22,604 | $ 41,420 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 376,111 | $ 409,317 |
Other revenues | 8,909 | 9,707 |
Total | 376,111 | 409,317 |
Other and Corporate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 0 | 0 |
Product Groups [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 376,111 | 409,317 |
Metallurgical Coal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 343,436 | 372,283 |
Thermal Coal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 23,766 | 27,327 |
Total Coal Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 367,202 | 399,610 |
Australia Segment [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 8,843 | 6,614 |
Total | 238,293 | 245,142 |
Australia Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 206,452 | 212,922 |
Australia Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 22,998 | 25,606 |
Australia Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 229,450 | 238,528 |
United States Segment [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 66 | 3,093 |
Total | 137,818 | 164,175 |
United States Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 136,984 | 159,361 |
United States Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 768 | 1,721 |
United States Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 137,752 | $ 161,082 |
Expenses (Schedule of Other, Ne
Expenses (Schedule of Other, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Expenses [Abstract] | ||
Other foreign exchange (losses) gains | $ (1,749) | $ 5,559 |
Other expenses | (1,179) | (1,506) |
Total Other, net | $ (2,928) | $ 4,053 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Raw coal | $ 9,371 | $ 19,557 |
Saleable coal | 40,996 | 26,581 |
Total coal inventories | 50,367 | 46,138 |
Supplies inventories | 62,873 | 63,997 |
Total inventories | $ 113,240 | $ 110,135 |
Property, Plant and Equipment (
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | $ 2,140,153 | $ 2,133,443 |
Less accumulated depreciation, depletion and amortization | 656,819 | 611,935 |
Net property, plant and equipment | 1,483,334 | 1,521,508 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 27,801 | 27,985 |
Buildings And Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 90,712 | 89,726 |
Plant, Machinery, Mining Equipment And Transportation Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 953,067 | 939,521 |
Mineral Rights And Reserves [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 374,310 | 374,340 |
Office And Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 4,302 | 4,316 |
Mine Development [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 575,599 | 577,631 |
Asset Retirement Obligation Asset [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 80,775 | 81,603 |
Construction In Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | $ 33,587 | $ 38,321 |
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 | Mar. 31, 2021AUD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020USD ($) |
Accrued Expenses and Other Current Liabilities [Abstract] | ||||
Wages and employee benefits | $ 32,523 | $ 32,386 | ||
Taxes other than income taxes | 7,732 | 7,024 | ||
Accrued royalties | 28,823 | 36,149 | ||
Accrued freight costs | 32,312 | 29,199 | ||
Accrued mining fees | 60,334 | 76,044 | ||
Acquisition related accruals | 32,689 | 33,119 | ||
Other liabilities | 11,355 | 20,605 | ||
Total accrued expenses and other current liabilities | 205,768 | 234,526 | ||
Stamp duty payable | $ 43 | $ 32,700 | $ 43 | $ 32,700 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Taxes | |||
Unrecognized tax benefits | $ 0 | $ 0 | |
Income tax benefit | (19,068,000) | $ 2,291,000 | |
Income loss before tax | $ (60,040,000) | (6,574,000) | |
Effective tax rate before discrete items | 31.80% | ||
Australian Taxation Office [Member] | |||
Income Taxes | |||
Tax refund | 7,900,000 | ||
Income tax benefit | $ 2,300,000 | ||
Effective tax rate before discrete items | 34.80% | ||
Internal Revenue Service IRS [Member] | |||
Income Taxes | |||
Tax refund | $ 11,300,000 |
Interest Bearing Liabilities (N
Interest Bearing Liabilities (Narrative) (Details) $ in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021AUD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 324.1 | $ 327.6 | |||
Line of credit | 50 | ||||
Repayments of long term debt | $ 33.5 | ||||
Debt Instrument, Redemption, Period One [Member] | |||||
Debt Instrument [Line Items] | |||||
Cost reduction | 25 | ||||
Debt Instrument, Redemption, Period Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Cost reduction | $ 25 | ||||
Debt Instrument, Redemption, Period Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Cost reduction | $ 25 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Draw from revolving facility | $ 30 | ||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument term, extension period | 1 month | ||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument term, extension period | 2 months | ||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument term, extension period | 3 months | ||||
Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Four | |||||
Debt Instrument [Line Items] | |||||
Debt instrument term, extension period | 6 months | ||||
Facility A [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 334 | ||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt term | 1 month | ||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt term | 2 months | ||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt term | 3 months | ||||
Facility A [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Four | |||||
Debt Instrument [Line Items] | |||||
Debt term | 6 months | ||||
Facility B [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 130 | ||||
Facility C [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 191 | ||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt term | 1 month | ||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt term | 2 months | ||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt term | 3 months | ||||
Facility C [Member] | Revolving Credit Facility [Member] | Debt Instrument, Redemption, Period Four | |||||
Debt Instrument [Line Items] | |||||
Debt term | 6 months |
Other Financial Liabilities (Na
Other Financial Liabilities (Narrative) (Details) $ in Thousands, $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Jan. 06, 2021AUD ($) | Jan. 06, 2021USD ($) | Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||||
Line of credit | $ 50,000 | |||
Financial liability | 1,290,912 | $ 1,341,613 | ||
Current liabilities | 331,036 | $ 387,746 | ||
Third Party Financer [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit | $ 30.2 | $ 23,500 | ||
Financial liability | 21,600 | |||
Current liabilities | $ 3,900 | |||
Third Party Financer [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Expiration period | 5 years | |||
Debt instrument, interest rate | 7.80% | 7.80% |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss | $ (40,972) | $ (8,865) |
Less: Net loss attributable to noncontrolling interest | (2) | (2) |
Net income attributable to Company stockholders | $ (40,970) | $ (8,863) |
Denominator: | ||
Weighted-average shares of common stock outstanding | 138,388 | 96,652 |
Weighted average diluted shares of common stock outstanding | 138,388 | 96,652 |
Earnings Per Share (US$): | ||
Basic | $ (0.30) | $ (0.09) |
Diluted | $ (0.30) | $ (0.09) |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurement (Narrative) (Details) - Forward Contracts [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivatives, Fair Value [Line Items] | |
Notional amount | $ 39.2 |
Unrealized gains (loss), net of tax | $ (4.1) |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurement (Summary of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative assets | $ 4,139 | |
Derivative liability | $ 2,898 | |
Forward Contracts [Member] | Other Current Financial Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative liability | $ 2,898 | |
Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative assets | $ 4,139 |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurement (Net Amounts of Derivative Assets and Liabilities) (Details) - l l in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Forward Fuel Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 102,068 | 135,114 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Losses (Schedule of Accumulated Comprehensive Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, beginning of period | $ (28,806) | |
Net current-period other comprehensive income (loss): | ||
Gain (loss) in other comprehensive income (loss) before reclassifications | 7,565 | |
Loss on long-term intra-entity foreign currency transactions | (4,164) | |
Gain reclassified from accumulated other comprehensive gain (loss) | (973) | |
Tax effects | (2,111) | $ (13,781) |
Total net current-period other comprehensive gain (loss) | 317 | $ (87,759) |
Accumulated other comprehensive income, end of period | (28,489) | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, beginning of period | (26,777) | |
Net current-period other comprehensive income (loss): | ||
Gain (loss) in other comprehensive income (loss) before reclassifications | (445) | |
Loss on long-term intra-entity foreign currency transactions | (4,164) | |
Gain reclassified from accumulated other comprehensive gain (loss) | 0 | |
Tax effects | 0 | |
Total net current-period other comprehensive gain (loss) | (4,609) | |
Accumulated other comprehensive income, end of period | (31,386) | |
Net Unrealized Gain (Loss) On Cash Flow Hedge [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, beginning of period | (2,029) | |
Net current-period other comprehensive income (loss): | ||
Gain (loss) in other comprehensive income (loss) before reclassifications | 8,010 | |
Loss on long-term intra-entity foreign currency transactions | 0 | |
Gain reclassified from accumulated other comprehensive gain (loss) | (973) | |
Tax effects | (2,111) | |
Total net current-period other comprehensive gain (loss) | 4,926 | |
Accumulated other comprehensive income, end of period | $ 2,897 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Commitments [Abstract] | |
Purchase commitments for capital expenditures | $ 20.1 |
Take-or-pay arrangement term | 11 years |
Take-or-pay arrangements, total | $ 1,400 |
Take-or-pay arrangements, due within the next year | $ 109.3 |
Commitments (Future Minimum Roy
Commitments (Future Minimum Royalties) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments [Abstract] | |
2021 | $ 4,934 |
2022 | 5,389 |
2023 | 5,211 |
2024 | 5,174 |
2025 | 4,754 |
Thereafter | 26,095 |
Total | $ 51,557 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Unwind of discounting and credit losses | $ 3,778 | $ 0 | ||
X-Coal [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 68,000 | $ 80,100 | ||
Receipts from related party | 27,400 | |||
Accounts receivable | 63,100 | $ 91,000 | ||
Receivables due from related party | 57,800 | |||
Unwind of discounting and credit losses | (3,800) | $ (9,000) | ||
Past due | 57,800 | |||
Due from related party, backed by a letter of credit | $ 5,300 | |||
X-Coal [Member] | Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Receipts from related party | $ 4,300 | |||
Due from related party | $ 53,500 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) - Mar. 31, 2021 $ in Millions, $ in Millions | AUD ($) | USD ($) |
Loss Contingencies [Line Items] | ||
Surety bonds | $ 30 | |
Facility B [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantee Obligations Available | $ 130 | |
Company guarantees | $ 87.3 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] shares in Thousands, $ in Millions | May 03, 2021USD ($) | May 04, 2021USD ($) | May 03, 2021$ / sharesshares |
Subsequent Event [Line Items] | |||
Cash collateralized | $ 70 | ||
ABL Facility [Member] | |||
Subsequent Event [Line Items] | |||
Available credit | $ 100 | ||
10.750% Senior Secured Notes due 2026 [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate | 10.75% | ||
Percentage of issued price of principal amount | 98.112% | ||
Principal amount | $ 350 | ||
CHESS Depositary Interests [Member] | |||
Subsequent Event [Line Items] | |||
Shares issued | shares | 29,260 | ||
Equity | $ 100 | ||
Price per share | $ / shares | $ 0.45 |