Supplemental Guarantor and Non-Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2014 |
Supplemental Guarantor and Non-Guarantor Financial Information | |
Supplemental Guarantor and Non-Guarantor Financial Information | NOTE 22—Supplemental Guarantor and Non-Guarantor Financial Information |
In accordance with the indentures governing the 9.875% senior notes due December 2020, the 8.50% senior notes due April 2021 and the 11.0%/12.0% senior notes due April 2020 (collectively the "Senior Notes"), certain 100% owned U.S. domestic restricted subsidiaries of the Company have fully and unconditionally guaranteed the Senior Notes on a joint and several basis. Effective November 10, 2014, the subsidiaries that comprise the Company's West Virginia operations were added as guarantors under the indentures governing the Senior Notes. Prior period balances have been restated to present these subsidiaries as guarantors. The following tables present unaudited consolidating financial information for (i) the Company, (ii) the issuer of the senior notes, (iii) the guarantors under the senior notes, and (iv) the entities which are not guarantors of the senior notes: |
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS |
31-Dec-14 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
ASSETS | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 421,533 | | | $ | 1,117 | | | $ | 45,882 | | | $ | — | | | $ | 468,532 | |
|
Trade receivables, net | — | | | 88,959 | | | 2,098 | | | — | | | 91,057 | |
|
Other receivables | 123,659 | | | 2,193 | | | 1,185 | | | — | | | 127,037 | |
|
Intercompany receivables | — | | | 206,118 | | | 14,952 | | | (221,070 | ) | | — | |
|
Inventories | — | | | 110,882 | | | 90,716 | | | — | | | 201,598 | |
|
Deferred income taxes | 15,986 | | | — | | | 833 | | | — | | | 16,819 | |
|
Prepaid expenses | 3,424 | | | 40,044 | | | 2,722 | | | — | | | 46,190 | |
|
Other current assets | 10,363 | | | 7,029 | | | 2,150 | | | — | | | 19,542 | |
|
Total current assets | 574,965 | | | 456,342 | | | 160,538 | | | (221,070 | ) | | 970,775 | |
|
Mineral interests, net | — | | | 135,377 | | | 2,701,424 | | | — | | | 2,836,801 | |
|
Property, plant and equipment, net | 7,558 | | | 726,478 | | | 732,261 | | | — | | | 1,466,297 | |
|
Investment in subsidiaries | 3,233,399 | | | 6,459 | | | — | | | (3,239,858 | ) | | — | |
|
Other long-term assets | 87,928 | | | 17,857 | | | 6,471 | | | — | | | 112,256 | |
|
| $ | 3,903,850 | | | $ | 1,342,513 | | | $ | 3,600,694 | | | $ | (3,460,928 | ) | | $ | 5,386,129 | |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | |
|
Current debt | $ | — | | | $ | 7,209 | | | $ | 5,118 | | | $ | — | | | $ | 12,327 | |
|
Accounts payable | 2,296 | | | 30,697 | | | 5,987 | | | — | | | 38,980 | |
|
Accrued expenses | 43,088 | | | 60,762 | | | 21,468 | | | — | | | 125,318 | |
|
Intercompany payables | 221,070 | | | — | | | — | | | (221,070 | ) | | — | |
|
Pension and other postretirement benefits obligation | 95 | | | 28,937 | | | — | | | — | | | 29,032 | |
|
Other current liabilities | 168,444 | | | 27,172 | | | 20,336 | | | — | | | 215,952 | |
|
Total current liabilities | 434,993 | | | 154,777 | | | 52,909 | | | (221,070 | ) | | 421,609 | |
|
Long-term debt | 3,117,886 | | | 5,704 | | | 53 | | | — | | | 3,123,643 | |
|
Pension and other postretirement benefits obligation | 10,502 | | | 630,729 | | | — | | | — | | | 641,231 | |
|
Deferred income taxes | 23,766 | | | — | | | 706,919 | | | — | | | 730,685 | |
|
Other long-term liabilities | 35,122 | | | 96,599 | | | 55,659 | | | — | | | 187,380 | |
|
Total liabilities | 3,622,269 | | | 887,809 | | | 815,540 | | | (221,070 | ) | | 5,104,548 | |
|
Stockholders' equity | 281,581 | | | 454,704 | | | 2,785,154 | | | (3,239,858 | ) | | 281,581 | |
|
| $ | 3,903,850 | | | $ | 1,342,513 | | | $ | 3,600,694 | | | $ | (3,460,928 | ) | | $ | 5,386,129 | |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS |
31-Dec-13 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent (Issuer) | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Total Consolidated |
ASSETS | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 234,150 | | | $ | 1,620 | | | $ | 25,048 | | | $ | — | | | $ | 260,818 | |
|
Trade receivables, net | — | | | 92,027 | | | 57,089 | | | — | | | 149,116 | |
|
Other receivables | 113,936 | | | 3,157 | | | 15,554 | | | — | | | 132,647 | |
|
Intercompany receivables | — | | | 29,735 | | | 58,169 | | | (87,904 | ) | | — | |
|
Intercompany loans receivable | 63,549 | | | 1,104,282 | | | — | | | (1,167,831 | ) | | — | |
|
Inventories | — | | | 176,981 | | | 135,666 | | | — | | | 312,647 | |
|
Deferred income taxes | 23,957 | | | 12,716 | | | 394 | | | — | | | 37,067 | |
|
Prepaid expenses | 2,245 | | | 34,317 | | | 2,460 | | | — | | | 39,022 | |
|
Other current assets | 15,257 | | | 440 | | | 2,334 | | | — | | | 18,031 | |
|
Total current assets | 453,094 | | | 1,455,275 | | | 296,714 | | | (1,255,735 | ) | | 949,348 | |
|
Mineral interests, net | — | | | 157,812 | | | 2,747,190 | | | — | | | 2,905,002 | |
|
Property, plant and equipment, net | 7,248 | | | 824,729 | | | 805,575 | | | — | | | 1,637,552 | |
|
Deferred income taxes | 3,049 | | | — | | | — | | | (3,049 | ) | | — | |
|
Investment in subsidiaries | 4,409,683 | | | 6,401 | | | — | | | (4,416,084 | ) | | — | |
|
Other long-term assets | 73,564 | | | 13,186 | | | 12,208 | | | — | | | 98,958 | |
|
| $ | 4,946,638 | | | $ | 2,457,403 | | | $ | 3,861,687 | | | $ | (5,674,868 | ) | | $ | 5,590,860 | |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | |
Current debt | $ | — | | | $ | 1,424 | | | $ | 7,786 | | | $ | — | | | $ | 9,210 | |
|
Accounts payable | 5,604 | | | 68,370 | | | 18,738 | | | — | | | 92,712 | |
|
Accrued expenses | 34,551 | | | 57,036 | | | 42,283 | | | — | | | 133,870 | |
|
Intercompany payables | 87,904 | | | — | | | — | | | (87,904 | ) | | — | |
|
Intercompany loans payable | 1,104,282 | | | — | | | 63,549 | | | (1,167,831 | ) | | — | |
|
Pension and other postretirement benefits obligation | 94 | | | 37,031 | | | — | | | — | | | 37,125 | |
|
Other current liabilities | 164,364 | | | 22,443 | | | 20,177 | | | — | | | 206,984 | |
|
Total current liabilities | 1,396,799 | | | 186,304 | | | 152,533 | | | (1,255,735 | ) | | 479,901 | |
|
Long-term debt | 2,763,957 | | | 22 | | | 5,643 | | | — | | | 2,769,622 | |
|
Pension and other postretirement benefits obligation | 263 | | | 572,505 | | | — | | | — | | | 572,768 | |
|
Deferred income taxes | — | | | 24,079 | | | 801,837 | | | (3,049 | ) | | 822,867 | |
|
Other long-term liabilities | 32,925 | | | 87,944 | | | 72,139 | | | — | | | 193,008 | |
|
Total liabilities | 4,193,944 | | | 870,854 | | | 1,032,152 | | | (1,258,784 | ) | | 4,838,166 | |
|
Stockholders' equity | 752,694 | | | 1,586,549 | | | 2,829,535 | | | (4,416,084 | ) | | 752,694 | |
|
| $ | 4,946,638 | | | $ | 2,457,403 | | | $ | 3,861,687 | | | $ | (5,674,868 | ) | | $ | 5,590,860 | |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
YEAR ENDED DECEMBER 31, 2014 |
(in thousands) |
|
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Revenues: | | | | | | | | | | | | | | |
|
Sales | $ | — | | | $ | 1,136,548 | | | $ | 237,874 | | | $ | — | | | $ | 1,374,422 | |
|
Miscellaneous income | 1,206 | | | 13,631 | | | 18,086 | | | — | | | 32,923 | |
|
| 1,206 | | | 1,150,179 | | | 255,960 | | | — | | | 1,407,345 | |
|
Cost and expenses: | | | | | | | | | | | | | |
|
Cost of sales (exclusive of depreciation and depletion) | — | | | 963,015 | | | 303,742 | | | — | | | 1,266,757 | |
|
Depreciation and depletion | 2,456 | | | 148,218 | | | 111,851 | | | — | | | 262,525 | |
|
Selling, general and administrative | 6,276 | | | 47,167 | | | 18,572 | | | — | | | 72,015 | |
|
Other postretirement benefits | (177 | ) | | 55,653 | | | — | | | — | | | 55,476 | |
|
Restructuring and asset impairments | 564 | | | 52,223 | | | 4,721 | | | — | | | 57,508 | |
|
| 9,119 | | | 1,266,276 | | | 438,886 | | | — | | | 1,714,281 | |
|
Operating loss | (7,913 | ) | | (116,097 | ) | | (182,926 | ) | | — | | | (306,936 | ) |
|
Interest income (expense), net | (299,405 | ) | | 6,458 | | | (2,956 | ) | | — | | | (295,903 | ) |
|
Gain on extinguishment of debt | 33,673 | | | — | | | — | | | — | | | 33,673 | |
|
Other income (loss), net | 704 | | | (2 | ) | | (56 | ) | | — | | | 646 | |
|
Loss before income tax benefit | (272,941 | ) | | (109,641 | ) | | (185,938 | ) | | — | | | (568,520 | ) |
|
Income tax benefit | (184 | ) | | — | | | (97,768 | ) | | — | | | (97,952 | ) |
|
Equity in net losses of subsidiaries | (197,811 | ) | | — | | | — | | | 197,811 | | | — | |
|
Net loss | $ | (470,568 | ) | | $ | (109,641 | ) | | $ | (88,170 | ) | | $ | 197,811 | | | $ | (470,568 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
YEAR ENDED DECEMBER 31, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Revenues: | | | | | | | | | | | | | | |
|
Sales | $ | — | | | $ | 1,304,806 | | | $ | 531,537 | | | $ | — | | | $ | 1,836,343 | |
|
Miscellaneous income | 88 | | | 11,201 | | | 12,999 | | | — | | | 24,288 | |
|
| 88 | | | 1,316,007 | | | 544,536 | | | — | | | 1,860,631 | |
|
Cost and expenses: | | | | | | | | | | | | | |
|
Cost of sales (exclusive of depreciation and depletion) | — | | | 985,176 | | | 573,129 | | | — | | | 1,558,305 | |
|
Depreciation and depletion | 2,150 | | | 157,065 | | | 152,299 | | | — | | | 311,514 | |
|
Selling, general and administrative | 4,393 | | | 53,415 | | | 42,186 | | | — | | | 99,994 | |
|
Other postretirement benefits | (218 | ) | | 59,118 | | | — | | | — | | | 58,900 | |
|
Restructuring and asset impairments | — | | | (7,763 | ) | | 10,646 | | | — | | | 2,883 | |
|
| 6,325 | | | 1,247,011 | | | 778,260 | | | — | | | 2,031,596 | |
|
Operating income (loss) | (6,237 | ) | | 68,996 | | | (233,724 | ) | | — | | | (170,965 | ) |
|
Interest income (expense), net | (252,144 | ) | | 27,877 | | | 2,684 | | | — | | | (221,583 | ) |
|
Loss on extinguishment of debt | (6,875 | ) | | — | | | — | | | — | | | (6,875 | ) |
|
Other income (loss), net | (300 | ) | | (1,336 | ) | | 218 | | | — | | | (1,418 | ) |
|
Income (loss) before income tax expense (benefit) | (265,556 | ) | | 95,537 | | | (230,822 | ) | | — | | | (400,841 | ) |
|
Income tax expense (benefit) | (51,821 | ) | | 111,527 | | | (101,544 | ) | | — | | | (41,838 | ) |
|
Equity in net losses of subsidiaries | (145,268 | ) | | — | | | — | | | 145,268 | | | — | |
|
Net loss | $ | (359,003 | ) | | $ | (15,990 | ) | | $ | (129,278 | ) | | $ | 145,268 | | | $ | (359,003 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
YEAR ENDED DECEMBER 31, 2012 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Revenues: | | | | | | | | | | | | | | |
|
Sales | $ | — | | | $ | 1,702,246 | | | $ | 679,514 | | | $ | — | | | $ | 2,381,760 | |
|
Miscellaneous income (loss) | 2,233 | | | 21,047 | | | (5,145 | ) | | — | | | 18,135 | |
|
| 2,233 | | | 1,723,293 | | | 674,369 | | | — | | | 2,399,895 | |
|
Cost and expenses: | | | | | | | | | | | | | |
|
Cost of sales (exclusive of depreciation and depletion) | — | | | 1,142,914 | | | 654,077 | | | — | | | 1,796,991 | |
|
Depreciation and depletion | 1,379 | | | 165,300 | | | 149,553 | | | — | | | 316,232 | |
|
Selling, general and administrative | 11,716 | | | 72,962 | | | 48,789 | | | — | | | 133,467 | |
|
Other postretirement benefits | (449 | ) | | 53,301 | | | — | | | — | | | 52,852 | |
|
Restructuring and asset impairments | — | | | — | | | 49,070 | | | — | | | 49,070 | |
|
Goodwill impairment | — | | | 74,319 | | | 990,090 | | | — | | | 1,064,409 | |
|
| 12,646 | | | 1,508,796 | | | 1,891,579 | | | — | | | 3,413,021 | |
|
Operating income (loss) | (10,413 | ) | | 214,497 | | | (1,217,210 | ) | | — | | | (1,013,126 | ) |
|
Interest income (expense), net | (151,488 | ) | | 22,909 | | | (4,418 | ) | | — | | | (132,997 | ) |
|
Loss on extinguishment of debt | (5,555 | ) | | — | | | — | | | — | | | (5,555 | ) |
|
Other loss, net | — | | | — | | | (13,081 | ) | | — | | | (13,081 | ) |
|
Income (loss) from continuing operations before income tax expense (benefit) | (167,456 | ) | | 237,406 | | | (1,234,709 | ) | | — | | | (1,164,759 | ) |
|
Income tax expense (benefit) | (68,615 | ) | | 73,379 | | | (103,968 | ) | | | | (99,204 | ) |
|
Income (loss) from continuing operations | (98,841 | ) | | 164,027 | | | (1,130,741 | ) | | — | | | (1,065,555 | ) |
|
Income from discontinued operations | — | | | 5,180 | | | — | | | — | | | 5,180 | |
|
Equity in net losses of subsidiaries | (961,534 | ) | | — | | | — | | | 961,534 | | | — | |
|
Net income (loss) | $ | (1,060,375 | ) | | $ | 169,207 | | | $ | (1,130,741 | ) | | $ | 961,534 | | | $ | (1,060,375 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING |
STATEMENTS OF COMPREHENSIVE INCOME |
YEAR ENDED DECEMBER 31, 2014 |
(in thousands) |
|
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Net loss | $ | (470,568 | ) | | $ | (109,641 | ) | | $ | (88,170 | ) | | $ | 197,811 | | | (470,568 | ) |
|
Other comprehensive loss: | | | | | | | | | | | | |
|
Change in pension and other postretirement benefit plans, net of tax | (33,819 | ) | | (30,275 | ) | | — | | | 30,275 | | | (33,819 | ) |
|
Change in unrealized gain on hedges, net of tax | 1,679 | | | 3 | | | — | | | (3 | ) | | 1,679 | |
|
Change in foreign currency translation adjustment | (23,650 | ) | | — | | | (23,650 | ) | | 23,650 | | | (23,650 | ) |
|
Total other comprehensive loss, net of tax | (55,790 | ) | | (30,272 | ) | | (23,650 | ) | | 53,922 | | | (55,790 | ) |
|
Total comprehensive loss | $ | (526,358 | ) | | $ | (139,913 | ) | | $ | (111,820 | ) | | $ | 251,733 | | | $ | (526,358 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING |
STATEMENTS OF COMPREHENSIVE INCOME |
YEAR ENDED DECEMBER 31, 2013 |
(in thousands) |
|
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Net loss | $ | (359,003 | ) | | $ | (15,990 | ) | | $ | (129,278 | ) | | $ | 145,268 | | | $ | (359,003 | ) |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Change in pension and other postretirement benefit plans, net of tax | 100,892 | | | 91,501 | | | — | | | (91,501 | ) | | 100,892 | |
|
Change in unrealized gain on hedges, net of tax | 2,524 | | | 58 | | | — | | | (58 | ) | | 2,524 | |
|
Change in foreign currency translation adjustment | 6,073 | | | — | | | 6,073 | | | (6,073 | ) | | 6,073 | |
|
Change in unrealized loss on investments, net of tax | (897 | ) | | — | | | (897 | ) | | 897 | | | (897 | ) |
|
Total other comprehensive income (loss), net of tax | 108,592 | | | 91,559 | | | 5,176 | | | (96,735 | ) | | 108,592 | |
|
Total comprehensive income (loss) | $ | (250,411 | ) | | $ | 75,569 | | | $ | (124,102 | ) | | $ | 48,533 | | | $ | (250,411 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING |
STATEMENTS OF COMPREHENSIVE INCOME |
YEAR ENDED DECEMBER 31, 2012 |
(in thousands) |
|
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total |
(Issuer) | Subsidiaries | Guarantor | Consolidated |
| | Subsidiaries | |
Net income (loss) | $ | (1,060,375 | ) | | $ | 169,207 | | | $ | (1,130,741 | ) | | $ | 961,534 | | | $ | (1,060,375 | ) |
|
Other comprehensive income (loss): | | | | | | | | | |
Change in pension and other postretirement benefit plans, net of tax | (40,501 | ) | | (90,876 | ) | | — | | | 90,876 | | | (40,501 | ) |
|
Change in unrealized gain (loss) on hedges, net of tax | (3,416 | ) | | 95 | | | (2,533 | ) | | 2,438 | | | (3,416 | ) |
|
Change in foreign currency translation adjustment | 1,774 | | | — | | | 1,774 | | | (1,774 | ) | | 1,774 | |
|
Change in unrealized gain on investments, net of tax | 769 | | | — | | | 769 | | | (769 | ) | | 769 | |
|
Total other comprehensive income (loss), net of tax | (41,374 | ) | | (90,781 | ) | | 10 | | | 90,771 | | | (41,374 | ) |
|
Total comprehensive income (loss) | $ | (1,101,749 | ) | | $ | 78,426 | | | $ | (1,130,731 | ) | | $ | 1,052,305 | | | $ | (1,101,749 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
YEAR ENDED DECEMBER 31, 2014 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Cash flows provided by (used in) operating activities | $ | (179,786 | ) | | $ | 53,037 | | | $ | (12,955 | ) | | $ | — | | | $ | (139,704 | ) |
|
INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Additions to property, plant and equipment | (3,279 | ) | | (82,889 | ) | | (6,831 | ) | | — | | | (92,999 | ) |
|
Proceeds from sale of property, plant and equipment | (44 | ) | | 30,156 | | | — | | | — | | | 30,112 | |
|
Intercompany loans made | (5,200 | ) | | — | | | — | | | 5,200 | | | — | |
|
Intercompany loans received | 1,828 | | | — | | | — | | | (1,828 | ) | | — | |
|
Other | — | | | — | | | 488 | | | — | | | 488 | |
|
Cash flows used in investing activities | (6,695 | ) | | (52,733 | ) | | (6,343 | ) | | 3,372 | | | (62,399 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Proceeds from issuance of debt | 869,800 | | | — | | | — | | | — | | | 869,800 | |
|
Retirements of debt | (411,766 | ) | | (7,626 | ) | | (7,773 | ) | | — | | | (427,165 | ) |
|
Dividends paid | (2,625 | ) | | — | | | — | | | — | | | (2,625 | ) |
|
Debt issuance costs | (27,748 | ) | | — | | | — | | | — | | | (27,748 | ) |
|
Advances from (to) consolidated entities | (53,602 | ) | | 6,812 | | | 46,790 | | | — | | | — | |
|
Intercompany notes borrowings | — | | | — | | | 5,200 | | | (5,200 | ) | | — | |
|
Intercompany notes payments | — | | | — | | | (1,828 | ) | | 1,828 | | | — | |
|
Proceeds from stock-options exercised | 108 | | | — | | | — | | | — | | | 108 | |
|
Other | (303 | ) | | 7 | | | (7 | ) | | — | | | (303 | ) |
|
Cash flows provided by (used in) financing activities | 373,864 | | | (807 | ) | | 42,382 | | | (3,372 | ) | | 412,067 | |
|
Effect of foreign exchange rates on cash | — | | | — | | | (2,250 | ) | | — | | | (2,250 | ) |
|
Net increase (decrease) in cash and cash equivalents | 187,383 | | | (503 | ) | | 20,834 | | | — | | | 207,714 | |
|
Cash and cash equivalents at beginning of period | 234,150 | | | 1,620 | | | 25,048 | | | — | | | 260,818 | |
|
Cash and cash equivalents at end of period | $ | 421,533 | | | $ | 1,117 | | | $ | 45,882 | | | $ | — | | | $ | 468,532 | |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
YEAR ENDED DECEMBER 31, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Cash flows provided by (used in) operating activities | $ | (204,982 | ) | | $ | 246,428 | | | $ | (68,522 | ) | | $ | — | | | $ | (27,076 | ) |
|
INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Additions to property, plant and equipment | (2,294 | ) | | (130,061 | ) | | (21,541 | ) | | — | | | (153,896 | ) |
|
Proceeds from sales of investments | — | | | — | | | 1,559 | | | — | | | 1,559 | |
|
Intercompany loans made | (40,236 | ) | | — | | | — | | | 40,236 | | | — | |
|
Intercompany loans received | 30,500 | | | — | | | — | | | (30,500 | ) | | — | |
|
Other | — | | | — | | | 1,824 | | | — | | | 1,824 | |
|
Cash flows used in investing activities | (12,030 | ) | | (130,061 | ) | | (18,158 | ) | | 9,736 | | | (150,513 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Proceeds from issuance of debt | 897,412 | | | — | | | — | | | — | | | 897,412 | |
|
Retirements of debt | (496,062 | ) | | (11,840 | ) | | (7,293 | ) | | — | | | (515,195 | ) |
|
Dividends paid | (16,889 | ) | | — | | | — | | | — | | | (16,889 | ) |
|
Tax effect from stock-based compensation arrangements | (717 | ) | | — | | | — | | | — | | | (717 | ) |
|
Debt issuance costs | (41,588 | ) | | — | | | — | | | — | | | (41,588 | ) |
|
Advances from (to) consolidated entities | 25,072 | | | (97,311 | ) | | 72,239 | | | — | | | — | |
|
Intercompany notes borrowings | — | | | — | | | 40,236 | | | (40,236 | ) | | — | |
|
Intercompany notes payments | — | | | (13,639 | ) | | (16,861 | ) | | 30,500 | | | — | |
|
Proceeds from stock-options exercised | 279 | | | — | | | — | | | — | | | 279 | |
|
Other | (178 | ) | | (115 | ) | | — | | | — | | | (293 | ) |
|
Cash flows provided by (used in) financing activities | 367,329 | | | (122,905 | ) | | 88,321 | | | (9,736 | ) | | 323,009 | |
|
Effect of foreign exchange rates on cash | — | | | — | | | (1,203 | ) | | — | | | (1,203 | ) |
|
Net increase (decrease) in cash and cash equivalents | 150,317 | | | (6,538 | ) | | 438 | | | — | | | 144,217 | |
|
Cash and cash equivalents at beginning of period | 83,833 | | | 8,158 | | | 24,610 | | | — | | | 116,601 | |
|
Cash and cash equivalents at end of period | $ | 234,150 | | | $ | 1,620 | | | $ | 25,048 | | | $ | — | | | $ | 260,818 | |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
YEAR ENDED DECEMBER 31, 2012 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Cash flows provided by (used in) operating activities | $ | (373,256 | ) | | $ | 742,100 | | | $ | (38,937 | ) | | $ | — | | | $ | 329,907 | |
|
INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Additions to property, plant and equipment | (4,395 | ) | | (157,833 | ) | | (229,284 | ) | | — | | | (391,512 | ) |
|
Proceeds from sales of investments | — | | | — | | | 13,239 | | | — | | | 13,239 | |
|
Intercompany loans made | (293,170 | ) | | — | | | — | | | 293,170 | | | — | |
|
Intercompany loans received | 16,513 | | | — | | | — | | | (16,513 | ) | | — | |
|
Investments in equity affiliates | (238,083 | ) | | — | | | — | | | 238,083 | | | — | |
|
Distributions from equity affiliates | 271,847 | | | — | | | — | | | (271,847 | ) | | — | |
|
Other | — | | | 855 | | | 43 | | | — | | | 898 | |
|
Cash flows used in investing activities | (247,288 | ) | | (156,978 | ) | | (216,002 | ) | | 242,893 | | | (377,375 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Proceeds from issuance of debt | 496,510 | | | — | | | — | | | — | | | 496,510 | |
|
Borrowings under revolving credit agreement | — | | | — | | | 510,650 | | | — | | | 510,650 | |
|
Repayments on revolving credit agreement | — | | | — | | | (519,453 | ) | | — | | | (519,453 | ) |
|
Retirements of debt | (343,255 | ) | | (12,140 | ) | | (37,456 | ) | | — | | | (392,851 | ) |
|
Dividends paid | (31,246 | ) | | — | | | — | | | — | | | (31,246 | ) |
|
Tax effect from stock-based compensation arrangements | 217 | | | — | | | — | | | — | | | 217 | |
|
Proceeds from stock-options exercised | 161 | | | — | | | — | | | — | | | 161 | |
|
Cash paid upon exercise of warrants | (11,535 | ) | | — | | | — | | | — | | | (11,535 | ) |
|
Debt issuance costs | (24,532 | ) | | — | | | — | | | — | | | (24,532 | ) |
|
Advances from (to) consolidated entities | 519,737 | | | (568,099 | ) | | 48,362 | | | — | | | — | |
|
Intercompany notes borrowings | — | | | 8,499 | | | 284,671 | | | (293,170 | ) | | — | |
|
Intercompany notes payments | — | | | — | | | (16,513 | ) | | 16,513 | | | — | |
|
Investment from Parent | — | | | 238,083 | | | — | | | (238,083 | ) | | — | |
|
Intercompany dividends | — | | | (261,102 | ) | | (10,745 | ) | | 271,847 | | | — | |
|
Other | (766 | ) | | — | | | — | | | — | | | (766 | ) |
|
Cash flows provided by (used in) financing activities | 605,291 | | | (594,759 | ) | | 259,516 | | | (242,893 | ) | | 27,155 | |
|
Cash flows provided by (used in) continuing operations | (15,253 | ) | | (9,637 | ) | | 4,577 | | | — | | | (20,313 | ) |
|
CASH FLOWS FROM DISCONTINUED OPERATIONS | | | | | | | | | |
Cash flows provided by investing activities | — | | | 9,500 | | | — | | | — | | | 9,500 | |
|
Cash flows provided by discontinued operations | — | | | 9,500 | | | — | | | — | | | 9,500 | |
|
Effect of foreign exchange rates on cash | — | | | — | | | (1,016 | ) | | — | | | (1,016 | ) |
|
Net increase (decrease) in cash and cash equivalents | $ | (15,253 | ) | | $ | (137 | ) | | $ | 3,561 | | | — | | | $ | (11,829 | ) |
|
Cash and cash equivalents at beginning of period | 99,086 | | | 8,295 | | | 21,049 | | | — | | | 128,430 | |
|
Cash and cash equivalents at end of period | $ | 83,833 | | | $ | 8,158 | | | $ | 24,610 | | | $ | — | | | $ | 116,601 | |
|
| | | | | | | | | | | | | | | | | | | | |