Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Walter Energy, Inc. | |
Entity Central Index Key | 837173 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 80,746,088 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $434,706 | $468,532 |
Trade receivables, net | 89,498 | 91,057 |
Other receivables | 126,248 | 127,037 |
Inventories | 172,335 | 201,598 |
Deferred income taxes | 16,817 | 16,819 |
Prepaid expenses | 40,161 | 46,190 |
Other current assets | 8,966 | 9,285 |
Total current assets | 888,731 | 960,518 |
Mineral interests, net | 2,819,740 | 2,836,801 |
Property, plant and equipment, net | 1,424,047 | 1,466,297 |
Other long-term assets | 69,919 | 67,748 |
Total assets | 5,202,437 | 5,331,364 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 47,547 | 38,980 |
Accrued expenses | 155,645 | 125,318 |
Pension and other postretirement benefits obligation | 29,410 | 29,032 |
Other current liabilities | 213,597 | 215,952 |
Current debt | 3,015,274 | 12,327 |
Total current liabilities | 3,461,473 | 421,609 |
Long-term debt | 0 | 3,068,878 |
Pension and other postretirement benefits obligation | 643,453 | 641,231 |
Deferred income taxes | 704,704 | 730,685 |
Other long-term liabilities | 195,658 | 187,380 |
Total liabilities | 5,005,288 | 5,049,783 |
Stockholders' equity | ||
Preferred stock, $0.01 par value per share: Authorized—20,000,000 shares; none issued | 0 | 0 |
Common stock, $0.01 par value per share: Authorized—200,000,000 shares; issued 80,723,701 and 71,978,113 shares, respectively | 807 | 720 |
Capital in excess of par value | 1,678,710 | 1,668,407 |
Accumulated deficit | -1,249,694 | -1,169,498 |
Accumulated other comprehensive loss | -232,674 | -218,048 |
Total stockholders' equity | 197,149 | 281,581 |
Total liabilities and stockholders' equity | $5,202,437 | $5,331,364 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in usd per share) | $0.01 | $0.01 |
Preferred stock, Authorized shares | 20,000,000 | 20,000,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value per share (in usd per share) | $0.01 | $0.01 |
Common stock, Authorized shares | 200,000,000 | 200,000,000 |
Common stock, issued shares | 80,723,701 | 71,978,113 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Sales | $285,646 | $405,229 |
Miscellaneous income | 5,280 | 8,656 |
Total revenues | 290,926 | 413,885 |
Costs and expenses: | ||
Cost of sales (exclusive of depreciation and depletion) | 284,693 | 349,875 |
Depreciation and depletion | 59,182 | 76,424 |
Selling, general and administrative | 21,061 | 20,779 |
Other postretirement benefits | 12,333 | 13,869 |
Total costs and expenses | 377,269 | 460,947 |
Operating loss | -86,343 | -47,062 |
Interest expense, net | -78,236 | -65,432 |
Gain (loss) on extinguishment of debt | 58,626 | -13,889 |
Other loss | 0 | -1,756 |
Loss before income tax benefit | -105,953 | -128,139 |
Income tax benefit | 25,757 | 35,961 |
Net loss | ($80,196) | ($92,178) |
Basic and diluted net loss per share (in usd per share) | ($1.08) | ($1.47) |
Dividends per share (in usd per share) | $0 | $0.01 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($80,196) | ($92,178) |
Other comprehensive income (loss): | ||
Change in pension and postretirement benefit plans (net of tax: $2,442 and $2,168, respectively) | 3,699 | 3,519 |
Change in unrealized gain on hedges (net of tax: $1,304) | 0 | 1,679 |
Change in foreign currency translation adjustment | -18,325 | 2,164 |
Total other comprehensive income (loss) | -14,626 | 7,362 |
Total comprehensive loss | ($94,822) | ($84,816) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Change in pension and postretirement benefit plans (net of tax: $2,442 and $2,168, respectively) | $2,442 | $2,168 |
Change in unrealized gain on hedges (net of tax: $1,304) | $0 | $1,304 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (USD $) | Total | Common Stock | Capital in Excess of Par Value | Accumulated Deficit | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||
Beginning balance at Dec. 31, 2014 | $281,581 | $720 | $1,668,407 | ($1,169,498) | ($218,048) |
Increase (Decrease) in Stockholders' Equity | |||||
Net loss | -80,196 | 0 | 0 | -80,196 | 0 |
Other comprehensive loss, net of tax | -14,626 | 0 | 0 | 0 | -14,626 |
Stock based compensation | 3,440 | 0 | 3,440 | 0 | 0 |
Issuance of common stock in connection with the extinguishment of debt | 7,007 | 87 | 6,920 | 0 | 0 |
Other | -57 | 0 | -57 | 0 | 0 |
Ending balance at Mar. 31, 2015 | $197,149 | $807 | $1,678,710 | ($1,249,694) | ($232,674) |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | ||
Net loss | ($80,196) | ($92,178) |
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities: | ||
Depreciation and depletion | 59,182 | 76,424 |
Deferred income tax benefit | -25,596 | -33,369 |
Amortization of debt issuance costs and debt discount, net | 3,551 | 4,602 |
(Gain) loss on extinguishment of debt | -58,626 | 13,889 |
Other | 18,832 | 6,847 |
Decrease in current assets: | ||
Trade receivables, net | 1,475 | 21,987 |
Other receivables | 783 | 4,840 |
Inventories | 21,913 | 3,943 |
Prepaid expenses and other current assets | 6,235 | 9,735 |
Increase (decrease) in current liabilities: | ||
Accounts payable | 9,324 | -25,253 |
Accrued interest | 44,336 | 27,034 |
Accrued expenses and other current liabilities | -14,112 | 16,889 |
Cash flows provided by (used in) operating activities | -12,899 | 35,390 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -17,367 | -12,281 |
Proceeds from sale of property, plant and equipment | 1,329 | 0 |
Other | 356 | -151 |
Cash flows used in investing activities | -15,682 | -12,432 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of debt | 0 | 553,000 |
Retirements of debt | -3,495 | -409,924 |
Dividends paid | 0 | -626 |
Debt issuance costs | 0 | -20,343 |
Other | -60 | -166 |
Cash flows provided by (used in) financing activities | -3,555 | 121,941 |
Effect of foreign exchange rates on cash | -1,690 | -1,002 |
Net increase (decrease) in cash and cash equivalents | -33,826 | 143,897 |
Cash and cash equivalents at beginning of period | 468,532 | 260,818 |
Cash and cash equivalents at end of period | $434,706 | $404,715 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Basis of Presentation | Business and Basis of Presentation | ||||
Walter Energy, Inc., together with its consolidated subsidiaries (the "Company"), is a leading producer and exporter of metallurgical coal for the global steel industry from underground and surface mines with mineral reserves located in the United States ("U.S."), Canada and the United Kingdom ("U.K."). The Company also extracts, processes, markets and/or possesses mineral reserves of thermal coal and anthracite coal, as well as produces metallurgical coke and coal bed methane gas. | |||||
Basis of Presentation | |||||
The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2014 included in the Company's Annual Report filed on Form 10-K with the U.S. Securities and Exchange Commission. The balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements for the year ended December 31, 2014 included in the Company's Annual Report filed on Form 10-K. | |||||
In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Section 470-50, during the second quarter of 2014, the Company corrected its classification of accelerated amortization of debt issuance costs that it recognized upon the extinguishment or partial extinguishment of debt to present these amounts as a component of the gain (loss) recognized upon the extinguishment of debt as one line item in the accompanying Condensed Consolidated Statements of Operations. Components of the gain (loss) on the extinguishment of debt were previously recognized within interest expense in the accompanying Condensed Consolidated Statements of Operations. We have concluded that this revision is not material to our previously issued financial statements, as the net effect of these revisions did not impact our operating loss, net loss, stockholders' equity or cash flows. Previously reported interest expense has been revised to correct the classification and interest income and interest expense have been netted in the current presentation. The following reflects the revisions for the three months ended March 31, 2014 (in thousands): | |||||
For the three | |||||
months | |||||
ended | |||||
March 31, 2014 | |||||
Interest expense, prior to revision | $ | (79,396 | ) | ||
Interest income | 75 | ||||
Revision of loss on extinguishment of debt | 13,889 | ||||
Interest expense, net, revised | $ | (65,432 | ) | ||
Going Concern Matters | |||||
The accompanying unaudited Condensed Consolidated Financial Statements and related notes have been prepared assuming that the Company will continue as a going concern, although the events disclosed below raise substantial doubt about our ability to continue as a going concern. Accordingly, they do not include any adjustments related to the recoverability and classification of recorded assets or to the amounts and classification of liabilities or any other adjustments that would be required should we be unable to continue as a going concern. | |||||
Over the course of the last three years, our results of operations, including our operating revenues and operating cash flows, have been negatively impacted by weak coal market conditions, depressed metallurgical coal prices, reduced steel production and global steel demand. Our cash flows from operations were insufficient to fund our capital expenditure needs for 2014 and 2013 and we expect this trend to continue in 2015. If market conditions do not improve, we expect our liquidity to continue to be adversely affected. On April 15, 2015, the Company elected to exercise the 30-day grace period under the terms of the indentures governing its 9.50% Senior Secured Notes due 2019 and its 8.50% Senior Notes due 2021 to extend the timeline for making the cash interest payments due on April 15, 2015. The aggregate amount of the interest payments is approximately $62.4 million. During the 30-day grace period, the Company is working with its debt holders to establish a capital structure that will position the Company to weather a highly competitive and challenging market. | |||||
The election to exercise the 30-day grace period under the terms of the indentures governing its 9.50% Senior Secured Notes due 2019 and its 8.50% Senior Notes due 2021 constitutes a default; however, it does not constitute an Event of Default under the indentures governing our senior notes or the term loan credit facility. As a result of this default, certain restrictions have been placed on the Company, including but not limited to, its ability to incur additional indebtedness, draw on the revolver and issue additional letters of credit. The Company has 30 days to cure the default by making the required interest payments that were due on April 15, 2015. Alternatively, the Company may restructure the debt with its creditors. If the Company is unable to restructure the debt, the Company may consider filing voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. | |||||
On May 15, 2015, if the interest payment default is not cured, the default would be considered an Event of Default and all outstanding notes will become due and payable immediately without further action or notice. An Event of Default would also trigger cross defaults in the Company's other debt obligations. If any other Event of Default occurs, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding notes may declare all the notes to be due and payable immediately. An Event of Default would have a material adverse effect on the Company's liquidity, financial condition and results of operations. As of March 31, 2015, the Company had approximately $3.1 billion in principal amount of term loans, senior notes, capital lease obligations and equipment financing obligations outstanding. Based on the facts and circumstances discussed above, all of this debt is classified as a current liability in the Condensed Consolidated Balance Sheet as of March 31, 2015. | |||||
New Accounting Pronouncements | |||||
In April 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30). ASU 2015-03 simplifies the presentation of debt issuance costs by requiring debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the recognized debt liability. A reporting entity must apply the amended guidance on a retrospective basis. The amended guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company has early adopted this standard for the Condensed Consolidated Financial Statements presented above and is in compliance. Previously reported other current assets, other long-term assets and long-term debt have been revised to reflect the retrospective application. The following reflects the revisions for the year ended December 31, 2014: | |||||
31-Dec-14 | |||||
Other current assets, prior to revision | $ | 19,542 | |||
Revision of debt issuance costs | (10,257 | ) | |||
Other current assets, as revised | $ | 9,285 | |||
Other long-term assets, prior to revision | $ | 112,256 | |||
Revision of debt issuance costs | (44,508 | ) | |||
Other long-term assets, as revised | $ | 67,748 | |||
Long-term debt, prior to revision | $ | 3,123,643 | |||
Revision of debt issuance costs | (54,765 | ) | |||
Long-term debt, as revised | $ | 3,068,878 | |||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories are summarized as follows (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Coal | $ | 109,579 | $ | 136,335 | ||||
Raw materials, supplies and other | 62,756 | 65,263 | ||||||
Total inventories | $ | 172,335 | $ | 201,598 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company estimates its annual effective tax rate based on projected financial income for the full year at the end of each interim reporting period unless projected financial income for the full year is close to break even, in which case the annual effective tax rate could distort the income tax provision for an interim period. When this happens, the Company calculates the interim income tax provision using actual year to date financial results for certain jurisdictions. This method results in an income tax provision based solely on the year to date financial taxable income or loss for those jurisdictions. In both cases, the tax effect of unusual or infrequently occurring items, including effects of changes in tax laws or rates, are reported in the interim period in which they occur. | |
For the three months ended March 31, 2015, the income tax benefit was determined based on the annual effective tax rate method. The Company recognized an income tax benefit of $25.8 million for the three months ended March 31, 2015 compared with an income tax benefit of $36.0 million for the three months ended March 31, 2014. The decrease in the quarterly income tax benefit was primarily due to the reduction of operating costs from the idling of our Canadian operations in the second quarter of 2014. The Company's effective tax rate for the three months ended March 31, 2015 and 2014 reflects the benefits of the Canadian and U.K. Operations which are taxed at statutory rates lower than the U.S. rate and the effects of additional tax losses related to foreign financing activities. | |
The Company utilizes the asset and liability method of accounting for income taxes and records deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial performance. Based upon the Company's review of all positive and negative evidence, including its three year cumulative pre-tax book loss, it concluded that a full valuation allowance should continue to be recorded against its U.S net deferred tax assets at March 31, 2015. In the future, if the Company determines that it is more likely than not that it will realize these net deferred tax assets, it will reverse the applicable portion of the valuation allowance and recognize an income tax benefit in the period in which such determination is made. |
Debt
Debt | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | Debt | |||||||||||
Debt consisted of the following (dollars in thousands): | ||||||||||||
March 31, | December 31, | Weighted Average Stated Interest Rate at March 31, 2015 | Final | |||||||||
2015 | 2014 | Maturity | ||||||||||
2011 term loan B | $ | 978,178 | $ | 978,178 | 7.25% | 2018 | ||||||
9.50% senior secured notes | 970,000 | 970,000 | 9.50% | 2019 | ||||||||
11.00% / 12.00% senior secured PIK toggle notes | 350,000 | 350,000 | 11.00% / 12.00% | 2020 | ||||||||
9.875% senior notes | 388,000 | 388,000 | 9.88% | 2020 | ||||||||
8.50% senior notes (1) | 383,275 | 450,000 | 8.50% | 2021 | ||||||||
Other (2) | 14,237 | 18,085 | Various | Various | ||||||||
Debt discount, net | (17,207 | ) | (18,293 | ) | ||||||||
Debt issuance costs (3) | (51,209 | ) | (54,765 | ) | ||||||||
Total debt | 3,015,274 | 3,081,205 | ||||||||||
Less: current debt (2) | (3,015,274 | ) | (12,327 | ) | ||||||||
Total long-term debt | $ | — | $ | 3,068,878 | ||||||||
_______________________________________________________________________________ | ||||||||||||
(1) On March 6, 2015, the Company issued an aggregate of 8.65 million shares of its common stock in exchange for $66.7 million of its 8.50% Senior Notes due 2021 and recognized a net gain on extinguishment of debt of $58.6 million in the three months ended March 31, 2015. | ||||||||||||
(2) Includes capital lease obligations and an equipment financing agreement. | ||||||||||||
(3) In the current quarter, the Company adopted ASU 2015-03 to present debt issuance costs as a direct deduction to the carrying amount of debt. The adoption of this guidance has been applied on a retrospective basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information. | ||||||||||||
On April 15, 2015, the Company elected to exercise the 30-day grace period under the terms of the indentures governing its 9.50% Senior Secured Notes due 2019 and its 8.50% Senior Notes due 2021 to extend the timeline for making the cash interest payments due on April 15, 2015. The 30-day grace period will end on May 15, 2015. See Note 1 to the Condensed Consolidated Financial Statements for additional information. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits | |||||||||||||||
The components of net periodic benefit cost are as follows (in thousands): | ||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
For the three months ended | For the three months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 2,178 | $ | 1,701 | $ | 1,875 | $ | 1,944 | ||||||||
Interest cost | 3,297 | 3,348 | 6,351 | 7,726 | ||||||||||||
Expected return on plan assets | (3,696 | ) | (4,553 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 169 | 61 | (1,552 | ) | 307 | |||||||||||
Amortization of net actuarial loss | 1,865 | 642 | 5,659 | 3,892 | ||||||||||||
Settlement loss | — | 784 | — | — | ||||||||||||
Net periodic benefit cost | $ | 3,813 | $ | 1,983 | $ | 12,333 | $ | 13,869 | ||||||||
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Loss Per Share | Net Loss Per Share | |||||||
A reconciliation of the basic and diluted net loss per share computations for the three months ended March 31, 2015 and 2014 is as follows (in thousands, except per share data): | ||||||||
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | (80,196 | ) | $ | (92,178 | ) | ||
Denominator: | ||||||||
Average number of common shares outstanding(1) | 74,336 | 62,601 | ||||||
Basic and diluted net loss per share | $ | (1.08 | ) | $ | (1.47 | ) | ||
_______________________________________________________________________________ | ||||||||
-1 | Basic earnings per share is computed by dividing net loss by the average number of common shares outstanding during the reporting period. In periods of net loss, the number of shares used to calculate diluted earnings per share is the same as basic earnings per share; therefore, the effect of dilutive securities is zero for such periods. The weighted average number of stock options and restricted stock units outstanding for the three months ended March 31, 2015 and 2014 totaling 2,135,196 and 1,012,919, respectively, were excluded from the calculation above because their effect would have been anti-dilutive. | |||||||
The table below sets forth stock options exercised and restricted stock units vested for the three months ended March 31, 2015 and 2014: | ||||||||
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock options exercised | — | 9,641 | ||||||
Restricted stock units vested | 95,621 | 35,703 | ||||||
Total | 95,621 | 45,344 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Income Tax Litigation | |
The Company files income tax returns in the U.S., Canada, U.K., and in various state, provincial and local jurisdictions which are routinely examined by tax authorities in these jurisdictions. The statute of limitations related to the U.S. consolidated federal income tax returns is closed for years prior to August 31, 1983 and for the years ended May 31, 1997, 1998 and 1999. The impact of any U.S. federal changes for these years on state income taxes remains subject to examination for a period up to five years after formal notification to the states. The Company generally remains subject to income tax in various states for prior periods ranging from three to eleven years depending on jurisdiction. In the Company's major non-U.S. jurisdictions, tax years are typically subject to examination for three to six years. | |
On December 27, 1989, the Company and most of its U.S. subsidiaries each filed a voluntary petition for reorganization under Chapter 11 of Title 11 of the United States Bankruptcy Code (the "Bankruptcy Proceedings") in the United States Bankruptcy Court for the Middle District of Florida, Tampa Division (the "Bankruptcy Court"). The Company emerged from bankruptcy on March 17, 1995 (the "Effective Date") pursuant to the Amended Joint Plan of Reorganization dated as of December 9, 1994, as modified on March 1, 1995 (as so modified the "Consensual Plan"). Despite the confirmation and effectiveness of the Consensual Plan, the Bankruptcy Court continues to have jurisdiction over, among other things, the resolution of disputed prepetition claims against the Company and other matters that may arise in connection with or related to the Consensual Plan, including claims related to federal income taxes. | |
In connection with the U.S. Bankruptcy Proceedings, the Internal Revenue Service ("IRS") filed a proof of claim in the Bankruptcy Court (the "Proof of Claim") for a substantial amount of taxes, interest and penalties with respect to fiscal years ended August 31, 1983 through May 31, 1994. The Company filed an adversary proceeding in the Bankruptcy Court disputing the Proof of Claim (the "Adversary Proceeding") and the various issues have been litigated in the Bankruptcy Court. An opinion was issued by the Bankruptcy Court in June 2010 with respect to two of the disputed issues. The Bankruptcy Court instructed both parties to submit a final order addressing all issues that have been litigated for the tax years 1983 through 1995 in the Adversary Proceeding by late August 2010. At the request of both parties, the Bankruptcy Court granted an extension of time of 90 days from the initial submission date to submit the final order. Additional extensions of time to submit the proposed final order were granted in November 2010, February 2011, May 2011, September 2011, January 2013, May 2013 and December 2013. At the request of the IRS, in December 2013 the Bankruptcy Court granted an additional extension of time to submit the final order. As of March 31, 2015, both parties are still reviewing the litigation issues in order to submit the final order. | |
The amounts initially asserted by the Proof of Claim do not reflect the subsequent resolution of various issues through settlements or concessions by the parties. The Company believes that any financial exposure with respect to those issues that have not been resolved or settled in the Proof of Claim is limited to interest and possible penalties and the amount of tax assessed has been offset by tax reductions in future years. All of the issues in the Proof of Claim, which have not been settled or conceded, have been litigated before the Bankruptcy Court and are subject to appeal but only at the conclusion of the entire Adversary Proceeding. | |
The IRS completed its audits of the Company's federal income tax returns for the years ended May 31, 2000 through December 31, 2008. The IRS issued 30-Day Letters to the Company in June 2010 and July 2012, proposing changes to tax for these tax years. The Company believes its tax filing positions have substantial merit and filed a formal protest with the IRS within the prescribed 30-day time limit for those issues which have not been previously settled or conceded. The IRS filed a rebuttal to the Company's formal protest and the case was assigned to the Appeals Division of the IRS. The Appeals Division convened a hearing on March 8, 2011 and heard arguments from both parties as to issues not settled or conceded for the 2000 through 2008 audit periods. In September 2014, the IRS Appeals Office returned these tax periods to IRS Examination Division to be placed into suspense pending the resolution of the tax periods that are in the U.S. Bankruptcy Court. The disputed issues in these audit periods are similar to the issues remaining in the Proof of Claim. | |
The IRS is conducting an audit of the Company's income tax returns filed for the 2009 through 2012 tax years. Since the examination is ongoing, any resulting tax deficiency or overpayment cannot be estimated at this time. During 2015, the statute of limitations for assessing additional income tax deficiencies will expire for certain tax years in several state tax jurisdictions. The expiration of the statute of limitations for these years is expected to have an immaterial impact on the total uncertain income tax positions and net income. | |
It is reasonably possible that the amount of unrecognized tax benefits will change in the next twelve months. The Company anticipates that a final order will be issued by the Bankruptcy Court in the near future settling the issues in the Proof of Claim. A final order by the Bankruptcy Court would permit a resolution of similar issues for the tax years currently under IRS Exam (2000-2012). As of March 31, 2015, the Company had $33.0 million of accruals for unrecognized tax benefits on the matters subject to disposition. Due to the uncertainty related to the potential outcome of these matters, any possible changes in unrecognized tax benefits cannot be reasonably estimated. | |
The Company believes that all of its current and prior tax filing positions have substantial merit and intends to vigorously defend any tax claims asserted. The Company believes that it has sufficient accruals to address any claims, including interest and penalties, and does not believe that any potential difference between the final settlements and the amounts accrued will have a material effect on the Company's financial position, but such potential difference could be material to results of operations in a future reporting period. | |
Environmental Matters | |
The Company is subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the construction and operation of its plants, mines and other facilities and with respect to remediating environmental conditions that may exist at its own and other properties. | |
The Company believes that it is in substantial compliance with federal, state and local environmental laws and regulations. The Company accrues for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and can be reasonably estimated. | |
Walter Coke, Inc. | |
Walter Coke entered into a decree order in 1989 (the "1989 Order") relative to a Resource Conservation Recovery Act ("RCRA") compliance program mandated by the Environmental Protection Agency ("EPA"). A RCRA Facility Investigation ("RFI") Work Plan was prepared which proposed investigative tasks to assess the presence of contamination at the Walter Coke facility. In 2004, the EPA re-directed Walter Coke's RFI efforts toward completion of the Environmental Indicator ("EI") determinations for the Current Human Exposures, which were approved and finalized for Walter Coke's Birmingham facility in 2005. In 2008, as a follow-up to the EI determination, the EPA requested that Walter Coke perform additional soil sampling and testing in the neighborhoods surrounding its facility. The results of this sampling and testing were submitted to the EPA for review in 2009. In conjunction with the plan, Walter Coke agreed to remediate portions of 23 properties based on the 2009 sampling and that process was completed in 2012. | |
In 2011, the EPA notified Walter Coke in the form of a General Notice Letter that it proposed that the offsite remediation project ("35th Avenue Superfund Site") be classified and managed as a Superfund site under Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), allowing other Potentially Responsible Parties ("PRPs") to potentially be held responsible. Under CERCLA authority, the EPA proceeded directly with the offsite sampling work and deferred any further enforcement actions or decisions. In March 2013, the EPA released the North Birmingham Air Toxics Risk Assessment showing the air quality around Company facilities to be acceptable. In August 2013, the Agency for Toxic Substances and Disease Registry ("ATSDR") released a report concerning past, present and future exposures to residential soils in North Birmingham and concluded that there is no public health hazard. In September 2013, the EPA sent an "Offer to Conduct Work" letter to Walter Coke and four other PRPs notifying them that the EPA had completed sampling at 1,100 residential properties and that 400 properties exceeded Regional Removal Management Levels ("RMLs") and offered the PRPs an opportunity to cleanup 50 Phase I properties. The Company has notified the EPA that it has declined the Offer to Conduct Work. In July 2014, the Jefferson County Department of Health ("JCDH") said there are no apparent health risks to individuals living in North Birmingham. In August 2014, the EPA sent an “Offer to Conduct Work” letter to Walter Coke and five other PRPs and offered the PRPs an opportunity to cleanup 30 Phase II properties. The Company has notified the EPA that it has declined the Offer to Conduct Work. In September 2014, the EPA proposed to add the 35th Avenue Superfund Site to the National Priorities List ("NPL"). The EPA has accepted and is reviewing comments to the proposed listing. In April 2015, ATSDR released an evaluation of air exposures to communities adjacent to the 35th Avenue Superfund Site and concluded that current exposures are unlikely to result in harmful effects in individuals and that the current estimated cumulative cancer risks are within the EPA's target risk range. | |
A RCRA Section 3008(h) Administrative Order on Consent (the "2012 Order") with the effective date of September 24, 2012 was signed by Walter Coke and the EPA. The 2012 Order declared that all of the approved investigation tasks of the RFI Work Plans required by the 1989 Order had been completed by Walter Coke and that the 1989 Order was terminated and is no longer in effect. The objectives of the 2012 Order are to perform Corrective Measure Studies, implement remedies if necessary, and implement and maintain institutional controls if required at the Walter Coke facility. | |
The Company has incurred costs to investigate the presence of contamination at the Walter Coke facility and to define remediation actions to address this environmental liability in accordance with the agreements reached with the EPA under the RFI and the residential soil sampling conducted by Walter Coke in the neighborhoods surrounding its facility. At March 31, 2015, the Company had an amount accrued that is probable and can be reasonably estimated for the costs to be incurred to identify and define remediation actions, as well as to perform certain remedial tasks which can be quantified. As of March 31, 2015, the amount of this accrual was not material to the Company's consolidated financial statements. While it is probable that the Company will incur additional future costs to remediate environmental liabilities at the Walter Coke facility, the amount of such additional costs cannot be reasonably estimated at this time. Although no assurances can be given that the Company will not be required in the future to make material expenditures relating to the Walter Coke site or other sites, management does not believe at this time that the cleanup costs, if any, associated with these sites will have a material adverse effect on the Company's consolidated financial statements, but such cleanup costs could be material to the Company's results of operations in a future reporting period. | |
Securities Class Actions and Shareholder Derivative Actions | |
On January 26, 2012 and March 15, 2012, putative class actions were filed against Walter Energy, Inc. and some of its current and former senior executive officers in the U.S. District Court for the Northern District of Alabama (Rush v. Walter Energy, Inc., et al.). The three executive officers named in the complaints are: Keith Calder, Walter's former CEO; Walter Scheller, the Company's current CEO and a director; and Neil Winkelmann, former President of Walter's Canadian and U.K. Operations (collectively the "Individual Defendants"). The complaints were filed by Peter Rush and Michael Carney, purported shareholders of Walter Energy who each seek to represent a class of Walter Energy shareholders who purchased common stock between April 20, 2011 and September 21, 2011. | |
These complaints allege that Walter Energy and the Individual Defendants made false and misleading statements regarding the Company's operations outlook for the second quarter of 2011. The complaints further allege that the Company and the Individual Defendants knew that these statements were misleading and failed to disclose material facts that were necessary in order to make the statements not misleading. Plaintiffs claimed violations of Section 10(b) of the Securities Exchange Act of 1934 (the "1934 Act"), Rule 10b-5 promulgated thereunder, and Section 20(a) of the 1934 Act. On May 30, 2012, the two actions were consolidated into In re Walter Energy, Inc. Securities Litigation. The court also appointed the Government of Bermuda Contributory and Public Service Superannuation Pension Plans as well as the Stephen C. Beaulieu Revocable Trust to be lead plaintiffs and approved lead plaintiffs' selection of Robbins Geller Rudman & Dowd LLP and Kessler Topaz Meltzer & Check, LLP as lead plaintiffs' counsel for the consolidated action. On August 20, 2012, Lead Plaintiffs filed a consolidated amended class action complaint in this action. The consolidated amended complaint names as an additional defendant Joseph Leonard, a current director and former interim CEO of Walter Energy, in addition to the previously named defendants. Defendants filed a Motion to Dismiss the amended complaint on October 4, 2012. On January 29, 2013, the court denied that motion without prejudice. Defendants answered the complaint on February 15, 2013. The parties are now in the process of discovery. Plaintiffs filed a motion for class certification on August 15, 2013. On March 18, 2014, the Court denied Plaintiffs' motion for class certification without prejudice to refiling and rebriefing and stayed this litigation pending a decision by the United States Supreme Court in Halliburton Co., et al. v. Erica P. John Fund, Inc. ("Halliburton II"). Following the U.S. Supreme Court's decision in Halliburton II on June 23, 2014, Plaintiffs filed a renewed motion for class certification on August 29, 2014. Defendants' filed their opposition on October 28, 2014, and Plaintiffs' Reply was filed on January 30, 2015. The Court has set an evidentiary hearing on Plaintiffs' renewed class certification motion for May 15, 2015. All other deadlines have been stayed by the Court. | |
Walter Energy and the other named defendants believe that there is no merit to the claims alleged and intend to vigorously defend these actions. | |
On February 7, 2012, a shareholder derivative lawsuit was filed in the 10th Judicial Circuit of Alabama (Israni v. Clark et al.). On February 10, 2012, a second shareholder derivative suit was filed in the same court (Himmel v. Scheller et al.), and on February 16, 2012 a third derivative suit was filed (Walters v. Scheller et al.). All three complaints named as defendants the Company's then current Board of Directors, Keith Calder and Neil Winkelmann. The Company was named as a nominal defendant in each complaint. The three complaints allege similar claims to those alleged in the Rush complaint. The complaints variously assert state law claims for breaches of fiduciary duties for alleged failures to maintain internal controls and to properly manage the Company, unjust enrichment, waste of corporate assets, gross mismanagement and abuse of control. The three derivative actions seek among other things, recovery for the Company for damages that the Company suffered as a result of alleged wrongful conduct. On April 11, 2012, the Court consolidated these shareholder derivative suits. Walter Energy thereafter entered into a stipulation with the lead plaintiffs in the consolidated derivative suit, pursuant to which all proceedings in the derivative action were stayed pending the filing of the consolidated amended complaint in the class action. On September 19, 2012, lead plaintiffs filed a consolidated shareholder derivative complaint. This action has been stayed pending the resolution of summary judgment motions in the putative securities class action. The derivative plaintiffs will have certain rights to participate in discovery taken in the federal securities action. | |
On March 1, 2012, a shareholder derivative lawsuit was filed in the U.S. District Court for the Northern District of Alabama (Makohin v. Clark, et al.). On September 27, 2012, a second shareholder derivative lawsuit was filed in the same court (Sinerius v. Beatty, et al.). Both complaints name as defendants the Company's then current Board of Directors and Keith Calder. The Company is named as a nominal defendant in each complaint. These complaints, like the state court derivative claims, allege similar facts to those alleged in the Rush complaint. The Makohin complaint asserts state law claims for breaches of fiduciary duties and unjust enrichment, while the Sinerius complaint asserts these same claims as well as claims for abuse of control and gross mismanagement. Both actions seek, among other things, recovery for the Company for damages that the Company suffered as a result of alleged wrongful conduct and restitution from defendants of all profits, benefits and other compensation that they wrongfully obtained. Like the state court derivative action, both of these cases have been stayed pending resolution of summary judgment motions in the putative securities class action. The federal derivative plaintiffs will also have certain rights to participate in discovery taken in the federal securities action. | |
Walter Energy and the other named defendants believe that there is no merit to the claims alleged in these shareholder derivative lawsuits and intend to vigorously defend these actions. | |
Miscellaneous Litigation | |
The Company and its subsidiaries are parties to a number of other lawsuits arising in the ordinary course of their businesses. The Company records costs relating to these matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of these matters on the Company's future results of operations cannot be predicted with certainty as any such effect depends on future results of operations and the amount and timing of the resolution of such matters. While the results of litigation cannot be predicted with certainty, the Company believes that the final outcome of such other litigation will not have a material adverse effect on the Company's consolidated financial statements. | |
Commitments and Contingencies—Other | |
In the opinion of management, accruals associated with contingencies incurred in the normal course of business are sufficient. Resolution of existing known contingencies is not expected to significantly affect the Company's financial position and results of operations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||
The following table presents the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2015, net of tax (in thousands). | ||||||||||||
Pension and | Foreign | Total | ||||||||||
other | currency | |||||||||||
postretirement benefit | translation | |||||||||||
plans | adjustment | |||||||||||
Beginning balance as of December 31, 2014 | $ | (198,969 | ) | $ | (19,079 | ) | $ | (218,048 | ) | |||
Other comprehensive loss before reclassifications | — | (18,325 | ) | (18,325 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 3,699 | —(1) | 3,699 | |||||||||
Net current-period other comprehensive income (loss) | 3,699 | (18,325 | ) | (14,626 | ) | |||||||
Ending balance as of March 31, 2015 | $ | (195,270 | ) | $ | (37,404 | ) | $ | (232,674 | ) | |||
-1 | Foreign currency translation adjustments are reclassified from accumulated other comprehensive loss to earnings upon sale or substantially complete liquidation of an investment in a foreign entity. | |||||||||||
The following table presents amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2015 (in thousands). | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified | Affected Line Item in the | ||||||||||
from Accumulated | Condensed Consolidated | |||||||||||
Other Comprehensive Loss | Statements of Operations | |||||||||||
Amortization of pension and other postretirement benefit plans: | ||||||||||||
Prior service credit | $ | (1,383 | ) | (a) | ||||||||
Net actuarial loss | 7,524 | (a) | ||||||||||
6,141 | Total before tax | |||||||||||
(2,442 | ) | Income tax benefit | ||||||||||
$ | 3,699 | Net of tax | ||||||||||
_______________________________________________________________________________ | ||||||||||||
(a) | Amortization of pension benefit items are included in cost of sales (exclusive of depreciation and depletion) and selling, general and administrative expense while amortization of postretirement benefit items are included in other postretirement benefits within the Condensed Consolidated Statements of Operations. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy has been established for valuing assets and liabilities based on how transparent (observable) the inputs are that are used to determine fair value, with the inputs considered most observable categorized as Level 1 and those that are the least observable categorized as Level 3. Hierarchy levels are defined as follows: | ||||||||||||||||
Level 1: | Quoted prices in active markets for identical assets and liabilities; | |||||||||||||||
Level 2: | Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and | |||||||||||||||
Level 3: | Unobservable inputs that are supported by little or no market data which require the reporting entity to develop its own assumptions. | |||||||||||||||
The Company had no assets or liabilities measured at fair value on a recurring basis as of March 31, 2015 or December 31, 2014. The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: | ||||||||||||||||
Cash and cash equivalents, receivables and accounts payable—The carrying amounts reported in the balance sheet approximate fair value. Cash equivalents represent highly-liquid instruments and constitute Level 1 fair value measurements. | ||||||||||||||||
Debt—All of the Company's outstanding debt is carried at cost. There were no borrowings outstanding under the revolver at March 31, 2015 or December 31, 2014. The estimated fair value of the Company's debt is based on observable market data (Level 2). The carrying amounts and fair values of the Company's debt (excluding capital lease obligations, equipment financing agreements and debt discount and debt issuance costs on the revolver of $1.4 million and $0.2 million, respectively, as of March 31, 2015 and $1.5 million and $0.3 million, respectively, as of December 31, 2014) are presented below (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
2011 term loan B (1) | $ | 953,405 | $ | 591,798 | $ | 951,583 | $ | 755,936 | ||||||||
9.50% senior secured notes (2) | $ | 950,318 | $ | 579,575 | $ | 949,537 | $ | 759,025 | ||||||||
11.0%/12.0% senior secured PIK toggle notes (3) | $ | 342,891 | $ | 33,250 | $ | 342,631 | $ | 113,750 | ||||||||
9.875% senior notes (4) | $ | 378,951 | $ | 22,310 | $ | 378,664 | $ | 77,600 | ||||||||
8.50% senior notes (5) | $ | 377,062 | $ | 22,038 | $ | 442,481 | $ | 85,500 | ||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | Net of debt discount and debt issuance costs of $11.1 million and $13.7 million, respectively, as of March 31, 2015 and $11.9 million and $14.7 million, respectively, as of December 31, 2014. | |||||||||||||||
-2 | Net of debt discount and debt issuance costs of $2.6 million and $17.1 million, respectively, as of March 31, 2015 and $2.7 million and $17.8 million, respectively, as of December 31, 2014. | |||||||||||||||
-3 | Net of debt issuance costs of $7.1 million and $7.4 million as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
-4 | Net of debt discount and debt issuance costs of $2.1 million and $6.9 million, respectively, as of March 31, 2015 and $2.2 million and $7.1 million, respectively, as of December 31, 2014. | |||||||||||||||
-5 | Net of debt issuance costs of $6.2 million and $7.5 million as of March 31, 2015 and December 31, 2014, respectively. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
The Company's reportable segments are strategic business units arranged geographically which have separate management teams. The business units have been aggregated into the U.S. Operations, Canadian and U.K. Operations, and Other reportable segments. The primary business of both the U.S. Operations and the Canadian and U.K. Operations segments is mining and exporting metallurgical coal for the steel industry. The Other segment primarily includes unallocated corporate expenses. | ||||||||
The accounting policies of the segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The Company evaluates performance primarily based on operating income (loss) of the respective segments. | ||||||||
Summarized financial information of the Company's reportable segments is shown in the following tables (in thousands): | ||||||||
For the three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Revenues: | ||||||||
U.S. Operations | $ | 251,011 | $ | 330,664 | ||||
Canadian and U.K. Operations | 39,014 | 81,577 | ||||||
Other | 901 | 1,644 | ||||||
Total revenues | $ | 290,926 | $ | 413,885 | ||||
Operating income (loss): | ||||||||
U.S. Operations | $ | (46,763 | ) | $ | 5,870 | |||
Canadian and U.K. Operations | (34,321 | ) | (52,618 | ) | ||||
Other | (5,259 | ) | (314 | ) | ||||
Total operating loss | (86,343 | ) | (47,062 | ) | ||||
Interest expense, net | (78,236 | ) | (65,432 | ) | ||||
Gain (loss) on extinguishment of debt | 58,626 | (13,889 | ) | |||||
Other loss | — | (1,756 | ) | |||||
Loss before income tax benefit | (105,953 | ) | (128,139 | ) | ||||
Income tax benefit | (25,757 | ) | (35,961 | ) | ||||
Net loss | $ | (80,196 | ) | $ | (92,178 | ) | ||
Depreciation and depletion: | ||||||||
U.S. Operations | $ | 37,150 | $ | 39,066 | ||||
Canadian and U.K. Operations | 21,457 | 36,710 | ||||||
Other | 575 | 648 | ||||||
Total | $ | 59,182 | $ | 76,424 | ||||
Capital expenditures: | ||||||||
U.S. Operations | $ | 16,667 | $ | 10,251 | ||||
Canadian and U.K. Operations | 341 | 609 | ||||||
Other | 359 | 1,421 | ||||||
Total | $ | 17,367 | $ | 12,281 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Segment assets: | ||||||||
U.S. Operations | $ | 1,082,624 | $ | 1,122,850 | ||||
Canadian and U.K. Operations | 3,466,709 | 3,538,073 | ||||||
Other (1) | 653,104 | 670,441 | ||||||
Total | $ | 5,202,437 | $ | 5,331,364 | ||||
(1) In the current quarter, the Company adopted ASU 2015-03 to present debt issuance costs as a direct deduction to the carrying amount of debt. The adoption of this guidance has been applied on a retrospective basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information. |
Supplemental_Guarantor_and_Non
Supplemental Guarantor and Non-Guarantor Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Supplemental Guarantor and Non-Guarantor Financial Information [Abstract] | ||||||||||||||||||||
Supplemental Guarantor and Non-Guarantor Financial Information | Supplemental Guarantor and Non-Guarantor Financial Information | |||||||||||||||||||
In accordance with the indentures governing the 9.875% Senior Notes due December 2020 and the 8.50% Senior Notes due April 2021 (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 condensed consolidating financial information for (i) the Company, (ii) the issuer of the senior notes, (iii) the subsidiaries which are guarantors under the senior notes, and (iv) the subsidiaries which are not guarantors of the senior notes: | ||||||||||||||||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 394,156 | $ | 281 | $ | 40,269 | $ | — | $ | 434,706 | ||||||||||
Trade receivables, net | — | 81,359 | 8,139 | — | 89,498 | |||||||||||||||
Other receivables | 123,094 | 1,984 | 1,170 | — | 126,248 | |||||||||||||||
Intercompany receivables | — | 205,976 | 4,949 | (210,925 | ) | — | ||||||||||||||
Inventories | — | 110,545 | 61,790 | — | 172,335 | |||||||||||||||
Deferred income taxes | 15,984 | — | 833 | — | 16,817 | |||||||||||||||
Prepaid expenses | 5,162 | 33,427 | 1,572 | — | 40,161 | |||||||||||||||
Other current assets | 171 | 6,675 | 2,120 | — | 8,966 | |||||||||||||||
Total current assets | 538,567 | 440,247 | 120,842 | (210,925 | ) | 888,731 | ||||||||||||||
Mineral interests, net | — | 133,458 | 2,686,282 | — | 2,819,740 | |||||||||||||||
Property, plant and equipment, net | 6,978 | 686,071 | 730,998 | — | 1,424,047 | |||||||||||||||
Investment in subsidiaries | 3,160,580 | 6,528 | — | (3,167,108 | ) | — | ||||||||||||||
Other long-term assets | 43,085 | 13,445 | 13,389 | — | 69,919 | |||||||||||||||
Total assets | $ | 3,749,210 | $ | 1,279,749 | $ | 3,551,511 | $ | (3,378,033 | ) | $ | 5,202,437 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Accounts payable | $ | 6,643 | $ | 35,921 | $ | 4,983 | $ | — | $ | 47,547 | ||||||||||
Accrued expenses | 85,059 | 57,215 | 13,371 | — | 155,645 | |||||||||||||||
Intercompany payables | 210,925 | — | — | (210,925 | ) | — | ||||||||||||||
Pension and other postretirement benefits obligation | 473 | 28,937 | — | — | 29,410 | |||||||||||||||
Other current liabilities | 170,696 | 26,640 | 16,261 | — | 213,597 | |||||||||||||||
Current debt | 3,001,037 | 11,090 | 3,147 | — | 3,015,274 | |||||||||||||||
Total current liabilities | 3,474,833 | 159,803 | 37,762 | (210,925 | ) | 3,461,473 | ||||||||||||||
Pension and other postretirement benefits obligation | 10,516 | 632,937 | — | — | 643,453 | |||||||||||||||
Deferred income taxes | 26,206 | — | 678,498 | — | 704,704 | |||||||||||||||
Other long-term liabilities | 40,506 | 98,928 | 56,224 | — | 195,658 | |||||||||||||||
Total liabilities | 3,552,061 | 891,668 | 772,484 | (210,925 | ) | 5,005,288 | ||||||||||||||
Stockholders' equity | 197,149 | 388,081 | 2,779,027 | (3,167,108 | ) | 197,149 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 3,749,210 | $ | 1,279,749 | $ | 3,551,511 | $ | (3,378,033 | ) | $ | 5,202,437 | |||||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||
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 (1) | 106 | 7,029 | 2,150 | — | 9,285 | |||||||||||||||
Total current assets | 564,708 | 456,342 | 160,538 | (221,070 | ) | 960,518 | ||||||||||||||
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 (1) | 43,420 | 17,857 | 6,471 | — | 67,748 | |||||||||||||||
$ | 3,849,085 | $ | 1,342,513 | $ | 3,600,694 | $ | (3,460,928 | ) | $ | 5,331,364 | ||||||||||
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 (1) | 3,063,121 | 5,704 | 53 | — | 3,068,878 | |||||||||||||||
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 | 3,567,504 | 887,809 | 815,540 | (221,070 | ) | 5,049,783 | ||||||||||||||
Stockholders' equity | 281,581 | 454,704 | 2,785,154 | (3,239,858 | ) | 281,581 | ||||||||||||||
$ | 3,849,085 | $ | 1,342,513 | $ | 3,600,694 | $ | (3,460,928 | ) | $ | 5,331,364 | ||||||||||
(1) In the current quarter, the Company adopted ASU 2015-03 to present debt issuance costs as a direct deduction to the carrying amount of debt. The adoption of this guidance has been applied on a retrospective basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information. | ||||||||||||||||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Sales | $ | — | $ | 248,370 | $ | 37,276 | $ | — | $ | 285,646 | ||||||||||
Miscellaneous income | 453 | 255 | 4,572 | — | 5,280 | |||||||||||||||
Total revenues | 453 | 248,625 | 41,848 | — | 290,926 | |||||||||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales (exclusive of depreciation and depletion) | — | 232,416 | 52,277 | — | 284,693 | |||||||||||||||
Depreciation and depletion | 575 | 36,264 | 22,343 | — | 59,182 | |||||||||||||||
Selling, general and administrative | 5,383 | 12,495 | 3,183 | — | 21,061 | |||||||||||||||
Other postretirement benefits | (67 | ) | 12,400 | — | — | 12,333 | ||||||||||||||
Total costs and expenses | 5,891 | 293,575 | 77,803 | — | 377,269 | |||||||||||||||
Operating loss | (5,438 | ) | (44,950 | ) | (35,955 | ) | — | (86,343 | ) | |||||||||||
Interest expense, net | (76,356 | ) | (195 | ) | (1,685 | ) | — | (78,236 | ) | |||||||||||
Gain on extinguishment of debt | 58,626 | — | — | — | 58,626 | |||||||||||||||
Loss before income tax benefit | (23,168 | ) | (45,145 | ) | (37,640 | ) | — | (105,953 | ) | |||||||||||
Income tax benefit | — | — | (25,757 | ) | — | (25,757 | ) | |||||||||||||
Equity in net losses of subsidiaries | (57,028 | ) | — | — | 57,028 | — | ||||||||||||||
Net loss | $ | (80,196 | ) | $ | (45,145 | ) | $ | (11,883 | ) | $ | 57,028 | $ | (80,196 | ) | ||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Sales | $ | — | $ | 324,911 | $ | 80,318 | $ | — | $ | 405,229 | ||||||||||
Miscellaneous income | 655 | 1,879 | 6,122 | — | 8,656 | |||||||||||||||
Total revenues | 655 | 326,790 | 86,440 | — | 413,885 | |||||||||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales (exclusive of depreciation and depletion) | — | 254,041 | 95,834 | — | 349,875 | |||||||||||||||
Depreciation and depletion | 648 | 38,101 | 37,675 | — | 76,424 | |||||||||||||||
Selling, general and administrative | 1,153 | 13,858 | 5,768 | — | 20,779 | |||||||||||||||
Other postretirement benefits | (44 | ) | 13,913 | — | — | 13,869 | ||||||||||||||
Total costs and expenses | 1,757 | 319,913 | 139,277 | — | 460,947 | |||||||||||||||
Operating income (loss) | (1,102 | ) | 6,877 | (52,837 | ) | — | (47,062 | ) | ||||||||||||
Interest income (expense), net | (72,404 | ) | 7,234 | (262 | ) | — | (65,432 | ) | ||||||||||||
Loss on extinguishment of debt | (13,889 | ) | — | — | — | (13,889 | ) | |||||||||||||
Other loss | (1,700 | ) | — | (56 | ) | — | (1,756 | ) | ||||||||||||
Income (loss) before income tax expense (benefit) | (89,095 | ) | 14,111 | (53,155 | ) | — | (128,139 | ) | ||||||||||||
Income tax expense (benefit) | (18,561 | ) | 2,629 | (20,029 | ) | — | (35,961 | ) | ||||||||||||
Equity in net losses of subsidiaries | (21,644 | ) | — | — | 21,644 | — | ||||||||||||||
Net income (loss) | $ | (92,178 | ) | $ | 11,482 | $ | (33,126 | ) | $ | 21,644 | $ | (92,178 | ) | |||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE | ||||||||||||||||||||
INCOME (LOSS) (UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Net loss | $ | (80,196 | ) | $ | (45,145 | ) | $ | (11,883 | ) | $ | 57,028 | $ | (80,196 | ) | ||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Change in pension and other postretirement benefit plans, net of tax | 3,699 | 3,550 | — | (3,550 | ) | 3,699 | ||||||||||||||
Change in foreign currency translation adjustment | (18,325 | ) | — | (18,325 | ) | 18,325 | (18,325 | ) | ||||||||||||
Total other comprehensive income (loss) | (14,626 | ) | 3,550 | (18,325 | ) | 14,775 | (14,626 | ) | ||||||||||||
Total comprehensive loss | $ | (94,822 | ) | $ | (41,595 | ) | $ | (30,208 | ) | $ | 71,803 | $ | (94,822 | ) | ||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE | ||||||||||||||||||||
INCOME (LOSS) (UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Net income (loss) | $ | (92,178 | ) | $ | 11,482 | $ | (33,126 | ) | $ | 21,644 | $ | (92,178 | ) | |||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Change in pension and other postretirement benefit plans, net of tax | 3,519 | 3,804 | — | (3,804 | ) | 3,519 | ||||||||||||||
Change in unrealized gain on hedges, net of tax | 1,679 | 3 | — | (3 | ) | 1,679 | ||||||||||||||
Change in foreign currency translation adjustment | 2,164 | — | 2,164 | (2,164 | ) | 2,164 | ||||||||||||||
Total other comprehensive income | 7,362 | 3,807 | 2,164 | (5,971 | ) | 7,362 | ||||||||||||||
Total comprehensive income (loss) | $ | (84,816 | ) | $ | 15,289 | $ | (30,962 | ) | $ | 15,673 | $ | (84,816 | ) | |||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Cash flows provided by (used in) operating activities | $ | 29,810 | $ | (35,097 | ) | $ | (7,612 | ) | $ | — | $ | (12,899 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (360 | ) | (16,195 | ) | (812 | ) | — | (17,367 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | — | 1,329 | — | — | 1,329 | |||||||||||||||
Other | — | — | 356 | — | 356 | |||||||||||||||
Cash flows used in investing activities | (360 | ) | (14,866 | ) | (456 | ) | — | (15,682 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Retirements of debt | — | (1,760 | ) | (1,735 | ) | — | (3,495 | ) | ||||||||||||
Advances from (to) consolidated entities | (56,767 | ) | 50,887 | 5,880 | — | — | ||||||||||||||
Other | (60 | ) | — | — | — | (60 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | (56,827 | ) | 49,127 | 4,145 | — | (3,555 | ) | |||||||||||||
Effect of foreign exchange rates on cash | — | — | (1,690 | ) | — | (1,690 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (27,377 | ) | (836 | ) | (5,613 | ) | — | (33,826 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 421,533 | 1,117 | 45,882 | — | 468,532 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 394,156 | $ | 281 | $ | 40,269 | $ | — | $ | 434,706 | ||||||||||
WALTER ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (100,236 | ) | $ | 146,110 | $ | (10,484 | ) | $ | — | $ | 35,390 | ||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (1,421 | ) | (9,117 | ) | (1,743 | ) | — | (12,281 | ) | |||||||||||
Intercompany loans made | (2,500 | ) | — | — | 2,500 | — | ||||||||||||||
Other | — | — | (151 | ) | — | (151 | ) | |||||||||||||
Cash flows used in investing activities | (3,921 | ) | (9,117 | ) | (1,894 | ) | 2,500 | (12,432 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from issuance of debt | 553,000 | — | — | — | 553,000 | |||||||||||||||
Retirements of debt | (406,566 | ) | (1,511 | ) | (1,847 | ) | — | (409,924 | ) | |||||||||||
Dividends paid | (626 | ) | — | — | — | (626 | ) | |||||||||||||
Debt issuance costs | (20,343 | ) | — | — | — | (20,343 | ) | |||||||||||||
Advances from (to) consolidated entities | 124,182 | (135,728 | ) | 11,546 | — | — | ||||||||||||||
Intercompany notes borrowings | — | — | 2,500 | (2,500 | ) | — | ||||||||||||||
Other | (119 | ) | (47 | ) | — | — | (166 | ) | ||||||||||||
Cash flows provided by (used in) financing activities | 249,528 | (137,286 | ) | 12,199 | (2,500 | ) | 121,941 | |||||||||||||
Effect of foreign exchange rates on cash | — | — | (1,002 | ) | — | (1,002 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 145,371 | (293 | ) | (1,181 | ) | — | 143,897 | |||||||||||||
Cash and cash equivalents at beginning of period | 234,150 | 1,620 | 25,048 | — | 260,818 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 379,521 | $ | 1,327 | $ | 23,867 | $ | — | $ | 404,715 | ||||||||||
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Schedule of revision for loss on extinguishment of debt | The following reflects the revisions for the three months ended March 31, 2014 (in thousands): | ||||
For the three | |||||
months | |||||
ended | |||||
March 31, 2014 | |||||
Interest expense, prior to revision | $ | (79,396 | ) | ||
Interest income | 75 | ||||
Revision of loss on extinguishment of debt | 13,889 | ||||
Interest expense, net, revised | $ | (65,432 | ) | ||
Schedule of the Effects of Early Adoption of New Accounting Pronouncement | The following reflects the revisions for the year ended December 31, 2014: | ||||
31-Dec-14 | |||||
Other current assets, prior to revision | $ | 19,542 | |||
Revision of debt issuance costs | (10,257 | ) | |||
Other current assets, as revised | $ | 9,285 | |||
Other long-term assets, prior to revision | $ | 112,256 | |||
Revision of debt issuance costs | (44,508 | ) | |||
Other long-term assets, as revised | $ | 67,748 | |||
Long-term debt, prior to revision | $ | 3,123,643 | |||
Revision of debt issuance costs | (54,765 | ) | |||
Long-term debt, as revised | $ | 3,068,878 | |||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of inventories | Inventories are summarized as follows (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Coal | $ | 109,579 | $ | 136,335 | ||||
Raw materials, supplies and other | 62,756 | 65,263 | ||||||
Total inventories | $ | 172,335 | $ | 201,598 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of debt instruments | Debt consisted of the following (dollars in thousands): | |||||||||||
March 31, | December 31, | Weighted Average Stated Interest Rate at March 31, 2015 | Final | |||||||||
2015 | 2014 | Maturity | ||||||||||
2011 term loan B | $ | 978,178 | $ | 978,178 | 7.25% | 2018 | ||||||
9.50% senior secured notes | 970,000 | 970,000 | 9.50% | 2019 | ||||||||
11.00% / 12.00% senior secured PIK toggle notes | 350,000 | 350,000 | 11.00% / 12.00% | 2020 | ||||||||
9.875% senior notes | 388,000 | 388,000 | 9.88% | 2020 | ||||||||
8.50% senior notes (1) | 383,275 | 450,000 | 8.50% | 2021 | ||||||||
Other (2) | 14,237 | 18,085 | Various | Various | ||||||||
Debt discount, net | (17,207 | ) | (18,293 | ) | ||||||||
Debt issuance costs (3) | (51,209 | ) | (54,765 | ) | ||||||||
Total debt | 3,015,274 | 3,081,205 | ||||||||||
Less: current debt (2) | (3,015,274 | ) | (12,327 | ) | ||||||||
Total long-term debt | $ | — | $ | 3,068,878 | ||||||||
_______________________________________________________________________________ | ||||||||||||
(1) On March 6, 2015, the Company issued an aggregate of 8.65 million shares of its common stock in exchange for $66.7 million of its 8.50% Senior Notes due 2021 and recognized a net gain on extinguishment of debt of $58.6 million in the three months ended March 31, 2015. | ||||||||||||
(2) Includes capital lease obligations and an equipment financing agreement. | ||||||||||||
(3) In the current quarter, the Company adopted ASU 2015-03 to present debt issuance costs as a direct deduction to the carrying amount of debt. The adoption of this guidance has been applied on a retrospective basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information. |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Components of net periodic benefit cost | The components of net periodic benefit cost are as follows (in thousands): | |||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
For the three months ended | For the three months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 2,178 | $ | 1,701 | $ | 1,875 | $ | 1,944 | ||||||||
Interest cost | 3,297 | 3,348 | 6,351 | 7,726 | ||||||||||||
Expected return on plan assets | (3,696 | ) | (4,553 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) | 169 | 61 | (1,552 | ) | 307 | |||||||||||
Amortization of net actuarial loss | 1,865 | 642 | 5,659 | 3,892 | ||||||||||||
Settlement loss | — | 784 | — | — | ||||||||||||
Net periodic benefit cost | $ | 3,813 | $ | 1,983 | $ | 12,333 | $ | 13,869 | ||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciliation of the basic and diluted net loss per share computations | A reconciliation of the basic and diluted net loss per share computations for the three months ended March 31, 2015 and 2014 is as follows (in thousands, except per share data): | |||||||
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | (80,196 | ) | $ | (92,178 | ) | ||
Denominator: | ||||||||
Average number of common shares outstanding(1) | 74,336 | 62,601 | ||||||
Basic and diluted net loss per share | $ | (1.08 | ) | $ | (1.47 | ) | ||
_______________________________________________________________________________ | ||||||||
-1 | Basic earnings per share is computed by dividing net loss by the average number of common shares outstanding during the reporting period. In periods of net loss, the number of shares used to calculate diluted earnings per share is the same as basic earnings per share; therefore, the effect of dilutive securities is zero for such periods. The weighted average number of stock options and restricted stock units outstanding for the three months ended March 31, 2015 and 2014 totaling 2,135,196 and 1,012,919, respectively, were excluded from the calculation above because their effect would have been anti-dilutive. | |||||||
Schedule of stock options exercised and restricted stock units vested | The table below sets forth stock options exercised and restricted stock units vested for the three months ended March 31, 2015 and 2014: | |||||||
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Stock options exercised | — | 9,641 | ||||||
Restricted stock units vested | 95,621 | 35,703 | ||||||
Total | 95,621 | 45,344 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) by component | The following table presents the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2015, net of tax (in thousands). | |||||||||||
Pension and | Foreign | Total | ||||||||||
other | currency | |||||||||||
postretirement benefit | translation | |||||||||||
plans | adjustment | |||||||||||
Beginning balance as of December 31, 2014 | $ | (198,969 | ) | $ | (19,079 | ) | $ | (218,048 | ) | |||
Other comprehensive loss before reclassifications | — | (18,325 | ) | (18,325 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 3,699 | —(1) | 3,699 | |||||||||
Net current-period other comprehensive income (loss) | 3,699 | (18,325 | ) | (14,626 | ) | |||||||
Ending balance as of March 31, 2015 | $ | (195,270 | ) | $ | (37,404 | ) | $ | (232,674 | ) | |||
-1 | Foreign currency translation adjustments are reclassified from accumulated other comprehensive loss to earnings upon sale or substantially complete liquidation of an investment in a foreign entity. | |||||||||||
Schedule of amounts reclassified out of each component of accumulated other comprehensive income (loss) | The following table presents amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2015 (in thousands). | |||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified | Affected Line Item in the | ||||||||||
from Accumulated | Condensed Consolidated | |||||||||||
Other Comprehensive Loss | Statements of Operations | |||||||||||
Amortization of pension and other postretirement benefit plans: | ||||||||||||
Prior service credit | $ | (1,383 | ) | (a) | ||||||||
Net actuarial loss | 7,524 | (a) | ||||||||||
6,141 | Total before tax | |||||||||||
(2,442 | ) | Income tax benefit | ||||||||||
$ | 3,699 | Net of tax | ||||||||||
_______________________________________________________________________________ | ||||||||||||
(a) | Amortization of pension benefit items are included in cost of sales (exclusive of depreciation and depletion) and selling, general and administrative expense while amortization of postretirement benefit items are included in other postretirement benefits within the Condensed Consolidated Statements of Operations. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of carrying amounts and fair values of long-term debt (excluding capital obligations and equipment financing agreement) | The carrying amounts and fair values of the Company's debt (excluding capital lease obligations, equipment financing agreements and debt discount and debt issuance costs on the revolver of $1.4 million and $0.2 million, respectively, as of March 31, 2015 and $1.5 million and $0.3 million, respectively, as of December 31, 2014) are presented below (in thousands): | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
2011 term loan B (1) | $ | 953,405 | $ | 591,798 | $ | 951,583 | $ | 755,936 | ||||||||
9.50% senior secured notes (2) | $ | 950,318 | $ | 579,575 | $ | 949,537 | $ | 759,025 | ||||||||
11.0%/12.0% senior secured PIK toggle notes (3) | $ | 342,891 | $ | 33,250 | $ | 342,631 | $ | 113,750 | ||||||||
9.875% senior notes (4) | $ | 378,951 | $ | 22,310 | $ | 378,664 | $ | 77,600 | ||||||||
8.50% senior notes (5) | $ | 377,062 | $ | 22,038 | $ | 442,481 | $ | 85,500 | ||||||||
_______________________________________________________________________________ | ||||||||||||||||
-1 | Net of debt discount and debt issuance costs of $11.1 million and $13.7 million, respectively, as of March 31, 2015 and $11.9 million and $14.7 million, respectively, as of December 31, 2014. | |||||||||||||||
-2 | Net of debt discount and debt issuance costs of $2.6 million and $17.1 million, respectively, as of March 31, 2015 and $2.7 million and $17.8 million, respectively, as of December 31, 2014. | |||||||||||||||
-3 | Net of debt issuance costs of $7.1 million and $7.4 million as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
-4 | Net of debt discount and debt issuance costs of $2.1 million and $6.9 million, respectively, as of March 31, 2015 and $2.2 million and $7.1 million, respectively, as of December 31, 2014. | |||||||||||||||
-5 | Net of debt issuance costs of $6.2 million and $7.5 million as of March 31, 2015 and December 31, 2014, respectively. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Summarized financial information by reportable segment | Summarized financial information of the Company's reportable segments is shown in the following tables (in thousands): | |||||||
For the three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Revenues: | ||||||||
U.S. Operations | $ | 251,011 | $ | 330,664 | ||||
Canadian and U.K. Operations | 39,014 | 81,577 | ||||||
Other | 901 | 1,644 | ||||||
Total revenues | $ | 290,926 | $ | 413,885 | ||||
Operating income (loss): | ||||||||
U.S. Operations | $ | (46,763 | ) | $ | 5,870 | |||
Canadian and U.K. Operations | (34,321 | ) | (52,618 | ) | ||||
Other | (5,259 | ) | (314 | ) | ||||
Total operating loss | (86,343 | ) | (47,062 | ) | ||||
Interest expense, net | (78,236 | ) | (65,432 | ) | ||||
Gain (loss) on extinguishment of debt | 58,626 | (13,889 | ) | |||||
Other loss | — | (1,756 | ) | |||||
Loss before income tax benefit | (105,953 | ) | (128,139 | ) | ||||
Income tax benefit | (25,757 | ) | (35,961 | ) | ||||
Net loss | $ | (80,196 | ) | $ | (92,178 | ) | ||
Depreciation and depletion: | ||||||||
U.S. Operations | $ | 37,150 | $ | 39,066 | ||||
Canadian and U.K. Operations | 21,457 | 36,710 | ||||||
Other | 575 | 648 | ||||||
Total | $ | 59,182 | $ | 76,424 | ||||
Capital expenditures: | ||||||||
U.S. Operations | $ | 16,667 | $ | 10,251 | ||||
Canadian and U.K. Operations | 341 | 609 | ||||||
Other | 359 | 1,421 | ||||||
Total | $ | 17,367 | $ | 12,281 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Segment assets: | ||||||||
U.S. Operations | $ | 1,082,624 | $ | 1,122,850 | ||||
Canadian and U.K. Operations | 3,466,709 | 3,538,073 | ||||||
Other (1) | 653,104 | 670,441 | ||||||
Total | $ | 5,202,437 | $ | 5,331,364 | ||||
(1) In the current quarter, the Company adopted ASU 2015-03 to present debt issuance costs as a direct deduction to the carrying amount of debt. The adoption of this guidance has been applied on a retrospective basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information. |
Supplemental_Guarantor_and_Non1
Supplemental Guarantor and Non-Guarantor Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Supplemental Guarantor and Non-Guarantor Financial Information [Abstract] | ||||||||||||||||||||
Schedule of supplemental condensed consolidating balance sheets | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 394,156 | $ | 281 | $ | 40,269 | $ | — | $ | 434,706 | ||||||||||
Trade receivables, net | — | 81,359 | 8,139 | — | 89,498 | |||||||||||||||
Other receivables | 123,094 | 1,984 | 1,170 | — | 126,248 | |||||||||||||||
Intercompany receivables | — | 205,976 | 4,949 | (210,925 | ) | — | ||||||||||||||
Inventories | — | 110,545 | 61,790 | — | 172,335 | |||||||||||||||
Deferred income taxes | 15,984 | — | 833 | — | 16,817 | |||||||||||||||
Prepaid expenses | 5,162 | 33,427 | 1,572 | — | 40,161 | |||||||||||||||
Other current assets | 171 | 6,675 | 2,120 | — | 8,966 | |||||||||||||||
Total current assets | 538,567 | 440,247 | 120,842 | (210,925 | ) | 888,731 | ||||||||||||||
Mineral interests, net | — | 133,458 | 2,686,282 | — | 2,819,740 | |||||||||||||||
Property, plant and equipment, net | 6,978 | 686,071 | 730,998 | — | 1,424,047 | |||||||||||||||
Investment in subsidiaries | 3,160,580 | 6,528 | — | (3,167,108 | ) | — | ||||||||||||||
Other long-term assets | 43,085 | 13,445 | 13,389 | — | 69,919 | |||||||||||||||
Total assets | $ | 3,749,210 | $ | 1,279,749 | $ | 3,551,511 | $ | (3,378,033 | ) | $ | 5,202,437 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Accounts payable | $ | 6,643 | $ | 35,921 | $ | 4,983 | $ | — | $ | 47,547 | ||||||||||
Accrued expenses | 85,059 | 57,215 | 13,371 | — | 155,645 | |||||||||||||||
Intercompany payables | 210,925 | — | — | (210,925 | ) | — | ||||||||||||||
Pension and other postretirement benefits obligation | 473 | 28,937 | — | — | 29,410 | |||||||||||||||
Other current liabilities | 170,696 | 26,640 | 16,261 | — | 213,597 | |||||||||||||||
Current debt | 3,001,037 | 11,090 | 3,147 | — | 3,015,274 | |||||||||||||||
Total current liabilities | 3,474,833 | 159,803 | 37,762 | (210,925 | ) | 3,461,473 | ||||||||||||||
Pension and other postretirement benefits obligation | 10,516 | 632,937 | — | — | 643,453 | |||||||||||||||
Deferred income taxes | 26,206 | — | 678,498 | — | 704,704 | |||||||||||||||
Other long-term liabilities | 40,506 | 98,928 | 56,224 | — | 195,658 | |||||||||||||||
Total liabilities | 3,552,061 | 891,668 | 772,484 | (210,925 | ) | 5,005,288 | ||||||||||||||
Stockholders' equity | 197,149 | 388,081 | 2,779,027 | (3,167,108 | ) | 197,149 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 3,749,210 | $ | 1,279,749 | $ | 3,551,511 | $ | (3,378,033 | ) | $ | 5,202,437 | |||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||
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 (1) | 106 | 7,029 | 2,150 | — | 9,285 | |||||||||||||||
Total current assets | 564,708 | 456,342 | 160,538 | (221,070 | ) | 960,518 | ||||||||||||||
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 (1) | 43,420 | 17,857 | 6,471 | — | 67,748 | |||||||||||||||
$ | 3,849,085 | $ | 1,342,513 | $ | 3,600,694 | $ | (3,460,928 | ) | $ | 5,331,364 | ||||||||||
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 (1) | 3,063,121 | 5,704 | 53 | — | 3,068,878 | |||||||||||||||
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 | 3,567,504 | 887,809 | 815,540 | (221,070 | ) | 5,049,783 | ||||||||||||||
Stockholders' equity | 281,581 | 454,704 | 2,785,154 | (3,239,858 | ) | 281,581 | ||||||||||||||
$ | 3,849,085 | $ | 1,342,513 | $ | 3,600,694 | $ | (3,460,928 | ) | $ | 5,331,364 | ||||||||||
(1) In the current quarter, the Company adopted ASU 2015-03 to present debt issuance costs as a direct deduction to the carrying amount of debt. The adoption of this guidance has been applied on a retrospective basis. See Note 1 to the Condensed Consolidated Financial Statements for additional information. | ||||||||||||||||||||
Schedule of supplemental condensed consolidating statements of operations | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Sales | $ | — | $ | 248,370 | $ | 37,276 | $ | — | $ | 285,646 | ||||||||||
Miscellaneous income | 453 | 255 | 4,572 | — | 5,280 | |||||||||||||||
Total revenues | 453 | 248,625 | 41,848 | — | 290,926 | |||||||||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales (exclusive of depreciation and depletion) | — | 232,416 | 52,277 | — | 284,693 | |||||||||||||||
Depreciation and depletion | 575 | 36,264 | 22,343 | — | 59,182 | |||||||||||||||
Selling, general and administrative | 5,383 | 12,495 | 3,183 | — | 21,061 | |||||||||||||||
Other postretirement benefits | (67 | ) | 12,400 | — | — | 12,333 | ||||||||||||||
Total costs and expenses | 5,891 | 293,575 | 77,803 | — | 377,269 | |||||||||||||||
Operating loss | (5,438 | ) | (44,950 | ) | (35,955 | ) | — | (86,343 | ) | |||||||||||
Interest expense, net | (76,356 | ) | (195 | ) | (1,685 | ) | — | (78,236 | ) | |||||||||||
Gain on extinguishment of debt | 58,626 | — | — | — | 58,626 | |||||||||||||||
Loss before income tax benefit | (23,168 | ) | (45,145 | ) | (37,640 | ) | — | (105,953 | ) | |||||||||||
Income tax benefit | — | — | (25,757 | ) | — | (25,757 | ) | |||||||||||||
Equity in net losses of subsidiaries | (57,028 | ) | — | — | 57,028 | — | ||||||||||||||
Net loss | $ | (80,196 | ) | $ | (45,145 | ) | $ | (11,883 | ) | $ | 57,028 | $ | (80,196 | ) | ||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Sales | $ | — | $ | 324,911 | $ | 80,318 | $ | — | $ | 405,229 | ||||||||||
Miscellaneous income | 655 | 1,879 | 6,122 | — | 8,656 | |||||||||||||||
Total revenues | 655 | 326,790 | 86,440 | — | 413,885 | |||||||||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of sales (exclusive of depreciation and depletion) | — | 254,041 | 95,834 | — | 349,875 | |||||||||||||||
Depreciation and depletion | 648 | 38,101 | 37,675 | — | 76,424 | |||||||||||||||
Selling, general and administrative | 1,153 | 13,858 | 5,768 | — | 20,779 | |||||||||||||||
Other postretirement benefits | (44 | ) | 13,913 | — | — | 13,869 | ||||||||||||||
Total costs and expenses | 1,757 | 319,913 | 139,277 | — | 460,947 | |||||||||||||||
Operating income (loss) | (1,102 | ) | 6,877 | (52,837 | ) | — | (47,062 | ) | ||||||||||||
Interest income (expense), net | (72,404 | ) | 7,234 | (262 | ) | — | (65,432 | ) | ||||||||||||
Loss on extinguishment of debt | (13,889 | ) | — | — | — | (13,889 | ) | |||||||||||||
Other loss | (1,700 | ) | — | (56 | ) | — | (1,756 | ) | ||||||||||||
Income (loss) before income tax expense (benefit) | (89,095 | ) | 14,111 | (53,155 | ) | — | (128,139 | ) | ||||||||||||
Income tax expense (benefit) | (18,561 | ) | 2,629 | (20,029 | ) | — | (35,961 | ) | ||||||||||||
Equity in net losses of subsidiaries | (21,644 | ) | — | — | 21,644 | — | ||||||||||||||
Net income (loss) | $ | (92,178 | ) | $ | 11,482 | $ | (33,126 | ) | $ | 21,644 | $ | (92,178 | ) | |||||||
Schedule of supplemental condensed consolidating statements of comprehensive income (loss) | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE | |||||||||||||||||||
INCOME (LOSS) (UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Net loss | $ | (80,196 | ) | $ | (45,145 | ) | $ | (11,883 | ) | $ | 57,028 | $ | (80,196 | ) | ||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Change in pension and other postretirement benefit plans, net of tax | 3,699 | 3,550 | — | (3,550 | ) | 3,699 | ||||||||||||||
Change in foreign currency translation adjustment | (18,325 | ) | — | (18,325 | ) | 18,325 | (18,325 | ) | ||||||||||||
Total other comprehensive income (loss) | (14,626 | ) | 3,550 | (18,325 | ) | 14,775 | (14,626 | ) | ||||||||||||
Total comprehensive loss | $ | (94,822 | ) | $ | (41,595 | ) | $ | (30,208 | ) | $ | 71,803 | $ | (94,822 | ) | ||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE | ||||||||||||||||||||
INCOME (LOSS) (UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Net income (loss) | $ | (92,178 | ) | $ | 11,482 | $ | (33,126 | ) | $ | 21,644 | $ | (92,178 | ) | |||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Change in pension and other postretirement benefit plans, net of tax | 3,519 | 3,804 | — | (3,804 | ) | 3,519 | ||||||||||||||
Change in unrealized gain on hedges, net of tax | 1,679 | 3 | — | (3 | ) | 1,679 | ||||||||||||||
Change in foreign currency translation adjustment | 2,164 | — | 2,164 | (2,164 | ) | 2,164 | ||||||||||||||
Total other comprehensive income | 7,362 | 3,807 | 2,164 | (5,971 | ) | 7,362 | ||||||||||||||
Total comprehensive income (loss) | $ | (84,816 | ) | $ | 15,289 | $ | (30,962 | ) | $ | 15,673 | $ | (84,816 | ) | |||||||
Schedule of supplemental condensed consolidating statement of cash flows | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Cash flows provided by (used in) operating activities | $ | 29,810 | $ | (35,097 | ) | $ | (7,612 | ) | $ | — | $ | (12,899 | ) | |||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (360 | ) | (16,195 | ) | (812 | ) | — | (17,367 | ) | |||||||||||
Proceeds from sale of property, plant and equipment | — | 1,329 | — | — | 1,329 | |||||||||||||||
Other | — | — | 356 | — | 356 | |||||||||||||||
Cash flows used in investing activities | (360 | ) | (14,866 | ) | (456 | ) | — | (15,682 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Retirements of debt | — | (1,760 | ) | (1,735 | ) | — | (3,495 | ) | ||||||||||||
Advances from (to) consolidated entities | (56,767 | ) | 50,887 | 5,880 | — | — | ||||||||||||||
Other | (60 | ) | — | — | — | (60 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | (56,827 | ) | 49,127 | 4,145 | — | (3,555 | ) | |||||||||||||
Effect of foreign exchange rates on cash | — | — | (1,690 | ) | — | (1,690 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (27,377 | ) | (836 | ) | (5,613 | ) | — | (33,826 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 421,533 | 1,117 | 45,882 | — | 468,532 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 394,156 | $ | 281 | $ | 40,269 | $ | — | $ | 434,706 | ||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||
(Issuer) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (100,236 | ) | $ | 146,110 | $ | (10,484 | ) | $ | — | $ | 35,390 | ||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Additions to property, plant and equipment | (1,421 | ) | (9,117 | ) | (1,743 | ) | — | (12,281 | ) | |||||||||||
Intercompany loans made | (2,500 | ) | — | — | 2,500 | — | ||||||||||||||
Other | — | — | (151 | ) | — | (151 | ) | |||||||||||||
Cash flows used in investing activities | (3,921 | ) | (9,117 | ) | (1,894 | ) | 2,500 | (12,432 | ) | |||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from issuance of debt | 553,000 | — | — | — | 553,000 | |||||||||||||||
Retirements of debt | (406,566 | ) | (1,511 | ) | (1,847 | ) | — | (409,924 | ) | |||||||||||
Dividends paid | (626 | ) | — | — | — | (626 | ) | |||||||||||||
Debt issuance costs | (20,343 | ) | — | — | — | (20,343 | ) | |||||||||||||
Advances from (to) consolidated entities | 124,182 | (135,728 | ) | 11,546 | — | — | ||||||||||||||
Intercompany notes borrowings | — | — | 2,500 | (2,500 | ) | — | ||||||||||||||
Other | (119 | ) | (47 | ) | — | — | (166 | ) | ||||||||||||
Cash flows provided by (used in) financing activities | 249,528 | (137,286 | ) | 12,199 | (2,500 | ) | 121,941 | |||||||||||||
Effect of foreign exchange rates on cash | — | — | (1,002 | ) | — | (1,002 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 145,371 | (293 | ) | (1,181 | ) | — | 143,897 | |||||||||||||
Cash and cash equivalents at beginning of period | 234,150 | 1,620 | 25,048 | — | 260,818 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 379,521 | $ | 1,327 | $ | 23,867 | $ | — | $ | 404,715 | ||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revision of Loss on Extinguishment of Debt | ||
Interest expense, net | $78,236 | $65,432 |
Revision of loss on extinguishment of debt | -58,626 | 13,889 |
Effect of Correction of Debt Issuance Costs | ||
Revision of Loss on Extinguishment of Debt | ||
Interest expense, net | -65,432 | |
Interest income | 75 | |
Revision of loss on extinguishment of debt | 13,889 | |
Prior to revision | Effect of Correction of Debt Issuance Costs | ||
Revision of Loss on Extinguishment of Debt | ||
Interest expense, net | -79,396 | |
8.50% senior notes | ||
Revision of Loss on Extinguishment of Debt | ||
Revision of loss on extinguishment of debt | ($58,600) |
Basis_of_Presentation_Going_Co
Basis of Presentation (Going Concern) (Details) (USD $) | 0 Months Ended | |||
Apr. 15, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | 15-May-15 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $0 | $3,068,878,000 | ||
8.50% senior notes | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate (as a percent) | 8.50% | |||
9.50% senior secured notes | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate (as a percent) | 9.50% | |||
Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Percentage of debt holders (at least) | 25.00% | |||
Subsequent Event | 8.50% and 9.50% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest Payment Grace Period (in days) | 30 days | |||
Aggregate amount of principal payments | 62,400,000 | |||
Subsequent Event | 8.50% senior notes | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate (as a percent) | 8.50% | |||
Subsequent Event | 9.50% senior secured notes | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate (as a percent) | 9.50% | |||
Total principal of long-term debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $3,100,000,000 |
Basis_of_Presentation_New_Acco
Basis of Presentation (New Accounting Pronouncement Early Adoption) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Other current assets | $8,966 | $9,285 |
Revision of debt issuance costs | -51,209 | -54,765 |
Other long-term assets | 69,919 | 67,748 |
Long-term debt | 0 | 3,068,878 |
New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Other current assets | 9,285 | |
Other long-term assets | 67,748 | |
Long-term debt | 3,068,878 | |
Other Current Assets | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Revision of debt issuance costs | -10,257 | |
Debt issuance cost, other long term assets | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Revision of debt issuance costs | -44,508 | |
Debt issuance cost, long term debt | New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Revision of debt issuance costs | -54,765 | |
Prior to revision | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Other current assets | 19,542 | |
Other long-term assets | 112,256 | |
Long-term debt | $3,123,643 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Coal | $109,579 | $136,335 |
Raw materials, supplies and other | 62,756 | 65,263 |
Total inventories | $172,335 | $201,598 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax benefit | ($25,757) | ($35,961) |
Period of cumulative pre-tax loss | 3 years |
Debt_Schedule_of_debt_instrume
Debt (Schedule of debt instruments) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
Share data in Millions, unless otherwise specified | Mar. 06, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 15, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Total debt | $3,015,274,000 | $3,081,205,000 | |||
Debt discount, net | -17,207,000 | -18,293,000 | |||
Debt issuance costs | -51,209,000 | -54,765,000 | |||
Less: current debt | -3,015,274,000 | -12,327,000 | |||
Total long-term debt | 0 | 3,068,878,000 | |||
Common stock issued in exchange of debt instrument (in shares) | 8.65 | ||||
Gain (loss) on extinguishment of debt | 58,626,000 | -13,889,000 | |||
2011 term loan B | |||||
Debt Instrument [Line Items] | |||||
Total debt | 978,178,000 | 978,178,000 | |||
Debt discount, net | -11,100,000 | -11,900,000 | |||
Debt issuance costs | -13,700,000 | -14,700,000 | |||
Weighted Average Interest Rate (as a percent) | 7.25% | ||||
9.50% senior secured notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 970,000,000 | 970,000,000 | |||
Debt discount, net | -2,600,000 | -2,700,000 | |||
Debt issuance costs | -17,100,000 | -17,800,000 | |||
Weighted Average Interest Rate (as a percent) | 9.50% | ||||
11.00% / 12.00% senior secured PIK toggle notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 350,000,000 | 350,000,000 | |||
Debt issuance costs | -7,100,000 | -7,400,000 | |||
11.00% / 12.00% senior secured PIK toggle notes | Minimum | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (as a percent) | 11.00% | ||||
11.00% / 12.00% senior secured PIK toggle notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (as a percent) | 12.00% | ||||
9.875% senior notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 388,000,000 | 388,000,000 | |||
Debt discount, net | -2,100,000 | -2,200,000 | |||
Debt issuance costs | -6,900,000 | -7,100,000 | |||
Weighted Average Interest Rate (as a percent) | 9.88% | ||||
8.50% senior notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 383,275,000 | 450,000,000 | |||
Debt issuance costs | -6,200,000 | -7,500,000 | |||
Weighted Average Interest Rate (as a percent) | 8.50% | ||||
Aggregate principal amount of debt exchanged | 66,700,000 | ||||
Gain (loss) on extinguishment of debt | 58,600,000 | ||||
Other | |||||
Debt Instrument [Line Items] | |||||
Total debt | $14,237,000 | $18,085,000 | |||
Subsequent Event | 9.50% senior secured notes | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (as a percent) | 9.50% | ||||
Subsequent Event | 8.50% senior notes | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (as a percent) | 8.50% | ||||
Subsequent Event | 8.50% and 9.50% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Payment Grace Period (in days) | 30 days |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefits | ||
Components of net periodic benefit cost: | ||
Service cost | $2,178 | $1,701 |
Interest cost | 3,297 | 3,348 |
Expected return on plan assets | -3,696 | -4,553 |
Amortization of prior service cost (credit) | 169 | 61 |
Amortization of net actuarial loss | 1,865 | 642 |
Settlement loss | 0 | 784 |
Net periodic benefit cost | 3,813 | 1,983 |
Other Postretirement Benefits | ||
Components of net periodic benefit cost: | ||
Service cost | 1,875 | 1,944 |
Interest cost | 6,351 | 7,726 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | -1,552 | 307 |
Amortization of net actuarial loss | 5,659 | 3,892 |
Settlement loss | 0 | 0 |
Net periodic benefit cost | $12,333 | $13,869 |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net loss | ($80,196) | ($92,178) |
Denominator: | ||
Average number of common shares outstanding | 74,336,000 | 62,601,000 |
Basic and diluted net loss per share (in usd per share) | ($1.08) | ($1.47) |
Effect of dilutive securities (in shares) | 0 | 0 |
Anti-dilutive securities excluded from earnings per share calculation (in shares) | 2,135,196 | 1,012,919 |
Share-based awards exercised or released | ||
Stock options exercised (in shares) | 0 | 9,641 |
Restricted stock units vested (in shares) | 95,621 | 35,703 |
Total (in shares) | 95,621 | 45,344 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Aug. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | 30-May-12 | Mar. 15, 2012 | Jan. 26, 2012 | Feb. 29, 2012 |
property | property | property | action | officer | officer | complaint | ||
party | party | |||||||
Commitments and contingencies | ||||||||
Comment letter period | 30 days | |||||||
Accruals for unrecognized tax benefits related to disposition | $33 | |||||||
Environmental Matters | Walter Coke, Inc. | ||||||||
Commitments and contingencies | ||||||||
Number of properties that the entity has agreed to remediate | 23 | |||||||
Number of other PRP's in which "Offer to Conduct Work" letter was sent to | 5 | 4 | ||||||
Number of residential properties whose sampling has been completed by EPA | 1,100 | |||||||
Number of properties exceeding Regional Removal Management Levels (RML's) | 400 | |||||||
Number of Phase I properties offered to Potentially Responsible Parties PRP's for cleanup | 50 | |||||||
Number of Phase II Properties Offered to Other Potentially Responsible Parties for Clean Up | 30 | |||||||
Securities Class Actions and Shareholder Derivative Actions | ||||||||
Commitments and contingencies | ||||||||
Number of executive directors as defendants | 3 | 3 | ||||||
Number of actions | 2 | |||||||
Number of complaints | 3 | |||||||
Minimum | ||||||||
Commitments and contingencies | ||||||||
Number of years the Company remains subject to income tax in various states for prior periods | 3 years | |||||||
Number of years for which the tax years are typically subject to examination in the major non-U.S. jurisdictions | 3 years | |||||||
Maximum | ||||||||
Commitments and contingencies | ||||||||
Number of years the state impact of any federal changes remains subject to examination | 5 years | |||||||
Number of years the Company remains subject to income tax in various states for prior periods | 11 years | |||||||
Number of years for which the tax years are typically subject to examination in the major non-U.S. jurisdictions | 6 years |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in accumulated other comprehensive income (loss) by component | ||
Balance at the beginning of the period | ($218,048) | |
Other comprehensive loss before reclassifications | -18,325 | |
Amounts reclassified from accumulated other comprehensive loss | 3,699 | |
Total other comprehensive income (loss) | -14,626 | 7,362 |
Balance at the end of the period | -232,674 | |
Pension and other postretirement benefit plans | ||
Changes in accumulated other comprehensive income (loss) by component | ||
Balance at the beginning of the period | -198,969 | |
Other comprehensive loss before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 3,699 | |
Total other comprehensive income (loss) | 3,699 | |
Balance at the end of the period | -195,270 | |
Foreign currency translation adjustment | ||
Changes in accumulated other comprehensive income (loss) by component | ||
Balance at the beginning of the period | -19,079 | |
Other comprehensive loss before reclassifications | -18,325 | |
Total other comprehensive income (loss) | -18,325 | |
Balance at the end of the period | ($37,404) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Amounts reclassified out of each component of accumulated other comprehensive income (loss) | |
Net of tax | $3,699 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 6,141 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | -2,442 |
Amortization of pension and other postretirement benefit plans | Amount Reclassified from Accumulated Other Comprehensive Loss | |
Amounts reclassified out of each component of accumulated other comprehensive income (loss) | |
Prior service credit | -1,383 |
Net actuarial loss | $7,524 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt | ||
Debt discount | $17,207 | $18,293 |
Unamortized Debt Issuance Expense | 51,209 | 54,765 |
Debt and Capital Lease Obligations | 3,015,274 | 3,081,205 |
Walter Revolving Credit Facility 2011 | ||
Debt | ||
Debt discount | 1,400 | 1,500 |
Unamortized Debt Issuance Expense | 200 | 300 |
2011 term loan B | ||
Debt | ||
Debt discount | 11,100 | 11,900 |
Unamortized Debt Issuance Expense | 13,700 | 14,700 |
Debt and Capital Lease Obligations | 978,178 | 978,178 |
9.50% senior secured notes | ||
Debt | ||
Debt discount | 2,600 | 2,700 |
Unamortized Debt Issuance Expense | 17,100 | 17,800 |
Debt and Capital Lease Obligations | 970,000 | 970,000 |
11.00% / 12.00% senior secured PIK toggle notes | ||
Debt | ||
Unamortized Debt Issuance Expense | 7,100 | 7,400 |
Debt and Capital Lease Obligations | 350,000 | 350,000 |
9.875% senior notes | ||
Debt | ||
Debt discount | 2,100 | 2,200 |
Unamortized Debt Issuance Expense | 6,900 | 7,100 |
Debt and Capital Lease Obligations | 388,000 | 388,000 |
8.50% senior notes | ||
Debt | ||
Unamortized Debt Issuance Expense | 6,200 | 7,500 |
Debt and Capital Lease Obligations | 383,275 | 450,000 |
Carrying Amount | 2011 term loan B | ||
Debt | ||
Debt and Capital Lease Obligations | 953,405 | 951,583 |
Carrying Amount | 9.50% senior secured notes | ||
Debt | ||
Debt and Capital Lease Obligations | 950,318 | 949,537 |
Carrying Amount | 11.00% / 12.00% senior secured PIK toggle notes | ||
Debt | ||
Debt and Capital Lease Obligations | 342,891 | 342,631 |
Carrying Amount | 9.875% senior notes | ||
Debt | ||
Debt and Capital Lease Obligations | 378,951 | 378,664 |
Carrying Amount | 8.50% senior notes | ||
Debt | ||
Debt and Capital Lease Obligations | 377,062 | 442,481 |
Fair Value | 2011 term loan B | ||
Debt | ||
Debt | 591,798 | 755,936 |
Fair Value | 9.50% senior secured notes | ||
Debt | ||
Debt | 579,575 | 759,025 |
Fair Value | 11.00% / 12.00% senior secured PIK toggle notes | ||
Debt | ||
Debt | 33,250 | 113,750 |
Fair Value | 9.875% senior notes | ||
Debt | ||
Debt | 22,310 | 77,600 |
Fair Value | 8.50% senior notes | ||
Debt | ||
Debt | $22,038 | $85,500 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues: | |||
Total revenues | $290,926 | $413,885 | |
Operating income (loss): | |||
Total operating loss | -86,343 | -47,062 | |
Interest expense, net | -78,236 | -65,432 | |
Gain (loss) on extinguishment of debt | 58,626 | -13,889 | |
Other loss | 0 | -1,756 | |
Loss before income tax benefit | -105,953 | -128,139 | |
Income tax benefit | -25,757 | -35,961 | |
Net loss | -80,196 | -92,178 | |
Depreciation and depletion: | |||
Total depreciation and depletion | 59,182 | 76,424 | |
Capital expenditures: | |||
Total capital expenditures | 17,367 | 12,281 | |
Segment assets: | |||
Total segment assets | 5,202,437 | 5,331,364 | |
Operating segment | U.S. Operations | |||
Revenues: | |||
Total revenues | 251,011 | 330,664 | |
Operating income (loss): | |||
Total operating loss | -46,763 | 5,870 | |
Depreciation and depletion: | |||
Total depreciation and depletion | 37,150 | 39,066 | |
Capital expenditures: | |||
Total capital expenditures | 16,667 | 10,251 | |
Segment assets: | |||
Total segment assets | 1,082,624 | 1,122,850 | |
Operating segment | Canadian and U.K. Operations | |||
Revenues: | |||
Total revenues | 39,014 | 81,577 | |
Operating income (loss): | |||
Total operating loss | -34,321 | -52,618 | |
Depreciation and depletion: | |||
Total depreciation and depletion | 21,457 | 36,710 | |
Capital expenditures: | |||
Total capital expenditures | 341 | 609 | |
Segment assets: | |||
Total segment assets | 3,466,709 | 3,538,073 | |
Other | |||
Revenues: | |||
Total revenues | 901 | 1,644 | |
Operating income (loss): | |||
Total operating loss | -5,259 | -314 | |
Depreciation and depletion: | |||
Total depreciation and depletion | 575 | 648 | |
Capital expenditures: | |||
Total capital expenditures | 359 | 1,421 | |
Segment assets: | |||
Total segment assets | 653,104 | 670,441 | |
Accumulated Deficit | |||
Operating income (loss): | |||
Net loss | ($80,196) |
Supplemental_Guarantor_and_Non2
Supplemental Guarantor and Non-Guarantor Financial Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Debt Instrument [Line Items] | |
Percentage of ownership interest in subsidiaries | 100.00% |
9.875% senior notes | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 9.88% |
8.50% senior notes | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 8.50% |
Supplemental_Guarantor_and_Non3
Supplemental Guarantor and Non-Guarantor Financial Information (Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $434,706 | $468,532 | $404,715 | $260,818 |
Trade receivables, net | 89,498 | 91,057 | ||
Other receivables | 126,248 | 127,037 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 172,335 | 201,598 | ||
Deferred income taxes | 16,817 | 16,819 | ||
Prepaid expenses | 40,161 | 46,190 | ||
Other current assets | 8,966 | 9,285 | ||
Total current assets | 888,731 | 960,518 | ||
Mineral interests, net | 2,819,740 | 2,836,801 | ||
Property, plant and equipment, net | 1,424,047 | 1,466,297 | ||
Investment in subsidiaries | 0 | 0 | ||
Other long-term assets | 69,919 | 67,748 | ||
Total assets | 5,202,437 | 5,331,364 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 47,547 | 38,980 | ||
Accrued expenses | 155,645 | 125,318 | ||
Intercompany payables | 0 | 0 | ||
Pension and other postretirement benefits obligation | 29,410 | 29,032 | ||
Other current liabilities | 213,597 | 215,952 | ||
Current debt | 3,015,274 | 12,327 | ||
Total current liabilities | 3,461,473 | 421,609 | ||
Long-term debt | 0 | 3,068,878 | ||
Pension and other postretirement benefits obligation | 643,453 | 641,231 | ||
Deferred income taxes | 704,704 | 730,685 | ||
Other long-term liabilities | 195,658 | 187,380 | ||
Total liabilities | 5,005,288 | 5,049,783 | ||
Total stockholders' equity | 197,149 | 281,581 | ||
Total liabilities and stockholders' equity | 5,202,437 | 5,331,364 | ||
Reportable legal entities | Parent (Issuer) | ||||
ASSETS | ||||
Cash and cash equivalents | 394,156 | 421,533 | 379,521 | 234,150 |
Trade receivables, net | 0 | 0 | ||
Other receivables | 123,094 | 123,659 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 15,984 | 15,986 | ||
Prepaid expenses | 5,162 | 3,424 | ||
Other current assets | 171 | 106 | ||
Total current assets | 538,567 | 564,708 | ||
Mineral interests, net | 0 | 0 | ||
Property, plant and equipment, net | 6,978 | 7,558 | ||
Investment in subsidiaries | 3,160,580 | 3,233,399 | ||
Other long-term assets | 43,085 | 43,420 | ||
Total assets | 3,749,210 | 3,849,085 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 6,643 | 2,296 | ||
Accrued expenses | 85,059 | 43,088 | ||
Intercompany payables | 210,925 | 221,070 | ||
Pension and other postretirement benefits obligation | 473 | 95 | ||
Other current liabilities | 170,696 | 168,444 | ||
Current debt | 3,001,037 | 0 | ||
Total current liabilities | 3,474,833 | 434,993 | ||
Long-term debt | 3,063,121 | |||
Pension and other postretirement benefits obligation | 10,516 | 10,502 | ||
Deferred income taxes | 26,206 | 23,766 | ||
Other long-term liabilities | 40,506 | 35,122 | ||
Total liabilities | 3,552,061 | 3,567,504 | ||
Total stockholders' equity | 197,149 | 281,581 | ||
Total liabilities and stockholders' equity | 3,749,210 | 3,849,085 | ||
Reportable legal entities | Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 281 | 1,117 | 1,327 | 1,620 |
Trade receivables, net | 81,359 | 88,959 | ||
Other receivables | 1,984 | 2,193 | ||
Intercompany receivables | 205,976 | 206,118 | ||
Inventories | 110,545 | 110,882 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses | 33,427 | 40,044 | ||
Other current assets | 6,675 | 7,029 | ||
Total current assets | 440,247 | 456,342 | ||
Mineral interests, net | 133,458 | 135,377 | ||
Property, plant and equipment, net | 686,071 | 726,478 | ||
Investment in subsidiaries | 6,528 | 6,459 | ||
Other long-term assets | 13,445 | 17,857 | ||
Total assets | 1,279,749 | 1,342,513 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 35,921 | 30,697 | ||
Accrued expenses | 57,215 | 60,762 | ||
Intercompany payables | 0 | 0 | ||
Pension and other postretirement benefits obligation | 28,937 | 28,937 | ||
Other current liabilities | 26,640 | 27,172 | ||
Current debt | 11,090 | 7,209 | ||
Total current liabilities | 159,803 | 154,777 | ||
Long-term debt | 5,704 | |||
Pension and other postretirement benefits obligation | 632,937 | 630,729 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 98,928 | 96,599 | ||
Total liabilities | 891,668 | 887,809 | ||
Total stockholders' equity | 388,081 | 454,704 | ||
Total liabilities and stockholders' equity | 1,279,749 | 1,342,513 | ||
Reportable legal entities | Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 40,269 | 45,882 | 23,867 | 25,048 |
Trade receivables, net | 8,139 | 2,098 | ||
Other receivables | 1,170 | 1,185 | ||
Intercompany receivables | 4,949 | 14,952 | ||
Inventories | 61,790 | 90,716 | ||
Deferred income taxes | 833 | 833 | ||
Prepaid expenses | 1,572 | 2,722 | ||
Other current assets | 2,120 | 2,150 | ||
Total current assets | 120,842 | 160,538 | ||
Mineral interests, net | 2,686,282 | 2,701,424 | ||
Property, plant and equipment, net | 730,998 | 732,261 | ||
Investment in subsidiaries | 0 | 0 | ||
Other long-term assets | 13,389 | 6,471 | ||
Total assets | 3,551,511 | 3,600,694 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 4,983 | 5,987 | ||
Accrued expenses | 13,371 | 21,468 | ||
Intercompany payables | 0 | 0 | ||
Pension and other postretirement benefits obligation | 0 | 0 | ||
Other current liabilities | 16,261 | 20,336 | ||
Current debt | 3,147 | 5,118 | ||
Total current liabilities | 37,762 | 52,909 | ||
Long-term debt | 53 | |||
Pension and other postretirement benefits obligation | 0 | 0 | ||
Deferred income taxes | 678,498 | 706,919 | ||
Other long-term liabilities | 56,224 | 55,659 | ||
Total liabilities | 772,484 | 815,540 | ||
Total stockholders' equity | 2,779,027 | 2,785,154 | ||
Total liabilities and stockholders' equity | 3,551,511 | 3,600,694 | ||
Eliminations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables, net | 0 | 0 | ||
Other receivables | 0 | |||
Intercompany receivables | -210,925 | -221,070 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | -210,925 | -221,070 | ||
Mineral interests, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investment in subsidiaries | -3,167,108 | -3,239,858 | ||
Other long-term assets | 0 | 0 | ||
Total assets | -3,378,033 | -3,460,928 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Intercompany payables | -210,925 | -221,070 | ||
Pension and other postretirement benefits obligation | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Current debt | 0 | 0 | ||
Total current liabilities | -210,925 | -221,070 | ||
Long-term debt | 0 | |||
Pension and other postretirement benefits obligation | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | -210,925 | -221,070 | ||
Total stockholders' equity | -3,167,108 | -3,239,858 | ||
Total liabilities and stockholders' equity | ($3,378,033) | ($3,460,928) |
Supplemental_Guarantor_and_Non4
Supplemental Guarantor and Non-Guarantor Financial Information (Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Sales | $285,646 | $405,229 |
Miscellaneous income | 5,280 | 8,656 |
Total revenues | 290,926 | 413,885 |
Costs and expenses: | ||
Cost of sales (exclusive of depreciation and depletion) | 284,693 | 349,875 |
Depreciation and depletion | 59,182 | 76,424 |
Selling, general and administrative | 21,061 | 20,779 |
Other postretirement benefits | 12,333 | 13,869 |
Total costs and expenses | 377,269 | 460,947 |
Operating loss | -86,343 | -47,062 |
Interest expense, net | -78,236 | -65,432 |
Gain (loss) on extinguishment of debt | 58,626 | -13,889 |
Other loss | 0 | -1,756 |
Loss before income tax benefit | -105,953 | -128,139 |
Income tax expense (benefit) | -25,757 | -35,961 |
Equity in net losses of subsidiaries | 0 | 0 |
Net loss | -80,196 | -92,178 |
Reportable legal entities | Parent (Issuer) | ||
Revenues: | ||
Sales | 0 | 0 |
Miscellaneous income | 453 | 655 |
Total revenues | 453 | 655 |
Costs and expenses: | ||
Cost of sales (exclusive of depreciation and depletion) | 0 | 0 |
Depreciation and depletion | 575 | 648 |
Selling, general and administrative | 5,383 | 1,153 |
Other postretirement benefits | -67 | -44 |
Total costs and expenses | 5,891 | 1,757 |
Operating loss | -5,438 | -1,102 |
Interest expense, net | -76,356 | -72,404 |
Gain (loss) on extinguishment of debt | 58,626 | -13,889 |
Other loss | -1,700 | |
Loss before income tax benefit | -23,168 | -89,095 |
Income tax expense (benefit) | 0 | -18,561 |
Equity in net losses of subsidiaries | -57,028 | -21,644 |
Net loss | -80,196 | -92,178 |
Reportable legal entities | Guarantor Subsidiaries | ||
Revenues: | ||
Sales | 248,370 | 324,911 |
Miscellaneous income | 255 | 1,879 |
Total revenues | 248,625 | 326,790 |
Costs and expenses: | ||
Cost of sales (exclusive of depreciation and depletion) | 232,416 | 254,041 |
Depreciation and depletion | 36,264 | 38,101 |
Selling, general and administrative | 12,495 | 13,858 |
Other postretirement benefits | 12,400 | 13,913 |
Total costs and expenses | 293,575 | 319,913 |
Operating loss | -44,950 | 6,877 |
Interest expense, net | -195 | 7,234 |
Gain (loss) on extinguishment of debt | 0 | 0 |
Other loss | 0 | |
Loss before income tax benefit | -45,145 | 14,111 |
Income tax expense (benefit) | 0 | 2,629 |
Equity in net losses of subsidiaries | 0 | 0 |
Net loss | -45,145 | 11,482 |
Reportable legal entities | Non-Guarantor Subsidiaries | ||
Revenues: | ||
Sales | 37,276 | 80,318 |
Miscellaneous income | 4,572 | 6,122 |
Total revenues | 41,848 | 86,440 |
Costs and expenses: | ||
Cost of sales (exclusive of depreciation and depletion) | 52,277 | 95,834 |
Depreciation and depletion | 22,343 | 37,675 |
Selling, general and administrative | 3,183 | 5,768 |
Other postretirement benefits | 0 | 0 |
Total costs and expenses | 77,803 | 139,277 |
Operating loss | -35,955 | -52,837 |
Interest expense, net | -1,685 | -262 |
Gain (loss) on extinguishment of debt | 0 | 0 |
Other loss | -56 | |
Loss before income tax benefit | -37,640 | -53,155 |
Income tax expense (benefit) | -25,757 | -20,029 |
Equity in net losses of subsidiaries | 0 | 0 |
Net loss | -11,883 | -33,126 |
Eliminations | ||
Revenues: | ||
Sales | 0 | 0 |
Miscellaneous income | 0 | 0 |
Total revenues | 0 | 0 |
Costs and expenses: | ||
Cost of sales (exclusive of depreciation and depletion) | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Selling, general and administrative | 0 | 0 |
Other postretirement benefits | 0 | 0 |
Total costs and expenses | 0 | 0 |
Operating loss | 0 | 0 |
Interest expense, net | 0 | 0 |
Gain (loss) on extinguishment of debt | 0 | 0 |
Other loss | 0 | |
Loss before income tax benefit | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
Equity in net losses of subsidiaries | 57,028 | 21,644 |
Net loss | $57,028 | $21,644 |
Supplemental_Guarantor_and_Non5
Supplemental Guarantor and Non-Guarantor Financial Information (Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental guarantor and non-guarantor financial information | ||
Net loss | ($80,196) | ($92,178) |
Other comprehensive income (loss): | ||
Change in pension and other postretirement benefit plans, net of tax | 3,699 | 3,519 |
Change in unrealized gain on hedges, net of tax | 0 | 1,679 |
Change in foreign currency translation adjustment | -18,325 | 2,164 |
Total other comprehensive income (loss) | -14,626 | 7,362 |
Total comprehensive loss | -94,822 | -84,816 |
Reportable legal entities | Parent (Issuer) | ||
Supplemental guarantor and non-guarantor financial information | ||
Net loss | -80,196 | -92,178 |
Other comprehensive income (loss): | ||
Change in pension and other postretirement benefit plans, net of tax | 3,699 | 3,519 |
Change in unrealized gain on hedges, net of tax | 1,679 | |
Change in foreign currency translation adjustment | -18,325 | 2,164 |
Total other comprehensive income (loss) | -14,626 | 7,362 |
Total comprehensive loss | -94,822 | -84,816 |
Reportable legal entities | Guarantor Subsidiaries | ||
Supplemental guarantor and non-guarantor financial information | ||
Net loss | -45,145 | 11,482 |
Other comprehensive income (loss): | ||
Change in pension and other postretirement benefit plans, net of tax | 3,550 | 3,804 |
Change in unrealized gain on hedges, net of tax | 3 | |
Change in foreign currency translation adjustment | 0 | 0 |
Total other comprehensive income (loss) | 3,550 | 3,807 |
Total comprehensive loss | -41,595 | 15,289 |
Reportable legal entities | Non-Guarantor Subsidiaries | ||
Supplemental guarantor and non-guarantor financial information | ||
Net loss | -11,883 | -33,126 |
Other comprehensive income (loss): | ||
Change in pension and other postretirement benefit plans, net of tax | 0 | 0 |
Change in unrealized gain on hedges, net of tax | 0 | |
Change in foreign currency translation adjustment | -18,325 | 2,164 |
Total other comprehensive income (loss) | -18,325 | 2,164 |
Total comprehensive loss | -30,208 | -30,962 |
Eliminations | ||
Supplemental guarantor and non-guarantor financial information | ||
Net loss | 57,028 | 21,644 |
Other comprehensive income (loss): | ||
Change in pension and other postretirement benefit plans, net of tax | -3,550 | -3,804 |
Change in unrealized gain on hedges, net of tax | -3 | |
Change in foreign currency translation adjustment | 18,325 | -2,164 |
Total other comprehensive income (loss) | 14,775 | -5,971 |
Total comprehensive loss | $71,803 | $15,673 |
Supplemental_Guarantor_and_Non6
Supplemental Guarantor and Non-Guarantor Financial Information (Cash Flow) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental guarantor and non-guarantor financial information | ||
Cash flows provided by (used in) operating activities | ($12,899) | $35,390 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -17,367 | -12,281 |
Proceeds from sale of property, plant and equipment | 1,329 | 0 |
Intercompany loans made | 0 | |
Other | 356 | -151 |
Cash flows used in investing activities | -15,682 | -12,432 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of debt | 0 | 553,000 |
Retirements of debt | -3,495 | -409,924 |
Dividends paid | 0 | -626 |
Debt issuance costs | 0 | -20,343 |
Advances from (to) consolidated entities | 0 | 0 |
Intercompany notes borrowings | 0 | |
Other | -60 | -166 |
Cash flows provided by (used in) financing activities | -3,555 | 121,941 |
Effect of foreign exchange rates on cash | -1,690 | -1,002 |
Net increase (decrease) in cash and cash equivalents | -33,826 | 143,897 |
Cash and cash equivalents at beginning of period | 468,532 | 260,818 |
Cash and cash equivalents at end of period | 434,706 | 404,715 |
Reportable legal entities | Parent (Issuer) | ||
Supplemental guarantor and non-guarantor financial information | ||
Cash flows provided by (used in) operating activities | 29,810 | -100,236 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -360 | -1,421 |
Proceeds from sale of property, plant and equipment | 0 | |
Intercompany loans made | -2,500 | |
Other | 0 | 0 |
Cash flows used in investing activities | -360 | -3,921 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of debt | 553,000 | |
Retirements of debt | 0 | -406,566 |
Dividends paid | -626 | |
Debt issuance costs | -20,343 | |
Advances from (to) consolidated entities | -56,767 | 124,182 |
Intercompany notes borrowings | 0 | |
Other | -60 | -119 |
Cash flows provided by (used in) financing activities | -56,827 | 249,528 |
Effect of foreign exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -27,377 | 145,371 |
Cash and cash equivalents at beginning of period | 421,533 | 234,150 |
Cash and cash equivalents at end of period | 394,156 | 379,521 |
Reportable legal entities | Guarantor Subsidiaries | ||
Supplemental guarantor and non-guarantor financial information | ||
Cash flows provided by (used in) operating activities | -35,097 | 146,110 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -16,195 | -9,117 |
Proceeds from sale of property, plant and equipment | 1,329 | |
Intercompany loans made | 0 | |
Other | 0 | 0 |
Cash flows used in investing activities | -14,866 | -9,117 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of debt | 0 | |
Retirements of debt | -1,760 | -1,511 |
Dividends paid | 0 | |
Debt issuance costs | 0 | |
Advances from (to) consolidated entities | 50,887 | -135,728 |
Intercompany notes borrowings | 0 | |
Other | 0 | -47 |
Cash flows provided by (used in) financing activities | 49,127 | -137,286 |
Effect of foreign exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -836 | -293 |
Cash and cash equivalents at beginning of period | 1,117 | 1,620 |
Cash and cash equivalents at end of period | 281 | 1,327 |
Reportable legal entities | Non-Guarantor Subsidiaries | ||
Supplemental guarantor and non-guarantor financial information | ||
Cash flows provided by (used in) operating activities | -7,612 | -10,484 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | -812 | -1,743 |
Proceeds from sale of property, plant and equipment | 0 | |
Intercompany loans made | 0 | |
Other | 356 | -151 |
Cash flows used in investing activities | -456 | -1,894 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of debt | 0 | |
Retirements of debt | -1,735 | -1,847 |
Dividends paid | 0 | |
Debt issuance costs | 0 | |
Advances from (to) consolidated entities | 5,880 | 11,546 |
Intercompany notes borrowings | 2,500 | |
Other | 0 | 0 |
Cash flows provided by (used in) financing activities | 4,145 | 12,199 |
Effect of foreign exchange rates on cash | -1,690 | -1,002 |
Net increase (decrease) in cash and cash equivalents | -5,613 | -1,181 |
Cash and cash equivalents at beginning of period | 45,882 | 25,048 |
Cash and cash equivalents at end of period | 40,269 | 23,867 |
Eliminations | ||
Supplemental guarantor and non-guarantor financial information | ||
Cash flows provided by (used in) operating activities | 0 | 0 |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | |
Intercompany loans made | 2,500 | |
Other | 0 | 0 |
Cash flows used in investing activities | 0 | 2,500 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of debt | 0 | |
Retirements of debt | 0 | 0 |
Dividends paid | 0 | |
Debt issuance costs | 0 | |
Advances from (to) consolidated entities | 0 | 0 |
Intercompany notes borrowings | -2,500 | |
Other | 0 | 0 |
Cash flows provided by (used in) financing activities | 0 | -2,500 |
Effect of foreign exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |