Supplemental Guarantor and Non-Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2014 |
Supplemental Guarantor and Non-Guarantor Financial Information | ' |
Supplemental Guarantor and Non-Guarantor Financial Information | ' |
Note 13—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"), as of September 30, 2014 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. 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) |
30-Sep-14 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
ASSETS | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 566,639 | | | $ | 70 | | | $ | 47,914 | | | $ | — | | | $ | 614,623 | |
|
Receivables, net | 101,931 | | | 96,058 | | | 19,094 | | | — | | | 217,083 | |
|
Intercompany receivables | — | | | 218,633 | | | 55,096 | | | (273,729 | ) | | — | |
|
Intercompany loans receivable | 820 | | | — | | | — | | | (820 | ) | | — | |
|
Inventories | — | | | 112,507 | | | 113,567 | | | — | | | 226,074 | |
|
Deferred income taxes | 26,794 | | | 2,495 | | | 957 | | | — | | | 30,246 | |
|
Prepaid expenses | 2,364 | | | 36,829 | | | 4,127 | | | — | | | 43,320 | |
|
Other current assets | 10,252 | | | 510 | | | 2,237 | | | — | | | 12,999 | |
|
Total current assets | 708,800 | | | 467,102 | | | 242,992 | | | (274,549 | ) | | 1,144,345 | |
|
Mineral interests, net | — | | | 6,496 | | | 2,861,073 | | | — | | | 2,867,569 | |
|
Property, plant and equipment, net | 7,621 | | | 702,635 | | | 802,909 | | | — | | | 1,513,165 | |
|
Deferred income taxes | 3,046 | | | 8,377 | | | — | | | (11,423 | ) | | — | |
|
Investment in subsidiaries | 3,390,858 | | | 79,885 | | | — | | | (3,470,743 | ) | | — | |
|
Other long-term assets | 87,972 | | | 17,995 | | | 9,466 | | | — | | | 115,433 | |
|
| $ | 4,198,297 | | | $ | 1,282,490 | | | $ | 3,916,440 | | | $ | (3,756,715 | ) | | $ | 5,640,512 | |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | |
|
Current debt | $ | — | | | $ | 7,071 | | | $ | 7,107 | | | $ | — | | | $ | 14,178 | |
|
Accounts payable | 3,262 | | | 39,786 | | | 8,846 | | | — | | | 51,894 | |
|
Accrued expenses | 95,150 | | | 57,269 | | | 27,254 | | | — | | | 179,673 | |
|
Intercompany payables | 273,729 | | | — | | | — | | | (273,729 | ) | | — | |
|
Intercompany loans payable | — | | | — | | | 820 | | | (820 | ) | | — | |
|
Accumulated other postretirement benefits obligation | 1,370 | | | 29,941 | | | — | | | — | | | 31,311 | |
|
Other current liabilities | 175,137 | | | 21,371 | | | 24,901 | | | — | | | 221,409 | |
|
Total current liabilities | 548,648 | | | 155,438 | | | 68,928 | | | (274,549 | ) | | 498,465 | |
|
Long-term debt | 3,168,520 | | | 7,544 | | | 155 | | | — | | | 3,176,219 | |
|
Accumulated other postretirement benefits obligation | (849 | ) | | 577,727 | | | — | | | — | | | 576,878 | |
|
Deferred income taxes | — | | | — | | | 762,988 | | | (11,423 | ) | | 751,565 | |
|
Other long-term liabilities | 27,060 | | | 81,657 | | | 73,750 | | | — | | | 182,467 | |
|
Total liabilities | 3,743,379 | | | 822,366 | | | 905,821 | | | (285,972 | ) | | 5,185,594 | |
|
Stockholders' equity: | 454,918 | | | 460,124 | | | 3,010,619 | | | (3,470,743 | ) | | 454,918 | |
|
Total liabilities and stockholders' equity | $ | 4,198,297 | | | $ | 1,282,490 | | | $ | 3,916,440 | | | $ | (3,756,715 | ) | | $ | 5,640,512 | |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited) |
31-Dec-13 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
ASSETS | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 234,150 | | | $ | 101 | | | $ | 26,567 | | | $ | — | | | $ | 260,818 | |
|
Receivables, net | 113,936 | | | 90,460 | | | 77,367 | | | — | | | 281,763 | |
|
Intercompany receivables | — | | | 30,126 | | | 57,778 | | | (87,904 | ) | | — | |
|
Intercompany loans receivable | 63,549 | | | 1,104,282 | | | — | | | (1,167,831 | ) | | — | |
|
Inventories | — | | | 168,434 | | | 144,213 | | | — | | | 312,647 | |
|
Deferred income taxes | 23,957 | | | 12,154 | | | 956 | | | — | | | 37,067 | |
|
Prepaid expenses | 2,245 | | | 34,011 | | | 2,766 | | | — | | | 39,022 | |
|
Other current assets | 15,257 | | | 440 | | | 2,334 | | | — | | | 18,031 | |
|
Total current assets | 453,094 | | | 1,440,008 | | | 311,981 | | | (1,255,735 | ) | | 949,348 | |
|
Mineral interests, net | — | | | 7,294 | | | 2,897,708 | | | — | | | 2,905,002 | |
|
Property, plant and equipment, net | 7,248 | | | 764,406 | | | 865,898 | | | — | | | 1,637,552 | |
|
Deferred income taxes | 3,049 | | | 4,458 | | | — | | | (7,507 | ) | | — | |
|
Investment in subsidiaries | 4,409,683 | | | 86,357 | | | — | | | (4,496,040 | ) | | — | |
|
Other long-term assets | 73,564 | | | 10,323 | | | 15,071 | | | — | | | 98,958 | |
|
| $ | 4,946,638 | | | $ | 2,312,846 | | | $ | 4,090,658 | | | $ | (5,759,282 | ) | | $ | 5,590,860 | |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | |
|
Current debt | $ | — | | | $ | 1,313 | | | $ | 7,897 | | | $ | — | | | $ | 9,210 | |
|
Accounts payable | 5,604 | | | 64,678 | | | 22,430 | | | — | | | 92,712 | |
|
Accrued expenses | 34,551 | | | 53,582 | | | 45,737 | | | — | | | 133,870 | |
|
Intercompany payables | 87,904 | | | — | | | — | | | (87,904 | ) | | — | |
|
Intercompany loans payable | 1,104,282 | | | — | | | 63,549 | | | (1,167,831 | ) | | — | |
|
Accumulated other postretirement benefits obligation | 94 | | | 29,942 | | | — | | | — | | | 30,036 | |
|
Other current liabilities | 164,364 | | | 27,062 | | | 22,647 | | | — | | | 214,073 | |
|
Total current liabilities | 1,396,799 | | | 176,577 | | | 162,260 | | | (1,255,735 | ) | | 479,901 | |
|
Long-term debt | 2,763,957 | | | — | | | 5,665 | | | — | | | 2,769,622 | |
|
Accumulated other postretirement benefits obligation | 263 | | | 570,449 | | | — | | | — | | | 570,712 | |
|
Deferred income taxes | — | | | — | | | 830,374 | | | (7,507 | ) | | 822,867 | |
|
Other long-term liabilities | 32,925 | | | 73,420 | | | 88,719 | | | — | | | 195,064 | |
|
Total liabilities | 4,193,944 | | | 820,446 | | | 1,087,018 | | | (1,263,242 | ) | | 4,838,166 | |
|
Stockholders' equity: | 752,694 | | | 1,492,400 | | | 3,003,640 | | | (4,496,040 | ) | | 752,694 | |
|
Total liabilities and stockholders' equity | $ | 4,946,638 | | | $ | 2,312,846 | | | $ | 4,090,658 | | | $ | (5,759,282 | ) | | $ | 5,590,860 | |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
(UNAUDITED) |
THREE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Revenues: | | | | | | | | | | | | | | |
|
Sales | $ | — | | | $ | 270,176 | | | $ | 49,366 | | | $ | — | | | $ | 319,542 | |
|
Miscellaneous income (loss) | (40 | ) | | 1,818 | | | 8,226 | | | — | | | 10,004 | |
|
| (40 | ) | | 271,994 | | | 57,592 | | | — | | | 329,546 | |
|
Cost and expenses: | | | | | | | | | | | | | | |
|
Cost of sales (exclusive of depreciation and depletion) | — | | | 238,470 | | | 59,455 | | | — | | | 297,925 | |
|
Depreciation and depletion | 612 | | | 32,295 | | | 25,506 | | | — | | | 58,413 | |
|
Selling, general and administrative | 1,387 | | | 10,868 | | | 4,343 | | | — | | | 16,598 | |
|
Postretirement benefits | (45 | ) | | 13,914 | | | — | | | — | | | 13,869 | |
|
Restructuring and asset impairments | 50 | | | 37 | | | (2,513 | ) | | — | | | (2,426 | ) |
|
| 2,004 | | | 295,584 | | | 86,791 | | | — | | | 384,379 | |
|
Operating loss | (2,044 | ) | | (23,590 | ) | | (29,199 | ) | | — | | | (54,833 | ) |
|
Interest expense, net | (77,856 | ) | | (257 | ) | | (1,118 | ) | | — | | | (79,231 | ) |
|
Gain on extinguishment of debt | 3,394 | | | — | | | — | | | — | | | 3,394 | |
|
Other income, net | 1,424 | | | — | | | — | | | — | | | 1,424 | |
|
Loss before income tax expense (benefit) | (75,082 | ) | | (23,847 | ) | | (30,317 | ) | | — | | | (129,246 | ) |
|
Income tax expense (benefit) | (404 | ) | | 17 | | | (29,957 | ) | | — | | | (30,344 | ) |
|
Equity in net losses of subsidiaries | (24,224 | ) | | — | | | — | | | 24,224 | | | — | |
|
Net loss | $ | (98,902 | ) | | $ | (23,864 | ) | | $ | (360 | ) | | $ | 24,224 | | | $ | (98,902 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
(UNAUDITED) |
THREE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Revenues: | | | | | | | | | | | | | | |
|
Sales | $ | — | | | $ | 302,328 | | | $ | 143,609 | | | $ | — | | | $ | 445,937 | |
|
Miscellaneous income (loss) | (932 | ) | | 5,669 | | | 5,122 | | | — | | | 9,859 | |
|
| (932 | ) | | 307,997 | | | 148,731 | | | — | | | 455,796 | |
|
Cost and expenses: | | | | | | | | | | | | | |
|
Cost of sales (exclusive of depreciation and depletion) | — | | | 234,913 | | | 160,398 | | | — | | | 395,311 | |
|
Depreciation and depletion | 543 | | | 43,600 | | | 38,843 | | | — | | | 82,986 | |
|
Selling, general and administrative | (3,730 | ) | | 13,854 | | | 11,749 | | | — | | | 21,873 | |
|
Postretirement benefits | (54 | ) | | 14,761 | | | — | | | — | | | 14,707 | |
|
| (3,241 | ) | | 307,128 | | | 210,990 | | | — | | | 514,877 | |
|
Operating income (loss) | 2,309 | | | 869 | | | (62,259 | ) | | — | | | (59,081 | ) |
|
Interest income (expense), net | (65,013 | ) | | 8,465 | | | (1,814 | ) | | — | | | (58,362 | ) |
|
Loss on extinguishment of debt | (874 | ) | | — | | | — | | | — | | | (874 | ) |
|
Other income (loss), net | (234 | ) | | 218 | | | 609 | | | — | | | 593 | |
|
Income (loss) before income tax expense (benefit) | (63,812 | ) | | 9,552 | | | (63,464 | ) | | — | | | (117,724 | ) |
|
Income tax expense (benefit) | (715 | ) | | 1,368 | | | (17,653 | ) | | — | | | (17,000 | ) |
|
Equity in net losses of subsidiaries | (37,627 | ) | | — | | | — | | | 37,627 | | | — | |
|
Net income (loss) | $ | (100,724 | ) | | $ | 8,184 | | | $ | (45,811 | ) | | $ | 37,627 | | | $ | (100,724 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Revenues: | | | | | | | | | | | | | | |
|
Sales | $ | — | | | $ | 854,074 | | | $ | 248,679 | | | $ | — | | | $ | 1,102,753 | |
|
Miscellaneous income | 939 | | | 5,512 | | | 12,578 | | | — | | | 19,029 | |
|
| 939 | | | 859,586 | | | 261,257 | | | — | | | 1,121,782 | |
|
Cost and expenses: | | | | | | | | | | | | | |
|
Cost of sales (exclusive of depreciation and depletion) | — | | | 700,424 | | | 291,137 | | | — | | | 991,561 | |
|
Depreciation and depletion | 1,873 | | | 99,343 | | | 103,437 | | | — | | | 204,653 | |
|
Selling, general and administrative | 4,501 | | | 34,739 | | | 17,139 | | | — | | | 56,379 | |
|
Postretirement benefits | (133 | ) | | 41,740 | | | — | | | — | | | 41,607 | |
|
Restructuring and asset impairments | 564 | | | 23,723 | | | 4,629 | | | — | | | 28,916 | |
|
| 6,805 | | | 899,969 | | | 416,342 | | | — | | | 1,323,116 | |
|
Operating loss | (5,866 | ) | | (40,383 | ) | | (155,085 | ) | | — | | | (201,334 | ) |
|
Interest income (expense), net | (222,598 | ) | | 6,705 | | | (2,172 | ) | | — | | | (218,065 | ) |
|
Gain on extinguishment of debt | 902 | | | — | | | — | | | — | | | 902 | |
|
Other income (loss), net | 705 | | | — | | | (59 | ) | | — | | | 646 | |
|
Loss before income tax benefit | (226,857 | ) | | (33,678 | ) | | (157,316 | ) | | — | | | (417,851 | ) |
|
Income tax benefit | (2,837 | ) | | (4,342 | ) | | (68,201 | ) | | — | | | (75,380 | ) |
|
Equity in net losses of subsidiaries | (118,451 | ) | | — | | | — | | | 118,451 | | | — | |
|
Net loss | $ | (342,471 | ) | | $ | (29,336 | ) | | $ | (89,115 | ) | | $ | 118,451 | | | $ | (342,471 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Revenues: | | | | | | | | | | | | | | |
|
Sales | $ | — | | | $ | 916,338 | | | $ | 457,006 | | | $ | — | | | $ | 1,373,344 | |
|
Miscellaneous income (loss) | (159 | ) | | 8,638 | | | 6,812 | | | — | | | 15,291 | |
|
| (159 | ) | | 924,976 | | | 463,818 | | | — | | | 1,388,635 | |
|
Cost and expenses: | | | | | | | | | | | | | |
|
Cost of sales (exclusive of depreciation and depletion) | — | | | 693,904 | | | 489,957 | | | — | | | 1,183,861 | |
|
Depreciation and depletion | 1,539 | | | 117,683 | | | 113,274 | | | — | | | 232,496 | |
|
Selling, general and administrative | 6,420 | | | 41,108 | | | 32,148 | | | — | | | 79,676 | |
|
Postretirement benefits | (164 | ) | | 44,321 | | | — | | | — | | | 44,157 | |
|
Restructuring and asset impairments | — | | | (8,947 | ) | | 10,646 | | | — | | | 1,699 | |
|
| 7,795 | | | 888,069 | | | 646,025 | | | — | | | 1,541,889 | |
|
Operating income (loss) | (7,954 | ) | | 36,907 | | | (182,207 | ) | | — | | | (153,254 | ) |
|
Interest income (expense), net | (173,640 | ) | | 21,748 | | | (5,422 | ) | | — | | | (157,314 | ) |
|
Loss on extinguishment of debt | (6,875 | ) | | — | | | — | | | — | | | (6,875 | ) |
|
Other income (loss), net | (234 | ) | | 218 | | | — | | | — | | | (16 | ) |
|
Income (loss) before income tax expense (benefit) | (188,703 | ) | | 58,873 | | | (187,629 | ) | | — | | | (317,459 | ) |
|
Income tax expense (benefit) | (49,490 | ) | | 6,505 | | | (89,814 | ) | | — | | | (132,799 | ) |
|
Equity in net losses of subsidiaries | (45,447 | ) | | — | | | — | | | 45,447 | | | — | |
|
Net income (loss) | $ | (184,660 | ) | | $ | 52,368 | | | $ | (97,815 | ) | | $ | 45,447 | | | $ | (184,660 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE |
INCOME (LOSS) (UNAUDITED) |
THREE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
|
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Net loss | $ | (98,902 | ) | | $ | (23,864 | ) | | $ | (360 | ) | | $ | 24,224 | | | $ | (98,902 | ) |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Change in pension and postretirement benefit plans, net of tax | 2,977 | | | 2,963 | | | — | | | (2,963 | ) | | 2,977 | |
|
Change in foreign currency translation adjustment | (21,672 | ) | | — | | | (21,672 | ) | | 21,672 | | | (21,672 | ) |
|
Total other comprehensive income (loss) | (18,695 | ) | | 2,963 | | | (21,672 | ) | | 18,709 | | | (18,695 | ) |
|
Total comprehensive loss | $ | (117,597 | ) | | $ | (20,901 | ) | | $ | (22,032 | ) | | $ | 42,933 | | | $ | (117,597 | ) |
|
|
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE |
INCOME (LOSS) (UNAUDITED) |
THREE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Net income (loss) | $ | (100,724 | ) | | $ | 8,184 | | | $ | (45,811 | ) | | $ | 37,627 | | | $ | (100,724 | ) |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Change in pension and postretirement benefit plans, net of tax | 4,659 | | | 13,338 | | | — | | | (13,338 | ) | | 4,659 | |
|
Change in unrealized gain on hedges, net of tax | 653 | | | 12 | | | — | | | (12 | ) | | 653 | |
|
Change in foreign currency translation adjustment | 14,847 | | | — | | | 14,847 | | | (14,847 | ) | | 14,847 | |
|
Change in unrealized gain on investments, net of tax | (940 | ) | | — | | | (940 | ) | | 940 | | | (940 | ) |
|
Total other comprehensive income | 19,219 | | | 13,350 | | | 13,907 | | | (27,257 | ) | | 19,219 | |
|
Total comprehensive income (loss) | $ | (81,505 | ) | | $ | 21,534 | | | $ | (31,904 | ) | | $ | 10,370 | | | $ | (81,505 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE |
INCOME (LOSS) (UNAUDITED) |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Net loss | $ | (342,471 | ) | | $ | (29,336 | ) | | $ | (89,115 | ) | | $ | 118,451 | | | $ | (342,471 | ) |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Change in pension and postretirement benefit plans, net of tax | 9,994 | | | 9,954 | | | — | | | (9,954 | ) | | 9,994 | |
|
Change in unrealized gain on hedges, net of tax | 1,679 | | | 3 | | | — | | | (3 | ) | | 1,679 | |
|
Change in foreign currency translation adjustment | (8,244 | ) | | — | | | (8,244 | ) | | 8,244 | | | (8,244 | ) |
|
Total other comprehensive income (loss) | 3,429 | | | 9,957 | | | (8,244 | ) | | (1,713 | ) | | 3,429 | |
|
Total comprehensive loss | $ | (339,042 | ) | | $ | (19,379 | ) | | $ | (97,359 | ) | | $ | 116,738 | | | $ | (339,042 | ) |
|
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE |
INCOME (LOSS) (UNAUDITED) |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Net income (loss) | $ | (184,660 | ) | | $ | 52,368 | | | $ | (97,815 | ) | | $ | 45,447 | | | $ | (184,660 | ) |
|
Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Change in pension and postretirement benefit plans, net of tax | 13,976 | | | 13,338 | | | — | | | (13,338 | ) | | 13,976 | |
|
Change in unrealized gain on hedges, net of tax | 1,901 | | | 49 | | | — | | | (49 | ) | | 1,901 | |
|
Change in foreign currency translation adjustment | (2,239 | ) | | — | | | (2,239 | ) | | 2,239 | | | (2,239 | ) |
|
Change in unrealized gain on investments, net of tax | (897 | ) | | — | | | (897 | ) | | 897 | | | (897 | ) |
|
Total other comprehensive income (loss) | 12,741 | | | 13,387 | | | (3,136 | ) | | (10,251 | ) | | 12,741 | |
|
Total comprehensive income (loss) | $ | (171,919 | ) | | $ | 65,755 | | | $ | (100,951 | ) | | $ | 35,196 | | | $ | (171,919 | ) |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
(UNAUDITED) |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Cash flows provided by (used in) operating activities | $ | (124,771 | ) | | $ | 115,279 | | | $ | (11,294 | ) | | $ | — | | | $ | (20,786 | ) |
|
INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Additions to property, plant and equipment | (2,758 | ) | | (60,059 | ) | | (6,916 | ) | | — | | | (69,733 | ) |
|
Proceeds from sale of property, plant and equipment | — | | | 24,112 | | | — | | | — | | | 24,112 | |
|
Intercompany loans made | (5,200 | ) | | — | | | — | | | 5,200 | | | — | |
|
Intercompany loans received | 1,828 | | | — | | | — | | | (1,828 | ) | | — | |
|
Other | — | | | — | | | 134 | | | — | | | 134 | |
|
Cash flows used in investing activities | (6,130 | ) | | (35,947 | ) | | (6,782 | ) | | 3,372 | | | (45,487 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Proceeds from issuance of debt | 869,800 | | | — | | | — | | | — | | | 869,800 | |
|
Retirements of debt | (406,566 | ) | | (5,790 | ) | | (5,965 | ) | | — | | | (418,321 | ) |
|
Dividends paid | (1,944 | ) | | — | | | — | | | — | | | (1,944 | ) |
|
Debt issuance costs | (27,748 | ) | | — | | | — | | | — | | | (27,748 | ) |
|
Advances from (to) consolidated entities | 30,043 | | | (73,573 | ) | | 43,530 | | | — | | | — | |
|
Intercompany notes borrowings | — | | | — | | | 5,200 | | | (5,200 | ) | | — | |
|
Intercompany notes payments | — | | | — | | | (1,828 | ) | | 1,828 | | | — | |
|
Other | (195 | ) | | — | | | — | | | — | | | (195 | ) |
|
Cash flows provided by (used in) financing activities | 463,390 | | | (79,363 | ) | | 40,937 | | | (3,372 | ) | | 421,592 | |
|
Effect of foreign exchange rates on cash | — | | | — | | | (1,514 | ) | | — | | | (1,514 | ) |
|
Net increase (decrease) in cash and cash equivalents | 332,489 | | | (31 | ) | | 21,347 | | | — | | | 353,805 | |
|
Cash and cash equivalents at beginning of period | 234,150 | | | 101 | | | 26,567 | | | — | | | 260,818 | |
|
Cash and cash equivalents at end of period | $ | 566,639 | | | $ | 70 | | | $ | 47,914 | | | $ | — | | | $ | 614,623 | |
|
WALTER ENERGY, INC. AND SUBSIDIARIES |
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
(UNAUDITED) |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Total |
(Issuer) | Subsidiaries | Subsidiaries | Consolidated |
Cash flows provided by (used in) operating activities | $ | (165,441 | ) | | $ | 163,367 | | | $ | (41,952 | ) | | $ | — | | | $ | (44,026 | ) |
|
INVESTING ACTIVITIES | | | | | | | | | | | | | |
|
Additions to property, plant and equipment | (863 | ) | | (84,623 | ) | | (23,249 | ) | | — | | | (108,735 | ) |
|
Intercompany loans made | (33,100 | ) | | — | | | — | | | 33,100 | | | — | |
|
Intercompany loans received | 30,500 | | | — | | | — | | | (30,500 | ) | | — | |
|
Investments in subsidiaries | — | | | — | | | — | | | — | | | — | |
|
Proceeds from sales of investments | — | | | — | | | 1,559 | | | — | | | 1,559 | |
|
Other | — | | | — | | | 663 | | | — | | | 663 | |
|
Cash flows used in investing activities | (3,463 | ) | | (84,623 | ) | | (21,027 | ) | | 2,600 | | | (106,513 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | | | |
|
Proceeds from issuance of debt | 897,412 | | | — | | | — | | | — | | | 897,412 | |
|
Retirements of debt | (496,062 | ) | | (14,193 | ) | | — | | | — | | | (510,255 | ) |
|
Dividends paid | (16,264 | ) | | — | | | — | | | — | | | (16,264 | ) |
|
Debt issuance costs | (42,128 | ) | | — | | | — | | | — | | | (42,128 | ) |
|
Advances from (to) consolidated entities | 4,729 | | | (64,763 | ) | | 60,034 | | | — | | | — | |
|
Intercompany notes borrowings | — | | | — | | | 33,100 | | | (33,100 | ) | | — | |
|
Intercompany notes payments | — | | | — | | | (30,500 | ) | | 30,500 | | | — | |
|
Other | (883 | ) | | 151 | | | — | | | — | | | (732 | ) |
|
Cash flows provided by (used in) financing activities | 346,804 | | | (78,805 | ) | | 62,634 | | | (2,600 | ) | | 328,033 | |
|
Effect of foreign exchange rates on cash | — | | | — | | | (961 | ) | | — | | | (961 | ) |
|
Net increase (decrease) in cash and cash equivalents | 177,900 | | | (61 | ) | | (1,306 | ) | | — | | | 176,533 | |
|
Cash and cash equivalents at beginning of period | 83,833 | | | 61 | | | 32,707 | | | — | | | 116,601 | |
|
Cash and cash equivalents at end of period | $ | 261,733 | | | $ | — | | | $ | 31,401 | | | $ | — | | | $ | 293,134 | |
|
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