STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

16. STOCKHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Noncontrolling Interest

On acquisition of WMLP we recorded a noncontrolling interest totaling $15.3 million, which represents the equity attributable to the noncontrolling unitholders, who owned approximately 21% of the outstanding Common Units of WMLP at December 31, 2014. The Kemmerer Drop resulted in our acquisition of an additional 15% interest in WMLP (on a fully diluted basis) with a corresponding decrease in noncontrolling interest ownership. Activity in the noncontrolling interest is summarized as follows (in millions):

Beginning Balance as of December 31, 2014	$	15,261
Change in Parent's ownership	(8,279		)
Net loss allocated to noncontrolling interest	(5,453		)
Distributions to noncontrolling interest	(797		)
Other	—
Ending Balance as of December 31, 2015	$	732

Preferred and Common Stock

The Company has one class of capital stock outstanding at December 31, 2015, common stock, par value $0.01 per share. During the first quarter of 2015, all of the Company’s Series A Convertible Exchangeable Preferred Stock were converted or redeemed, consisting of 88,494 shares of preferred stock being converted into 604,557 shares of common stock and 3,175 shares of preferred stock were redeemed under a mandatory redemption for $0.3 million. The Company paid less than $0.1 million of preferred stock dividends for the year ended December 31, 2015.

Accumulated Other Comprehensive Income (Loss)

The following is a summary of accumulated other comprehensive income (loss):

	Pension and Postretirement Medical Benefits			Available for Sale Securities			Foreign Currency Translation Adjustment			Tax Effect of Other Comprehensive Income Gains			Accumulated Other Comprehensive Loss
	(In thousands)
Balance at January 1, 2013	$	(122,246	)	$	57		$	—		$	(26,156	)	$	(148,345	)
2013 activity	89,699			(57		)	—			(4,892		)	84,750
Balance at December 31, 2013	(32,547		)	—			—			(31,048		)	(63,595		)
2014 activity	(43,234		)	413			(17,880		)	—			(60,701		)
Balance at December 31, 2014	(75,781		)	413			(17,880		)	(31,048		)	(124,296		)
2015 activity	10,137			(1,738		)	(52,021		)	(3,382		)	(47,004		)
Balance at December 31, 2015	$	(65,644	)	$	(1,325	)	$	(69,901	)	$	(34,430	)	$	(171,300	)

Changes in Accumulated Other Comprehensive Loss

The following table reflects the changes in accumulated other comprehensive loss by component:

	Pension			Postretirement medical benefits			Available for sale securities			Foreign currency translation adjustment			Tax effect of other comprehensive income gains			Accumulated other comprehensive loss
	(In thousands)
Balance at December 31, 2014	$	(36,065	)	$	(39,716	)	$	413		$	(17,880	)	$	(31,048	)	$	(124,296	)
Other comprehensive income (loss) before reclassifications	(853		)	7,322			(1,887		)	(52,021		)	(3,382		)	(50,821		)
Amounts reclassified from accumulated other comprehensive loss	2,360			1,308			149			—			—			3,817
Balance at December 31, 2015	$	(34,558	)	$	(31,086	)	$	(1,325	)	$	(69,901	)	$	(34,430	)	$	(171,300	)

The following table reflects the reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2015 (in thousands):

Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)(1)			Affected line item in the statement where net income (loss) is presented
Available-for sale securities
Realized gains and losses on available-for sale securities	$	149		Other income (loss)
	$	149		Total
Amortization of defined benefit pension items:
Prior service costs	$	8		(2)
Actuarial losses	2,352			(2)
	$	2,360		Total
Amortization of postretirement medical items:
Prior service costs	$	(636	)	(3)
Actuarial losses	1,944			(3)
	$	1,308		Total

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(1) Amounts in parentheses indicate debits to income/loss.

(2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 10 - Pension And Other Saving Plans for additional details)

(3) These accumulated other comprehensive income components are included in the computation of net periodic postretirement medical cost. (See Note 9 - Postretirement Medical Benefits for additional details)

Restricted Net Assets

WCC has obligations to pay pension and postretirement medical benefits, to fund corporate expenditures, and to pay interest on the 8.75% Notes and the WCC Term Loan Facility. However, WCC conducts no operations, has no source of revenue and is fully dependent on distributions from its subsidiaries to pay its costs. Due to the Master Limited Partnership structure and the WMLP Term Loan Facility, at December 31, 2015, WMLP is limited in its ability to distribute funds to WCC. The amount of cash WMLP can distribute on its units principally depends upon the amount of cash it generates from its operations, which will fluctuate from quarter to quarter. The WMLP Term Loan Facility contains customary financial and other covenants and it permits distributions to its unitholders under specified circumstances. Borrowings under the WMLP Term Loan Facility are secured by substantially all of its physical assets.

At December 31, 2015, WMLP had approximately $13.2 million of net assets that were not available to be transferred to WCC in the form of dividends, loans, or advances due to restrictions on the Master Limited Partnership as mentioned above.

Equity Offering

On July 16, 2014, the Company completed a public offering of 1,684,507 shares of common stock at $35.50 per share for gross proceeds of $59.8 million. Brokerage fees were $1.775 per share or $3.0 million and legal and other fees associated with the offering were $0.3 million.