(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
(Address of principal executive offices, zip code) | ||||||||
( | ||||||||
(Registrant’s telephone number, including area code) |
Large accelerated filer | ¨ | x | ||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ||||||||||||
Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
TABLE OF CONTENTS | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | |||||||||||||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||||||||
Accretion on asset retirement obligations | |||||||||||||||||||||||
Amortization of acquired intangibles, net | ( | ||||||||||||||||||||||
Asset impairment and restructuring | |||||||||||||||||||||||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | |||||||||||||||||||||||
Merger-related costs | |||||||||||||||||||||||
Total other operating (income) loss: | |||||||||||||||||||||||
Mark-to-market adjustment for acquisition-related obligations | ( | ( | ( | ||||||||||||||||||||
Other (income) expense | ( | ( | ( | ||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
(Loss) income from operations | ( | ( | ( | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loss on modification and extinguishment of debt | ( | ||||||||||||||||||||||
Equity loss in affiliates | ( | ( | ( | ( | |||||||||||||||||||
Miscellaneous loss, net | ( | ( | ( | ( | |||||||||||||||||||
Total other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Loss from continuing operations before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit | |||||||||||||||||||||||
Net loss from continuing operations | ( | ( | ( | ( | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Loss from discontinued operations before income taxes | ( | ( | |||||||||||||||||||||
Income tax (expense) benefit from discontinued operations | ( | ||||||||||||||||||||||
Loss from discontinued operations | ( | ( | |||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Basic loss per common share: | |||||||||||||||||||||||
Loss from continuing operations | $ | ( | $ | ( | $ | ( | $ | ( |
Loss from discontinued operations | ( | ( | |||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted loss per common share | |||||||||||||||||||||||
Loss from continuing operations | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Loss from discontinued operations | ( | ( | |||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average shares – basic | |||||||||||||||||||||||
Weighted average shares – diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Employee benefit plans: | |||||||||||||||||||||||
Amortization of and adjustments to employee benefit costs | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Income tax expense | ( | ||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Total comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $ | |||||||||||
Owned and leased mineral rights, net of accumulated depletion and amortization of $ | |||||||||||
Other acquired intangibles, net of accumulated amortization of $ | |||||||||||
Long-term restricted cash | |||||||||||
Deferred income taxes | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Trade accounts payable | |||||||||||
Acquisition-related obligations – current | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Acquisition-related obligations - long-term | |||||||||||
Workers’ compensation and black lung obligations | |||||||||||
Pension obligations | |||||||||||
Asset retirement obligations | |||||||||||
Deferred income taxes | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and Contingencies (Note 18) | |||||||||||
Stockholders’ Equity | |||||||||||
Preferred stock - par value $ | |||||||||||
Common stock - par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost: | ( | ( | |||||||||
Retained (deficit) earnings | ( | ||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | |||||||||||
Amortization of acquired intangibles, net | ( | ||||||||||
Accretion of acquisition-related obligations discount | |||||||||||
Amortization of debt issuance costs and accretion of debt discount | |||||||||||
Mark-to-market adjustment for acquisition-related obligations | ( | ( | |||||||||
(Gain) loss on disposal of assets | ( | ||||||||||
Gain on assets acquired in an exchange transaction | ( | ||||||||||
Loss on modification and extinguishment of debt | |||||||||||
Asset impairment and restructuring | |||||||||||
Accretion on asset retirement obligations | |||||||||||
Employee benefit plans, net | |||||||||||
Deferred income taxes | ( | ||||||||||
Stock-based compensation | |||||||||||
Equity loss in affiliates | |||||||||||
Other, net | ( | ||||||||||
Changes in operating assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds on disposal of assets | |||||||||||
Purchases of investment securities | ( | ( | |||||||||
Maturity of investment securities | |||||||||||
Capital contributions to equity affiliates | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Proceeds from borrowings on debt | |||||||||||
Principal repayments of debt | ( | ( | |||||||||
Principal repayments of notes payable | ( | ( | |||||||||
Principal repayments of financing lease obligations | ( | ( | |||||||||
Debt issuance costs | ( | ||||||||||
Common stock repurchases and related expenses | ( | ( | |||||||||
Other, net | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net decrease in cash and cash equivalents and restricted cash | ( | ( | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ |
As of September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term restricted cash (included in prepaid expenses and other current assets) | |||||||||||
Long-term restricted cash | |||||||||||
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | $ |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock at Cost | Retained (Deficit) Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balances, December 31, 2018 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation and net issuance of common stock for share vesting | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Common stock repurchases and related expenses | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balances, March 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation and net issuance of common stock for share vesting | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Common stock repurchases and related expenses | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Warrant exercises | — | — | — | — | |||||||||||||||||||||||||||||||
Balances, June 30, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation and net issuance of common stock for share vesting | — | — | — | ||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Common stock repurchases and related expenses | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balances, September 30, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Balances, December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
cumulative-effect adjustment | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation and net issuance of common stock for share vesting | — | — | — | — | |||||||||||||||||||||||||||||||
Common stock reissuances, repurchases and related expenses | — | — | — | — | |||||||||||||||||||||||||||||||
Balances, March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation and net issuance of common stock for share vesting | — | — | — |
Common stock repurchases and related expenses | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balances, June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation and net issuance of common stock for share vesting | — | — | — | — | |||||||||||||||||||||||||||||||
Common stock repurchases and related expenses | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Balances, September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||
Revenues: | |||||||||||
Total revenues (1) | $ | $ | |||||||||
Costs and expenses: | |||||||||||
Depreciation, depletion and amortization (2) | $ | $ | |||||||||
Accretion on asset retirement obligations (3) | $ | $ | |||||||||
Asset impairment (4) | $ | $ | |||||||||
Selling, general and administrative expenses | $ | $ | |||||||||
Other expenses | $ | $ | |||||||||
Other non-major expense (income) items, net | $ | $ |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||
Other significant operating non-cash items related to discontinued operations: | |||||||||||
Depreciation, depletion and amortization | $ | $ | |||||||||
Accretion on asset retirement obligations | $ | $ | |||||||||
Asset impairment | $ | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||
Met | Thermal | Total | |||||||||||||||
Export coal revenues | $ | $ | $ | ||||||||||||||
Domestic coal revenues | |||||||||||||||||
Total coal revenues | $ | $ | $ |
Three Months Ended September 30, 2019 | |||||||||||||||||
Met | Thermal | Total | |||||||||||||||
Export coal revenues | $ | $ | $ | ||||||||||||||
Domestic coal revenues | |||||||||||||||||
Total coal revenues | $ | $ | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||
Met | Thermal | Total | |||||||||||||||
Export coal revenues | $ | $ | $ | ||||||||||||||
Domestic coal revenues | |||||||||||||||||
Total coal revenues | $ | $ | $ |
Nine Months Ended September 30, 2019 | |||||||||||||||||
Met | Thermal | Total | |||||||||||||||
Export coal revenues | $ | $ | $ | ||||||||||||||
Domestic coal revenues | |||||||||||||||||
Total coal revenues | $ | $ | $ |
Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total | |||||||||||||||||||||||||||||||||||
Estimated coal revenues | $ | $ | $ | $ | $ | $ | $ |
Balance January 1, 2020 | Other comprehensive (loss) income before reclassifications | Amounts reclassified from accumulated other comprehensive (loss) income | Balance September 30, 2020 | ||||||||||||||||||||
Employee benefit costs | $ | ( | $ | ( | $ | $ | ( |
Balance January 1, 2019 | Other comprehensive (loss) income before reclassifications | Amounts reclassified from accumulated other comprehensive (loss) income | Balance September 30, 2019 | ||||||||||||||||||||
Employee benefit costs | $ | ( | $ | $ | $ | ( |
Details about accumulated other comprehensive (loss) income components | Amounts reclassified from accumulated other comprehensive (loss) income | Affected line item in the Condensed Consolidated Statements of Operations | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Employee benefit costs: | ||||||||||||||||||||||||||
Amortization of actuarial loss (1) | $ | $ | $ | $ | Miscellaneous loss, net | |||||||||||||||||||||
Settlement (1) | Miscellaneous loss, net | |||||||||||||||||||||||||
Total before income tax | $ | $ | $ | $ | ||||||||||||||||||||||
Income tax expense | ( | ( | Income tax benefit | |||||||||||||||||||||||
Total, net of income tax | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Raw coal | $ | $ | |||||||||
Saleable coal | |||||||||||
Materials, supplies and other, net (1) | |||||||||||
Total inventories, net | $ | $ |
September 30, 2020 | |||||||||||||||||
Assets (1) | Liabilities (2) | Net Total | |||||||||||||||
Coal supply agreements, net | $ | $ | ( | $ | ( | ||||||||||||
Acquired mine permits, net | |||||||||||||||||
Total | $ | $ | ( | $ |
December 31, 2019 | |||||||||||||||||
Assets (1) | Liabilities (2) | Net Total | |||||||||||||||
Coal supply agreements, net | $ | $ | ( | $ | ( | ||||||||||||
Acquired mine permits, net | |||||||||||||||||
Total | $ | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Amortization of mine permits (1) | $ | $ | $ | $ | |||||||||||||||||||
Amortization of above-market coal supply agreements | $ | $ | $ | $ | |||||||||||||||||||
Amortization of below-market coal supply agreements | ( | ( | ( | ( | |||||||||||||||||||
Net income (1) | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | Affected line item in the Condensed Consolidated Balance Sheets | |||||||||||||||
Severance and employee-related benefits (1) | $ | $ | Accrued expenses and other current liabilities and Other non-current liabilities | ||||||||||||||
Other costs (2) | Inventories, net and Other non-current assets | ||||||||||||||||
Total restructuring expense (3) | $ | $ |
September 30, 2020 | December 31, 2019 | |||||||||||||
Assets | Balance Sheet Classification | |||||||||||||
Financing lease assets | Property, plant, and equipment, net | $ | $ | |||||||||||
Operating lease right-of-use assets | Other non-current assets | |||||||||||||
Total lease assets | $ | $ | ||||||||||||
Liabilities | Balance Sheet Classification | |||||||||||||
Financing lease liabilities - current | Current portion of long-term debt | $ | $ | |||||||||||
Operating lease liabilities - current | Accrued expenses and other current liabilities | |||||||||||||
Financing lease liabilities - long-term | ||||||||||||||
Operating lease liabilities - long-term | ||||||||||||||
Total lease liabilities | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Lease cost (1) | |||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of leased assets | $ | $ | $ | $ | |||||||||||||||||||
Interest on lease liabilities | |||||||||||||||||||||||
Operating lease cost | |||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Other information | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | |||||||||
Operating cash flows from finance leases | $ | $ | |||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Financing cash flows from finance leases | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | ( | $ | ||||||||
Lease Term and Discount Rate | |||||||||||
Weighted-average remaining lease term in months - finance leases | 22.9 | 32.8 | |||||||||
Weighted-average remaining lease term in months - operating leases | 95.4 | 94.6 | |||||||||
Weighted-average discount rate - finance leases | % | % | |||||||||
Weighted-average discount rate - operating leases | % | % |
Finance Leases | Operating Leases | ||||||||||
Lease cost | |||||||||||
Remainder of 2020 | $ | $ | |||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
Thereafter | |||||||||||
Total future minimum lease payments | $ | $ | |||||||||
Imputed interest | ( | ( | |||||||||
Present value of future minimum lease payments | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Term Loan Credit Facility - due June 2024 | $ | $ | |||||||||
ABL Facility - due April 2022 | |||||||||||
LCC Note Payable | |||||||||||
LCC Water Treatment Obligation | |||||||||||
Other (1) | |||||||||||
Debt discount and issuance costs | ( | ( | |||||||||
Total long-term debt | |||||||||||
Less current portion | ( | ( | |||||||||
Long-term debt, net of current portion | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Contingent Revenue Obligation | $ | $ | |||||||||
Environmental Settlement Obligations | |||||||||||
Reclamation Funding Liability | |||||||||||
UMWA Funds Settlement Liability | |||||||||||
Discount | ( | ( | |||||||||
Total acquisition-related obligations | |||||||||||
Less current portion | ( | ( | |||||||||
Acquisition-related obligations, net of current portion | $ | $ |
Total asset retirement obligations at December 31, 2019 | $ | ||||
Accretion for the period | |||||
Sites added during the period | |||||
Revisions in estimated cash flows (1) | |||||
Expenditures for the period | ( | ||||
Total asset retirement obligations at September 30, 2020 | |||||
Less current portion (2) | ( | ||||
Long-term portion | $ |
September 30, 2020 | |||||||||||||||||||||||||||||
Carrying Amount (1) | Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Term Loan Credit Facility - due June 2024 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
ABL Facility - due April 2022 | |||||||||||||||||||||||||||||
LCC Note Payable | |||||||||||||||||||||||||||||
LCC Water Treatment Obligation | |||||||||||||||||||||||||||||
Total long-term debt | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||||
Carrying Amount (1) | Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Term Loan Credit Facility - due June 2024 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
LCC Note Payable | |||||||||||||||||||||||||||||
LCC Water Treatment Obligation | |||||||||||||||||||||||||||||
Total long-term debt | $ | $ | $ | $ | $ |
September 30, 2020 | |||||||||||||||||||||||||||||
Carrying Amount (1) | Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
UMWA Funds Settlement Liability | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Environmental Settlement Obligations | |||||||||||||||||||||||||||||
Total acquisition-related obligations | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||||
Carrying Amount (1) | Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
UMWA Funds Settlement Liability | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Reclamation Funding Liability | |||||||||||||||||||||||||||||
Environmental Settlement Obligations | |||||||||||||||||||||||||||||
Total acquisition-related obligations | $ | $ | $ | $ | $ |
September 30, 2020 | |||||||||||||||||||||||
Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Contingent Revenue Obligation | $ | $ | $ | $ | |||||||||||||||||||
Trading securities | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||
Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Contingent Revenue Obligation | $ | $ | $ | $ | |||||||||||||||||||
Trading securities | $ | $ | $ | $ |
December 31, 2019 | Payments | Loss (Gain) Recognized in Earnings (1) | Transfer In (Out) of Level 3 Fair Value Hierarchy | September 30, 2020 | |||||||||||||||||||||||||
Contingent Revenue Obligation | $ | $ | ( | $ | ( | $ | $ |
December 31, 2018 | Payments | Measurement Period Adjustments | Loss (Gain) Recognized in Earnings | Transfer In (Out) of Level 3 Fair Value Hierarchy | September 30, 2019 | ||||||||||||||||||||||||||||||
Contingent Revenue Obligation | $ | $ | ( | $ | $ | ( | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Forecasted future revenue | $ | $ | |||||||||
Stated royalty rate | |||||||||||
Annualized volatility |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||
Settlement | |||||||||||||||||||||||
Net periodic benefit | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||
Net periodic expense | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Amortization of net actuarial gain | ( | ( | ( | ( | |||||||||||||||||||
Net periodic expense | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Workers' compensation | $ | $ | |||||||||
Black lung | |||||||||||
Reclamation-related obligations | |||||||||||
Financial guarantees and other | |||||||||||
Contingent revenue obligation escrow | |||||||||||
Total restricted cash | |||||||||||
Less current portion (1) | ( | ( | |||||||||
Restricted cash, net of current portion | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Workers' compensation | $ | $ | |||||||||
Reclamation-related obligations | |||||||||||
Total restricted investments (1), (2) | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Reclamation-related obligations | $ | $ | |||||||||
Other operating agreements | |||||||||||
Total deposits (1) | $ | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Depreciation, depletion, and amortization | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Net (loss) income from continuing operations | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Interest income | ( | ( | ( | ( | |||||||||||||||||||||||||
Income tax benefit | ( | ( | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||||||||||||||
Non-cash stock compensation expense | |||||||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | |||||||||||||||||||||||||||||
Accretion on asset retirement obligations | |||||||||||||||||||||||||||||
Asset impairment and restructuring (1) | ( | ||||||||||||||||||||||||||||
Amortization of acquired intangibles, net | ( | ||||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | ( | $ |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Interest income | ( | ( | ( | ( | |||||||||||||||||||||||||
Income tax benefit | ( | ( | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||||||||||||||
Merger-related costs | |||||||||||||||||||||||||||||
Non-cash stock compensation expense | |||||||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | ( | ( | |||||||||||||||||||||||||||
Accretion on asset retirement obligations | |||||||||||||||||||||||||||||
Asset impairment | |||||||||||||||||||||||||||||
Amortization of acquired intangibles, net | ( | ||||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Net loss from continuing operations | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||||||||
Interest income | ( | ( | ( | ( | |||||||||||||||||||||||||
Income tax benefit | ( | ( | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||||||||||||||
Non-cash stock compensation expense | |||||||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | ( | ( | |||||||||||||||||||||||||||
Accretion on asset retirement obligations | |||||||||||||||||||||||||||||
Asset impairment and restructuring (1) | |||||||||||||||||||||||||||||
Management restructuring costs (2) | |||||||||||||||||||||||||||||
Loss on partial settlement of benefit obligations | |||||||||||||||||||||||||||||
Amortization of acquired intangibles, net | ( | ||||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | ( | $ |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | |||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Interest income | ( | ( | ( | ( | |||||||||||||||||||||||||
Income tax benefit | ( | ( | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||||||||||||||
Merger related costs | |||||||||||||||||||||||||||||
Non-cash stock compensation expense | |||||||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | ( | ( | |||||||||||||||||||||||||||
Accretion on asset retirement obligations | |||||||||||||||||||||||||||||
Loss on modification and extinguishment of debt | |||||||||||||||||||||||||||||
Asset impairment (1) | |||||||||||||||||||||||||||||
Cost impact of coal inventory fair value adjustment (2) | |||||||||||||||||||||||||||||
Gain on assets acquired in an exchange transaction (3) | ( | ( | |||||||||||||||||||||||||||
Amortization of acquired intangibles, net | ( | ( | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Total coal revenues | $ | $ | $ | $ | |||||||||||||||||||
Export coal revenues (1) | $ | $ | $ | $ | |||||||||||||||||||
Export coal revenues as % of total coal revenues | % | % | % | % |
2020 | |||||||||||||||||
Tons | % Priced | Average Realized Price per Ton | |||||||||||||||
CAPP - Met | 13.3 million | 86 | % | $81.49 | |||||||||||||
CAPP - Thermal | 3.3 million | 99 | % | $54.78 | |||||||||||||
NAPP | 5.5 million | 100 | % | $42.02 |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands, except for per ton data) | 2020 | 2019 | $ or Tons | % | |||||||||||||||||||
Coal revenues | $ | 399,954 | $ | 523,987 | $ | (124,033) | (23.7) | % | |||||||||||||||
Other revenues | 737 | 1,877 | (1,140) | (60.7) | % | ||||||||||||||||||
Total revenues | $ | 400,691 | $ | 525,864 | $ | (125,173) | (23.8) | % | |||||||||||||||
Tons sold | 5,535 | 5,765 | (230) | (4.0) | % |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 367,277 | $ | 467,658 | $ | (100,381) | (21.5) | % | |||||||||||||||
Depreciation, depletion and amortization | 50,739 | 60,842 | (10,103) | (16.6) | % | ||||||||||||||||||
Accretion on asset retirement obligations | 9,127 | 6,846 | 2,281 | 33.3 | % | ||||||||||||||||||
Amortization of acquired intangibles, net | 2,219 | 2,314 | (95) | (4.1) | % | ||||||||||||||||||
Asset impairment and restructuring | 3,571 | 32 | 3,539 | 11,059.4 | % |
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 14,501 | 17,387 | (2,886) | (16.6) | % | ||||||||||||||||||
Merger-related costs | — | 68 | (68) | (100.0) | % | ||||||||||||||||||
Total other operating (income) loss: | |||||||||||||||||||||||
Mark-to-market adjustment for acquisition-related obligations | 3,624 | (3,238) | 6,862 | 211.9 | % | ||||||||||||||||||
Other (income) expense | (1,359) | 166 | (1,525) | (918.7) | % | ||||||||||||||||||
Total costs and expenses | $ | 449,699 | $ | 552,075 | $ | (102,376) | (18.5) | % |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | $ | (18,389) | $ | (18,847) | $ | 458 | 2.4 | % | |||||||||||||||
Interest income | 378 | 1,763 | (1,385) | (78.6) | % | ||||||||||||||||||
Equity loss in affiliates | (1,295) | (1,845) | 550 | 29.8 | % | ||||||||||||||||||
Miscellaneous loss, net | (368) | (1,523) | 1,155 | 75.8 | % | ||||||||||||||||||
Total other expense, net | $ | (19,674) | $ | (20,452) | $ | 778 | 3.8 | % |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Income tax benefit | $ | 45 | $ | 3,102 | $ | (3,057) | (98.5) | % |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 295,376 | $ | 39,813 | $ | 64,765 | $ | — | $ | 399,954 | |||||||||||||||||||
Less: Freight and handling fulfillment revenues | (49,742) | (3,015) | (1,947) | — | (54,704) | ||||||||||||||||||||||||
Non-GAAP Coal revenues | $ | 245,634 | $ | 36,798 | $ | 62,818 | $ | — | $ | 345,250 | |||||||||||||||||||
Tons sold | 3,329 | 636 | 1,570 | — | 5,535 | ||||||||||||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 73.79 | $ | 57.86 | $ | 40.01 | $ | — | $ | 62.38 | |||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 276,170 | $ | 33,999 | $ | 57,661 | $ | (553) | $ | 367,277 | |||||||||||||||||||
Depreciation, depletion and amortization - production (1) | 41,177 | 7,313 | 1,504 | 410 | 50,404 | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 3,767 | 2,406 | 2,424 | 530 | 9,127 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 2,535 | (486) | 145 | 25 | 2,219 | ||||||||||||||||||||||||
Total Cost of coal sales | $ | 323,649 | $ | 43,232 | $ | 61,734 | $ | 412 | $ | 429,027 | |||||||||||||||||||
Less: Freight and handling costs | (49,742) | (3,015) | (1,947) | — | (54,704) | ||||||||||||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (41,177) | (7,313) | (1,504) | (410) | (50,404) | ||||||||||||||||||||||||
Less: Accretion on asset retirement obligations | (3,767) | (2,406) | (2,424) | (530) | (9,127) | ||||||||||||||||||||||||
Less: Amortization of acquired intangibles, net | (2,535) | 486 | (145) | (25) | (2,219) | ||||||||||||||||||||||||
Less: Idled and closed mine costs | (5,091) | (1,742) | (713) | 546 | (7,000) | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 221,337 | $ | 29,242 | $ | 55,001 | $ | (7) | $ | 305,573 | |||||||||||||||||||
Tons sold | 3,329 | 636 | 1,570 | — | 5,535 | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 66.49 | $ | 45.98 | $ | 35.03 | $ | — | $ | 55.21 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 295,376 | $ | 39,813 | $ | 64,765 | $ | — | $ | 399,954 | |||||||||||||||||||
Less: Total Cost of coal sales (per table above) | (323,649) | (43,232) | (61,734) | (412) | (429,027) | ||||||||||||||||||||||||
GAAP Coal margin | $ | (28,273) | $ | (3,419) | $ | 3,031 | $ | (412) | $ | (29,073) | |||||||||||||||||||
Tons sold | 3,329 | 636 | 1,570 | — | 5,535 | ||||||||||||||||||||||||
GAAP Coal margin per ton | $ | (8.49) | $ | (5.38) | $ | 1.93 | $ | — | $ | (5.25) | |||||||||||||||||||
GAAP Coal margin | $ | (28,273) | $ | (3,419) | $ | 3,031 | $ | (412) | $ | (29,073) | |||||||||||||||||||
Add: Depreciation, depletion and amortization - production (1) | 41,177 | 7,313 | 1,504 | 410 | 50,404 | ||||||||||||||||||||||||
Add: Accretion on asset retirement obligations | 3,767 | 2,406 | 2,424 | 530 | 9,127 | ||||||||||||||||||||||||
Add: Amortization of acquired intangibles, net | 2,535 | (486) | 145 | 25 | 2,219 | ||||||||||||||||||||||||
Add: Idled and closed mine costs | 5,091 | 1,742 | 713 | (546) | 7,000 | ||||||||||||||||||||||||
Non-GAAP Coal margin | $ | 24,297 | $ | 7,556 | $ | 7,817 | $ | 7 | $ | 39,677 | |||||||||||||||||||
Tons sold | 3,329 | 636 | 1,570 | — | 5,535 | ||||||||||||||||||||||||
Non-GAAP Coal margin per ton | $ | 7.30 | $ | 11.88 | $ | 4.98 | $ | — | $ | 7.17 |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 373,078 | $ | 80,174 | $ | 70,735 | $ | — | $ | 523,987 | |||||||||||||||||||
Less: Freight and handling fulfillment revenues | (50,100) | (9,869) | (2,961) | — | (62,930) | ||||||||||||||||||||||||
Non-GAAP Coal revenues | $ | 322,978 | $ | 70,305 | $ | 67,774 | $ | — | $ | 461,057 | |||||||||||||||||||
Tons sold | 2,981 | 1,144 | 1,640 | — | 5,765 | ||||||||||||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 108.35 | $ | 61.46 | $ | 41.33 | $ | — | $ | 79.98 | |||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 312,369 | $ | 78,022 | $ | 75,571 | $ | 1,696 | $ | 467,658 | |||||||||||||||||||
Depreciation, depletion and amortization - production (1) | 38,212 | 13,972 | 6,241 | 2,070 | 60,495 | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 2,326 | 2,670 | 1,017 | 833 | 6,846 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 4,765 | (3,359) | 908 | — | 2,314 | ||||||||||||||||||||||||
Total Cost of coal sales | $ | 357,672 | $ | 91,305 | $ | 83,737 | $ | 4,599 | $ | 537,313 | |||||||||||||||||||
Less: Freight and handling costs | (50,100) | (9,869) | (2,961) | — | (62,930) | ||||||||||||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (38,212) | (13,972) | (6,241) | (2,070) | (60,495) | ||||||||||||||||||||||||
Less: Accretion on asset retirement obligations | (2,326) | (2,670) | (1,017) | (833) | (6,846) | ||||||||||||||||||||||||
Less: Amortization of acquired intangibles, net | (4,765) | 3,359 | (908) | — | (2,314) | ||||||||||||||||||||||||
Less: Idled and closed mine costs | (1,956) | (458) | (659) | (1,696) | (4,769) | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 260,313 | $ | 67,695 | $ | 71,951 | $ | — | $ | 399,959 | |||||||||||||||||||
Tons sold | 2,981 | 1,144 | 1,640 | — | 5,765 | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 87.32 | $ | 59.17 | $ | 43.87 | $ | — | $ | 69.38 |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 373,078 | $ | 80,174 | $ | 70,735 | $ | — | $ | 523,987 | |||||||||||||||||||
Less: Total Cost of coal sales (per table above) | (357,672) | (91,305) | (83,737) | (4,599) | (537,313) | ||||||||||||||||||||||||
GAAP Coal margin | $ | 15,406 | $ | (11,131) | $ | (13,002) | $ | (4,599) | $ | (13,326) | |||||||||||||||||||
Tons sold | 2,981 | 1,144 | 1,640 | — | 5,765 | ||||||||||||||||||||||||
GAAP Coal margin per ton | $ | 5.17 | $ | (9.73) | $ | (7.93) | $ | — | $ | (2.31) | |||||||||||||||||||
GAAP Coal margin | $ | 15,406 | $ | (11,131) | $ | (13,002) | $ | (4,599) | $ | (13,326) | |||||||||||||||||||
Add: Depreciation, depletion and amortization - production (1) | 38,212 | 13,972 | 6,241 | 2,070 | 60,495 | ||||||||||||||||||||||||
Add: Accretion on asset retirement obligations | 2,326 | 2,670 | 1,017 | 833 | 6,846 | ||||||||||||||||||||||||
Add: Amortization of acquired intangibles, net | 4,765 | (3,359) | 908 | — | 2,314 | ||||||||||||||||||||||||
Add: Idled and closed mine costs | 1,956 | 458 | 659 | 1,696 | 4,769 | ||||||||||||||||||||||||
Non-GAAP Coal margin | $ | 62,665 | $ | 2,610 | $ | (4,177) | $ | — | $ | 61,098 | |||||||||||||||||||
Tons sold | 2,981 | 1,144 | 1,640 | — | 5,765 | ||||||||||||||||||||||||
Non-GAAP Coal margin per ton | $ | 21.03 | $ | 2.29 | $ | (2.54) | $ | — | $ | 10.60 |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands, except for per ton data) | 2020 | 2019 | $ | % | |||||||||||||||||||
Tons sold: | |||||||||||||||||||||||
CAPP - Met operations | 3,329 | 2,981 | 348 | 11.7 | % | ||||||||||||||||||
CAPP - Thermal operations | 636 | 1,144 | (508) | (44.4) | % | ||||||||||||||||||
NAPP operations | 1,570 | 1,640 | (70) | (4.3) | % | ||||||||||||||||||
Non-GAAP Coal revenues: | |||||||||||||||||||||||
CAPP - Met operations | $ | 245,634 | $ | 322,978 | $ | (77,344) | (23.9) | % | |||||||||||||||
CAPP - Thermal operations | $ | 36,798 | $ | 70,305 | $ | (33,507) | (47.7) | % | |||||||||||||||
NAPP operations | $ | 62,818 | $ | 67,774 | $ | (4,956) | (7.3) | % | |||||||||||||||
Non-GAAP Coal sales realization per ton: | |||||||||||||||||||||||
CAPP - Met operations | $ | 73.79 | $ | 108.35 | $ | (34.56) | (31.9) | % | |||||||||||||||
CAPP - Thermal operations | $ | 57.86 | $ | 61.46 | $ | (3.60) | (5.9) | % | |||||||||||||||
NAPP operations | $ | 40.01 | $ | 41.33 | $ | (1.32) | (3.2) | % | |||||||||||||||
Average | $ | 62.38 | $ | 79.98 | $ | (17.60) | (22.0) | % |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands, except for per ton data) | 2020 | 2019 | $ | % | |||||||||||||||||||
Non-GAAP Cost of coal sales: | |||||||||||||||||||||||
CAPP - Met operations | $ | 221,337 | $ | 260,313 | $ | (38,976) | (15.0) | % | |||||||||||||||
CAPP - Thermal operations | $ | 29,242 | $ | 67,695 | $ | (38,453) | (56.8) | % | |||||||||||||||
NAPP operations | $ | 55,001 | $ | 71,951 | $ | (16,950) | (23.6) | % | |||||||||||||||
Non-GAAP Cost of coal sales per ton: | |||||||||||||||||||||||
CAPP - Met operations | $ | 66.49 | $ | 87.32 | $ | (20.83) | (23.9) | % | |||||||||||||||
CAPP - Thermal operations | $ | 45.98 | $ | 59.17 | $ | (13.19) | (22.3) | % | |||||||||||||||
NAPP operations | $ | 35.03 | $ | 43.87 | $ | (8.84) | (20.2) | % | |||||||||||||||
Non-GAAP Coal margin per ton: | |||||||||||||||||||||||
CAPP - Met operations | $ | 7.30 | $ | 21.03 | $ | (13.73) | (65.3) | % | |||||||||||||||
CAPP - Thermal operations | $ | 11.88 | $ | 2.29 | $ | 9.59 | 418.8 | % | |||||||||||||||
NAPP operations | $ | 4.98 | $ | (2.54) | $ | 7.52 | 296.1 | % |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 221,337 | $ | 29,242 | $ | 55,001 | $ | (7) | $ | 305,573 | |||||||||||||||||||
Less: cost of purchased coal sold | (12,511) | 70 | — | — | (12,441) | ||||||||||||||||||||||||
Adjusted cost of produced coal sold | $ | 208,826 | $ | 29,312 | $ | 55,001 | $ | (7) | $ | 293,132 | |||||||||||||||||||
Produced tons sold | 3,142 | 636 | 1,570 | — | 5,348 | ||||||||||||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 66.46 | $ | 46.09 | $ | 35.03 | $ | — | $ | 54.81 |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 260,313 | $ | 67,695 | $ | 71,951 | $ | — | $ | 399,959 | |||||||||||||||||||
Less: cost of purchased coal sold | (47,731) | (1,050) | — | — | (48,781) | ||||||||||||||||||||||||
Adjusted cost of produced coal sold | $ | 212,582 | $ | 66,645 | $ | 71,951 | $ | — | $ | 351,178 | |||||||||||||||||||
Produced tons sold | 2,558 | 1,127 | 1,640 | — | 5,325 | ||||||||||||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 83.10 | $ | 59.13 | $ | 43.87 | $ | — | $ | 65.95 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Net (loss) income from continuing operations | $ | (29,545) | $ | (3,815) | $ | 149 | $ | (35,426) | $ | (68,637) | |||||||||||||||||||
Interest expense | (189) | 2 | (357) | 18,933 | 18,389 | ||||||||||||||||||||||||
Interest income | (3) | — | (1) | (374) | (378) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | (45) | (45) | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 41,177 | 7,313 | 1,504 | 745 | 50,739 | ||||||||||||||||||||||||
Non-cash stock compensation expense | 105 | — | — | 973 | 1,078 | ||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | — | — | — | 3,624 | 3,624 | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 3,767 | 2,406 | 2,424 | 530 | 9,127 | ||||||||||||||||||||||||
Asset impairment and restructuring (1) | — | (265) | 3,386 | 450 | 3,571 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 2,535 | (486) | 145 | 25 | 2,219 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 17,847 | $ | 5,155 | $ | 7,250 | $ | (10,565) | $ | 19,687 |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 13,033 | $ | (11,338) | $ | (12,304) | $ | (32,952) | $ | (43,561) | |||||||||||||||||||
Interest expense | 84 | 6 | 1 | 18,756 | 18,847 | ||||||||||||||||||||||||
Interest income | (4) | — | (15) | (1,744) | (1,763) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | (3,102) | (3,102) | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 38,212 | 13,972 | 6,241 | 2,417 | 60,842 | ||||||||||||||||||||||||
Merger-related costs | — | — | — | 68 | 68 | ||||||||||||||||||||||||
Non-cash stock compensation expense | 348 | 3 | — | 2,387 | 2,738 | ||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | — | — | — | (3,238) | (3,238) | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 2,326 | 2,670 | 1,017 | 833 | 6,846 | ||||||||||||||||||||||||
Asset impairment | 32 | — | — | — | 32 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 4,765 | (3,359) | 908 | — | 2,314 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 58,796 | $ | 1,954 | $ | (4,152) | $ | (16,575) | $ | 40,023 |
Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
CAPP - Met operations | $ | 17,847 | $ | 58,796 | $ | (40,949) | (69.6) | % | |||||||||||||||
CAPP - Thermal operations | 5,155 | 1,954 | 3,201 | 163.8 | % | ||||||||||||||||||
NAPP operations | 7,250 | (4,152) | 11,402 | 274.6 | % | ||||||||||||||||||
All Other | (10,565) | (16,575) | 6,010 | 36.3 | % | ||||||||||||||||||
Total | $ | 19,687 | $ | 40,023 | $ | (20,336) | (50.8) | % |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands, except for per ton data) | 2020 | 2019 | $ or Tons | % | |||||||||||||||||||
Coal revenues | $ | 1,278,935 | $ | 1,784,775 | $ | (505,840) | (28.3) | % | |||||||||||||||
Other revenues | 4,054 | 6,409 | (2,355) | (36.7) | % | ||||||||||||||||||
Total revenues | $ | 1,282,989 | $ | 1,791,184 | $ | (508,195) | (28.4) | % | |||||||||||||||
Tons sold | 16,139 | 18,017 | (1,878) | (10.4) | % |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 1,148,416 | $ | 1,480,098 | $ | (331,682) | (22.4) | % | |||||||||||||||
Depreciation, depletion and amortization | 154,466 | 184,927 | (30,461) | (16.5) | % | ||||||||||||||||||
Accretion on asset retirement obligations | 23,806 | 19,925 | 3,881 | 19.5 | % | ||||||||||||||||||
Amortization of acquired intangibles, net | 5,180 | (4,712) | 9,892 | 209.9 | % | ||||||||||||||||||
Asset impairment and restructuring | 221,453 | 5,858 | 215,595 | 3,680.4 | % | ||||||||||||||||||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 42,010 | 53,121 | (11,111) | (20.9) | % | ||||||||||||||||||
Merger-related costs | — | 1,055 | (1,055) | (100.0) | % | ||||||||||||||||||
Total other operating (income) loss: | |||||||||||||||||||||||
Mark-to-market adjustment for acquisition-related obligations | (13,425) | (288) | (13,137) | (4,561.5) | % | ||||||||||||||||||
Other income | (2,063) | (7,319) | 5,256 | 71.8 | % | ||||||||||||||||||
Total costs and expenses | $ | 1,579,843 | $ | 1,732,665 | $ | (152,822) | (8.8) | % |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | $ | (54,808) | $ | (50,079) | $ | (4,729) | (9.4) | % | |||||||||||||||
Interest income | 6,889 | 5,584 | 1,305 | 23.4 | % | ||||||||||||||||||
Loss on modification and extinguishment of debt | — | (26,459) | 26,459 | 100.0 | % | ||||||||||||||||||
Equity loss in affiliates | (3,085) | (4,804) | 1,719 | 35.8 | % | ||||||||||||||||||
Miscellaneous loss, net | (1,088) | (2,912) | 1,824 | 62.6 | % | ||||||||||||||||||
Total other expense, net | $ | (52,092) | $ | (78,670) | $ | 26,578 | 33.8 | % |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Income tax benefit | $ | 2,200 | $ | 8,880 | $ | (6,680) | (75.2) | % |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 974,098 | $ | 115,276 | $ | 189,171 | $ | 390 | $ | 1,278,935 | |||||||||||||||||||
Less: Freight and handling fulfillment revenues | (158,258) | (11,392) | (9,785) | — | (179,435) | ||||||||||||||||||||||||
Non-GAAP Coal revenues | $ | 815,840 | $ | 103,884 | $ | 179,386 | $ | 390 | $ | 1,099,500 | |||||||||||||||||||
Tons sold | 9,860 | 1,901 | 4,372 | 6 | 16,139 | ||||||||||||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 82.74 | $ | 54.65 | $ | 41.03 | $ | 65.00 | $ | 68.13 | |||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 866,311 | $ | 108,190 | $ | 169,406 | $ | 4,509 | $ | 1,148,416 | |||||||||||||||||||
Depreciation, depletion and amortization - production (1) | 121,699 | 19,422 | 10,525 | 1,795 | 153,441 | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 10,786 | 7,025 | 3,963 | 2,032 | 23,806 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 7,875 | (3,484) | 714 | 75 | 5,180 | ||||||||||||||||||||||||
Total Cost of coal sales | $ | 1,006,671 | $ | 131,153 | $ | 184,608 | $ | 8,411 | $ | 1,330,843 | |||||||||||||||||||
Less: Freight and handling costs | (158,258) | (11,392) | (9,785) | — | (179,435) | ||||||||||||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (121,699) | (19,422) | (10,525) | (1,795) | (153,441) | ||||||||||||||||||||||||
Less: Accretion on asset retirement obligations | (10,786) | (7,025) | (3,963) | (2,032) | (23,806) | ||||||||||||||||||||||||
Less: Amortization of acquired intangibles, net | (7,875) | 3,484 | (714) | (75) | (5,180) | ||||||||||||||||||||||||
Less: Idled and closed mine costs | (13,191) | (5,432) | (2,104) | (4,202) | (24,929) | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 694,862 | $ | 91,366 | $ | 157,517 | $ | 307 | $ | 944,052 | |||||||||||||||||||
Tons sold | 9,860 | 1,901 | 4,372 | 6 | 16,139 | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 70.47 | $ | 48.06 | $ | 36.03 | $ | 51.17 | $ | 58.50 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 974,098 | $ | 115,276 | $ | 189,171 | $ | 390 | $ | 1,278,935 | |||||||||||||||||||
Less: Total Cost of coal sales (per table above) | (1,006,671) | (131,153) | (184,608) | (8,411) | (1,330,843) | ||||||||||||||||||||||||
GAAP Coal margin | $ | (32,573) | $ | (15,877) | $ | 4,563 | $ | (8,021) | $ | (51,908) | |||||||||||||||||||
Tons sold | 9,860 | 1,901 | 4,372 | 6 | 16,139 | ||||||||||||||||||||||||
GAAP Coal margin per ton | $ | (3.30) | $ | (8.35) | $ | 1.04 | $ | (1,336.83) | $ | (3.22) | |||||||||||||||||||
GAAP Coal margin | $ | (32,573) | $ | (15,877) | $ | 4,563 | $ | (8,021) | $ | (51,908) | |||||||||||||||||||
Add: Depreciation, depletion and amortization - production (1) | 121,699 | 19,422 | 10,525 | 1,795 | 153,441 | ||||||||||||||||||||||||
Add: Accretion on asset retirement obligations | 10,786 | 7,025 | 3,963 | 2,032 | 23,806 | ||||||||||||||||||||||||
Add: Amortization of acquired intangibles, net | 7,875 | (3,484) | 714 | 75 | 5,180 | ||||||||||||||||||||||||
Add: Idled and closed mine costs | 13,191 | 5,432 | 2,104 | 4,202 | 24,929 | ||||||||||||||||||||||||
Non-GAAP Coal margin | $ | 120,978 | $ | 12,518 | $ | 21,869 | $ | 83 | $ | 155,448 | |||||||||||||||||||
Tons sold | 9,860 | 1,901 | 4,372 | 6 | 16,139 | ||||||||||||||||||||||||
Non-GAAP Coal margin per ton | $ | 12.27 | $ | 6.59 | $ | 5.00 | $ | 13.83 | $ | 9.63 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 1,339,663 | $ | 224,814 | $ | 220,298 | $ | — | $ | 1,784,775 | |||||||||||||||||||
Less: Freight and handling fulfillment revenues | (182,729) | (23,683) | (5,430) | — | (211,842) | ||||||||||||||||||||||||
Non-GAAP Coal revenues | $ | 1,156,934 | $ | 201,131 | $ | 214,868 | $ | — | $ | 1,572,933 | |||||||||||||||||||
Tons sold | 9,653 | 3,325 | 5,039 | — | 18,017 | ||||||||||||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 119.85 | $ | 60.49 | $ | 42.64 | $ | — | $ | 87.30 | |||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 1,057,988 | $ | 218,667 | $ | 199,566 | $ | 3,877 | $ | 1,480,098 | |||||||||||||||||||
Depreciation, depletion and amortization - production (1) | 113,714 | 44,586 | 19,390 | 6,190 | 183,880 | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 6,986 | 7,401 | 3,050 | 2,488 | 19,925 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 5,816 | (12,142) | 1,614 | — | (4,712) | ||||||||||||||||||||||||
Total Cost of coal sales | $ | 1,184,504 | $ | 258,512 | $ | 223,620 | $ | 12,555 | $ | 1,679,191 | |||||||||||||||||||
Less: Freight and handling costs | (182,729) | (23,683) | (5,430) | — | (211,842) | ||||||||||||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (113,714) | (44,586) | (19,390) | (6,190) | (183,880) | ||||||||||||||||||||||||
Less: Accretion on asset retirement obligations | (6,986) | (7,401) | (3,050) | (2,488) | (19,925) | ||||||||||||||||||||||||
Less: Amortization of acquired intangibles, net | (5,816) | 12,142 | (1,614) | — | 4,712 | ||||||||||||||||||||||||
Less: Idled and closed mine costs | (5,942) | (1,442) | (2,222) | (3,877) | (13,483) | ||||||||||||||||||||||||
Less: Cost impact of coal inventory fair value adjustment (2) | (4,751) | (3,458) | — | — | (8,209) | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 864,566 | $ | 190,084 | $ | 191,914 | $ | — | $ | 1,246,564 | |||||||||||||||||||
Tons sold | 9,653 | 3,325 | 5,039 | — | 18,017 | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 89.56 | $ | 57.17 | $ | 38.09 | $ | — | $ | 69.19 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Coal revenues | $ | 1,339,663 | $ | 224,814 | $ | 220,298 | $ | — | $ | 1,784,775 | |||||||||||||||||||
Less: Total Cost of coal sales (per table above) | (1,184,504) | (258,512) | (223,620) | (12,555) | (1,679,191) | ||||||||||||||||||||||||
GAAP Coal margin | $ | 155,159 | $ | (33,698) | $ | (3,322) | $ | (12,555) | $ | 105,584 | |||||||||||||||||||
Tons sold | 9,653 | 3,325 | 5,039 | — | 18,017 | ||||||||||||||||||||||||
GAAP Coal margin per ton | $ | 16.07 | $ | (10.13) | $ | (0.66) | $ | — | $ | 5.86 | |||||||||||||||||||
GAAP Coal margin | $ | 155,159 | $ | (33,698) | $ | (3,322) | $ | (12,555) | $ | 105,584 | |||||||||||||||||||
Add: Depreciation, depletion and amortization - production (1) | 113,714 | 44,586 | 19,390 | 6,190 | 183,880 | ||||||||||||||||||||||||
Add: Accretion on asset retirement obligations | 6,986 | 7,401 | 3,050 | 2,488 | 19,925 | ||||||||||||||||||||||||
Add: Amortization of acquired intangibles, net | 5,816 | (12,142) | 1,614 | — | (4,712) | ||||||||||||||||||||||||
Add: Idled and closed mine costs | 5,942 | 1,442 | 2,222 | 3,877 | 13,483 | ||||||||||||||||||||||||
Add: Cost impact of coal inventory fair value adjustment (2) | 4,751 | 3,458 | — | — | 8,209 | ||||||||||||||||||||||||
Non-GAAP Coal margin | $ | 292,368 | $ | 11,047 | $ | 22,954 | $ | — | $ | 326,369 | |||||||||||||||||||
Tons sold | 9,653 | 3,325 | 5,039 | — | 18,017 | ||||||||||||||||||||||||
Non-GAAP Coal margin per ton | $ | 30.29 | $ | 3.32 | $ | 4.55 | $ | — | $ | 18.11 |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands, except for per ton data) | 2020 | 2019 | $ | % | |||||||||||||||||||
Tons sold: | |||||||||||||||||||||||
CAPP - Met operations | 9,860 | 9,653 | 207 | 2.1 | % | ||||||||||||||||||
CAPP - Thermal operations | 1,901 | 3,325 | (1,424) | (42.8) | % | ||||||||||||||||||
NAPP operations | 4,372 | 5,039 | (667) | (13.2) | % | ||||||||||||||||||
Non-GAAP Coal revenues: | |||||||||||||||||||||||
CAPP - Met operations | $ | 815,840 | $ | 1,156,934 | $ | (341,094) | (29.5) | % | |||||||||||||||
CAPP - Thermal operations | $ | 103,884 | $ | 201,131 | $ | (97,247) | (48.4) | % | |||||||||||||||
NAPP operations | $ | 179,386 | $ | 214,868 | $ | (35,482) | (16.5) | % | |||||||||||||||
Non-GAAP Coal sales realization per ton: | |||||||||||||||||||||||
CAPP - Met operations | $ | 82.74 | $ | 119.85 | $ | (37.11) | (31.0) | % | |||||||||||||||
CAPP - Thermal operations | $ | 54.65 | $ | 60.49 | $ | (5.84) | (9.7) | % | |||||||||||||||
NAPP operations | $ | 41.03 | $ | 42.64 | $ | (1.61) | (3.8) | % | |||||||||||||||
Average | $ | 68.13 | $ | 87.30 | $ | (19.17) | (22.0) | % |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands, except for per ton data) | 2020 | 2019 | $ | % | |||||||||||||||||||
Non-GAAP Cost of coal sales: | |||||||||||||||||||||||
CAPP - Met operations | $ | 694,862 | $ | 864,566 | $ | (169,704) | (19.6) | % | |||||||||||||||
CAPP - Thermal operations | $ | 91,366 | $ | 190,084 | $ | (98,718) | (51.9) | % | |||||||||||||||
NAPP operations | $ | 157,517 | $ | 191,914 | $ | (34,397) | (17.9) | % | |||||||||||||||
Non-GAAP Cost of coal sales per ton: | |||||||||||||||||||||||
CAPP - Met operations | $ | 70.47 | $ | 89.56 | $ | (19.09) | (21.3) | % | |||||||||||||||
CAPP - Thermal operations | $ | 48.06 | $ | 57.17 | $ | (9.11) | (15.9) | % | |||||||||||||||
NAPP operations | $ | 36.03 | $ | 38.09 | $ | (2.06) | (5.4) | % | |||||||||||||||
Non-GAAP Coal margin per ton: | |||||||||||||||||||||||
CAPP - Met operations | $ | 12.27 | $ | 30.29 | $ | (18.02) | (59.5) | % | |||||||||||||||
CAPP - Thermal operations | $ | 6.59 | $ | 3.32 | $ | 3.27 | 98.5 | % | |||||||||||||||
NAPP operations | $ | 5.00 | $ | 4.55 | $ | 0.45 | 9.9 | % |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 694,862 | $ | 91,366 | $ | 157,517 | $ | 307 | $ | 944,052 | |||||||||||||||||||
Less: cost of purchased coal sold | (65,777) | (832) | — | — | (66,609) | ||||||||||||||||||||||||
Adjusted cost of produced coal sold | $ | 629,085 | $ | 90,534 | $ | 157,517 | $ | 307 | $ | 877,443 | |||||||||||||||||||
Produced tons sold | 9,002 | 1,887 | 4,372 | 6 | 15,267 | ||||||||||||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 69.88 | $ | 47.98 | $ | 36.03 | $ | 51.17 | $ | 57.47 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands, except for per ton data) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Non-GAAP Cost of coal sales | $ | 864,566 | $ | 190,084 | $ | 191,914 | $ | — | $ | 1,246,564 | |||||||||||||||||||
Less: cost of purchased coal sold | (194,590) | (6,378) | — | — | (200,968) | ||||||||||||||||||||||||
Adjusted cost of produced coal sold | $ | 669,976 | $ | 183,706 | $ | 191,914 | $ | — | $ | 1,045,596 | |||||||||||||||||||
Produced tons sold | 7,948 | 3,215 | 5,039 | — | 16,202 | ||||||||||||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 84.29 | $ | 57.14 | $ | 38.09 | $ | — | $ | 64.53 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Net loss from continuing operations | $ | (67,996) | $ | (37,711) | $ | (158,983) | $ | (82,056) | $ | (346,746) | |||||||||||||||||||
Interest expense | (1,495) | 6 | (1,431) | 57,728 | 54,808 | ||||||||||||||||||||||||
Interest income | (63) | — | (15) | (6,811) | (6,889) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | (2,200) | (2,200) | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 121,699 | 19,422 | 10,525 | 2,820 | 154,466 | ||||||||||||||||||||||||
Non-cash stock compensation expense | 410 | 8 | — | 3,782 | 4,200 | ||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | — | — | — | (13,425) | (13,425) | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 10,786 | 7,025 | 3,963 | 2,032 | 23,806 | ||||||||||||||||||||||||
Asset impairment and restructuring (1) | 32,951 | 20,188 | 165,866 | 2,448 | 221,453 | ||||||||||||||||||||||||
Management restructuring costs (2) | 501 | 5 | 6 | 435 | 947 | ||||||||||||||||||||||||
Loss on partial settlement of benefit obligations | — | — | — | 1,230 | 1,230 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 7,875 | (3,484) | 714 | 75 | 5,180 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 104,668 | $ | 5,459 | $ | 20,645 | $ | (33,942) | $ | 96,830 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
(In thousands) | CAPP - Met | CAPP - Thermal | NAPP | All Other | Consolidated | ||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 154,020 | $ | (34,675) | $ | (2,118) | $ | (128,498) | $ | (11,271) | |||||||||||||||||||
Interest expense | 306 | 16 | 2 | 49,755 | 50,079 | ||||||||||||||||||||||||
Interest income | (12) | — | (38) | (5,534) | (5,584) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | (8,880) | (8,880) | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 113,714 | 44,586 | 19,390 | 7,237 | 184,927 | ||||||||||||||||||||||||
Merger related costs | — | — | — | 1,055 | 1,055 | ||||||||||||||||||||||||
Non-cash stock compensation expense | 1,127 | 60 | — | 6,276 | 7,463 | ||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | — | — | — | (288) | (288) | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 6,986 | 7,401 | 3,050 | 2,488 | 19,925 | ||||||||||||||||||||||||
Loss on modification and extinguishment of debt | — | — | — | 26,459 | 26,459 | ||||||||||||||||||||||||
Asset impairment (1) | 5,858 | — | — | — | 5,858 | ||||||||||||||||||||||||
Cost impact of coal inventory fair value adjustment (2) | 4,751 | 3,458 | — | — | 8,209 | ||||||||||||||||||||||||
Gain on assets acquired in an exchange transaction (3) | (9,083) | — | — | — | (9,083) | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 5,816 | (12,142) | 1,614 | — | (4,712) | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 283,483 | $ | 8,704 | $ | 21,900 | $ | (49,930) | $ | 264,157 |
Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | $ | % | |||||||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
CAPP - Met operations | $ | 104,668 | $ | 283,483 | $ | (178,815) | (63.1) | % | |||||||||||||||
CAPP - Thermal operations | 5,459 | 8,704 | (3,245) | (37.3) | % | ||||||||||||||||||
NAPP operations | 20,645 | 21,900 | (1,255) | (5.7) | % | ||||||||||||||||||
All Other | (33,942) | (49,930) | 15,988 | 32.0 | % | ||||||||||||||||||
Total | $ | 96,830 | $ | 264,157 | $ | (167,327) | (63.3) | % |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows (in thousands): | |||||||||||
Net cash provided by operating activities | $ | 73,033 | $ | 137,578 | |||||||
Net cash used in investing activities | (124,833) | (167,579) | |||||||||
Net cash used in financing activities | (3,277) | (64,110) | |||||||||
Net decrease in cash and cash equivalents and restricted cash | $ | (55,077) | $ | (94,111) |
(in thousands) | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | After 2024 | Total | ||||||||||||||||||||||||||||||||||
Contingent revenue obligation | $ | — | $ | 10,945 | $ | 11,972 | $ | 11,217 | $ | — | $ | — | $ | 34,134 |
2020 | |||||||||||
Tons | % Priced | ||||||||||
CAPP - Met | 13.3 million | 86 | % | ||||||||
CAPP - Thermal | 3.3 million | 99 | % | ||||||||
NAPP | 5.5 million | 100 | % |
Total Number of Shares Purchased (1) | Average Price Paid per Share (4) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (In thousands) (2),(3) | ||||||||||||||||||||
July 1, 2020 through July 31, 2020 | 4,290 | $ | 3.62 | — | $ | 67,552 | |||||||||||||||||
August 1, 2020 through August 31, 2020 | — | $ | — | — | $ | 67,552 | |||||||||||||||||
September 1, 2020 through September 30, 2020 | — | $ | — | — | $ | 67,552 | |||||||||||||||||
4,290 | — | $ | 67,522 |
CONTURA ENERGY, INC. | ||||||||
Date: November 9, 2020 | By: | /s/ Charles Andrew Eidson | ||||||
Name: | Charles Andrew Eidson | |||||||
Title: | Executive Vice President and Chief Financial Officer | |||||||
(Principal Financial Officer and Principal Accounting Officer) |
Exhibit No. | Description of Exhibit | ||||
3.1 | |||||
3.2 | |||||
10.1* | |||||
31* | |||||
32* | |||||
95* | |||||
101 | The following financial information from Contura Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Statements of Comprehensive Loss, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Cash Flows, (v) Condensed Consolidated Statements of Stockholders’ Equity, and (vi) Notes to the Condensed Consolidated Financial Statements. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Witness: | ||||||||
EMPLOYEE |
[COMPANY] | |||||||||||
By: | Witness: | ||||||||||
Name: | |||||||||||
Title: |
Date: November 9, 2020 | ||
By: /s/ David J. Stetson | ||
David J. Stetson | ||
Chief Executive Officer | ||
(Principal Executive Officer) |
Date: November 9, 2020 | ||
By: /s/ Charles Andrew Eidson | ||
Charles Andrew Eidson | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer and Principal Accounting Officer) |
By: /s/ David J. Stetson | ||
David J. Stetson | ||
Chief Executive Officer | ||
(Principal Executive Officer) |
Date: November 9, 2020 | ||
By: /s/ Charles Andrew Eidson | ||
Charles Andrew Eidson | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer and Principal Accounting Officer) |
MSHA Mine ID | Operator | Significant and Substantial Citations Issued (Section 104 of the Mine Act) *Excludes 104(d) citations/orders | Failure to Abate Orders (Section 104(b) of the Mine Act) | Unwarrantable Failure Citations/Orders Issued (Section 104(d) of the Mine Act) | Flagrant Violations (Section 110(b)(2) of the Mine Act) | Imminent Danger Orders Issued (Section 107(a) of the Mine Act) | Dollar Value of Proposed Civil Penalty Assessments (in Thousands) (1) | Mining Related Fatalities | ||||||||||||||||||||||||||||||||||||||||||
3605018 | Cumberland Contura, LLC | 8 | — | — | — | — | $16.45 | — | ||||||||||||||||||||||||||||||||||||||||||
4405311 | Dickenson-Russell Contura, LLC | — | — | — | — | — | $2.74 | — | ||||||||||||||||||||||||||||||||||||||||||
4407223 | Paramont Contura, LLC | 10 | — | — | — | — | $13.08 | — | ||||||||||||||||||||||||||||||||||||||||||
4407308 | Paramont Contura, LLC | 5 | — | — | — | — | $8.14 | — | ||||||||||||||||||||||||||||||||||||||||||
4407381 | Paramont Contura, LLC | — | — | — | — | — | $0.25 | — | ||||||||||||||||||||||||||||||||||||||||||
4601544 | Spartan Mining Company, LLC | — | — | — | — | — | $43.25 | — | ||||||||||||||||||||||||||||||||||||||||||
4604343 | Kingston Mining, Inc. | — | — | — | — | — | $0.97 | — | ||||||||||||||||||||||||||||||||||||||||||
4604637 | Kepler Processing Company LLC | 1 | — | — | — | — | $0.82 | — | ||||||||||||||||||||||||||||||||||||||||||
4605086 | Bandmill Coal LLC | 2 | — | — | — | — | $1.85 | — | ||||||||||||||||||||||||||||||||||||||||||
4605649 | Dickenson-Russell Contura, LLC | — | — | — | — | — | $1.54 | — | ||||||||||||||||||||||||||||||||||||||||||
4606263 | Brooks Run South Mining, LLC | 5 | — | — | — | — | $9.30 | — | ||||||||||||||||||||||||||||||||||||||||||
4606558 | Highland Mining Company | — | — | — | — | — | $0.12 | — | ||||||||||||||||||||||||||||||||||||||||||
4608159 | Mammoth Coal Co. | — | — | — | — | — | $2.35 | — | ||||||||||||||||||||||||||||||||||||||||||
4608374 | Marfork Coal Company, LLC | 2 | — | — | — | — | $2.27 | — | ||||||||||||||||||||||||||||||||||||||||||
4608625 | Kingston Mining, Inc. | — | — | — | — | — | $7.51 | — | ||||||||||||||||||||||||||||||||||||||||||
4608787 | Nicholas Contura, LLC | 6 | — | — | — | — | $9.01 | — | ||||||||||||||||||||||||||||||||||||||||||
4608801 | Aracoma Coal Company, LLC | 3 | — | — | — | — | $22.29 | — | ||||||||||||||||||||||||||||||||||||||||||
4608802 | Aracoma Coal Company, LLC | 2 | — | — | — | — | $5.49 | — | ||||||||||||||||||||||||||||||||||||||||||
4608808 | Spartan Mining Company, LLC | 4 | — | — | — | — | $55.58 | — | ||||||||||||||||||||||||||||||||||||||||||
4608837 | Marfork Coal Company, LLC | 3 | — | — | — | — | $2.93 | — | ||||||||||||||||||||||||||||||||||||||||||
4608932 | Kingston Mining, Inc. | 2 | — | — | — | — | $5.30 | — |
4609026 | Republic Energy, LLC | 1 | — | — | — | — | $0.00 | — | ||||||||||||||||||||||||||||||||||||||||||
4609048 | Marfork Coal Company, LLC | — | — | — | — | — | $7.10 | — | ||||||||||||||||||||||||||||||||||||||||||
4609054 | Republic Energy, LLC | — | — | — | — | — | $1.18 | — | ||||||||||||||||||||||||||||||||||||||||||
4609091 | Marfork Coal Company, LLC | 26 | — | — | — | — | $115.77 | — | ||||||||||||||||||||||||||||||||||||||||||
4609092 | Marfork Coal Company, LLC | 1 | — | — | — | — | $4.42 | — | ||||||||||||||||||||||||||||||||||||||||||
4609148 | Mammoth Coal Co. | — | — | — | — | — | $1.17 | — | ||||||||||||||||||||||||||||||||||||||||||
4609204 | Highland Mining Company | — | — | — | — | — | $0.14 | — | ||||||||||||||||||||||||||||||||||||||||||
4609212 | Marfork Coal Company, LLC | 4 | — | — | — | — | $73.03 | — | ||||||||||||||||||||||||||||||||||||||||||
4609221 | Mammoth Coal Co. | 3 | — | — | — | — | $14.71 | — | ||||||||||||||||||||||||||||||||||||||||||
4609361 | Aracoma Coal Company, LLC | 2 | — | — | — | — | $3.13 | — | ||||||||||||||||||||||||||||||||||||||||||
4609409 | Republic Energy, LLC | — | — | — | — | — | $0.25 | — | ||||||||||||||||||||||||||||||||||||||||||
4609475 | Republic Energy, LLC | 6 | — | — | — | — | $4.17 | — | ||||||||||||||||||||||||||||||||||||||||||
4609522 | Spartan Mining Company, LLC | 12 | — | — | — | — | $5.69 | — | ||||||||||||||||||||||||||||||||||||||||||
4609550 | Marfork Coal Company, LLC | 5 | — | — | — | — | $19.22 | — | ||||||||||||||||||||||||||||||||||||||||||
4609574 | Aracoma Coal Company, LLC | — | — | — | — | — | $0.12 | — | ||||||||||||||||||||||||||||||||||||||||||
4609575 | Aracoma Coal Company, LLC | — | — | — | — | — | $0.12 | — |
Mine ID | Operator Name | MSHA Pending Legal Actions (as of last day of reporting period) (1) | New MSHA Dockets commenced during reporting period | MSHA dockets in which final orders were entered (not appealed) during reporting period | Contests of Citations/Orders referenced in Subpart B, 29 CFR Part 2700 | Contests of Proposed Penalties referenced in Subpart C, 29 CFR Part 2700 | Complaints for compensation referenced in Subpart D, 29 CFR Part 2700 | Complaints for discharge, discrimination, or interference referenced in Subpart E, 29 CFR Part 2700 | Applications for temporary relief referenced in Subpart F 29 CFR Part 2700 | Appeals of judges’ decisions or orders to FMSHRC referenced in Subpart H 29 CFR Part 2700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3605018 | Cumberland Contura, LLC | — | — | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4407223 | Paramont Contura, LLC | 1 | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4601544 | Spartan Mining Company, LLC | 2 | 2 | 1 | — | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4608625 | Kingston Mining, Inc. | 1 | 1 | 5 | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4608808 | Spartan Mining Company, LLC | 2 | 2 | — | — | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4608932 | Kingston Mining, Inc. | — | 1 | 4 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4609048 | Marfork Coal Company, LLC | 1 | 1 | 1 | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4609091 | Marfork Coal Company, LLC | 2 | 1 | 3 | — | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4609092 | Marfork Coal Company, LLC | — | — | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4609212 | Marfork Coal Company, LLC | 3 | 3 | 3 | — | 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4609550 | Marfork Coal Company, LLC | 1 | 1 | 2 | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4407163 | Paramont Contura, LLC | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4609221 | Mammoth Coal Co. | — | — | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4609475 | Republic Energy LLC | — | 1 | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4604343 | Kingston Mining Inc. | 1 | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4606263 | Brooks Run South Mining, LLC | — | — | 2 | — | — | — | — | — | — |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Other Comprehensive Income [Abstract] | ||||
Net loss | $ (68,637) | $ (68,532) | $ (346,746) | $ (175,378) |
Employee benefit plans: | ||||
Amortization of and adjustments to employee benefit costs | 1,133 | (86) | (9,998) | 1,340 |
Income tax expense | 0 | 22 | 0 | (350) |
Total other comprehensive income (loss), net of tax | 1,133 | (64) | (9,998) | 990 |
Total comprehensive loss | $ (67,504) | $ (68,596) | $ (356,744) | $ (174,388) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - Parenthetical - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 432 | $ 0 |
Property, plant and equipment, accumulated amortization, depreciation and amortization | 395,397 | 314,276 |
Owned and lease mineral rights, accumulated depletion and amortization | 40,623 | 27,877 |
Other acquired intangibles, accumulated amortization | $ 38,806 | $ 32,686 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000.0 | 5,000,000.0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000.0 | 50,000,000.0 |
Common stock, shares issued (in shares) | 20,600,000 | 20,500,000 |
Common stock, shares outstanding (in shares) | 18,300,000 | 18,200,000 |
Treasury stock, shares at cost (in shares) | 2,300,000 | 2,300,000 |
Business and Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Basis of Presentation Together, the condensed consolidated statements of operations, comprehensive loss, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Condensed Consolidated Financial Statements.” The Condensed Consolidated Financial Statements are also referenced across periods as “Condensed Consolidated Statements of Operations,” “Condensed Consolidated Statements of Comprehensive Loss,” “Condensed Consolidated Balance Sheets,” “Condensed Consolidated Statements of Cash Flows,” and “Condensed Consolidated Statements of Stockholders’ Equity.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and nine months ended September 30, 2020 and 2019. All significant intercompany transactions have been eliminated in consolidation. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for Form 10-Q. Such rules and regulations allow the omission of certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP as long as the financial statements are not misleading. In the opinion of management, these interim Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other period. These interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Liquidity Risks and Uncertainties Weak market conditions and depressed coal prices have resulted in operating losses. If market conditions do not improve, the Company may experience continued operating losses and cash outflows in the coming quarters, which would adversely affect its liquidity. The Company may need to raise additional funds more quickly if market conditions deteriorate, and may not be able to do so in a timely fashion, or at all. The Company believes it will have sufficient liquidity to meet its working capital requirements, anticipated capital expenditures, debt service requirements, acquisition-related obligations, and reclamation obligations for the 12 months subsequent to the issuance of these financial statements. The Company relies on a number of assumptions in budgeting for future activities. These include the costs for mine development to sustain capacity of its operating mines, cash flows from operations, effects of regulation and taxes by governmental agencies, mining technology improvements and reclamation costs. These assumptions are inherently subject to significant business, political, economic, regulatory, environmental and competitive uncertainties, contingencies and risks, all of which are difficult to predict and many of which are beyond the Company’s control. Therefore, the cash on hand and from future operations will be subject to any significant changes in these assumptions. COVID-19 Pandemic In the first quarter of 2020, the COVID-19 virus was declared a pandemic by the World Health Organization. The COVID-19 pandemic has had negative impacts on the Company’s business, results of operations, financial condition and cash flows. A continued period of reduced demand for the Company’s products could have significant adverse consequences. The full extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on its customers and suppliers and the range of governmental and community reactions to the pandemic, which are still uncertain and cannot be fully predicted at this time. In response to the COVID-19 pandemic, on March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) was enacted into law. As a result, the Company expects accelerated refunds of previously generated alternative minimum tax (“AMT”) credits from the Internal Revenue Service (“IRS”) as further described in Note 15 and expects to defer 2020 employer payroll taxes incurred after the date of enactment to future years. As further described in Note 11, on March 20, 2020, the Company borrowed funds under a senior secured asset-based revolving credit facility. The funds were borrowed to augment the Company’s short-term operational flexibility in the face of uncertainty created by the current spread of the COVID-19 virus and its potential effects. On April 3, 2020, the Company announced temporary operational changes in response to market conditions, existing coal inventory levels, and customer deferrals due to concern around the global economic impact of the COVID-19 pandemic. Beginning April 3, 2020, the majority of the Company’s operations were idled for a period of approximately 30 days, with some sites idling for shorter periods of time and a few continuing to operate at a near-normal rate of production. Location-specific schedules were implemented based on existing customer agreements, current inventory levels, and anticipated customer demand. Certain preparation plants, docks, and loadouts continued to operate to support business needs and customer shipments. As of May 4, 2020, all Company sites were back to nearly normal staffing levels and operating capacity with additional precautions in place to help reduce the risk of exposure to COVID-19. Refer to Note 8 for discussion of certain strategic actions announced during the second quarter of 2020 with respect to two thermal coal mining complexes in an effort to strengthen the Company’s financial performance. The Company will continue to evaluate market conditions amid the continuing uncertainty of the COVID-19 pandemic and expects to adjust its operations accordingly. Recently Adopted Accounting Guidance Credit Losses: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Credit Losses (“ASU 2016-13”). , along with related amendments and improvements issued in 2018 and 2019, replaces the previous incurred loss impairment methodology in U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable supportable information to inform credit loss estimates for financial instruments that are in the scope of this update, including trade accounts receivable. The Company adopted ASU 2016-13 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures and resulted in a cumulative-effect adjustment to retained earnings of $440 in the Condensed Consolidated Balance Sheet as of January 1, 2020. Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in this update modify the disclosure requirements for fair value measurements. The Company adopted ASU 2018-13 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Income Taxes: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Reference Rate Reform: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in this update provide optional expedients and exceptions, if certain criteria are met, for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company adopted ASU 2020-04, with respect to topics in Accounting Standards Codification (“ASC”) 310 Receivables, ASC 470 Debt, ASC 815 Derivatives and Hedging and ASC 842 Leases, during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Recent Accounting Guidance Issued Not Yet Effective Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public business entities, the standard is effective for fiscal years ending after December 15, 2020. The adoption of this ASU is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Convertible Debt and Contracts in Entity’s Own Equity: In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). The amendments in this update simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity, such as the Company’s outstanding Series A warrants. For public business entities, the standard is effective for fiscal years ending after December 15, 2021, with early adoption permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations Discontinued operations in the prior period consisted of activity related to the transactions with Blackjewel and ESM stemming from the sale of assets in the Company’s former PRB operations. On May 29, 2020, Contura Coal West, LLC and Contura Wyoming Land, LLC merged with certain subsidiaries of ESM and survived as wholly-owned subsidiaries of ESM. Contura Coal West, LLC holds, and will continue to hold, the mining permits for the Western Mines, which have been under the operational control of ESM since October 2019 pursuant to the ESM Transaction. Pursuant to terms of the transaction, the Company received from ESM approximately $625 in consideration for assets owned by Contura Coal West, LLC but not previously conveyed. There were no discontinued operations for the three and nine months ended September 30, 2020 and as of September 30, 2020. The major components of net loss from discontinued operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 are as follows:
(1) Total revenues for the three and nine months ended September 30, 2019 consisted entirely of other revenues. (2) The depreciation, depletion and amortization is related to an increase in the Company’s estimate of its asset retirement obligations with respect to the Western Mines as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019. The Company remeasured its asset retirement obligations based on the expectation that the mining permits would not transfer to Blackjewel and Blackjewel would be unable to perform its contractual obligation to reclaim the properties. The increase in the asset retirement obligation was recorded to expense as the Company no longer owned the underlying mining assets. (3) The accretion on asset retirement obligations is related to the asset retirement obligation as a result of the Blackjewel bankruptcy filing. (4) The asset impairment is primarily related to the write-off of a tax receivable. The Company was considered to be the primary obligor for certain taxes that Blackjewel was contractually obligated to pay. During the nine months ended September 30, 2019, the Company recorded an impairment charge for the offsetting receivable from Blackjewel as a result of the Blackjewel bankruptcy filing. Refer to the Condensed Consolidated Statements of Operations for net loss per share information related to discontinued operations. There were no major components of asset and liabilities that are classified as discontinued operations in the Condensed Consolidated Balance Sheet as of December 31, 2019. The major components of cash flows related to discontinued operations are as follows:
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of Revenue from Contracts with Customers The following tables disaggregate the Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors:
Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2020.
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Accumulated Other Comprehensive (Loss) Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following tables summarize the changes to accumulated other comprehensive (loss) income during the nine months ended September 30, 2020 and 2019:
The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income and the Condensed Consolidated Statements of Operations line items affected by the reclassification during the three and nine months ended September 30, 2020 and 2019:
(1) These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit costs for certain employee benefit plans. Refer to Note 16.
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Net (Loss) Income Per Common Share |
9 Months Ended |
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Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Common Share | Net (Loss) Income Per Common Share The number of shares used to calculate basic net (loss) income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares used to calculate diluted net income per common share is based on the number of common shares used to calculate basic net income per common share plus the dilutive effect of stock options and other stock-based instruments held by the Company’s employees and directors during the period, and the Company’s outstanding Series A warrants. The diluted effect of outstanding stock-based instruments is determined by application of the treasury stock method. The warrants become dilutive for diluted net income per common share calculations when the market price of the Company’s common stock exceeds the exercise price. Dilutive securities are not included in the computation of diluted net loss per common share as the impact would be anti-dilutive. Refer to the Condensed Consolidated Statements of Operations for net loss per common share for the three and nine months ended September 30, 2020 and 2019. For the three months ended September 30, 2020 and 2019, 1,243,866 and 1,136,318 warrants, stock options, and other stock-based instruments, respectively, were excluded from the computation of dilutive net loss per common share because they would have been anti-dilutive. For the nine months ended September 30, 2020 and 2019, 1,380,076 and 556,282 warrants, stock options, and other stock-based instruments, respectively, were excluded from the computation of dilutive net loss per share because they would have been anti-dilutive. When applying the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share are higher than the Company’s average stock price during an applicable period. Anti-dilution also occurs in periods of a net loss, and the dilutive impact of all share-based compensation awards are excluded. For the three months ended September 30, 2020 and 2019, the weighted average share impact of stock options and other stock-based instruments that were excluded from the calculation of diluted shares due to the Company incurring a net loss for the period were 31,665 and 57,301, respectively. For the nine months ended September 30, 2020 and 2019, the weighted average share impact of warrants, stock options, and other stock-based instruments that were excluded from the calculation of diluted shares due to the Company incurring a net loss for the period were 38,648 and 332,794, respectively.
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Inventories, net |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net Inventories, net consisted of the following:
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Acquired Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Intangibles | Acquired Intangibles The Company has recognized assets for acquired above market-priced coal supply agreements and acquired mine permits and liabilities for acquired below market-priced coal supply agreements. The coal supply agreements were valued based on the present value of the difference between the expected net contractual cash flows based on the stated contract terms, and the estimated net contractual cash flows derived from applying forward market prices at the Merger or acquisition date for new contracts of similar terms and conditions. The acquired mine permits were valued based on the replacement cost and lost profits method as of the Merger date. The balances and respective balance sheet classifications of such assets and liabilities as of September 30, 2020 and December 31, 2019, net of accumulated amortization, are set forth in the following tables:
(1) Included within other acquired intangibles, net of accumulated amortization on the Company’s Condensed Consolidated Balance Sheets. (2) Included within other non-current liabilities on the Company’s Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2020, the Company recorded a long-lived asset impairment which reduced the carrying value of acquired mine permits, net, by $8,653 and $14,471. Refer to Note 8. The acquired mine permits are amortized over the estimated life of the associated mine. The coal supply agreement assets and liabilities are amortized over the actual number of tons shipped over the life of each contract. The following table details the amortization of mine permits acquired as a result of the Merger and the amortization of above-market and below-market coal supply agreements:
(1) Included within amortization of acquired intangibles, net in the Condensed Consolidated Statements of Operations.
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Asset Impairment and Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment and Restructuring | Asset Impairment and Restructuring Strategic Actions During the second quarter of 2020, as a result of the weakening coal market conditions due in part to the impact of the global COVID-19 pandemic, the Company announced that it would take certain strategic actions with respect to two of its thermal coal mining complexes in an effort to strengthen its financial performance and improve forecasted liquidity. The Company announced that an underground mine and preparation plant located in West Virginia would be idled during the third quarter of 2020. In addition, the Company decided not to move forward with the construction of a new refuse impoundment at its Cumberland mine in Pennsylvania and would therefore no longer spend the significant capital required in connection with the project. As a result, the Cumberland mine is expected to cease production at the end of 2022, and in the meantime, the Company plans to actively market the Cumberland property for sale. During the third quarter of 2020, the Company entered into a collective bargaining agreement with the UMWA representing Cumberland mine employees replacing the prior expired collective bargaining agreement. Long-lived Asset Impairment During the three months ended March 31, 2020, due to declines in metallurgical and thermal coal pricing which reduced forecasted margins at certain locations to amounts below those required for full recoverability, the Company determined that indicators of impairment were present for four long-lived asset groups within its CAPP - Met reporting segment and three long-lived asset groups within its CAPP - Thermal reporting segment and performed impairment testing as of February 29, 2020. At February 29, 2020, the Company determined that the carrying amounts of the asset groups exceeded both their undiscounted cash flows and their estimated fair values. The Company estimated the fair value of these asset groups generally using a discounted cash flow analysis utilizing market-participant assumptions. As a result, after allocating the potential impairment to individual assets, the Company recorded a long-lived asset impairment of $33,709, of which $32,951 was recorded within CAPP - Met and $758 was recorded within CAPP - Thermal. The long-lived asset impairment reduced the carrying values of mineral rights by $21,825, property, plant, and equipment, net, by $6,066, and acquired mine permits, net, by $5,818. In connection with the preparation of the Company’s financial statements for the quarter ended June 30, 2020, the Company determined that the strategic actions taken by the Company during the three months ended June 30, 2020, discussed above, shortened the lives of two mining complexes, and that continued weakening in metallurgical and thermal coal pricing had resulted in forecasted margins at certain locations falling below amounts necessary for full recoverability. As a result of these determinations, the Company assessed that indicators of impairment were present for three long-lived asset groups within its CAPP - Met reporting segment and four long-lived asset groups within its CAPP - Thermal reporting segment. The Company therefore performed impairment testing on these assets and determined that, as of May 31, 2020, the carrying amounts of the asset groups exceeded both their undiscounted cash flows and their estimated fair values. The Company estimated the fair value of these asset groups generally using a discounted cash flow analysis utilizing market-participant assumptions. As a result, after allocating the potential impairment to individual assets, the Company recorded a long-lived asset impairment of $161,738, of which $144,348 was recorded within NAPP, $17,385 was recorded within CAPP - Thermal, and $5 recorded in All Other. No long-lived asset impairment was recorded within the CAPP - Met reporting segment as each of the three long-lived asset groups had previously been impaired. The long-lived asset impairment reduced the carrying values of mineral rights by $18,605, property, plant, and equipment, net, by $134,480, and acquired mine permits, net, by $8,653. In connection with the preparation of the Company’s financial statements for the quarter ended September 30, 2020, the Company determined forecasted margins at certain locations continued to fall below amounts necessary for full recoverability and therefore indicators of impairment were present for three long-lived asset groups within its CAPP - Met reporting segment and four long-lived asset groups within its CAPP - Thermal reporting segment. The Company therefore performed impairment testing on these assets and determined that, as of August 31, 2020, the carrying amounts of the asset groups exceeded both their undiscounted cash flows and their estimated fair values. The Company estimated the fair value of these asset groups generally using a discounted cash flow analysis utilizing market-participant assumptions. As a result, after allocating the potential impairment to individual assets, the Company recorded a long-lived asset impairment of $3,516, of which $3,297 was recorded within NAPP and $219 was recorded within CAPP - Thermal to reduce the carrying value of property, plant, and equipment, net, due to capital spending during the quarter at previously impaired locations requiring the impairment of certain additional assets not considered recoverable. No long-lived asset impairment was recorded within the CAPP - Met reporting segment as each of the three long-lived asset groups had previously been impaired. During the three and nine months ended September 30, 2019, the Company recorded an asset impairment of $32 and $5,858, respectively, primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019. Restructuring As a result of the strategic actions discussed above, the Company recorded restructuring expense during the three and nine months ended September 30, 2020 as follows:
(1) Severance and employee-related benefits were considered probable and estimable based on provisions of contractual agreements and existing employee benefit plans. (2) The nine months ended September 30, 2020 includes accelerated amortization of deferred longwall move expenses of $668, allowance for advanced mining royalties of $407, and allowance for obsolete materials and supplies inventory of $807. (3) During the three months ended September 30, 2020, total restructuring expenses of ($484), $89, and $450 were recorded within the reportable segments CAPP - Thermal, NAPP and All Other, respectively. During the nine months ended September 30, 2020, total restructuring expenses of $1,826, $18,221, and $2,443 were recorded within the reportable segments CAPP - Thermal, NAPP and All Other, respectively. There were no restructuring expenses recorded during the three and nine months ended September 30, 2019.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LeasesSubsequent to the adoption of ASC 842, Leases, the Company recognizes right of use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. The discount rates used to determine the present value of the lease assets and liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. As the rates implicit in most of the Company’s leases are not readily determinable, the Company uses a collateralized incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The Company uses the portfolio approach and groups leases by short-term and long-term categories, applying the corresponding incremental borrowing rates to these categories of leases. For leases with a term of 12 months or less, no right of use assets or liabilities are recognized on the balance sheet and the Company recognizes the lease expense on a straight-line basis over the lease term. Additionally, the Company recognizes variable lease payments as an expense in the period incurred. The Company’s lease population consists primarily of vehicle and heavy equipment leases and leases for office equipment. The Company’s building and land leases relate to corporate office space and certain site offices. The Company determines whether a contract contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant, and equipment for a period of time in exchange for consideration. For the nine months ended September 30, 2020 and 2019, the Company identified no instances requiring significant judgment in determining whether any contracts entered into during the period were or were not leases. Additionally, the Company had no material sublease agreements within the scope of ASC 842 or lease agreements for which the Company was the lessor for the nine months ended September 30, 2020 and 2019. Renewal options in the Company’s lease population primarily relate to month-to-month extensions on vehicle leases and are immaterial both individually and in the aggregate. The Company includes renewal options that are reasonably certain to be exercised in the measurement of lease liabilities. As of September 30, 2020, the Company does not intend to exercise any termination options on existing leases. As of September 30, 2020 and December 31, 2019, the Company had the following right-of-use assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets:
Total lease costs and other lease information for the three and nine months ended September 30, 2020 and 2019 included the following:
(1) The Company had no variable lease costs or sublease income for the nine months ended September 30, 2020 and 2019.
The Company has elected to show net instead of gross amounts for right-of-use assets and liabilities within its Condensed Consolidated Statements of Cash Flows. The following table summarizes the maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2020:
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Leases | LeasesSubsequent to the adoption of ASC 842, Leases, the Company recognizes right of use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. The discount rates used to determine the present value of the lease assets and liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. As the rates implicit in most of the Company’s leases are not readily determinable, the Company uses a collateralized incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The Company uses the portfolio approach and groups leases by short-term and long-term categories, applying the corresponding incremental borrowing rates to these categories of leases. For leases with a term of 12 months or less, no right of use assets or liabilities are recognized on the balance sheet and the Company recognizes the lease expense on a straight-line basis over the lease term. Additionally, the Company recognizes variable lease payments as an expense in the period incurred. The Company’s lease population consists primarily of vehicle and heavy equipment leases and leases for office equipment. The Company’s building and land leases relate to corporate office space and certain site offices. The Company determines whether a contract contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant, and equipment for a period of time in exchange for consideration. For the nine months ended September 30, 2020 and 2019, the Company identified no instances requiring significant judgment in determining whether any contracts entered into during the period were or were not leases. Additionally, the Company had no material sublease agreements within the scope of ASC 842 or lease agreements for which the Company was the lessor for the nine months ended September 30, 2020 and 2019. Renewal options in the Company’s lease population primarily relate to month-to-month extensions on vehicle leases and are immaterial both individually and in the aggregate. The Company includes renewal options that are reasonably certain to be exercised in the measurement of lease liabilities. As of September 30, 2020, the Company does not intend to exercise any termination options on existing leases. As of September 30, 2020 and December 31, 2019, the Company had the following right-of-use assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets:
Total lease costs and other lease information for the three and nine months ended September 30, 2020 and 2019 included the following:
(1) The Company had no variable lease costs or sublease income for the nine months ended September 30, 2020 and 2019.
The Company has elected to show net instead of gross amounts for right-of-use assets and liabilities within its Condensed Consolidated Statements of Cash Flows. The following table summarizes the maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2020:
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Stock Repurchases |
9 Months Ended |
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Sep. 30, 2020 | |
Equity [Abstract] | |
Stock Repurchases | Stock Repurchases In May 2019, the Company’s Board of Directors adopted a capital return program that permits the Company to return to stockholders up to an aggregate amount of $250,000 of capital. The capital return program does not have a fixed expiration date, and returns of capital may take the form of share repurchases, dividends or a combination thereof. Any share repurchases may be made from time to time through open market transactions, block trades, privately negotiated transactions, tender offers, or otherwise. Any returns of capital under the program will be at the discretion of the Company’s Board of Directors and are subject to market and business conditions, levels of available liquidity, the Company’s cash needs, restrictions under agreements or obligations, legal or regulatory requirements or restrictions, and other relevant factors. On August 29, 2019, the Company announced that its Board of Directors had approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $100,000 in the aggregate of the Company’s common stock at prices as set forth in such plan over a specified period. Through September 30, 2019, the Company had repurchased an aggregate of 529,303 shares of common stock under the Company Repurchase Plan for an aggregate purchase price of $15,969 (comprised of $15,953 of share repurchases and $16 of related fees) for an average price paid per share of $30.17. As of October 1, 2019, the Company suspended the Company Repurchase Plan.Additionally, on September 12, 2019, the Company entered into a common stock repurchase agreement with Whitebox Multi-Strategy Partners, L.P., Whitebox Asymmetric Partners, L.P., Whitebox Credit Partners, L.P. and Whitebox Institutional Partners, L.P. (together, “Whitebox”). Pursuant to terms of the common stock repurchase agreement, the Company repurchased an aggregate of 500,000 shares of common stock from Whitebox at $32.99 per share for an aggregate purchase price of $16,495.
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
(1) Includes financing leases, refer to Note 9 for additional information. Term Loan Credit Facility - due June 2024 On June 14, 2019, the Company entered into a Credit Agreement with Cantor Fitzgerald Securities, as administrative agent and collateral agent, and the other lenders party thereto (as defined therein) that provides for a senior secured term loan facility in the aggregate principal amount of $561,800 with a maturity date of June 14, 2024 (the “Term Loan Credit Facility”). Principal repayments equal to approximately $1,405 are due each March, June, September and December (commencing with September 30, 2019) with the final principal repayment installment repaid on the maturity date and in an amount equal to the aggregate principal amount outstanding on such date. The Term Loan Credit Facility bears an interest rate per annum based on the character of the loan (defined as either “Base Rate Loan” or “Eurocurrency Rate Loan”). Each loan type bears interest at a rate per annum comprised of a base rate (as defined) plus an applicable percentage (6.00% for Base Rate Loans and 7.00% for Eurocurrency Rate Loans on or prior to the second anniversary of the Closing Date and 7.00% or 8.00% thereafter (the “Applicable Rate”)). The Eurocurrency base rate is subject to a 2.00% floor. Interest accrued on each Base Rate Loan is payable in arrears on the last business day of each March, June, September and December and the maturity date. Interest accrued on each Eurocurrency Rate Loan is payable in arrears on the last day of each interest period as defined therein. As of September 30, 2020, the borrowings made under the Term Loan Credit Facility were comprised of Eurocurrency Rate Loans with an interest rate of 9.00%, calculated as the Eurocurrency rate during the period plus an applicable rate of 7.00%. As of September 30, 2020, the carrying value of the Term Loan Credit Facility was $540,095, with $5,618 classified as current, within the Condensed Consolidated Balance Sheets. As of December 31, 2019, the carrying value of the term loan credit facility was $538,765, with $5,618 classified as current, within the Condensed Consolidated Balance Sheets. The Company used the proceeds from the Term Loan Credit Facility to repay the outstanding principal balance of $543,125 under the Amended and Restated Credit Agreement dated November 9, 2018 and fees related to such refinancing. The Company recorded a loss on modification of debt of $255, primarily related to modification fees paid under the refinance, and a loss on extinguishment of debt of $26,204, primarily related to the write-off of outstanding debt discounts and unamortized debt issuance costs under the Amended and Restated Credit Agreement dated November 9, 2018, which are recorded in loss on modification and extinguishment of debt within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2019. All obligations under the Term Loan Credit Facility are substantially guaranteed by the Company’s existing wholly owned domestic subsidiaries, and are required to be guaranteed by the Company’s future wholly owned domestic subsidiaries. Certain obligations under the Term Loan Facility are secured by a senior lien, subject to certain exceptions (including the ABL Priority Collateral described below), by substantially all of the Company’s assets and the assets of the Company’s subsidiary guarantors (“Term Loan Priority Collateral”), in each case subject to exceptions. The obligations under the Term Loan Credit Facility are also secured by a junior lien, again subject to certain exceptions, against the ABL Priority Collateral. The Term Loan Facility contains negative and affirmative covenants including certain financial covenants that are more flexible than the covenants on the Amended and Restated Credit Agreement dated November 9, 2018. The Company was in compliance with all covenants under this agreement as of September 30, 2020. Amended and Restated Asset-Based Revolving Credit Agreement On November 9, 2018, the Company entered into the Amended and Restated Asset-Based Revolving Credit Agreement which includes a senior secured asset-based revolving credit facility (the “ABL Facility”). Under the ABL Facility, the Company may borrow cash from the Lenders (as defined therein) or cause the L/C Issuers (as defined therein) to issue letters of credit, on a revolving basis, in an aggregate amount of up to $225,000, of which no more than $200,000 may be drawn through letters of credit. Any borrowings under the ABL Facility will have a maturity date of April 3, 2022 and will bear interest based on the character of the loan (defined as either “Base Rate Loan” or “Eurocurrency Rate Loan”) plus an applicable rate ranging from 1.00% to 1.50% for Base Rate Loans and 2.00% to 2.50% for Eurocurrency Rate Loans, depending on the amount of credit available. Pursuant to terms of the Amended and Restated Asset-Based Revolving Credit Agreement at each notice period, the Company elects the character of the loan, the interest period, and may provide notice of continuation or conversion of the borrowed principal amount with the ability to repay the borrowed principal amount in advance of the maturity date without penalty. On March 20, 2020, the Company borrowed $57,500 principal amount under the ABL Facility. The funds were borrowed to augment the Company’s short-term operational flexibility in the face of uncertainty created by the current spread of the COVID-19 virus and its potential effects (see further discussion in Note 1). As of September 30, 2020, the borrowings made under the ABL Facility were comprised of Eurocurrency Rate Loans with an interest rate of 3.71%, calculated as the Eurocurrency rate during the period plus an applicable rate of 2.50%. The interest rate (which is subject to periodic adjustment) declined to 2.73% on October 7, 2020 and is subject to adjustment again on April 7, 2021. As of September 30, 2020, the carrying value of the ABL Facility was $18,350, with $15,000 classified as current (based on amounts repaid in October 2020) and the remainder classified as long-term (based on the maturity of the ABL Facility), within the Condensed Consolidated Balance Sheets. As of December 31, 2019, the Company had no borrowings under the ABL Facility. Any letters of credit issued under the ABL Facility will bear a commitment fee rate ranging from 0.25% to 0.375% depending on the amount of availability per terms of the agreement, and a fronting fee of 0.25% of the face amount under each letter of credit, payable to the ABL Facility’s administrative agent. As of September 30, 2020 and December 31, 2019, the Company had $122,366 and $99,876 letters of credit outstanding under the ABL Facility, respectively. The Amended and Restated Asset-Based Revolving Credit Agreement, as amended, and related documents contain negative and affirmative covenants including certain financial covenants. The Company is in compliance with all covenants under these agreements as of September 30, 2020. LCC Note Payable The Lexington Coal Company (“LCC”) Note Payable has no stated interest rate and an imputed interest rate of 12.45%. The carrying value of the LCC Note Payable was $23,638 and $37,695, with $17,500 and $17,500 reported within the current portion of long-term debt as of September 30, 2020 and December 31, 2019, respectively. LCC Water Treatment Stipulation The LCC Water Treatment Stipulation has no stated interest rate and an imputed interest rate of 13.12%. The carrying value of the LCC Water Treatment Stipulation was $6,674 and $7,211, with $2,500 and $1,875 reported within the current portion of long-term debt as of September 30, 2020 and December 31, 2019, respectively.
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Acquisition-Related Obligations |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-Related Obligations | Acquisition-Related ObligationsAcquisition-related obligations consisted of the following:
Contingent Revenue Obligation As of September 30, 2020 and December 31, 2019 the carrying value of the Contingent Revenue Obligation was $24,292 and $52,427, with $10,511 and $14,646 classified as current, respectively, classified as an acquisition-related obligation in the Condensed Consolidated Balance Sheets. Refer to Note 14 for further disclosures related to the fair value assignment and methods used. During the second quarter of 2020, the Company paid $15,084, including $374 of unclaimed unsecured claims distributions, pursuant to terms of the Contingent Revenue Obligation. Environmental Settlement Obligations As of September 30, 2020 and December 31, 2019, the carrying value of the Environmental Settlement Obligations was $9,674 and $13,594, net of discounts of $1,478 and $2,711, with $5,694 and $6,185 classified as current, respectively, all of which was classified as an acquisition-related obligation in the Condensed Consolidated Balance Sheets. Reclamation Funding Agreement As of September 30, 2020, the Company has no remaining payments for the Funding of Restricted Cash Reclamation liability. As of December 31, 2019, the carrying value of the Funding of Restricted Cash Reclamation liability was $10,808, net of discounts of $1,192, all of which was classified as a current acquisition-related obligation in the Condensed Consolidated Balance Sheets.
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Asset Retirement Obligations |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations The following table summarizes the changes in asset retirement obligations for the nine months ended September 30, 2020:
(1) The revisions in estimated cash flows resulted from changes in mine plans primarily associated with the strategic actions impacting certain mines during the three months ended June 30, 2020 of which approximately $3,100 was recorded to depreciation, depletion and amortization. Refer to Note 8. (2) Included within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets.
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Fair Value of Financial Instruments and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements The estimated fair values of financial instruments are determined based on relevant market information. These estimates involve uncertainty and cannot be determined with precision. The carrying amounts for cash and cash equivalents, trade accounts receivable, net, prepaid expenses and other current assets, short-term and long-term restricted cash, short-term and long-term deposits, trade accounts payable, and accrued expenses and other current liabilities approximate fair value as of September 30, 2020 and December 31, 2019 due to the short maturity of these instruments. The following tables set forth by level, within the fair value hierarchy, the Company’s long-term debt at fair value as of September 30, 2020 and December 31, 2019:
(1) Net of debt discounts and debt issuance costs. The following tables set forth by level, within the fair value hierarchy, the Company’s acquisition-related obligations at fair value as of September 30, 2020 and December 31, 2019:
(1) Net of discounts. The following table sets forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels.
The following tables are a reconciliation of the financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis and that were categorized within Level 3 of the fair value hierarchy:
(1) The gain recognized in earnings resulted primarily from a change in the forecasted future revenue associated with this obligation and an increase in annualized volatility as of September 30, 2020.
The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the tables above: Level 1 Fair Value Measurements Term Loan Credit Facility - due June 2024 - As of December 31, 2019, the fair value is based on observable market data. Trading Securities - Includes money market funds and other cash equivalents. The fair value is based on observable market data. Level 2 Fair Value Measurements Term Loan Credit Facility - due June 2024 - As of September 30, 2020, the fair value is based on the average between bid and ask prices provided by a third-party. As the fair value is based on observable market inputs, the Company has classified the fair value within Level 2 of the fair value hierarchy. Due to limited trading volume in the Term Loan Credit Facility, the Company reclassified the fair value from Level 1 within the fair value hierarchy during the three months ending September 30, 2020. Trading Securities - Includes certificates of deposit, mutual funds, corporate debt securities and U.S. treasury and agency securities. The fair values of the Company’s trading securities are obtained from a third-party pricing service provider. The fair values provided by the pricing service provider are based on observable market inputs including credit spreads and broker-dealer quotes, among other inputs. The Company classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets. However, the pricing models used entail a certain amount of subjectivity and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value. Level 3 Fair Value Measurements ABL Facility - due April 2022 - Observable transactions are not available to aid in determining the fair value of this item. Therefore, the fair value was derived by using the expected present value approach in which estimated cash flows are discounted using a risk-free interest rate adjusted for credit risk (discount rate of approximately 10%) as of September 30, 2020. LCC Note Payable, LCC Water Treatment Obligation, UMWA Funds Settlement Liability, Environmental Settlement Obligations and Reclamation Funding Liability - Observable transactions are not available to aid in determining the fair value of these items. Therefore, the fair value was derived by using the expected present value approach in which estimated cash flows are discounted using a risk-free interest rate adjusted for credit risk (discount rates of approximately 35% and 21% as of September 30, 2020 and December 31, 2019, respectively). Contingent Revenue Obligation - The fair value of the contingent revenue obligation was estimated using a Black-Scholes pricing model and is marked to market at each reporting period with changes in value reflected in earnings. The inputs included in the Black-Scholes pricing model are the Company's forecasted future revenue, the stated royalty rate, the remaining periods in the obligation; annual risk-free interest rate based on the U.S. Constant Maturity Treasury Curve and annualized volatility. The annualized volatility was calculated by observing volatilities for comparable companies with adjustments for the Company's size and leverage. The range of significant unobservable inputs used to value the contingent revenue obligation as of September 30, 2020 and December 31, 2019, are set forth in the following table:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the nine months ended September 30, 2020, the Company recorded income tax benefit of $2,200 on a loss from continuing operations before income taxes of $348,946. The income tax benefit differs from the expected statutory amount primarily due to the increase in the valuation allowance, partially offset by the permanent impact of percentage depletion deductions, the impact of state income taxes, net of federal tax impact, and the recording of a discrete tax benefit related to the refundability of previously sequestered AMT Credits. The discrete income tax benefit of the previously sequestered AMT Credits is $2,123 and was recorded during the three months ended March 31, 2020. As of September 30, 2020, the Company anticipates that no current federal income tax liability will be generated in 2020. For the nine months ended September 30, 2019, the Company recorded income tax benefit of $8,880 on a loss from continuing operations before income taxes of $20,151. The income tax benefit differs from the expected statutory amount primarily due to the permanent impact of percentage depletion and stock-based compensation deductions, partially offset by an increase in the valuation allowance. During the nine months ended September 30, 2020, the Company recorded an increase of $92,804 to its deferred tax asset valuation allowance. The increase in the valuation allowance results from an increase in deferred tax assets for which the Company is unable to support realization. The Company currently is relying primarily on the reversal of taxable temporary differences, along with consideration of taxable income via carryback to prior years and tax planning strategies, to support the realization of deferred tax assets. For each reporting period, the Company updates its assessment regarding the realizability of its deferred tax assets, including scheduling the reversal of its deferred tax assets and liabilities, to determine the amount of valuation allowance needed. Scheduling the reversal of deferred tax asset and liability balances requires judgment and estimation. The Company believes the deferred tax liabilities relied upon as future taxable income in its assessment will reverse in the same period and jurisdiction and are of the same character as the temporary differences giving rise to the deferred tax assets that will be realized. The valuation allowance recorded represents the portion of deferred tax assets for which the Company is unable to support realization through the methods described above. On March 27, 2020, the CARES Act was enacted into law. As a result of the CARES Act, the Company expects that AMT Credits of $68,252 will be fully refunded during the year ended December 31, 2020. As of September 30, 2020 and December 31, 2019, the Company classified the current portion of AMT Credit refunds receivable of $66,129 and $33,065, respectively, within prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets. During the three months ended September 30, 2020, the Company recorded a decrease in unrecognized tax benefits of approximately $23,800, as a result of the issuance of final regulatory guidance from the IRS. The decrease in unrecognized tax benefits did not result in an amount of cash paid for income taxes and did not impact the Company’s effective tax rate for the three and nine months ended September 30, 2020. The IRS initiated a corporate income tax audit during the third quarter of 2020 for the Company’s 2016 tax year and related net operating loss carryback.
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Employee Benefit Plans |
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The Company provides several types of benefits for its employees, including defined benefit and defined contribution pension plans, workers’ compensation and black lung benefits, and postemployment life insurance. The Company does not participate in any multiemployer plans. The components of net periodic (benefit) expense other than the service cost component for pension, black lung, and life insurance benefits are included in the line item miscellaneous loss, net in the Condensed Consolidated Statements of Operations. Pension Effective as of the September 30, 2019 adjusted funding target attainment percentage certification date under Section 436 of the Internal Revenue Code, certain lump sum benefit restrictions were lifted for one of the qualified non-contributory defined benefit pension plans, allowing certain eligible participants the option to elect to receive lump sum benefits which resulted in a partial plan settlement and the accelerated recognition of a portion of the accumulated other comprehensive loss during the nine months ended September 30, 2020. Refer to the table below for further information on the partial plan settlement. The following table details the components of the net periodic benefit for pension obligations:
Assets of the three qualified non-contributory defined pension plans (“Pension Plans”) are held in trusts and are invested in accordance with investment guidelines that have been established by the Company’s Benefits Committee in consultation with outside investment advisors. In September 2020, the target allocation was adjusted by the Company’s Benefits Committee to transition to 60.0% equity securities and 40.0% fixed income funds in approximate 2.0% increments over a 10 month period. The asset allocation targets have been set with the expectation that the Pension Plans’ assets will fund the expected liabilities within an appropriate level of risk. In determining the appropriate target asset allocations, the Benefits Committee considers the demographics of the Pension Plans’ participants, the funding status of each plan, the Company’s contribution philosophy, the Company’s business and financial profile, and other associated risk factors. Black Lung The following table details the components of the net periodic expense for black lung obligations:
As a result of the strategic actions impacting certain mines during the three months ended June 30, 2020 (refer to Note 8), black lung obligations were revalued for curtailment and remeasured with an updated discount rate as of May 31, 2020, which resulted in an increase in the liability for black lung obligations of approximately $7,400 with the offset to accumulated other comprehensive loss and a slight increase in net periodic expense to be recognized subsequent to the remeasurement date. Life Insurance Benefits The following table details the components of the net periodic expense for life insurance benefit obligations:
Defined Contribution and Profit Sharing Plans The Company sponsors defined contribution plans to assist its eligible employees in providing for retirement. Generally, under the terms of these plans, employees make voluntary contributions through payroll deductions and the Company makes matching and/or discretionary contributions, as defined by each plan. The Company’s total contributions to these plans for the three months ended September 30, 2020 and 2019 was $628 and $4,158, respectively. The Company’s total contributions to these plans for the nine months ended September 30, 2020 and 2019 was $6,520 and $23,461, respectively. During the second quarter of 2020, the Company’s matching contributions under the Contura Energy 401(k) Retirement Savings Plan were suspended due to current market conditions. Self-Insured Medical Plan The Company is self-insured for health insurance coverage for all of its active employees. Estimated liabilities for health and medical claims are recorded based on the Company’s historical experience and include a component for incurred but not paid claims. During the three months ended September 30, 2020 and 2019, the Company incurred total expenses of $17,327 and $20,976, respectively, which primarily includes claims processed and an estimate for claims incurred but not paid. During the nine months ended September 30, 2020 and 2019, the Company incurred total expenses of $48,430 and $58,873, respectively, which primarily includes claims processed and an estimate for claims incurred but not paid.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions There were no material related party transactions for the nine months ended September 30, 2020. On June 14, 2019 the Company entered into a Credit Agreement which provides for the Term Loan Credit Facility as provided by a group of existing shareholders as of the agreement date. Refer to Note 11 for additional disclosures. On July 19, 2019, in association with the Blackjewel Chapter 11 bankruptcy filing, the U.S. Bankruptcy Court approved debtor-in-possession (“DIP”) financing of $2,900 with DIP lenders, Highbridge Capital Management, LLC and Whitebox Advisors LLC, shareholders of the Company. The Company entered into an arrangement on July 19, 2019 to purchase the obligations under the DIP financing at the request of the lenders thereunder pursuant to certain terms and conditions. On September 12, 2019, the Company entered into a common stock repurchase agreement with Whitebox, shareholders of the Company. Refer to Note 10 for additional disclosures. There were no other material related party transactions for the nine months ended September 30, 2019.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies (a) General Estimated losses from loss contingencies are accrued by a charge to income when information available indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the Condensed Consolidated Financial Statements when it is at least reasonably possible that a loss may be incurred and that the loss could be material. (b) Commitments and Contingencies Commitments The Company leases coal mining and other equipment under long-term financing and operating leases with varying terms. Refer to Note 9 for further information on leases. In addition, the Company leases mineral interests and surface rights from land owners under various terms and royalty rates. Coal royalty expense was $16,176 and $21,868 for the three months ended September 30, 2020 and 2019, respectively. Coal royalty expense was $52,092 and $73,119 for the nine months ended September 30, 2020 and 2019, respectively. Minimum royalty obligations under coal leases total $1,784, $15,974, $14,081, $13,064, $11,110, and $46,724 for the remainder of 2020, 2021, 2022, 2023, 2024, and after 2024, respectively. Other Commitments The Company has obligations under certain coal purchase agreements that contain minimum quantities to be purchased in the remainder of 2020 totaling an estimated $15,670. The Company has obligations under certain coal transportation agreements that contain minimum quantities to be shipped in 2021 totaling $8,793. The Company also has obligations under certain equipment purchase agreements that contain minimum quantities to be purchased in the remainder of 2020, 2021, and 2024 totaling $9,931, $8,968, and $1,157, respectively. Contingencies Extensive regulation of the impacts of mining on the environment and of maintaining workplace safety has had, and is expected to continue to have, a significant effect on the Company’s costs of production and results of operations. Further regulations, legislation or litigation in these areas may also cause the Company’s sales or profitability to decline by increasing costs or by hindering the Company’s ability to continue mining at existing operations or to permit new operations. During the normal course of business, contract-related matters arise between the Company and its customers. When a loss related to such matters is considered probable and can reasonably be estimated, the Company records a liability. Future Federal Income Tax Refunds As of September 30, 2020, the Company has recorded $66,129 of federal income tax receivable related to AMT Credits. In addition, the Company has recorded a non-current federal income tax receivable of $64,160 and associated interest receivable of $5,126 related to an NOL carryback claim. Because the federal government was a creditor in the Alpha Natural Resources, Inc. (“Predecessor Alpha”) bankruptcy proceedings, it is possible that the federal government could withhold some or all of the tax refund attributable to the NOL carryback claim and the refundable AMT Credits and assert a right to set off the tax refund, refundable credits, and associated interest receivable against its prepetition bankruptcy claims. (c) Guarantees and Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company is a party to certain guarantees and financial instruments with off-balance sheet risk, such as bank letters of credit, performance or surety bonds, and other guarantees and indemnities related to the obligations of affiliated entities which are not reflected in the Company’s Condensed Consolidated Balance Sheets. However, the underlying liabilities that they secure, such as asset retirement obligations, workers’ compensation liabilities, and royalty obligations, are reflected in the Company’s Condensed Consolidated Balance Sheets. The Company is required to provide financial assurance in order to perform the post-mining reclamation required by its mining permits, pay workers’ compensation claims under workers’ compensation laws in various states, pay federal black lung benefits, and perform certain other obligations. In order to provide the required financial assurance, the Company generally uses surety bonds for post-mining reclamation and workers’ compensation obligations. The Company can also use bank letters of credit to collateralize certain obligations. As of September 30, 2020, the Company had outstanding surety bonds with a total face amount of $349,772 to secure various obligations and commitments. To secure the Company’s reclamation-related obligations, the Company currently has $113,470 of collateral supporting these obligations. The Company meets frequently with its surety providers and has discussions with certain providers regarding the extent of and the terms of their participation in the program. These discussions may cause the Company to shift surety bonds between providers or to alter the terms of their participation in our program. To the extent that surety bonds become unavailable or the Company’s surety bond providers require additional collateral, the Company would seek to secure its obligations with letters of credit, cash deposits or other suitable forms of collateral. The Company’s failure to maintain, or inability to acquire, surety bonds or to provide a suitable alternative would have a material adverse effect on its liquidity. These failures could result from a variety of factors including lack of availability, higher cost or unfavorable market terms of new surety bonds, and the exercise by third-party surety bond issuers of their right to refuse to renew the surety. Amounts included in restricted cash represent cash deposits primarily invested in interest bearing accounts that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral for securing the following obligations which have been written on the Company’s behalf:
(1) Included within prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets. Amounts included in restricted investments consist of certificates of deposit, mutual funds, and U.S. treasury bills that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral for securing the following obligations which have been written on the Company’s behalf:
(1) Included within other non-current assets on the Company’s Condensed Consolidated Balance Sheets. (2) As of September 30, 2020 and December 31, 2019, respectively, $26,015 and $13,508 are classified as trading securities and $1,778 and $8,378 are classified as held-to-maturity securities. Deposits represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral to secure the following obligations which have been written on the Company’s behalf:
(1) Included within prepaid expenses and other current assets and other non-current assets on the Company’s Condensed Consolidated Balance Sheets. Letters of Credit As of September 30, 2020, the Company had $122,366 letters of credit outstanding under the Amended and Restated Asset-Based Revolving Credit Agreement. Additionally, as of September 30, 2020, the Company had $14,242 letters of credit outstanding under the Amended and Restated Letter of Credit Agreement dated November 9, 2018 between ANR, Inc. and Citibank, N.A. and $613 letters of credit outstanding under the Credit and Security Agreement dated June 30, 2017, and related amendments, between ANR, Inc. and First Tennessee Bank National Association. DCMWC Reauthorization Process In July 2019, the U.S. Department of Labor (Division of Coal Mine Workers’ Compensation or “DCMWC”) began implementing a new authorization process for all self-insured coal mine operators. As requested by the DCMWC, the Company filed an application and supporting documentation for reauthorization to self-insure certain of its black lung obligations in October 2019. As a result of this application, the DCMWC notified the Company in a letter dated February 21, 2020 that the Company was reauthorized to self-insure certain of its black lung obligations for a period of one-year from February 21, 2020. The DCMWC reauthorization is contingent, however, upon the Company’s providing collateral of $65,700 to secure certain of its black lung obligations. This proposed collateral requirement is an increase from the approximate $2,600 in collateral that the Company currently provides to secure these self-insured black lung obligations. The reauthorization process provided the Company with the right to appeal the security determination in writing within 30 days of the date of the notification, which appeal period the DCMWC agreed to extend to May 22, 2020. The Company exercised this right of appeal in connection with the substantial increase in the amount of required collateral. If the Company’s appeal is unsuccessful, the Company may be required to provide additional letters of credit to receive the self-insurance reauthorization from the DCMWC or alternatively insure these black lung obligations through a third party provider that would likely also require the Company to provide collateral. Either of these outcomes could potentially reduce the Company’s liquidity. (d) Legal Proceedings The Company is party to legal proceedings from time to time. These proceedings, as well as governmental examinations, could involve various business units and a variety of claims including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, trucking and flooding), environmental and safety issues, securities-related matters and employment matters. While some legal matters may specify the damages claimed by the plaintiffs, many seek an unquantified amount of damages. Even when the amount of damages claimed against the Company or its subsidiaries is stated, (i) the claimed amount may be exaggerated or unsupported; (ii) the claim may be based on a novel legal theory or involve a large number of parties; (iii) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (iv) there may be uncertainty as to the outcome of pending appeals or motions; and/or (v) there may be significant factual issues to be resolved. As a result, if such legal matters arise in the future, the Company may be unable to estimate a range of possible loss for matters that have not yet progressed sufficiently through discovery and development of important factual information and legal issues. The Company records accruals based on an estimate of the ultimate outcome of these matters, but these estimates can be difficult to determine and involve significant judgment.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company extracts, processes and markets met and thermal coal from surface and deep mines for sale to steel and coke producers, industrial customers, and electric utilities. The Company conducts mining operations only in the United States with mines in Central and Northern Appalachia. The Company has three reportable segments: CAPP - Met, CAPP - Thermal, and NAPP. CAPP - Met consists of four active mines and two preparation plants in Virginia, seventeen active mines and five preparation plants in West Virginia, as well as expenses associated with certain idled/closed mines. CAPP - Thermal consists of one active mine and one preparation plant in West Virginia, as well as expenses associated with certain idled/closed mines. NAPP consists of one active mine in Pennsylvania and one preparation plant, as well as expenses associated with one closed mine. In addition to the three reportable segments, the All Other category includes general corporate overhead and corporate assets and liabilities and the elimination of certain intercompany activity. The operating results of these reportable segments are regularly reviewed by the CODM, who is the Chief Executive Officer of the Company. Segment operating results and capital expenditures for the three months ended September 30, 2020 were as follows:
Segment operating results and capital expenditures for the three months ended September 30, 2019 were as follows:
Segment operating results and capital expenditures for the nine months ended September 30, 2020 were as follows:
Segment operating results and capital expenditures for the nine months ended September 30, 2019 were as follows:
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2020:
(1) Asset impairment and restructuring for the three months ended September 30, 2020 includes long-lived asset impairments of $3,516 as a result of capital spending during the quarter at previously impaired locations requiring the impairment of certain additional assets not considered recoverable and restructuring expense of $55 as a result of the strategic actions with respect to two thermal coal mining complexes announced during the second quarter of 2020. Refer to Note 8 for further information. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2019:
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2020:
(1) Asset impairment and restructuring for the nine months ended September 30, 2020 includes long-lived asset impairments of $198,963 and restructuring expense of $22,490 as a result of weakened coal prices and the strategic actions with respect to two thermal coal mining complexes announced during the second quarter of 2020 and capital spending during the third quarter of 2020 at previously impaired locations requiring the impairment of certain additional assets not considered recoverable. Refer to Note 8 for further information. (2) Management restructuring costs are related to severance expense associated with senior management changes during the three months ended March 31, 2020. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2019:
(1) Asset impairment primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019. (2) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019. (3) During the nine months ended September 30, 2019, the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083. No asset information has been provided for these reportable segments as the CODM does not regularly review asset information by reportable segment. The Company markets produced, processed and purchased coal to customers in the United States and in international markets, primarily India, Brazil, Turkey, Netherlands, and Italy. Export coal revenues were the following:
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Business and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Together, the condensed consolidated statements of operations, comprehensive loss, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Condensed Consolidated Financial Statements.” The Condensed Consolidated Financial Statements are also referenced across periods as “Condensed Consolidated Statements of Operations,” “Condensed Consolidated Statements of Comprehensive Loss,” “Condensed Consolidated Balance Sheets,” “Condensed Consolidated Statements of Cash Flows,” and “Condensed Consolidated Statements of Stockholders’ Equity.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and nine months ended September 30, 2020 and 2019. All significant intercompany transactions have been eliminated in consolidation. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for Form 10-Q. Such rules and regulations allow the omission of certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP as long as the financial statements are not misleading. In the opinion of management, these interim Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other period. These interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
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Liquidity Risk and Uncertainties | Liquidity Risks and UncertaintiesWeak market conditions and depressed coal prices have resulted in operating losses. If market conditions do not improve, the Company may experience continued operating losses and cash outflows in the coming quarters, which would adversely affect its liquidity. The Company may need to raise additional funds more quickly if market conditions deteriorate, and may not be able to do so in a timely fashion, or at all. The Company believes it will have sufficient liquidity to meet its working capital requirements, anticipated capital expenditures, debt service requirements, acquisition-related obligations, and reclamation obligations for the 12 months subsequent to the issuance of these financial statements. The Company relies on a number of assumptions in budgeting for future activities. These include the costs for mine development to sustain capacity of its operating mines, cash flows from operations, effects of regulation and taxes by governmental agencies, mining technology improvements and reclamation costs. These assumptions are inherently subject to significant business, political, economic, regulatory, environmental and competitive uncertainties, contingencies and risks, all of which are difficult to predict and many of which are beyond the Company’s control. Therefore, the cash on hand and from future operations will be subject to any significant changes in these assumptions. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Credit Losses: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Credit Losses (“ASU 2016-13”). , along with related amendments and improvements issued in 2018 and 2019, replaces the previous incurred loss impairment methodology in U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable supportable information to inform credit loss estimates for financial instruments that are in the scope of this update, including trade accounts receivable. The Company adopted ASU 2016-13 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures and resulted in a cumulative-effect adjustment to retained earnings of $440 in the Condensed Consolidated Balance Sheet as of January 1, 2020. Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in this update modify the disclosure requirements for fair value measurements. The Company adopted ASU 2018-13 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Income Taxes: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Reference Rate Reform: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in this update provide optional expedients and exceptions, if certain criteria are met, for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company adopted ASU 2020-04, with respect to topics in Accounting Standards Codification (“ASC”) 310 Receivables, ASC 470 Debt, ASC 815 Derivatives and Hedging and ASC 842 Leases, during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures. Recent Accounting Guidance Issued Not Yet Effective Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public business entities, the standard is effective for fiscal years ending after December 15, 2020. The adoption of this ASU is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Convertible Debt and Contracts in Entity’s Own Equity: In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). The amendments in this update simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity, such as the Company’s outstanding Series A warrants. For public business entities, the standard is effective for fiscal years ending after December 15, 2021, with early adoption permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures.
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Discontinued Operations (Tables) |
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Discontinued Operations | The major components of net loss from discontinued operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 are as follows:
(1) Total revenues for the three and nine months ended September 30, 2019 consisted entirely of other revenues. (2) The depreciation, depletion and amortization is related to an increase in the Company’s estimate of its asset retirement obligations with respect to the Western Mines as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019. The Company remeasured its asset retirement obligations based on the expectation that the mining permits would not transfer to Blackjewel and Blackjewel would be unable to perform its contractual obligation to reclaim the properties. The increase in the asset retirement obligation was recorded to expense as the Company no longer owned the underlying mining assets. (3) The accretion on asset retirement obligations is related to the asset retirement obligation as a result of the Blackjewel bankruptcy filing. (4) The asset impairment is primarily related to the write-off of a tax receivable. The Company was considered to be the primary obligor for certain taxes that Blackjewel was contractually obligated to pay. During the nine months ended September 30, 2019, the Company recorded an impairment charge for the offsetting receivable from Blackjewel as a result of the Blackjewel bankruptcy filing. The major components of cash flows related to discontinued operations are as follows:
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Revenue (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables disaggregate the Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors:
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2020.
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Accumulated Other Comprehensive (Loss) Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes to accumulated other comprehensive (loss) income during the nine months ended September 30, 2020 and 2019:
The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income and the Condensed Consolidated Statements of Operations line items affected by the reclassification during the three and nine months ended September 30, 2020 and 2019:
(1) These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit costs for certain employee benefit plans. Refer to Note 16.
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Inventories, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories, net consisted of the following:
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Acquired Intangibles (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangibles | The balances and respective balance sheet classifications of such assets and liabilities as of September 30, 2020 and December 31, 2019, net of accumulated amortization, are set forth in the following tables:
(1) Included within other acquired intangibles, net of accumulated amortization on the Company’s Condensed Consolidated Balance Sheets. (2) Included within other non-current liabilities on the Company’s Condensed Consolidated Balance Sheets. The following table details the amortization of mine permits acquired as a result of the Merger and the amortization of above-market and below-market coal supply agreements:
(1) Included within amortization of acquired intangibles, net in the Condensed Consolidated Statements of Operations.
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Asset Impairment and Restructuring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | As a result of the strategic actions discussed above, the Company recorded restructuring expense during the three and nine months ended September 30, 2020 as follows:
(1) Severance and employee-related benefits were considered probable and estimable based on provisions of contractual agreements and existing employee benefit plans. (2) The nine months ended September 30, 2020 includes accelerated amortization of deferred longwall move expenses of $668, allowance for advanced mining royalties of $407, and allowance for obsolete materials and supplies inventory of $807. (3) During the three months ended September 30, 2020, total restructuring expenses of ($484), $89, and $450 were recorded within the reportable segments CAPP - Thermal, NAPP and All Other, respectively. During the nine months ended September 30, 2020, total restructuring expenses of $1,826, $18,221, and $2,443 were recorded within the reportable segments CAPP - Thermal, NAPP and All Other, respectively.
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use Assets and Lease Liabilities | As of September 30, 2020 and December 31, 2019, the Company had the following right-of-use assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets:
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Lease Costs and Other Information | Total lease costs and other lease information for the three and nine months ended September 30, 2020 and 2019 included the following:
(1) The Company had no variable lease costs or sublease income for the nine months ended September 30, 2020 and 2019.
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Operating Lease Maturity | The following table summarizes the maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2020:
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Finance Lease Maturity | The following table summarizes the maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the lease liabilities recognized in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2020:
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
(1) Includes financing leases, refer to Note 9 for additional information.
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Acquisition-Related Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquisition-Related Obligations | Acquisition-related obligations consisted of the following:
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Asset Retirement Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Asset Retirement Obligations | The following table summarizes the changes in asset retirement obligations for the nine months ended September 30, 2020:
(1) The revisions in estimated cash flows resulted from changes in mine plans primarily associated with the strategic actions impacting certain mines during the three months ended June 30, 2020 of which approximately $3,100 was recorded to depreciation, depletion and amortization. Refer to Note 8. (2) Included within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets.
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Fair Value of Financial Instruments and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring | The following tables set forth by level, within the fair value hierarchy, the Company’s long-term debt at fair value as of September 30, 2020 and December 31, 2019:
(1) Net of debt discounts and debt issuance costs. The following tables set forth by level, within the fair value hierarchy, the Company’s acquisition-related obligations at fair value as of September 30, 2020 and December 31, 2019:
(1) Net of discounts.
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels.
The following tables are a reconciliation of the financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis and that were categorized within Level 3 of the fair value hierarchy:
(1) The gain recognized in earnings resulted primarily from a change in the forecasted future revenue associated with this obligation and an increase in annualized volatility as of September 30, 2020.
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Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost | The following table details the components of the net periodic benefit for pension obligations:
The following table details the components of the net periodic expense for black lung obligations:
The following table details the components of the net periodic expense for life insurance benefit obligations:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash Deposits | Amounts included in restricted cash represent cash deposits primarily invested in interest bearing accounts that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral for securing the following obligations which have been written on the Company’s behalf:
(1) Included within prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets.
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Schedule of Restricted Investments and Deposit Assets | Amounts included in restricted investments consist of certificates of deposit, mutual funds, and U.S. treasury bills that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral for securing the following obligations which have been written on the Company’s behalf:
(1) Included within other non-current assets on the Company’s Condensed Consolidated Balance Sheets. (2) As of September 30, 2020 and December 31, 2019, respectively, $26,015 and $13,508 are classified as trading securities and $1,778 and $8,378 are classified as held-to-maturity securities. Deposits represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral to secure the following obligations which have been written on the Company’s behalf:
(1) Included within prepaid expenses and other current assets and other non-current assets on the Company’s Condensed Consolidated Balance Sheets.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Operating Results and Capital Expenditures | Segment operating results and capital expenditures for the three months ended September 30, 2020 were as follows:
Segment operating results and capital expenditures for the three months ended September 30, 2019 were as follows:
Segment operating results and capital expenditures for the nine months ended September 30, 2020 were as follows:
Segment operating results and capital expenditures for the nine months ended September 30, 2019 were as follows:
The Company markets produced, processed and purchased coal to customers in the United States and in international markets, primarily India, Brazil, Turkey, Netherlands, and Italy. Export coal revenues were the following:
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Reconciliation of Net Income (Loss) to Adjusted EBITDA | The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2020:
(1) Asset impairment and restructuring for the three months ended September 30, 2020 includes long-lived asset impairments of $3,516 as a result of capital spending during the quarter at previously impaired locations requiring the impairment of certain additional assets not considered recoverable and restructuring expense of $55 as a result of the strategic actions with respect to two thermal coal mining complexes announced during the second quarter of 2020. Refer to Note 8 for further information. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2019:
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2020:
(1) Asset impairment and restructuring for the nine months ended September 30, 2020 includes long-lived asset impairments of $198,963 and restructuring expense of $22,490 as a result of weakened coal prices and the strategic actions with respect to two thermal coal mining complexes announced during the second quarter of 2020 and capital spending during the third quarter of 2020 at previously impaired locations requiring the impairment of certain additional assets not considered recoverable. Refer to Note 8 for further information. (2) Management restructuring costs are related to severance expense associated with senior management changes during the three months ended March 31, 2020. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the nine months ended September 30, 2019:
(1) Asset impairment primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019. (2) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019. (3) During the nine months ended September 30, 2019, the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083.
|
Discontinued Operations - Narrative (Details) $ in Thousands |
May 29, 2020
USD ($)
|
---|---|
PRB Transaction | Discontinued Operations | |
Guarantor Obligations [Line Items] | |
Consideration | $ 625 |
Discontinued Operations - Major Components of Net Income (Loss) (Details) - PRB Transaction - Discontinued Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2019 |
Sep. 30, 2019 |
|
Revenues: | ||
Total revenues | $ 4 | $ 152 |
Costs and expenses: | ||
Depreciation, Depletion and amortization | 0 | 145,913 |
Accretion on asset retirement obligations | 4,981 | 4,981 |
Asset impairment | 694 | 17,162 |
Selling, general and administrative expenses | 4,666 | 4,673 |
Other expenses | 1,032 | 3,964 |
Other non-major expense (income) items, net | $ 147 | $ 432 |
Discontinued Operations - Major Components of Cash Flows (Details) - PRB Transaction - Discontinued Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2019 |
Sep. 30, 2019 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation, depletion and amortization | $ 0 | $ 145,913 |
Accretion on asset retirement obligations | 4,981 | 4,981 |
Asset impairment | $ 694 | $ 17,162 |
Accumulated Other Comprehensive (Loss) Income - Changes to Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 696,122 | $ 1,071,140 |
Ending balance | 342,968 | 868,938 |
Employee benefit costs | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (58,616) | (23,130) |
Other comprehensive (loss) income before reclassifications | (14,154) | 458 |
Amounts reclassified from accumulated other comprehensive (loss) income | 4,156 | 532 |
Ending balance | $ (68,614) | $ (22,140) |
Net (Loss) Income Per Common Share - Narrative (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,243,866 | 1,136,318 | 1,380,076 | 556,282 |
Weighted-average antidilutive securities excluded from computation of earnings per share (in shares) | 31,665 | 57,301 | 38,648 | 332,794 |
Inventories, net (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Inventory [Line Items] | |||
Total inventories, net | $ 124,245 | $ 162,659 | |
Allowance for obsolete materials and supplies inventory | $ 807 | ||
Coal | |||
Inventory [Line Items] | |||
Raw coal | 18,248 | 30,274 | |
Saleable coal | 79,194 | 105,092 | |
Material, supplies and other, net | |||
Inventory [Line Items] | |||
Materials, supplies and other, net | $ 26,803 | $ 27,293 |
Acquired Intangibles (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Assets | $ 100,350 | $ 125,145 |
Liabilities | (875) | (6,018) |
Net Total | 99,475 | 119,127 |
Coal supply agreements, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets | 185 | 917 |
Acquired mine permits, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets | 100,165 | 124,228 |
Coal supply agreements, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Liabilities | (875) | (6,018) |
Acquired mine permits, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Liabilities | 0 | 0 |
Coal supply agreements, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Total | (690) | (5,101) |
Acquired mine permits, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Total | $ 100,165 | $ 124,228 |
Acquired Intangibles - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Asset impairment, change in carrying value | $ 33,709 | ||
Acquired mine permits, net | |||
Finite-Lived Intangible Assets [Line Items] | |||
Asset impairment, change in carrying value | $ 8,653 | $ 14,471 |
Acquired Intangibles - Amortization of Intangible Assets (Liabilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangibles, net | $ 2,219 | $ 2,314 | $ 5,180 | $ (4,712) |
Coal supply agreements, net | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangibles, net | (725) | (3,952) | (4,412) | (22,583) |
Acquired mine permits, net | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 2,944 | 6,266 | 9,592 | 17,871 |
Coal supply agreements, net | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 145 | 1,473 | 732 | 2,351 |
Coal supply agreements, net | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of below-market coal supply agreements | $ (870) | $ (5,425) | $ (5,144) | $ (24,934) |
Leases - Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Assets | ||
Financing lease assets | $ 5,921 | $ 9,718 |
Financing lease assets | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization |
Operating lease right-of-use assets | $ 6,481 | $ 8,678 |
Operating lease right-of-use assets | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Total lease assets | $ 12,402 | $ 18,396 |
Liabilities | ||
Financing lease liabilities - current | $ 3,222 | $ 3,275 |
Financing lease liabilities - current | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent |
Operating lease liabilities - current | $ 949 | $ 1,813 |
Operating lease liabilities - current | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Financing lease liabilities - long-term | $ 2,552 | $ 4,674 |
Financing lease liabilities - long-term | us-gaap:LongTermDebtAndCapitalLeaseObligations | us-gaap:LongTermDebtAndCapitalLeaseObligations |
Operating lease liabilities - long-term | $ 5,532 | $ 6,866 |
Operating lease liabilities - long-term | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Total lease liabilities | $ 12,255 | $ 16,628 |
Leases - Maturities of Lease Liabilities (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Finance Leases | |
Remainder of 2020 | $ 945 |
2021 | 3,110 |
2022 | 1,854 |
2023 | 272 |
2024 | 6 |
Thereafter | 0 |
Total future minimum lease payments | 6,187 |
Imputed interest | (413) |
Present value of future minimum lease payments | 5,774 |
Operating Leases | |
Remainder of 2020 | 489 |
2021 | 1,489 |
2022 | 1,354 |
2023 | 1,101 |
2024 | 982 |
Thereafter | 4,915 |
Total future minimum lease payments | 10,330 |
Imputed interest | (3,849) |
Present value of future minimum lease payments | $ 6,481 |
Stock Repurchases (Details) - Common Stock - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 12, 2019 |
Sep. 30, 2019 |
Aug. 29, 2019 |
May 31, 2019 |
|
Capital Return Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized share repurchases | $ 250,000 | |||
Company Repurchase Plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized share repurchases | $ 100,000 | |||
Shares repurchased (in shares) | 529,303 | |||
Shares repurchased, net | $ 15,969 | |||
Shares repurchased, gross | 15,953 | |||
Fees related to stock repurchase | $ 16 | |||
Share repurchase price (in USD per share) | $ 30.17 | |||
Shareholders | Stockholders Common Stock Repurchase Agreement | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares repurchased (in shares) | 500,000 | |||
Shares repurchased, net | $ 16,495 | |||
Share repurchase price (in USD per share) | $ 32.99 |
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt discount and issuance costs | $ (20,358) | $ (29,695) |
Total long-term debt | 597,540 | 592,966 |
Less current portion | (44,864) | (28,485) |
Long-term debt, net of current portion | 552,676 | 564,481 |
Term Loan Credit Facility | Term Loan Credit Facility - due June 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 554,778 | 558,991 |
Line of Credit | ABL Facility - due April 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 18,350 | 0 |
Note Payable | LCC Note Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 27,500 | 45,000 |
Note Payable | LCC Water Treatment Obligation | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 8,125 | 9,375 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 9,145 | $ 9,295 |
Asset Retirement Obligations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Asset Retirement Obligation [Line Items] | ||||
Revisions in estimated cash flows | $ 13,244 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Total asset retirement obligations at December 31, 2019 | 224,704 | |||
Accretion for the period | 23,806 | |||
Sites added during the period | 621 | |||
Revisions in estimated cash flows | 13,244 | |||
Expenditures for the period | (16,532) | |||
Total asset retirement obligations at September 30, 2020 | $ 224,704 | $ 245,843 | $ 224,704 | |
Less current portion | (34,845) | |||
Long-term portion | $ 210,998 | $ 184,130 | ||
Depreciation, Depletion And Amortization | ||||
Asset Retirement Obligation [Line Items] | ||||
Revisions in estimated cash flows | $ 3,100 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Revisions in estimated cash flows | $ 3,100 |
Fair Value of Financial Instruments and Fair Value Measurements - Schedule of Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | $ 24,292 | $ 52,427 |
Trading securities | 26,015 | 13,508 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | 0 | 0 |
Trading securities | 20,087 | 5,506 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | 0 | 0 |
Trading securities | 5,928 | 8,002 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Contingent Revenue Obligation | 24,292 | 52,427 |
Trading securities | $ 0 | $ 0 |
Fair Value of Financial Instruments and Fair Value Measurements - Level 3 of the Fair Value Hierarchy (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement Period Adjustments | $ 5,738 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 52,427 | 59,880 |
Payments | (14,710) | (9,627) |
Loss (Gain) Recognized in Earnings | (13,425) | (288) |
Transfer In (Out) of Level 3 Fair Value Hierarchy | 0 | 0 |
Ending balance | $ 24,292 | $ 55,703 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Mar. 27, 2020 |
Dec. 31, 2019 |
|
Income Tax [Line Items] | |||||||
Income tax benefit | $ 45 | $ 3,102 | $ 2,200 | $ 8,880 | |||
Income (loss) from continuing operations before income taxes | (68,682) | $ (46,663) | (348,946) | $ (20,151) | |||
Discrete income tax benefit from AMT credit | $ 2,123 | ||||||
Increase in deferred tax asset valuation allowance | 92,804 | ||||||
AMT credit to be refunded during year | $ 68,252 | ||||||
Decrease in unrecognized tax benefits | 23,800 | ||||||
Prepaid Expenses and Other Current Assets | |||||||
Income Tax [Line Items] | |||||||
AMT credit | $ 66,129 | $ 66,129 | $ 33,065 |
Related Party Transactions - Narrative (Details) $ in Thousands |
Jul. 19, 2019
USD ($)
|
---|---|
Affiliated Entity | DIP Financing with Shareholders | |
Related Party Transaction [Line Items] | |
Allocated expenses | $ 2,900 |
Commitments and Contingencies - Schedule of Restricted Cash Deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | $ 131,169 | $ 134,887 | |
Less current portion | (7,104) | (12,363) | $ (21,456) |
Long-term restricted cash | 124,065 | 122,524 | $ 209,041 |
Workers' compensation | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | 39,141 | 38,944 | |
Black lung | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | 12,770 | 12,706 | |
Reclamation-related obligations | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | 69,148 | 67,868 | |
Financial guarantees and other | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | 3,006 | 3,006 | |
Contingent revenue obligation escrow | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | $ 7,104 | $ 12,363 |
Commitments and Contingencies - Schedule of Restricted Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Long-term Purchase Commitment [Line Items] | ||
Total restricted investments | $ 27,793 | $ 21,886 |
Restricted investments, trading | 26,015 | 13,508 |
Restricted investments, held-to-maturity | 1,778 | 8,378 |
Workers' compensation | ||
Long-term Purchase Commitment [Line Items] | ||
Total restricted investments | 3,131 | 3,100 |
Reclamation-related obligations | ||
Long-term Purchase Commitment [Line Items] | ||
Total restricted investments | $ 24,662 | $ 18,786 |
Commitments and Contingencies - Cash Deposits Held by Third Parties (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Long-term Purchase Commitment [Line Items] | ||
Total deposits | $ 21,079 | $ 10,723 |
Reclamation-related obligations | ||
Long-term Purchase Commitment [Line Items] | ||
Total deposits | 19,660 | 8,887 |
Other operating agreements | ||
Long-term Purchase Commitment [Line Items] | ||
Total deposits | $ 1,419 | $ 1,836 |
Segment Information - Revenue from External Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Coal revenues | $ 399,954 | $ 523,987 | $ 1,278,935 | $ 1,784,775 |
Export coal revenues | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Coal revenues | 209,046 | $ 261,815 | 718,058 | 967,959 |
India | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Coal revenues | $ 57,740 | 174,182 | $ 228,754 | |
Brazil | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Coal revenues | $ 133,501 | |||
Geographic Concentration Risk | Export coal revenues | Revenues | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 52.00% | 50.00% | 56.00% | 54.00% |
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