Note 16 - Additional Information With Respect to Unrestricted Subsidiaries

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 16—ADDITIONAL INFORMATION WITH RESPECT TO UNRESTRICTED SUBSIDIARIES:

Under the terms of the Indenture and Senior Secured Credit Facilities, CONSOL Energy has designated certain of its subsidiaries as “Unrestricted Subsidiaries”. The current Unrestricted Subsidiaries are the Partnership and its subsidiaries and the SPV. CONSOL Energy is required under the terms of the Indenture and the Senior Secured Credit Facilities to present additional information that reflects the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Company's Unrestricted Subsidiaries for the periods presented. This additional information is below.

Income Statement for the Three Months Ended June 30, 2020 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	76,806		$	25,507	$	102,313
Terminal Revenue		15,898			—		15,898
Freight Revenue		2,314			771		3,085
Miscellaneous Other Income		16,802			17,134		33,936
Gain on Sale of Assets		7,329			—		7,329
Total Revenue and Other Income		119,149			43,412		162,561
Costs and Expenses:
Operating and Other Costs		91,325			25,081		116,406
Depreciation, Depletion and Amortization		34,635			11,520		46,155
Freight Expense		2,314			771		3,085
Selling, General and Administrative Costs		8,579			2,360		10,939
Interest Expense, net		12,468			2,254		14,722
Total Costs and Expenses		149,321			41,986		191,307
(Loss) Earnings Before Income Tax		(30,172	)		1,426		(28,746	)
Income Tax Benefit		(7,683	)		—		(7,683	)
Net (Loss) Income		(22,489	)		1,426		(21,063	)
Less: Net Loss Attributable to Noncontrolling Interest		(3,080	)		—		(3,080	)
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(19,409	)	$	1,426	$	(17,983	)

Balance Sheet at June 30, 2020 (unaudited):
	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	32,893		$	134	$	33,027
Accounts and Notes Receivable
Trade Receivables, net		—			99,993		99,993
Other Receivables, net		27,089			747		27,836
Inventories		46,919			14,122		61,041
Prepaid Expenses and Other Assets		18,322			2,761		21,083
Total Current Assets		125,223			117,757		242,980
Property, Plant and Equipment:
Property, Plant and Equipment		4,062,898			1,001,044		5,063,942
Less-Accumulated Depreciation, Depletion and Amortization		2,402,098			594,233		2,996,331
Total Property, Plant and Equipment - Net		1,660,800			406,811		2,067,611
Other Assets:
Deferred Income Taxes		108,898			—		108,898
Right of Use Asset - Operating Leases		49,574			13,335		62,909
Other, net		70,488			13,246		83,734
Total Other Assets		228,960			26,581		255,541
TOTAL ASSETS	$	2,014,983		$	551,149	$	2,566,132
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	48,223		$	18,229	$	66,452
Accounts (Recoverable) Payable - Related Parties		(4,731	)		4,731		—
Current Portion of Long-Term Debt		58,162			8,763		66,925
Other Accrued Liabilities		203,744			36,782		240,526
Total Current Liabilities		305,398			68,505		373,903
Long-Term Debt:
Long-Term Debt, Related Party		(158,169	)		158,169		—
Long-Term Debt		595,360			—		595,360
Finance Lease Obligations		17,874			5,666		23,540
Total Long-Term Debt		455,065			163,835		618,900
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions		425,493			—		425,493
Pneumoconiosis Benefits		194,666			6,508		201,174
Asset Retirement Obligations		217,618			11,030		228,648
Workers' Compensation		57,378			3,811		61,189
Salary Retirement		38,947			—		38,947
Operating Lease Liability		36,377			9,102		45,479
Other		15,668			856		16,524
Total Deferred Credits and Other Liabilities		986,147			31,307		1,017,454
TOTAL LIABILITIES		1,746,610			263,647		2,010,257
Total CONSOL Energy Inc. Stockholders’ Equity		139,679			287,502		427,181
Noncontrolling Interest		128,694			—		128,694
TOTAL LIABILITIES AND EQUITY	$	2,014,983		$	551,149	$	2,566,132

Income Statement for the Three Months Ended June 30, 2019 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	262,965		$	87,655		$	350,620
Terminal Revenue		16,708			—			16,708
Freight Revenue		2,890			964			3,854
Miscellaneous Other Income		(7,844	)		20,038			12,194
Gain (Loss) on Sale of Assets		943			(10	)		933
Total Revenue and Other Income		275,662			108,647			384,309
Costs and Expenses:
Operating and Other Costs		194,580			58,868			253,448
Depreciation, Depletion and Amortization		34,815			11,336			46,151
Freight Expense		2,890			964			3,854
Selling, General and Administrative Costs		13,335			2,953			16,288
Loss on Debt Extinguishment		1,500			—			1,500
Interest Expense, net		14,489			1,557			16,046
Total Costs and Expenses		261,609			75,678			337,287
Earnings Before Income Tax		14,053			32,969			47,022
Income Tax Benefit		(1,808	)		—			(1,808	)
Net Income		15,861			32,969			48,830
Less: Net Income Attributable to Noncontrolling Interest		5,550			—			5,550
Net Income Attributable to CONSOL Energy Inc. Shareholders	$	10,311		$	32,969		$	43,280

Balance Sheet at December 31, 2019:
	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	79,717		$	576	$	80,293
Accounts and Notes Receivable
Trade Receivables, net		—			131,688		131,688
Other Receivables, net		39,412			1,572		40,984
Inventories		41,478			12,653		54,131
Prepaid Expenses and Other Assets		25,181			5,752		30,933
Total Current Assets		185,788			152,241		338,029
Property, Plant and Equipment:
Property, Plant and Equipment		4,023,282			984,898		5,008,180
Less-Accumulated Depreciation, Depletion and Amortization		2,344,777			571,238		2,916,015
Total Property, Plant and Equipment - Net		1,678,505			413,660		2,092,165
Other Assets:
Deferred Income Taxes		103,505			—		103,505
Right of Use Asset - Operating Leases		56,937			15,695		72,632
Other, net		74,015			13,456		87,471
Total Other Assets		234,457			29,151		263,608
TOTAL ASSETS	$	2,098,750		$	595,052	$	2,693,802
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	79,140		$	27,083	$	106,223
Accounts (Recoverable) Payable - Related Parties		(1,419	)		1,419		—
Current Portion of Long-Term Debt		45,020			5,252		50,272
Other Accrued Liabilities		196,314			39,455		235,769
Total Current Liabilities		319,055			73,209		392,264
Long-Term Debt:
Long-Term Debt, Related Party		(148,156	)		148,156		—
Long-Term Debt		653,802			—		653,802
Finance Lease Obligations		7,391			1,645		9,036
Total Long-Term Debt		513,037			149,801		662,838
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions		432,496			—		432,496
Pneumoconiosis Benefits		196,114			6,028		202,142
Asset Retirement Obligations		239,410			10,801		250,211
Workers' Compensation		57,583			3,611		61,194
Salary Retirement		49,930			—		49,930
Operating Lease Liability		43,906			11,507		55,413
Other		14,134			785		14,919
Total Deferred Credits and Other Liabilities		1,033,573			32,732		1,066,305
TOTAL LIABILITIES		1,865,665			255,742		2,121,407
Total CONSOL Energy Inc. Stockholders’ Equity		95,889			339,310		435,199
Noncontrolling Interest		137,196			—		137,196
TOTAL LIABILITIES AND EQUITY	$	2,098,750		$	595,052	$	2,693,802

Income Statement for the Six Months Ended June 30, 2020 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	268,395		$	89,370	$	357,765
Terminal Revenue		32,399			—		32,399
Freight Revenue		4,674			1,558		6,232
Miscellaneous Other Income		20,665			29,441		50,106
Gain on Sale of Assets		7,315			—		7,315
Total Revenue and Other Income		333,448			120,369		453,817
Costs and Expenses:
Operating and Other Costs		254,917			73,764		328,681
Depreciation, Depletion and Amortization		77,650			23,448		101,098
Freight Expense		4,674			1,558		6,232
Selling, General and Administrative Costs		22,203			6,406		28,609
Gain on Debt Extinguishment		(16,833	)		—		(16,833	)
Interest Expense, net		25,984			4,409		30,393
Total Costs and Expenses		368,595			109,585		478,180
(Loss) Earnings Before Income Tax		(35,147	)		10,784		(24,363	)
Income Tax Benefit		(5,775	)		—		(5,775	)
Net (Loss) Income		(29,372	)		10,784		(18,588	)
Less: Net Loss Attributable to Noncontrolling Interest		(2,972	)		—		(2,972	)
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(26,400	)	$	10,784	$	(15,616	)

Income Statement for the Six Months Ended June 30, 2019 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	512,342		$	170,781		$	683,123
Terminal Revenue		34,526			—			34,526
Freight Revenue		7,887			2,629			10,516
Miscellaneous Other Income		4,137			21,349			25,486
Gain (Loss) on Sale of Assets		1,277			(5	)		1,272
Total Revenue and Other Income		560,169			194,754			754,923
Costs and Expenses:
Operating and Other Costs		372,184			111,377			483,561
Depreciation, Depletion and Amortization		74,322			22,553			96,875
Freight Expense		7,887			2,629			10,516
Selling, General and Administrative Costs		30,698			7,513			38,211
Loss on Debt Extinguishment		24,643			—			24,643
Interest Expense, net		31,734			2,908			34,642
Total Costs and Expenses		541,468			146,980			688,448
Earnings Before Income Tax		18,701			47,774			66,475
Income Tax Benefit		(2,658	)		—			(2,658	)
Net Income		21,359			47,774			69,133
Less: Net Income Attributable to Noncontrolling Interest		11,418			—			11,418
Net Income Attributable to CONSOL Energy Inc. Shareholders	$	9,941		$	47,774		$	57,715