10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________

FORM 10-Q

__________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-38147

__________________________________________________

CONSOL Energy Inc. 

(Exact name of registrant as specified in its charter)

Delaware	82-1954058
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1000 CONSOL Energy Drive, Suite 100

Canonsburg, PA 15317-6506

(724) 416-8300

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

__________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	CEIX	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒    No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ☒    Accelerated filer  ☐    Non-accelerated filer  ☐    Smaller reporting company  ☐    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No  ☒

CONSOL Energy Inc. had 26,036,362 shares of common stock, $0.01 par value, outstanding at October 28, 2020.

TABLE OF CONTENTS

	Part I. Financial Information	Page
Item 1.	Financial Statements
	Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019	4
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019	5
	Consolidated Balance Sheets at September 30, 2020 and December 31, 2019	6
	Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2020 and 2019	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019	9
	Notes to Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4.	Controls and Procedures	59
	Part II. Other Information
Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62
Item 4.	Mine Safety Disclosures	62
Item 5.	Other Information	62
Item 6.	Exhibits	64
	Signatures	65

2

IMPORTANT DEFINITIONS REFERENCED IN THIS QUARTERLY REPORT

Unless the context otherwise requires:

• “CONSOL Energy,” “we,” “our,” “us,” “our Company” and “the Company” refer to CONSOL Energy Inc. and its subsidiaries;

• “Btu” means one British Thermal unit;

• “CCR Merger” means the proposed merger of CCR into a wholly-owned subsidiary of CONSOL Energy pursuant to the Merger Agreement and as a result of which CCR will become an indirect, wholly-owned subsidiary of CONSOL Energy;

• “Coal Business” refers to all of our interest in the Pennsylvania Mining Complex (PAMC) and certain related coal assets, including: (i) our interest in the Partnership, which owns a 25% undivided interest in the PAMC; (ii) the CONSOL Marine Terminal; (iii) development of the Itmann Mine; and (iv) undeveloped coal reserves (Greenfield Reserves) located in the Northern Appalachian, Central Appalachian and Illinois basins and certain related coal assets and liabilities;

• “CONSOL Marine Terminal” refers to the terminal operations located at the Port of Baltimore;

• “distribution” refers to the pro rata distribution of the Company's issued and outstanding shares of common stock to its former parent's stockholders on November 29, 2017;

• “former parent” refers to CNX Resources Corporation and its consolidated subsidiaries;

• “General Partner” refers to CONSOL Coal Resources GP LLC, a Delaware limited liability company;

• “Greenfield Reserves” means those undeveloped reserves owned by the Company in the Northern Appalachian, Central Appalachian and Illinois basins that are not associated with the Pennsylvania Mining Complex or the Itmann Mine project;

• “Merger Agreement” means that certain Agreement and Plan of Merger by and among CONSOL Energy, Transformer LP Holdings, Inc., a Delaware corporation, Transformer Merger Sub LLC, a Delaware limited liability company, CCR and the General Partner dated as of October 22, 2020;

• “Partnership” or “CCR” refers to a Delaware limited partnership that holds a 25% undivided interest in, and is the sole operator of, the Pennsylvania Mining Complex;

• “Pennsylvania Mining Complex” or “PAMC” refers to the Bailey, Enlow Fork and Harvey coal mines, coal reserves and related assets and operations, located primarily in southwestern Pennsylvania and owned 75% by the Company and 25% by the Partnership; and

• “separation” refers to the separation of the Coal Business from our former parent’s other businesses on November 28, 2017, and the creation, as a result of the distribution, of an independent, publicly-traded company (the Company) to hold the assets and liabilities associated with the Coal Business after the distribution.

3

PART I : FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(unaudited)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
Revenue and Other Income:	2020			2019		2020			2019
Coal Revenue	$	184,375		$	301,542	$	542,140		$	984,665
Terminal Revenue		17,008			16,303		49,407			50,829
Freight Revenue		12,909			3,599		19,141			14,115
Miscellaneous Other Income		21,001			11,188		71,107			36,674
Gain on Sale of Assets		7,926			714		15,241			1,986
Total Revenue and Other Income		243,219			333,346		697,036			1,088,269
Costs and Expenses:
Operating and Other Costs		153,031			234,849		481,712			718,410
Depreciation, Depletion and Amortization		54,959			54,370		156,057			151,245
Freight Expense		12,909			3,599		19,141			14,115
Selling, General and Administrative Costs		11,117			14,690		39,726			52,901
(Gain) Loss on Debt Extinguishment		(1,078	)		801		(17,911	)		25,444
Interest Expense, net		15,723			15,598		46,116			50,240
Total Costs and Expenses		246,661			323,907		724,841			1,012,355
(Loss) Earnings Before Income Tax		(3,442	)		9,439		(27,805	)		75,914
Income Tax Expense (Benefit)		5,918			2,415		143			(243	)
Net (Loss) Income		(9,360	)		7,024		(27,948	)		76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136	)		2,684		(5,108	)		14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(7,224	)	$	4,340	$	(22,840	)	$	62,055
(Loss) Earnings per Share:
Total Basic (Loss) Earnings per Share	$	(0.28	)	$	0.16	$	(0.88	)	$	2.27
Total Dilutive (Loss) Earnings per Share	$	(0.28	)	$	0.16	$	(0.88	)	$	2.26

The accompanying notes are an integral part of these consolidated financial statements.

4

CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Net (Loss) Income	$	(9,360	)	$	7,024		$	(27,948	)	$	76,157
Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,214), ($780), ($3,642), ($2,342))		3,624			2,457			10,872			7,376
Unrecognized Gain (Loss) on Derivatives:
Unrealized Gain (Loss) on Cash Flow Hedges (Net of tax: ($127), $83, $810, $167)		377			(261	)		(2,408	)		(525	)
Other Comprehensive Income		4,001			2,196			8,464			6,851
Comprehensive (Loss) Income	$	(5,359	)	$	9,220		$	(19,484	)	$	83,008
Less: Comprehensive (Loss) Income Attributable to Noncontrolling Interest		(2,121	)		2,681			(5,063	)		14,097
Comprehensive (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(3,238	)	$	6,539		$	(14,421	)	$	68,911

The accompanying notes are an integral part of these consolidated financial statements.

5

CONSOL ENERGY INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	(Unaudited)
	September 30,		December 31,
	2020		2019
ASSETS
Current Assets:
Cash and Cash Equivalents	$	22,284	$	80,293
Accounts and Notes Receivable
Trade Receivables, net		120,548		131,688
Other Receivables, net		24,748		40,984
Inventories		56,577		54,131
Prepaid Expenses and Other Assets		27,139		30,933
Total Current Assets		251,296		338,029
Property, Plant and Equipment:
Property, Plant and Equipment		5,126,703		5,008,180
Less - Accumulated Depreciation, Depletion and Amortization		3,043,463		2,916,015
Total Property, Plant and Equipment—Net		2,083,240		2,092,165
Other Assets:
Deferred Income Taxes		101,639		103,505
Right of Use Asset - Operating Leases		58,106		72,632
Other, net		60,557		87,471
Total Other Assets		220,302		263,608
TOTAL ASSETS	$	2,554,838	$	2,693,802

The accompanying notes are an integral part of these consolidated financial statements.

6

CONSOL ENERGY INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	(Unaudited)
	September 30,			December 31,
	2020			2019
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	72,263		$	106,223
Current Portion of Long-Term Debt		68,954			50,272
Other Accrued Liabilities		247,395			235,769
Total Current Liabilities		388,612			392,264
Long-Term Debt:
Long-Term Debt		587,020			653,802
Finance Lease Obligations		21,146			9,036
Total Long-Term Debt		608,166			662,838
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions		421,705			432,496
Pneumoconiosis Benefits		201,066			202,142
Asset Retirement Obligations		229,346			250,211
Workers’ Compensation		61,525			61,194
Salary Retirement		33,454			49,930
Operating Lease Liability		41,623			55,413
Other		16,613			14,919
Total Deferred Credits and Other Liabilities		1,005,332			1,066,305
TOTAL LIABILITIES		2,002,110			2,121,407
Stockholders' Equity:
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 26,034,211 Issued and Outstanding at September 30, 2020; 25,932,618 Issued and Outstanding at December 31, 2019		260			259
Capital in Excess of Par Value		532,360			523,762
Retained Earnings		233,765			259,903
Accumulated Other Comprehensive Loss		(340,306	)		(348,725	)
Total CONSOL Energy Inc. Stockholders' Equity		426,079			435,199
Noncontrolling Interest		126,649			137,196
TOTAL EQUITY		552,728			572,395
TOTAL LIABILITIES AND EQUITY	$	2,554,838		$	2,693,802

The accompanying notes are an integral part of these consolidated financial statements.

7

CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Dollars in thousands)

	Common Stock		Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Total CONSOL Energy Inc. Stockholders' Equity			Noncontrolling Interest			Total Equity
December 31, 2019	$	259	$	523,762		$	259,903		$	(348,725	)	$	435,199		$	137,196		$	572,395
(Unaudited)
Net Income		—		—			2,367			—			2,367			108			2,475
Actuarially Determined Long-Term Liability Adjustments (Net of $1,214 Tax)		—		—			—			3,609			3,609			15			3,624
Interest Rate Hedge (Net of ($933) Tax)		—		—			—			(2,773	)		(2,773	)		—			(2,773	)
Comprehensive Income		—		—			2,367			836			3,203			123			3,326
Adoption of ASU 2016-13 (Net of ($1,109) Tax)		—		—			(3,298	)		—			(3,298	)		—			(3,298	)
Issuance of Common Stock		1		(1	)		—			—			—			—			—
Amortization of Stock-Based Compensation Awards		—		4,856			—			—			4,856			158			5,014
Shares/Units Withheld for Taxes		—		(555	)		—			—			(555	)		(217	)		(772	)
Distributions to Noncontrolling Interest		—		—			—			—			—			(5,575	)		(5,575	)
March 31, 2020	$	260	$	528,062		$	258,972		$	(347,889	)	$	439,405		$	131,685		$	571,090
(Unaudited)
Net Loss		—		—			(17,983	)		—			(17,983	)		(3,080	)		(21,063	)
Actuarially Determined Long-Term Liability Adjustments (Net of $1,214 Tax)		—		—			—			3,609			3,609			15			3,624
Interest Rate Hedge (Net of ($4) Tax)		—		—			—			(12	)		(12	)		—			(12	)
Comprehensive (Loss) Income		—		—			(17,983	)		3,597			(14,386	)		(3,065	)		(17,451	)
Amortization of Stock-Based Compensation Awards		—		2,162			—			—			2,162			74			2,236
June 30, 2020	$	260	$	530,224		$	240,989		$	(344,292	)	$	427,181		$	128,694		$	555,875
(Unaudited)
Net Loss		—		—			(7,224	)		—			(7,224	)		(2,136	)		(9,360	)
Actuarially Determined Long-Term Liability Adjustments (Net of $1,214 Tax)		—		—			—			3,609			3,609			15			3,624
Interest Rate Hedge (Net of $127 Tax)		—		—			—			377			377			—			377
Comprehensive (Loss) Income		—		—			(7,224	)		3,986			(3,238	)		(2,121	)		(5,359	)
Amortization of Stock-Based Compensation Awards		—		2,136			—			—			2,136			76			2,212
September 30, 2020	$	260	$	532,360		$	233,765		$	(340,306	)	$	426,079		$	126,649		$	552,728

	Common Stock			Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Total CONSOL Energy Inc. Stockholders' Equity			Noncontrolling Interest			Total Equity
December 31, 2018	$	274		$	550,995		$	182,148		$	(323,482	)	$	409,935		$	141,676		$	551,611
(Unaudited)
Net Income		—			—			14,435			—			14,435			5,868			20,303
Actuarially Determined Long-Term Liability Adjustments (Net of $781 Tax)		—			—			—			2,461			2,461			(1	)		2,460
Comprehensive Income		—			—			14,435			2,461			16,896			5,867			22,763
Issuance of Common Stock		2			(2	)		—			—			—			—			—
Amortization of Stock-Based Compensation Awards		—			7,053			—			—			7,053			397			7,450
Shares/Units Withheld for Taxes		—			(3,863	)		—			—			(3,863	)		(880	)		(4,743	)
Distributions to Noncontrolling Interest		—			—			—			—			—			(5,559	)		(5,559	)
March 31, 2019	$	276		$	554,183		$	196,583		$	(321,021	)	$	430,021		$	141,501		$	571,522
(Unaudited)
Net Income		—			—			43,280			—			43,280			5,550			48,830
Actuarially Determined Long-Term Liability Adjustments (Net of $781 Tax)		—			—			—			2,460			2,460			(1	)		2,459
Interest Rate Hedge (Net of ($84) Tax)		—			—			—			(264	)		(264	)		—			(264	)
Comprehensive Income		—			—			43,280			2,196			45,476			5,549			51,025
Repurchases of Common Stock (351,443 shares)		(3	)		(7,053	)		(2,494	)		—			(9,550	)		—			(9,550	)
Purchases of CCR Units (6,884 units)		—			(28	)		—			—			(28	)		(91	)		(119	)
Amortization of Stock-Based Compensation Awards		—			2,584			—			—			2,584			341			2,925
Distributions to Noncontrolling Interest		—			—			—			—			—			(5,560	)		(5,560	)
June 30, 2019	$	273		$	549,686		$	237,369		$	(318,825	)	$	468,503		$	141,740		$	610,243
(Unaudited)
Net Income		—			—			4,340			—			4,340			2,684			7,024
Actuarially Determined Long-Term Liability Adjustments (Net of $780 Tax)		—			—			—			2,460			2,460			(3	)		2,457
Interest Rate Hedge (Net of ($83) Tax)		—			—			—			(261	)		(261	)		—			(261	)
Comprehensive Income		—			—			4,340			2,199			6,539			2,681			9,220
Repurchases of Common Stock (1,366,054 shares)		(14	)		(27,417	)		4,248			—			(23,183	)		—			(23,183	)
Purchases of CCR Units (19,413 units)		—			(1	)		—			—			(1	)		(249	)		(250	)
Amortization of Stock-Based Compensation Awards		—			2,630			—			—			2,630			344			2,974
Shares/Units Withheld for Taxes		—			(2	)		—			—			(2	)		—			(2	)
Distributions to Noncontrolling Interest		—			—			—			—			—			(5,555	)		(5,555	)
September 30, 2019	$	259		$	524,896		$	245,957		$	(316,626	)	$	454,486		$	138,961		$	593,447

The accompanying notes are an integral part of these consolidated financial statements.

8

CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(unaudited)

	Nine Months Ended
	September 30,
	2020			2019
Cash Flows from Operating Activities:
Net (Loss) Income	$	(27,948	)	$	76,157
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization		156,057			151,245
Gain on Sale of Assets		(15,241	)		(1,986	)
Stock/Unit-Based Compensation		9,462			13,349
Amortization of Debt Issuance Costs		5,301			4,953
(Gain) Loss on Debt Extinguishment		(17,911	)		25,444
Deferred Income Taxes		143			(16,402	)
Equity in Earnings of Affiliates		1,147			—
Changes in Operating Assets:
Accounts and Notes Receivable		25,197			(10,002	)
Inventories		(2,446	)		(193	)
Prepaid Expenses and Other Assets		5,880			(3,009	)
Changes in Other Assets		(16,902	)		14,332
Changes in Operating Liabilities:
Accounts Payable		(29,746	)		(10,233	)
Other Operating Liabilities		(1,645	)		3,204
Changes in Other Liabilities		(28,960	)		(23,676	)
Net Cash Provided by Operating Activities		62,388			223,183
Cash Flows from Investing Activities:
Capital Expenditures		(65,955	)		(131,475	)
Proceeds from Sales of Assets		8,779			2,015
Other Investing Activity		(229	)		—
Net Cash Used in Investing Activities		(57,405	)		(129,460	)
Cash Flows from Financing Activities:
Proceeds from Finance Lease Obligations		16,293			—
Payments on Finance Lease Obligations		(18,732	)		(13,784	)
Proceeds from Term Loan A		—			26,250
Payments on Term Loan A		(16,250	)		(7,500	)
Payments on Term Loan B		(2,063	)		(123,750	)
Payments on Second Lien Notes		(26,365	)		(35,048	)
Proceeds from Asset-Backed Financing		—			3,757
Payments on Asset-Backed Financing		(526	)		—
Purchases of CCR Units		—			(369	)
Repurchases of Common Stock		—			(31,318	)
Distributions to Noncontrolling Interest		(5,575	)		(16,674	)
Shares/Units Withheld for Taxes		(772	)		(4,745	)
Debt-Related Financing Fees		(9,002	)		(20,628	)
Net Cash Used in Financing Activities		(62,992	)		(223,809	)
Net Decrease in Cash and Cash Equivalents and Restricted Cash		(58,009	)		(130,086	)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period		80,293			264,935
Cash and Cash Equivalents and Restricted Cash at End of Period	$	22,284		$	134,849
Non-Cash Investing and Financing Activities:
Finance Lease	$	17,335		$	—
Other Equipment Financing	$	13,123		$	3,834

The accompanying notes are an integral part of these consolidated financial statements.

9

CONSOL ENERGY INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

NOTE 1—BASIS OF PRESENTATION:

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2019 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019.

Basis of Consolidation

The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation.

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 - Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In response to concerns about structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This Update also provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. Management has elected to apply this Update subsequent to March 12, 2020. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements.

In January 2020, the FASB issued ASU 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this Update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements.

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In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) to reduce the complexity of accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in Update 2019-12 will remove the following exceptions: (1) the exception to the incremental approach for intra-period tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in Update 2019-12 will also simplify the accounting for income taxes in the areas of franchise tax, step up in the tax basis of goodwill associated with a business combination, allocation of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, and presentation of the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Update adds minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. These changes will be effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements.

In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management does not expect this update to have a material impact on the Company’s financial statements.

Earnings per Share

Basic earnings per share are computed by dividing net (loss) income attributable to CONSOL Energy Inc. shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. 

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Anti-Dilutive Restricted Stock Units		1,561,852		418,924		1,361,077		166,650
Anti-Dilutive Performance Share Units		29,062		56,399		32,736		—
		1,590,914		475,323		1,393,813		166,650

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The computations for basic and dilutive earnings per share are as follows:

	Three Months Ended					Nine Months Ended
Dollars in thousands, except per share data	September 30,					September 30,
	2020			2019		2020			2019
Numerator:
Net (Loss) Income	$	(9,360	)	$	7,024	$	(27,948	)	$	76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136	)		2,684		(5,108	)		14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(7,224	)	$	4,340	$	(22,840	)	$	62,055
Denominator:
Weighted-average shares of common stock outstanding		26,034,198			26,835,297		26,017,546			27,285,511
Effect of dilutive shares*		—			181,693		—			195,332
Weighted-average diluted shares of common stock outstanding		26,034,198			27,016,990		26,017,546			27,480,843
(Loss) Earnings per Share:
Basic	$	(0.28	)	$	0.16	$	(0.88	)	$	2.27
Dilutive	$	(0.28	)	$	0.16	$	(0.88	)	$	2.26

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is anti-dilutive.

As of September 30, 2020, CONSOL Energy has 500,000 shares of preferred stock, none of which are issued or outstanding.

NOTE 2—MAJOR TRANSACTIONS

On September 16, 2020, CONSOL entered into a settlement transaction with (i) Murray Energy Holdings Co., Murray Energy Corporation, and their direct and indirect subsidiaries (such entities that are debtors in possession in Murray Energy Holdings Co.’s jointly administered Chapter 11 cases, the “Debtors”), (ii) ACNR Holdings, Inc. (together with its direct and indirect subsidiaries, “Murray NewCo”) to fully and finally resolve the disputes raised in the CONSOL Adversary Case and any and all other disputes, controversies, or causes of action between and among them related to (a) the Debtors’ rejection of the 2013 stock purchase agreement (“SPA”) and CONSOL’s waiver of any objection thereto; (b) the Debtors’ assumption and assignment to Murray NewCo (or its designated direct or indirect subsidiaries) and payment of certain cure and other amounts relating to the First Overriding Royalty Agreement, as amended, the Second Overriding Royalty Agreement, as amended, the Water Treatment Cost Sharing Agreement, as amended, and the Master Entry Driver Lease Agreement; (c) the Debtors’ assumption and assignment to Murray NewCo (or its designated direct or indirect subsidiaries) of the Cooperation and Safety Agreement, the Surface Use Agreement, the Substation and Power Line Agreement, the Substation and Power Line Rights-of-Way, the McMillian Assignment, the Partial Powerline Assignment, the 2013 Well Plugging Consent Order and Agreement, and the 2020 Well Plugging Agreement; (d) the Debtors’ and CONSOL’s continued cooperation about certain matters consistent with historical practice, including (i) with respect to each parties’ payment obligations related to certain claims relating to certain worker’s compensation, Black Lung, and long-term disability and (ii) with respect to easements and boundaries as set forth in the 2013 SPA and the Closing Land Letter Agreement; (e) the Debtors’ assumption of, and CONSOL’s payment of certain amounts relating to, the Split Leases; (f) CONSOL’s transfer to Murray NewCo (or its designated direct or indirect subsidiaries), and Murray NewCo’s (or its designated direct or indirect subsidiaries’) payment for, certain coalbed methane wells, gas wells, and land; (g) the usage by CONSOL of the power structure of Murray NewCo (or its designated direct or indirect subsidiaries) on agreed upon terms and the Debtors’ and Murray NewCo’s release of the alleged claim for CONSOL’s prior usage; (h) CONSOL’s dismissal of CONSOL Energy Inc. v Murray Energy Holdings Co., et al., Adversary Case 2:20-ap-02036, with prejudice, which dismissal will be contingent upon (1) the Debtors’ assumption and assignment to Murray NewCo (or its designated direct or indirect subsidiaries) of the Assumed CONSOL Agreements and (2) the Debtors’ compliance with the terms of the CONSOL Term Sheets and other agreements consistent with these transactions; and (i) certain other terms and conditions consistent with the foregoing. The foregoing agreements and compromises, which have been memorialized in definitive documentation, shall be treated as a single, integrated transaction. The effect of the agreements, as amended, in the normal course of business resulted in CONSOL recognizing (a) Miscellaneous Other Income of $18,561 related to the Sale of Certain Coal Lease Contracts and other income, (b) Gain on Sale of Assets of $6,230 related to the sale of certain gas wells and equipment, and (c) a reduction of Operating and Other Costs of $1,940 as a result of expense rebates offset with various cure costs, all of which are included in the Consolidated Statement of Income for the three months ended September 30, 2020. As of September 30, 2020, the various transactions between the parties resulted in $8,088 of Other Receivables, net, and $21,326 of Other Assets, net, included in the Consolidated Balance Sheet. As of December 31, 2019, various transactions between the parties resulted in $13,567 of Other Receivables, net, included in the Consolidated Balance Sheet. See Note 14 - Commitments and Contingent Liabilities with respect to additional information relating to certain liabilities of the Company under the Coal Act (as defined below).

NOTE 3—REVENUE:

The following table disaggregates CONSOL Energy's revenue from contracts with customers to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors:

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Coal Revenue	$	184,375	$	301,542	$	542,140	$	984,665
Terminal Revenue		17,008		16,303		49,407		50,829
Freight Revenue		12,909		3,599		19,141		14,115
Total Revenue from Contracts with Customers	$	214,292	$	321,444	$	610,688	$	1,049,609

Coal Revenue

CONSOL Energy's coal revenue is generally recognized when title passes to the customer and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments, which represent market-driven price adjustments, wherein no additional value is exchanged, in addition to a fixed base price per ton. The Company’s coal contracts generally do not allow for retroactive adjustments to pricing after title to the coal has passed. The Company's coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components.

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The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative stand-alone selling prices determined at contract inception. The Company has determined that each ton of coal represents a separate and distinct performance obligation. Some of the Company's contracts span multiple years and have annual pricing modifications, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue.

While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are generally immaterial to the Company's net (loss) income. At September 30, 2020 and December 31, 2019, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2020 and 2019, the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any coal revenue in the current period that is not a result of current period performance.

Terminal Revenue

Terminal revenues are attributable to the Company's CONSOL Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the Terminal, stockpiling, blending, weighing, sampling, redelivery, and loading of coal onto vessels. Revenues for these services are generally earned on a rateable basis, and performance obligations are considered fulfilled as the services are performed.

The CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At September 30, 2020 and December 31, 2019, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2020 and 2019, the Company has not recognized any amortization of previously existing capitalized costs of obtaining Terminal customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance.

Freight Revenue

Some of CONSOL Energy's coal contracts require that the Company sell its coal at locations other than its central preparation plant. The cost to transport the Company's coal to the ultimate sales point is passed through to the Company's customers and CONSOL Energy recognizes the freight revenue equal to the transportation costs when title of the coal passes to the customer.

Contract Balances

Contract assets are recorded separately from trade receivables in the Company's Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company's right to consideration becomes unconditional. Payments for coal shipments are typically due within two to four weeks from the invoice date. CONSOL Energy typically does not have material contract assets that are stated separately from trade receivables since the Company's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the good passes to the customer, or over time when services are provided.

NOTE 4—MISCELLANEOUS OTHER INCOME:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Contract Buyout	$	—	$	1,193	$	40,969	$	3,583
Sale of Certain Coal Lease Contracts		17,847		—		17,847		—
Royalty Income - Non-Operated Coal		2,241		4,976		9,638		16,863
Rental Income		255		625		1,077		1,923
Property Easements and Option Income		19		100		495		1,529
Interest Income		76		755		442		2,399
Purchased Coal Sales		—		3,136		—		9,052
Other		563		403		639		1,325
Miscellaneous Other Income	$	21,001	$	11,188	$	71,107	$	36,674

Contract buyout income was primarily the result of partial contract buyouts that involved negotiations to reduce coal quantities of several customer contracts in exchange for payment of certain fees to the Company, and do not impact forward contract terms.

The sale of certain coal lease contracts was in connection with one of several transactions completed in the three months ended September 30, 2020 related to the Company's non-operating surface and mineral assets outside of the Pennsylvania Mining Complex.

Royalty income represents earned revenue related to overriding royalty agreements or coal reserve leases between the Company and third-party operators.

Purchased coal sales include earned revenue related to coal purchased externally by the Company to blend and resell in order to fulfill various contracts.

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NOTE 5—COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit (Credit) Cost are as follows:

	Pension Benefits												Other Post-Employment Benefits
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2020			2019			2020			2019			2020			2019			2020			2019
Service Cost	$	296		$	987		$	887		$	2,963		$	—		$	—		$	—		$	—
Interest Cost		5,044			6,275			15,132			18,825			3,199			4,580			9,597			13,740
Expected Return on Plan Assets		(10,455	)		(10,114	)		(31,365	)		(30,343	)		—			—			—			—
Amortization of Prior Service Credits		—			(92	)		—			(275	)		(601	)		(601	)		(1,804	)		(1,804	)
Amortization of Actuarial Loss		1,730			1,490			5,191			4,469			2,319			2,315			6,958			6,946
Net Periodic Benefit (Credit) Cost	$	(3,385	)	$	(1,454	)	$	(10,155	)	$	(4,361	)	$	4,917		$	6,294		$	14,751		$	18,882

(Credits) expenses related to pension and other post-employment benefits are reflected in Operating and Other Costs in the Consolidated Statements of Income.

NOTE 6—COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit Cost are as follows:

	CWP								Workers' Compensation
	Three Months Ended				Nine Months Ended				Three Months Ended						Nine Months Ended
	September 30,				September 30,				September 30,						September 30,
	2020		2019		2020		2019		2020			2019			2020			2019
Service Cost	$	1,150	$	948	$	3,452	$	2,844	$	1,569		$	1,421		$	4,707		$	4,264
Interest Cost		1,552		1,750		4,655		5,250		461			646			1,383			1,939
Amortization of Actuarial Loss (Gain)		1,401		254		4,203		762		(122	)		(193	)		(366	)		(580	)
State Administrative Fees and Insurance Bond Premiums		—		—		—		—		583			510			1,665			1,671
Net Periodic Benefit Cost	$	4,103	$	2,952	$	12,310	$	8,856	$	2,491		$	2,384		$	7,389		$	7,294

NOTE 7—INCOME TAXES:

The Company has evaluated the impact of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law by the President of the United States in March 2020. The CARES Act has various income tax related provisions, including temporary net operating loss carryback and limitation measures, a relaxation of the limitation on interest deductions, the postponement of statutory filing dates, and a technical correction of the 2017 Tax Cuts and Jobs Act related to qualified improvement property.

The Company's year-to-date tax rate is based on its estimated full year effective tax rate. The effective tax rate for the nine months ended September 30, 2020 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion, offset by the impact of discrete tax expense related to equity compensation and the unfavorable impact on percentage depletion related to the additional interest deduction available under the CARES Act and the final regulations on interest limitation regulations (“163j regulations”) issued by the Treasury Department. The CARES Act increased the amount of deductible interest from 30% of adjusted taxable income to 50% for tax years 2019 and 2020, which generates current cash tax benefit, but also reduces the base of earnings upon which percentage depletion was computed. The final 163j regulations also allowed the Company to deduct additional interest expense, but also reduce the base of earnings upon which percentage depletion was computed. The effective tax rate for the nine months ended September 30, 2020 was (0.6%), composed of tax expense of 21.8% from operations and discrete tax items of $902 related to equity compensation, $1,139 related to the effect of the CARES Act, and $3,059 related to the effect of the final 163j regulations, as noted above.

The effective tax rate for the nine months ended September 30, 2019 was (0.3)%, composed of a tax expense of 0.2% from operations and a discrete tax benefit of (0.5)% primarily related to equity compensation. The effective tax rate for the nine months ended September 30, 2019 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion.

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The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the nine months ended September 30, 2020 and the year ended December 31, 2019, the Company did not have any unrecognized tax benefits. If accrual for interest or penalties is required, it is the Company's policy to include these as a component of income tax expense (benefit).

The Company is subject to taxation in the United States and its various states, as well as Canada and its various provinces. Under the provisions of the tax matters agreement entered into between the Company and its former parent on November 28, 2017 (the “TMA”), certain subsidiaries of the Company are subject to examination for tax years for the period January 1, 2016 through tax year December 31, 2019 for certain state and foreign returns. Further, the Company is subject to examination for the period November 28, 2017 through the tax year December 31, 2019 for federal and certain state returns.

NOTE 8—CREDIT LOSSES:

Effective January 1, 2020, the Company adopted ASU 2016-013, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments using a modified retrospective approach. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade and other receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under previous accounting guidance. The Company recorded a cumulative-effect adjustment to retained earnings in the amount of $3,298, net of $1,109 of income taxes, for expected credit losses on financial assets at the adoption date.

The following table illustrates the impact of ASC 326.

	January 1, 2020
	As Reported Under ASC 326		Pre-ASC 326 Adoption		Impact of ASC 326 Adoption
Trade Receivables	$	3,051	$	2,100	$	951
Other Receivables		3,372		711		2,661
Other Assets		795		—		795
Allowance for Credit Losses on Receivables	$	7,218	$	2,811	$	4,407

The Company is exposed to credit losses primarily through sales of products and services. The Company's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade and other accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company's monitoring activities include timely account reconciliations, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions.

Balances are written off when determined to be uncollectible. The Company considered the current and expected future economic and market conditions surrounding the novel coronavirus (COVID-19) pandemic and determined that the estimate of credit losses was not significantly impacted.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes to the assessment of anticipated payment, changes in economic conditions, current industry trends in the markets the Company serves, and changes in the financial health of the Company's counterparties.

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The following table provides a roll-forward of the allowance for credit losses by portfolio segment that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.

	Trade Receivables		Other Receivables		Other Assets
Beginning Balance, January 1, 2020	$	2,100	$	711	$	—
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings		951		2,661		795
Provision for expected credit losses		1,823		1,120		851
Ending Balance, September 30, 2020	$	4,874	$	4,492	$	1,646

NOTE 9—INVENTORIES:

Inventory components consist of the following:

	September 30,		December 31,
	2020		2019
Coal	$	6,640	$	2,484
Supplies		49,937		51,647
Total Inventories	$	56,577	$	54,131

Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (“FIFO”) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations.

NOTE 10—ACCOUNTS RECEIVABLE SECURITIZATION:

CONSOL Energy and certain of its U.S. subsidiaries are parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. In March 2020, the securitization facility was amended to, among other things, extend the maturity date from August 30, 2021 to March 27, 2023.

Pursuant to the securitization facility, CONSOL Thermal Holdings LLC sells current and future trade receivables to CONSOL Pennsylvania Coal Company LLC. CONSOL Marine Terminals LLC and CONSOL Pennsylvania Coal Company LLC sell and/or contribute current and future trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC (the “SPV”). The SPV, in turn, pledges its interests in the receivables to PNC Bank, which either makes loans or issues letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the securitization facility may not exceed $100 million.

Loans under the securitization facility accrue interest at a reserve-adjusted LIBOR market index rate equal to the one-month Eurodollar rate. Loans and letters of credit under the securitization facility also accrue a program fee and a letter of credit participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum.

At September 30, 2020, the Company's eligible accounts receivable yielded $30,660 of borrowing capacity. At September 30, 2020, the facility had no outstanding borrowings and $30,100 of letters of credit outstanding, leaving available borrowing capacity of $560. At December 31, 2019, the Company's eligible accounts receivable yielded $41,282 of borrowing capacity. At December 31, 2019, the facility had no outstanding borrowings and $41,211 of letters of credit outstanding, leaving available borrowing capacity of $71. Costs associated with the receivables facility totaled $249 and $882 for the three and nine months ended September 30, 2020, respectively, and $344 and $1,095 for the three and nine months ended September 30, 2019, respectively. These costs have been recorded as financing fees which are included in Operating and Other Costs in the Consolidated Statements of Income. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.

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NOTE 11—PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	September 30,		December 31,
	2020		2019
Plant and Equipment	$	3,131,792	$	3,028,514
Coal Properties and Surface Lands		874,439		872,909
Airshafts		449,863		437,003
Mine Development		343,960		342,706
Advance Mining Royalties		326,649		327,048
Total Property, Plant and Equipment		5,126,703		5,008,180
Less: Accumulated Depreciation, Depletion and Amortization		3,043,463		2,916,015
Total Property, Plant and Equipment, Net	$	2,083,240	$	2,092,165

Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests.

As of September 30, 2020 and December 31, 2019, property, plant and equipment includes gross assets under finance leases of $85,908 and $52,729, respectively. Accumulated amortization for finance leases was $49,453 and $31,373 at September 30, 2020 and December 31, 2019, respectively. Amortization expense for assets under finance leases approximated $6,178 and $3,919 for the three months ended September 30, 2020 and 2019 and $16,680 and $11,753 for the nine months ended September 30, 2020 and 2019, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.

NOTE 12—OTHER ACCRUED LIABILITIES:

	September 30,		December 31,
	2020		2019
Subsidence Liability	$	89,917	$	90,645
Accrued Payroll and Benefits		20,444		21,102
Accrued Equipment Obligations		10,097		—
Accrued Interest		9,576		6,281
Other		22,004		21,034
Current Portion of Long-Term Liabilities:
Postretirement Benefits Other than Pensions		30,410		31,833
Asset Retirement Obligations		22,057		21,741
Operating Lease Liability		20,020		19,479
Pneumoconiosis Benefits		12,092		12,331
Workers' Compensation		10,778		11,323
Total Other Accrued Liabilities	$	247,395	$	235,769

17

NOTE 13—LONG-TERM DEBT:

	September 30,		December 31,
	2020		2019
Debt:
Term Loan B due in September 2024 (Principal of $270,875 and $272,938 less Unamortized Discount of $1,000 and $1,187, 4.65% and 6.30% Weighted Average Interest Rate, respectively)	$	269,875	$	271,751
11.00% Senior Secured Second Lien Notes due November 2025		176,452		221,628
MEDCO Revenue Bonds in Series due September 2025 at 5.75%		102,865		102,865
Term Loan A due in March 2023 (5.50% and 5.55% Weighted Average Interest Rate, respectively)		72,500		88,750
Other Asset-Backed Financing Arrangements		21,885		9,289
Advance Royalty Commitments (10.78% Weighted Average Interest Rate)		1,895		1,895
Less: Unamortized Debt Issuance Costs		10,759		10,323
		634,713		685,855
Less: Amounts Due in One Year*		47,693		32,053
Long-Term Debt	$	587,020	$	653,802

* Excludes current portion of Finance Lease Obligations of $21,261 and $18,219 at September 30, 2020 and December 31, 2019, respectively.

In November 2017, CONSOL Energy entered into a revolving credit facility with commitments up to $300 million (the “Revolving Credit Facility”), a Term Loan A Facility of up to $100 million (the “TLA Facility”) and a Term Loan B Facility of up to $400 million (the “TLB Facility”, and together with the Revolving Credit Facility and the TLA Facility, the “Senior Secured Credit Facilities”). On March 28, 2019, the Company amended the Senior Secured Credit Facilities to increase the borrowing commitment of the Revolving Credit Facility to $400 million and reallocate the principal amounts outstanding under the TLA Facility and TLB Facility. On June 5, 2020, the Company amended the Senior Secured Credit Facilities (the “amendment”) to provide eight quarters of financial covenant relaxation, effect an increase in the rate at which borrowings under the Revolving Credit Facility and the TLA Facility bear interest, and add an anti-cash hoarding provision. Borrowings under the Company's Senior Secured Credit Facilities bear interest at a floating rate which can be, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility and TLA Facility depends on the total net leverage ratio, whereas the applicable margin for the TLB Facility is fixed. The amendment increased the applicable margin by 50 basis points on both the Revolving Credit Facility and the TLA Facility. The maturity date of the Revolving Credit and TLA Facilities is March 28, 2023. The TLB Facility's maturity date is September 28, 2024. Obligations under the Senior Secured Credit Facilities (Term Loan B and Term Loan A, together with the Revolving Credit Facility, on which there were no outstanding borrowings at September 30, 2020) are guaranteed by (i) all owners of the 75% undivided economic interest in the PAMC held by the Company, (ii) any other members of the Company’s group that own any portion of the collateral securing the Revolving Credit Facility, and (iii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly-owned restricted subsidiaries of the Company (excluding the Partnership and its wholly-owned subsidiaries). The obligations are secured by, subject to certain exceptions (including a limitation of pledges of equity interests in certain subsidiaries and certain thresholds with respect to real property), a first-priority lien on (i) the Company’s 75% undivided economic interest in the PAMC, (ii) the limited partner units of the Partnership held by the Company, (iii) the equity interests in CONSOL Coal Resources GP LLC held by the Company (iv) the CONSOL Marine Terminal and (v) the 1.5 billion tons of Greenfield Reserves.

The Senior Secured Credit Facilities contain a number of customary affirmative covenants. In addition, the Senior Secured Credit Facilities contain a number of negative covenants, including (subject to certain exceptions) limitations on (among other things): indebtedness, liens, investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness. The amendment added additional conditions to be met for the covenants relating to investments in joint ventures, general investments, share repurchases, dividends, and repurchases of Second Lien Notes. The additional conditions require no outstanding borrowings and no more than $200 million of outstanding letters of credit on the Revolving Credit Facility. Further restrictions apply to investments in joint ventures, share repurchases and dividends that require the total net leverage ratio shall not be greater than 2.00 to 1.00.

18

 

The Revolving Credit Facility and TLA Facility also include covenants relating to (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio.  The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA, excluding the Partnership. Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, non-recurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations, non-cash charges related to legacy employee liabilities and gains and losses on debt extinguishment, and includes cash distributions received from the Partnership and subtracts cash payments related to legacy employee liabilities. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA, excluding the Partnership. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges, excluding the Partnership. Consolidated Fixed Charges, as used in the covenant calculation, include cash interest payments, cash payments for income taxes, scheduled debt repayments, dividends paid, and Maintenance Capital Expenditures. The amendment revised the financial covenants applicable to the Revolving Credit Facility and TLA Facility relating to the maximum first lien gross leverage ratio, maximum total net leverage ratio and minimum fixed charge coverage ratio, so that for the fiscal quarters ending June 30, 2020 through March 31, 2021, the maximum first lien gross leverage ratio shall be 2.50 to 1.00, the maximum total net leverage ratio shall be 3.75 to 1.00, and the minimum fixed charge coverage ratio shall be 1.00 to 1.00; for the fiscal quarters ending June 30, 2021 through September 30, 2021, the maximum first lien gross leverage ratio shall be 2.25 to 1.00 and the maximum total net leverage ratio shall be 3.50 to 1.00; for the fiscal quarters ending June 30, 2021 through March 31, 2022, the minimum fixed charge coverage ratio shall be 1.05 to 1.00; for the fiscal quarters ending December 31, 2021 through March 31, 2022, the maximum first lien gross leverage ratio shall be 2.00 to 1.00 and the maximum total net leverage ratio shall be 3.25 to 1.00; and for the fiscal quarters ending on or after June 30, 2022, the maximum first lien gross leverage ratio shall be 1.75 to 1.00, the maximum total net leverage ratio shall be 2.75 to 1.00 and the minimum fixed charge coverage ratio shall be 1.10 to 1.00. The maximum first lien gross leverage ratio was 2.04 to 1.00 at September 30, 2020. The maximum total net leverage ratio was 3.38 to 1.00 at September 30, 2020. The minimum fixed charge coverage ratio was 1.33 to 1.00 at September 30, 2020. The Company was in compliance with all of its debt covenants as of September 30, 2020. The Company is continuing to actively monitor the effects of the ongoing COVID-19 pandemic on its liquidity. 

The TLB Facility also includes a financial covenant that requires the Company to repay a certain amount of its borrowings under the TLB Facility within ten business days after the date it files its Form 10-K with the Securities and Exchange Commission if the Company has excess cash flow (as defined in the credit agreement for the Senior Secured Credit Facilities) during the year covered by the applicable Form 10-K. During the nine months ended September 30, 2019, CONSOL Energy made the required repayment of approximately $110 million based on the amount of the Company's excess cash flow as of December 31, 2018. For fiscal year 2018, such repayment was equal to 75% of the Company's excess cash flow less any voluntary prepayments of its borrowings under the TLB Facility made by the Company during 2018. For all subsequent fiscal years, the required repayment is equal to a certain percentage of the Company’s excess cash flow for such year, ranging from 0% to 75% depending on the Company’s total net leverage ratio, less the amount of certain voluntary prepayments made by the Company, if any, under the TLB Facility during such fiscal year. Based on the Company's excess cash flow calculation, no repayment was required with respect to the year ended December 31, 2019. The amount of excess cash flow is a covenant feature only applicable as of the Company's year-end and will be calculated as of December 31, 2020.

At September 30, 2020, the Revolving Credit Facility had no borrowings outstanding and $99,126 of letters of credit outstanding, leaving $300,874 of unused capacity. At December 31, 2019, the Revolving Credit Facility had no borrowings outstanding and $69,588 of letters of credit outstanding, leaving $330,412 of unused capacity. From time to time, CONSOL Energy is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CONSOL Energy sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity.

In November 2017, CONSOL Energy issued $300 million in aggregate principal amount of 11.00% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) pursuant to an indenture (the “Indenture”) dated as of November 13, 2017, by and between the Company and UMB Bank, N.A., a national banking association, as trustee and collateral trustee (the “Trustee”). On November 28, 2017, certain subsidiaries of the Company executed a supplement to the Indenture and became party to the Indenture as a guarantor (the “Guarantors”). The Second Lien Notes are secured by second priority liens on substantially all of the assets of the Company and the Guarantors that are pledged and on a first-priority basis as collateral securing the Company’s obligations under the Senior Secured Credit Facilities (described above), subject to certain exceptions under the Indenture. The Indenture contains covenants that will limit the ability of the Company and the Guarantors, to (i) incur, assume or guarantee additional indebtedness or issue preferred stock; (ii) create liens to secure indebtedness; (iii) declare or pay dividends on the Company’s common stock, redeem stock or make other distributions to the Company’s stockholders; (iv) make investments; (v) restrict dividends, loans or other asset transfers from the Company’s restricted subsidiaries; (vi) merge or consolidate, or sell, transfer, lease or dispose of substantially all of the Company’s assets; (vii) sell or otherwise dispose of certain assets, including equity interests in subsidiaries; (viii) enter into transactions with affiliates; and (ix) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. If the Second Lien Notes achieve an investment grade rating from both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. and no default under the Indenture exists, many of the foregoing covenants will terminate and cease to apply.

19

 

During the nine months ended September 30, 2020, the Company repurchased $45,176 of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025. During the nine months ended September 30, 2019, the Company made a required repayment of approximately $110 million on the TLB Facility (discussed above) and amended the Senior Secured Credit Facilities. The Company also repurchased $35,048 of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025 during the nine months ended September 30, 2019. As part of these transactions, $1,078 and $17,911 was included in Gain on Debt Extinguishment on the Consolidated Statements of Income for the three and nine months ended September 30, 2020, respectively, and $801 and $25,444 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively.

The Company is a borrower under two asset-backed financing arrangements related to certain equipment. The equipment, which has an approximate value of $21,885, fully collateralizes the loans. As of September 30, 2020, a total of $18,894 matures in December 2020 and $2,991 matures in September 2024. The loans had a weighted average interest rate of 4.30% and 5.07% at September 30, 2020 and December 31, 2019, respectively.

During the year ended December 31, 2019, the Company entered into interest rate swaps, which effectively converted $150,000 of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2020 and 2021, and $50,000 of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2022. The interest rate swaps qualify for cash flow hedge accounting treatment and as such, the change in the fair value of the interest rate swaps is recorded on the Company's Consolidated Balance Sheets as an asset or liability. The effective portion of the gains or losses is reported as a component of accumulated other comprehensive loss and the ineffective portion is reported in earnings. At September 30, 2020 and December 31, 2019, the interest rate swap contracts were reflected in the Consolidated Balance Sheets at their fair value of $3,373 and $154, respectively, which is recorded in Other Accrued Liabilities and Other Liabilities. The fair value of the interest rate swaps reflected an unrealized loss of $2,408 (net of $810 tax) at September 30, 2020. The unrealized loss is included on the Consolidated Statements of Stockholders' Equity as part of accumulated other comprehensive loss, as well as on the Consolidated Statements of Comprehensive Income as unrealized loss on cash flow hedges. Some of the Company's interest rate swaps reached their effective date in the nine months ended September 30, 2020. As such, a loss of $1,005 was recognized in interest expense in the Consolidated Statements of Income for the nine months ended September 30, 2020. During 2020, notional amounts of $150,000 will become effective. Based on the fair value of the Company's cash flow hedges at September 30, 2020, the Company expects expense of approximately $2,069 to be reclassified into earnings in the next 12 months.

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NOTE 14—COMMITMENTS AND CONTINGENT LIABILITIES:

The Company and its former parent entered into a separation and distribution agreement on November 28, 2017 that implemented the legal and structural separation of the Company from its former parent. The separation and distribution agreement also identified the assets of the Coal Business that were transferred to the Company and the liabilities and contracts related to the Coal Business that were assumed by the Company as part of the separation and distribution, and provides post-closing indemnification obligations and procedures between the Company and its former parent relating to the liabilities of the Coal Business that the Company assumed.

The Company is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. The Company accrues the estimated loss for these lawsuits and claims when the loss is probable and reasonably estimable. The Company’s estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Company as of September 30, 2020. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the Company’s financial position, results of operations or cash flows; however, such amounts cannot be reasonably estimated. The amount claimed against the Company as of September 30, 2020 is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case.

Fitzwater Litigation: Three nonunion retired coal miners have sued Fola Coal Company LLC, Consolidation Coal Company (“CCC”) and CONSOL of Kentucky Inc. (“COK”) (as well as the Company's former parent) in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. The Plaintiffs contend they relied to their detriment on oral statements and promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were allegedly denied access to Summary Plan Documents that clearly reserved the right to modify or terminate the Retiree Health and Welfare Plan subject to Plaintiffs’ claims. Pursuant to Plaintiffs’ amended complaint filed on April 24, 2017, Plaintiffs request that retiree health benefits be reinstated and seek to represent a class of all nonunion retirees who were associated with AMVEST and COK areas of operation. On October 15, 2019, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial order setting the trial date for November 16, 2020. The Company believes it has a meritorious defense and intends to vigorously defend this suit.

Casey Litigation: A class action lawsuit was filed on August 23, 2017 on behalf of two nonunion retired coal miners against CCC, COK, CONSOL Buchanan Mining Co., LLC and Kurt Salvatori in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. Filed by the same lawyers who filed the Fitzwater litigation, and raising nearly identical claims, the Plaintiffs contend they relied to their detriment on oral promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were not provided with copies of Summary Plan Documents clearly reserving to the Company the right to modify or terminate the Retiree Health and Welfare Plan. Plaintiffs request that retiree health benefits be reinstated for them and their dependents and seek to represent a class of all nonunion retirees of any subsidiary of the Company's former parent that operated or employed individuals in McDowell or Mercer Counties, West Virginia, or Buchanan or Tazewell Counties, Virginia whose retiree welfare benefits were terminated. On December 1, 2017, the trial court judge in Fitzwater signed an order to consolidate Fitzwater with Casey. The Casey complaint was amended on March 1, 2018 to add new plaintiffs, add defendant CONSOL Pennsylvania Coal Company, LLC and eliminate defendant CONSOL Buchanan Mining Co., LLC in an attempt to expand the class of retirees. On October 15, 2019, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial order setting the trial date for November 16, 2020. The Company believes it has a meritorious defense and intends to vigorously defend this suit.

United Mine Workers of America 1992 Benefit Plan Litigation: In 2013, Murray Energy and its subsidiaries (“Murray”) entered into a stock purchase agreement (the “Murray sale agreement”) with the Company's former parent pursuant to which Murray acquired the stock of CCC and certain subsidiaries and certain other assets and liabilities. At the time of sale, the liabilities included certain retiree medical liabilities under the Coal Industry Retiree Health Benefits Act of 1992 (“Coal Act”) and certain federal black lung liabilities under the Black Lung Benefits Act (“BLBA”). Based upon information available, the Company estimates that the annual servicing costs of these liabilities are approximately $10 million to $20 million per year for the next ten years. The annual servicing cost would decline each year since the beneficiaries of the Coal Act consist principally of miners who retired prior to 1994. Murray filed for Chapter 11 bankruptcy in October 2019. As part of the ongoing bankruptcy proceedings, Murray entered into a settlement with the United Mine Workers of America 1992 Benefit Plan (“1992 Plan”) to transfer retirees in the Murray Energy Section 9711 Plan into the 1992 Plan, which the bankruptcy court approved on April 30, 2020. The 1992 Plan recently filed an action in the United States District Court for the District of Columbia asking the court to make a determination whether the Company's former parent or the Company has any continuing retiree medical liabilities under the Coal Act. The Murray sale agreement includes indemnification by Murray with respect to the Coal Act and BLBA liabilities. In addition, the Company had agreed to indemnify its former parent relative to certain pre-separation liabilities. As of September 16, 2020, the Company has entered into a settlement agreement with Murray, and has withdrawn its claims in bankruptcy. See Note 2 - Major Transactions for a discussion of this settlement agreement. The Company will continue to vigorously defend any claims that attempt to transfer any of such liabilities directly or indirectly to the Company, including raising all applicable defenses against the 1992 Plan’s suit and those of any other party.

Other Matters: Various Company subsidiaries are defendants in certain other legal proceedings arising out of the conduct of the Coal Business prior to the separation and distribution, and the Company is also a defendant in other legal proceedings following the separation and distribution. In the opinion of management, based upon an investigation of these matters and discussion with legal counsel, the ultimate outcome of such other legal proceedings, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity.

21

 

As part of the separation and distribution, the Company assumed various financial obligations relating to the Coal Business and agreed to reimburse its former parent for certain financial guarantees relating to the Coal Business that its former parent retained following the separation and distribution. Employee-related financial guarantees have primarily been provided to support the United Mine Workers’ of America’s 1992 Benefit Plan and federal black lung and various state workers’ compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other financial guarantees have been extended to support sales contracts, insurance policies, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business.

The following is a summary, as of September 30, 2020, of the financial guarantees, unconditional purchase obligations and letters of credit to certain third parties. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments, or under the separation and distribution agreement to the extent retained by the Company's former parent on behalf of the Coal Business. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these financial guarantees and letters of credit are recorded as liabilities in the financial statements. The Company’s management believes that these guarantees will expire without being funded, and therefore, the commitments will not have a material adverse effect on the Company’s financial condition.

	Amount of Commitment Expiration per Period
	Total Amounts Committed		Less Than 1 Year		1-3 Years		3-5 Years		Beyond 5 Years
Letters of Credit:
Employee-Related	$	75,846	$	52,929	$	22,917	$	—	$	—
Environmental		398		398		—		—		—
Other		52,982		47,504		5,478		—		—
Total Letters of Credit		129,226		100,831		28,395		—		—
Surety Bonds:
Employee-Related		86,024		50,524		35,500		—		—
Environmental		576,584		555,300		21,284		—		—
Other		4,789		4,584		205		—		—
Total Surety Bonds		667,397		610,408		56,989		—		—
Guarantees:
Other		10,704		6,636		3,438		398		232
Total Guarantees		10,704		6,636		3,438		398		232
Total Commitments	$	807,327	$	717,875	$	88,822	$	398	$	232

Included in the above table are commitments and guarantees entered into in conjunction with the sale of Consolidation Coal Company and certain of its subsidiaries, which contain all five of its longwall coal mines in West Virginia and its river operations, to a third party. As part of the separation and distribution, the Company's former parent agreed to indemnify the Company and the Company agreed to indemnify its former parent in each case with respect to guarantees of certain equipment lease obligations that were assumed by the third party. In the event that the third party would default on the obligations defined in the agreements, the Company would be required to perform under the guarantees. As of September 30, 2020, the Company has not been required to perform under these guarantees. The equipment lease obligations are collateralized by the underlying assets. The current maximum estimated exposure under these guarantees as of  September 30, 2020 and December 31, 2019 is believed to be approximately $16,000 and $20,000, respectively. At September 30, 2020 and December 31, 2019, the fair value of these guarantees was $259 and $482, respectively, and is included in Other Accrued Liabilities on the Consolidated Balance Sheets. The fair value of certain of the guarantees was determined using the Company’s risk-adjusted interest rate. Significant increases or decreases in the risk-adjusted interest rates may result in a significantly higher or lower fair value measurement. No other amounts related to financial guarantees and letters of credit are recorded as liabilities in the financial statements. Significant judgment is required in determining the fair value of these guarantees. The guarantees of the leases are classified within Level 3 of the fair value hierarchy.

The Company regularly evaluates the likelihood of default for all guarantees based on an expected loss analysis and records the fair value, if any, of its guarantees as an obligation in the consolidated financial statements.

22

NOTE 15—FAIR VALUE OF FINANCIAL INSTRUMENTS:

CONSOL Energy determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including LIBOR-based discount rates), while unobservable inputs reflect the Company’s own assumptions of what market participants would use.

The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below.

Level One - Quoted prices for identical instruments in active markets.

Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including LIBOR-based discount rates.

Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. The significant unobservable inputs used in the fair value measurement of the Company’s third-party guarantees are the credit risk of the third-party and the third-party surety bond markets. A significant increase or decrease in these values, in isolation, would have a directionally similar effect resulting in higher or lower fair value measurement of the Company’s Level 3 guarantees.

In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy.

The financial instruments measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at								Fair Value Measurements at
	September 30, 2020								December 31, 2019
Description	Level 1		Level 2			Level 3			Level 1		Level 2			Level 3
Lease Guarantees	$	—	$	—		$	(259	)	$	—	$	—		$	(482	)
Derivatives (1)	$	—	$	(3,373	)	$	—		$	—	$	(154	)	$	—

(1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.

The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:

Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows.

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:

	September 30, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Long-Term Debt	$	645,472	$	491,465	$	696,178	$	642,018

Certain of the Company’s debt is actively traded on a public market and, as a result, constitutes Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitutes Level 2 fair value measurements.

23

NOTE 16—SEGMENT INFORMATION:

CONSOL Energy Inc. consists of one reportable segment: the Pennsylvania Mining Complex, which includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and the Central Preparation Plant. The principal activities of the PAMC are mining, preparation and marketing of thermal coal, sold primarily to power generators. It also includes selling, general and administrative activities, as well as various other activities assigned to the PAMC.

CONSOL Energy’s Other division includes revenue and expenses from various corporate and diversified business activities that are not allocated to the PAMC division. The diversified business activities include the CONSOL Marine Terminal, development of the Itmann Mine, the Greenfield Reserves, closed and idle mine activities, selling, general and administrative activities, interest expense and income taxes, as well as various other non-operated activities, none of which are individually significant to the Company.

Industry segment results for the three months ended September 30, 2020 are:

	PAMC			Other		Adjustments and Eliminations		Consolidated
Coal Revenue	$	184,066		$	309	$	—	$	184,375		(A)
Terminal Revenue		—			17,008		—		17,008
Freight Revenue		12,909			—		—		12,909
Total Revenue from Contracts with Customers	$	196,975		$	17,317	$	—	$	214,292
(Loss) Earnings Before Income Tax	$	(6,930	)	$	3,488	$	—	$	(3,442	)
Segment Assets	$	1,878,350		$	676,488	$	—	$	2,554,838
Depreciation, Depletion and Amortization	$	49,944		$	5,015	$	—	$	54,959
Capital Expenditures	$	15,733		$	3,775	$	—	$	19,508

Industry segment results for the three months ended September 30, 2019 are:

	PAMC		Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	301,542	$	—		$	—	$	301,542	(A)
Terminal Revenue		—		16,303			—		16,303
Freight Revenue		3,599		—			—		3,599
Total Revenue from Contracts with Customers	$	305,141	$	16,303		$	—	$	321,444
Earnings (Loss) Before Income Tax	$	30,546	$	(21,107	)	$	—	$	9,439
Segment Assets	$	2,014,381	$	708,854		$	—	$	2,723,235
Depreciation, Depletion and Amortization	$	45,829	$	8,541		$	—	$	54,370
Capital Expenditures	$	45,232	$	3,289		$	—	$	48,521

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Industry segment results for the nine months ended September 30, 2020 are:

	PAMC			Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	541,545		$	595		$	—	$	542,140		(A)
Terminal Revenue		—			49,407			—		49,407
Freight Revenue		19,141			—			—		19,141
Total Revenue from Contracts with Customers	$	560,686		$	50,002		$	—	$	610,688
Loss Before Income Tax	$	(18,405	)	$	(9,400	)	$	—	$	(27,805	)
Segment Assets	$	1,878,350		$	676,488		$	—	$	2,554,838
Depreciation, Depletion and Amortization	$	145,154		$	10,903		$	—	$	156,057
Capital Expenditures	$	52,687		$	13,268		$	—	$	65,955

Industry segment results for the nine months ended September 30, 2019 are:

	PAMC		Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	984,665	$	—		$	—	$	984,665	(A)
Terminal Revenue		—		50,829			—		50,829
Freight Revenue		14,115		—			—		14,115
Total Revenue from Contracts with Customers	$	998,780	$	50,829		$	—	$	1,049,609
Earnings (Loss) Before Income Tax	$	156,029	$	(80,115	)	$	—	$	75,914
Segment Assets	$	2,014,381	$	708,854		$	—	$	2,723,235
Depreciation, Depletion and Amortization	$	136,124	$	15,121		$	—	$	151,245
Capital Expenditures	$	117,417	$	14,058		$	—	$	131,475

(A) For the three and nine months ended September 30, 2020 and 2019, the PAMC segment had revenues from the following customers, each comprising over 10% of the Company’s total sales:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Customer A	$	45,818	$	49,772	$	94,647	$	180,014
Customer C	$	36,888	$	63,526	$	86,631	$	158,903
Customer B		*	$	95,953	$	141,993	$	358,882

* Revenues from this customer during the three months ended September 30, 2020 were less than 10% of the Company's total sales.

25

 

Reconciliation of Segment Information to Consolidated Amounts:

Total Assets:

	September 30,
	2020		2019
Segment Assets for Total Reportable Business Segments	$	1,878,350	$	2,014,381
Segment Assets for All Other Business Segments		542,189		512,738
Items Excluded from Segment Assets:
Cash and Other Investments		32,660		104,344
Deferred Tax Assets		101,639		91,772
Total Consolidated Assets	$	2,554,838	$	2,723,235

NOTE 17—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 September 30, 2020 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	138,359		$	46,016		$	184,375
Terminal Revenue		17,008			—			17,008
Freight Revenue		9,682			3,227			12,909
Miscellaneous Other Income		11,454			9,547			21,001
Gain on Sale of Assets		7,867			59			7,926
Total Revenue and Other Income		184,370			58,849			243,219
Costs and Expenses:
Operating and Other Costs		118,857			34,174			153,031
Depreciation, Depletion and Amortization		33,070			21,889			54,959
Freight Expense		9,682			3,227			12,909
Selling, General and Administrative Costs		8,238			2,879			11,117
Gain on Debt Extinguishment		(1,078	)		—			(1,078	)
Interest Expense, net		13,203			2,520			15,723
Total Costs and Expenses		181,972			64,689			246,661
Earnings (Loss) Before Income Tax		2,398			(5,840	)		(3,442	)
Income Tax Expense		5,918			—			5,918
Net Loss		(3,520	)		(5,840	)		(9,360	)
Less: Net Loss Attributable to Noncontrolling Interest		(2,136	)		—			(2,136	)
Net Loss Attributable to CONSOL Energy Inc. Shareholders	$	(1,384	)	$	(5,840	)	$	(7,224	)

26

 

Balance Sheet at September 30, 2020 (unaudited):
	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	21,636		$	648	$	22,284
Accounts and Notes Receivable
Trade Receivables, net		—			120,548		120,548
Other Receivables, net		23,786			962		24,748
Inventories		43,399			13,178		56,577
Prepaid Expenses and Other Assets		23,053			4,086		27,139
Total Current Assets		111,874			139,422		251,296
Property, Plant and Equipment:
Property, Plant and Equipment		4,109,220			1,017,483		5,126,703
Less-Accumulated Depreciation, Depletion and Amortization		2,437,152			606,311		3,043,463
Total Property, Plant and Equipment - Net		1,672,068			411,172		2,083,240
Other Assets:
Deferred Income Taxes		101,639			—		101,639
Right of Use Asset - Operating Leases		45,936			12,170		58,106
Other, net		57,920			2,637		60,557
Total Other Assets		205,495			14,807		220,302
TOTAL ASSETS	$	1,989,437		$	565,401	$	2,554,838
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	51,277		$	20,986	$	72,263
Accounts (Recoverable) Payable - Related Parties		(8,035	)		8,035		—
Current Portion of Long-Term Debt		59,703			9,251		68,954
Other Accrued Liabilities		209,132			38,263		247,395
Total Current Liabilities		312,077			76,535		388,612
Long-Term Debt:
Long-Term Debt, Related Party		(174,685	)		174,685		—
Long-Term Debt		587,020			—		587,020
Finance Lease Obligations		15,948			5,198		21,146
Total Long-Term Debt		428,283			179,883		608,166
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions		421,705			—		421,705
Pneumoconiosis Benefits		194,312			6,754		201,066
Asset Retirement Obligations		218,031			11,315		229,346
Workers' Compensation		57,527			3,998		61,525
Salary Retirement		33,454			—		33,454
Operating Lease Liability		33,445			8,178		41,623
Other		15,726			887		16,613
Total Deferred Credits and Other Liabilities		974,200			31,132		1,005,332
TOTAL LIABILITIES		1,714,560			287,550		2,002,110
Total CONSOL Energy Inc. Stockholders’ Equity		148,228			277,851		426,079
Noncontrolling Interest		126,649			—		126,649
TOTAL LIABILITIES AND EQUITY	$	1,989,437		$	565,401	$	2,554,838

27

 

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

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	226,157		$	75,385	$	301,542
Terminal Revenue		16,303			—		16,303
Freight Revenue		2,699			900		3,599
Miscellaneous Other Income		391			10,797		11,188
Gain on Sale of Assets		714			—		714
Total Revenue and Other Income		246,264			87,082		333,346
Costs and Expenses:
Operating and Other Costs		180,487			54,362		234,849
Depreciation, Depletion and Amortization		43,284			11,086		54,370
Freight Expense		2,699			900		3,599
Selling, General and Administrative Costs		11,850			2,840		14,690
Loss on Debt Extinguishment		801			—		801
Interest Expense, net		14,011			1,587		15,598
Total Costs and Expenses		253,132			70,775		323,907
(Loss) Earnings Before Income Tax		(6,868	)		16,307		9,439
Income Tax Expense		2,415			—		2,415
Net (Loss) Income		(9,283	)		16,307		7,024
Less: Net Income Attributable to Noncontrolling Interest		2,684			—		2,684
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(11,967	)	$	16,307	$	4,340

28

 

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

29

 

Income Statement for the Nine Months Ended September 30, 2020 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	406,754		$	135,386	$	542,140
Terminal Revenue		49,407			—		49,407
Freight Revenue		14,356			4,785		19,141
Miscellaneous Other Income		32,119			38,988		71,107
Gain on Sale of Assets		15,182			59		15,241
Total Revenue and Other Income		517,818			179,218		697,036
Costs and Expenses:
Operating and Other Costs		373,774			107,938		481,712
Depreciation, Depletion and Amortization		110,720			45,337		156,057
Freight Expense		14,356			4,785		19,141
Selling, General and Administrative Costs		30,441			9,285		39,726
Gain on Debt Extinguishment		(17,911	)		—		(17,911	)
Interest Expense, net		39,187			6,929		46,116
Total Costs and Expenses		550,567			174,274		724,841
(Loss) Earnings Before Income Tax		(32,749	)		4,944		(27,805	)
Income Tax Expense		143			—		143
Net (Loss) Income		(32,892	)		4,944		(27,948	)
Less: Net Loss Attributable to Noncontrolling Interest		(5,108	)		—		(5,108	)
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(27,784	)	$	4,944	$	(22,840	)

Income Statement for the Nine Months Ended September 30, 2019 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	738,499		$	246,166		$	984,665
Terminal Revenue		50,829			—			50,829
Freight Revenue		10,586			3,529			14,115
Miscellaneous Other Income		4,528			32,146			36,674
Gain (Loss) on Sale of Assets		1,991			(5	)		1,986
Total Revenue and Other Income		806,433			281,836			1,088,269
Costs and Expenses:
Operating and Other Costs		552,671			165,739			718,410
Depreciation, Depletion and Amortization		117,606			33,639			151,245
Freight Expense		10,586			3,529			14,115
Selling, General and Administrative Costs		42,548			10,353			52,901
Loss on Debt Extinguishment		25,444			—			25,444
Interest Expense, net		45,745			4,495			50,240
Total Costs and Expenses		794,600			217,755			1,012,355
Earnings Before Income Tax		11,833			64,081			75,914
Income Tax Benefit		(243	)		—			(243	)
Net Income		12,076			64,081			76,157
Less: Net Income Attributable to Noncontrolling Interest		14,102			—			14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(2,026	)	$	64,081		$	62,055

30

NOTE 18—RELATED PARTY TRANSACTIONS:

Transactions with the Company's Former Parent (2017)

Transition Services Agreements

The Company entered into a transition services agreement (“TSA”) and certain other agreements in connection with the separation and distribution agreement with its former parent to cover certain continued corporate services provided by the Company and its former parent to each other following the completion of the separation and distribution. In connection with the separation and distribution, the Company began to set up its own corporate functions, and pursuant to the TSA, the Company's former parent provided various corporate support services, including certain accounting, human resources, information technology, office and building, risk, security, tax and treasury, building security and tax services, as well as certain regulatory compliance services required during the period in which the Company remained a majority-owned subsidiary of its former parent. The TSA expired in February 2019. The charges associated with these services were not material during the three and nine months ended September 30, 2019, and were consistent with expenses that the Company's former parent had historically allocated or incurred with respect to such services.

Former Parent Receivables and Payables

The Company had a receivable from its former parent of $6,791 at December 31, 2019, which was recorded in Other Receivables on the Consolidated Balance Sheets. The balance of this receivable was collected during the nine months ended September 30, 2020. This receivable relates to reimbursements per the terms of the separation and distribution agreement.

CONSOL Coal Resources LP

CONSOL Energy, certain of its subsidiaries and the Partnership are party to an Omnibus Agreement, dated September 30, 2016, as amended on November 28, 2017 (the “Omnibus Agreement”). Under the Omnibus Agreement, CONSOL Energy provides the Partnership with certain services in exchange for payments by the Partnership for those services.

On November 28, 2017, the Company entered into an Affiliated Company Credit Agreement with the Partnership and certain of its subsidiaries (the “Partnership Credit Parties”), as amended on June 5, 2020 (as amended, the “Affiliated Company Credit Agreement”), under which the Company provides as lender a revolving credit facility in an aggregate principal amount of up to $275 million to the Partnership Credit Parties. In connection with the completion of the separation, the Partnership drew an initial $201 million, the net proceeds of which were used to repay outstanding amounts under CCR's $400 million senior secured revolving credit facility with certain lenders and PNC Bank, National Association, as administrative agent (the “Original CCR Credit Facility”), to provide working capital for the Partnership following the separation and for other general corporate purposes. The Original CCR Credit Facility was then terminated.

On June 5, 2020, the Company amended the Affiliated Company Credit Agreement to provide eight quarters of financial covenant relaxation, effected a 50 basis points increase in the rate at which borrowings under the Affiliated Company Credit Agreement bear interest, and added additional conditions to be met for the covenants relating to general investments, investments in unrestricted subsidiaries, and distributions to equity holders of the Partnership. The Affiliated Company Credit Agreement has a maturity date of December 28, 2024. Interest accrues at a rate ranging from 4.25% to 5.25%, subject to the Partnership's net leverage ratio. For the three months ended September 30, 2020 and 2019, $2,428 and $2,003 of interest was incurred under the Affiliated Company Credit Agreement, respectively. For the nine months ended September 30, 2020 and 2019, $6,705 and $5,770 of interest was incurred under the Affiliated Company Credit Agreement, respectively. The collateral obligations under the Affiliated Company Credit Agreement generally mirror the Original CCR Credit Facility, as does the list of entities that will act as guarantors thereunder. The Affiliated Company Credit Agreement is subject to financial covenants relating to a maximum first lien gross leverage ratio and a maximum total net leverage ratio, which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quarter. The Partnership was in compliance with each of these financial covenants at September 30, 2020. The Affiliated Company Credit Agreement also contains a number of customary affirmative covenants and negative covenants, including limitations on the ability of the Partnership to incur additional indebtedness, grant liens, and make investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness (subject to certain limited exceptions).

CCR is a party to a number of other agreements with CONSOL Energy, or its subsidiaries, that are described in detail in the section titled “Agreements with Affiliates” in Item 13 of CCR’s Form 10-K filed on February 14, 2020.

In August 2019, upon payment of the cash distribution with respect to the quarter ended June 30, 2019, the financial requirements for the conversion of all CCR subordinated units were satisfied. As a result, all 11,611,067 of the CCR subordinated units owned entirely by CONSOL Energy Inc. were converted into CCR common units on a one-for-one basis. The conversion did not impact the amount of the cash distribution paid or the total number of CCR's outstanding units representing limited partner interests.

See Note 20 - Subsequent Events for a discussion of the CCR Merger.

31

 

Charges for services from the Company to CCR include the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating and Other Costs	$	1,006	$	838	$	2,715	$	2,368
Selling, General and Administrative Costs		1,770		1,902		6,427		6,932
Total Services from CONSOL Energy	$	2,776	$	2,740	$	9,142	$	9,300

Operating and Other Costs include pension service costs and insurance expenses. Selling, General and Administrative Costs include charges for incentive compensation, an annual administrative support fee and reimbursement for the provision of certain management and operating services provided by the Company.

At September 30, 2020 and December 31, 2019, CCR had a net payable to the Company in the amount of $8,035 and $1,419, respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the Omnibus Agreement.

In May 2019, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock, unit and debt repurchase program (see Note 19 - Stock, Unit and Debt Repurchases). The program expansion allows the Company to use up to $50 million of the program to purchase CCR's outstanding common units in the open market. None of the Partnership's common units were purchased under this program during the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, 19,413 and 26,297 of the Partnership's common units were purchased under this program at an average price of $12.88 and $14.05 per unit, respectively. 

NOTE 19—STOCK, UNIT AND DEBT REPURCHASES:

In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company’s outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025, in an aggregate amount of up to $50 million through the period ending June 30, 2019. The program was subsequently amended by CONSOL Energy’s Board of Directors in July 2018 to allow up to $100 million of repurchases of the Company’s common stock or its 11.00% Senior Secured Second Lien Notes due 2025, subject to certain limitations in the Company’s current credit agreement and the TMA. The Company’s Board of Directors also authorized the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP’s outstanding common units in the open market. In May 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $75 million, bringing the aggregate limit of the program to $175 million. The May 2019 expansion also increased the aggregate limit of the amount of CCR's common units that can be purchased under the program to $50 million, which is consistent with the Company's credit facility covenants that prohibit the Company from using more than $50 million for the purchase of CCR's outstanding common units. The Company's Board of Directors also approved extending the termination date of the program from June 30, 2019 to June 30, 2020. In July 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $25 million, bringing the aggregate limit of the Company's stock, unit and debt repurchase program to $200 million. In May 2020, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $70 million, bringing the aggregate limit of the Company's stock, unit and debt repurchase program to $270 million. The Company's Board of Directors also approved extending the termination date of the program from June 30, 2020 to June 30, 2022.

Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock, notes or units are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock, notes or units, and can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement, indenture, or the TMA, and is subject to market conditions and other factors.

During the nine months ended September 30, 2020 and 2019, the Company repurchased approximately $45,176 and $35,048 of its 11.00% Senior Secured Second Lien Notes due 2025, respectively. No common shares were repurchased and no common Partnership units were purchased under this program during the nine months ended September 30, 2020. During the nine months ended September 30, 2019, the Company repurchased and retired 1,717,497 shares of the Company's common stock at an average price of $19.06 per share and 26,297 of the Partnership's common units were purchased at an average price of $14.05 per unit.

NOTE 20—Subsequent Events :

On October 23, 2020, CONSOL Energy, together with CCR, announced they have entered into a definitive merger agreement pursuant to which CONSOL Energy will acquire all of the outstanding CCR common units other than any CCR common units currently owned by CONSOL Energy and its subsidiaries (each, a “Public Common Unit”) in an all-stock transaction valued at approximately $34.4 million. On the closing of the transactions contemplated under the Merger Agreement, the Company will acquire all of the approximately 10.9 million outstanding Public Common Units at a fixed exchange ratio of 0.73 shares of CONSOL Energy common stock for each Public Common Unit. This exchange ratio represents a 2.1% premium to the volume weighted average exchange ratio during the 20 trading days ended October 22, 2020. In aggregate, CONSOL Energy will issue approximately 8.0 million shares in connection with the proposed transaction, representing approximately 22.2% of the total CONSOL Energy shares that will be outstanding on a pro forma basis after completion of the CCR Merger.

The transaction terms were negotiated, reviewed and approved by the conflicts committee of the board of directors of CCR’s general partner and the board of directors of CCR’s general partner. The CCR conflicts committee is composed of the independent members of the board of directors of CCR’s general partner. CONSOL Energy’s board of directors also approved the Merger Agreement and the transactions contemplated thereby, including the CCR Merger and the issuance of CONSOL Energy common stock as the merger consideration, and has resolved to submit the approval of the issuance of the CONSOL Energy common stock in connection with the proposed transactions to a vote of the holders of CONSOL Energy common stock.

Subject to customary approvals and conditions, the transaction is expected to close in the first quarter of 2021. The transaction is subject to the approval by the holders of at least a majority of the outstanding CCR common units, approval by a majority of the votes cast by CONSOL Energy’s stockholders and the effectiveness of a registration statement related to the issuance of the new CONSOL Energy shares to CCR’s common unitholders. Pursuant to a support agreement entered into in connection with the transaction, CONSOL Energy has agreed to vote all of the CCR common units that it owns in favor of the proposed transaction. CONSOL Energy currently owns approximately 60.7% of the outstanding CCR common units.

In connection with the closing of the transaction, CCR’s common units will cease to be publicly traded and the incentive distribution rights in CCR will be eliminated.

32

 

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in conjunction with the Consolidated Financial Statements and corresponding notes included elsewhere in this Form 10-Q. In addition, this Form 10-Q report should be read in conjunction with the Consolidated Financial Statements for the three-year period ended December 31, 2019 included in CONSOL Energy Inc.'s Form 10-K, filed on February 14, 2020. This MD&A contains forward-looking statements and the matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected or implied in the forward-looking statements. Please see “Risk Factors” and “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements.

All amounts discussed are in millions of U.S. dollars, unless otherwise indicated.

CCR Merger

As previously disclosed, on October 22, 2020, CONSOL Energy, the Partnership, the General Partner, a wholly-owned subsidiary of CONSOL Energy and one of its wholly-owned subsidiaries (“Merger Sub”) entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which Merger Sub will merge with and into the Partnership, with the Partnership surviving as our indirect, wholly-owned subsidiary (the “CCR Merger”). Under the terms of the Merger Agreement, at the effective time of the CCR Merger, (i) each outstanding CCR common unit other than common units owned by CONSOL Energy and its subsidiaries will be converted into the right to receive, subject to adjustment as described in the Merger Agreement, 0.73 shares of CONSOL Energy Inc. common stock (the “Merger Consideration”); and (ii) each of the outstanding phantom units and any other awards relating to a common unit issued under a Partnership equity incentive plan, whether vested or not vested, will become fully vested and will be automatically converted into the right to receive, with respect to each common unit subject thereto, the Merger Consideration (plus any accrued but unpaid amounts in relation to distribution equivalent rights). Except for the Partnership's incentive distribution rights, which will be automatically canceled immediately prior to the effective time of the CCR Merger for no consideration, the common units owned by CONSOL Energy and its subsidiaries immediately prior to the effective time of the CCR Merger will remain outstanding as limited partner interests in the surviving entity.

In aggregate, CONSOL Energy will issue approximately 8.0 million shares of its common stock as Merger Consideration, representing approximately 22.2% of the total CONSOL Energy shares that will be outstanding on a pro forma basis.

Subject to customary approvals and conditions, the transaction is expected to close in the first quarter of 2021. The transaction is subject to approval by our stockholders, majority approval by the CCR common unitholders and the effectiveness of a registration statement related to the issuance of the new CONSOL Energy shares to CCR's common unitholders. Pursuant to a support agreement entered into in connection with the transaction, CONSOL Energy agreed to vote all of the common units it owns in favor of the transaction. CONSOL Energy currently owns approximately 60.7% of CCR's outstanding common units.

COVID-19 Update

The Company is monitoring the impact of the COVID-19 pandemic (“COVID-19”) and has taken, and will continue to take, steps to mitigate the potential risks and impact on the Company and its employees. The health and safety of our employees is paramount.  In response to two employees testing positive for COVID-19, the Company temporarily curtailed production at the Bailey Mine for two weeks at the end of March. To date, several employees have tested positive for COVID-19. However, the Company has not experienced a localized outbreak, which we believe is attributable, in part, to the health and safety procedures put in place by the Company. This has also allowed the Company to continue operating without production curtailment due to positive employee cases. The Company continues to monitor the health and safety of its employees closely in order to limit potential risks to our employees, contractors, family members and the community.

We are considered a critical infrastructure company by the U.S. Department of Homeland Security. As a result, we were exempt from Pennsylvania Governor Tom Wolf's executive order, issued in March 2020, closing all businesses that are not life sustaining until Pennsylvania's phased reopening, which began in the second quarter of 2020. The unprecedented decline in coal demand that began in the first quarter hit its lowest point in May 2020, and has improved through the third quarter. In response to the decline in demand for our coal as a result of COVID-19, we idled four of our five longwalls for periods of time beginning in the second quarter. As demand improved, we restarted longwalls and ultimately ran four of the five longwalls for the majority of the third quarter. This decline in coal demand has negatively impacted our operational, sales and financial performances year-to-date and we expect that this negative impact will continue as the pandemic continues.

While some government-imposed shut-downs of non-essential businesses in the United States and abroad have been phased out, there is a possibility that such shut-downs may be reinstated after being lifted if COVID-19 experiences a resurgence. We expect that depressed domestic and international demand for our coal will continue for so long as there are widespread, government-imposed shut-downs of business activity. Depressed demand for our coal may also result from a general recession or reduction in overall business activity caused by COVID-19. Additionally, some of our customers have already attempted, and may in the future attempt, to invoke force majeure or similar provisions in the contracts they have in place with us in order to avoid taking possession of and paying us for our coal that they are contractually obligated to purchase. Sustained decrease in demand for our coal and the failure of our customers to purchase coal from us that they are obligated to purchase pursuant to existing contracts would have a material adverse effect on our results of operations and financial condition. The extent to which COVID-19 may adversely impact our business depends on future developments, which are highly uncertain and unpredictable, including new information concerning the severity of the outbreak and the effectiveness of actions globally to contain or mitigate its effects. We expect this will continue to negatively impact our results of operations, cash flows and financial condition. The Company will continue to take steps it believes are appropriate to mitigate the impacts of COVID-19 on its operations, liquidity and financial condition.

Our Business

We are a leading, low-cost producer of high-quality bituminous coal, focused on the extraction and preparation of coal in the Appalachian Basin due to our ability to efficiently produce and deliver large volumes of high-quality coal at competitive prices, the strategic location of our mines and the industry experience of our management team.

Coal from the PAMC is valued because of its high energy content (as measured in Btu per pound), relatively low levels of sulfur and other impurities, and strong thermoplastic properties that enable it to be used in metallurgical as well as thermal applications. We take advantage of these desirable quality characteristics and our extensive logistical network, which is directly served by both the Norfolk Southern and CSX railroads, to aggressively market our product to a broad base of strategically selected, top-performing power plant customers in the eastern United States. We also capitalize on the operational synergies afforded by the CONSOL Marine Terminal to export our coal to thermal and metallurgical end-users in Europe, Asia, South America, and Africa, as well as Canada.

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Our operations, including the PAMC and the CONSOL Marine Terminal, have consistently generated strong cash flows. As of December 31, 2019, the PAMC controls 669.4 million tons of high-quality Pittsburgh seam reserves, enough to allow for approximately 23.5 years of full-capacity production. In addition, we own or control approximately 1.5 billion tons of Greenfield Reserves located in the Northern Appalachian (“NAPP”), the Central Appalachian (“CAPP”) and the Illinois Basins (“ILB”), which we believe provide future growth and monetization opportunities. Our vision is to maximize cash flow generation through the safe, compliant, and efficient operation of this core asset base, while strategically reducing debt, returning capital through share buybacks or dividends, and, when prudent, allocating capital toward compelling growth opportunities.

Our core businesses consist of our:

• Pennsylvania Mining Complex: The PAMC, which includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and the Central Preparation Plant, has extensive high-quality coal reserves. We mine our reserves from the Pittsburgh No. 8 Coal Seam, which is a large contiguous formation of high-Btu coal that is ideal for high productivity, low-cost longwall operations. The design of the PAMC is optimized to produce large quantities of coal on a cost-efficient basis. We are able to sustain high production volumes at comparatively low operating costs due to, among other things, our technologically advanced longwall mining systems, logistics infrastructure and safety. All of the PAMC mines utilize longwall mining, which is a highly automated underground mining technique that produces large volumes of coal at lower costs compared to other underground mining methods. We own a 75% undivided interest in the PAMC, and the remaining 25% is owned by CCR, as discussed below.

• CCR Ownership: CONSOL Energy owns, directly or indirectly, through CCR's general partner, 61.4% of the partnership, which is comprised of a 1.7% general partner interest and a 59.7% limited partner interest. At September 30, 2020, CCR's assets included a 25% undivided interest in, and full operational control over, the PAMC. See Note 20 - Subsequent Events.

• CONSOL Marine Terminal: Through our subsidiary CONSOL Marine Terminals LLC, we provide coal export terminal services through the Port of Baltimore. The terminal can either store coal or load coal directly into vessels from rail cars. It is also the only major east coast United States coal terminal served by two railroads, Norfolk Southern Corporation and CSX Transportation Inc.

• Itmann Mine: Construction of the Itmann Mine, located in Wyoming County, West Virginia, began in the second half of 2019 and development mining began in April 2020. Full production from the mine is expected upon completion of a new preparation plant, and the pace of construction is dependent upon conditions in the coal sales market. When fully operational, the Company anticipates approximately 900 thousand tons per year of high-quality, low-vol coking coal capacity.

• Greenfield Reserves: We own approximately 1.5 billion tons of high-quality, undeveloped coal reserves located in NAPP, CAPP and the ILB.

These low-cost assets and the diverse markets they serve provide us opportunities to generate cash across a wide variety of demand and pricing scenarios. The three mines at the PAMC, which include the Bailey, Enlow Fork and Harvey mines, produce coal from the Pittsburgh No. 8 Coal Seam using longwall mining, a highly automated underground mining technique that produces large volumes of coal at lower costs compared to alternative mining methods. These three mines collectively operate five longwalls, and the production from all three mines is processed at a single, centralized preparation plant, which is connected via conveyor belts to each mine. The Central Preparation Plant, which can clean and process up to 8,200 raw tons of coal per hour, provides economies of scale while also maintaining the ability to segregate and blend coal based on quality. This infrastructure enables us to tailor our production levels and quality specifications to meet market demands. It also results in a highly productive, low-cost operation as compared to other NAPP coal mines. In 2019, the PAMC operated three of the top four most productive longwall mines in NAPP. For the year ending December 31, 2019, productivity averaged 7.10 tons of coal per employee hour, compared with an average of 5.28 tons per employee hour for all other currently-operating NAPP longwalls. Our high productivity helps drive a low-cost structure. Our efficiency strengthens our margins throughout the commodity cycle, and has allowed us to continue to generate positive margins even in challenging pricing environments.

Coal from the PAMC is versatile in that it can be sold either domestically or abroad, in the thermal coal market or as a crossover product in the high-volatile metallurgical coal market. We have a well-established and diverse customer base, comprised primarily of domestic electric-power-producing companies located in the eastern United States. During the third quarter of 2020, we were successful in securing additional coal sales contracts, bringing our contracted position to 13.2 million tons for 2021. We remain fully contracted for 2020 and expect to ship all that we produce in the fourth quarter of 2020. However, we face significant uncertainties given the ongoing economic slowdown due to the COVID-19 pandemic-related shutdowns. Similar to the first half of 2020, we will continue to collaborate with our customers to manage the contractual obligations we both have, which could result in some additional 2020 contracted volumes being bought out or deferred. 

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Q3 2020 Highlights:

• Executed multiple transactional opportunities to improve financial flexibility;

• Resumed repurchases of second lien debt;

• Coal sales volume rebounded to 4.5 million tons compared to 2.3 million tons in the second quarter of 2020;

• Coal demand recovery is expected to continue into the fourth quarter of 2020, with volumes expected to be higher compared to the third quarter of 2020;

• No borrowings on revolving credit facility; and

• Operating protocols in place for COVID-19-related response, focused on enhanced sanitation, social distancing measures and mitigating the risk of spread.

How We Evaluate Our Operations

Our management team uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability. The metrics include: (i) coal production, sales volumes and average revenue per ton; (ii) cost of coal sold, a non-GAAP financial measure; (iii) cash cost of coal sold, a non-GAAP financial measure; (iv) average margin per ton sold, an operating ratio derived from non-GAAP financial measures; and (v) average cash margin per ton sold, an operating ratio derived from non-GAAP financial measures.

Cost of coal sold, cash cost of coal sold, average margin per ton sold and average cash margin per ton sold normalize the volatility contained within comparable GAAP measures by adjusting certain non-operating or non-cash transactions. Each of these non-GAAP metrics are used as supplemental financial measures by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

• our operating performance as compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure;

• the ability of our assets to generate sufficient cash flow;

• our ability to incur and service debt and fund capital expenditures;

• the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities; and

• the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.

These non-GAAP financial measures should not be considered an alternative to total costs, net income, operating cash flow or any other measure of financial performance or liquidity presented in accordance with GAAP. These measures exclude some, but not all, items that affect measures presented in accordance with GAAP, and these measures and the way we calculate them may vary from those of other companies. As a result, the items presented below may not be comparable to similarly titled measures of other companies.

Reconciliation of Non-GAAP Financial Measures

We evaluate our cost of coal sold and cash cost of coal sold on an aggregate basis. We define cost of coal sold as operating and other production costs related to produced tons sold, along with changes in coal inventory, both in volumes and carrying values. The cost of coal sold includes items such as direct operating costs, royalty and production taxes, direct administration costs, and depreciation, depletion and amortization costs on production assets. Our costs exclude any indirect costs, such as selling, general and administrative costs, freight expenses, interest expenses, depreciation, depletion and amortization costs on non-production assets and other costs not directly attributable to the production of coal. The cash cost of coal sold includes cost of coal sold less depreciation, depletion and amortization costs on production assets. The GAAP measure most directly comparable to cost of coal sold and cash cost of coal sold is total costs and expenses.

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The following table presents a reconciliation of cost of coal sold and cash cost of coal sold to total costs and expenses, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Total Costs and Expenses	$	246,661		$	323,907		$	724,841		$	1,012,355
Freight Expense		(12,909	)		(3,599	)		(19,141	)		(14,115	)
Selling, General and Administrative Costs		(11,117	)		(14,690	)		(39,726	)		(52,901	)
Gain (Loss) on Debt Extinguishment		1,078			(801	)		17,911			(25,444	)
Interest Expense, net		(15,723	)		(15,598	)		(46,116	)		(50,240	)
Other Costs (Non-Production)		(22,994	)		(22,786	)		(100,707	)		(76,856	)
Depreciation, Depletion and Amortization (Non-Production)		(9,327	)		(12,105	)		(35,211	)		(23,111	)
Cost of Coal Sold	$	175,669		$	254,328		$	501,851		$	769,688
Depreciation, Depletion and Amortization (Production)		(45,632	)		(42,265	)		(120,846	)		(128,134	)
Cash Cost of Coal Sold	$	130,037		$	212,063		$	381,005		$	641,554

We define average margin per ton sold as average revenue per ton sold, net of average cost of coal sold per ton. We define average cash margin per ton sold as average revenue per ton sold, net of average cash cost of coal sold per ton. The GAAP measure most directly comparable to average margin per ton sold and average cash margin per ton sold is total coal revenue.

The following table presents a reconciliation of average margin per ton sold and average cash margin per ton sold to total coal revenue, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Total Coal Revenue (PAMC Segment)	$	184,066		$	301,542		$	541,545		$	984,665
Operating and Other Costs		153,031			234,849			481,712			718,410
Less: Other Costs (Non-Production)		(22,994	)		(22,786	)		(100,707	)		(76,856	)
Total Cash Cost of Coal Sold		130,037			212,063			381,005			641,554
Add: Depreciation, Depletion and Amortization		54,959			54,370			156,057			151,245
Less: Depreciation, Depletion and Amortization (Non-Production)		(9,327	)		(12,105	)		(35,211	)		(23,111	)
Total Cost of Coal Sold	$	175,669		$	254,328		$	501,851		$	769,688
Total Tons Sold (in millions)		4.5			6.5			12.8			20.6
Average Revenue per Ton Sold	$	40.55		$	46.59		$	42.35		$	47.84
Average Cash Cost of Coal Sold per Ton		28.64			32.78			29.88			31.16
Depreciation, Depletion and Amortization Costs per Ton Sold		10.06			6.51			9.37			6.23
Average Cost of Coal Sold per Ton		38.70			39.29			39.25			37.39
Average Margin per Ton Sold		1.85			7.30			3.10			10.45
Add: Depreciation, Depletion and Amortization Costs per Ton Sold		10.06			6.51			9.37			6.23
Average Cash Margin per Ton Sold	$	11.91		$	13.81		$	12.47		$	16.68

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Results of Operations

Three Months Ended September 30, 2020 Compared with the Three Months Ended September 30, 2019

Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders

CONSOL Energy reported a net loss attributable to CONSOL Energy Inc. shareholders of $7 million for the three months ended September 30, 2020, compared to net income attributable to CONSOL Energy Inc. shareholders of $4 million for the three months ended September 30, 2019.

CONSOL Energy consists of the Pennsylvania Mining Complex, as well as various corporate and other business activities that are not allocated to the PAMC. The other business activities include the CONSOL Marine Terminal, development of the Itmann Mine, the Greenfield Reserves, closed mine activities, selling, general and administrative activities, interest expense and income taxes, as well as various other non-operated activities.

PAMC ANALYSIS:

The PAMC division's principal activities consist of mining, preparation and marketing of thermal coal, sold primarily to power generators. The division also includes selling, general and administrative costs, as well as various other activities assigned to the PAMC division, but not included in the cost components on a per unit basis.

The PAMC division had a loss before income tax of $7 million for the three months ended September 30, 2020, compared to earnings before income tax of $31 million for the three months ended September 30, 2019. Variances are discussed below.

	Three Months Ended
	September 30,
(in millions)	2020			2019		Variance
Revenue:
Coal Revenue	$	184		$	302	$	(118	)
Freight Revenue		13			4		9
Miscellaneous Other Income		—			4		(4	)
Total Revenue and Other Income		197			310		(113	)
Cost of Coal Sold:
Operating Costs		130			212		(82	)
Depreciation, Depletion and Amortization		46			42		4
Total Cost of Coal Sold		176			254		(78	)
Other Costs:
Other Costs		2			3		(1	)
Depreciation, Depletion and Amortization		4			4		—
Total Other Costs		6			7		(1	)
Freight Expense		13			4		9
Selling, General and Administrative Costs		9			14		(5	)
Total Costs and Expenses		204			279		(75	)
(Loss) Earnings Before Income Tax	$	(7	)	$	31	$	(38	)

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Coal Production

The table below presents total tons produced (in thousands) from the Pennsylvania Mining Complex for the periods indicated:

	Three Months Ended September 30,
Mine	2020		2019		Variance
Bailey		1,808		2,782		(974	)
Enlow Fork		1,436		2,384		(948	)
Harvey		1,291		1,326		(35	)
Total		4,535		6,492		(1,957	)

Coal production was 4.5 million tons for the three months ended September 30, 2020, compared to 6.5 million tons for the three months ended September 30, 2019. The PAMC division's coal production decreased primarily due to a reduced operating schedule in light of the decline in global demand due to the COVID-19 pandemic. For the majority of the current quarter, the PAMC ran four of its five longwalls.

Coal Operations

The PAMC division's coal revenue and cost components on a per unit basis for the three months ended September 30, 2020 and 2019 are detailed in the table below. The PAMC division's operations also include various costs such as selling, general and administrative, freight and other costs not included in the unit cost analysis because these costs are not directly associated with coal production.

	Three Months Ended September 30,
	2020		2019		Variance
Total Tons Sold (in millions)		4.5		6.5		(2.0	)
Average Revenue per Ton Sold	$	40.55	$	46.59	$	(6.04	)
Average Cash Cost of Coal Sold per Ton (1)	$	28.64	$	32.78	$	(4.14	)
Depreciation, Depletion and Amortization Costs per Ton Sold (Non-Cash Cost)		10.06		6.51		3.55
Average Cost of Coal Sold per Ton (1)	$	38.70	$	39.29	$	(0.59	)
Average Margin per Ton Sold (1)	$	1.85	$	7.30	$	(5.45	)
Add: Depreciation, Depletion and Amortization Costs per Ton Sold		10.06		6.51		3.55
Average Cash Margin per Ton Sold (1)	$	11.91	$	13.81	$	(1.90	)

(1) Average cash cost of coal sold per ton and average cost of coal sold per ton are non-GAAP measures, and average margin per ton sold and average cash margin per ton sold are operating ratios derived from non-GAAP measures. See “How We Evaluate Our Operations - Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

Coal Revenue

Coal revenue was $184 million for the three months ended September 30, 2020, compared to $302 million for the three months ended September 30, 2019. Total tons sold decreased in the period-to-period comparison as a result of lingering effects of the unprecedented contraction in United States and global economic activity due to the COVID-19 pandemic. Additionally, lower natural gas prices as compared to the prior year quarter have contributed to electric generation trending toward gas, rather than coal, as a fuel source.

Freight Revenue and Freight Expense

Freight revenue is the amount billed to customers for transportation costs incurred. This revenue is based on the weight of coal shipped, negotiated freight rates and method of transportation, primarily rail, used by the customers to which the Company contractually provides transportation services. Freight revenue is completely offset by freight expense. Freight revenue and freight expense were both $13 million for the three months ended September 30, 2020, compared to $4 million for the three months ended September 30, 2019. The $9 million increase was due to increased shipments to customers where the Company was contractually obligated to provide transportation services.

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Miscellaneous Other Income

The $4 million decrease in miscellaneous other income was primarily due to sales of externally purchased coal to blend and resell and customer contract buyouts in the three months ended September 30, 2019, none of which occurred during the three months ended September 30, 2020. 

Cost of Coal Sold

Cost of coal sold is comprised of operating costs related to produced tons sold, along with changes in both the volumes and carrying values of coal inventory. The costs of coal sold include items such as direct operating costs, royalties and production taxes, direct administration costs and depreciation, depletion, and amortization costs on production assets. Total cost of coal sold was $176 million for the three months ended September 30, 2020, or $78 million lower than the $254 million for the three months ended September 30, 2019. Average cost of coal sold per ton was $38.70 for the three months ended September 30, 2020, compared to $39.29 for the three months ended September 30, 2019. The decrease in the total cost of coal sold was primarily driven by the reduction in production volume and reduced operating days, as the Company sought to match production with demand and limit discretionary spending. 

Other Costs

Other costs include items that are assigned to the PAMC division but are not included in unit costs, such as idle mine costs, coal reserve holding costs and purchased coal costs. Total other costs remained materially consistent in the period-to-period comparison. 

Selling, General, and Administrative Costs

The amount of selling, general and administrative costs related to the PAMC division was $9 million for the three months ended September 30, 2020, compared to $14 million for the three months ended September 30, 2019. The $5 million decrease in the period-to-period comparison was primarily related to several initiatives launched by management to reduce costs, including compensation reductions, curtailment of discretionary expenses and headcount management.

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OTHER ANALYSIS:

The other division includes revenue and expenses from various corporate and diversified business activities that are not allocated to the PAMC division. The diversified business activities include the CONSOL Marine Terminal, development of the Itmann Mine, the Greenfield Reserves, closed mine activities, selling, general and administrative activities, interest expense and income taxes, as well as various other non-operated activities.

Other business activities had earnings before income tax of $4 million for the three months ended September 30, 2020, compared to a loss before income tax of $22 million for the three months ended September 30, 2019. Variances are discussed below.

	Three Months Ended
	September 30,
(in millions)	2020			2019			Variance
Revenue:
Terminal Revenue	$	17		$	16		$	1
Miscellaneous Other Income		21			7			14
Gain on Sale of Assets		8			1			7
Total Revenue and Other Income		46			24			22
Other Costs and Expenses:
Operating and Other Costs		20			20			—
Depreciation, Depletion and Amortization		5			8			(3	)
Selling, General and Administrative Costs		2			1			1
(Gain) Loss on Debt Extinguishment		(1	)		1			(2	)
Interest Expense, net		16			16			—
Total Other Costs and Expenses		42			46			(4	)
Earnings (Loss) Before Income Tax	$	4		$	(22	)	$	26

Terminal Revenue

Terminal revenue consists of sales from the CONSOL Marine Terminal, which is located in the Port of Baltimore, Maryland and provides access to international coal markets. CONSOL Marine Terminal revenue was $17 million for the three months ended September 30, 2020, compared to $16 million for the three months ended September 30, 2019. The $1 million increase in the period-to-period comparison was primarily attributable to an increase in revenues associated with throughput tons and services not covered by the Company's take-or-pay contract.

Miscellaneous Other Income 

Miscellaneous other income was $21 million for the three months ended September 30, 2020, compared to $7 million for the three months ended September 30, 2019. The change is due to the following items:

	Three Months Ended September 30,
(in millions)	2020		2019		Variance
Sale of Certain Coal Lease Contracts	$	18	$	—	$	18
Royalty Income - Non-Operated Coal		2		5		(3	)
Interest Income		—		1		(1	)
Rental Income		—		1		(1	)
Other Income		1		—		1
Total Miscellaneous Other Income	$	21	$	7	$	14

 The increase in income resulting from the sale of certain coal lease contracts is attributable to one of several transactions completed in the three months ended September 30, 2020 related to the Company's non-operating surface and mineral assets outside of the PAMC. These transactions helped to enhance the Company's liquidity and improve its financial flexibility. See Note 2 - Major Transactions in the Notes to the Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

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Gain on Sale of Assets

Gain on sale of assets increased $7 million in the period-to-period comparison primarily due to the sale of various gas wells and the related equipment during the three months ended September 30, 2020.

Operating and Other Costs

Operating and other costs were $20 million for the three months ended September 30, 2020, compared to $20 million for the three months ended September 30, 2019. Operating and other costs remained materially consistent in the period-to-period comparison.

	Three Months Ended September 30,
(in millions)	2020		2019		Variance
Terminal Operating Costs	$	5	$	6	$	(1	)
Employee-Related Legacy Liability Expense		7		9		(2	)
Coal Reserve Holding Costs		2		1		1
Closed Mines		1		1		—
Other		5		3		2
Total Operating and Other Costs	$	20	$	20	$	—

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization decreased $3 million in the period-to-period comparison due to current quarter adjustments to the Company's asset retirement obligations based on current projected cash outflows.

Selling, General and Administrative Costs

Selling, general and administrative costs are allocated to the Company's Other division based on a percentage of resources utilized, a percentage of total revenue and a percentage of total projected capital expenditures. The increase of $1 million is a result of increases in the portion of selling, general and administrative expenses allocated to the Other division due to an increase of resources utilized at the CONSOL Marine Terminal, the Itmann Mine, closed mines and in other business development activities as compared to the prior quarter.

(Gain) Loss on Debt Extinguishment

Gain on debt extinguishment of $1 million was recognized in the three months ended September 30, 2020 due to the open market repurchases of the Company's 11.00% Senior Secured Second Lien Notes due 2025. Loss on debt extinguishment of $1 million was recognized in the three months ended September 30, 2019 due to the open market repurchases of the Company's 11.00% Senior Secured Second Lien Notes due 2025. 

Interest Expense, net

Interest expense, net of amounts capitalized, is comprised of interest on the Company's Senior Secured Credit Facilities, the 11.00% Senior Secured Second Lien Notes due 2025 and the 5.75% MEDCO Revenue Bonds. Interest expense, net of amounts capitalized, remained materially consistent in the period-to-period comparison.

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Nine Months Ended September 30, 2020 Compared with the Nine Months Ended September 30, 2019

Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders

CONSOL Energy reported a net loss attributable to CONSOL Energy Inc. shareholders of $23 million for the nine months ended September 30, 2020, compared to net income attributable to CONSOL Energy Inc. shareholders of $62 million for the nine months ended September 30, 2019.

CONSOL Energy consists of the Pennsylvania Mining Complex, as well as various corporate and other business activities that are not allocated to the PAMC. The other business activities include the CONSOL Marine Terminal, development of the Itmann Mine, the Greenfield Reserves, closed mine activities, selling, general and administrative activities, interest expense and income taxes, as well as various other non-operated activities.

PAMC ANALYSIS:

The PAMC division's principal activities consist of mining, preparation and marketing of thermal coal, sold primarily to power generators. The division also includes selling, general and administrative costs, as well as various other activities assigned to the PAMC division, but not included in the cost components on a per unit basis.

The PAMC division had a loss before income tax of $18 million for the nine months ended September 30, 2020, compared to earnings before income tax of $156 million for the nine months ended September 30, 2019. Variances are discussed below.

	Nine Months Ended
	September 30,
(in millions)	2020			2019		Variance
Revenue:
Coal Revenue	$	542		$	985	$	(443	)
Freight Revenue		19			14		5
Miscellaneous Other Income		41			14		27
Total Revenue and Other Income		602			1,013		(411	)
Cost of Coal Sold:
Operating Costs		381			642		(261	)
Depreciation, Depletion and Amortization		121			128		(7	)
Total Cost of Coal Sold		502			770		(268	)
Other Costs:
Other Costs		43			15		28
Depreciation, Depletion and Amortization		24			8		16
Total Other Costs		67			23		44
Freight Expense		19			14		5
Selling, General and Administrative Costs		31			50		(19	)
Interest Expense, net		1			—		1
Total Costs and Expenses		620			857		(237	)
(Loss) Earnings Before Income Tax	$	(18	)	$	156	$	(174	)

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Coal Production

The table below presents total tons produced (in thousands) from the Pennsylvania Mining Complex for the periods indicated:

	Nine Months Ended September 30,
Mine	2020		2019		Variance
Bailey		5,619		8,955		(3,336	)
Enlow Fork		4,054		7,676		(3,622	)
Harvey		3,222		3,933		(711	)
Total		12,895		20,564		(7,669	)

Coal production was 12.9 million tons for the nine months ended September 30, 2020, compared to 20.6 million tons for the nine months ended September 30, 2019. The PAMC division's coal production decreased primarily due to the temporary idling of longwalls at the Bailey and Enlow Fork mines. This was mainly in response to weakened customer demand as a result of a warmer than normal winter, followed by a decline in global demand due to the COVID-19 pandemic and, in response, the widespread government-imposed shut-downs, which have significantly reduced electricity consumption and, therefore, demand for the Company's coal.

Coal Operations

The PAMC division's coal revenue and cost components on a per unit basis for the nine months ended September 30, 2020 and 2019 are detailed in the table below. The PAMC division's operations also include various costs such as selling, general and administrative, freight and other costs not included in the unit cost analysis because these costs are not directly associated with coal production.

	Nine Months Ended September 30,
	2020		2019		Variance
Total Tons Sold (in millions)		12.8		20.6		(7.8	)
Average Revenue per Ton Sold	$	42.35	$	47.84	$	(5.49	)
Average Cash Cost of Coal Sold per Ton (1)	$	29.88	$	31.16	$	(1.28	)
Depreciation, Depletion and Amortization Costs per Ton Sold (Non-Cash Cost)		9.37		6.23		3.14
Average Cost of Coal Sold per Ton (1)	$	39.25	$	37.39	$	1.86
Average Margin per Ton Sold (1)	$	3.10	$	10.45	$	(7.35	)
Add: Depreciation, Depletion and Amortization Costs per Ton Sold		9.37		6.23		3.14
Average Cash Margin per Ton Sold (1)	$	12.47	$	16.68	$	(4.21	)

(1) Average cash cost of coal sold per ton and average cost of coal sold per ton are non-GAAP measures, and average margin per ton sold and average cash margin per ton sold are operating ratios derived from non-GAAP measures. See “How We Evaluate Our Operations - Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

Coal Revenue

Coal revenue was $542 million for the nine months ended September 30, 2020, compared to $985 million for the nine months ended September 30, 2019. Total tons sold decreased in the period-to-period comparison in response to weakened customer demand due to a warmer than normal winter followed by the COVID-19 pandemic, each of which have reduced electricity consumption and, therefore, demand for the Company's coal. Additionally, lower natural gas prices as compared to the prior year quarter have contributed to electric generation trending toward gas, rather than coal, as a fuel source. The decrease in customer demand and the overall decline in electric power markets also resulted in lower pricing received on the Company's sales contracts.

Freight Revenue and Freight Expense

Freight revenue is the amount billed to customers for transportation costs incurred. This revenue is based on the weight of coal shipped, negotiated freight rates and method of transportation, primarily rail, used by the customers to which the Company contractually provides transportation services. Freight revenue is completely offset by freight expense. Freight revenue and freight expense were both $19 million for the nine months ended September 30, 2020, compared to $14 million for the nine months ended September 30, 2019. The $5 million increase was due to increased shipments to customers where the Company was contractually obligated to provide transportation services.

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Miscellaneous Other Income

Miscellaneous other income was $41 million for the nine months ended September 30, 2020, compared to $14 million for the nine months ended September 30, 2019. The $27 million increase was primarily the result of additional customer contract buyouts in the nine months ended September 30, 2020, offset, in part, by a decrease in sales of externally purchased coal to blend and resell. These partial contract buyouts involved negotiations to reduce coal quantities of several customer contracts in exchange for payment of certain fees to the Company, and do not impact forward contract terms.

Cost of Coal Sold

Cost of coal sold is comprised of operating costs related to produced tons sold, along with changes in both the volumes and carrying values of coal inventory. The costs of coal sold include items such as direct operating costs, royalties and production taxes, direct administration costs and depreciation, depletion, and amortization costs on production assets. Total cost of coal sold was $502 million for the nine months ended September 30, 2020, or $268 million lower than the $770 million for the nine months ended September 30, 2019. Average cost of coal sold per ton was $39.25 for the nine months ended September 30, 2020, compared to $37.39 for the nine months ended September 30, 2019. The decrease in the total cost of coal sold was primarily driven by decreased production activity during the nine months ended September 30, 2020, mainly in response to weakened market demand. On a per unit basis, the decreased production resulted in an overall increase in the average cost of coal sold per ton.

Other Costs

Other costs include items that are assigned to the PAMC division but are not included in unit costs, such as idle mine costs, coal reserve holding costs and purchased coal costs. Total other costs increased $44 million in the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019. The increase was primarily attributable to the temporary idling of longwalls at the Bailey and Enlow Fork mines due to the COVID-19 pandemic and, in response, the widespread government-imposed shutdowns, which have significantly reduced electricity consumption and power prices and, therefore, demand for the Company's coal.

Selling, General, and Administrative Costs

The amount of selling, general and administrative costs related to the PAMC division was $31 million for the nine months ended September 30, 2020, compared to $50 million for the nine months ended September 30, 2019. The $19 million decrease in the period-to-period comparison was primarily related to reduced expense under the Company's Performance Incentive Plan, as well as several initiatives launched by management to reduce costs, including compensation reductions, curtailment of discretionary expenses and headcount management.

Interest Expense, net

Interest expense, net of amounts capitalized, primarily relates to obligations under various finance leases entered into during the nine months ended September 30, 2020. No such transactions occurred during the nine months ended September 30, 2019.

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OTHER ANALYSIS:

The other division includes revenue and expenses from various corporate and diversified business activities that are not allocated to the PAMC division. The diversified business activities include the CONSOL Marine Terminal, development of the Itmann Mine, the Greenfield Reserves, closed mine activities, selling, general and administrative activities, interest expense and income taxes, as well as various other non-operated activities.

Other business activities had a loss before income tax of $10 million for the nine months ended September 30, 2020, compared to a loss before income tax of $80 million for the nine months ended September 30, 2019. Variances are discussed below.

	Nine Months Ended
	September 30,
(in millions)	2020			2019			Variance
Revenue:
Terminal Revenue	$	49		$	51		$	(2	)
Miscellaneous Other Income		31			22			9
Gain on Sale of Assets		15			2			13
Total Revenue and Other Income		95			75			20
Other Costs and Expenses:
Operating and Other Costs		58			62			(4	)
Depreciation, Depletion and Amortization		11			15			(4	)
Selling, General and Administrative Costs		9			3			6
(Gain) Loss on Debt Extinguishment		(18	)		25			(43	)
Interest Expense, net		45			50			(5	)
Total Other Costs and Expenses		105			155			(50	)
Loss Before Income Tax	$	(10	)	$	(80	)	$	70

Terminal Revenue

Terminal revenue consists of sales from the CONSOL Marine Terminal, which is located in the Port of Baltimore, Maryland and provides access to international coal markets. CONSOL Marine Terminal revenue was $49 million for the nine months ended September 30, 2020, compared to $51 million for the nine months ended September 30, 2019. The $2 million decrease in the period-to-period comparison was primarily attributable to a decrease in revenues associated with throughput tons and services not covered by the Company's take-or-pay contract.

Miscellaneous Other Income 

Miscellaneous other income was $31 million for the nine months ended September 30, 2020, compared to $22 million for the nine months ended September 30, 2019. The change is due to the following items:

	Nine Months Ended September 30,
(in millions)	2020		2019		Variance
Sale of Certain Coal Lease Contracts	$	18	$	—	$	18
Royalty Income - Non-Operated Coal		10		17		(7	)
Property Easements and Option Income		—		1		(1	)
Rental Income		1		2		(1	)
Interest Income		—		2		(2	)
Other Income		2		—		2
Total Miscellaneous Other Income	$	31	$	22	$	9

  The increase in income resulting from the sale of certain coal lease contracts is attributable to one of several transactions completed in the nine months ended September 30, 2020 related to the Company's non-operating surface and mineral assets outside of the PAMC. These transactions helped to enhance the Company's liquidity and improve its financial flexibility. See Note 2 - Major Transactions in the Notes to the Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.

  Royalty Income - Non-Operated Coal decreased in the period-to-period comparison due to a decline in the revenues earned as a result of less operating activity by third-party companies mining in reserves to which we have a royalty claim.

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Gain on Sale of Assets

Gain on sale of assets increased $13 million in the period-to-period comparison primarily due to the sale of various gas wells and the related equipment during the nine months ended September 30, 2020.

Operating and Other Costs

Operating and other costs were $58 million for the nine months ended September 30, 2020, compared to $62 million for the nine months ended September 30, 2019. Operating and other costs decreased in the period-to-period comparison due to the following items:

	Nine Months Ended September 30,
(in millions)	2020		2019		Variance
Terminal Operating Costs	$	14	$	17	$	(3	)
Employee-Related Legacy Liability Expense		19		28		(9	)
Coal Reserve Holding Costs		4		3		1
Lease Rental Expense		1		1		—
Closed Mines		3		2		1
Litigation Expense		4		4		—
Bank Fees		1		1		—
Other		12		6		6
Total Operating and Other Costs	$	58	$	62	$	(4	)

  Employee-Related Legacy Liability Expense decreased $9 million in the period-to-period comparison primarily due to modifications made to the actuarial calculation of net periodic benefit cost at the beginning of each year mainly due to decreases in discount rates.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization decreased $4 million in the period-to-period comparison due to current quarter adjustments to the Company's asset retirement obligations based on current projected cash outflows.

Selling, General and Administrative Costs

Selling, general and administrative costs are allocated to the Company's Other division based on a percentage of resources utilized, a percentage of total revenue and a percentage of total projected capital expenditures. The increase of $6 million is a result of increases in the portion of selling, general and administrative expenses allocated to the Other division due to an increase of resources utilized at the CONSOL Marine Terminal, the Itmann Mine, closed mines and in other business development activities as compared to the prior year. 

(Gain) Loss on Debt Extinguishment

Gain on debt extinguishment of $18 million was recognized in the nine months ended September 30, 2020 due to the open market repurchases of the Company's 11.00% Senior Secured Second Lien Notes due 2025, which traded well below par value.

Loss on debt extinguishment of $25 million was recognized in the nine months ended September 30, 2019 due to the open market repurchases of the Company's 11.00% Senior Secured Second Lien Notes due 2025, the $110 million required repayment on the Term Loan B Facility, and the refinancing of the Company's Revolving Credit Facility, Term Loan A Facility and Term Loan B Facility. See Note 13 - Long-Term Debt in the Notes to the Consolidated Financial Statements included in Item 1 of this Form 10-Q for additional information.

Interest Expense, net

Interest expense, net of amounts capitalized, is comprised of interest on the Company's Senior Secured Credit Facilities, the 11.00% Senior Secured Second Lien Notes due 2025 and the 5.75% MEDCO Revenue Bonds. Interest expense, net of amounts capitalized, decreased $5 million in the period-to-period comparison, primarily related to the $110 million required repayment on the Term Loan B Facility, as well as the refinancing of the Company's Revolving Credit Facility, Term Loan A Facility and Term Loan B Facility, both of which occurred during the first quarter of 2019. The decrease is also attributable to repurchases of the Company's 11.00% Senior Secured Second Lien Notes due 2025 during the nine months ended September 30, 2020 and 2019, totaling approximately $45 million and $35 million, respectively (see Note 19 - Stock, Unit and Debt Repurchases in the Notes to the Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information).

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Liquidity and Capital Resources

CONSOL Energy's potential sources of liquidity include cash generated from operations, cash on hand, borrowings under the revolving credit facility and securitization facility (which are discussed below), and, if necessary, the ability to issue additional equity or debt securities. The Company believes that cash generated from these sources should be sufficient to meet its short-term working capital requirements, long-term capital expenditure requirements, and debt servicing obligations, as well as to provide required letters of credit.

The demand for coal experienced unprecedented decline toward the end of the first quarter of 2020, which continued through the third quarter of 2020, driven by widespread government-imposed lockdowns caused by the COVID-19 pandemic. This decline in coal demand has negatively impacted our operational, sales and financial performances year-to-date and we expect that this negative impact will continue as the pandemic continues. However, we saw steady improvement in the demand for our coal throughout the third quarter of 2020. During the quarter, the Company made repayments of $7 million, $6 million, $2 million and $1 million on its finance leases, Term Loan A Facility, 11.00% Senior Secured Second Lien Notes and Term Loan B Facility, respectively. As of September 30, 2020, our total liquidity was $323 million, including $22 million of cash and cash equivalents. As of September 30, 2020, our $400 million revolving credit facility has no borrowings and is currently only used for providing letters of credit with $99 million issued.

While some government-imposed shut-downs of non-essential businesses in the United States and abroad have been phased out, there is a possibility that such shut-downs may be reinstated if COVID-19 experiences a resurgence. We expect that depressed demand for our coal will continue for so long as there is a widespread, government-imposed shut-down of business activity. Depressed demand for our coal may also result from a general recession or reduction in overall business activity caused by COVID-19. Additionally, some of our customers have already attempted, and may in the future attempt, to invoke force majeure or similar provisions in the contracts they have in place with us in order to avoid taking possession of and paying us for our coal that they are contractually obligated to purchase. Sustained decrease in demand for our coal and the failure of our customers to purchase coal from us that they are obligated to purchase pursuant to existing contracts would have a material adverse effect on our results of operations and financial condition. The extent to which COVID-19 may adversely impact our business depends on future developments, which are highly uncertain and unpredictable, including new information concerning the severity of the outbreak and the effectiveness of actions globally to contain or mitigate its effects. We expect this matter to negatively impact our results of operations, cash flows and financial condition. The Company will continue to take the appropriate steps to mitigate the impact on the Company's operations, liquidity and financial condition.

During the first quarter, the Company withdrew its previously announced operational and financial guidance for 2020. Given the ongoing uncertainty associated with the COVID-19 pandemic-driven economic slowdown, and due to the difficulty in forecasting the duration of this economic slowdown, the Company's 2020 guidance remains suspended. Cost containment and capital expenditure reductions remain the focus as volume opportunities remain limited in the near term. 

In March 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law. The CARES Act has various liquidity boosting provisions that affect the Company related to income taxes and employee taxes. The Company has evaluated the various provisions, particularly the increased amount of deductible interest from 30% of adjusted taxable income to 50% for tax years 2019 and 2020. This is expected to reduce the Company's cash burden for 2019 and 2020, resulting in additional free cash flow. In addition to a decrease in the cash paid for income taxes, the Company has deferred the payment of its portion of Social Security payroll taxes in accordance with the provisions of the CARES Act. Also, for the nine months ended September 30, 2020, the Company is entitled to approximately $2 million in payroll retention credits in accordance with the provisions of the CARES Act. These sources of cash flow will aid in reducing uncertainty over the economic and operational impacts of COVID-19.

The Company expects to maintain adequate liquidity through its operating cash flow and revolving credit facility to fund its working capital and capital expenditures requirements. The Company's cash flow from operations in 2020 is supported by its contracted position and ongoing cost and capital control measures. While the Company has been experiencing some delays in collections of accounts receivable since the second half of 2019, the COVID-related decline in demand has impacted some of our customers, resulting in continued delays in collections. This trend improved slightly during the third quarter of 2020, although global demand for coal remained challenging. However, if these delays continue or increase, the Company may have less cash flow from operations and may have less borrowing capacity under its securitization facility (under which borrowing capacity is based on certain current accounts receivable).

The Company started a capital construction project on the coarse refuse disposal area in 2017, which is expected to continue through 2021. The Company began construction of the Itmann Mine in the second half of 2019. Given the ongoing uncertainty in the marketplace, COVID-related demand decline and other corporate priorities, the Company has chosen to slow the spending on construction of the Itmann Mine.

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Uncertainty in the financial markets brings additional potential risks to CONSOL Energy. These risks include the ability to raise capital in the equity markets due to declines in the Company's stock price, less availability and higher costs of additional credit, potential counterparty defaults, and commercial bank failures. Financial market disruptions may impact the Company's collection of trade receivables. As a result, CONSOL Energy regularly monitors the creditworthiness of its customers and counterparties and manages credit exposure through payment terms, credit limits, prepayments and security.

Over the past year, the insurance markets have been increasingly challenging, particularly for coal companies. We have experienced rising premiums, reduced coverage and fewer providers willing to underwrite policies and surety bonds. Terms have generally become more unfavorable, including the amount of collateral required to secure surety bonds. Further cost burdens on our ability to maintain adequate insurance and bond coverage may adversely impact our operations, financial position and liquidity. 

The Company owns an undivided interest in 75% of the PAMC and the Partnership owns the remaining undivided 25% interest of the PAMC. As of September 30, 2020, the Company had a 61.4% economic ownership interest in the Partnership through its various holdings of the general partner and limited partnership interests of the Partnership.

The Company is continuing to actively monitor the effects of the ongoing COVID-19 pandemic on its liquidity and capital resources. As disclosed previously and above, we took several steps during the first three quarters of 2020 to reinforce our liquidity. From a coal shipment perspective, the decline in coal demand seemed to have hit its lowest point in May 2020, and has since shown some modest improvement. However, if the demand for our coal continues to decrease, this could adversely affect our liquidity in future quarters. Our Revolving Credit Facility, Term Loan A Facility, Term Loan B Facility, Securitization Facility and the Indenture entered into in connection with our 11.00% Senior Secured Second Lien Notes due 2025 (collectively, the “Credit Facilities”) contain certain financial covenants. Events resulting from the effects of COVID-19 may negatively impact our liquidity and, as a result, our ability to comply with these covenants, which were amended during the second quarter of 2020. These events could lead us to seek further amendments or waivers from our lenders, limit access to or require accelerated repayment of amounts borrowed under the Credit Facilities, or require us to pursue alternative financing. We have no assurance that any such alternative financing, if required, could be obtained at terms acceptable to us, or at all, as a result of the effects of COVID-19 on capital markets at such time.

Cash Flows (in millions)

	Nine Months Ended September 30,
	2020			2019			Change
Cash Provided by Operating Activities	$	62		$	223		$	(161	)
Cash Used in Investing Activities	$	(57	)	$	(129	)	$	72
Cash Used in Financing Activities	$	(63	)	$	(224	)	$	161

Cash provided by operating activities decreased $161 million in the period-to-period comparison, primarily due to a $104 million decrease in net (loss) income, a $43 million change in (gain) loss on debt extinguishment and other working capital changes that occurred throughout both periods.

Cash used in investing activities decreased $72 million in the period-to-period comparison. Capital expenditures decreased primarily as a result of cost control measures put into place in response to the COVID-19 pandemic and the overall decline in coal markets.

	Nine Months Ended September 30,
	2020		2019		Change
Building and Infrastructure	$	31	$	50	$	(19	)
Equipment Purchases and Rebuilds		21		44		(23	)
Refuse Storage Area		12		25		(13	)
IS&T Infrastructure		1		5		(4	)
Other		1		7		(6	)
Total Capital Expenditures	$	66	$	131	$	(65	)

Cash used in financing activities decreased $161 million in the period-to-period comparison. During the nine months ended September 30, 2020, total payments of $45 million were made on the Company's Term Loan A Facility, Term Loan B Facility and 11.00% Senior Secured Second Lien Notes. The Company also received proceeds of approximately $16 million related to a finance leasing arrangement in the nine months ended September 30, 2020. In connection with the June 2020 amendment of the Company's credit facility, approximately $8 million of financing-related fees and charges were paid in the nine months ended September 30, 2020.

During the nine months ended September 30, 2019, total payments of $166 million were made on the Company's Term Loan B Facility, 11.00% Senior Secured Second Lien Notes and the Term Loan A Facility, which included the required excess cash flow repayment of $110 million on the Term Loan B Facility (see Note 13 - Long-Term Debt for additional information). The Company received additional proceeds on its Term Loan A Facility in the amount of $26 million as a result of the debt refinancing that occurred during the nine months ended September 30, 2019. In connection with the debt refinancing, approximately $18 million of financing-related fees and charges were paid in the nine months ended September 30, 2019. Also during the nine months ended September 30, 2019, CONSOL Energy shares were repurchased and CONSOL Coal Resources LP units were purchased, totaling $32 million.

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Senior Secured Credit Facilities

In November 2017, the Company entered into a revolving credit facility with commitments up to $300 million (the “Revolving Credit Facility”), a Term Loan A Facility of up to $100 million (the “TLA Facility”) and a Term Loan B Facility of up to $400 million (the “TLB Facility”, and together with the Revolving Credit Facility and the TLA Facility, the “Senior Secured Credit Facilities”). On March 28, 2019, the Company amended the Senior Secured Credit Facilities to increase the borrowing commitment of the Revolving Credit Facility to $400 million and reallocate the principal amounts outstanding under the TLA Facility and TLB Facility. On June 5, 2020, the Company amended the Senior Secured Credit Facilities (the “amendment”) to provide eight quarters of financial covenant relaxation, effect an increase in the rate at which borrowings under the Revolving Credit Facility and the TLA Facility bear interest, and add an anti-cash hoarding provision. Borrowings under the Company's Senior Secured Credit Facilities bear interest at a floating rate which can be, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility and TLA Facility depends on the total net leverage ratio, whereas the applicable margin for the TLB Facility is fixed. The amendment increased the applicable margin by 50 basis points on both the Revolving Credit Facility and the TLA Facility. The maturity date of the Revolving Credit and TLA Facilities is March 28, 2023. The TLB Facility's maturity date is September 28, 2024. In June 2019, the TLA Facility began amortizing in equal quarterly installments of (i) 3.75% of the original principal amount thereof, for four consecutive quarterly installments commencing with the quarter ended June 30, 2019, (ii) 6.25% of the original principal amount thereof for the subsequent eight quarterly installments commencing with the quarter ended June 30, 2020 and (iii) 8.75% of the original principal amount thereof for the quarterly installments thereafter, with the remaining balance due at final maturity. In June 2019, the TLB Facility began amortizing in equal quarterly installments in an amount equal to 0.25% per annum of the amended principal amount thereof, with the remaining balance due at final maturity.

Obligations under the Senior Secured Credit Facilities are guaranteed by (i) all owners of the 75% undivided economic interest in the PAMC held by the Company, (ii) any other members of the Company’s group that own any portion of the collateral securing the Revolving Credit Facility, and (iii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly-owned restricted subsidiaries of the Company (excluding the Partnership and its wholly-owned subsidiaries). The obligations are secured by, subject to certain exceptions (including a limitation of pledges of equity interests in certain subsidiaries and certain thresholds with respect to real property), a first-priority lien on (i) the Company’s 75% undivided economic interest in the Pennsylvania Mining Complex, (ii) the limited partner units of the Partnership held by the Company, (iii) the equity interests in CONSOL Coal Resources GP LLC held by the Company (iv) the CONSOL Marine Terminal and (v) the 1.5 billion tons of Greenfield Reserves. The Senior Secured Credit Facilities contain a number of customary affirmative covenants. In addition, the Senior Secured Credit Facilities contain a number of negative covenants, including (subject to certain exceptions) limitations on (among other things): indebtedness, liens, investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness. The amendment added additional conditions to be met for the covenants relating to investments in joint ventures, general investments, share repurchases, dividends, and repurchases of the Second Lien Notes. The additional conditions require no outstanding borrowings and no more than $200 million of outstanding letters of credit on the Revolving Credit Facility. Further restrictions apply to investments in joint ventures, share repurchases and dividends that require the total net leverage ratio shall not be greater than 2.00 to 1.00.

The Revolving Credit Facility and TLA Facility also include financial covenants, including (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio. The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA, excluding the Partnership. Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, non-recurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations, non-cash charges related to legacy employee liabilities and gains and losses on debt extinguishment, and includes cash distributions received from the Partnership and subtracts cash payments related to legacy employee liabilities. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA, excluding the Partnership. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges, excluding the Partnership. Consolidated Fixed Charges, as used in the covenant calculation, include cash interest payments, cash payments for income taxes, scheduled debt repayments, dividends paid, and Maintenance Capital Expenditures. The amendment revised the financial covenants applicable to the Revolving Credit Facility and TLA Facility relating to the maximum first lien gross leverage ratio, maximum total net leverage ratio and minimum fixed charge coverage ratio, so that for the fiscal quarters ending June 30, 2020 through March 31, 2021, the maximum first lien gross leverage ratio shall be 2.50 to 1.00, the maximum total net leverage ratio shall be 3.75 to 1.00, and the minimum fixed charge coverage ratio shall be 1.00 to 1.00; for the fiscal quarters ending June 30, 2021 through September 30, 2021, the maximum first lien gross leverage ratio shall be 2.25 to 1.00 and the maximum total net leverage ratio shall be 3.50 to 1.00; for the fiscal quarters ending June 30, 2021 through March 31, 2022, the minimum fixed charge coverage ratio shall be 1.05 to 1.00; for the fiscal quarters ending December 31, 2021 through March 31, 2022, the maximum first lien gross leverage ratio shall be 2.00 to 1.00 and the maximum total net leverage ratio shall be 3.25 to 1.00; and for the fiscal quarters ending on or after June 30, 2022, the maximum first lien gross leverage ratio shall be 1.75 to 1.00, the maximum total net leverage ratio shall be 2.75 to 1.00 and the minimum fixed charge coverage ratio shall be 1.10 to 1.00. The maximum first lien gross leverage ratio was 2.04 to 1.00 at September 30, 2020. The maximum total net leverage ratio was 3.38 to 1.00 at September 30, 2020. The minimum fixed charge coverage ratio was 1.33 to 1.00 at September 30, 2020. The Company was in compliance with all of its debt covenants as of September 30, 2020.

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The TLB Facility also includes a financial covenant that requires the Company to repay a certain amount of its borrowings under the TLB Facility within ten business days after the date it files its Form 10-K with the Securities and Exchange Commission (“SEC”) if the Company has excess cash flow (as defined in the credit agreement for the Senior Secured Credit Facilities) during the year covered by the applicable Form 10-K. During the nine months ended September 30, 2019, CONSOL Energy made the required repayment of approximately $110 million based on the amount of the Company's excess cash flow as of December 31, 2018. For fiscal year 2018, such repayment was equal to 75% of the Company’s excess cash flow less any voluntary prepayments of its borrowings under the TLB Facility made by the Company during 2018. For all subsequent fiscal years, the required repayment is equal to a certain percentage of the Company’s excess cash flow for such year, ranging from 0% to 75% depending on the Company’s total net leverage ratio, less the amount of certain voluntary prepayments made by the Company, if any, under the TLB Facility during such fiscal year. Based on the Company's excess cash flow calculation, no repayment was required with respect to the year ended December 31, 2019. The amount of excess cash flow is a covenant feature only applicable as of the Company's year-end and will be calculated as of December 31, 2020.

During the year ended December 31, 2019, the Company entered into interest rate swaps, which effectively converted $150 million of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2020 and 2021, and $50 million of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2022.

The Senior Secured Credit Facilities contain customary events of default, including with respect to a failure to make payments when due, cross-default and cross-judgment default and certain bankruptcy and insolvency events.

At September 30, 2020, the Revolving Credit Facility had no borrowings outstanding and $99 million of letters of credit outstanding, leaving $301 million of unused capacity. From time to time, CONSOL Energy is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CONSOL Energy sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity.

Securitization Facility

On November 30, 2017, (1)(i) CONSOL Marine Terminals LLC, as an originator of receivables, (ii) CONSOL Pennsylvania Coal Company LLC (“CONSOL Pennsylvania”), as an originator of receivables and as initial servicer of the receivables for itself and the other originators (collectively, the “Originators”), each a wholly-owned subsidiary of CONSOL Energy, and (iii) CONSOL Funding LLC (the “SPV”), a Delaware special purpose entity and wholly-owned subsidiary of CONSOL Energy, as buyer, entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) and (2)(i) CONSOL Thermal Holdings LLC, an indirect, wholly-owned subsidiary of the Partnership, as sub-originator (the “Sub-Originator”), and (ii) CONSOL Pennsylvania, as buyer and as initial servicer of the receivables for itself and the Sub-Originator, entered into a Sub-Originator Sale Agreement (the “Sub-Originator PSA”). In addition, on November 30, 2017, the SPV entered into a Receivables Financing Agreement (the “Receivables Financing Agreement”) by and among (i) the SPV, as borrower, (ii) CONSOL Pennsylvania, as initial servicer, (iii) PNC Bank, as administrative agent, LC Bank and lender, and (iv) the additional persons from time to time party thereto as lenders. Together, the Purchase and Sale Agreement, the Sub-Originator PSA and the Receivables Financing Agreement establish the primary terms and conditions of an accounts receivable securitization program (the “Securitization”). In March 2020, the securitization facility was amended to, among other things, extend the maturity date from August 30, 2021 to March 27, 2023.

Pursuant to the Securitization, (i) the Sub-Originator sells current and future trade receivables to CONSOL Pennsylvania and (ii) the Originators sell and/or contribute current and future trade receivables (including receivables sold to CONSOL Pennsylvania by the Sub-Originator) to the SPV and the SPV, in turn, pledges its interests in the receivables to PNC Bank, which either makes loans or issues letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the Securitization may not exceed $100 million.

Loans under the Securitization accrue interest at a reserve-adjusted LIBOR market index rate equal to the one-month Eurodollar rate. Loans and letters of credit under the Securitization also accrue a program fee and a letter of credit participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum.

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The SPV’s assets and credit are not available to satisfy the debts and obligations owed to the creditors of CONSOL Energy, the Sub-Originator or any of the Originators. The Sub-Originator, the Originators and CONSOL Pennsylvania as servicer are independently liable for their own customary representations, warranties, covenants and indemnities. In addition, CONSOL Energy has guaranteed the performance of the obligations of the Sub-Originator, the Originators and CONSOL Pennsylvania as servicer, and will guarantee the obligations of any additional originators or successor servicer that may become party to the Securitization. However, neither CONSOL Energy nor its affiliates will guarantee collectability of receivables or the creditworthiness of obligors thereunder.

The agreements comprising the Securitization contain various customary representations and warranties, covenants and default provisions which provide for the termination and acceleration of the commitments and loans under the Securitization in certain circumstances including, but not limited to, failure to make payments when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness.

At September 30, 2020, eligible accounts receivable totaled approximately $31 million. At September 30, 2020, the facility had no outstanding borrowings and $30 million of letters of credit outstanding, leaving $1 million of unused capacity. Costs associated with the receivables facility totaled $249 thousand for the three months ended September 30, 2020. These costs have been recorded as financing fees which are included in Operating and Other Costs in the Consolidated Statements of Income. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.

11.00% Senior Secured Second Lien Notes due 2025

On November 13, 2017, the Company issued $300 million in aggregate principal amount of 11.00% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) pursuant to an indenture (the “Indenture”) dated as of November 13, 2017, by and between the Company and UMB Bank, N.A., a national banking association, as trustee and collateral trustee (the “Trustee”). On November 28, 2017, certain subsidiaries of the Company executed a supplement to the Indenture and became party to the Indenture as a guarantor (the “Guarantors”). The Second Lien Notes are secured by second priority liens on substantially all of the assets of the Company and the Guarantors that are pledged and on a first-priority basis as collateral securing the Company’s obligations under the Senior Secured Credit Facilities (described above), subject to certain exceptions under the Indenture.

On or after November 15, 2021, the Company may redeem all or part of the Second Lien Notes at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the rights of holders of the Second Lien Notes on the relevant record date to receive interest due on the relevant interest payment date), beginning on November 15 of the years indicated:

Year	Percentage
2021	105.50%
2022	102.75%
2023 and thereafter	100.00%

Prior to November 15, 2020, the Company may on one or more occasions redeem up to 35% of the principal amount of the Second Lien Notes with an amount of cash not greater than the amount of the net cash proceeds from one or more equity offerings at a redemption price equal to 111.00% of the principal amount of the Second Lien Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, as long as at least 65% of the aggregate principal amount of the Second Lien Notes originally issued on the issue date (excluding Second Lien Notes held by the Company and its subsidiaries) remains outstanding after each such redemption and the redemption occurs within less than 180 days after the date of the closing of the equity offering.

At any time or from time to time prior to November 15, 2021, the Company may also redeem all or a part of the Second Lien Notes, at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium, as defined in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the rights of holders of the Second Lien Notes on the relevant record date to receive interest due on the relevant interest payment date).

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The Indenture contains covenants that will limit the ability of the Company and the Guarantors, to (i) incur, assume or guarantee additional indebtedness or issue preferred stock; (ii) create liens to secure indebtedness; (iii) declare or pay dividends on the Company’s common stock, redeem stock or make other distributions to the Company’s stockholders; (iv) make investments; (v) restrict dividends, loans or other asset transfers from the Company’s restricted subsidiaries; (vi) merge or consolidate, or sell, transfer, lease or dispose of substantially all of the Company’s assets; (vii) sell or otherwise dispose of certain assets, including equity interests in subsidiaries; (viii) enter into transactions with affiliates; and (ix) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. If the Second Lien Notes achieve an investment grade rating from both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. and no default under the Indenture exists, many of the foregoing covenants will terminate and cease to apply. The Indenture also contains customary events of default, including (i) default for 30 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal or premium, if any, on the Notes at maturity, upon redemption or otherwise; (iii) covenant defaults; (iv) cross-defaults to certain indebtedness, and (v) certain events of bankruptcy or insolvency with respect to the Company or any of the Guarantors. If an event of default occurs and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the then outstanding Second Lien Notes may declare all the Notes to be due and payable immediately. If an event of default arises from certain events of bankruptcy or insolvency, with respect to the Company, any restricted subsidiary of the Company that is a significant subsidiary or any group of restricted subsidiaries of the Company that, taken together, would constitute a significant subsidiary, all outstanding Second Lien Notes will become due and payable immediately without further action or notice.

If the Company experiences certain kinds of changes of control, holders of the Second Lien Notes will be entitled to require the Company to repurchase all or any part of that holder’s Second Lien Notes pursuant to an offer on the terms set forth in the Indenture. The Company will offer to make a cash payment equal to 101% of the aggregate principal amount of the Second Lien Notes repurchased plus accrued and unpaid interest on the Second Lien Notes repurchased to, but not including, the date of purchase, subject to the rights of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date.

The Second Lien Notes were issued in a private offering that is exempt from the registration requirements of the Securities Act, to qualified institutional buyers in accordance with Rule 144A and to persons outside of the United States pursuant to Regulation S under the Securities Act.

Affiliated Company Credit Agreement with Partnership

On November 28, 2017, the Company also entered into an Affiliated Company Credit Agreement with the Partnership and certain of its subsidiaries (the “Partnership Credit Parties”) under which the Company provides as lender a revolving credit facility in an aggregate principal amount of up to $275 million to the Partnership Credit Parties. In connection with the completion of the separation, the Partnership drew an initial $201 million, the net proceeds of which were used to repay the Original CCR Credit Facility and to provide working capital for the Partnership following the separation and for other general corporate purposes.

On June 5, 2020, the Company amended the Affiliated Company Credit Agreement to provide eight quarters of financial covenant relaxation, effected a 50 basis points increase in the rate at which borrowings under the Affiliated Company Credit Agreement bear interest, and added additional conditions to be met for the covenants relating to general investments, investments in unrestricted subsidiaries, and distributions to equity holders of the Partnership. The Affiliated Company Credit Agreement has a maturity date of December 28, 2024. The collateral obligations under the Affiliated Company Credit Agreement generally mirror the Original CCR Credit Facility, as does the list of entities that will act as guarantors thereunder. The Affiliated Company Credit Agreement is subject to financial covenants relating to a maximum first lien gross leverage ratio and a maximum total net leverage ratio, which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quarter. The Partnership was in compliance with each of these financial covenants at September 30, 2020. The Affiliated Company Credit Agreement also contains a number of customary affirmative covenants and negative covenants, including limitations on the ability of the Partnership to incur additional indebtedness, grant liens, and make investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness (subject to certain limited exceptions).

See Note 20 - Subsequent Events in the Notes to the Consolidated Financial Statements included in Item 1 of this Form 10-Q for a discussion of the CCR Merger.

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Contractual Obligations

CONSOL Energy is required to make future payments under various contracts. CONSOL Energy also has commitments to fund its pension plans, provide payments for other postretirement benefit plans, and fund capital projects. There have been no material changes to these contractual obligations outside the ordinary course of business since March 31, 2020.

Debt

At September 30, 2020, CONSOL Energy had total long-term debt and finance lease obligations of $688 million outstanding, including the current portion of long-term debt of $69 million. This long-term debt consisted of:

• An aggregate principal amount of $271 million in connection with the Term Loan B (TLB) Facility, due in September 2024, less $1 million of unamortized discount. Borrowings under the TLB Facility bear interest at a floating rate.

• An aggregate principal amount of $176 million of 11.00% Senior Secured Second Lien Notes due in November 2025. Interest on the notes is payable May 15 and November 15 of each year.

• An aggregate principal amount of $73 million in connection with the Term Loan A (TLA) Facility, due in March 2023. Borrowings under the TLA Facility bear interest at a floating rate.

• An aggregate principal amount of $103 million of industrial revenue bonds which were issued to finance the Baltimore port facility, bear interest at 5.75% per annum and mature in September 2025. Interest on the industrial revenue bonds is payable March 1 and September 1 of each year. Payment of the principal and interest on the notes is guaranteed by CONSOL Energy.

• An aggregate principal amount of $22 million in connection with asset-backed financing. Approximately $19 million is due in December 2020 at a weighted average interest rate of 4.30%, and approximately $3 million is due in September 2024 at an interest rate of 3.61%.

• Advance royalty commitments of $2 million with a weighted average interest rate of 10.78% per annum.

• An aggregate principal amount of $42 million of finance leases with a weighted average interest rate of 5.38% per annum.

At September 30, 2020, CONSOL Energy had no borrowings outstanding and approximately $99 million of letters of credit outstanding under the $400 million senior secured Revolving Credit Facility. At September 30, 2020, CONSOL Energy had no borrowings outstanding and approximately $30 million of letters of credit outstanding under the $100 million Securitization Facility.

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Stock, Unit and Debt Repurchases

In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025, in an aggregate amount of up to $50 million through the period ending June 30, 2019. The program was subsequently amended by CONSOL Energy's Board of Directors in July 2018 to allow up to $100 million of repurchases of the Company's common stock or its 11.00% Senior Secured Second Lien Notes due 2025, subject to certain limitations in the Company's current credit agreement and that certain tax matters agreement entered into by and between the Company and its former parent on November 28, 2017 (the “TMA”). The Company's Board of Directors also authorized the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP's outstanding common units in the open market. In May 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $75 million, bringing the aggregate limit of the program to $175 million. The May 2019 expansion also increased the aggregate limit of the amount of CONSOL Coal Resources LP's common units that can be purchased under the program to $50 million, which is consistent with the Company's credit facility covenants that prohibit the Company from using more than $50 million for the purchase of CONSOL Coal Resources LP's outstanding common units. The Company's Board of Directors also approved extending the termination date of the program from June 30, 2019 to June 30, 2020. In July 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $25 million, bringing the aggregate limit of the program to $200 million. On May 8, 2020, CONSOL Energy's Board of Directors approved an expansion of the stock, unit and debt repurchase program. The aggregate amount of the program's expansion was $70 million, bringing the total amount of the Company's stock, unit and debt repurchase program to $270 million. The Company's Board of Directors also approved extending the termination date of the program from June 30, 2020 to June 30, 2022. 

Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock, notes or units are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock, notes or units, and can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement, indenture or the TMA and is subject to market conditions and other factors.

During the nine months ended September 30, 2020, the Company spent approximately $26 million to retire $45 million of its 11.00% Senior Secured Second Lien Notes due 2025, which continued to trade well below par value. No common shares were repurchased and no common Partnership units were purchased under this program during the nine months ended September 30, 2020.

Total Equity and Dividends

Total equity attributable to CONSOL Energy was $553 million at September 30, 2020 and $572 million at December 31, 2019. See the Consolidated Statements of Stockholders' Equity in Item 1 of this Form 10-Q for additional details.

The declaration and payment of dividends by CONSOL Energy is subject to the discretion of CONSOL Energy's Board of Directors, and no assurance can be given that CONSOL Energy will pay dividends in the future. The determination to pay dividends in the future will depend upon, among other things, general business conditions, CONSOL Energy's financial results, contractual and legal restrictions regarding the payment of dividends by CONSOL Energy, planned investments by CONSOL Energy and such other factors as the Board of Directors deems relevant. The Company's Senior Secured Credit Facilities limit CONSOL Energy's ability to pay dividends up to $25 million annually, which increases to $50 million annually when the Company's total net leverage ratio is less than 1.50 to 1.00 and subject to an aggregate amount up to a cumulative credit calculation set forth in the facilities, with additional conditions of no outstanding borrowings and no more than $200 million of outstanding letters of credit on the Revolving Credit Facility, and the total net leverage ratio shall not be greater than 2.00 to 1.00. The total net leverage ratio was 3.38 to 1.00 and the cumulative credit was approximately $15 million at September 30, 2020. The cumulative credit starts with $50 million and builds with excess cash flow commencing in 2018. The calculation of the total net leverage ratio excludes the Partnership. The Senior Secured Credit Facilities do not permit dividend payments in the event of default. The Indenture to the 11.00% Senior Secured Second Lien Notes limits dividends when the Company's total net leverage ratio exceeds 2.00 to 1.00 and subject to an amount not to exceed an annual rate of 4.0% of the quoted public market value per share of such common stock at the time of the declaration. The Indenture does not permit dividend payments in the event of default.

In connection with the separation, the Partnership entered into an intercompany loan arrangement with the Company with an initial outstanding balance of $201 million. The Partnership used the initial loan to repay outstanding borrowings under the prior revolving credit facility, which was then terminated. The intercompany loan arrangement limits the Partnership's ability to pay distributions to its unitholders (including the Company) when the Partnership's first lien gross leverage ratio exceeds 2.00 to 1.00.

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Upon payment of the cash distribution with respect to the quarter ended June 30, 2019, the financial requirements for the conversion of all CCR subordinated units were satisfied. As a result, on August 16, 2019, all 11,611,067 subordinated units, owned entirely by CONSOL Energy Inc., were converted into common units on a one-for-one basis. The conversion did not impact the amount of the cash distribution paid or the total number of CCR's outstanding units representing limited partner interests.

On April 23, 2020, the Board of Directors of CCR's general partner made the decision to temporarily suspend the quarterly cash distributions to all of CCR's unitholders due to the ongoing uncertainty in the commodity markets driven by the COVID-19 pandemic-related demand decline. On July 28, 2020, the Board of Directors of CCR's general partner made the decision to continue the suspension of the quarterly cash distribution. Accordingly, CCR will focus on deleveraging its balance sheet by conserving cash, boosting liquidity and reducing its outstanding debt.

Off-Balance Sheet Arrangements

CONSOL Energy does not maintain off-balance sheet transactions, arrangements, obligations or other relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on CONSOL Energy’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources which are not disclosed in the Notes to the Consolidated Financial Statements of this Form 10-Q. CONSOL Energy participates in the United Mine Workers of America (the “UMWA”) Combined Benefit Fund and the UMWA 1992 Benefit Plan which generally accepted accounting principles recognize on a pay-as-you-go basis. These benefit arrangements may result in additional liabilities that are not recognized on the Consolidated Balance Sheet at September 30, 2020. The various multi-employer benefit plans are discussed in Note 16—Other Employee Benefit Plans in the Notes to the Consolidated Financial Statements in Item 8 of the December 31, 2019 Form 10-K. CONSOL Energy's total contributions under the Coal Industry Retiree Health Benefit Act of 1992 were $1,373 and $1,556 for the three months ended September 30, 2020 and 2019, respectively. CONSOL Energy's total contributions under the Coal Industry Retiree Health Benefit Act of 1992 were $4,110 and $4,662 for the nine months ended September 30, 2020 and 2019, respectively. Based on available information at December 31, 2019, CONSOL Energy's obligation for the UMWA Combined Benefit Fund and 1992 Benefit Plan is estimated to be approximately $62,295. CONSOL Energy also uses a combination of surety bonds, corporate guarantees and letters of credit to secure its financial obligations for employee-related, environmental, performance and various other items which are not reflected on the Consolidated Balance Sheet at September 30, 2020. Management believes these items will expire without being funded. See Note 14—Commitments and Contingent Liabilities in the Notes to the Consolidated Financial Statements included in Item 1 of this Form 10-Q for additional details of the various financial guarantees that have been issued by CONSOL Energy.

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Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of the federal securities laws. With the exception of historical matters, the matters discussed in this Quarterly Report on Form 10-Q are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that involve risks and uncertainties that could cause actual results and outcomes to differ materially from results expressed in or implied by our forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this Quarterly Report on Form 10-Q; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the following:

• the number of shares of CEIX common stock that the holders of CCR common units may receive in the pending merger between CEIX and CCR (the CCR Merger) is based on a fixed exchange ratio and will not be adjusted in the event of any change in the price of either shares of CEIX common stock or CCR common units; 

• the CCR Merger is subject to conditions, including certain conditions that may not be satisfied or completed on a timely basis, if at all. Failure to complete the CCR Merger could have a material and adverse effect on us and, even if completed, the CCR Merger may not achieve some or all of the anticipated benefits;

• we may incur transaction-related costs in connection with the proposed CCR Merger; 

• we are subject to provisions under the Merger Agreement that, in specified circumstances, could require us to pay a termination fee and to be responsible for CCR's expenses;

• financial projections relating to the combined company after the CCR Merger may not be achieved;

• CEIX and CCR may be targets of securities class action and derivative lawsuits, which could result in substantial costs and may delay or prevent the completion of the CCR Merger;

• CEIX and CCR may not achieve the net benefits from the CCR Merger in the near term;

• the CCR Merger may not be accretive to operating earnings and may cause dilution to CEIX's earnings per share, which may negatively affect the market price of CEIX common stock;

• following the merger, approximately 22.0% of the total voting power of CEIX common stock will be owned by CCR common unitholders and, as a result, CEIX's current shareholders may experience significant dilution;

• the effects the COVID-19 pandemic has on our business and results of operations and on the global economy;

• a restructuring of liabilities of Murray Energy as a result of its bankruptcy may result in the Company becoming responsible for certain liabilities that Murray Energy assumed from our former parent in 2013;

• deterioration in economic conditions in any of the industries in which our customers operate may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital;

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• volatility and wide fluctuation in coal prices based upon a number of factors beyond our control including oversupply relative to the demand available for our products, weather and the price and availability of alternative fuels;

• an extended decline in the prices we receive for our coal affecting our operating results and cash flows;

• significant downtime of our equipment or inability to obtain equipment, parts or raw materials;

• decreases in the availability of, or increases in the price of, commodities or capital equipment used in our coal mining operations;

• our customers extending existing contracts or entering into new long-term contracts for coal on favorable terms;

• our reliance on major customers;

• our inability to collect payments from customers if their creditworthiness declines or if they fail to honor their contracts;

• our inability to acquire additional coal reserves that are economically recoverable;

• decreases in demand and changes in coal consumption patterns of electric power generators;

• the availability and reliability of transportation facilities and other systems, disruption of rail, barge, processing and transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs;

• a loss of our competitive position because of the competitive nature of coal industries, or a loss of our competitive position because of overcapacity in these industries impairing our profitability;

• foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad;

• recent action and the possibility of future action on trade made by U.S. and foreign governments;

• the risks related to the fact that a significant portion of our production is sold in international markets;

• coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions;

• the impact of potential, as well as any adopted, regulations to address climate change, including any relating to greenhouse gas emissions, on our operating costs as well as on the market for coal;

• the effects of litigation seeking to hold energy companies accountable for the effects of climate change;

• the effects of government regulation on the discharge into the water or air, and the disposal and clean-up of, hazardous substances and wastes generated during our coal operations;

• the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failures, delays in moving out longwall equipment, railroad derailments, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions;

• failure to obtain or renew surety bonds on acceptable terms, which could affect our ability to secure reclamation and coal lease obligations;

• failure to obtain adequate insurance coverages;

• operating in a single geographic area;

• the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land;

• our inability to obtain financing for capital expenditures on satisfactory terms;

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• the effects of receiving low sustainability scores which potentially results in the exclusion of our securities from consideration by certain investment funds and a negative perception by investors;

• the effect of new or existing tariffs and other trade measures;

• our inability to find suitable acquisition targets or integrating the operations of future acquisitions into our operations;

• obtaining, maintaining and renewing governmental permits and approvals for our coal operations;

• the effects of stringent federal and state employee health and safety regulations, including the ability of regulators to shut down our operations;

• the potential for liabilities arising from environmental contamination or alleged environmental contamination in connection with our past or current coal operations;

• the effects of asset retirement obligations and certain other liabilities;

• uncertainties in estimating our economically recoverable coal reserves;

• the outcomes of various legal proceedings, including those which are more fully described herein;

• defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights;

• exposure to employee-related long-term liabilities;

• the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows;

• the effects of hedging transactions on our cash flow;

• the effect of our affiliated company credit agreement on our cash flows;

• failure by one or more of the third parties to satisfy certain liabilities it acquired from our former parent, or failure to perform its obligations under various arrangements, which our former parent guaranteed and for which we have indemnification obligations to our former parent;

• information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident;

• certain provisions in our multi-year coal sales contracts may provide limited protection during adverse economic conditions, and may result in economic penalties or permit the customer to terminate the contract;

• the potential failure to retain and attract qualified personnel of the Company and a possible increased reliance on third party contractors as a result;

• we may not receive distributions from the Partnership;

• failure to maintain effective internal controls over financial reporting;

• certain risks related to our separation from our former parent;

• a determination by the Internal Revenue Service that the distribution or certain related transactions should be treated as a taxable transaction;

• uncertainty with respect to the Company’s common stock, potential stock price volatility and future dilution;

• the consequences of a lack of or negative commentary about us published by securities analysts and media;

• uncertainty regarding the timing of any dividends we may declare;

• uncertainty as to whether we will repurchase shares of our common stock or outstanding debt securities;

• restrictions on the ability to acquire us in our certificate of incorporation, bylaws and Delaware law and the resulting effects on the trading price of our common stock;

• inability of stockholders to bring legal action against us in any forum other than the state courts of Delaware; and

• other unforeseen factors.

The above list of factors is not exhaustive or necessarily in order of importance. Additional information concerning factors that could cause actual results to differ materially from those in forward-looking statements include those discussed under “Risk Factors” elsewhere in this report. The Company disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For quantitative and qualitative disclosures about market risk, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of our Annual Report on Form 10-K for the year ended December 31, 2019. There have been no material changes to the Company's exposures to market risk since December 31, 2019.

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ITEM 4.    CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

CONSOL Energy, under the supervision and with the participation of its management, including CONSOL Energy's principal executive officer and principal financial officer, evaluated the effectiveness of the Company's “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, CONSOL Energy's principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures are effective as of September 30, 2020 to ensure that information required to be disclosed by CONSOL Energy in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and includes controls and procedures designed to ensure that information required to be disclosed by CONSOL Energy in such reports is accumulated and communicated to CONSOL Energy's management, including CONSOL Energy's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls over Financial Reporting

During the fiscal quarter covered by this Quarterly Report on Form 10-Q, there were no changes in the Company's internal controls over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act, that materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events.

PART II: OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

Our operations are subject to a variety of risks and disputes normally incidental to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business. However, we are not currently subject to any material litigation. Refer to Note 14 - Commitments and Contingent Liabilities in the Notes to the Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q, incorporated herein by this reference.

ITEM 1A.    RISK FACTORS

In addition to the other information set forth in this quarterly report, you should carefully consider the factors described in “Part 1 - Item 1A. Risk Factors” of CONSOL Energy's 2019 Form 10-K, as updated by any subsequent Form 10-Qs and the risk factors set forth below. These described risks are not the only risks the Company faces. Additional risks and uncertainties not currently known to CONSOL Energy or that the Company currently deems to be immaterial also may materially adversely affect CONSOL Energy's business, financial condition and/or operating results.

Risks Related to the Merger of CEIX and CCR

The number of shares of CEIX common stock that the holders of CCR common units may receive in the pending merger between CEIX and CCR (the CCR Merger) is based on a fixed exchange ratio and will not be adjusted in the event of any change in the price of either shares of CEIX common stock or CCR common units.

On October 22, 2020, CEIX, Transformer LP Holdings Inc., a Delaware corporation and a wholly-owned subsidiary of CEIX (Holdings), Transformer Merger Sub LLC, a Delaware limited liability company and a wholly-owned subsidiary of Holdings (Merger Sub), CCR and the General Partner entered into an Agreement and Plan of Merger (the Merger Agreement), pursuant to which Merger Sub will merge with and into CCR, with CCR surviving as an indirect, wholly-owned subsidiary of CEIX (the CCR Merger).

Under the terms of the Merger Agreement, at the effective time of the CCR Merger, (i) each outstanding common unit representing a limited partner interest in CCR (each, a “CCR Common Unit”) other than CCR Common Units owned by CEIX and its subsidiaries (each, a “Public Common Unit”) will be converted into the right to receive, subject to adjustment as described in the Merger Agreement, 0.73 shares of common stock, par value $0.01 per share, of CEIX (the “CEIX Common Stock” and the shares of CEIX Common Stock to be issued in the Merger, the “Merger Consideration”); and (ii) each of the outstanding phantom units and any other awards relating to a CCR Common Unit issued under a CCR Long-Term Incentive Plan (as defined in the Merger Agreement), whether vested or not vested, will become fully vested and will be automatically converted into the right to receive, with respect to each CCR Common Unit subject thereto, the Merger Consideration (plus any accrued but unpaid amounts in relation to distribution equivalent rights). Except for the incentive distribution rights representing limited partner interests in CCR, which will be automatically canceled immediately prior to the effective time of the Merger for no consideration in accordance with the Third Amended and Restated Agreement of Limited Partnership of CCR, dated November 28, 2017 (the “CCR Agreement”), the limited partner interests in CCR owned by CEIX and its subsidiaries immediately prior to the effective time of the Merger will remain outstanding as limited partner interests in the surviving entity. The economic general partner interest in CCR will be converted into a non-economic general partner interest in the surviving entity, and the General Partner will continue as the sole general partner of the surviving entity.

The market value of the merger consideration that CCR unitholders will receive in the CCR Merger will depend on the trading price of CEIX common stock. The exchange ratio set forth in the CCR Merger Agreement that specifies the number of shares of CEIX common stock that CCR unitholders will receive as consideration in the CCR Merger is fixed at 0.73. This means that there is no mechanism contained in the CCR Merger Agreement that would adjust the number of shares of CEIX common stock that CCR unitholders will receive as the Merger Consideration based on any decreases or increases in the trading price of CEIX common stock. Stock price changes may result from a variety of factors (many of which are beyond CEIX's or CCR's control), including:

• changes in CEIX's and CCR's business, operations and prospects or market assessments thereof;

• interest rates, general market, industry and economic conditions and other factors generally affecting the price of CEIX common stock; and

• federal, state and local legislation, governmental regulation and legal developments in the businesses and industry in which CEIX and CCR operate.

Because the CCR Merger will be completed after the special meeting of holders of CEIX common stock, at the time of the meeting, CCR unitholders will not know the exact market value of CEIX common stock that they will receive upon completion of the CCR Merger. If the price of CEIX common stock at the closing of the CCR Merger is less than the price of CEIX common stock on the date on which the CCR Merger Agreement was signed, then the market value of the Merger Consideration received by CCR unitholders will be less than contemplated at the time the CCR Merger Agreement was signed.

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The CCR Merger is subject to conditions, including certain conditions that may not be satisfied or completed on a timely basis, if at all. Failure to complete the CCR Merger could have a material and adverse effect on us and, even if completed, the CCR Merger may not achieve some or all of the anticipated benefits.

Completion of the CCR Merger is subject to certain customary conditions, including, among others: (i) approval of the CEIX Stock Issuance by a majority of votes cast at a special meeting of holders of shares of CEIX Common Stock; (ii) approval by a majority of the outstanding CCR Common Units; (iii) there being no law or injunction prohibiting consummation of the transactions contemplated under the Merger Agreement; (iv) the effectiveness of a registration statement on Form S-4 relating to the shares of CEIX Common Stock to be issued as Merger Consideration; (v) approval for listing on the New York Stock Exchange of the shares of CEIX Common Stock to be issued as Merger Consideration; (vi) subject to specified materiality standards, the accuracy of certain representations and warranties of each party; and (vii) compliance by each party in all material respects with its covenants. These and other conditions to the closing of the CCR Merger may not be fulfilled in a timely manner or at all, and, accordingly, the CCR Merger may be delayed or may not be completed.

If the CCR Merger is not completed, CEIX's ongoing businesses or the price of CEIX Common Stock or the price of CCR Common Units (of which CEIX owns approximately 60.7 percent) may be adversely affected and, without realizing any of the benefits of having completed the CCR Merger, we will be subject to a number of risks, including the following:

• we will be required to pay our costs relating to the CCR Merger, such as legal, accounting and financial advisory expenses or under certain circumstances to pay a termination fee to CCR, whether or not the CCR Merger is completed;

• time and resources committed by our management to matters relating to the CCR Merger could otherwise have been devoted to pursuing other beneficial opportunities; and

• the market price of CEIX Common Stock or CCR Common Units could decline to the extent that the current market price reflects a market assumption that the CCR Merger will be completed.

In addition, even if completed, there can be no assurance that the CCR Merger will deliver the benefits anticipated by us.

We and CCR may incur transaction-related costs in connection with the proposed CCR Merger.

We and CCR each expect to incur a number of non-recurring transaction-related costs associated with completing the proposed CCR Merger. Non-recurring transaction costs include, but are not limited to, fees paid to legal, financial and accounting advisors, filing fees, proxy solicitation costs and printing costs. Many of the expenses that will be incurred are, by their nature, difficult to estimate accurately at the present time.

We are subject to provisions under the Merger Agreement that, in specified circumstances, could require us to pay a termination fee and to be responsible for CCR's expenses.

The Merger Agreement provides for certain termination rights for both CEIX and CCR. The Merger Agreement provides that upon termination of the Merger Agreement under certain circumstances, CEIX will be obligated to reimburse CCR for its expenses in an amount not to exceed $3.5 million. The Merger Agreement also provides that upon termination of the Merger Agreement under certain circumstances, CCR will be obligated to reimburse CEIX for its expenses in an amount not to exceed $3.5 million.

Financial projections relating to the combined company after the CCR Merger may not be achieved.

In connection with the proposed CCR Merger, we and CCR have prepared and considered, among other things, internal financial forecasts for CEIX and CCR, respectively. These forecasts speak only as of the date made and will not be updated. These financial projections were not provided with a view to public disclosure, are subject to significant economic, competitive, industry and other uncertainties and may not be achieved in full, at all or within projected time frames. In addition, the failure of our businesses to achieve projected results could have a material adverse effect on our share price and financial position.

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CEIX and CCR may be targets of securities class action and derivative lawsuits, which could result in substantial costs and may delay or prevent the completion of the CCR Merger.

Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into merger agreements, in an effort to enjoin the relevant merger or seek monetary relief. If CEIX or CCR are subject to such lawsuits related to the CCR Merger Agreement or the CCR Merger, even if the lawsuits are without merit, defending against these claims can result in substantial costs and divert management time and resources. CEIX and CCR cannot predict the outcome of these lawsuits, or others, nor can either company predict the amount of time and expense that will be required to resolve such litigation. An unfavorable resolution of any such litigation surrounding the CCR Merger could delay or prevent its consummation. In addition, the costs of defending the litigation, even if resolved in CEIX's or CCR's favor, could be substantial and such litigation could distract CEIX and CCR from pursuing the consummation of the CCR Merger and other potentially beneficial business opportunities.

CEIX and CCR will incur substantial transaction-related costs in connection with the CCR Merger, including fees paid to legal, financial and accounting advisors, filing fees and printing costs. If the CCR Merger does not occur, the companies will not benefit from these expenses. In addition, CEIX and CCR may not achieve the net benefits from the CCR Merger in the near term.

CEIX and CCR expect to incur a number of non-recurring transaction-related costs associated with completing the CCR Merger. These fees and costs will be substantial. Non-recurring transaction costs include, but are not limited to, fees paid to legal, financial and accounting advisors, filing fees and printing costs. If the CCR Merger does not occur, neither CEIX nor CCR will benefit from these expenses.

The CCR Merger may not be accretive to operating earnings and may cause dilution to CEIX's earnings per share, which may negatively affect the market price of CEIX common stock.

CEIX currently anticipates that the CCR Merger will be initially dilutive to its forecasted earnings per share on a standalone basis. This expectation is based on preliminary estimates, which may materially change. CEIX may also have additional transaction and integration-related costs, may fail to realize all of the benefits anticipated in the CCR Merger or be subject to other factors that affect preliminary estimates or its ability to realize operational efficiencies. Any of these factors could cause a decrease in CEIX's earnings per share or decrease or delay the expected effect of the CCR Merger and contribute to a decrease in the price of CEIX common stock.

Following the merger, approximately 22.0% of the total voting power of CEIX common stock will be owned by CCR common unitholders. As a result, CEIX's current shareholders may experience significant dilution.

Following the merger, approximately 22.0% of the total voting power of CEIX common stock will be owned by CCR common unitholders. As a result, CEIX's current shareholders may experience significant dilution. In addition, in the future, CEIX may issue common stock to raise cash for its projects, operations, acquisitions or other purposes and may also acquire interests in other companies by using a combination of cash and CEIX common stock or just CEIX common stock.

Any of these events may dilute the ownership interests of the current holders of CEIX common stock, reduce CEIX's earnings per share and have an adverse effect on the price of CEIX common stock. The issuance of these new shares and the sale of additional shares from time to time could have the effect of depressing the market value for CEIX common stock. The increase in the number of shares of CEIX common stock outstanding, and any resulting dilution, may cause holders to sell shares of CEIX common stock or may create the perception that such sales may occur, either of which may adversely affect the market for, and the market value of, CEIX's common stock.

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ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no repurchases of the Company's equity securities during the three months ended September 30, 2020. Since the December 2017 inception of the Company's current stock, unit and debt repurchase program, CONSOL Energy Inc.'s Board of Directors has approved a $270 million stock, unit and debt repurchase program, which terminates on June 30, 2022. As of November 5, 2020, approximately $96.3 million remained available under the stock, unit and debt repurchase program. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock, notes or units, and can be modified or suspended at any time at the Company’s discretion. See Note 19 - Stock, Unit and Debt Repurchases in the Notes to the Consolidated Financial Statements in Item 1 of this Form 10-Q for more information.

Limitation Upon Payment of Dividends

The Indenture and the Senior Secured Credit Facilities include certain covenants limiting the Company's ability to declare and pay dividends.

ITEM 4.    MINE SAFETY DISCLOSURES

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this Quarterly Report on Form 10-Q.

ITEM 5.    OTHER INFORMATION

 Approval of Change in Control Severance Agreement

On November 4, 2020, the Company and Mitesh Thakkar, the Company’s Chief Financial Officer, entered into a new Change in Control Severance Agreement (the “New CIC Agreement”). The New CIC Agreement supersedes and replaces in its entirety that certain Change in Control Severance Agreement entered into by and between the Company and Mr. Thakkar on January 3, 2020, as previously disclosed on the Company’s Form 8-K filed with the United States Securities and Exchange Commission on January 3, 2020 (the “Original CIC Agreement”).

The New CIC Agreement provides that Mr. Thakkar will receive a base salary in accordance with the Company’s normal payroll practices, that he will be eligible to receive an annual cash bonus in accordance with any of the Company’s applicable bonus plans or programs, that he will be able to participate in any long-term incentive compensation plan maintained by the Company and that he will be entitled to participate in all employee benefit and fringe benefit plans made available by the Company to its executives and key management. The New CIC Agreement further provides for both (i) non-change in control and (ii) change in control cash severance exclusively upon a termination of employment absent “cause,” subject to the following requirements. In the case of a change-in-control scenario, the New CIC Agreement is “double trigger” and Mr. Thakkar is only entitled to cash severance if, following, or in connection with, a change in control, his employment is terminated by the Company absent “cause” or if he resigns due to constructive or good reason termination within ninety days prior to the change-in-control or within two years following the change-in-control. Under the New CIC Agreement, Mr. Thakkar is entitled to receive:

• his base salary through the date of termination and any annual bonus awarded in accordance with the Company's bonus program but not yet paid in both a change-in-control and non-change-in-control termination absent “cause”;

• payment of any amounts earned, accrued or owing but not yet paid to Mr. Thakkar as of the date of termination, payable in a lump sum, and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company or any of its affiliates in a non-change-in-control termination absent “cause”;

• a lump sum payment equal to a 1x multiple of his base salary in a non-change-in-control or involuntary termination of employment absent “cause”;

• a prorated payment of the executive's annual incentive compensation for the year in which the termination occurs in both a change-in-control and non-change-in-control termination absent “cause”;

• accelerated vesting of any outstanding long-term incentive compensation upon the second trigger related to a change-in-control termination event; provided that any outstanding performance-based awards will be settled at the greater of target or actual performance (if ascertainable at the change-in-control) and prorated for service to the date of the change-in-control;

• continued healthcare for 18 months for both a change-in-control and a non-change-in-control termination absent “cause”; and

• outplacement assistance in the form of a cash payment equal to $25,000 in a change-in-control termination only.

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The terms of the New CIC Agreement are materially consistent with the terms of the Original CIC Agreement except that the New CIC Agreement also provides for the following payments in a change-in-control termination absent “cause”:

• a lump sum cash payment equal to a 2x multiple of his base salary plus a 2x multiple of his annual incentive pay in an involuntary termination of employment or constructive (or good reason) termination (the multiple for each of the base salary payment and the annual incentive pay payment under the Original CIC Agreement was 1.5x);

• a cash lump sum payment equal to the total amount he would have received under the Company's 401(k) plan assuming he continued employment for a period of 18 months; and

• payment of any amounts earned, accrued or owing but not yet paid to Mr. Thakkar as of the date of termination, payable in a lump sum, and any benefits accrued or earned in accordance with the terms of any applicable benefit plans and programs of the Company or any of its affiliates.

The New CIC Agreement also provides that in the event Mr. Thakkar’s employment is terminated for Cause, he shall only be entitled to receive: (i) his base salary through the date of termination, (ii) payment for all accrued but unused vacation through the date of termination and (iii) reimbursement for certain reimbursable expenses.

The New CIC Agreement also contains confidentiality, non-competition and non-solicitation obligations for Mr. Thakkar pursuant to which he has agreed not to compete with the Company or any of its affiliates for two years, or to solicit customers or employees for one year following a termination of employment.

No payments or benefits are provided under the New CIC Agreement unless Mr. Thakkar executes, and does not revoke, a written release of any and all claims (other than entitlements under the terms of the New CIC Agreement or which may not be released under applicable law.)

Approval of Changes in Timing of Payout under CONSOL Energy Inc. 2020 Short-Term Incentive Compensation (“STIC”)

On November 3, 2020, the Compensation Committee (the “Committee”) and the Board of Directors (the “Board”) of the Company authorized an amendment to the 2020 STIC Terms and Conditions, previously approved by the Committee and Board on February 4, 2020.

The 2020 STIC Terms and Conditions previously provided that all earned amounts would be paid in the first quarter of 2021 on or before March 15, 2021 after the Committee evaluates the Company’s performance against pre-established performance metrics for the 2020 performance year and then determines the extent to which applicable performance goals have been met.

The amendment to the 2020 STIC Terms and Conditions delegates authority to the Chief Executive Officer of the Company (“CEO”) to provide for a different payment schedule for individuals participating in the STIC (other than himself). Under the terms of the amendment, the CEO may (but is not obligated) to advance payment of a portion of the annual 2020 STIC payout due each named executive officer (other than the CEO), in an amount not to exceed fifty percent (50%) of the Company’s target performance for the 2020 year. Any advance payment may be made at any time on or before December 31, 2020. Any remaining portion of amounts earned under the 2020 STIC will be paid on or before March 15, 2021, the regularly scheduled payment date. 

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ITEM 6.    EXHIBITS

Exhibits	Description	Method of Filing
2.1	Agreement and Plan of Merger, dated as of October 22, 2020, by and among CONSOL Energy Inc., Transformer LP Holdings Inc., Transformer Merger Sub LLC, CONSOL Coal Resources LP and CONSOL Coal Resources GP LLC	Filed as Exhibit 2.1 to Form 8-K (File No. 001-38147) filed on October 23, 2020
10.1	Support Agreement, dated as of October 22, 2020, by and among CONSOL Energy Inc. and CONSOL Coal Resources LP	Filed as Exhibit 10.1 to Form 8-K (File No. 001-38147) filed on October 23, 2020
10.2	Letter Agreement between James J. McCaffrey and CONSOL Mining Company LLC*	Filed as Exhibit 10.4 to Form 10-Q (File No. 001-38147) filed on August 10, 2020
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith
95	Mine Safety and Health Administration Safety Data	Filed herewith
101	Interactive Data File (Form 10-Q for the quarterly period ended September 30, 2020, furnished in Inline XBRL)	Filed herewith
104	Cover Page Interactive Data File (formatted as Inline XBRL)	Contained in Exhibit 101

*Indicates management contract or compensatory plan or arrangement

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, as of the 5th day of November, 2020.

CONSOL ENERGY INC.
By:	/s/ JAMES A. BROCK
	James A. Brock
	Director, Chief Executive Officer and President (Principal Executive Officer)
By:	/s/ MITESHKUMAR B. THAKKAR
	Miteshkumar B. Thakkar
	Chief Financial Officer (Principal Financial Officer)
By:	/s/ JOHN M. ROTHKA
	John M. Rothka
	Chief Accounting Officer (Principal Accounting Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, James A. Brock, certify that:

1. I have reviewed this report on Form 10-Q of CONSOL Energy Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 5, 2020

/s/ James A. Brock

James A. Brock

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Miteshkumar B. Thakkar, certify that:

1. I have reviewed this report on Form 10-Q of CONSOL Energy Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 5, 2020

/s/ Miteshkumar B. Thakkar

Miteshkumar B. Thakkar

Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,

18 U.S.C. Section 1350

I, James A. Brock, Chief Executive Officer (principal executive officer) of CONSOL Energy Inc. (the “Registrant”), certify that to my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended September 30, 2020, of the Registrant (the “Report”):

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 5, 2020

/s/ James A. Brock

James A. Brock

Chief Executive Officer

(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,

18 U.S.C. Section 1350

I, Miteshkumar B. Thakkar, Chief Financial Officer (principal financial officer) of CONSOL Energy Inc. (the “Registrant”), certify that to my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended September 30, 2020, of the Registrant (the “Report”):

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 5, 2020

/s/ Miteshkumar B. Thakkar

Miteshkumar B. Thakkar

Chief Financial Officer

(Principal Financial Officer)

EX-95

Exhibit 95

Mine Safety and Health Administration Safety Data

We believe that CONSOL Energy is one of the safest mining companies in the world. The Company has in place health and safety programs that include extensive employee training, accident prevention, workplace inspection, emergency response, accident investigation, regulatory compliance and program auditing. The objectives of our health and safety programs are to eliminate workplace incidents, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety.

The operation of our mines is subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act). MSHA inspects our mines on a regular basis and issues various citations, orders and violations when it believes a violation has occurred under the Mine Act. We present information below regarding certain mining safety and health violations, orders and citations issued by MSHA and related assessments and legal actions and mine-related fatalities with respect to our coal mining operations. In evaluating this information, consideration should be given to factors such as: (i) the number of violations, orders and citations will vary depending on the size of the coal mine, (ii) the number of violations, orders and citations issued will vary from inspector to inspector and mine to mine, and (iii) violations, orders and citations can be contested and appealed, and in that process, are often reduced in severity and amount, and are sometimes dismissed.

The table below sets forth for the three months ended September 30, 2020, for each coal mine of CONSOL Energy and its subsidiaries, the total number of: (i) violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a coal or other mine safety or health hazard under section 104 of the Mine Act for which the operator received a citation from MSHA; (ii) orders issued under section 104(b) of the Mine Act; (iii) citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under section 104(d) of the Mine Act; (iv) flagrant violations under section 110(b)(2) of the Mine Act; (v) imminent danger orders issued under section 107(a) of the Mine Act; (vi) the total dollar value of proposed assessments from MSHA (regardless of whether CONSOL Energy has challenged or appealed the assessment); (vii) the total number of mining-related fatalities; (viii) notices from MSHA of a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards under section 104(e) of the Mine Act; (ix) notices from MSHA regarding the potential to have a pattern of violations as referenced in (viii) above; and (x) pending legal actions before the Federal Mine Safety and Health Review Commission (as of September 30, 2020) involving such coal or other mine, as well as the aggregate number of legal actions instituted and the aggregate number of legal actions resolved during the reporting period.

				Section			Total Dollar Value of	Total Number	Received Notice of Pattern of	Received Notice of Potential to have	Legal Actions Pending	Legal	Legal
		Section		104(d)			MSHA	of	Violations	Pattern	as of	Actions	Actions
Mine or Operating		104	Section	Citations	Section	Section	Assessments	Mining	Under	Under	Last	Initiated	Resolved
Name/MSHA		S&S	104(b)	and	110(b)(2)	107(a)	Proposed	Related	Section	Section	Day of	During	During
Identification Number		Citations	Orders	Orders	Violations	Orders	(In Dollars)	Fatalities	104(e)	104(e)	Period (1)	Period	Period
Active Operations
Bailey	36-07230	10	—	—	—	—	11,314	—	No	No	9	3	1
Enlow Fork	36-07416	9	—	—	—	—	17,680	—	No	No	11	2	5
Harvey	36-10045	—	—	—	—	—	3,788	—	No	No	6	2	4
Itmann	46-09569	1	—	—	—	—	492	—	No	No	—	—	—
		20	—	—	—	—	33,274	—			26	7	10

(1) See table below for additional detail regarding Legal Actions Pending as of September 30, 2020. With respect to Contests of Proposed Penalties, we have included the number of dockets (as opposed to citations) when counting the number of Legal Actions Pending as of September 30, 2020.

		Contests of Citations, Orders (as of 9.30.20)	Contests of Proposed Penalties (as of 9.30.20) (b)		Complaints for Compensation (as of 9.30.20)	Complaints of Discharge, Discrimination or Interference (as of 9.30.20)	Applications for Temporary Relief (as of 9.30.20)	Appeals of Judges' Decisions or Order (as of 9.30.20)
Mine or Operating Name/MSHA Identification Number		(a)	Dockets	Citations	(c)	(d)	(e)	(f)
Active Operations
Bailey	36-07230	—	9	33	—	—	—	—
Enlow Fork	36-07416	—	11	68	—	—	—	—
Harvey	36-10045	—	6	21	—	—	—	1
Itmann	46-09569	—	—	—	—	—	—	—
		—	26	122	—	—	—	1

(a) Represents (if any) contests of citations and orders, which typically are filed prior to an operator's receipt of a proposed penalty assessment from MSHA or relate to orders for which penalties are not assessed (such as imminent danger orders under Section 107 of the Mine Act). This category includes: (i) contests of citations or orders issued under section 104 of the Mine Act, (ii) contests of imminent danger withdrawal orders under section 107 of the Mine Act, and (iii) Emergency response plan dispute proceedings (as required under the Mine Improvement and New Emergency Response Act of 2006, Pub. L. No. 109-236, 120 Stat. 493).

(b) Represents (if any) contests of proposed penalties, which are administrative proceedings before the Federal Mine Safety and Health Review Commission (“FMSHRC”) challenging a civil penalty that MSHA has proposed for the violation contained in a citation or order. 

(c) Represents (if any) complaints for compensation, which are cases under section 111 of the Mine Act that may be filed with the FMSHRC by miners idled by a closure order issued by MSHA who are entitled to compensation.

(d) Represents (if any) complaints of discharge, discrimination or interference under section 105 of the Mine Act, which cover: (i) discrimination proceedings involving a miner's allegation that he or she has suffered adverse employment action because he or she engaged in activity protected under the Mine Act, such as making a safety complaint, and (ii) temporary reinstatement proceedings involving cases in which a miner has filed a complaint with MSHA stating that he or she has suffered such discrimination and has lost his or her position. Complaints of Discharge, Discrimination, or Interference are also included in Contests of Proposed Penalties, Column B.

(e) Represents (if any) applications for temporary relief, which are applications under section 105(b)(2) of the Mine Act for temporary relief from any modification or termination of any order or from any order issued under section 104 of the Mine Act (other than citations issued under section 104(a) or (f) of the Mine Act).

(f) Represents (if any) appeals of judges' decisions or orders to the FMSHRC, including petitions for discretionary review and review by the FMSHRC on its own motion.

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Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 28, 2020
Document Information [Line Items]
Entity Central Index Key	0001710366
Entity Registrant Name	CONSOL Energy Inc
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38147
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1954058
Entity Address, Address Line One	1000 CONSOL Energy Drive, Suite 100
Entity Address, City or Town	Canonsburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15317-6506
City Area Code	724
Local Phone Number	416-8300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CEIX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,036,362

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Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total Revenue from Contracts with Customers		$ 214,292	$ 321,444	$ 610,688	$ 1,049,609
Miscellaneous Other Income		21,001	11,188	71,107	36,674
Gain on Sale of Assets		7,926	714	15,241	1,986
Total Revenue and Other Income		243,219	333,346	697,036	1,088,269
Costs and Expenses:
Operating and Other Costs		153,031	234,849	481,712	718,410
Depreciation, Depletion and Amortization		54,959	54,370	156,057	151,245
Freight Expense		12,909	3,599	19,141	14,115
Selling, General and Administrative Costs		11,117	14,690	39,726	52,901
(Gain) Loss on Debt Extinguishment		(1,078)	801	(17,911)	25,444
Interest Expense, net		15,723	15,598	46,116	50,240
Total Costs and Expenses		246,661	323,907	724,841	1,012,355
(Loss) Earnings Before Income Tax		(3,442)	9,439	(27,805)	75,914
Income Tax Expense (Benefit)		5,918	2,415	143	(243)
Net (Loss) Income		(9,360)	7,024	(27,948)	76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136)	2,684	(5,108)	14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders		$ (7,224)	$ 4,340	$ (22,840)	$ 62,055
(Loss) Earnings per Share:
Total Basic (Loss) Earnings per Share (in dollars per share)		$ (0.28)	$ 0.16	$ (0.88)	$ 2.27
Total Dilutive (Loss) Earnings per Share (in dollars per share)		$ (0.28)	$ 0.16	$ (0.88)	$ 2.26
Coal Revenue [Member]
Total Revenue from Contracts with Customers	[1]	$ 184,375	$ 301,542	$ 542,140	$ 984,665
Terminal Revenue [Member]
Total Revenue from Contracts with Customers		17,008	16,303	49,407	50,829
Freight Revenue [Member]
Total Revenue from Contracts with Customers		$ 12,909	$ 3,599	$ 19,141	$ 14,115

[1] For the three and nine months ended September 30, 2020 and 2019, the PAMC segment had revenues from the following customers, each comprising over 10% of the Company's total sales:

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net (Loss) Income	$ (9,360)	$ 7,024	$ (27,948)	$ 76,157
Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($1,214), ($780), ($3,642), ($2,342))	3,624	2,457	10,872	7,376
Unrecognized Gain (Loss) on Derivatives:
Interest Rate Hedge	377	(261)	(2,408)	(525)
Other Comprehensive Income	4,001	2,196	8,464	6,851
Comprehensive (Loss) Income	(5,359)	9,220	(19,484)	83,008
Less: Comprehensive (Loss) Income Attributable to Noncontrolling Interest	(2,121)	2,681	(5,063)	14,097
Comprehensive (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$ (3,238)	$ 6,539	$ (14,421)	$ 68,911

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Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Actuarially Determined Long-Term Liability Adjustments, Tax	$ 1,214	$ 1,214	$ 1,214	$ 780	$ 3,642	$ 2,342
Unrealized Loss on Cash Flow Hedges, Tax	$ (127)	$ 4	$ 933	$ 83	$ 810	$ 167

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and Cash Equivalents	$ 22,284	$ 80,293
Accounts and Notes Receivable
Trade Receivables, net	120,548	131,688
Other Receivables, net	24,748	40,984
Inventories	56,577	54,131
Prepaid Expenses and Other Assets	27,139	30,933
Total Current Assets	251,296	338,029
Property, Plant and Equipment:
Property, Plant and Equipment	5,126,703	5,008,180
Less - Accumulated Depreciation, Depletion and Amortization	3,043,463	2,916,015
Total Property, Plant and Equipment—Net	2,083,240	2,092,165
Other Assets:
Deferred Income Taxes	101,639	103,505
Right of Use Asset - Operating Leases	58,106	72,632
Other, net	60,557	87,471
Total Other Assets	220,302	263,608
TOTAL ASSETS	2,554,838	2,693,802
Current Liabilities:
Accounts Payable	72,263	106,223
Current Portion of Long-Term Debt	68,954	50,272
Other Accrued Liabilities	247,395	235,769
Total Current Liabilities	388,612	392,264
Long-Term Debt:
Long-Term Debt	587,020	653,802
Finance Lease Obligations	21,146	9,036
Total Long-Term Debt	608,166	662,838
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	421,705	432,496
Pneumoconiosis Benefits	201,066	202,142
Asset Retirement Obligations	229,346	250,211
Workers’ Compensation	61,525	61,194
Salary Retirement	33,454	49,930
Operating Lease Liability	41,623	55,413
Other	16,613	14,919
Total Deferred Credits and Other Liabilities	1,005,332	1,066,305
TOTAL LIABILITIES	2,002,110	2,121,407
Stockholders' Equity:
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 26,034,211 Issued and Outstanding at September 30, 2020; 25,932,618 Issued and Outstanding at December 31, 2019	260	259
Capital in Excess of Par Value	532,360	523,762
Retained Earnings	233,765	259,903
Accumulated Other Comprehensive Loss	(340,306)	(348,725)
Total CONSOL Energy Inc. Stockholders' Equity	426,079	435,199
Noncontrolling Interest	126,649	137,196
TOTAL EQUITY	552,728	572,395
TOTAL LIABILITIES AND EQUITY	$ 2,554,838	$ 2,693,802

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	62,500,000	62,500,000
Common stock shares issued (in shares)	26,034,211	25,932,618
Common stock shares outstanding (in shares)	26,034,211	25,932,618

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Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	CONSOL Coal Resources L P Member Common Stock [Member]	CONSOL Coal Resources L P Member Additional Paid-in Capital [Member]	CONSOL Coal Resources L P Member Retained Earnings [Member]	CONSOL Coal Resources L P Member AOCI Attributable to Parent [Member]	CONSOL Coal Resources L P Member Parent [Member]	CONSOL Coal Resources L P Member Noncontrolling Interest [Member]	CONSOL Coal Resources L P Member	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2018															$ 274	$ 550,995	$ 182,148	$ (323,482)	$ 409,935	$ 141,676	$ 551,611
Net Income (loss)															0	0	14,435	0	14,435	5,868	20,303
Actuarially Determined Long-Term Liability Adjustments															0	0	0	2,461	2,461	(1)	2,460
Comprehensive Income															0	0	14,435	2,461	16,896	5,867	22,763
Issuance of Common Stock															2		0	0	0	0	0
Issuance of Common Stock																(2)
Amortization of Stock-Based Compensation Awards															0	7,053	0	0	7,053		7,450
Amortization of Stock-Based Compensation Awards																				397
Shares/Units Withheld for Taxes															0	(3,863)	0	0	(3,863)	(880)	(4,743)
Distributions to Noncontrolling Interest															0	0	0	0	0	(5,559)	(5,559)
Balance at Mar. 31, 2019															276	554,183	196,583	(321,021)	430,021	141,501	571,522
Balance at Dec. 31, 2018															274	550,995	182,148	(323,482)	409,935	141,676	551,611
Net Income (loss)																					76,157
Actuarially Determined Long-Term Liability Adjustments																					7,376
Interest Rate Hedge																					(525)
Comprehensive Income																					83,008
Balance at Sep. 30, 2019															259	524,896	245,957	(316,626)	454,486	138,961	593,447
Balance at Mar. 31, 2019															276	554,183	196,583	(321,021)	430,021	141,501	571,522
Net Income (loss)															0	0	43,280	0	43,280	5,550	48,830
Actuarially Determined Long-Term Liability Adjustments															0	0	0	2,460	2,460	(1)	2,459
Interest Rate Hedge															0	0	0	(264)	(264)	0	(264)
Comprehensive Income															0	0	43,280	2,196	45,476	5,549	51,025
Amortization of Stock-Based Compensation Awards															0	2,584	0	0	2,584		2,925
Amortization of Stock-Based Compensation Awards																				341
Distributions to Noncontrolling Interest															0	0	0	0	0	(5,560)	(5,560)
Balance at Jun. 30, 2019															273	549,686	237,369	(318,825)	468,503	141,740	610,243
Repurchases of Common Stock															(3)	(7,053)	(2,494)	0	(9,550)	0	(9,550)
Purchases of CCR Units								$ 0	$ (28)	$ 0	$ 0	$ (28)	$ (91)	$ (119)
Net Income (loss)															0	0	4,340	0	4,340	2,684	7,024
Actuarially Determined Long-Term Liability Adjustments															0	0	0	2,460	2,460	(3)	2,457
Interest Rate Hedge															0	0	0	(261)	(261)	0	(261)
Comprehensive Income															0	0	4,340	2,199	6,539	2,681	9,220
Amortization of Stock-Based Compensation Awards															0	2,630	0	0	2,630		2,974
Amortization of Stock-Based Compensation Awards																				344
Shares/Units Withheld for Taxes															0	(2)	0	0	(2)	0	(2)
Distributions to Noncontrolling Interest															0	0	0	0	0	(5,555)	(5,555)
Balance at Sep. 30, 2019															259	524,896	245,957	(316,626)	454,486	138,961	593,447
Repurchases of Common Stock															(14)	(27,417)		0	(23,183)	0	(23,183)
Purchases of CCR Units															0	(1)	0	0	(1)	(249)	(250)
Repurchases of Common Stock, retained earnings																	4,248
Balance at Dec. 31, 2019															259	523,762	259,903	(348,725)	435,199	137,196	572,395
Net Income (loss)															0	0	2,367	0	2,367	108	2,475
Actuarially Determined Long-Term Liability Adjustments															0	0	0	3,609	3,609	15	3,624
Interest Rate Hedge															0	0	0	(2,773)	(2,773)	0	(2,773)
Comprehensive Income															0	0	2,367	836	3,203	123	3,326
Issuance of Common Stock															1		0	0	0	0	0
Issuance of Common Stock																(1)
Amortization of Stock-Based Compensation Awards															0	4,856	0	0	4,856		5,014
Amortization of Stock-Based Compensation Awards																				158
Shares/Units Withheld for Taxes															0	(555)	0	0	(555)	(217)	(772)
Distributions to Noncontrolling Interest															0	0	0	0	0	(5,575)	(5,575)
Balance (Accounting Standards Update 2016-13 [Member]) at Mar. 31, 2020	$ 0	$ 0	$ (3,298)	$ 0	$ (3,298)	$ 0	$ (3,298)
Balance at Mar. 31, 2020															260	528,062	258,972	(347,889)	439,405	131,685	571,090
Balance at Dec. 31, 2019															259	523,762	259,903	(348,725)	435,199	137,196	572,395
Net Income (loss)																					(27,948)
Actuarially Determined Long-Term Liability Adjustments																					10,872
Interest Rate Hedge																					(2,408)
Comprehensive Income																					(19,484)
Balance at Sep. 30, 2020															260	532,360	233,765	(340,306)	426,079	126,649	552,728
Balance at Mar. 31, 2020															260	528,062	258,972	(347,889)	439,405	131,685	571,090
Net Income (loss)															0	0	(17,983)	0	(17,983)	(3,080)	(21,063)
Actuarially Determined Long-Term Liability Adjustments															0	0	0	3,609	3,609	15	3,624
Interest Rate Hedge															0	0	0	(12)	(12)	0	(12)
Comprehensive Income															0	0	(17,983)	3,597	(14,386)	(3,065)	(17,451)
Amortization of Stock-Based Compensation Awards															0	2,162	0	0	2,162		2,236
Amortization of Stock-Based Compensation Awards																				74
Balance at Jun. 30, 2020															260	530,224	240,989	(344,292)	427,181	128,694	555,875
Net Income (loss)															0	0	(7,224)	0	(7,224)	(2,136)	(9,360)
Actuarially Determined Long-Term Liability Adjustments															0	0	0	3,609	3,609	15	3,624
Interest Rate Hedge															0	0	0	377	377	0	377
Comprehensive Income															0	0	(7,224)	3,986	(3,238)	(2,121)	(5,359)
Amortization of Stock-Based Compensation Awards															0	2,136	0	0	2,136		2,212
Amortization of Stock-Based Compensation Awards																				76
Balance at Sep. 30, 2020															$ 260	$ 532,360	$ 233,765	$ (340,306)	$ 426,079	$ 126,649	$ 552,728

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Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Cumulative Change in Accounting Principle, Tax	$ 1,109
Actuarially Determined Long-Term Liability Adjustments, Tax	1,214
Interest Rate Hedge, Tax	$ (933)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net (Loss) Income	$ (27,948)	$ 76,157
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	156,057	151,245
Gain on Sale of Assets	(15,241)	(1,986)
Stock/Unit-Based Compensation	9,462	13,349
Amortization of Debt Issuance Costs	5,301	4,953
(Gain) Loss on Debt Extinguishment	(17,911)	25,444
Deferred Income Taxes	143	(16,402)
Equity in Earnings of Affiliates	1,147	0
Changes in Operating Assets:
Accounts and Notes Receivable	25,197	(10,002)
Inventories	(2,446)	(193)
Prepaid Expenses and Other Assets	5,880	(3,009)
Changes in Other Assets	(16,902)	14,332
Changes in Operating Liabilities:
Accounts Payable	(29,746)	(10,233)
Other Operating Liabilities	(1,645)	3,204
Changes in Other Liabilities	(28,960)	(23,676)
Net Cash Provided by Operating Activities	62,388	223,183
Cash Flows from Investing Activities:
Capital Expenditures	(65,955)	(131,475)
Proceeds from Sales of Assets	8,779	2,015
Other Investing Activity	(229)	0
Net Cash Used in Investing Activities	(57,405)	(129,460)
Cash Flows from Financing Activities:
Proceeds from Finance Lease Obligations	16,293	0
Payments on Finance Lease Obligations	(18,732)	(13,784)
Repurchases of Common Stock	0	(31,318)
Distributions to Noncontrolling Interest	(5,575)	(16,674)
Shares/Units Withheld for Taxes	(772)	(4,745)
Debt-Related Financing Fees	(9,002)	(20,628)
Net Cash Used in Financing Activities	(62,992)	(223,809)
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(58,009)	(130,086)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	80,293	264,935
Cash and Cash Equivalents and Restricted Cash at End of Period	22,284	134,849
Non-Cash Investing and Financing Activities:
Finance Lease	17,335	0
Other Equipment Financing	13,123	3,834
CONSOL Coal Resources L P Member
Cash Flows from Financing Activities:
Repurchases of Common Stock	0	(369)
Term Loan A Facility [Member]
Cash Flows from Financing Activities:
Proceeds from Term Loan	0	26,250
Payments on Debt	(16,250)	(7,500)
Term Loan B Facility [Member]
Cash Flows from Financing Activities:
Payments on Debt	(2,063)	(123,750)
Senior Secured Second Lien Notes due 2025 [Member]
Cash Flows from Financing Activities:
Payments on Debt	(26,365)	(35,048)
Other Asset Backed Financing [Member]
Cash Flows from Financing Activities:
Proceeds from Term Loan	0	3,757
Payments on Debt	$ (526)	$ 0

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Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1—BASIS OF PRESENTATION:

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2019 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019.

Basis of Consolidation

The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation.

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 - Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In response to concerns about structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This Update also provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. Management has elected to apply this Update subsequent to March 12, 2020. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements.

In January 2020, the FASB issued ASU 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this Update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements.

In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) to reduce the complexity of accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in Update 2019-12 will remove the following exceptions: (1) the exception to the incremental approach for intra-period tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in Update 2019-12 will also simplify the accounting for income taxes in the areas of franchise tax, step up in the tax basis of goodwill associated with a business combination, allocation of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, and presentation of the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Update adds minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. These changes will be effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements.

In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management does not expect this update to have a material impact on the Company’s financial statements.

Earnings per Share

Basic earnings per share are computed by dividing net (loss) income attributable to CONSOL Energy Inc. shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. 

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Anti-Dilutive Restricted Stock Units		1,561,852		418,924		1,361,077		166,650
Anti-Dilutive Performance Share Units		29,062		56,399		32,736		—
		1,590,914		475,323		1,393,813		166,650

The computations for basic and dilutive earnings per share are as follows:

	Three Months Ended					Nine Months Ended
Dollars in thousands, except per share data	September 30,					September 30,
	2020			2019		2020			2019
Numerator:
Net (Loss) Income	$	(9,360	)	$	7,024	$	(27,948	)	$	76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136	)		2,684		(5,108	)		14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(7,224	)	$	4,340	$	(22,840	)	$	62,055
Denominator:
Weighted-average shares of common stock outstanding		26,034,198			26,835,297		26,017,546			27,285,511
Effect of dilutive shares*		—			181,693		—			195,332
Weighted-average diluted shares of common stock outstanding		26,034,198			27,016,990		26,017,546			27,480,843
(Loss) Earnings per Share:
Basic	$	(0.28	)	$	0.16	$	(0.88	)	$	2.27
Dilutive	$	(0.28	)	$	0.16	$	(0.88	)	$	2.26

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is anti-dilutive.

As of September 30, 2020, CONSOL Energy has 500,000 shares of preferred stock, none of which are issued or outstanding.

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Note 2 - Major Transactions

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Collaborative Arrangement Disclosure [Text Block]

NOTE 2—MAJOR TRANSACTIONS

On September 16, 2020, CONSOL entered into a settlement transaction with (i) Murray Energy Holdings Co., Murray Energy Corporation, and their direct and indirect subsidiaries (such entities that are debtors in possession in Murray Energy Holdings Co.’s jointly administered Chapter 11 cases, the “Debtors”), (ii) ACNR Holdings, Inc. (together with its direct and indirect subsidiaries, “Murray NewCo”) to fully and finally resolve the disputes raised in the CONSOL Adversary Case and any and all other disputes, controversies, or causes of action between and among them related to (a) the Debtors’ rejection of the 2013 stock purchase agreement (“SPA”) and CONSOL’s waiver of any objection thereto; (b) the Debtors’ assumption and assignment to Murray NewCo (or its designated direct or indirect subsidiaries) and payment of certain cure and other amounts relating to the First Overriding Royalty Agreement, as amended, the Second Overriding Royalty Agreement, as amended, the Water Treatment Cost Sharing Agreement, as amended, and the Master Entry Driver Lease Agreement; (c) the Debtors’ assumption and assignment to Murray NewCo (or its designated direct or indirect subsidiaries) of the Cooperation and Safety Agreement, the Surface Use Agreement, the Substation and Power Line Agreement, the Substation and Power Line Rights-of-Way, the McMillian Assignment, the Partial Powerline Assignment, the 2013 Well Plugging Consent Order and Agreement, and the 2020 Well Plugging Agreement; (d) the Debtors’ and CONSOL’s continued cooperation about certain matters consistent with historical practice, including (i) with respect to each parties’ payment obligations related to certain claims relating to certain worker’s compensation, Black Lung, and long-term disability and (ii) with respect to easements and boundaries as set forth in the 2013 SPA and the Closing Land Letter Agreement; (e) the Debtors’ assumption of, and CONSOL’s payment of certain amounts relating to, the Split Leases; (f) CONSOL’s transfer to Murray NewCo (or its designated direct or indirect subsidiaries), and Murray NewCo’s (or its designated direct or indirect subsidiaries’) payment for, certain coalbed methane wells, gas wells, and land; (g) the usage by CONSOL of the power structure of Murray NewCo (or its designated direct or indirect subsidiaries) on agreed upon terms and the Debtors’ and Murray NewCo’s release of the alleged claim for CONSOL’s prior usage; (h) CONSOL’s dismissal of CONSOL Energy Inc. v Murray Energy Holdings Co., et al., Adversary Case 2:20-ap-02036, with prejudice, which dismissal will be contingent upon (1) the Debtors’ assumption and assignment to Murray NewCo (or its designated direct or indirect subsidiaries) of the Assumed CONSOL Agreements and (2) the Debtors’ compliance with the terms of the CONSOL Term Sheets and other agreements consistent with these transactions; and (i) certain other terms and conditions consistent with the foregoing. The foregoing agreements and compromises, which have been memorialized in definitive documentation, shall be treated as a single, integrated transaction. The effect of the agreements, as amended, in the normal course of business resulted in CONSOL recognizing (a) Miscellaneous Other Income of $18,561 related to the Sale of Certain Coal Lease Contracts and other income, (b) Gain on Sale of Assets of $6,230 related to the sale of certain gas wells and equipment, and (c) a reduction of Operating and Other Costs of $1,940 as a result of expense rebates offset with various cure costs, all of which are included in the Consolidated Statement of Income for the three months ended September 30, 2020. As of September 30, 2020, the various transactions between the parties resulted in $8,088 of Other Receivables, net, and $21,326 of Other Assets, net, included in the Consolidated Balance Sheet. As of December 31, 2019, various transactions between the parties resulted in $13,567 of Other Receivables, net, included in the Consolidated Balance Sheet. See Note 14 - Commitments and Contingent Liabilities with respect to additional information relating to certain liabilities of the Company under the Coal Act (as defined below).

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Note 3 - Revenue

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 3—REVENUE:

The following table disaggregates CONSOL Energy's revenue from contracts with customers to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors:

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Coal Revenue	$	184,375	$	301,542	$	542,140	$	984,665
Terminal Revenue		17,008		16,303		49,407		50,829
Freight Revenue		12,909		3,599		19,141		14,115
Total Revenue from Contracts with Customers	$	214,292	$	321,444	$	610,688	$	1,049,609

Coal Revenue

CONSOL Energy's coal revenue is generally recognized when title passes to the customer and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments, which represent market-driven price adjustments, wherein no additional value is exchanged, in addition to a fixed base price per ton. The Company’s coal contracts generally do not allow for retroactive adjustments to pricing after title to the coal has passed. The Company's coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components.

The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative stand-alone selling prices determined at contract inception. The Company has determined that each ton of coal represents a separate and distinct performance obligation. Some of the Company's contracts span multiple years and have annual pricing modifications, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue.

While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are generally immaterial to the Company's net (loss) income. At September 30, 2020 and December 31, 2019, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2020 and 2019, the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any coal revenue in the current period that is not a result of current period performance.

Terminal Revenue

Terminal revenues are attributable to the Company's CONSOL Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the Terminal, stockpiling, blending, weighing, sampling, redelivery, and loading of coal onto vessels. Revenues for these services are generally earned on a rateable basis, and performance obligations are considered fulfilled as the services are performed.

The CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At September 30, 2020 and December 31, 2019, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2020 and 2019, the Company has not recognized any amortization of previously existing capitalized costs of obtaining Terminal customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance.

Freight Revenue

Some of CONSOL Energy's coal contracts require that the Company sell its coal at locations other than its central preparation plant. The cost to transport the Company's coal to the ultimate sales point is passed through to the Company's customers and CONSOL Energy recognizes the freight revenue equal to the transportation costs when title of the coal passes to the customer.

Contract Balances

Contract assets are recorded separately from trade receivables in the Company's Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company's right to consideration becomes unconditional. Payments for coal shipments are typically due within two to four weeks from the invoice date. CONSOL Energy typically does not have material contract assets that are stated separately from trade receivables since the Company's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the good passes to the customer, or over time when services are provided.

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Note 4 - Miscellaneous Other Income

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Interest and Other Income [Text Block]

NOTE 4—MISCELLANEOUS OTHER INCOME:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Contract Buyout	$	—	$	1,193	$	40,969	$	3,583
Sale of Certain Coal Lease Contracts		17,847		—		17,847		—
Royalty Income - Non-Operated Coal		2,241		4,976		9,638		16,863
Rental Income		255		625		1,077		1,923
Property Easements and Option Income		19		100		495		1,529
Interest Income		76		755		442		2,399
Purchased Coal Sales		—		3,136		—		9,052
Other		563		403		639		1,325
Miscellaneous Other Income	$	21,001	$	11,188	$	71,107	$	36,674

Contract buyout income was primarily the result of partial contract buyouts that involved negotiations to reduce coal quantities of several customer contracts in exchange for payment of certain fees to the Company, and do not impact forward contract terms.

The sale of certain coal lease contracts was in connection with one of several transactions completed in the three months ended September 30, 2020 related to the Company's non-operating surface and mineral assets outside of the Pennsylvania Mining Complex.

Royalty income represents earned revenue related to overriding royalty agreements or coal reserve leases between the Company and third-party operators.

Purchased coal sales include earned revenue related to coal purchased externally by the Company to blend and resell in order to fulfill various contracts.

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Note 5 - Components of Pension and Other Post-employment Benefit (OPEB) Plans Net Periodic Benefit Costs

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

NOTE 5—COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit (Credit) Cost are as follows:

	Pension Benefits												Other Post-Employment Benefits
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2020			2019			2020			2019			2020			2019			2020			2019
Service Cost	$	296		$	987		$	887		$	2,963		$	—		$	—		$	—		$	—
Interest Cost		5,044			6,275			15,132			18,825			3,199			4,580			9,597			13,740
Expected Return on Plan Assets		(10,455	)		(10,114	)		(31,365	)		(30,343	)		—			—			—			—
Amortization of Prior Service Credits		—			(92	)		—			(275	)		(601	)		(601	)		(1,804	)		(1,804	)
Amortization of Actuarial Loss		1,730			1,490			5,191			4,469			2,319			2,315			6,958			6,946
Net Periodic Benefit (Credit) Cost	$	(3,385	)	$	(1,454	)	$	(10,155	)	$	(4,361	)	$	4,917		$	6,294		$	14,751		$	18,882

(Credits) expenses related to pension and other post-employment benefits are reflected in Operating and Other Costs in the Consolidated Statements of Income.

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Note 6 - Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Pneumoconiosis Benefits And Workers Compensation Disclosure [Text Block]

NOTE 6—COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit Cost are as follows:

	CWP								Workers' Compensation
	Three Months Ended				Nine Months Ended				Three Months Ended						Nine Months Ended
	September 30,				September 30,				September 30,						September 30,
	2020		2019		2020		2019		2020			2019			2020			2019
Service Cost	$	1,150	$	948	$	3,452	$	2,844	$	1,569		$	1,421		$	4,707		$	4,264
Interest Cost		1,552		1,750		4,655		5,250		461			646			1,383			1,939
Amortization of Actuarial Loss (Gain)		1,401		254		4,203		762		(122	)		(193	)		(366	)		(580	)
State Administrative Fees and Insurance Bond Premiums		—		—		—		—		583			510			1,665			1,671
Net Periodic Benefit Cost	$	4,103	$	2,952	$	12,310	$	8,856	$	2,491		$	2,384		$	7,389		$	7,294

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Note 7 - Income Taxes

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 7—INCOME TAXES:

The Company has evaluated the impact of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law by the President of the United States in March 2020. The CARES Act has various income tax related provisions, including temporary net operating loss carryback and limitation measures, a relaxation of the limitation on interest deductions, the postponement of statutory filing dates, and a technical correction of the 2017 Tax Cuts and Jobs Act related to qualified improvement property.

The Company's year-to-date tax rate is based on its estimated full year effective tax rate. The effective tax rate for the nine months ended September 30, 2020 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion, offset by the impact of discrete tax expense related to equity compensation and the unfavorable impact on percentage depletion related to the additional interest deduction available under the CARES Act and the final regulations on interest limitation regulations (“163j regulations”) issued by the Treasury Department. The CARES Act increased the amount of deductible interest from 30% of adjusted taxable income to 50% for tax years 2019 and 2020, which generates current cash tax benefit, but also reduces the base of earnings upon which percentage depletion was computed. The final 163j regulations also allowed the Company to deduct additional interest expense, but also reduce the base of earnings upon which percentage depletion was computed. The effective tax rate for the nine months ended September 30, 2020 was (0.6%), composed of tax expense of 21.8% from operations and discrete tax items of $902 related to equity compensation, $1,139 related to the effect of the CARES Act, and $3,059 related to the effect of the final 163j regulations, as noted above.

The effective tax rate for the nine months ended September 30, 2019 was (0.3)%, composed of a tax expense of 0.2% from operations and a discrete tax benefit of (0.5)% primarily related to equity compensation. The effective tax rate for the nine months ended September 30, 2019 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion.

The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the nine months ended September 30, 2020 and the year ended December 31, 2019, the Company did not have any unrecognized tax benefits. If accrual for interest or penalties is required, it is the Company's policy to include these as a component of income tax expense (benefit).

The Company is subject to taxation in the United States and its various states, as well as Canada and its various provinces. Under the provisions of the tax matters agreement entered into between the Company and its former parent on November 28, 2017 (the “TMA”), certain subsidiaries of the Company are subject to examination for tax years for the period January 1, 2016 through tax year December 31, 2019 for certain state and foreign returns. Further, the Company is subject to examination for the period November 28, 2017 through the tax year December 31, 2019 for federal and certain state returns.

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Note 8 - Credit Losses

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Credit Loss, Financial Instrument [Text Block]

NOTE 8—CREDIT LOSSES:

Effective January 1, 2020, the Company adopted ASU 2016-013, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments using a modified retrospective approach. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade and other receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under previous accounting guidance. The Company recorded a cumulative-effect adjustment to retained earnings in the amount of $3,298, net of $1,109 of income taxes, for expected credit losses on financial assets at the adoption date.

The following table illustrates the impact of ASC 326.

	January 1, 2020
	As Reported Under ASC 326		Pre-ASC 326 Adoption		Impact of ASC 326 Adoption
Trade Receivables	$	3,051	$	2,100	$	951
Other Receivables		3,372		711		2,661
Other Assets		795		—		795
Allowance for Credit Losses on Receivables	$	7,218	$	2,811	$	4,407

The Company is exposed to credit losses primarily through sales of products and services. The Company's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade and other accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company's monitoring activities include timely account reconciliations, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions.

Balances are written off when determined to be uncollectible. The Company considered the current and expected future economic and market conditions surrounding the novel coronavirus (COVID-19) pandemic and determined that the estimate of credit losses was not significantly impacted.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes to the assessment of anticipated payment, changes in economic conditions, current industry trends in the markets the Company serves, and changes in the financial health of the Company's counterparties.

The following table provides a roll-forward of the allowance for credit losses by portfolio segment that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.

	Trade Receivables		Other Receivables		Other Assets
Beginning Balance, January 1, 2020	$	2,100	$	711	$	—
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings		951		2,661		795
Provision for expected credit losses		1,823		1,120		851
Ending Balance, September 30, 2020	$	4,874	$	4,492	$	1,646

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Note 9 - Inventories

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 9—INVENTORIES:

Inventory components consist of the following:

	September 30,		December 31,
	2020		2019
Coal	$	6,640	$	2,484
Supplies		49,937		51,647
Total Inventories	$	56,577	$	54,131

Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (“FIFO”) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations.

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Note 10 - Accounts Receivable Securitization

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Accounts Receivable Securitization [Text Block]

NOTE 10—ACCOUNTS RECEIVABLE SECURITIZATION:

CONSOL Energy and certain of its U.S. subsidiaries are parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. In March 2020, the securitization facility was amended to, among other things, extend the maturity date from August 30, 2021 to March 27, 2023.

Pursuant to the securitization facility, CONSOL Thermal Holdings LLC sells current and future trade receivables to CONSOL Pennsylvania Coal Company LLC. CONSOL Marine Terminals LLC and CONSOL Pennsylvania Coal Company LLC sell and/or contribute current and future trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC (the “SPV”). The SPV, in turn, pledges its interests in the receivables to PNC Bank, which either makes loans or issues letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the securitization facility may not exceed $100 million.

Loans under the securitization facility accrue interest at a reserve-adjusted LIBOR market index rate equal to the one-month Eurodollar rate. Loans and letters of credit under the securitization facility also accrue a program fee and a letter of credit participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum.

At September 30, 2020, the Company's eligible accounts receivable yielded $30,660 of borrowing capacity. At September 30, 2020, the facility had no outstanding borrowings and $30,100 of letters of credit outstanding, leaving available borrowing capacity of $560. At December 31, 2019, the Company's eligible accounts receivable yielded $41,282 of borrowing capacity. At December 31, 2019, the facility had no outstanding borrowings and $41,211 of letters of credit outstanding, leaving available borrowing capacity of $71. Costs associated with the receivables facility totaled $249 and $882 for the three and nine months ended September 30, 2020, respectively, and $344 and $1,095 for the three and nine months ended September 30, 2019, respectively. These costs have been recorded as financing fees which are included in Operating and Other Costs in the Consolidated Statements of Income. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.

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Note 11 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 11—PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:

	September 30,		December 31,
	2020		2019
Plant and Equipment	$	3,131,792	$	3,028,514
Coal Properties and Surface Lands		874,439		872,909
Airshafts		449,863		437,003
Mine Development		343,960		342,706
Advance Mining Royalties		326,649		327,048
Total Property, Plant and Equipment		5,126,703		5,008,180
Less: Accumulated Depreciation, Depletion and Amortization		3,043,463		2,916,015
Total Property, Plant and Equipment, Net	$	2,083,240	$	2,092,165

Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests.

As of September 30, 2020 and December 31, 2019, property, plant and equipment includes gross assets under finance leases of $85,908 and $52,729, respectively. Accumulated amortization for finance leases was $49,453 and $31,373 at September 30, 2020 and December 31, 2019, respectively. Amortization expense for assets under finance leases approximated $6,178 and $3,919 for the three months ended September 30, 2020 and 2019 and $16,680 and $11,753 for the nine months ended September 30, 2020 and 2019, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.

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Note 12 - Other Accrued Liabilities

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 12—OTHER ACCRUED LIABILITIES:

	September 30,		December 31,
	2020		2019
Subsidence Liability	$	89,917	$	90,645
Accrued Payroll and Benefits		20,444		21,102
Accrued Equipment Obligations		10,097		—
Accrued Interest		9,576		6,281
Other		22,004		21,034
Current Portion of Long-Term Liabilities:
Postretirement Benefits Other than Pensions		30,410		31,833
Asset Retirement Obligations		22,057		21,741
Operating Lease Liability		20,020		19,479
Pneumoconiosis Benefits		12,092		12,331
Workers' Compensation		10,778		11,323
Total Other Accrued Liabilities	$	247,395	$	235,769

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Note 13 - Long-term Debt

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE 13—LONG-TERM DEBT:

	September 30,		December 31,
	2020		2019
Debt:
Term Loan B due in September 2024 (Principal of $270,875 and $272,938 less Unamortized Discount of $1,000 and $1,187, 4.65% and 6.30% Weighted Average Interest Rate, respectively)	$	269,875	$	271,751
11.00% Senior Secured Second Lien Notes due November 2025		176,452		221,628
MEDCO Revenue Bonds in Series due September 2025 at 5.75%		102,865		102,865
Term Loan A due in March 2023 (5.50% and 5.55% Weighted Average Interest Rate, respectively)		72,500		88,750
Other Asset-Backed Financing Arrangements		21,885		9,289
Advance Royalty Commitments (10.78% Weighted Average Interest Rate)		1,895		1,895
Less: Unamortized Debt Issuance Costs		10,759		10,323
		634,713		685,855
Less: Amounts Due in One Year*		47,693		32,053
Long-Term Debt	$	587,020	$	653,802

* Excludes current portion of Finance Lease Obligations of $21,261 and $18,219 at September 30, 2020 and December 31, 2019, respectively.

In November 2017, CONSOL Energy entered into a revolving credit facility with commitments up to $300 million (the “Revolving Credit Facility”), a Term Loan A Facility of up to $100 million (the “TLA Facility”) and a Term Loan B Facility of up to $400 million (the “TLB Facility”, and together with the Revolving Credit Facility and the TLA Facility, the “Senior Secured Credit Facilities”). On March 28, 2019, the Company amended the Senior Secured Credit Facilities to increase the borrowing commitment of the Revolving Credit Facility to $400 million and reallocate the principal amounts outstanding under the TLA Facility and TLB Facility. On June 5, 2020, the Company amended the Senior Secured Credit Facilities (the “amendment”) to provide eight quarters of financial covenant relaxation, effect an increase in the rate at which borrowings under the Revolving Credit Facility and the TLA Facility bear interest, and add an anti-cash hoarding provision. Borrowings under the Company's Senior Secured Credit Facilities bear interest at a floating rate which can be, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility and TLA Facility depends on the total net leverage ratio, whereas the applicable margin for the TLB Facility is fixed. The amendment increased the applicable margin by 50 basis points on both the Revolving Credit Facility and the TLA Facility. The maturity date of the Revolving Credit and TLA Facilities is March 28, 2023. The TLB Facility's maturity date is September 28, 2024. Obligations under the Senior Secured Credit Facilities (Term Loan B and Term Loan A, together with the Revolving Credit Facility, on which there were no outstanding borrowings at September 30, 2020) are guaranteed by (i) all owners of the 75% undivided economic interest in the PAMC held by the Company, (ii) any other members of the Company’s group that own any portion of the collateral securing the Revolving Credit Facility, and (iii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly-owned restricted subsidiaries of the Company (excluding the Partnership and its wholly-owned subsidiaries). The obligations are secured by, subject to certain exceptions (including a limitation of pledges of equity interests in certain subsidiaries and certain thresholds with respect to real property), a first-priority lien on (i) the Company’s 75% undivided economic interest in the PAMC, (ii) the limited partner units of the Partnership held by the Company, (iii) the equity interests in CONSOL Coal Resources GP LLC held by the Company (iv) the CONSOL Marine Terminal and (v) the 1.5 billion tons of Greenfield Reserves.

The Senior Secured Credit Facilities contain a number of customary affirmative covenants. In addition, the Senior Secured Credit Facilities contain a number of negative covenants, including (subject to certain exceptions) limitations on (among other things): indebtedness, liens, investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness. The amendment added additional conditions to be met for the covenants relating to investments in joint ventures, general investments, share repurchases, dividends, and repurchases of Second Lien Notes. The additional conditions require no outstanding borrowings and no more than $200 million of outstanding letters of credit on the Revolving Credit Facility. Further restrictions apply to investments in joint ventures, share repurchases and dividends that require the total net leverage ratio shall not be greater than 2.00 to 1.00.

The Revolving Credit Facility and TLA Facility also include covenants relating to (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio.  The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA, excluding the Partnership. Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, non-recurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations, non-cash charges related to legacy employee liabilities and gains and losses on debt extinguishment, and includes cash distributions received from the Partnership and subtracts cash payments related to legacy employee liabilities. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA, excluding the Partnership. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges, excluding the Partnership. Consolidated Fixed Charges, as used in the covenant calculation, include cash interest payments, cash payments for income taxes, scheduled debt repayments, dividends paid, and Maintenance Capital Expenditures. The amendment revised the financial covenants applicable to the Revolving Credit Facility and TLA Facility relating to the maximum first lien gross leverage ratio, maximum total net leverage ratio and minimum fixed charge coverage ratio, so that for the fiscal quarters ending June 30, 2020 through March 31, 2021, the maximum first lien gross leverage ratio shall be 2.50 to 1.00, the maximum total net leverage ratio shall be 3.75 to 1.00, and the minimum fixed charge coverage ratio shall be 1.00 to 1.00; for the fiscal quarters ending June 30, 2021 through September 30, 2021, the maximum first lien gross leverage ratio shall be 2.25 to 1.00 and the maximum total net leverage ratio shall be 3.50 to 1.00; for the fiscal quarters ending June 30, 2021 through March 31, 2022, the minimum fixed charge coverage ratio shall be 1.05 to 1.00; for the fiscal quarters ending December 31, 2021 through March 31, 2022, the maximum first lien gross leverage ratio shall be 2.00 to 1.00 and the maximum total net leverage ratio shall be 3.25 to 1.00; and for the fiscal quarters ending on or after June 30, 2022, the maximum first lien gross leverage ratio shall be 1.75 to 1.00, the maximum total net leverage ratio shall be 2.75 to 1.00 and the minimum fixed charge coverage ratio shall be 1.10 to 1.00. The maximum first lien gross leverage ratio was 2.04 to 1.00 at September 30, 2020. The maximum total net leverage ratio was 3.38 to 1.00 at September 30, 2020. The minimum fixed charge coverage ratio was 1.33 to 1.00 at September 30, 2020. The Company was in compliance with all of its debt covenants as of September 30, 2020. The Company is continuing to actively monitor the effects of the ongoing COVID-19 pandemic on its liquidity. 

The TLB Facility also includes a financial covenant that requires the Company to repay a certain amount of its borrowings under the TLB Facility within ten business days after the date it files its Form 10-K with the Securities and Exchange Commission if the Company has excess cash flow (as defined in the credit agreement for the Senior Secured Credit Facilities) during the year covered by the applicable Form 10-K. During the nine months ended September 30, 2019, CONSOL Energy made the required repayment of approximately $110 million based on the amount of the Company's excess cash flow as of December 31, 2018. For fiscal year 2018, such repayment was equal to 75% of the Company's excess cash flow less any voluntary prepayments of its borrowings under the TLB Facility made by the Company during 2018. For all subsequent fiscal years, the required repayment is equal to a certain percentage of the Company’s excess cash flow for such year, ranging from 0% to 75% depending on the Company’s total net leverage ratio, less the amount of certain voluntary prepayments made by the Company, if any, under the TLB Facility during such fiscal year. Based on the Company's excess cash flow calculation, no repayment was required with respect to the year ended December 31, 2019. The amount of excess cash flow is a covenant feature only applicable as of the Company's year-end and will be calculated as of December 31, 2020.

At September 30, 2020, the Revolving Credit Facility had no borrowings outstanding and $99,126 of letters of credit outstanding, leaving $300,874 of unused capacity. At December 31, 2019, the Revolving Credit Facility had no borrowings outstanding and $69,588 of letters of credit outstanding, leaving $330,412 of unused capacity. From time to time, CONSOL Energy is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CONSOL Energy sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity.

In November 2017, CONSOL Energy issued $300 million in aggregate principal amount of 11.00% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) pursuant to an indenture (the “Indenture”) dated as of November 13, 2017, by and between the Company and UMB Bank, N.A., a national banking association, as trustee and collateral trustee (the “Trustee”). On November 28, 2017, certain subsidiaries of the Company executed a supplement to the Indenture and became party to the Indenture as a guarantor (the “Guarantors”). The Second Lien Notes are secured by second priority liens on substantially all of the assets of the Company and the Guarantors that are pledged and on a first-priority basis as collateral securing the Company’s obligations under the Senior Secured Credit Facilities (described above), subject to certain exceptions under the Indenture. The Indenture contains covenants that will limit the ability of the Company and the Guarantors, to (i) incur, assume or guarantee additional indebtedness or issue preferred stock; (ii) create liens to secure indebtedness; (iii) declare or pay dividends on the Company’s common stock, redeem stock or make other distributions to the Company’s stockholders; (iv) make investments; (v) restrict dividends, loans or other asset transfers from the Company’s restricted subsidiaries; (vi) merge or consolidate, or sell, transfer, lease or dispose of substantially all of the Company’s assets; (vii) sell or otherwise dispose of certain assets, including equity interests in subsidiaries; (viii) enter into transactions with affiliates; and (ix) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. If the Second Lien Notes achieve an investment grade rating from both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. and no default under the Indenture exists, many of the foregoing covenants will terminate and cease to apply.

During the nine months ended September 30, 2020, the Company repurchased $45,176 of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025. During the nine months ended September 30, 2019, the Company made a required repayment of approximately $110 million on the TLB Facility (discussed above) and amended the Senior Secured Credit Facilities. The Company also repurchased $35,048 of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025 during the nine months ended September 30, 2019. As part of these transactions, $1,078 and $17,911 was included in Gain on Debt Extinguishment on the Consolidated Statements of Income for the three and nine months ended September 30, 2020, respectively, and $801 and $25,444 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively.

The Company is a borrower under two asset-backed financing arrangements related to certain equipment. The equipment, which has an approximate value of $21,885, fully collateralizes the loans. As of September 30, 2020, a total of $18,894 matures in December 2020 and $2,991 matures in September 2024. The loans had a weighted average interest rate of 4.30% and 5.07% at September 30, 2020 and December 31, 2019, respectively.

During the year ended December 31, 2019, the Company entered into interest rate swaps, which effectively converted $150,000 of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2020 and 2021, and $50,000 of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2022. The interest rate swaps qualify for cash flow hedge accounting treatment and as such, the change in the fair value of the interest rate swaps is recorded on the Company's Consolidated Balance Sheets as an asset or liability. The effective portion of the gains or losses is reported as a component of accumulated other comprehensive loss and the ineffective portion is reported in earnings. At September 30, 2020 and December 31, 2019, the interest rate swap contracts were reflected in the Consolidated Balance Sheets at their fair value of $3,373 and $154, respectively, which is recorded in Other Accrued Liabilities and Other Liabilities. The fair value of the interest rate swaps reflected an unrealized loss of $2,408 (net of $810 tax) at September 30, 2020. The unrealized loss is included on the Consolidated Statements of Stockholders' Equity as part of accumulated other comprehensive loss, as well as on the Consolidated Statements of Comprehensive Income as unrealized loss on cash flow hedges. Some of the Company's interest rate swaps reached their effective date in the nine months ended September 30, 2020. As such, a loss of $1,005 was recognized in interest expense in the Consolidated Statements of Income for the nine months ended September 30, 2020. During 2020, notional amounts of $150,000 will become effective. Based on the fair value of the Company's cash flow hedges at September 30, 2020, the Company expects expense of approximately $2,069 to be reclassified into earnings in the next 12 months.

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Note 14 - Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 14—COMMITMENTS AND CONTINGENT LIABILITIES:

The Company and its former parent entered into a separation and distribution agreement on November 28, 2017 that implemented the legal and structural separation of the Company from its former parent. The separation and distribution agreement also identified the assets of the Coal Business that were transferred to the Company and the liabilities and contracts related to the Coal Business that were assumed by the Company as part of the separation and distribution, and provides post-closing indemnification obligations and procedures between the Company and its former parent relating to the liabilities of the Coal Business that the Company assumed.

The Company is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. The Company accrues the estimated loss for these lawsuits and claims when the loss is probable and reasonably estimable. The Company’s estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Company as of September 30, 2020. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the Company’s financial position, results of operations or cash flows; however, such amounts cannot be reasonably estimated. The amount claimed against the Company as of September 30, 2020 is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case.

Fitzwater Litigation: Three nonunion retired coal miners have sued Fola Coal Company LLC, Consolidation Coal Company (“CCC”) and CONSOL of Kentucky Inc. (“COK”) (as well as the Company's former parent) in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. The Plaintiffs contend they relied to their detriment on oral statements and promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were allegedly denied access to Summary Plan Documents that clearly reserved the right to modify or terminate the Retiree Health and Welfare Plan subject to Plaintiffs’ claims. Pursuant to Plaintiffs’ amended complaint filed on April 24, 2017, Plaintiffs request that retiree health benefits be reinstated and seek to represent a class of all nonunion retirees who were associated with AMVEST and COK areas of operation. On October 15, 2019, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial order setting the trial date for November 16, 2020. The Company believes it has a meritorious defense and intends to vigorously defend this suit.

Casey Litigation: A class action lawsuit was filed on August 23, 2017 on behalf of two nonunion retired coal miners against CCC, COK, CONSOL Buchanan Mining Co., LLC and Kurt Salvatori in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. Filed by the same lawyers who filed the Fitzwater litigation, and raising nearly identical claims, the Plaintiffs contend they relied to their detriment on oral promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were not provided with copies of Summary Plan Documents clearly reserving to the Company the right to modify or terminate the Retiree Health and Welfare Plan. Plaintiffs request that retiree health benefits be reinstated for them and their dependents and seek to represent a class of all nonunion retirees of any subsidiary of the Company's former parent that operated or employed individuals in McDowell or Mercer Counties, West Virginia, or Buchanan or Tazewell Counties, Virginia whose retiree welfare benefits were terminated. On December 1, 2017, the trial court judge in Fitzwater signed an order to consolidate Fitzwater with Casey. The Casey complaint was amended on March 1, 2018 to add new plaintiffs, add defendant CONSOL Pennsylvania Coal Company, LLC and eliminate defendant CONSOL Buchanan Mining Co., LLC in an attempt to expand the class of retirees. On October 15, 2019, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial order setting the trial date for November 16, 2020. The Company believes it has a meritorious defense and intends to vigorously defend this suit.

United Mine Workers of America 1992 Benefit Plan Litigation: In 2013, Murray Energy and its subsidiaries (“Murray”) entered into a stock purchase agreement (the “Murray sale agreement”) with the Company's former parent pursuant to which Murray acquired the stock of CCC and certain subsidiaries and certain other assets and liabilities. At the time of sale, the liabilities included certain retiree medical liabilities under the Coal Industry Retiree Health Benefits Act of 1992 (“Coal Act”) and certain federal black lung liabilities under the Black Lung Benefits Act (“BLBA”). Based upon information available, the Company estimates that the annual servicing costs of these liabilities are approximately $10 million to $20 million per year for the next ten years. The annual servicing cost would decline each year since the beneficiaries of the Coal Act consist principally of miners who retired prior to 1994. Murray filed for Chapter 11 bankruptcy in October 2019. As part of the ongoing bankruptcy proceedings, Murray entered into a settlement with the United Mine Workers of America 1992 Benefit Plan (“1992 Plan”) to transfer retirees in the Murray Energy Section 9711 Plan into the 1992 Plan, which the bankruptcy court approved on April 30, 2020. The 1992 Plan recently filed an action in the United States District Court for the District of Columbia asking the court to make a determination whether the Company's former parent or the Company has any continuing retiree medical liabilities under the Coal Act. The Murray sale agreement includes indemnification by Murray with respect to the Coal Act and BLBA liabilities. In addition, the Company had agreed to indemnify its former parent relative to certain pre-separation liabilities. As of September 16, 2020, the Company has entered into a settlement agreement with Murray, and has withdrawn its claims in bankruptcy. See Note 2 - Major Transactions for a discussion of this settlement agreement. The Company will continue to vigorously defend any claims that attempt to transfer any of such liabilities directly or indirectly to the Company, including raising all applicable defenses against the 1992 Plan’s suit and those of any other party.

Other Matters: Various Company subsidiaries are defendants in certain other legal proceedings arising out of the conduct of the Coal Business prior to the separation and distribution, and the Company is also a defendant in other legal proceedings following the separation and distribution. In the opinion of management, based upon an investigation of these matters and discussion with legal counsel, the ultimate outcome of such other legal proceedings, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity.

As part of the separation and distribution, the Company assumed various financial obligations relating to the Coal Business and agreed to reimburse its former parent for certain financial guarantees relating to the Coal Business that its former parent retained following the separation and distribution. Employee-related financial guarantees have primarily been provided to support the United Mine Workers’ of America’s 1992 Benefit Plan and federal black lung and various state workers’ compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other financial guarantees have been extended to support sales contracts, insurance policies, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business.

The following is a summary, as of September 30, 2020, of the financial guarantees, unconditional purchase obligations and letters of credit to certain third parties. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments, or under the separation and distribution agreement to the extent retained by the Company's former parent on behalf of the Coal Business. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these financial guarantees and letters of credit are recorded as liabilities in the financial statements. The Company’s management believes that these guarantees will expire without being funded, and therefore, the commitments will not have a material adverse effect on the Company’s financial condition.

	Amount of Commitment Expiration per Period
	Total Amounts Committed		Less Than 1 Year		1-3 Years		3-5 Years		Beyond 5 Years
Letters of Credit:
Employee-Related	$	75,846	$	52,929	$	22,917	$	—	$	—
Environmental		398		398		—		—		—
Other		52,982		47,504		5,478		—		—
Total Letters of Credit		129,226		100,831		28,395		—		—
Surety Bonds:
Employee-Related		86,024		50,524		35,500		—		—
Environmental		576,584		555,300		21,284		—		—
Other		4,789		4,584		205		—		—
Total Surety Bonds		667,397		610,408		56,989		—		—
Guarantees:
Other		10,704		6,636		3,438		398		232
Total Guarantees		10,704		6,636		3,438		398		232
Total Commitments	$	807,327	$	717,875	$	88,822	$	398	$	232

Included in the above table are commitments and guarantees entered into in conjunction with the sale of Consolidation Coal Company and certain of its subsidiaries, which contain all five of its longwall coal mines in West Virginia and its river operations, to a third party. As part of the separation and distribution, the Company's former parent agreed to indemnify the Company and the Company agreed to indemnify its former parent in each case with respect to guarantees of certain equipment lease obligations that were assumed by the third party. In the event that the third party would default on the obligations defined in the agreements, the Company would be required to perform under the guarantees. As of September 30, 2020, the Company has not been required to perform under these guarantees. The equipment lease obligations are collateralized by the underlying assets. The current maximum estimated exposure under these guarantees as of  September 30, 2020 and December 31, 2019 is believed to be approximately $16,000 and $20,000, respectively. At September 30, 2020 and December 31, 2019, the fair value of these guarantees was $259 and $482, respectively, and is included in Other Accrued Liabilities on the Consolidated Balance Sheets. The fair value of certain of the guarantees was determined using the Company’s risk-adjusted interest rate. Significant increases or decreases in the risk-adjusted interest rates may result in a significantly higher or lower fair value measurement. No other amounts related to financial guarantees and letters of credit are recorded as liabilities in the financial statements. Significant judgment is required in determining the fair value of these guarantees. The guarantees of the leases are classified within Level 3 of the fair value hierarchy.

The Company regularly evaluates the likelihood of default for all guarantees based on an expected loss analysis and records the fair value, if any, of its guarantees as an obligation in the consolidated financial statements.

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Note 15 - Fair Value Of Financial Instruments

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 15—FAIR VALUE OF FINANCIAL INSTRUMENTS:

CONSOL Energy determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including LIBOR-based discount rates), while unobservable inputs reflect the Company’s own assumptions of what market participants would use.

The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below.

Level One - Quoted prices for identical instruments in active markets.

Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including LIBOR-based discount rates.

Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. The significant unobservable inputs used in the fair value measurement of the Company’s third-party guarantees are the credit risk of the third-party and the third-party surety bond markets. A significant increase or decrease in these values, in isolation, would have a directionally similar effect resulting in higher or lower fair value measurement of the Company’s Level 3 guarantees.

In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy.

The financial instruments measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at								Fair Value Measurements at
	September 30, 2020								December 31, 2019
Description	Level 1		Level 2			Level 3			Level 1		Level 2			Level 3
Lease Guarantees	$	—	$	—		$	(259	)	$	—	$	—		$	(482	)
Derivatives (1)	$	—	$	(3,373	)	$	—		$	—	$	(154	)	$	—

(1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.

The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:

Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows.

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:

	September 30, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Long-Term Debt	$	645,472	$	491,465	$	696,178	$	642,018

Certain of the Company’s debt is actively traded on a public market and, as a result, constitutes Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitutes Level 2 fair value measurements.

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Note 16 - Segment Information

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 16—SEGMENT INFORMATION:

CONSOL Energy Inc. consists of one reportable segment: the Pennsylvania Mining Complex, which includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and the Central Preparation Plant. The principal activities of the PAMC are mining, preparation and marketing of thermal coal, sold primarily to power generators. It also includes selling, general and administrative activities, as well as various other activities assigned to the PAMC.

CONSOL Energy’s Other division includes revenue and expenses from various corporate and diversified business activities that are not allocated to the PAMC division. The diversified business activities include the CONSOL Marine Terminal, development of the Itmann Mine, the Greenfield Reserves, closed and idle mine activities, selling, general and administrative activities, interest expense and income taxes, as well as various other non-operated activities, none of which are individually significant to the Company.

Industry segment results for the three months ended September 30, 2020 are:

	PAMC			Other		Adjustments and Eliminations		Consolidated
Coal Revenue	$	184,066		$	309	$	—	$	184,375		(A)
Terminal Revenue		—			17,008		—		17,008
Freight Revenue		12,909			—		—		12,909
Total Revenue from Contracts with Customers	$	196,975		$	17,317	$	—	$	214,292
(Loss) Earnings Before Income Tax	$	(6,930	)	$	3,488	$	—	$	(3,442	)
Segment Assets	$	1,878,350		$	676,488	$	—	$	2,554,838
Depreciation, Depletion and Amortization	$	49,944		$	5,015	$	—	$	54,959
Capital Expenditures	$	15,733		$	3,775	$	—	$	19,508

Industry segment results for the three months ended September 30, 2019 are:

	PAMC		Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	301,542	$	—		$	—	$	301,542	(A)
Terminal Revenue		—		16,303			—		16,303
Freight Revenue		3,599		—			—		3,599
Total Revenue from Contracts with Customers	$	305,141	$	16,303		$	—	$	321,444
Earnings (Loss) Before Income Tax	$	30,546	$	(21,107	)	$	—	$	9,439
Segment Assets	$	2,014,381	$	708,854		$	—	$	2,723,235
Depreciation, Depletion and Amortization	$	45,829	$	8,541		$	—	$	54,370
Capital Expenditures	$	45,232	$	3,289		$	—	$	48,521

Industry segment results for the nine months ended September 30, 2020 are:

	PAMC			Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	541,545		$	595		$	—	$	542,140		(A)
Terminal Revenue		—			49,407			—		49,407
Freight Revenue		19,141			—			—		19,141
Total Revenue from Contracts with Customers	$	560,686		$	50,002		$	—	$	610,688
Loss Before Income Tax	$	(18,405	)	$	(9,400	)	$	—	$	(27,805	)
Segment Assets	$	1,878,350		$	676,488		$	—	$	2,554,838
Depreciation, Depletion and Amortization	$	145,154		$	10,903		$	—	$	156,057
Capital Expenditures	$	52,687		$	13,268		$	—	$	65,955

Industry segment results for the nine months ended September 30, 2019 are:

	PAMC		Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	984,665	$	—		$	—	$	984,665	(A)
Terminal Revenue		—		50,829			—		50,829
Freight Revenue		14,115		—			—		14,115
Total Revenue from Contracts with Customers	$	998,780	$	50,829		$	—	$	1,049,609
Earnings (Loss) Before Income Tax	$	156,029	$	(80,115	)	$	—	$	75,914
Segment Assets	$	2,014,381	$	708,854		$	—	$	2,723,235
Depreciation, Depletion and Amortization	$	136,124	$	15,121		$	—	$	151,245
Capital Expenditures	$	117,417	$	14,058		$	—	$	131,475

(A) For the three and nine months ended September 30, 2020 and 2019, the PAMC segment had revenues from the following customers, each comprising over 10% of the Company’s total sales:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Customer A	$	45,818	$	49,772	$	94,647	$	180,014
Customer C	$	36,888	$	63,526	$	86,631	$	158,903
Customer B		*	$	95,953	$	141,993	$	358,882

* Revenues from this customer during the three months ended September 30, 2020 were less than 10% of the Company's total sales.

Reconciliation of Segment Information to Consolidated Amounts:

Total Assets:

	September 30,
	2020		2019
Segment Assets for Total Reportable Business Segments	$	1,878,350	$	2,014,381
Segment Assets for All Other Business Segments		542,189		512,738
Items Excluded from Segment Assets:
Cash and Other Investments		32,660		104,344
Deferred Tax Assets		101,639		91,772
Total Consolidated Assets	$	2,554,838	$	2,723,235

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Note 17 - Additional Information With Respect to Unrestricted Subsidiaries

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

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

NOTE 17—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 September 30, 2020 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	138,359		$	46,016		$	184,375
Terminal Revenue		17,008			—			17,008
Freight Revenue		9,682			3,227			12,909
Miscellaneous Other Income		11,454			9,547			21,001
Gain on Sale of Assets		7,867			59			7,926
Total Revenue and Other Income		184,370			58,849			243,219
Costs and Expenses:
Operating and Other Costs		118,857			34,174			153,031
Depreciation, Depletion and Amortization		33,070			21,889			54,959
Freight Expense		9,682			3,227			12,909
Selling, General and Administrative Costs		8,238			2,879			11,117
Gain on Debt Extinguishment		(1,078	)		—			(1,078	)
Interest Expense, net		13,203			2,520			15,723
Total Costs and Expenses		181,972			64,689			246,661
Earnings (Loss) Before Income Tax		2,398			(5,840	)		(3,442	)
Income Tax Expense		5,918			—			5,918
Net Loss		(3,520	)		(5,840	)		(9,360	)
Less: Net Loss Attributable to Noncontrolling Interest		(2,136	)		—			(2,136	)
Net Loss Attributable to CONSOL Energy Inc. Shareholders	$	(1,384	)	$	(5,840	)	$	(7,224	)

Balance Sheet at September 30, 2020 (unaudited):
	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	21,636		$	648	$	22,284
Accounts and Notes Receivable
Trade Receivables, net		—			120,548		120,548
Other Receivables, net		23,786			962		24,748
Inventories		43,399			13,178		56,577
Prepaid Expenses and Other Assets		23,053			4,086		27,139
Total Current Assets		111,874			139,422		251,296
Property, Plant and Equipment:
Property, Plant and Equipment		4,109,220			1,017,483		5,126,703
Less-Accumulated Depreciation, Depletion and Amortization		2,437,152			606,311		3,043,463
Total Property, Plant and Equipment - Net		1,672,068			411,172		2,083,240
Other Assets:
Deferred Income Taxes		101,639			—		101,639
Right of Use Asset - Operating Leases		45,936			12,170		58,106
Other, net		57,920			2,637		60,557
Total Other Assets		205,495			14,807		220,302
TOTAL ASSETS	$	1,989,437		$	565,401	$	2,554,838
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	51,277		$	20,986	$	72,263
Accounts (Recoverable) Payable - Related Parties		(8,035	)		8,035		—
Current Portion of Long-Term Debt		59,703			9,251		68,954
Other Accrued Liabilities		209,132			38,263		247,395
Total Current Liabilities		312,077			76,535		388,612
Long-Term Debt:
Long-Term Debt, Related Party		(174,685	)		174,685		—
Long-Term Debt		587,020			—		587,020
Finance Lease Obligations		15,948			5,198		21,146
Total Long-Term Debt		428,283			179,883		608,166
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions		421,705			—		421,705
Pneumoconiosis Benefits		194,312			6,754		201,066
Asset Retirement Obligations		218,031			11,315		229,346
Workers' Compensation		57,527			3,998		61,525
Salary Retirement		33,454			—		33,454
Operating Lease Liability		33,445			8,178		41,623
Other		15,726			887		16,613
Total Deferred Credits and Other Liabilities		974,200			31,132		1,005,332
TOTAL LIABILITIES		1,714,560			287,550		2,002,110
Total CONSOL Energy Inc. Stockholders’ Equity		148,228			277,851		426,079
Noncontrolling Interest		126,649			—		126,649
TOTAL LIABILITIES AND EQUITY	$	1,989,437		$	565,401	$	2,554,838

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

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	226,157		$	75,385	$	301,542
Terminal Revenue		16,303			—		16,303
Freight Revenue		2,699			900		3,599
Miscellaneous Other Income		391			10,797		11,188
Gain on Sale of Assets		714			—		714
Total Revenue and Other Income		246,264			87,082		333,346
Costs and Expenses:
Operating and Other Costs		180,487			54,362		234,849
Depreciation, Depletion and Amortization		43,284			11,086		54,370
Freight Expense		2,699			900		3,599
Selling, General and Administrative Costs		11,850			2,840		14,690
Loss on Debt Extinguishment		801			—		801
Interest Expense, net		14,011			1,587		15,598
Total Costs and Expenses		253,132			70,775		323,907
(Loss) Earnings Before Income Tax		(6,868	)		16,307		9,439
Income Tax Expense		2,415			—		2,415
Net (Loss) Income		(9,283	)		16,307		7,024
Less: Net Income Attributable to Noncontrolling Interest		2,684			—		2,684
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(11,967	)	$	16,307	$	4,340

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 Nine Months Ended September 30, 2020 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	406,754		$	135,386	$	542,140
Terminal Revenue		49,407			—		49,407
Freight Revenue		14,356			4,785		19,141
Miscellaneous Other Income		32,119			38,988		71,107
Gain on Sale of Assets		15,182			59		15,241
Total Revenue and Other Income		517,818			179,218		697,036
Costs and Expenses:
Operating and Other Costs		373,774			107,938		481,712
Depreciation, Depletion and Amortization		110,720			45,337		156,057
Freight Expense		14,356			4,785		19,141
Selling, General and Administrative Costs		30,441			9,285		39,726
Gain on Debt Extinguishment		(17,911	)		—		(17,911	)
Interest Expense, net		39,187			6,929		46,116
Total Costs and Expenses		550,567			174,274		724,841
(Loss) Earnings Before Income Tax		(32,749	)		4,944		(27,805	)
Income Tax Expense		143			—		143
Net (Loss) Income		(32,892	)		4,944		(27,948	)
Less: Net Loss Attributable to Noncontrolling Interest		(5,108	)		—		(5,108	)
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(27,784	)	$	4,944	$	(22,840	)

Income Statement for the Nine Months Ended September 30, 2019 (unaudited):

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	738,499		$	246,166		$	984,665
Terminal Revenue		50,829			—			50,829
Freight Revenue		10,586			3,529			14,115
Miscellaneous Other Income		4,528			32,146			36,674
Gain (Loss) on Sale of Assets		1,991			(5	)		1,986
Total Revenue and Other Income		806,433			281,836			1,088,269
Costs and Expenses:
Operating and Other Costs		552,671			165,739			718,410
Depreciation, Depletion and Amortization		117,606			33,639			151,245
Freight Expense		10,586			3,529			14,115
Selling, General and Administrative Costs		42,548			10,353			52,901
Loss on Debt Extinguishment		25,444			—			25,444
Interest Expense, net		45,745			4,495			50,240
Total Costs and Expenses		794,600			217,755			1,012,355
Earnings Before Income Tax		11,833			64,081			75,914
Income Tax Benefit		(243	)		—			(243	)
Net Income		12,076			64,081			76,157
Less: Net Income Attributable to Noncontrolling Interest		14,102			—			14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(2,026	)	$	64,081		$	62,055

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Note 18 - Related Party Transactions

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE 18—RELATED PARTY TRANSACTIONS:

Transactions with the Company's Former Parent (2017)

Transition Services Agreements

The Company entered into a transition services agreement (“TSA”) and certain other agreements in connection with the separation and distribution agreement with its former parent to cover certain continued corporate services provided by the Company and its former parent to each other following the completion of the separation and distribution. In connection with the separation and distribution, the Company began to set up its own corporate functions, and pursuant to the TSA, the Company's former parent provided various corporate support services, including certain accounting, human resources, information technology, office and building, risk, security, tax and treasury, building security and tax services, as well as certain regulatory compliance services required during the period in which the Company remained a majority-owned subsidiary of its former parent. The TSA expired in February 2019. The charges associated with these services were not material during the three and nine months ended September 30, 2019, and were consistent with expenses that the Company's former parent had historically allocated or incurred with respect to such services.

Former Parent Receivables and Payables

The Company had a receivable from its former parent of $6,791 at December 31, 2019, which was recorded in Other Receivables on the Consolidated Balance Sheets. The balance of this receivable was collected during the nine months ended September 30, 2020. This receivable relates to reimbursements per the terms of the separation and distribution agreement.

CONSOL Coal Resources LP

CONSOL Energy, certain of its subsidiaries and the Partnership are party to an Omnibus Agreement, dated September 30, 2016, as amended on November 28, 2017 (the “Omnibus Agreement”). Under the Omnibus Agreement, CONSOL Energy provides the Partnership with certain services in exchange for payments by the Partnership for those services.

On November 28, 2017, the Company entered into an Affiliated Company Credit Agreement with the Partnership and certain of its subsidiaries (the “Partnership Credit Parties”), as amended on June 5, 2020 (as amended, the “Affiliated Company Credit Agreement”), under which the Company provides as lender a revolving credit facility in an aggregate principal amount of up to $275 million to the Partnership Credit Parties. In connection with the completion of the separation, the Partnership drew an initial $201 million, the net proceeds of which were used to repay outstanding amounts under CCR's $400 million senior secured revolving credit facility with certain lenders and PNC Bank, National Association, as administrative agent (the “Original CCR Credit Facility”), to provide working capital for the Partnership following the separation and for other general corporate purposes. The Original CCR Credit Facility was then terminated.

On June 5, 2020, the Company amended the Affiliated Company Credit Agreement to provide eight quarters of financial covenant relaxation, effected a 50 basis points increase in the rate at which borrowings under the Affiliated Company Credit Agreement bear interest, and added additional conditions to be met for the covenants relating to general investments, investments in unrestricted subsidiaries, and distributions to equity holders of the Partnership. The Affiliated Company Credit Agreement has a maturity date of December 28, 2024. Interest accrues at a rate ranging from 4.25% to 5.25%, subject to the Partnership's net leverage ratio. For the three months ended September 30, 2020 and 2019, $2,428 and $2,003 of interest was incurred under the Affiliated Company Credit Agreement, respectively. For the nine months ended September 30, 2020 and 2019, $6,705 and $5,770 of interest was incurred under the Affiliated Company Credit Agreement, respectively. The collateral obligations under the Affiliated Company Credit Agreement generally mirror the Original CCR Credit Facility, as does the list of entities that will act as guarantors thereunder. The Affiliated Company Credit Agreement is subject to financial covenants relating to a maximum first lien gross leverage ratio and a maximum total net leverage ratio, which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quarter. The Partnership was in compliance with each of these financial covenants at September 30, 2020. The Affiliated Company Credit Agreement also contains a number of customary affirmative covenants and negative covenants, including limitations on the ability of the Partnership to incur additional indebtedness, grant liens, and make investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness (subject to certain limited exceptions).

CCR is a party to a number of other agreements with CONSOL Energy, or its subsidiaries, that are described in detail in the section titled “Agreements with Affiliates” in Item 13 of CCR’s Form 10-K filed on February 14, 2020.

In August 2019, upon payment of the cash distribution with respect to the quarter ended June 30, 2019, the financial requirements for the conversion of all CCR subordinated units were satisfied. As a result, all 11,611,067 of the CCR subordinated units owned entirely by CONSOL Energy Inc. were converted into CCR common units on a one-for-one basis. The conversion did not impact the amount of the cash distribution paid or the total number of CCR's outstanding units representing limited partner interests.

See Note 20 - Subsequent Events for a discussion of the CCR Merger.

Charges for services from the Company to CCR include the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating and Other Costs	$	1,006	$	838	$	2,715	$	2,368
Selling, General and Administrative Costs		1,770		1,902		6,427		6,932
Total Services from CONSOL Energy	$	2,776	$	2,740	$	9,142	$	9,300

Operating and Other Costs include pension service costs and insurance expenses. Selling, General and Administrative Costs include charges for incentive compensation, an annual administrative support fee and reimbursement for the provision of certain management and operating services provided by the Company.

At September 30, 2020 and December 31, 2019, CCR had a net payable to the Company in the amount of $8,035 and $1,419, respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the Omnibus Agreement.

In May 2019, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock, unit and debt repurchase program (see Note 19 - Stock, Unit and Debt Repurchases). The program expansion allows the Company to use up to $50 million of the program to purchase CCR's outstanding common units in the open market. None of the Partnership's common units were purchased under this program during the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, 19,413 and 26,297 of the Partnership's common units were purchased under this program at an average price of $12.88 and $14.05 per unit, respectively. 

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Note 19 - Stock, Unit and Debt Repurchases

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 19—STOCK, UNIT AND DEBT REPURCHASES:

In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company’s outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025, in an aggregate amount of up to $50 million through the period ending June 30, 2019. The program was subsequently amended by CONSOL Energy’s Board of Directors in July 2018 to allow up to $100 million of repurchases of the Company’s common stock or its 11.00% Senior Secured Second Lien Notes due 2025, subject to certain limitations in the Company’s current credit agreement and the TMA. The Company’s Board of Directors also authorized the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP’s outstanding common units in the open market. In May 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $75 million, bringing the aggregate limit of the program to $175 million. The May 2019 expansion also increased the aggregate limit of the amount of CCR's common units that can be purchased under the program to $50 million, which is consistent with the Company's credit facility covenants that prohibit the Company from using more than $50 million for the purchase of CCR's outstanding common units. The Company's Board of Directors also approved extending the termination date of the program from June 30, 2019 to June 30, 2020. In July 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $25 million, bringing the aggregate limit of the Company's stock, unit and debt repurchase program to $200 million. In May 2020, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $70 million, bringing the aggregate limit of the Company's stock, unit and debt repurchase program to $270 million. The Company's Board of Directors also approved extending the termination date of the program from June 30, 2020 to June 30, 2022.

Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock, notes or units are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock, notes or units, and can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement, indenture, or the TMA, and is subject to market conditions and other factors.

During the nine months ended September 30, 2020 and 2019, the Company repurchased approximately $45,176 and $35,048 of its 11.00% Senior Secured Second Lien Notes due 2025, respectively. No common shares were repurchased and no common Partnership units were purchased under this program during the nine months ended September 30, 2020. During the nine months ended September 30, 2019, the Company repurchased and retired 1,717,497 shares of the Company's common stock at an average price of $19.06 per share and 26,297 of the Partnership's common units were purchased at an average price of $14.05 per unit.

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Note 20 - Subsequent Events

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 20—Subsequent Events :

On October 23, 2020, CONSOL Energy, together with CCR, announced they have entered into a definitive merger agreement pursuant to which CONSOL Energy will acquire all of the outstanding CCR common units other than any CCR common units currently owned by CONSOL Energy and its subsidiaries (each, a “Public Common Unit”) in an all-stock transaction valued at approximately $34.4 million. On the closing of the transactions contemplated under the Merger Agreement, the Company will acquire all of the approximately 10.9 million outstanding Public Common Units at a fixed exchange ratio of 0.73 shares of CONSOL Energy common stock for each Public Common Unit. This exchange ratio represents a 2.1% premium to the volume weighted average exchange ratio during the 20 trading days ended October 22, 2020. In aggregate, CONSOL Energy will issue approximately 8.0 million shares in connection with the proposed transaction, representing approximately 22.2% of the total CONSOL Energy shares that will be outstanding on a pro forma basis after completion of the CCR Merger.

The transaction terms were negotiated, reviewed and approved by the conflicts committee of the board of directors of CCR’s general partner and the board of directors of CCR’s general partner. The CCR conflicts committee is composed of the independent members of the board of directors of CCR’s general partner. CONSOL Energy’s board of directors also approved the Merger Agreement and the transactions contemplated thereby, including the CCR Merger and the issuance of CONSOL Energy common stock as the merger consideration, and has resolved to submit the approval of the issuance of the CONSOL Energy common stock in connection with the proposed transactions to a vote of the holders of CONSOL Energy common stock.

Subject to customary approvals and conditions, the transaction is expected to close in the first quarter of 2021. The transaction is subject to the approval by the holders of at least a majority of the outstanding CCR common units, approval by a majority of the votes cast by CONSOL Energy’s stockholders and the effectiveness of a registration statement related to the issuance of the new CONSOL Energy shares to CCR’s common unitholders. Pursuant to a support agreement entered into in connection with the transaction, CONSOL Energy has agreed to vote all of the CCR common units that it owns in favor of the proposed transaction. CONSOL Energy currently owns approximately 60.7% of the outstanding CCR common units.

In connection with the closing of the transaction, CCR’s common units will cease to be publicly traded and the incentive distribution rights in CCR will be eliminated.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2019 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019.

Consolidation, Policy [Policy Text Block]

Basis of Consolidation

The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 - Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In response to concerns about structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This Update also provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. Management has elected to apply this Update subsequent to March 12, 2020. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements.

In January 2020, the FASB issued ASU 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this Update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements.

In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) to reduce the complexity of accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in Update 2019-12 will remove the following exceptions: (1) the exception to the incremental approach for intra-period tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in Update 2019-12 will also simplify the accounting for income taxes in the areas of franchise tax, step up in the tax basis of goodwill associated with a business combination, allocation of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, and presentation of the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Update adds minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. These changes will be effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements.

In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management does not expect this update to have a material impact on the Company’s financial statements.

Earnings Per Share, Policy [Policy Text Block]

Earnings per Share

Basic earnings per share are computed by dividing net (loss) income attributable to CONSOL Energy Inc. shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. 

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Anti-Dilutive Restricted Stock Units		1,561,852		418,924		1,361,077		166,650
Anti-Dilutive Performance Share Units		29,062		56,399		32,736		—
		1,590,914		475,323		1,393,813		166,650

The computations for basic and dilutive earnings per share are as follows:

	Three Months Ended					Nine Months Ended
Dollars in thousands, except per share data	September 30,					September 30,
	2020			2019		2020			2019
Numerator:
Net (Loss) Income	$	(9,360	)	$	7,024	$	(27,948	)	$	76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136	)		2,684		(5,108	)		14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(7,224	)	$	4,340	$	(22,840	)	$	62,055
Denominator:
Weighted-average shares of common stock outstanding		26,034,198			26,835,297		26,017,546			27,285,511
Effect of dilutive shares*		—			181,693		—			195,332
Weighted-average diluted shares of common stock outstanding		26,034,198			27,016,990		26,017,546			27,480,843
(Loss) Earnings per Share:
Basic	$	(0.28	)	$	0.16	$	(0.88	)	$	2.27
Dilutive	$	(0.28	)	$	0.16	$	(0.88	)	$	2.26

*During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is anti-dilutive.

As of September 30, 2020, CONSOL Energy has 500,000 shares of preferred stock, none of which are issued or outstanding.

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Note 1 - Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Anti-Dilutive Restricted Stock Units		1,561,852		418,924		1,361,077		166,650
Anti-Dilutive Performance Share Units		29,062		56,399		32,736		—
		1,590,914		475,323		1,393,813		166,650

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended					Nine Months Ended
Dollars in thousands, except per share data	September 30,					September 30,
	2020			2019		2020			2019
Numerator:
Net (Loss) Income	$	(9,360	)	$	7,024	$	(27,948	)	$	76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136	)		2,684		(5,108	)		14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(7,224	)	$	4,340	$	(22,840	)	$	62,055
Denominator:
Weighted-average shares of common stock outstanding		26,034,198			26,835,297		26,017,546			27,285,511
Effect of dilutive shares*		—			181,693		—			195,332
Weighted-average diluted shares of common stock outstanding		26,034,198			27,016,990		26,017,546			27,480,843
(Loss) Earnings per Share:
Basic	$	(0.28	)	$	0.16	$	(0.88	)	$	2.27
Dilutive	$	(0.28	)	$	0.16	$	(0.88	)	$	2.26

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Note 3 - Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Coal Revenue	$	184,375	$	301,542	$	542,140	$	984,665
Terminal Revenue		17,008		16,303		49,407		50,829
Freight Revenue		12,909		3,599		19,141		14,115
Total Revenue from Contracts with Customers	$	214,292	$	321,444	$	610,688	$	1,049,609

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Note 4 - Miscellaneous Other Income (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Interest and Other Income [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Contract Buyout	$	—	$	1,193	$	40,969	$	3,583
Sale of Certain Coal Lease Contracts		17,847		—		17,847		—
Royalty Income - Non-Operated Coal		2,241		4,976		9,638		16,863
Rental Income		255		625		1,077		1,923
Property Easements and Option Income		19		100		495		1,529
Interest Income		76		755		442		2,399
Purchased Coal Sales		—		3,136		—		9,052
Other		563		403		639		1,325
Miscellaneous Other Income	$	21,001	$	11,188	$	71,107	$	36,674

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Note 5 - Components of Pension and Other Post-employment Benefit (OPEB) Plans Net Periodic Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	Pension Benefits												Other Post-Employment Benefits
	Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2020			2019			2020			2019			2020			2019			2020			2019
Service Cost	$	296		$	987		$	887		$	2,963		$	—		$	—		$	—		$	—
Interest Cost		5,044			6,275			15,132			18,825			3,199			4,580			9,597			13,740
Expected Return on Plan Assets		(10,455	)		(10,114	)		(31,365	)		(30,343	)		—			—			—			—
Amortization of Prior Service Credits		—			(92	)		—			(275	)		(601	)		(601	)		(1,804	)		(1,804	)
Amortization of Actuarial Loss		1,730			1,490			5,191			4,469			2,319			2,315			6,958			6,946
Net Periodic Benefit (Credit) Cost	$	(3,385	)	$	(1,454	)	$	(10,155	)	$	(4,361	)	$	4,917		$	6,294		$	14,751		$	18,882

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Note 6 - Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]

	CWP								Workers' Compensation
	Three Months Ended				Nine Months Ended				Three Months Ended						Nine Months Ended
	September 30,				September 30,				September 30,						September 30,
	2020		2019		2020		2019		2020			2019			2020			2019
Service Cost	$	1,150	$	948	$	3,452	$	2,844	$	1,569		$	1,421		$	4,707		$	4,264
Interest Cost		1,552		1,750		4,655		5,250		461			646			1,383			1,939
Amortization of Actuarial Loss (Gain)		1,401		254		4,203		762		(122	)		(193	)		(366	)		(580	)
State Administrative Fees and Insurance Bond Premiums		—		—		—		—		583			510			1,665			1,671
Net Periodic Benefit Cost	$	4,103	$	2,952	$	12,310	$	8,856	$	2,491		$	2,384		$	7,389		$	7,294

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Note 8 - Credit Losses (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Accounting Standards Update and Change in Accounting Principle [Table Text Block]

	January 1, 2020
	As Reported Under ASC 326		Pre-ASC 326 Adoption		Impact of ASC 326 Adoption
Trade Receivables	$	3,051	$	2,100	$	951
Other Receivables		3,372		711		2,661
Other Assets		795		—		795
Allowance for Credit Losses on Receivables	$	7,218	$	2,811	$	4,407

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

	Trade Receivables		Other Receivables		Other Assets
Beginning Balance, January 1, 2020	$	2,100	$	711	$	—
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings		951		2,661		795
Provision for expected credit losses		1,823		1,120		851
Ending Balance, September 30, 2020	$	4,874	$	4,492	$	1,646

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Note 9 - Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	September 30,		December 31,
	2020		2019
Coal	$	6,640	$	2,484
Supplies		49,937		51,647
Total Inventories	$	56,577	$	54,131

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Note 11 - Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	September 30,		December 31,
	2020		2019
Plant and Equipment	$	3,131,792	$	3,028,514
Coal Properties and Surface Lands		874,439		872,909
Airshafts		449,863		437,003
Mine Development		343,960		342,706
Advance Mining Royalties		326,649		327,048
Total Property, Plant and Equipment		5,126,703		5,008,180
Less: Accumulated Depreciation, Depletion and Amortization		3,043,463		2,916,015
Total Property, Plant and Equipment, Net	$	2,083,240	$	2,092,165

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Note 12 - Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 30,		December 31,
	2020		2019
Subsidence Liability	$	89,917	$	90,645
Accrued Payroll and Benefits		20,444		21,102
Accrued Equipment Obligations		10,097		—
Accrued Interest		9,576		6,281
Other		22,004		21,034
Current Portion of Long-Term Liabilities:
Postretirement Benefits Other than Pensions		30,410		31,833
Asset Retirement Obligations		22,057		21,741
Operating Lease Liability		20,020		19,479
Pneumoconiosis Benefits		12,092		12,331
Workers' Compensation		10,778		11,323
Total Other Accrued Liabilities	$	247,395	$	235,769

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Note 13 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	September 30,		December 31,
	2020		2019
Debt:
Term Loan B due in September 2024 (Principal of $270,875 and $272,938 less Unamortized Discount of $1,000 and $1,187, 4.65% and 6.30% Weighted Average Interest Rate, respectively)	$	269,875	$	271,751
11.00% Senior Secured Second Lien Notes due November 2025		176,452		221,628
MEDCO Revenue Bonds in Series due September 2025 at 5.75%		102,865		102,865
Term Loan A due in March 2023 (5.50% and 5.55% Weighted Average Interest Rate, respectively)		72,500		88,750
Other Asset-Backed Financing Arrangements		21,885		9,289
Advance Royalty Commitments (10.78% Weighted Average Interest Rate)		1,895		1,895
Less: Unamortized Debt Issuance Costs		10,759		10,323
		634,713		685,855
Less: Amounts Due in One Year*		47,693		32,053
Long-Term Debt	$	587,020	$	653,802

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Note 14 - Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Guarantor Obligations [Table Text Block]

	Amount of Commitment Expiration per Period
	Total Amounts Committed		Less Than 1 Year		1-3 Years		3-5 Years		Beyond 5 Years
Letters of Credit:
Employee-Related	$	75,846	$	52,929	$	22,917	$	—	$	—
Environmental		398		398		—		—		—
Other		52,982		47,504		5,478		—		—
Total Letters of Credit		129,226		100,831		28,395		—		—
Surety Bonds:
Employee-Related		86,024		50,524		35,500		—		—
Environmental		576,584		555,300		21,284		—		—
Other		4,789		4,584		205		—		—
Total Surety Bonds		667,397		610,408		56,989		—		—
Guarantees:
Other		10,704		6,636		3,438		398		232
Total Guarantees		10,704		6,636		3,438		398		232
Total Commitments	$	807,327	$	717,875	$	88,822	$	398	$	232

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Note 15 - Fair Value Of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Fair Value Measurements at								Fair Value Measurements at
	September 30, 2020								December 31, 2019
Description	Level 1		Level 2			Level 3			Level 1		Level 2			Level 3
Lease Guarantees	$	—	$	—		$	(259	)	$	—	$	—		$	(482	)
Derivatives (1)	$	—	$	(3,373	)	$	—		$	—	$	(154	)	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

	September 30, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Long-Term Debt	$	645,472	$	491,465	$	696,178	$	642,018

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Note 16 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	PAMC			Other		Adjustments and Eliminations		Consolidated
Coal Revenue	$	184,066		$	309	$	—	$	184,375		(A)
Terminal Revenue		—			17,008		—		17,008
Freight Revenue		12,909			—		—		12,909
Total Revenue from Contracts with Customers	$	196,975		$	17,317	$	—	$	214,292
(Loss) Earnings Before Income Tax	$	(6,930	)	$	3,488	$	—	$	(3,442	)
Segment Assets	$	1,878,350		$	676,488	$	—	$	2,554,838
Depreciation, Depletion and Amortization	$	49,944		$	5,015	$	—	$	54,959
Capital Expenditures	$	15,733		$	3,775	$	—	$	19,508

	PAMC		Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	301,542	$	—		$	—	$	301,542	(A)
Terminal Revenue		—		16,303			—		16,303
Freight Revenue		3,599		—			—		3,599
Total Revenue from Contracts with Customers	$	305,141	$	16,303		$	—	$	321,444
Earnings (Loss) Before Income Tax	$	30,546	$	(21,107	)	$	—	$	9,439
Segment Assets	$	2,014,381	$	708,854		$	—	$	2,723,235
Depreciation, Depletion and Amortization	$	45,829	$	8,541		$	—	$	54,370
Capital Expenditures	$	45,232	$	3,289		$	—	$	48,521

	PAMC			Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	541,545		$	595		$	—	$	542,140		(A)
Terminal Revenue		—			49,407			—		49,407
Freight Revenue		19,141			—			—		19,141
Total Revenue from Contracts with Customers	$	560,686		$	50,002		$	—	$	610,688
Loss Before Income Tax	$	(18,405	)	$	(9,400	)	$	—	$	(27,805	)
Segment Assets	$	1,878,350		$	676,488		$	—	$	2,554,838
Depreciation, Depletion and Amortization	$	145,154		$	10,903		$	—	$	156,057
Capital Expenditures	$	52,687		$	13,268		$	—	$	65,955

	PAMC		Other			Adjustments and Eliminations		Consolidated
Coal Revenue	$	984,665	$	—		$	—	$	984,665	(A)
Terminal Revenue		—		50,829			—		50,829
Freight Revenue		14,115		—			—		14,115
Total Revenue from Contracts with Customers	$	998,780	$	50,829		$	—	$	1,049,609
Earnings (Loss) Before Income Tax	$	156,029	$	(80,115	)	$	—	$	75,914
Segment Assets	$	2,014,381	$	708,854		$	—	$	2,723,235
Depreciation, Depletion and Amortization	$	136,124	$	15,121		$	—	$	151,245
Capital Expenditures	$	117,417	$	14,058		$	—	$	131,475

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Customer A	$	45,818	$	49,772	$	94,647	$	180,014
Customer C	$	36,888	$	63,526	$	86,631	$	158,903
Customer B		*	$	95,953	$	141,993	$	358,882

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	September 30,
	2020		2019
Segment Assets for Total Reportable Business Segments	$	1,878,350	$	2,014,381
Segment Assets for All Other Business Segments		542,189		512,738
Items Excluded from Segment Assets:
Cash and Other Investments		32,660		104,344
Deferred Tax Assets		101,639		91,772
Total Consolidated Assets	$	2,554,838	$	2,723,235

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Note 17 - Additional Information With Respect to Unrestricted Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Condensed Income Statement [Table Text Block]

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	138,359		$	46,016		$	184,375
Terminal Revenue		17,008			—			17,008
Freight Revenue		9,682			3,227			12,909
Miscellaneous Other Income		11,454			9,547			21,001
Gain on Sale of Assets		7,867			59			7,926
Total Revenue and Other Income		184,370			58,849			243,219
Costs and Expenses:
Operating and Other Costs		118,857			34,174			153,031
Depreciation, Depletion and Amortization		33,070			21,889			54,959
Freight Expense		9,682			3,227			12,909
Selling, General and Administrative Costs		8,238			2,879			11,117
Gain on Debt Extinguishment		(1,078	)		—			(1,078	)
Interest Expense, net		13,203			2,520			15,723
Total Costs and Expenses		181,972			64,689			246,661
Earnings (Loss) Before Income Tax		2,398			(5,840	)		(3,442	)
Income Tax Expense		5,918			—			5,918
Net Loss		(3,520	)		(5,840	)		(9,360	)
Less: Net Loss Attributable to Noncontrolling Interest		(2,136	)		—			(2,136	)
Net Loss Attributable to CONSOL Energy Inc. Shareholders	$	(1,384	)	$	(5,840	)	$	(7,224	)

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	226,157		$	75,385	$	301,542
Terminal Revenue		16,303			—		16,303
Freight Revenue		2,699			900		3,599
Miscellaneous Other Income		391			10,797		11,188
Gain on Sale of Assets		714			—		714
Total Revenue and Other Income		246,264			87,082		333,346
Costs and Expenses:
Operating and Other Costs		180,487			54,362		234,849
Depreciation, Depletion and Amortization		43,284			11,086		54,370
Freight Expense		2,699			900		3,599
Selling, General and Administrative Costs		11,850			2,840		14,690
Loss on Debt Extinguishment		801			—		801
Interest Expense, net		14,011			1,587		15,598
Total Costs and Expenses		253,132			70,775		323,907
(Loss) Earnings Before Income Tax		(6,868	)		16,307		9,439
Income Tax Expense		2,415			—		2,415
Net (Loss) Income		(9,283	)		16,307		7,024
Less: Net Income Attributable to Noncontrolling Interest		2,684			—		2,684
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(11,967	)	$	16,307	$	4,340

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
Revenue and Other Income:
Coal Revenue	$	406,754		$	135,386	$	542,140
Terminal Revenue		49,407			—		49,407
Freight Revenue		14,356			4,785		19,141
Miscellaneous Other Income		32,119			38,988		71,107
Gain on Sale of Assets		15,182			59		15,241
Total Revenue and Other Income		517,818			179,218		697,036
Costs and Expenses:
Operating and Other Costs		373,774			107,938		481,712
Depreciation, Depletion and Amortization		110,720			45,337		156,057
Freight Expense		14,356			4,785		19,141
Selling, General and Administrative Costs		30,441			9,285		39,726
Gain on Debt Extinguishment		(17,911	)		—		(17,911	)
Interest Expense, net		39,187			6,929		46,116
Total Costs and Expenses		550,567			174,274		724,841
(Loss) Earnings Before Income Tax		(32,749	)		4,944		(27,805	)
Income Tax Expense		143			—		143
Net (Loss) Income		(32,892	)		4,944		(27,948	)
Less: Net Loss Attributable to Noncontrolling Interest		(5,108	)		—		(5,108	)
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(27,784	)	$	4,944	$	(22,840	)

	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries			Consolidated
Revenue and Other Income:
Coal Revenue	$	738,499		$	246,166		$	984,665
Terminal Revenue		50,829			—			50,829
Freight Revenue		10,586			3,529			14,115
Miscellaneous Other Income		4,528			32,146			36,674
Gain (Loss) on Sale of Assets		1,991			(5	)		1,986
Total Revenue and Other Income		806,433			281,836			1,088,269
Costs and Expenses:
Operating and Other Costs		552,671			165,739			718,410
Depreciation, Depletion and Amortization		117,606			33,639			151,245
Freight Expense		10,586			3,529			14,115
Selling, General and Administrative Costs		42,548			10,353			52,901
Loss on Debt Extinguishment		25,444			—			25,444
Interest Expense, net		45,745			4,495			50,240
Total Costs and Expenses		794,600			217,755			1,012,355
Earnings Before Income Tax		11,833			64,081			75,914
Income Tax Benefit		(243	)		—			(243	)
Net Income		12,076			64,081			76,157
Less: Net Income Attributable to Noncontrolling Interest		14,102			—			14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders	$	(2,026	)	$	64,081		$	62,055

Condensed Balance Sheet [Table Text Block]

Balance Sheet at September 30, 2020 (unaudited):
	Company and
	Restricted			Unrestricted
	Subsidiaries			Subsidiaries		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	21,636		$	648	$	22,284
Accounts and Notes Receivable
Trade Receivables, net		—			120,548		120,548
Other Receivables, net		23,786			962		24,748
Inventories		43,399			13,178		56,577
Prepaid Expenses and Other Assets		23,053			4,086		27,139
Total Current Assets		111,874			139,422		251,296
Property, Plant and Equipment:
Property, Plant and Equipment		4,109,220			1,017,483		5,126,703
Less-Accumulated Depreciation, Depletion and Amortization		2,437,152			606,311		3,043,463
Total Property, Plant and Equipment - Net		1,672,068			411,172		2,083,240
Other Assets:
Deferred Income Taxes		101,639			—		101,639
Right of Use Asset - Operating Leases		45,936			12,170		58,106
Other, net		57,920			2,637		60,557
Total Other Assets		205,495			14,807		220,302
TOTAL ASSETS	$	1,989,437		$	565,401	$	2,554,838
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	51,277		$	20,986	$	72,263
Accounts (Recoverable) Payable - Related Parties		(8,035	)		8,035		—
Current Portion of Long-Term Debt		59,703			9,251		68,954
Other Accrued Liabilities		209,132			38,263		247,395
Total Current Liabilities		312,077			76,535		388,612
Long-Term Debt:
Long-Term Debt, Related Party		(174,685	)		174,685		—
Long-Term Debt		587,020			—		587,020
Finance Lease Obligations		15,948			5,198		21,146
Total Long-Term Debt		428,283			179,883		608,166
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions		421,705			—		421,705
Pneumoconiosis Benefits		194,312			6,754		201,066
Asset Retirement Obligations		218,031			11,315		229,346
Workers' Compensation		57,527			3,998		61,525
Salary Retirement		33,454			—		33,454
Operating Lease Liability		33,445			8,178		41,623
Other		15,726			887		16,613
Total Deferred Credits and Other Liabilities		974,200			31,132		1,005,332
TOTAL LIABILITIES		1,714,560			287,550		2,002,110
Total CONSOL Energy Inc. Stockholders’ Equity		148,228			277,851		426,079
Noncontrolling Interest		126,649			—		126,649
TOTAL LIABILITIES AND EQUITY	$	1,989,437		$	565,401	$	2,554,838

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

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Note 18 - Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Related Party Transactions [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating and Other Costs	$	1,006	$	838	$	2,715	$	2,368
Selling, General and Administrative Costs		1,770		1,902		6,427		6,932
Total Services from CONSOL Energy	$	2,776	$	2,740	$	9,142	$	9,300

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Note 1 - Basis of Presentation (Details Textual)	Sep. 30, 2020 shares
Preferred Stock, Shares Authorized (in shares)	500,000
Preferred Stock, Shares Issued, Total (in shares)	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0

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Note 1 - Basis of Presentation - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive securities excluded from calculation of earnings per share (in shares)	1,590,914	475,323	1,393,813	166,650
Restricted Stock Units (RSUs) [Member]
Antidilutive securities excluded from calculation of earnings per share (in shares)	1,561,852	418,924	1,361,077	166,650
Performance Shares [Member]
Antidilutive securities excluded from calculation of earnings per share (in shares)	29,062	56,399	32,736	0

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Note 1 - Basis of Presentation - Schedule of Basic and Dilutive Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income (loss)		$ (9,360)	$ (21,063)	$ 2,475	$ 7,024	$ 48,830	$ 20,303	$ (27,948)	$ 76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136)			2,684			(5,108)	14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders		$ (7,224)			$ 4,340			$ (22,840)	$ 62,055
Weighted-average shares of common stock outstanding (in shares)		26,034,198			26,835,297			26,017,546	27,285,511
Effect of dilutive shares* (in shares)	[1]	0			181,693			0	195,332
Weighted-average diluted shares of common stock outstanding (in shares)		26,034,198			27,016,990			26,017,546	27,480,843
Basic (in dollars per share)		$ (0.28)			$ 0.16			$ (0.88)	$ 2.27
Dilutive (in dollars per share)		$ (0.28)			$ 0.16			$ (0.88)	$ 2.26

[1] During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is anti-dilutive.

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Note 2 - Major Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income (Loss) From Sale of Contracts	$ 17,847	$ 0	$ 17,847	$ 0
Gain (Loss) on Disposition of Assets, Total			15,241	$ 1,986
Settlement Transaction with Murray Energy [Member]
Income (Loss) From Sale of Contracts	18,561
Gain (Loss) on Disposition of Assets, Total	6,230
Income (Loss) From Expense Rebates Offset With Cure Costs	1,940
Other Receivables	8,088		8,088		$ 13,567
Other Assets, Total	$ 21,326		$ 21,326

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Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Capitalized Contract Cost, Net, Total	$ 0		$ 0		$ 0
Capitalized Contract Cost, Amortization	$ 0	$ 0	0	$ 0
Contract with Customer, Liability, Revenue Recognized			$ 0

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Note 3 - Revenue - Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total Revenue from Contracts with Customers		$ 214,292	$ 321,444	$ 610,688	$ 1,049,609
Coal Revenue [Member]
Total Revenue from Contracts with Customers	[1]	184,375	301,542	542,140	984,665
Terminal Revenue [Member]
Total Revenue from Contracts with Customers		17,008	16,303	49,407	50,829
Freight Revenue [Member]
Total Revenue from Contracts with Customers		$ 12,909	$ 3,599	$ 19,141	$ 14,115

[1] For the three and nine months ended September 30, 2020 and 2019, the PAMC segment had revenues from the following customers, each comprising over 10% of the Company's total sales:

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Note 4 - Miscellaneous Other Income - Miscellaneous Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Contract Buyout	$ 0	$ 1,193	$ 40,969	$ 3,583
Sale of Certain Coal Lease Contracts	17,847	0	17,847	0
Royalty Income - Non-Operated Coal	2,241	4,976	9,638	16,863
Rental Income	255	625	1,077	1,923
Property Easements and Option Income	19	100	495	1,529
Interest Income	76	755	442	2,399
Purchased Coal Sales	0	3,136	0	9,052
Other	563	403	639	1,325
Miscellaneous Other Income	$ 21,001	$ 11,188	$ 71,107	$ 36,674

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Note 5 - Components of Pension and Other Post-employment Benefit (OPEB) Plans Net Periodic Benefit Costs - Components of Net Periodic Benefit (Credit) Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Plan [Member]
Service Cost	$ 296	$ 987	$ 887	$ 2,963
Interest Cost	5,044	6,275	15,132	18,825
Expected Return on Plan Assets	(10,455)	(10,114)	(31,365)	(30,343)
Amortization of Prior Service Credits	0	(92)	0	(275)
Amortization of Actuarial Loss	1,730	1,490	5,191	4,469
Net Periodic Benefit (Credit) Cost	(3,385)	(1,454)	(10,155)	(4,361)
Other Postretirement Benefits Plan [Member]
Service Cost	0	0	0	0
Interest Cost	3,199	4,580	9,597	13,740
Expected Return on Plan Assets	0	0	0	0
Amortization of Prior Service Credits	(601)	(601)	(1,804)	(1,804)
Amortization of Actuarial Loss	2,319	2,315	6,958	6,946
Net Periodic Benefit (Credit) Cost	$ 4,917	$ 6,294	$ 14,751	$ 18,882

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Note 6 - Components of Coal Worker's Pneumoniosis (CWP) and Workers' Compensation Net Periodic Benefit Costs - Components of Net Period Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Coal Workers Pneumoconiosis [Member]
Service Cost	$ 1,150	$ 948	$ 3,452	$ 2,844
Interest Cost	1,552	1,750	4,655	5,250
Amortization of Actuarial Loss	1,401	254	4,203	762
State Administrative Fees and Insurance Bond Premiums	0	0	0	0
Net Periodic Benefit (Credit) Cost	4,103	2,952	12,310	8,856
Workers Compensation [Member]
Service Cost	1,569	1,421	4,707	4,264
Interest Cost	461	646	1,383	1,939
Amortization of Actuarial Loss	(122)	(193)	(366)	(580)
State Administrative Fees and Insurance Bond Premiums	583	510	1,665	1,671
Net Periodic Benefit (Credit) Cost	$ 2,491	$ 2,384	$ 7,389	$ 7,294

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Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Effective Income Tax Rate Reconciliation, Percent, Total	(0.60%)	(0.30%)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent, Total	21.80%	0.20%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	$ 902
Effective Income Tax Rate Reconciliation, CARES Act, Amount	1,139
Effective Income Tax Rate Reconciliation, Treasury Department Regulation Changes, Amount	$ 3,059
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent		(0.50%)

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Note 8 - Credit Losses (Details Textual) - USD ($) $ in Thousands	Jan. 01, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance		$ 552,728	$ 555,875	$ 571,090	$ 572,395	$ 593,447	$ 610,243	$ 571,522	$ 551,611
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance		$ 233,765	$ 240,989	$ 258,972	$ 259,903	$ 245,957	$ 237,369	$ 196,583	$ 182,148
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 3,298
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle	$ 1,109

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Note 8 - Credit Losses - Impact of ASC 326 (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Allowance for Credit Losses on Receivables	$ 1,646	$ 2,811	$ 0
Trade Accounts Receivable [Member]
Allowance for Credit Losses on Receivables	4,874	2,100	2,100
Other Receivables [Member]
Allowance for Credit Losses on Receivables	$ 4,492	711	$ 711
Other Assets [Member]
Allowance for Credit Losses on Receivables		0
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Allowance for Credit Losses on Receivables		7,218
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Trade Accounts Receivable [Member]
Allowance for Credit Losses on Receivables		3,051
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Other Receivables [Member]
Allowance for Credit Losses on Receivables		3,372
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Other Assets [Member]
Allowance for Credit Losses on Receivables		795
Cumulative Effect, Period of Adoption, Adjustment [Member]
Allowance for Credit Losses on Receivables		4,407
Cumulative Effect, Period of Adoption, Adjustment [Member] | Trade Accounts Receivable [Member]
Allowance for Credit Losses on Receivables		951
Cumulative Effect, Period of Adoption, Adjustment [Member] | Other Receivables [Member]
Allowance for Credit Losses on Receivables		2,661
Cumulative Effect, Period of Adoption, Adjustment [Member] | Other Assets [Member]
Allowance for Credit Losses on Receivables		$ 795

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Note 8 - Credit Losses - Impact of ASC 326 - Allowance for Credit Losses by Portfolio (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Beginning Balance	$ 0
Provision for expected credit losses	851
Beginning Balance	1,646
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Beginning Balance	795
Trade Accounts Receivable [Member]
Beginning Balance	2,100
Provision for expected credit losses	1,823
Beginning Balance	4,874
Trade Accounts Receivable [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Beginning Balance	951
Other Receivables [Member]
Beginning Balance	711
Provision for expected credit losses	1,120
Beginning Balance	4,492
Other Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Beginning Balance	$ 2,661

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Note 9 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Coal	$ 6,640	$ 2,484
Supplies	49,937	51,647
Total Inventories	$ 56,577	$ 54,131

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Note 10 - Accounts Receivable Securitization (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Payments of Financing Costs, Total			$ 9,002	$ 20,628
Line of Credit [Member] | Accounts Receivable Securitization Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000		$ 100,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.60%
Accounts Receivable Eligible for Securitization	30,660		$ 30,660		$ 41,282
Line of Credit Facility, Fair Value of Amount Outstanding	0		0		0
Letters of Credit Outstanding, Amount	30,100		30,100		41,211
Line of Credit Facility, Remaining Borrowing Capacity	560		560		$ 71
Payments of Financing Costs, Total	$ 249	$ 344	$ 882	$ 1,095
Line of Credit [Member] | Accounts Receivable Securitization Facility [Member] | Minimum [Member]
Line of Credit Facility, Commitment Fee Percentage			2.00%
Line of Credit [Member] | Accounts Receivable Securitization Facility [Member] | Maximum [Member]
Line of Credit Facility, Commitment Fee Percentage			2.50%

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Note 11 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finance Lease, Right-of-Use Asset, before Accumulated Amortization	$ 85,908		$ 85,908		$ 52,729
Finance Lease, Right-of-Use Asset, Accumulated Amortization	49,453		49,453		$ 31,373
Finance Lease, Right-of-Use Asset, Amortization	$ 6,178	$ 3,919	$ 16,680	$ 11,753

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Note 11 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Total Property, Plant and Equipment	$ 5,126,703	$ 5,008,180
Less: Accumulated Depreciation, Depletion and Amortization	3,043,463	2,916,015
Total Property, Plant and Equipment, Net	2,083,240	2,092,165
Coal and Other Plant and Equipment [Member]
Total Property, Plant and Equipment	3,131,792	3,028,514
Mining Properties and Mineral Rights [Member]
Total Property, Plant and Equipment	874,439	872,909
Airshafts [Member]
Total Property, Plant and Equipment	449,863	437,003
Mine Development [Member]
Total Property, Plant and Equipment	343,960	342,706
Coal Advance Mining Royalties [Member]
Total Property, Plant and Equipment	$ 326,649	$ 327,048

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Note 12 - Other Accrued Liabilities - Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Subsidence Liability	$ 89,917	$ 90,645
Accrued Payroll and Benefits	20,444	21,102
Accrued Equipment Obligations	10,097	0
Accrued Interest	9,576	6,281
Other	22,004	21,034
Postretirement Benefits Other than Pensions	30,410	31,833
Asset Retirement Obligations	22,057	21,741
Operating Lease Liability	20,020	19,479
Pneumoconiosis Benefits	12,092	12,331
Workers' Compensation	10,778	11,323
Total Other Accrued Liabilities	$ 247,395	$ 235,769

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Note 13 - Long-term Debt (Details Textual) $ in Thousands		3 Months Ended					9 Months Ended
	Mar. 28, 2019 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jul. 31, 2018	Dec. 31, 2017	Nov. 30, 2017 USD ($)
Finance Lease, Liability, Current		$ 21,261					$ 21,261							$ 18,219
Gain (Loss) on Extinguishment of Debt, Total		1,078			$ (801)		17,911	$ (25,444)
Derivative Liability, Current		3,373					3,373							154
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total		377	$ (12)	$ (2,773)	(261)	$ (264)	(2,408)	(525)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax		127	$ (4)	$ (933)	$ (83)		(810)	(167)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax							(1,005)
Derivative, Notional Amount		150,000					150,000
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred							2,069
Revolving Credit Facility [Member]
Long-term Line of Credit, Total		$ 0					0							0
Loans Payable [Member] | The TLA Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity																	$ 100,000
Loans Payable [Member] | The TLB Facility [Member]
Repayments of Lines of Credit							$ 110,000
Loans Payable [Member] | The TLB Facility [Member] | Forecast [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Amount									$ 50,000				$ 150,000
Loans Payable [Member] | The TLB Facility [Member] | Maximum [Member]
Debt Instrument, Repayment, Percent of Excess Cash Flow							75.00%
Loans Payable [Member] | The TLB Facility [Member] | Minimum [Member]
Debt Instrument, Repayment, Percent of Excess Cash Flow							0.00%
Loans Payable [Member] | Senior Secured Second Lien Notes due 2025 [Member]
Debt Instrument, Covenant, Net Leverage Ratio, Maximum		2.00					2.00
Loans Payable [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity																	300,000
Debt Instrument, Basis Spread on Variable Rate	0.50%
Line of Credit Facility, Fair Value of Amount Outstanding		$ 0					$ 0
Loans Payable [Member] | Revolving Credit Facility [Member] | Senior Secured Second Lien Notes due 2025 [Member]
Debt Instrument, Covenant, Maximum Additional Borrowings							0
Loans Payable [Member] | Revolving Credit Facility [Member] | Senior Secured Second Lien Notes due 2025 [Member] | Maximum [Member]
Debt Instrument, Covenant, Maximum Amount of Letters of Credit							200,000
Line of Credit [Member] | The TLB Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity																	400,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000																$ 300,000
Letters of Credit Outstanding, Amount		99,126					99,126							69,588
Line of Credit Facility, Remaining Borrowing Capacity		$ 300,874					$ 300,874							$ 330,412
Line of Credit [Member] | Revolving Credit Facility and TLA Facility [Member[
Debt Instrument, Covenant, Net Leverage Ratio, Maximum		3.75					3.75
Debt Instrument, Maximum First Lien Gross Leverage Ratio		2.04					2.04
Debt Instrument, Maximum Net Leverage Ratio		3.38					3.38
Debt Instrument, Minimum Fixed Charge Coverage Ratio		1.33					1.33
Line of Credit [Member] | Revolving Credit Facility and TLA Facility [Member[ | Forecast [Member]
Debt Instrument, Covenant, Net Leverage Ratio, Maximum										2.75	3.25	3.50
Debt Instrument, Covenant, Fixed Charge Coverage Ratio, Minimum										1.10	1.05	1.00
Line of Credit [Member] | Revolving Credit Facility and TLA Facility [Member[ | Maximum [Member]
Debt Instrument, Covenant, First Lien Gross Leverage Ratio		2.50					2.50
Line of Credit [Member] | Revolving Credit Facility and TLA Facility [Member[ | Maximum [Member] | Forecast [Member]
Debt Instrument, Covenant, First Lien Gross Leverage Ratio										1.75	2.00	2.25
Senior Notes [Member] | Senior Secured Second Lien Notes due 2025 [Member]
Repayments of Lines of Credit								$ 110,000
Debt Instrument, Interest Rate, Stated Percentage		11.00%			11.00%		11.00%	11.00%							11.00%	11.00%	11.00%
Debt Instrument, Repurchased Face Amount		$ 45,176			$ 35,048		$ 45,176	$ 35,048
Secured Debt [Member] | Other Asset Backed Financing [Member]
Debt Instrument, Collateral Amount		$ 21,885					$ 21,885
Debt, Weighted Average Interest Rate		4.30%					4.30%							5.07%
Secured Debt [Member] | Other Asset Backed Financing Matures in December 2020 [Member]
Debt Instrument, Collateral Amount		$ 18,894					$ 18,894
Secured Debt [Member] | Other Asset Backed Financing Matures in September 2024 [Member]
Debt Instrument, Collateral Amount		$ 2,991					$ 2,991

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Note 13 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Long term debt		$ 634,713	$ 685,855
Unamortized discount		10,759	10,323
Less: Amounts Due in One Year*	[1]	47,693	32,053
Long-Term Debt		587,020	653,802
MEDCO Revenue Bonds in Series Due September 2025 at 5.75% [Member]
Long term debt		102,865	102,865
Term Loan A Facility [Member]
Long term debt		72,500	88,750
Other Asset Backed Financing [Member]
Long term debt		21,885	9,289
Advance Royalty Commitments [Member]
Long term debt		1,895	1,895
Loans Payable [Member] | Term Loan B Facility [Member]
Long term debt		269,875	271,751
Unamortized discount		1,000	1,187
Senior Notes [Member] | Senior Secured Second Lien Notes due 2025 [Member]
Long term debt		$ 176,452	$ 221,628

[1] Excludes current portion of Finance Lease Obligations of $21,261 and $18,219 at September 30, 2020 and December 31, 2019, respectively.

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Note 13 - Long-term Debt - Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Principal Amount	$ 645,472	$ 696,178
Unamortized discount	10,759	10,323
Loans Payable [Member] | Term Loan B Facility [Member]
Unamortized discount	$ 1,000	$ 1,187
Debt, Weighted Average Interest Rate	4.65%	6.30%

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Note 14 - Commitments and Contingent Liabilities (Details Textual) $ in Thousands	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of Mines Sold	5
Guarantees, Maximum Exposure	$ 16,000	$ 20,000
Guarantees, Fair Value Disclosure	259	$ 482
Minimum [Member]
Servicing Liability, Estimated Annual Costs	10,000
Maximum [Member]
Servicing Liability, Estimated Annual Costs	$ 20,000

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Note 14 - Commitments and Contingent Liabilities - Material Adverse Effect on Company's Financial Condition (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Total Amounts Committed	$ 807,327
Less Than 1 Year	717,875
1-3 Years	88,822
3-5 Years	398
Beyond 5 years	232
Standby Letters of Credit [Member]
Total Amounts Committed	129,226
Less Than 1 Year	100,831
1-3 Years	28,395
3-5 Years	0
Beyond 5 years	0
Standby Letters of Credit [Member] | Employee Related Commitment [Member]
Total Amounts Committed	75,846
Less Than 1 Year	52,929
1-3 Years	22,917
3-5 Years	0
Beyond 5 years	0
Standby Letters of Credit [Member] | Environmental Commitment [Member]
Total Amounts Committed	398
Less Than 1 Year	398
1-3 Years	0
3-5 Years	0
Beyond 5 years	0
Standby Letters of Credit [Member] | Other Commitment [Member]
Total Amounts Committed	52,982
Less Than 1 Year	47,504
1-3 Years	5,478
3-5 Years	0
Beyond 5 years	0
Surety Bond [Member]
Total Amounts Committed	667,397
Less Than 1 Year	610,408
1-3 Years	56,989
3-5 Years	0
Beyond 5 years	0
Surety Bond [Member] | Employee Related Commitment [Member]
Total Amounts Committed	86,024
Less Than 1 Year	50,524
1-3 Years	35,500
3-5 Years	0
Beyond 5 years	0
Surety Bond [Member] | Environmental Commitment [Member]
Total Amounts Committed	576,584
Less Than 1 Year	555,300
1-3 Years	21,284
3-5 Years	0
Beyond 5 years	0
Surety Bond [Member] | Other Commitment [Member]
Total Amounts Committed	4,789
Less Than 1 Year	4,584
1-3 Years	205
3-5 Years	0
Beyond 5 years	0
Other Guarantee Obligations [Member]
Total Amounts Committed	10,704
Less Than 1 Year	6,636
1-3 Years	3,438
3-5 Years	398
Other Guarantee Obligations [Member] | Other Commitment [Member]
Total Amounts Committed	10,704
Less Than 1 Year	6,636
1-3 Years	3,438
3-5 Years	398
Beyond 5 years	$ 232

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Note 15 - Fair Value Of Financial instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Lease Guarantees		$ (259)	$ (482)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Lease Guarantees		0	0
Derivatives (1)	[1]	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Lease Guarantees		0	0
Derivatives (1)	[1]	(3,373)	(154)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Lease Guarantees		(259)	(482)
Derivatives (1)	[1]	$ 0	$ 0

[1] Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.

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Note 15 - Fair Value Of Financial instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Long-Term Debt, Carrying Amount	$ 645,472	$ 696,178
Long-Term Debt, Fair Value	$ 491,465	$ 642,018

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Note 16 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2020
Number of Reportable Segments	1

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Note 16 - Segment Information - Industry Segment (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue		$ 214,292	$ 321,444	$ 610,688	$ 1,049,609
(Loss) Earnings Before Income Tax		(3,442)	9,439	(27,805)	75,914
Segment Assets		2,554,838	2,723,235	2,554,838	2,723,235	$ 2,693,802
Depreciation, Depletion and Amortization		54,959	54,370	156,057	151,245
Capital Expenditures		19,508	48,521	65,955	131,475
Coal Revenue [Member]
Revenue	[1]	184,375	301,542	542,140	984,665
Terminal Revenue [Member]
Revenue		17,008	16,303	49,407	50,829
Freight Revenue [Member]
Revenue		12,909	3,599	19,141	14,115
Intersegment Eliminations [Member]
Revenue		0	0	0	0
(Loss) Earnings Before Income Tax		0	0	0	0
Segment Assets		0	0	0	0
Depreciation, Depletion and Amortization		0	0	0	0
Capital Expenditures		0	0	0	0
Intersegment Eliminations [Member] | Coal Revenue [Member]
Revenue	[1]	0	0	0	0
Intersegment Eliminations [Member] | Terminal Revenue [Member]
Revenue		0	0	0	0
Intersegment Eliminations [Member] | Freight Revenue [Member]
Revenue		0	0	0	0
Pennsylvania Mining Complex [Member] | Operating Segments [Member]
Revenue		196,975	305,141	560,686	998,780
(Loss) Earnings Before Income Tax		(6,930)	30,546	(18,405)	156,029
Segment Assets		1,878,350	2,014,381	1,878,350	2,014,381
Depreciation, Depletion and Amortization		49,944	45,829	145,154	136,124
Capital Expenditures		15,733	45,232	52,687	117,417
Pennsylvania Mining Complex [Member] | Operating Segments [Member] | Coal Revenue [Member]
Revenue	[1]	184,066	301,542	541,545	984,665
Pennsylvania Mining Complex [Member] | Operating Segments [Member] | Terminal Revenue [Member]
Revenue		0	0	0	0
Pennsylvania Mining Complex [Member] | Operating Segments [Member] | Freight Revenue [Member]
Revenue		12,909	3,599	19,141	14,115
Other Segments [Member] | Operating Segments [Member]
Revenue		17,317	16,303	50,002	50,829
(Loss) Earnings Before Income Tax		3,488	(21,107)	(9,400)	(80,115)
Segment Assets		676,488	708,854	676,488	708,854
Depreciation, Depletion and Amortization		5,015	8,541	10,903	15,121
Capital Expenditures		3,775	3,289	13,268	14,058
Other Segments [Member] | Operating Segments [Member] | Coal Revenue [Member]
Revenue	[1]	309	0	595	0
Other Segments [Member] | Operating Segments [Member] | Terminal Revenue [Member]
Revenue		17,008	16,303	49,407	50,829
Other Segments [Member] | Operating Segments [Member] | Freight Revenue [Member]
Revenue		$ 0	$ 0	$ 0	$ 0

[1] For the three and nine months ended September 30, 2020 and 2019, the PAMC segment had revenues from the following customers, each comprising over 10% of the Company's total sales:

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Note 16 - Segment Information - Segment Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 214,292	$ 321,444	$ 610,688	$ 1,049,609
Pennsylvania Mining Complex [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Revenue	45,818	49,772	94,647	180,014
Pennsylvania Mining Complex [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Revenue	$ 36,888	63,526	86,631	158,903
Pennsylvania Mining Complex [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Revenue		$ 95,953	$ 141,993	$ 358,882

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Note 16 - Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Segment Assets	$ 2,554,838	$ 2,693,802	$ 2,723,235
Cash and Other Investments	32,660		104,344
Deferred Tax Assets	101,639	$ 103,505	91,772
Operating Segments [Member] | Reportable Segments [Member]
Segment Assets	1,878,350		2,014,381
Operating Segments [Member] | All Other Segment [Member]
Segment Assets	$ 542,189		$ 512,738

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Note 17 - Additional Information With Respect to Unrestricted Subsidiaries - Income Statement (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue		$ 214,292			$ 321,444			$ 610,688	$ 1,049,609
Miscellaneous Other Income		21,001			11,188			71,107	36,674
Gain (Loss) on Sale of Assets		7,926			714			15,241	1,986
Total Revenue and Other Income		243,219			333,346			697,036	1,088,269
Operating and Other Costs		153,031			234,849			481,712	718,410
Depreciation, Depletion and Amortization		54,959			54,370			156,057	151,245
Freight Expense		12,909			3,599			19,141	14,115
Selling, General and Administrative Costs		11,117			14,690			39,726	52,901
(Gain) Loss on Debt Extinguishment		(1,078)			801			(17,911)	25,444
Interest Expense, net		15,723			15,598			46,116	50,240
Total Costs and Expenses		246,661			323,907			724,841	1,012,355
(Loss) Earnings Before Income Tax		(3,442)			9,439			(27,805)	75,914
Income Tax Expense (Benefit)		5,918			2,415			143	(243)
Net Income (loss)		(9,360)	$ (21,063)	$ 2,475	7,024	$ 48,830	$ 20,303	(27,948)	76,157
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136)			2,684			(5,108)	14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders		(7,224)			4,340			(22,840)	62,055
Coal Revenue [Member]
Revenue	[1]	184,375			301,542			542,140	984,665
Terminal Revenue [Member]
Revenue		17,008			16,303			49,407	50,829
Freight Revenue [Member]
Revenue		12,909			3,599			19,141	14,115
Parent Company and Restricted Subsidiaries [Member]
Miscellaneous Other Income		11,454			391			32,119	4,528
Gain (Loss) on Sale of Assets		7,867			714			15,182	1,991
Total Revenue and Other Income		184,370			246,264			517,818	806,433
Operating and Other Costs		118,857			180,487			373,774	552,671
Depreciation, Depletion and Amortization		33,070			43,284			110,720	117,606
Freight Expense		9,682			2,699			14,356	10,586
Selling, General and Administrative Costs		8,238			11,850			30,441	42,548
(Gain) Loss on Debt Extinguishment		(1,078)			801			(17,911)	25,444
Interest Expense, net		13,203			14,011			39,187	45,745
Total Costs and Expenses		181,972			253,132			550,567	794,600
(Loss) Earnings Before Income Tax		2,398			(6,868)			(32,749)	11,833
Income Tax Expense (Benefit)		5,918			2,415			143	(243)
Net Income (loss)		(3,520)			(9,283)			(32,892)	12,076
Less: Net (Loss) Income Attributable to Noncontrolling Interest		(2,136)			2,684			(5,108)	14,102
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders		(1,384)			(11,967)			(27,784)	(2,026)
Parent Company and Restricted Subsidiaries [Member] | Coal Revenue [Member]
Revenue		138,359			226,157			406,754	738,499
Parent Company and Restricted Subsidiaries [Member] | Terminal Revenue [Member]
Revenue		17,008			16,303			49,407	50,829
Parent Company and Restricted Subsidiaries [Member] | Freight Revenue [Member]
Revenue		9,682			2,699			14,356	10,586
Subsidiaries [Member]
Miscellaneous Other Income		9,547			10,797			38,988	32,146
Gain (Loss) on Sale of Assets		59			0			59	(5)
Total Revenue and Other Income		58,849			87,082			179,218	281,836
Operating and Other Costs		34,174			54,362			107,938	165,739
Depreciation, Depletion and Amortization		21,889			11,086			45,337	33,639
Freight Expense		3,227			900			4,785	3,529
Selling, General and Administrative Costs		2,879			2,840			9,285	10,353
(Gain) Loss on Debt Extinguishment		0			0			0	0
Interest Expense, net		2,520			1,587			6,929	4,495
Total Costs and Expenses		64,689			70,775			174,274	217,755
(Loss) Earnings Before Income Tax		(5,840)			16,307			4,944	64,081
Income Tax Expense (Benefit)		0			0			0	0
Net Income (loss)		(5,840)			16,307			4,944	64,081
Less: Net (Loss) Income Attributable to Noncontrolling Interest		0			0			0	0
Net (Loss) Income Attributable to CONSOL Energy Inc. Shareholders		(5,840)			16,307			4,944	64,081
Subsidiaries [Member] | Coal Revenue [Member]
Revenue		46,016			75,385			135,386	246,166
Subsidiaries [Member] | Terminal Revenue [Member]
Revenue		0			0			0	0
Subsidiaries [Member] | Freight Revenue [Member]
Revenue		$ 3,227			$ 900			$ 4,785	$ 3,529

[1] For the three and nine months ended September 30, 2020 and 2019, the PAMC segment had revenues from the following customers, each comprising over 10% of the Company's total sales:

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Note 17 - Additional Information With Respect to Unrestricted Subsidiaries - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Cash and Cash Equivalents	$ 22,284	$ 80,293
Trade Receivables, net	120,548	131,688
Other Receivables, net	24,748	40,984
Inventories	56,577	54,131
Prepaid Expenses and Other Assets	27,139	30,933
Total Current Assets	251,296	338,029
Property, Plant and Equipment	5,126,703	5,008,180
Less - Accumulated Depreciation, Depletion and Amortization	3,043,463	2,916,015
Total Property, Plant and Equipment - Net	2,083,240	2,092,165
Deferred Income Taxes	101,639	103,505	$ 91,772
Right of Use Asset - Operating Leases	58,106	72,632
Other, net	60,557	87,471
Total Other Assets	220,302	263,608
TOTAL ASSETS	2,554,838	2,693,802	$ 2,723,235
Accounts Payable	72,263	106,223
Accounts (Recoverable) Payable - Related Parties	0	0
Current Portion of Long-Term Debt	68,954	50,272
Other Accrued Liabilities	247,395	235,769
Total Current Liabilities	388,612	392,264
Long-Term Debt, Related Party	0	0
Long-Term Debt, Related Party	0	0
Long-Term Debt	587,020	653,802
Finance Lease Obligations	21,146	9,036
Total Long-Term Debt	608,166	662,838
Postretirement Benefits Other Than Pensions	421,705	432,496
Pneumoconiosis Benefits	201,066	202,142
Asset Retirement Obligations	229,346	250,211
Workers’ Compensation	61,525	61,194
Salary Retirement	33,454	49,930
Operating Lease Liability	41,623	55,413
Other	16,613	14,919
Total Deferred Credits and Other Liabilities	1,005,332	1,066,305
TOTAL LIABILITIES	2,002,110	2,121,407
Total CONSOL Energy Inc. Stockholders’ Equity	426,079	435,199
Noncontrolling Interest	126,649	137,196
TOTAL LIABILITIES AND EQUITY	2,554,838	2,693,802
Parent Company and Restricted Subsidiaries [Member]
Cash and Cash Equivalents	21,636	79,717
Trade Receivables, net	0	0
Other Receivables, net	23,786	39,412
Inventories	43,399	41,478
Prepaid Expenses and Other Assets	23,053	25,181
Total Current Assets	111,874	185,788
Property, Plant and Equipment	4,109,220	4,023,282
Less - Accumulated Depreciation, Depletion and Amortization	2,437,152	2,344,777
Total Property, Plant and Equipment - Net	1,672,068	1,678,505
Deferred Income Taxes	101,639	103,505
Right of Use Asset - Operating Leases	45,936	56,937
Other, net	57,920	74,015
Total Other Assets	205,495	234,457
TOTAL ASSETS	1,989,437	2,098,750
Accounts Payable	51,277	79,140
Accounts (Recoverable) Payable - Related Parties	(8,035)	(1,419)
Current Portion of Long-Term Debt	59,703	45,020
Other Accrued Liabilities	209,132	196,314
Total Current Liabilities	312,077	319,055
Long-Term Debt, Related Party	(174,685)	(148,156)
Long-Term Debt, Related Party	174,685	148,156
Long-Term Debt	587,020	653,802
Finance Lease Obligations	15,948	7,391
Total Long-Term Debt	428,283	513,037
Postretirement Benefits Other Than Pensions	421,705	432,496
Pneumoconiosis Benefits	194,312	196,114
Asset Retirement Obligations	218,031	239,410
Workers’ Compensation	57,527	57,583
Salary Retirement	33,454	49,930
Operating Lease Liability	33,445	43,906
Other	15,726	14,134
Total Deferred Credits and Other Liabilities	974,200	1,033,573
TOTAL LIABILITIES	1,714,560	1,865,665
Total CONSOL Energy Inc. Stockholders’ Equity	148,228	95,889
Noncontrolling Interest	126,649	137,196
TOTAL LIABILITIES AND EQUITY	1,989,437	2,098,750
Subsidiaries [Member]
Cash and Cash Equivalents	648	576
Trade Receivables, net	120,548	131,688
Other Receivables, net	962	1,572
Inventories	13,178	12,653
Prepaid Expenses and Other Assets	4,086	5,752
Total Current Assets	139,422	152,241
Property, Plant and Equipment	1,017,483	984,898
Less - Accumulated Depreciation, Depletion and Amortization	606,311	571,238
Total Property, Plant and Equipment - Net	411,172	413,660
Deferred Income Taxes	0	0
Right of Use Asset - Operating Leases	12,170	15,695
Other, net	2,637	13,456
Total Other Assets	14,807	29,151
TOTAL ASSETS	565,401	595,052
Accounts Payable	20,986	27,083
Accounts (Recoverable) Payable - Related Parties	8,035	1,419
Current Portion of Long-Term Debt	9,251	5,252
Other Accrued Liabilities	38,263	39,455
Total Current Liabilities	76,535	73,209
Long-Term Debt, Related Party	174,685	(148,156)
Long-Term Debt, Related Party	(174,685)	148,156
Long-Term Debt	0	0
Finance Lease Obligations	5,198	1,645
Total Long-Term Debt	179,883	149,801
Postretirement Benefits Other Than Pensions	0	0
Pneumoconiosis Benefits	6,754	6,028
Asset Retirement Obligations	11,315	10,801
Workers’ Compensation	3,998	3,611
Salary Retirement	0	0
Operating Lease Liability	8,178	11,507
Other	887	785
Total Deferred Credits and Other Liabilities	31,132	32,732
TOTAL LIABILITIES	287,550	255,742
Total CONSOL Energy Inc. Stockholders’ Equity	277,851	339,310
Noncontrolling Interest	0	0
TOTAL LIABILITIES AND EQUITY	$ 565,401	$ 595,052

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Note 18 - Related Party Transactions (Details Textual) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 05, 2020	Aug. 31, 2019 shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Nov. 28, 2019 USD ($)	May 31, 2019 USD ($)
Common Unit Shares Issued Upon Conversion		1
CONSOL Coal Resources L P Units Member
Conversion of Stock, Shares Converted (in shares) | shares		11,611,067
Stock and Debt Repurchase Program, Restricted Authorized Amount									$ 50,000
CONSOL Coal Resources L P Member
Accounts Payable, Related Parties, Current			$ 8,035		$ 8,035		$ 1,419
Stock and Debt Repurchase Program, Restricted Authorized Amount									$ 50,000
CONSOL Coal Resources L P Member
Stock Purchased During Period, Affiliated Entity Units (in shares) | shares			0	19,413	0	26,297
Stock Purchased, Affiliated Entity, Average Cost Per Share (in dollars per share) | $ / shares				$ 12.88		$ 14.05
CNX Resources Corporation [Member]
Notes Receivable, Related Parties							$ 6,791
Affiliated Company Credit Agreement [Member] | Affiliated Entity [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 275,000
Long-term Line of Credit, Total								$ 201,000
Affiliated Company Credit Agreement [Member] | Affiliated Entity [Member] | CONSOL Coal Resources L P Member | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage								4.25%
Affiliated Company Credit Agreement [Member] | Affiliated Entity [Member] | CONSOL Coal Resources L P Member | Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage								5.25%
Affiliated Company Credit Agreement [Member] | Affiliated Entity [Member] | CONSOL Coal Resources L P Units Member
Interest Expense, Related Party			$ 2,428	$ 2,003	$ 6,705	$ 5,770
Affiliated Company Credit Agreement [Member] | Affiliated Entity [Member] | Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 400,000
Debt Instrument, Interest Rate, Increase (Decrease)	0.50%

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Note 18 - Related Party Transactions - Changes for Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total Services from CONSOL Energy	$ 2,776	$ 2,740	$ 9,142	$ 9,300
Operating and Other Costs [Member]
Total Services from CONSOL Energy	1,006	838	2,715	2,368
Selling, General and Administrative Expenses [Member]
Total Services from CONSOL Energy	$ 1,770	$ 1,902	$ 6,427	$ 6,932

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Note 19 - Stock, Unit and Debt Repurchases (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 31, 2020	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Jul. 31, 2018	Dec. 31, 2017	Nov. 30, 2017
Stock Repurchase Program, Authorized Amount							$ 50,000
Stock and Debt Repurchase Program, Authorized Amount									$ 100,000
Stock Repurchased and Retired During Period, Shares (in shares)			0	1,717,497
Weighted Average [Member]
Share Price (in dollars per share)		$ 19.06		$ 19.06
CONSOL Coal Resources L P Member
Stock Purchased During Period, Affiliated Entity Units (in shares)	0	19,413	0	26,297
Stock Purchased, Affiliated Entity, Average Cost Per Share (in dollars per share)		$ 12.88		$ 14.05
CONSOL Coal Resources L P Member
Stock and Debt Repurchase Program, Authorized Amount					$ 270,000	$ 200,000
Stock and Debt Repurchase Program, Additional Authorized Amount					$ 70,000	$ 25,000
Stock and Debt Repurchase Program, Restricted Authorized Amount								$ 50,000
CONSOL Coal Resources L P Units Member
Stock and Debt Repurchase Program, Authorized Amount								175,000
Stock and Debt Repurchase Program, Additional Authorized Amount								75,000	$ 25,000
Stock and Debt Repurchase Program, Restricted Authorized Amount								$ 50,000
Senior Secured Second Lien Notes due 2025 [Member]
Repayments of Debt			$ 26,365	$ 35,048
Senior Notes [Member] | Senior Secured Second Lien Notes due 2025 [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.00%	11.00%	11.00%	11.00%					11.00%	11.00%	11.00%
Repayments of Debt			$ 45,176	$ 35,048

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Note 20 - Subsequent Events (Details Textual) shares in Millions, $ in Millions	Oct. 23, 2020 USD ($) shares	Sep. 30, 2020
CONSOL Coal Resources L P Member
Ownership, Oustanding Common Units, Percent		60.70%
Subsequent Event [Member] | CONSOL Coal Resources L P Member
Business Combination, Consideration Transferred, Total | $	$ 34.4
Business Combination, Consideration Transferred, Equity Interest Acquired, Shares (in shares)	10.9
Business Combination, Consideration Transferred, Equity Interests, Shares, Exchange Ratio	0.73
Business Combination, Consideration Transferred, Equity Interests, Exchange Ratio Premium	2.10%
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	8.0
Business Acquisition, Equity Interest Issued or Issuable, Percent of Oustanding Shares	22.20%