1.0.0.3 false Fair Value of Financial Instruments false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 0 wlt_NotesToConsolidatedFinancialsAbstract wlt false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Fair Value of Financial Instruments 1 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> NOTE 15Fair Value of Financial Instruments         The following methods and assumptions were used to estimate fair value disclosures:         Cash and cash equivalents, restricted short-term investments, receivables and accounts payable.    The carrying amounts reported in the balance sheet approximate fair value.         Debt.    The Company's term loan in the amount of $137.5 million and $138.9 million at December 31, 2009 and 2008, respectively, is carried at cost. The estimated fair value of the Company's term loan was $134.1 million and $104.2 million at December 31, 2009 and 2008, respectively, based on similar transactions and yields in an active market for similarly rated debt.         The Company's outstanding borrowings under its revolving credit facility of $0.0 million and $40.0 million at December 31, 2009 and 2008, respectively, is carried at cost. The estimated fair value of the revolver debt at December 31, 2008 was $28.4 million based on similar transactions and yields in an active market for similarly rated companies.         The Company's equipment financing debt had a balance (carried at cost) of $26.6 million at December 31, 2009 and $31.9 million at December 31, 2008. The estimated fair value of this equipment financing debt as of December 31, 2009 and 2008 is $26.0 million and $23.9 million, respectively, based on comparable equipment financing transactions for similarly rated companies based on similar transactions.         The Company's short term borrowing to finance the premium payments on certain of its property insurance was $4.3 million and $4.7 million at December 31, 2009 and December 31, 2008, respectively, and is carried at cost. The carrying amounts reported on the balance sheet on this short term financing approximate fair value.         Interest rate hedge.    On December 30, 2008, the Company entered into an interest rate hedge agreement with a notional value of $31.5 million. The objective of the hedge was to protect against the variability in expected future cash flows attributable to changes in the benchmark interest rate related to 62 of the 64 monthly interest payments required under the equipment financing arrangement for a new longwall shield system entered into on October 21, 2008. The interest rate on the debt is subject to change due to fluctuations in the benchmark interest rate of 1-month LIBOR. The structure of the hedge is a 62 month amortizing interest rate swap based on a 5.59% fixed rate with fixed rate and floating rate payment dates effective February 1, 2009. The hedge will be settled upon maturity and is being accounted for as a cash flow hedge. Changes in the fair value of the hedge that take place through the date of maturity will be recorded in accumulated other comprehensive income (loss). This interest rate hedge had an immaterial fair value at both December 31, 2009 and December 31, 2008.         During 2009, 2008 and 2007, interest rate hedge unrealized gains (losses) recorded in accumulated other comprehensive income, as well as realized gains (losses) recorded in net income were immaterial.         Commodity hedges.    On October 20, 2009, the Company entered into a swap contract to hedge 1.6 million mmbtus of natural gas, or approximately 24% of forecasted 2010 natural gas sales, at a price of $6.35 per mmbtu. At December 31, 2008, the Company had two swap contracts outstanding: one to hedge 0.3 million mmbtus of natural gas or 17% of anticipated sales for the first quarter of 2009 at a price of $9.27 per mmbtu and another to hedge 0.2 million mmbtus of natural gas or 11% of anticipated sales for the first quarter of 2009 at a price of $8.75 per mmbtu. These hedges were designated as cash flow hedges.         The fair values of the unsettled commodity hedges outstanding at December 31, 2009 and 2008 were assets of $0.9 million and $2.2 million, respectively, and recognized in accumulated other comprehensive income. The fair value of these agreements is valued using quoted dealer prices for similar contracts in active over-the-counter markets (Level 2 criteria). For 2009 and 2008, the net change in the unrealized gain on the commodity cash flow hedges was $0.8 million, net of tax of $0.5 million and $1.3 million, net of tax of $0.9 million, respectively. Realized gains recognized in net income was $1.2 million, net of taxes of $0.8 million for the year ended December 31, 2009. Realized losses recognized in net income for the year ended December 31, 2008 was $2.5 million, net of taxes of $1.7 million. In 2007, all gains and losses on the commodity cash flow hedges were recognized in net income and totaled $5.3 million, net of taxes of $3.4 million. The fair value of the unsettled commodity hedge outstanding at December 31, 2009 is expected to be reclassified into income within 2010 as the hedge is settled. </td></tr></table> NOTE 15Fair Value of Financial Instruments         The following methods and assumptions were used to estimate false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true