Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 19, 2021 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-13105 | |
Entity Registrant Name | Arch Resources, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-0921172 | |
Entity Address, Address Line One | One CityPlace Drive | |
Entity Address, Address Line Two | SuiteĀ 300 | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63141 | |
City Area Code | 314 | |
Local Phone Number | 994-2700 | |
Title of 12(b) Security | Common stock, $.01 par value | |
Trading Symbol | ARCH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 15,294,065 | |
Amendment Flag | false | |
Entity Central Index Key | 0001037676 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 357,543 | $ 405,232 |
Costs, expenses and other operating | ||
Cost of sales (exclusive of items shown separately below) | 309,906 | 374,999 |
Depreciation, depletion and amortization | 25,797 | 31,308 |
Accretion on asset retirement obligations | 5,437 | 5,006 |
Change in fair value of coal derivatives and coal trading activities, net | 528 | 743 |
Selling, general and administrative expenses | 21,480 | 22,745 |
Costs related to proposed joint venture with Peabody Energy | 3,664 | |
Asset impairment and restructuring | 5,828 | |
Gain on property insurance recovery related to Mountain Laurel longwall | (9,000) | |
Other operating income, net | (5,268) | (6,170) |
Costs, expenses and other operating | 357,880 | 429,123 |
Income (loss) from operations | (337) | (23,891) |
Interest expense, net | ||
Interest expense | (4,128) | (3,388) |
Interest and investment income | 328 | 1,259 |
Interest expense, net | (3,800) | (2,129) |
Income (loss) before nonoperating expenses | (4,137) | (26,020) |
Nonoperating (expenses) income | ||
Non-service related pension and postretirement benefit (costs) credits | (1,527) | (1,096) |
Reorganization items, net | 26 | |
Nonoperating (expenses) income | (1,527) | (1,070) |
Income (loss) before income taxes | (5,664) | (27,090) |
Provision for (benefit from) income taxes | 378 | (1,791) |
Net income (loss) | $ (6,042) | $ (25,299) |
Net income (loss) per common share | ||
Basic earnings (loss) per common share (in dollars per share) | $ (0.40) | $ (1.67) |
Diluted earnings (loss) per common share (in dollars per share) | $ (0.40) | $ (1.67) |
Weighted average shares outstanding | ||
Basic weighted average shares outstanding (in shares) | 15,283 | 15,139 |
Diluted weighted average shares outstanding (in shares) | 15,283 | 15,139 |
Dividends declared per common share (in dollars per share) | $ 0.50 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Net income (loss) | $ (6,042) | $ (25,299) |
Derivative instruments | ||
Comprehensive income (loss) before tax | 689 | (2,669) |
Other comprehensive income (loss), derivative instruments, net of tax | 689 | (2,669) |
Pension, postretirement and other post-employment benefits | ||
Comprehensive income (loss) before tax | 547 | (14,267) |
Other comprehensive income (loss), pension, postretirement and other post-employment benefits, net of tax | 547 | (14,267) |
Available-for-sale securities | ||
Comprehensive income (loss) before tax | 101 | (467) |
Other comprehensive income (loss), available-for-sale securities, net of tax | 101 | (467) |
Total other comprehensive income (loss) | 1,337 | (17,403) |
Total comprehensive income (loss) | $ (4,705) | $ (42,702) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 169,593 | $ 187,492 |
Short term investments | 67,483 | 96,765 |
Restricted cash | 18,962 | 5,953 |
Trade accounts receivable (net of $0 allowance at March 31, 2021) | 129,086 | 110,869 |
Other receivables | 3,764 | 3,053 |
Inventories | 154,395 | 126,008 |
Other current assets | 39,917 | 58,000 |
Total current assets | 583,200 | 588,140 |
Property, plant and equipment | ||
Property, plant and equipment, net | 1,058,942 | 1,007,303 |
Other assets | ||
Equity investments | 74,503 | 71,783 |
Other noncurrent assets | 57,513 | 55,246 |
Total other assets | 132,016 | 127,029 |
Total assets | 1,774,158 | 1,722,472 |
Current Liabilities | ||
Accounts payable | 122,916 | 103,743 |
Accrued expenses and other current liabilities | 150,167 | 155,256 |
Current maturities of debt | 24,597 | 31,097 |
Total current liabilities | 297,680 | 290,096 |
Long-term debt | 519,357 | 477,215 |
Asset retirement obligations | 224,615 | 230,732 |
Accrued pension benefits | 2,088 | 2,879 |
Accrued postretirement benefits other than pension | 95,936 | 94,388 |
Accrued workers' compensation | 249,133 | 244,695 |
Other noncurrent liabilities | 103,906 | 98,906 |
Total liabilities | 1,492,715 | 1,438,911 |
Stockholders' equity | ||
Common stock, $0.01 par value, authorized 300,000 shares, issued 25,323 and 25,220 shares at March 31, 2021 and December 31, 2020, respectively | 254 | 253 |
Paid-in capital | 770,052 | 767,484 |
Retained earnings | 372,882 | 378,906 |
Treasury stock, 10,088 shares at March 31, 2021 and December 31, 2020, respectively, at cost | (827,381) | (827,381) |
Accumulated other comprehensive income (loss) | (34,364) | (35,701) |
Total stockholders' equity | 281,443 | 283,561 |
Total liabilities and stockholders' equity | $ 1,774,158 | $ 1,722,472 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance | $ 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 25,382,000 | 25,323,000 |
Treasury stock, shares (in shares) | 10,088,000 | 10,088,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net income (loss) | $ (6,042) | $ (25,299) |
Adjustments to reconcile to cash from operating activities: | ||
Depreciation, depletion and amortization | 25,797 | 31,308 |
Accretion on asset retirement obligations | 5,437 | 5,006 |
Deferred income taxes | 372 | (605) |
Employee stock-based compensation expense | 3,885 | 3,962 |
Amortization relating to financing activities | 1,326 | 971 |
Gain on property insurance recovery related to Mountain Laurel longwall | (9,000) | |
Loss (Gain) on disposals and divestitures, net | (188) | (214) |
Changes in: | ||
Receivables | (18,929) | 23,728 |
Inventories | (28,387) | (19,088) |
Income taxes, net | 13,827 | (39,201) |
Coal derivative assets and liabilities, including margin account | (33) | (1,073) |
Other | 8,621 | 17,470 |
Cash provided by operating activities | 5,686 | (12,035) |
Investing activities | ||
Capital expenditures | (76,758) | (87,690) |
Minimum royalty payments | (62) | (62) |
Proceeds from disposals and divestitures | 188 | 233 |
Purchases of short term investments | (17,196) | |
Proceeds from sales of short term investments | 34,981 | 23,221 |
Investments in and advances to affiliates, net | (1,114) | (739) |
Proceeds from property insurance recovery related to Mountain Laurel longwall | 7,353 | |
Cash used in investing activities | (42,765) | (74,880) |
Financing activities | ||
Payments on term loan due 2024 | (750) | (750) |
Proceeds from equipment financing | 53,611 | |
Proceeds from tax exempt bonds | 44,985 | |
Net payments on other debt | (9,536) | (5,544) |
Debt financing costs | (1,194) | (422) |
Dividends paid | (7,645) | |
Payments for taxes related to net share settlement of equity awards | (1,316) | (198) |
Cash provided by (used in) financing activities | 32,189 | 39,052 |
Increase (decrease) in cash and cash equivalents, including restricted cash | (4,890) | (47,863) |
Cash and cash equivalents, including restricted cash, beginning of period | 193,445 | 153,020 |
Cash and cash equivalents, including restricted cash, end of period | 188,555 | 105,157 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash and cash equivalents | 169,593 | 105,157 |
Restricted cash | 18,962 | |
Cash and cash equivalents, including restricted cash, end of period | $ 188,555 | $ 105,157 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock, at cost | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance at Dec. 31, 2019 | $ 252 | $ 730,551 | $ 731,425 | $ (827,381) | $ 5,689 | $ 640,536 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends on common shares | (7,834) | (7,834) | ||||
Total comprehensive income (loss) | (25,299) | (17,403) | (42,702) | |||
Employee stock-based compensation | 3,962 | 3,962 | ||||
Purchase of common stock under share repurchase program | (198) | (198) | ||||
Ending Balance at Mar. 31, 2020 | 252 | 734,315 | 698,292 | (827,381) | (11,714) | 593,764 |
Beginning Balance at Dec. 31, 2020 | 253 | 767,484 | 378,906 | (827,381) | (35,701) | 283,561 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | (6,042) | 1,337 | (4,705) | |||
Employee stock-based compensation | 3,885 | 18 | 3,903 | |||
Issuance of shares of common stock under long-term incentive plan | 1 | 1 | ||||
Common stock withheld related to net share settlement of equity awards | (1,317) | (1,317) | ||||
Ending Balance at Mar. 31, 2021 | $ 254 | $ 770,052 | $ 372,882 | $ (827,381) | $ (34,364) | $ 281,443 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) | 3 Months Ended |
Mar. 31, 2021shares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of shares of common stock under long-term incentive plan (in shares) | 59,166 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation | |
Basis of Presentation | 1. The accompanying unaudited condensed consolidated financial statements include the accounts of Arch Resources, Inc. (āArch Resourcesā) and its subsidiaries (āArchā or the āCompanyā). Unless the context indicates otherwise, the terms āArchā and the āCompanyā are used interchangeably in this Quarterly Report on Form 10-Q. The Companyās primary business is the production of metallurgical and thermal coal from underground and surface mines located throughout the United States, for sale to steel producers, utility companies, and industrial accounts both in the United States and around the world. The Company currently operates mining complexes in West Virginia, Wyoming and Colorado. All subsidiaries are wholly owned. Intercompany transactions and accounts have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and U.S. Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021. These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2020 included in the Companyās Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies | |
Accounting Policies | 2. Recently Adopted Accounting Guidance In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London interbank offered rate (āLIBORā) or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. In December 2019, the FASB issued ASU 2019-12, āIncome Taxes (Topic 740) Simplifying the Accounting for Income Taxes.ā ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The ASU is effective for public companies for fiscal years beginning after December 15, 2020, and interim periods therein with early adoption permitted. The Company adopted this ASU with minimal impact to the Companyās financial statements. ā Recent Accounting Guidance Issued Not Yet Effective ā In August 2020, the FASB issued ASU 2020-06 , Derivatives and Hedging the host contract. ASU 2020-06 also removes certain conditions that should be considered in the derivatives scope exception evaluation under Subtopic 815-40, Derivatives and HedgingāContracts in Entityās Own Equity ā |
Joint Venture with Peabody Ener
Joint Venture with Peabody Energy | 3 Months Ended |
Mar. 31, 2021 | |
Investment In Joint Venture [Abstract] | |
Joint Venture with Peabody Energy | 3. The Company incurred expenses of $3.7 million for the three months ended March 31, 2020 associated with the regulatory approval process related to the proposed joint venture with Peabody that was terminated jointly by the parties due to the Federal Trade Commission blocking the joint venture during the third quarter of 2020. No amounts related to the joint venture were incurred for the three months ended March 31, 2021. |
Gain on Property Insurance Reco
Gain on Property Insurance Recovery Related to Mountain Laurel Longwall | 3 Months Ended |
Mar. 31, 2021 | |
Gain on Property Insurance Recovery Related to Mountain Laurel Longwall | |
Gain on Property Insurance Recovery Related to Mountain Laurel Longwall | 4. Gain on Property Insurance Recovery Related to Mountain Laurel Longwall The Company recorded a $9.0 million gain related to a property insurance recovery at its Mountain Laurel operation during the three months ended March 31, 2020. As a result of geologic conditions in the final longwall panel, Mountain Laurel was unable to recover 123 of the longwall systemās 176 hydraulic shields. |
Asset Impairment and Restructur
Asset Impairment and Restructuring | 3 Months Ended |
Mar. 31, 2021 | |
Asset Impairment and Restructuring | |
Asset Impairment and Restructuring | 5. Asset Impairment and Restructuring The Company recorded $5.8 million of employee severance expense related to a voluntary separation plan that was accepted by 53 members of the corporate staff during the three months ended March 31, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) | 6. The following items are included in accumulated other comprehensive income (loss) (āAOCIā), net of tax: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pension, ā ā ā ā ā ā ā ā ā Postretirement ā ā ā ā Accumulated ā ā ā ā ā and Other Post- ā ā ā ā Other ā ā Derivative ā Employment ā Available-for- ā Comprehensive ā ā Instruments ā Benefits ā Sale Securities ā Income (loss) ā (In thousands) Balance at December 31, 2020 ā $ (3,891) ā $ (31,459) ā $ (351) $ (35,701) Unrealized losses ā 65 ā ā ā 111 176 Amounts reclassified from accumulated other comprehensive income (loss) ā 624 ā 547 ā (10) 1,161 Balance at March 31, 2021 ā $ (3,202) ā $ (30,912) ā $ (250) $ (34,364) ā The following amounts were reclassified out of AOCI: ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, Line Item in the Details About AOCI Components 2021 2020 Statements of Operations ā ā ā ā ā ā ā ā ā ā Interest rate hedges ā (624) ā (216) ā Interest expense ā ā ā ā ā ā Provision for (benefit from) income taxes ā ā $ (624) ā $ (216) ā Net of tax ā ā ā ā ā ā ā ā ā ā Pension, postretirement and other post-employment benefits ā ā ā ā ā ā ā ā ā Amortization of actuarial gains (losses), net 1 ā $ (591) ā $ 234 ā Non-service related pension and postretirement benefit (costs) credits Amortization of prior service credits ā ā 44 ā ā 27 ā ā Non-service related pension and postretirement benefit (costs) credits Pension settlement ā ā ā ā (4) ā Non-service related pension and postretirement benefit (costs) credits ā ā $ (547) ā $ 257 ā Total before tax ā ā ā ā ā ā Provision for (benefit from) income taxes ā ā $ (547) ā $ 257 ā Net of tax ā ā ā ā ā ā ā ā ā ā Available-for-sale securities 2 ā $ 10 ā $ (1) ā Interest and investment income ā ā ā ā ā ā Provision for (benefit from) income taxes ā ā $ 10 ā $ (1) ā Net of tax 1 2 ā ā ā ā ā |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventories | |
Inventories | ā 7. Inventories consist of the following: ā ā ā ā ā ā ā ā ā March 31, December 31, ā 2021 2020 ā ā (In thousands) Coal ā $ 74,344 ā $ 49,436 Repair parts and supplies ā 80,051 ā 76,572 ā ā $ 154,395 ā $ 126,008 ā The repair parts and supplies are stated net of an allowance for slow-moving and obsolete inventories of $0.6 million at March 31, 2021 and $0.6 million at December 31, 2020. |
Investments in Available-for-Sa
Investments in Available-for-Sale Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments in Available-for-Sale Securities | |
Investments in Available-for-Sale Securities | 8. The Company has invested in marketable debt securities, primarily highly liquid U.S. Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income. The Companyās investments in available-for-sale marketable securities are as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā Allowance ā ā ā ā ā ā ā ā Unrealized ā ā for Credit ā Fair ā Cost Basis Gains Losses ā ā Losses Value ā ā (In thousands) Available-for-sale: ā ā ā ā ā ā ā U.S. government and agency securities ā $ 38,212 ā $ 17 ā $ (67) ā $ ā ā $ 38,162 Corporate notes and bonds ā 29,521 ā ā ā (200) ā ā ā 29,321 Total Investments ā $ 67,733 ā $ 17 ā $ (267) ā $ ā ā $ 67,483 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā Allowance ā ā ā ā ā ā ā ā Unrealized ā ā for Credit ā Fair ā Cost Basis Gains ā Losses ā ā Losses Value ā (In thousands) Available-for-sale: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā U.S. government and agency securities ā $ 57,299 ā $ 11 ā $ (86) ā $ ā ā $ 57,224 Corporate notes and bonds ā 39,817 ā 1 ā (277) ā ā ā 39,541 Total Investments ā $ 97,116 ā $ 12 ā $ (363) ā $ ā ā $ 96,765 ā The aggregate fair value of investments with unrealized losses that were owned for less than a year was $40.5 million and $45.3 million at March 31, 2021 and December 31, 2020, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $3.0 million and $8.1 million at March 31, 2021 and December 31, 2020, respectively. The unrealized losses in the Companyās portfolio at March 31, 2021 are the result of normal market fluctuations. The Company does not currently intend to sell these investments before recovery of their amortized cost base. The debt securities outstanding at March 31, 2021 have maturity dates ranging from the second quarter of 2021 through the second quarter of 2022. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivatives | |
Derivatives | 9. Interest rate risk management The Company has entered into interest rate swaps to reduce the variability of cash outflows associated with interest payments on its variable rate term loan. These swaps have been designated as cash flow hedges. For additional information on these arrangements, see Note 11, āDebt and Financing Arrangements,ā in the Condensed Consolidated Financial Statements. Diesel fuel price risk management The Company is exposed to price risk with respect to diesel fuel purchased for use in its operations. The Company anticipates purchasing approximately 30 to 35 million gallons of diesel fuel for use in its operations during 2021. To protect the Companyās cash flows from increases in the price of diesel fuel for its operations, the Company uses forward physical diesel purchase contracts and purchased heating oil call options. At March 31, 2021, the Company had no heating oil call options outstanding. Coal price risk management positions The Company may sell or purchase forward contracts, swaps and options in the over-the-counter coal market in order to manage its exposure to coal prices. The Company has exposure to the risk of fluctuating coal prices related to forecasted, index-priced sales or purchases of coal or to the risk of changes in the fair value of a fixed price physical sales contract. Certain derivative contracts may be designated as hedges of these risks. At March 31, 2021, the Company held derivatives for risk management purposes that are expected to settle in the following years: ā ā ā ā (Tons in thousands) 2021 Coal sales 320 Coal purchases 62 ā Coal trading positions The Company may sell or purchase forward contracts, swaps and options in the over-the-counter coal market for trading purposes. The Company is exposed to the risk of changes in coal prices on the value of its coal trading portfolio. The unrecognized gains of $0.2 million in the trading portfolio are expected to be realized during the remainder of 2021. Tabular derivatives disclosures The Company has master netting agreements with all of its counterparties which allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduce the Companyās credit exposure related to these counterparties. For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the Condensed Consolidated Balance Sheets. The amounts shown in the table below represent the fair value position of individual contracts, and not the net position presented in the accompanying Condensed Consolidated Balance Sheets. The fair value and location of derivatives reflected in the accompanying Condensed Consolidated Balance Sheets are as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā ā December 31, 2020 ā ā Fair Value of Derivatives Asset ā Liability ā ā ā ā Asset ā Liability ā ā (In thousands) ā Derivative ā Derivative ā ā ā ā Derivative ā Derivative ā ā ā Derivatives Designated as Hedging Instruments ā ā ā ā ā ā Coal ā $ ā ā $ ā ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives Not Designated as Hedging Instruments ā ā ā ā ā ā Heating oil -- diesel purchases ā ā ā ā ā ā 237 ā ā ā Coal -- held for trading purposes ā 1,892 ā (1,653) ā ā 1,914 ā (1,595) ā Coal -- risk management ā 998 ā (1,236) ā ā 1,094 ā (804) ā Total ā $ 2,890 ā $ (2,889) ā ā $ 3,245 ā $ (2,399) ā Total derivatives ā $ 2,890 ā $ (2,889) ā ā $ 3,245 ā $ (2,399) ā Effect of counterparty netting ā (2,419) ā 2,419 ā ā (2,392) ā 2,392 ā Net derivatives as classified in the balance sheets ā $ 471 ā $ (470) ā $ 1 ā $ 853 ā $ (7) ā $ 846 ā ā ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā ā ā 2021 ā 2020 Net derivatives as reflected on the balance sheets (in thousands) ā ā Coal Other current assets ā $ 471 ā $ 853 Coal Accrued expenses and other current liabilities ā (470) ā (7) ā ā ā ā $ 1 ā $ 846 ā The Company had a current asset representing cash collateral posted to a margin account for derivative positions primarily related to coal derivatives of $2.6 million and $1.4 million at March 31, 2021 and December 31, 2020, respectively. These amounts are not included with the derivatives presented in the table above and are included in āother current assetsā in the accompanying Condensed Consolidated Balance Sheets. The effects of derivatives on measures of financial performance are as follows: Derivatives used in Cash Flow Hedging Relationships (in thousands) Three Months Ended March 31, ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain (Loss) Recognized in Other Comprehensive Income ā Gains (Losses) Reclassified from Other Comprehensive Income into Income ā ā 2021 ā 2020 ā 2021 ā 2020 Coal sales (1) $ ā ā $ 159 ā $ ā ā $ ā Coal purchases (2) ā ā (156) ā ā ā ā Totals ā $ ā ā $ 3 ā $ ā ā $ ā ā At March 31, 2021, the Company did not have any derivative contracts designated as hedging instruments. Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended March 31, ā ā ā ā ā ā ā ā ā Gain (Loss) Recognized ā ā ā 2021 ā ā 2020 Coal trading ā realized and unrealized (3) $ ā ā $ 221 Coal risk management ā unrealized (3) ā (528) ā (1,040) Natural gas tradingā realized and unrealized (3) ā ā ā 76 Change in fair value of coal derivatives and coal trading activities, net total $ (528) ā $ (743) ā ā ā ā ā ā ā Coal risk managementā realized (4) $ 138 ā $ 1,601 Heating oil ā diesel purchases (4) $ ā ā $ (1,033) Location in statement of operations: (1) ā Revenues (2) ā Cost of sales (3) ā Change in fair value of coal derivatives and coal trading activities, net (4) ā Other operating (income) expense, net ā ā |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 10. Accrued expenses and other current liabilities consist of the following: ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā 2021 ā 2020 ā ā (In thousands) Payroll and employee benefits ā $ 37,677 ā $ 39,443 Taxes other than income taxes ā 53,437 ā 56,232 Interest ā 4,148 ā 2,795 Workersā compensation ā 12,621 ā 15,259 Asset retirement obligations ā 27,032 ā 27,032 Other ā 15,252 ā 14,495 ā ā $ 150,167 ā $ 155,256 ā |
Debt and Financing Arrangements
Debt and Financing Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Debt and Financing Arrangements | |
Debt and Financing Arrangements | 11. ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā 2021 ā 2020 ā (In thousands) Term loan due 2024 ($288.0 million face value) ā $ 287,335 ā $ 288,033 Tax Exempt Bonds ($98.1 million face value) ā ā 98,075 ā ā 53,090 Convertible Debt ($155.3 million face value) ā ā 116,860 ā ā 115,367 Other ā 53,182 ā 62,695 Debt issuance costs ā (11,498) ā (10,873) ā ā ā 543,954 ā ā 508,312 Less: current maturities of debt ā 24,597 ā 31,097 Long-term debt ā $ 519,357 ā $ 477,215 ā Term Loan Facility In 2017, the Company entered into a senior secured term loan credit agreement in an aggregate principal amount of $300 million (the āTerm Loan Debt Facilityā) with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other financial institutions from time to time party thereto (collectively, the āLendersā). The Term Loan Debt Facility was issued at 99.50% of the face amount and will mature on March 7, 2024. The term loans provided under the Term Loan Debt Facility (the āTerm Loansā) are subject to quarterly principal amortization payments in an amount equal to $750,000. During 2018, the Company entered into the Second Amendment (the āSecond Amendmentā) to its Term Loan Debt Facility. The Second Amendment further reduced the interest rate on its Term Loan Debt Facility to, at the option of Arch Resources, either (i) LIBOR plus an applicable margin of 2.75%, subject to a 1.00% LIBOR floor, or (ii) a base rate plus an applicable margin of 1.75%. The Term Loan Debt Facility is guaranteed by all existing and future wholly owned domestic subsidiaries of the Company (collectively, the āSubsidiary Guarantorsā and, together with Arch Resources, the āLoan Partiesā), subject to customary exceptions, and is secured by first priority security interests on substantially all assets of the Loan Parties, including 100% of the voting equity interests of directly owned domestic subsidiaries and 65% of the voting equity interests of directly owned foreign subsidiaries, subject to customary exceptions. Accounts Receivable Securitization Facility On September 30, 2020, the Company amended and extended its existing trade accounts receivable securitization facility provided to Arch Receivable Company, LLC, a special-purpose entity that is a wholly owned subsidiary of Arch Resources (āArch Receivableā) (the āExtended Securitization Facilityā), which supports the issuance of letters of credit and requests for cash advances. The amendment to the Extended Securitization Facility reduces the size of the facility from $160 million to $110 million of borrowing capacity and extended the maturity date to September 29, 2023. Additionally, the amendment eliminated the provision that accelerated maturity upon liquidity falling below a specified level. Pursuant to the Extended Securitization Facility, Arch Receivable also agreed to a revised schedule of fees payable to the administrator and the providers of the Extended Securitization Facility. Under the Extended Securitization Facility, Arch Receivable, Arch Resources and certain of Arch Resourcesās subsidiaries party to the Extended Securitization Facility have granted to the administrator of the Extended Securitization Facility a first priority security interest in eligible trade accounts receivable generated by such parties from the sale of coal and all proceeds thereof. As of March 31, 2021, the Company had a borrowing base under the Extended Securitization Facility of million. As a result, cash collateral of Inventory-Based Revolving Credit Facility On September 30, 2020, the Company and certain of its subsidiaries amended the senior secured inventory-based revolving credit facility in an aggregate principal amount of $50 million (the āInventory Facilityā) with Regions Bank (āRegionsā) as administrative agent and collateral agent, as lender and swingline lender (in such capacities, the āLenderā) and as letter of credit issuer. Availability under the Inventory Facility is subject to a borrowing base consisting of (i) 85% of the net orderly liquidation value of eligible coal inventory, (ii) the lesser of (x) 85% of the net orderly liquidation value of eligible parts and supplies inventory and (y) 35% of the amount determined pursuant to clause (i), and (iii) 100% of Arch Resourcesās Eligible Cash (defined in the Inventory Facility), subject to reduction for reserves imposed by Regions. The amendment of the Inventory Facility extended the maturity of the facility to September 29, 2023; eliminated the provision that accelerated maturity upon liquidity falling below a specified level; and reduced the minimum liquidity requirement from $175 million to $100 million. Additionally, the amendment included provisions that reduce the advance rates for coal inventory and parts and supplies, depending on āLiquidityā as defined as of any date of determination, the sum of, without duplication, (a) unrestricted cash or Permitted Investments as of such date of the Parent and its Subsidiaries (other than the Securitization Subsidiaries and Bonding Subsidiaries) that are not Foreign Subsidiaries, (b) withdrawable funds from brokerage accounts of Borrowers as of such date, (c) Availability as of such date, and (d) any unused commitments that are available to be drawn as of such date by the Parent pursuant to the terms of any Permitted Receivables Financing. The Inventory Facility contains certain customary affirmative and negative covenants; events of default, subject to customary thresholds and exceptions; and representations, including certain cash management and reporting requirements that are customary for asset-based credit facilities. The Inventory Facility also includes a requirement to maintain Liquidity equal to or exceeding $100 million at all times. As of March 31, 2021, letters of credit totaling $29.2 million were outstanding under the facility with $12.1 million available for borrowings. Equipment Financing On March 4, 2020, the Company entered into an equipment financing arrangement accounted for as debt (āEquipment Financingā). The Company received million in exchange for conveying an interest in certain equipment in operation at its Leer Mine and entered into a master lease arrangement for that equipment. The financing arrangement contains customary terms and events of default and provides for maturing on March 4, 2024. Upon maturity, all interests in the subject equipment will revert back to the Company. Tax Exempt Bonds On July 2, 2020, the West Virginia Economic Development Authority (the āIssuerā) issued $53.1 million aggregate principal amount of Solid Waste Disposal Facility Revenue Bonds (Arch Resources Project), Series 2020 (the āTax Exempt Bondsā) pursuant to an Indenture of Trust dated as of June 1, 2020 (the āIndentureā) between the Issuer and Citibank, N.A., as trustee (the āTrusteeā). On March 4, 2021, the Issuer issued an additional million of Series 2021 Tax Exempt Bonds. The proceeds of the Tax Exempt Bonds were loaned to the Company pursuant to a Loan Agreement dated as of June 1, 2020 and the follow-on as of March 4, 2021 between the Issuer and Arch. The Tax Exempt Bonds are payable solely from payments to be made by the Company under the Loan Agreement as evidenced by a Note from the Company to the Trustee. The proceeds of the Tax Exempt Bonds are being used to finance certain costs of the acquisition, construction, reconstruction, and equipping of solid waste disposal facilities at the Companyās Leer South development, and for capitalized interest and certain costs related to issuance of the Tax Exempt Bonds. The Tax Exempt Bonds will bear interest payable each January 1 and July 1, commencing January 1, 2021 for the Series 2020 and July 1, 2021 for the Series 2021, and have a final maturity of July 1, 2045; however, the Tax Exempt Bonds are subject to mandatory tender on July 1, 2025 at a purchase price equal to 100% of the principal amount of the Tax Exempt Bonds, plus accrued interest to July 1, 2025. The Series 2020 and Series 2021 Tax Exempt Bonds bear interest of The Tax Exempt Bonds are subject to redemption (i) in whole or in part at any time on or after January 1, 2025 at the option of the Issuer, upon the Companyās direction at a redemption price of par, plus interest accrued to the redemption date; and (ii) at par plus interest accrued to the redemption date from certain excess Bond proceeds as further described in the Indenture. The Companyās obligations under the Loan Agreement are (i) except as otherwise described below, secured by first priority liens on and security interests in substantially all of the Companyās and Subsidiary Guarantorsā real property and other assets, subject to certain customary exceptions and permitted liens, and in any event excluding our accounts receivable and inventory; and (ii) jointly and severally guaranteed by the Subsidiary Guarantors, subject to customary exceptions. The collateral securing the Companyās obligations under the Loan Agreement is substantially the same as the collateral securing the obligations under the Term Loan Debt Facility other than with respect to variances in certain real property collateral. The real property securing the Companyās obligations under the Loan Agreement includes a subset of the real property collateral securing the obligations under the Term Loan Debt Facility and includes only mortgages on substantially all of the Companyās revenue generating real property and assets. The Loan Agreement contains certain affirmative covenants and representations, including but not limited to: (i) maintenance of a rating on the Tax Exempt Bonds; (ii) maintenance of proper books of records and accounts; (iii) agreement to add additional guarantors to guarantee the obligations under the Loan Agreement in certain circumstances; (iv) procurement of customary insurance; and (v) preservation of legal existence and certain rights, franchises, licenses and permits. The Loan Agreement also contains certain customary negative covenants, which, among other things, and subject to certain exceptions, include restrictions on (i) release of collateral securing the Companyās obligations under the Loan Agreement; (ii) mergers and consolidations and disposition of assets, and (iii) restrictions on actions that may jeopardize the tax-exempt status of the Tax Exempt Bonds. The Loan Agreement contains customary events of default, subject to customary thresholds and exceptions, including, among other things, (i) nonpayment of principal, purchase price, interest and other fees (subject to certain cure periods), (ii) bankruptcy or insolvency proceedings relating to us; (iii) material inaccuracy of a representation or warranty at the time made, (iv) cross-events of default to indebtedness of at least $50 million, (v) cross defaults to the Indenture, the guaranty related to the Tax Exempt Bonds or any related security documents. As of March 31, 2021, Arch has utilized $81.8 million of the total bond proceeds. The remaining $16.3 is held in trust and is recorded on the balance sheet as restricted cash. The remainder of the funds will be released as qualified expenditures are made. Convertible Debt On November 3, 2020, the Company issued $155.3 million in aggregate principal amount of 5.25% convertible senior notes due 2025 (āConvertible Notes ā or āConvertible Debtā). The net proceeds from the issuance of the Convertible Notes, after deducting offering related costs of $5.1 million and cost of a āCapped Call Transactionā as defined below of $17.5 million, were approximately $132.7 million. The Convertible Notes bear interest at the annual rate of 5.25%, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2021, and will mature on November 15, 2025, unless earlier converted or repurchased by the Company. ā The Convertible Notes will be convertible into cash, shares of the Companyās common stock or a combination thereof, at the Companyās election, at an initial conversion rate of 26.7917 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $37.325 per share, subject to adjustment pursuant to the terms of the Indenture governing the Convertible Notes (the "Indenture"). The Convertible Notes may be converted at any time after, and including, July 15, 2025 until the close of business on the second scheduled trading day immediately before the maturity date. ā The conversion rate of the Convertible Notes may be adjusted in certain circumstances, including in connection with a conversion of the Convertible Notes made following certain fundamental changes and under other circumstances set forth in the Indenture. It is the Companyās current intent and policy to settle any conversions of notes through a combination of cash and shares. ā The Convertible Notes will be redeemable, in whole or in part, at the Companyās option at any time, and from time to time, on or after November 20, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of the Companyās common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption noticeĶ¾ and (ii) the trading day immediately before the date the Company sends such notice. In addition, calling any Convertible Note for redemption will constitute a make-whole fundamental change with respect to that Convertible Note, in which case the conversion rate applicable to the conversion of that Convertible Note will be increased in certain circumstances if it is converted after it is called for redemption. No sinking fund is provided for the Convertible Notes. ā Total interest expense related to the Convertible Notes for the three months ended March 31, 2021 was $3.7 million and was comprised of $2.0 million related to the contractual interest coupon and $1.7 million related to the amortization of the discount on the liability component. ā Capped Call Transactions ā In connection with the offering of the Convertible Notes, the Company entered into privately negotiated convertible note hedge transactions (collectively, the āCapped Call Transactionsā). The Capped Call Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Companyās common stock that initially underlie the Convertible Notes. ā The Capped Call Transactions are expected generally to reduce the potential dilution and/or offset any cash payments the Company is required to make in excess of the principal amount due upon conversion of the Convertible Notes in the event that the market price of the Companyās common stock is greater than the strike price of the Capped Call Transactions, which was initially $37.325 per share (subject to adjustment under the terms of the Capped Call Transactions). The strike price of $37.325 corresponds to the initial conversion price of the Convertible Notes. The number of shares underlying the Capped Call Transactions is 4.2 million. ā The cap price of the Capped Call Transactions is $52.2550 per share, which represents a premium of 75% over the last reported sale price of the Companyās common stock on October 29, 2020. The cost of the Capped Call Transactions was approximately ā The Capped Call Transactions are separate transactions, in each case entered into between the Company and the respective Option Counterparty, and are not part of the terms of the Convertible Notes and will not affect any holderās rights under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions. Additionally, the cost of the Capped Call Transactions is not expected to be tax deductible as the Company did not elect to integrate the Capped Call Transactions into the notes for tax purposes. ā Accounting Treatment of the Convertible Notes and Related Hedge Transactions As the Capped Call Transactions meet certain accounting criteria, the Capped Call Transactions were classified as equity and are not accounted for as derivatives. The proceeds from the offering of the Convertible Notes were separated into liability and equity components. On the date of issuance, the liability and equity components of the Convertible Notes were calculated to be approximately $114.5 million and $40.8 million, respectively. The initial $114.5 million liability component was determined based on the fair value of similar debt instruments excluding the conversion feature assuming a hypothetical interest rate of 12.43%. The inputs and assumptions used in the calculated fair value of the liability component of the convertible debt fall within level 2 of the fair value hierarchy. million is being amortized over the life of the Convertible Notes as non-cash interest expense using the effective interest method. At March 31, 2021, the convertible notes were not convertible or redeemable. ā In connection with the above-noted transactions, the Company incurred approximately $5.9 million of debt issuance costs. These offering expenses were allocated to the liability and equity components in proportion to the allocation of proceeds and accounted for as debt and equity issuance costs, respectively. The Company allocated ā Interest Rate Swaps The Company has entered into a series of interest rate swaps to fix a portion of the LIBOR interest payments due under the Term Loan Debt Facility. 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 Companyās Condensed Consolidated Balance Sheet as an asset or liability with the effective portion of the gains or losses reported as a component of accumulated other comprehensive income and the ineffective portion reported in earnings. As interest payments are made on the Term Loan, amounts in accumulated other comprehensive income will be reclassified into earnings through interest expense to reflect a net interest on the Term Loan equal to the effective yield of the fixed rate of the swap plus 2.75% which is the spread on the revised LIBOR term loan. In the event that an interest rate swap is terminated prior to maturity, gains or losses in accumulated other comprehensive income will remain deferred and be reclassified into earnings in the periods which the hedged forecasted transaction affects earnings. Below is a summary of the Companyās outstanding interest rate swap agreements designated as hedges as of March 31, 2021: ā ā ā ā ā ā ā ā ā ā Notional Amount ā ā ā ā ā ā ā ā (in millions) Effective Date Fixed Rate Receive Rate Expiration Date ā ā ā ā ā ā ā ā ā ā $ 200.0 ā June 30, 2020 2.249 % 1-month LIBOR ā June 30, 2021 $ 100.0 ā June 30, 2021 2.315 % 1-month LIBOR ā June 30, 2023 ā The fair value of the interest rate swaps at March 31, 2021 is a liability of $3.2 million, which is recorded within Other noncurrent liabilities, with the offset to accumulated other comprehensive income on the Companyās Condensed Consolidated Balance Sheet. The Company realized $0.6 million and $0.2 million of losses during the three months ended March 31, 2021 and March 31, 2020, respectively, related to settlements of the interest rate swaps which were recorded to interest expense on the Companyās Condensed Consolidated Statement of Operations. The interest rate swaps are classified as Level 2 within the fair value hierarchy. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Income Taxes | 12. A reconciliation of the federal income tax provision at the statutory rate to the actual provision for (benefit from) income taxes follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā (In thousands) Income tax provision at statutory rate ā $ (1,189) ā $ (5,689) Percentage depletion allowance ā 1,660 ā 6,168 State taxes, net of effect of federal taxes ā (292) ā 82 Change in valuation allowance ā 412 ā 850 Current expense associated with uncertain tax positions ā ā 361 ā ā (2,031) AMT sequestration refund ā ā ā (1,171) Other, net ā (574) ā ā Provision for (benefit from) income taxes ā $ 378 ā $ (1,791) ā |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures Measurements | |
Fair Value Measurements | 13. The hierarchy of fair value measurements assigns a level to fair value measurements based on the inputs used in the respective valuation techniques. The levels of the hierarchy, as defined below, give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. ā Level 1 is defined as observable inputs such as quoted prices in active markets for identical assets. Level 1 assets include U.S. Treasury securities, U.S. government agency securities, and coal swaps and futures that are submitted for clearing on the New York Mercantile Exchange. ā Level 2 is defined as observable inputs other than Level 1 prices. These include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Companyās level 2 assets and liabilities include Corporate debt securities, coal commodity contracts, and interest rate swaps with fair values derived from quoted prices in over-the-counter markets or from prices received from direct broker quotes. ā Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. These include the Companyās commodity option contracts (coal, natural gas and heating oil) valued using modeling techniques, such as Black-Scholes, that require the use of inputs, particularly volatility, that are rarely observable. The table below sets forth, by level, the Companyās financial assets and liabilities that are recorded at fair value in the accompanying Condensed Consolidated Balance Sheet: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā Total Level 1 Level 2 Level 3 ā ā (In thousands) Assets: ā ā ā ā Investments in marketable securities ā $ 67,483 ā $ 38,162 ā $ 29,321 ā $ ā Derivatives ā 471 ā ā ā 471 ā ā Total assets ā $ 67,954 ā $ 38,162 ā $ 29,792 ā $ ā Liabilities: ā ā ā ā ā ā ā ā Derivatives ā $ 3,673 ā $ 470 ā $ 3,203 ā $ ā ā The Companyās contracts with its counterparties allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. For classification purposes, the Company records the net fair value of all the positions with these counterparties as a net asset or liability. Each level in the table above displays the underlying contracts according to their classification in the accompanying Condensed Consolidated Balance Sheet, based on this counterparty netting. There were no financial instruments categorized as Level 3 instruments at March 31, 2021. Fair Value of Long-Term Debt At March 31, 2021 and December 31, 2020, the fair value of the Companyās debt, including amounts classified as current, was $576.5 million and $533.8 million, respectively. Fair values are based upon observed prices in an active market, when available, or from valuation models using market information, which fall into Level 2 in the fair value hierarchy. |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings (Loss) Per Common Share | |
Earnings per Common Share | 14. The Company computes basic net income (loss) per share using the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities may consist of warrants, restricted stock units or other contingently issuable shares. The dilutive effect of outstanding warrants, restricted stock units and other contingently issuable shares is reflected in diluted earnings per share by application of the treasury stock method. The weighted average share impact of warrants and restricted stock units that were excluded from the calculation of diluted shares due to the Company incurring a net loss for the three month ending March 31, 2021 and March 31, 2020 were The following table provides the basis for basic and diluted earnings per share by reconciling the denominators of the computations ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā ā 2021 2020 ā (In Thousands) ā ā ā ā ā Weighted average shares outstanding: Basic weighted average shares outstanding 15,283 15,139 Effect of dilutive securities ā ā Diluted weighted average shares outstanding 15,283 15,139 ā |
Workers Compensation Expense
Workers Compensation Expense | 3 Months Ended |
Mar. 31, 2021 | |
Workers Compensation Expense | |
Workers Compensation Expense | 15. The Company is liable under the Federal Mine Safety and Health Act of 1969, as subsequently amended, to provide for pneumoconiosis (occupational disease) benefits to eligible employees, former employees and dependents. The Company currently provides for federal claims principally through a self-insurance program. The Company is also liable under various state workersā compensation statutes for occupational disease benefits. The occupational disease benefit obligation represents the present value of the actuarially computed present and future liabilities for such benefits over the employeesā applicable years of service. In October 2019, the Company filed an application with the Office of Workersā Compensation Programs (āOWCPā) within the Department of Labor for reauthorization to self-insure federal black lung benefits. In February 2020, the Company received a reply from the OWCP confirming Archās status to remain self-insured contingent upon posting additional collateral of of receipt of the letter. The Company is currently appealing the ruling from the OWCP and has received an extension to self-insure during the appeal process. The Company is evaluating alternatives to self-insurance, including the purchase of commercial insurance to cover these claims. In addition, the Company is liable for workersā compensation benefits for traumatic injuries which are calculated using actuarially-based loss rates, loss development factors and discounted based on a risk free rate. Traumatic workersā compensation claims are insured with varying retentions/deductibles, or through state-sponsored workersā compensation programs. Workersā compensation expense consists of the following components: ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā (In thousands) Self-insured occupational disease benefits: ā ā Service cost ā $ 1,949 ā $ 1,891 Interest cost (1) ā 1,110 ā 1,399 Net amortization (1) ā 591 ā 297 Total occupational disease ā $ 3,650 ā $ 3,587 Traumatic injury claims and assessments ā 1,805 ā 2,182 Total workersā compensation expense ā $ 5,455 ā $ 5,769 (1) In accordance with the adoption of ASU 2017-07, āCompensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā these costs are recorded within Nonoperating expenses in the Condensed Consolidated Statement of Operations on the line item āNon-service related pension and postretirement benefit costs.ā |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Employee Benefit Plans | |
Employee Benefit Plans | 16. Employee Benefit Plans The following table details the components of pension benefit costs (credits): ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā ā ā ā ā ā Interest cost (1) ā $ 1,068 ā $ 1,604 Expected return on plan assets (1) ā ā (1,824) ā ā (2,288) Pension settlement (1) ā ā ā 4 Amortization of prior service costs (credits) (1) ā (28) ā (28) Net benefit credit ā $ (784) ā $ (708) ā The following table details the components of other postretirement benefit costs: ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā ā ā ā ā ā Service cost ā $ 85 ā $ 106 Interest cost (1) ā 528 ā 653 Amortization of other actuarial losses (gains) (1) ā ā ā (530) Net benefit cost ā $ 613 ā $ 229 (1) In accordance with the adoption of ASU 2017-07, āCompensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā these costs are recorded within Nonoperating expenses in the Condensed Consolidated Statement of Operations on the line item āNon-service related pension and postretirement benefit costs.ā |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 17. Commitments and Contingencies The Company accrues for costs related to contingencies when a loss is probable and the amount is reasonably determinable. Disclosure of contingencies is included in the financial statements when it is at least reasonably possible that a material loss or an additional material loss in excess of amounts already accrued may be incurred. In addition, the Company is a party to numerous other claims and lawsuits with respect to various matters. The ultimate resolution of any such legal matter could result in outcomes that may be materially different from amounts the Company has accrued for such matters. The Company believes it has recorded adequate reserves for these matters. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information | |
Segment Information | 18. On December 31, 2020, the Company sold its Viper operation. As a result, the Company revised its reportable segments beginning in the first quarter of 2021 to reflect the manner in which the chief operating decision maker (CODM) views the Companyās businesses going forward for purposes of reviewing performance, allocating resources and assessing future prospects and strategic execution. Prior to the first quarter of 2021, the Company had reportable segments: MET, Powder River Basin (PRB), and Other Thermal. After the divestment of Viper, the Company has remaining active thermal mines: West Elk, Black Thunder, and Coal Creek. With segments aligns with how the Company makes decisions and allocates resources. remaining thermal mines have been combined as its āThermal Segmentā. The prior periods have been restated to reflect the change in reportable segments. The Companyās reportable business segments are based on two distinct lines of business, metallurgical and thermal, and may include a number of mine complexes. The Company manages its coal sales by market, not by individual mining complex. Geology, coal transportation routes to customers, and regulatory environments also have a significant impact on the Companyās marketing and operations management. Mining operations are evaluated based on Adjusted EBITDA, per-ton cash operating costs (defined as including all mining costs except depreciation, depletion, amortization, accretion on asset retirement obligations, and pass-through transportation expenses, divided by segment tons sold), and on other non-financial measures, such as safety and environmental performance. Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles, and items excluded from Adjusted EBITDA are significant in understanding and assessing the Companyās financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income (loss), income (loss) from operations, cash flows from operations or as a measure of our profitability, liquidity or performance under generally accepted accounting principles. The Company uses Adjusted EBITDA to measure the operating performance of its segments and allocate resources to the segments. Furthermore, analogous measures are used by industry analysts and investors to evaluate the Companyās operating performance. Investors should be aware that the Companyās presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The Company reports its results of operations primarily through the following reportable segments: Metallurgical (MET) segment, containing the Companyās metallurgical operations in West Virginia, and the Thermal segment containing the Companyās thermal operations in Wyoming and Colorado. Reporting segment results for the three months ended March 31, 2021 and 2020 are presented below. The Corporate, Other, and Eliminations grouping includes these charges: idle operations; change in fair value of coal derivatives and coal trading activities, net; corporate overhead; land management activities; other support functions; and the elimination of intercompany transactions. ā Operating segment results for the three and nine months ended March 31, 2021 and 2019, are presented below. The Corporate, Other and Eliminations grouping includes these charges: idle operations; change in fair value of coal derivatives and coal trading activities, net; corporate overhead; land management activities; other support functions; and the elimination of intercompany transactions. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Corporate, ā ā ā ā ā ā ā ā ā ā Other and ā ā ā (In thousands) ā MET ā Thermal ā Eliminations ā Consolidated ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2021 ā ā ā ā ā ā ā ā Revenues ā $ 178,781 ā $ 177,540 ā $ 1,222 $ 357,543 Adjusted EBITDA ā 41,597 ā 13,081 ā (23,781) 30,897 Depreciation, depletion and amortization ā 20,882 ā 4,688 ā 227 25,797 Accretion on asset retirement obligation ā 508 ā 4,419 ā 510 5,437 Total assets ā 886,840 ā 196,957 ā 690,361 1,774,158 Capital expenditures ā 76,021 ā 288 ā 449 76,758 ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2020 ā ā ā ā ā ā ā Revenues ā $ 182,654 ā $ 210,196 ā $ 12,382 ā $ 405,232 Adjusted EBITDA ā 42,720 ā (1,902) ā (27,903) ā 12,915 Depreciation, depletion and amortization ā 22,517 ā 7,545 ā 1,246 ā 31,308 Accretion on asset retirement obligation ā 486 ā 3,842 ā 678 ā 5,006 Total assets ā 693,227 ā 377,806 ā 786,473 ā 1,857,506 Capital expenditures ā 78,648 ā 6,713 ā 2,329 ā 87,690 ā A reconciliation of net income (loss) to adjusted EBITDA follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā (In thousands) ā 2021 ā 2020 ā Net income (loss) ā $ (6,042) ā $ (25,299) ā Provision for (benefit from) income taxes ā ā 378 ā ā (1,791) ā Interest expense, net ā 3,800 ā 2,129 ā Depreciation, depletion and amortization ā 25,797 ā 31,308 ā Accretion on asset retirement obligations ā 5,437 ā 5,006 ā Costs related to proposed joint venture with Peabody Energy ā ā ā 3,664 ā Asset impairment and restructuring ā ā ā 5,828 ā Gain on property insurance recovery related to Mountain Laurel longwall ā ā ā (9,000) ā Non-service related pension and postretirement benefit costs ā 1,527 ā 1,096 ā Reorganization items, net ā ā ā (26) ā Adjusted EBITDA ā $ 30,897 ā $ 12,915 ā EBITDA from idled or otherwise disposed operations ā ā 3,566 ā ā 5,099 ā Selling, general and administrative expenses ā ā 21,480 ā ā 22,745 ā Other ā ā (1,265) ā ā 59 ā Segment Adjusted EBITDA from coal operations ā $ 54,678 ā $ 40,818 ā ā |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition | |
Revenue Recognition | 19. ASC 606-10-50-5 requires that entities disclose disaggregated revenue information in categories (such as type of good or service, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606-10-55-89 explains that the extent to which an entityās revenue is disaggregated depends on the facts and circumstances that pertain to the entityās contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue. In general, the Companyās business segmentation is aligned according to the nature and economic characteristics of its coal and customer relationships and provides meaningful disaggregation of each segmentās results. The Company has further disaggregated revenue between North America and Seaborne revenues which depicts the pricing and contract differences between the two. North America revenue is characterized by contracts that typically have a term of one year or longer and typically the pricing is fixed; whereas Seaborne revenue generally is derived by spot or short term contracts with pricing determined at the time of shipment or based on a market index. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Corporate, ā ā ā ā ā ā ā ā ā ā Other and ā ā ā ā ā MET ā Thermal ā Eliminations ā Consolidated ā (in thousands) Three Months Ended March 31, 2021 ā ā ā ā ā ā ā ā North America revenues ā $ 24,835 ā $ 164,213 ā $ 1,222 ā $ 190,270 Seaborne revenues ā 153,946 ā 13,327 ā ā ā 167,273 ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 178,781 ā $ 177,540 ā $ 1,222 ā $ 357,543 ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2020 ā ā ā ā ā ā ā ā North America revenues ā $ 29,723 ā $ 206,863 ā $ 12,382 ā $ 248,968 Seaborne revenues ā 152,931 ā 3,333 ā ā ā 156,264 ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 182,654 ā $ 210,196 ā $ 12,382 ā $ 405,232 ā ā ā ā ā ā ā ā ā ā ā ā ā ā As of March 31, 2021, the Company has outstanding performance obligations for the remainder of 2021 of 36.4 million tons of fixed price contracts and 6.7 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2021 of approximately 40.4 million tons of fixed price contracts and 1.6 million tons of variable price contracts. ā |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Leases | 20. The Company has operating and financing leases for mining equipment, office equipment, office space and transloading terminals with remaining lease terms ranging from less than one year to approximately six years. Some of these leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to combine these components for all leases. As most of the leases do not provide an implicit rate, the Company calculated the āRight-of-useā (ROU) assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date. As of March 31, 2021 and December 31, 2020, the Company had the following right-of-use assets and lease liabilities within the Companyās Condensed Consolidated Balance Sheets: ā ā ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā ā ā 2021 ā 2020 Assets Balance Sheet Classification ā ā Operating lease right-of-use assets Other noncurrent assets ā $ 16,465 ā $ 17,069 Financing lease right-of-use assets Other noncurrent assets ā ā 5,187 ā ā 5,512 Total Lease Assets ā ā ā $ 21,652 ā $ 22,581 ā ā ā ā ā ā ā ā ā Liabilities ā Balance Sheet Classification ā ā ā ā ā ā Financing lease liabilities - current ā Accrued expenses and other current liabilities ā $ 874 ā $ 860 Operating lease liabilities - current ā Accrued expenses and other current liabilities ā ā 2,476 ā ā 2,454 Financing lease liabilities - long-term ā Other noncurrent liabilities ā ā 4,790 ā ā 5,014 Operating lease liabilities - long-term ā Other noncurrent liabilities ā ā 14,636 ā ā 15,278 ā ā ā ā $ 22,776 ā $ 23,606 ā Information related to leases was as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā ā ā 2021 ā ā 2020 Operating lease information: ā (In thousands) Operating lease cost ā $ 846 ā ā ā $ 1,023 ā Operating cash flows from operating leases ā 860 ā ā ā ā 1,042 ā Weighted average remaining lease term in years ā 5.74 ā ā ā ā 5.64 ā Weighted average discount rate ā 5.5 % ā ā ā 5.5 % ā ā ā ā ā ā ā ā ā ā Financing lease information: ā ā ā ā ā ā ā Financing lease cost ā $ 393 ā ā ā $ ā ā Operating cash flows from financing leases ā 303 ā ā ā ā ā ā Weighted average remaining lease term in years ā 4.00 ā ā ā ā ā ā Weighted average discount rate ā 6.4 % ā ā ā ā % ā ā ā ā ā ā Future minimum lease payments under non-cancellable leases as of March 31, 2021 were as follows: ā ā ā ā ā ā ā ā ā ā ā Operating ā ā Finance Year ā Leases ā ā Leases ā (In thousands) 2021 ā $ 2,507 ā ā $ 908 2022 ā 3,317 ā ā 1,210 2023 ā 3,285 ā ā 1,210 2024 ā 3,200 ā ā 1,210 2025 ā 3,185 ā ā 2,111 Thereafter ā 4,613 ā ā ā Total minimum lease payments ā $ 20,107 ā ā $ 6,649 Less imputed interest ā (2,995) ā ā (985) ā ā ā ā ā ā ā ā Total lease liabilities ā $ 17,112 ā ā $ 5,664 ā ā ā ā ā ā ā ā ā |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and U.S. Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021. These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2020 included in the Companyās Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission. |
Recently Adopted Accounting Guidance and Recent Accounting Guidance Issued Not Yet Effective | Recently Adopted Accounting Guidance In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London interbank offered rate (āLIBORā) or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. In December 2019, the FASB issued ASU 2019-12, āIncome Taxes (Topic 740) Simplifying the Accounting for Income Taxes.ā ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The ASU is effective for public companies for fiscal years beginning after December 15, 2020, and interim periods therein with early adoption permitted. The Company adopted this ASU with minimal impact to the Companyās financial statements. ā Recent Accounting Guidance Issued Not Yet Effective ā In August 2020, the FASB issued ASU 2020-06 , Derivatives and Hedging the host contract. ASU 2020-06 also removes certain conditions that should be considered in the derivatives scope exception evaluation under Subtopic 815-40, Derivatives and HedgingāContracts in Entityās Own Equity |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) | |
Schedule of Accumulated Other Comprehensive Income (Loss) | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Pension, ā ā ā ā ā ā ā ā ā Postretirement ā ā ā ā Accumulated ā ā ā ā ā and Other Post- ā ā ā ā Other ā ā Derivative ā Employment ā Available-for- ā Comprehensive ā ā Instruments ā Benefits ā Sale Securities ā Income (loss) ā (In thousands) Balance at December 31, 2020 ā $ (3,891) ā $ (31,459) ā $ (351) $ (35,701) Unrealized losses ā 65 ā ā ā 111 176 Amounts reclassified from accumulated other comprehensive income (loss) ā 624 ā 547 ā (10) 1,161 Balance at March 31, 2021 ā $ (3,202) ā $ (30,912) ā $ (250) $ (34,364) |
Schedule of Comprehensive Income Reclassifications | The following amounts were reclassified out of AOCI: ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, Line Item in the Details About AOCI Components 2021 2020 Statements of Operations ā ā ā ā ā ā ā ā ā ā Interest rate hedges ā (624) ā (216) ā Interest expense ā ā ā ā ā ā Provision for (benefit from) income taxes ā ā $ (624) ā $ (216) ā Net of tax ā ā ā ā ā ā ā ā ā ā Pension, postretirement and other post-employment benefits ā ā ā ā ā ā ā ā ā Amortization of actuarial gains (losses), net 1 ā $ (591) ā $ 234 ā Non-service related pension and postretirement benefit (costs) credits Amortization of prior service credits ā ā 44 ā ā 27 ā ā Non-service related pension and postretirement benefit (costs) credits Pension settlement ā ā ā ā (4) ā Non-service related pension and postretirement benefit (costs) credits ā ā $ (547) ā $ 257 ā Total before tax ā ā ā ā ā ā Provision for (benefit from) income taxes ā ā $ (547) ā $ 257 ā Net of tax ā ā ā ā ā ā ā ā ā ā Available-for-sale securities 2 ā $ 10 ā $ (1) ā Interest and investment income ā ā ā ā ā ā Provision for (benefit from) income taxes ā ā $ 10 ā $ (1) ā Net of tax 1 2 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventories | |
Inventories | ā ā ā ā ā ā ā ā ā March 31, December 31, ā 2021 2020 ā ā (In thousands) Coal ā $ 74,344 ā $ 49,436 Repair parts and supplies ā 80,051 ā 76,572 ā ā $ 154,395 ā $ 126,008 |
Investments in Available-for-_2
Investments in Available-for-Sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments in Available-for-Sale Securities | |
Available-for-sale Securities | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā Allowance ā ā ā ā ā ā ā ā Unrealized ā ā for Credit ā Fair ā Cost Basis Gains Losses ā ā Losses Value ā ā (In thousands) Available-for-sale: ā ā ā ā ā ā ā U.S. government and agency securities ā $ 38,212 ā $ 17 ā $ (67) ā $ ā ā $ 38,162 Corporate notes and bonds ā 29,521 ā ā ā (200) ā ā ā 29,321 Total Investments ā $ 67,733 ā $ 17 ā $ (267) ā $ ā ā $ 67,483 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā Allowance ā ā ā ā ā ā ā ā Unrealized ā ā for Credit ā Fair ā Cost Basis Gains ā Losses ā ā Losses Value ā (In thousands) Available-for-sale: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā U.S. government and agency securities ā $ 57,299 ā $ 11 ā $ (86) ā $ ā ā $ 57,224 Corporate notes and bonds ā 39,817 ā 1 ā (277) ā ā ā 39,541 Total Investments ā $ 97,116 ā $ 12 ā $ (363) ā $ ā ā $ 96,765 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivatives | |
Schedule of Price Risk Derivatives | ā ā ā ā (Tons in thousands) 2021 Coal sales 320 Coal purchases 62 |
Disclosure of Fair Value of Derivatives | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā ā ā December 31, 2020 ā ā Fair Value of Derivatives Asset ā Liability ā ā ā ā Asset ā Liability ā ā (In thousands) ā Derivative ā Derivative ā ā ā ā Derivative ā Derivative ā ā ā Derivatives Designated as Hedging Instruments ā ā ā ā ā ā Coal ā $ ā ā $ ā ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives Not Designated as Hedging Instruments ā ā ā ā ā ā Heating oil -- diesel purchases ā ā ā ā ā ā 237 ā ā ā Coal -- held for trading purposes ā 1,892 ā (1,653) ā ā 1,914 ā (1,595) ā Coal -- risk management ā 998 ā (1,236) ā ā 1,094 ā (804) ā Total ā $ 2,890 ā $ (2,889) ā ā $ 3,245 ā $ (2,399) ā Total derivatives ā $ 2,890 ā $ (2,889) ā ā $ 3,245 ā $ (2,399) ā Effect of counterparty netting ā (2,419) ā 2,419 ā ā (2,392) ā 2,392 ā Net derivatives as classified in the balance sheets ā $ 471 ā $ (470) ā $ 1 ā $ 853 ā $ (7) ā $ 846 ā ā ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā ā ā 2021 ā 2020 Net derivatives as reflected on the balance sheets (in thousands) ā ā Coal Other current assets ā $ 471 ā $ 853 Coal Accrued expenses and other current liabilities ā (470) ā (7) ā ā ā ā $ 1 ā $ 846 |
Effects of Derivatives on Measures of Financial Performance | Derivatives used in Cash Flow Hedging Relationships (in thousands) Three Months Ended March 31, ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain (Loss) Recognized in Other Comprehensive Income ā Gains (Losses) Reclassified from Other Comprehensive Income into Income ā ā 2021 ā 2020 ā 2021 ā 2020 Coal sales (1) $ ā ā $ 159 ā $ ā ā $ ā Coal purchases (2) ā ā (156) ā ā ā ā Totals ā $ ā ā $ 3 ā $ ā ā $ ā ā At March 31, 2021, the Company did not have any derivative contracts designated as hedging instruments. Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended March 31, ā ā ā ā ā ā ā ā ā Gain (Loss) Recognized ā ā ā 2021 ā ā 2020 Coal trading ā realized and unrealized (3) $ ā ā $ 221 Coal risk management ā unrealized (3) ā (528) ā (1,040) Natural gas tradingā realized and unrealized (3) ā ā ā 76 Change in fair value of coal derivatives and coal trading activities, net total $ (528) ā $ (743) ā ā ā ā ā ā ā Coal risk managementā realized (4) $ 138 ā $ 1,601 Heating oil ā diesel purchases (4) $ ā ā $ (1,033) Location in statement of operations: (1) ā Revenues (2) ā Cost of sales (3) ā Change in fair value of coal derivatives and coal trading activities, net (4) ā Other operating (income) expense, net |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of Accrued Expenses and Other Current Liabilities | ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā 2021 ā 2020 ā ā (In thousands) Payroll and employee benefits ā $ 37,677 ā $ 39,443 Taxes other than income taxes ā 53,437 ā 56,232 Interest ā 4,148 ā 2,795 Workersā compensation ā 12,621 ā 15,259 Asset retirement obligations ā 27,032 ā 27,032 Other ā 15,252 ā 14,495 ā ā $ 150,167 ā $ 155,256 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt and Financing Arrangements | |
Schedule of Long-term debt | ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā 2021 ā 2020 ā (In thousands) Term loan due 2024 ($288.0 million face value) ā $ 287,335 ā $ 288,033 Tax Exempt Bonds ($98.1 million face value) ā ā 98,075 ā ā 53,090 Convertible Debt ($155.3 million face value) ā ā 116,860 ā ā 115,367 Other ā 53,182 ā 62,695 Debt issuance costs ā (11,498) ā (10,873) ā ā ā 543,954 ā ā 508,312 Less: current maturities of debt ā 24,597 ā 31,097 Long-term debt ā $ 519,357 ā $ 477,215 |
Schedule of Interest Rate Derivatives | Below is a summary of the Companyās outstanding interest rate swap agreements designated as hedges as of March 31, 2021: ā ā ā ā ā ā ā ā ā ā Notional Amount ā ā ā ā ā ā ā ā (in millions) Effective Date Fixed Rate Receive Rate Expiration Date ā ā ā ā ā ā ā ā ā ā $ 200.0 ā June 30, 2020 2.249 % 1-month LIBOR ā June 30, 2021 $ 100.0 ā June 30, 2021 2.315 % 1-month LIBOR ā June 30, 2023 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Schedule of Effective Income Tax Rate Reconciliation | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā (In thousands) Income tax provision at statutory rate ā $ (1,189) ā $ (5,689) Percentage depletion allowance ā 1,660 ā 6,168 State taxes, net of effect of federal taxes ā (292) ā 82 Change in valuation allowance ā 412 ā 850 Current expense associated with uncertain tax positions ā ā 361 ā ā (2,031) AMT sequestration refund ā ā ā (1,171) Other, net ā (574) ā ā Provision for (benefit from) income taxes ā $ 378 ā $ (1,791) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures Measurements | |
Summary of Financial Assets and Liabilities Accounted for at Fair Value | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā March 31, 2021 ā Total Level 1 Level 2 Level 3 ā ā (In thousands) Assets: ā ā ā ā Investments in marketable securities ā $ 67,483 ā $ 38,162 ā $ 29,321 ā $ ā Derivatives ā 471 ā ā ā 471 ā ā Total assets ā $ 67,954 ā $ 38,162 ā $ 29,792 ā $ ā Liabilities: ā ā ā ā ā ā ā ā Derivatives ā $ 3,673 ā $ 470 ā $ 3,203 ā $ ā |
Earnings (Loss) per Common Sh_2
Earnings (Loss) per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings (Loss) Per Common Share | |
Schedule of Weighted Average Number of Shares | ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā ā 2021 2020 ā (In Thousands) ā ā ā ā ā Weighted average shares outstanding: Basic weighted average shares outstanding 15,283 15,139 Effect of dilutive securities ā ā Diluted weighted average shares outstanding 15,283 15,139 |
Workers Compensation Expense (T
Workers Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Workers Compensation Expense | |
Workers' compensation expense | Workersā compensation expense consists of the following components: ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā (In thousands) Self-insured occupational disease benefits: ā ā Service cost ā $ 1,949 ā $ 1,891 Interest cost (1) ā 1,110 ā 1,399 Net amortization (1) ā 591 ā 297 Total occupational disease ā $ 3,650 ā $ 3,587 Traumatic injury claims and assessments ā 1,805 ā 2,182 Total workersā compensation expense ā $ 5,455 ā $ 5,769 (1) In accordance with the adoption of ASU 2017-07, āCompensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā these costs are recorded within Nonoperating expenses in the Condensed Consolidated Statement of Operations on the line item āNon-service related pension and postretirement benefit costs.ā |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Employee Benefit Plans | |
Schedule of Pension Benefit Costs (Credits) | The following table details the components of pension benefit costs (credits): ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā ā ā ā ā ā Interest cost (1) ā $ 1,068 ā $ 1,604 Expected return on plan assets (1) ā ā (1,824) ā ā (2,288) Pension settlement (1) ā ā ā 4 Amortization of prior service costs (credits) (1) ā (28) ā (28) Net benefit credit ā $ (784) ā $ (708) ā The following table details the components of other postretirement benefit costs: ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā 2021 2020 ā ā ā ā ā ā ā Service cost ā $ 85 ā $ 106 Interest cost (1) ā 528 ā 653 Amortization of other actuarial losses (gains) (1) ā ā ā (530) Net benefit cost ā $ 613 ā $ 229 (1) In accordance with the adoption of ASU 2017-07, āCompensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,ā these costs are recorded within Nonoperating expenses in the Condensed Consolidated Statement of Operations on the line item āNon-service related pension and postretirement benefit costs.ā |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information | |
Schedule of Operating Segment Results | ā Operating segment results for the three and nine months ended March 31, 2021 and 2019, are presented below. The Corporate, Other and Eliminations grouping includes these charges: idle operations; change in fair value of coal derivatives and coal trading activities, net; corporate overhead; land management activities; other support functions; and the elimination of intercompany transactions. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Corporate, ā ā ā ā ā ā ā ā ā ā Other and ā ā ā (In thousands) ā MET ā Thermal ā Eliminations ā Consolidated ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2021 ā ā ā ā ā ā ā ā Revenues ā $ 178,781 ā $ 177,540 ā $ 1,222 $ 357,543 Adjusted EBITDA ā 41,597 ā 13,081 ā (23,781) 30,897 Depreciation, depletion and amortization ā 20,882 ā 4,688 ā 227 25,797 Accretion on asset retirement obligation ā 508 ā 4,419 ā 510 5,437 Total assets ā 886,840 ā 196,957 ā 690,361 1,774,158 Capital expenditures ā 76,021 ā 288 ā 449 76,758 ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2020 ā ā ā ā ā ā ā Revenues ā $ 182,654 ā $ 210,196 ā $ 12,382 ā $ 405,232 Adjusted EBITDA ā 42,720 ā (1,902) ā (27,903) ā 12,915 Depreciation, depletion and amortization ā 22,517 ā 7,545 ā 1,246 ā 31,308 Accretion on asset retirement obligation ā 486 ā 3,842 ā 678 ā 5,006 Total assets ā 693,227 ā 377,806 ā 786,473 ā 1,857,506 Capital expenditures ā 78,648 ā 6,713 ā 2,329 ā 87,690 |
Schedule of Reconciliation of Net Income (Loss) to Adjusted EBITDA | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā (In thousands) ā 2021 ā 2020 ā Net income (loss) ā $ (6,042) ā $ (25,299) ā Provision for (benefit from) income taxes ā ā 378 ā ā (1,791) ā Interest expense, net ā 3,800 ā 2,129 ā Depreciation, depletion and amortization ā 25,797 ā 31,308 ā Accretion on asset retirement obligations ā 5,437 ā 5,006 ā Costs related to proposed joint venture with Peabody Energy ā ā ā 3,664 ā Asset impairment and restructuring ā ā ā 5,828 ā Gain on property insurance recovery related to Mountain Laurel longwall ā ā ā (9,000) ā Non-service related pension and postretirement benefit costs ā 1,527 ā 1,096 ā Reorganization items, net ā ā ā (26) ā Adjusted EBITDA ā $ 30,897 ā $ 12,915 ā EBITDA from idled or otherwise disposed operations ā ā 3,566 ā ā 5,099 ā Selling, general and administrative expenses ā ā 21,480 ā ā 22,745 ā Other ā ā (1,265) ā ā 59 ā Segment Adjusted EBITDA from coal operations ā $ 54,678 ā $ 40,818 ā |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition | |
Schedule of effects of revenue recognition | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Corporate, ā ā ā ā ā ā ā ā ā ā Other and ā ā ā ā ā MET ā Thermal ā Eliminations ā Consolidated ā (in thousands) Three Months Ended March 31, 2021 ā ā ā ā ā ā ā ā North America revenues ā $ 24,835 ā $ 164,213 ā $ 1,222 ā $ 190,270 Seaborne revenues ā 153,946 ā 13,327 ā ā ā 167,273 ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 178,781 ā $ 177,540 ā $ 1,222 ā $ 357,543 ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, 2020 ā ā ā ā ā ā ā ā North America revenues ā $ 29,723 ā $ 206,863 ā $ 12,382 ā $ 248,968 Seaborne revenues ā 152,931 ā 3,333 ā ā ā 156,264 ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 182,654 ā $ 210,196 ā $ 12,382 ā $ 405,232 ā ā ā ā ā ā ā ā ā ā ā ā ā |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Schedule of right-of-use assets and lease liabilities | ā ā ā ā ā ā ā ā ā ā ā March 31, December 31, ā ā ā ā 2021 ā 2020 Assets Balance Sheet Classification ā ā Operating lease right-of-use assets Other noncurrent assets ā $ 16,465 ā $ 17,069 Financing lease right-of-use assets Other noncurrent assets ā ā 5,187 ā ā 5,512 Total Lease Assets ā ā ā $ 21,652 ā $ 22,581 ā ā ā ā ā ā ā ā ā Liabilities ā Balance Sheet Classification ā ā ā ā ā ā Financing lease liabilities - current ā Accrued expenses and other current liabilities ā $ 874 ā $ 860 Operating lease liabilities - current ā Accrued expenses and other current liabilities ā ā 2,476 ā ā 2,454 Financing lease liabilities - long-term ā Other noncurrent liabilities ā ā 4,790 ā ā 5,014 Operating lease liabilities - long-term ā Other noncurrent liabilities ā ā 14,636 ā ā 15,278 ā ā ā ā $ 22,776 ā $ 23,606 |
Schedule of Information Related to Leases | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three Months Ended March 31, ā ā ā 2021 ā ā 2020 Operating lease information: ā (In thousands) Operating lease cost ā $ 846 ā ā ā $ 1,023 ā Operating cash flows from operating leases ā 860 ā ā ā ā 1,042 ā Weighted average remaining lease term in years ā 5.74 ā ā ā ā 5.64 ā Weighted average discount rate ā 5.5 % ā ā ā 5.5 % ā ā ā ā ā ā ā ā ā ā Financing lease information: ā ā ā ā ā ā ā Financing lease cost ā $ 393 ā ā ā $ ā ā Operating cash flows from financing leases ā 303 ā ā ā ā ā ā Weighted average remaining lease term in years ā 4.00 ā ā ā ā ā ā Weighted average discount rate ā 6.4 % ā ā ā ā % |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of March 31, 2021 were as follows: ā ā ā ā ā ā ā ā ā ā ā Operating ā ā Finance Year ā Leases ā ā Leases ā (In thousands) 2021 ā $ 2,507 ā ā $ 908 2022 ā 3,317 ā ā 1,210 2023 ā 3,285 ā ā 1,210 2024 ā 3,200 ā ā 1,210 2025 ā 3,185 ā ā 2,111 Thereafter ā 4,613 ā ā ā Total minimum lease payments ā $ 20,107 ā ā $ 6,649 Less imputed interest ā (2,995) ā ā (985) ā ā ā ā ā ā ā ā Total lease liabilities ā $ 17,112 ā ā $ 5,664 ā ā ā ā ā ā ā ā |
Joint Venture with Peabody En_2
Joint Venture with Peabody Energy (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Implementation Agreement | |
Schedule of Equity Method Investments [Line Items] | |
Incurred expenses related to regulatory approval process | $ 3.7 |
Gain on Property Insurance Re_2
Gain on Property Insurance Recovery Related to Mountain Laurel Longwall (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Jun. 30, 2020item | |
Business Interruption Loss [Line Items] | ||
Gain on Business Interruption Insurance Recovery | $ | $ 9,000 | |
Longwall system's not recoverable | item | 123 | |
Hydraulic Shields not recoverable | item | 176 | |
Mountain Laurel Longwall Operations | ||
Business Interruption Loss [Line Items] | ||
Gain on Business Interruption Insurance Recovery | $ | $ 9,000 |
Asset Impairment and Restruct_2
Asset Impairment and Restructuring (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)employee | |
Asset Impairment and Restructuring | |
Severance Costs | $ | $ 5.8 |
Number of corporate staff accepted voluntary separation package | employee | 53 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning Balance | $ 283,561 |
Unrealized gains (losses) | 176 |
Amounts reclassified from AOCI | 1,161 |
Ending Balance | 281,443 |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning Balance | (35,701) |
Ending Balance | (34,364) |
Derivative instruments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning Balance | (3,891) |
Unrealized gains (losses) | 65 |
Amounts reclassified from AOCI | 624 |
Ending Balance | (3,202) |
Pension, postretirement and other post-employment benefits | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning Balance | (31,459) |
Amounts reclassified from AOCI | 547 |
Ending Balance | (30,912) |
Available-for-sale securities | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning Balance | (351) |
Unrealized gains (losses) | 111 |
Amounts reclassified from AOCI | (10) |
Ending Balance | $ (250) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Schedule of Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Revenues | $ 357,543 | $ 405,232 |
Interest expense | (4,128) | (3,388) |
Interest and investment income | 328 | 1,259 |
Income (loss) before income taxes | (5,664) | (27,090) |
Provision for (benefit from) income taxes | (378) | 1,791 |
Net income (loss) | (6,042) | (25,299) |
Reclassification out of Accumulated Other Comprehensive Income | Derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense | (624) | (216) |
Provision for (benefit from) income taxes | 0 | 0 |
Net income (loss) | (624) | (216) |
Reclassification out of Accumulated Other Comprehensive Income | Pension, postretirement and other post-employment benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amortization of actuarial gains (losses), net | (591) | 234 |
Amortization of prior service credits | 44 | 27 |
Pension settlement | (4) | |
Income (loss) before income taxes | (547) | 257 |
Provision for (benefit from) income taxes | 0 | 0 |
Net income (loss) | (547) | 257 |
Reclassification out of Accumulated Other Comprehensive Income | Available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest and investment income | 10 | (1) |
Provision for (benefit from) income taxes | 0 | 0 |
Net income (loss) | $ 10 | $ (1) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventories | ||
Coal | $ 74,344 | $ 49,436 |
Repair parts and supplies | 80,051 | 76,572 |
Inventories | 154,395 | 126,008 |
Allowance for slow-moving and obsolete inventories | $ 600 | $ 600 |
Investments in Available-for-_3
Investments in Available-for-Sale Securities (Schedule of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Cost Basis | $ 67,733 | $ 97,116 |
Available-for-sale, Gains | 17 | 12 |
Available-for-sale, Losses | (267) | (363) |
Available-for-sale, Fair Value | 67,483 | 96,765 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Cost Basis | 38,212 | 57,299 |
Available-for-sale, Gains | 17 | 11 |
Available-for-sale, Losses | (67) | (86) |
Available-for-sale, Fair Value | 38,162 | 57,224 |
Corporate notes and bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Cost Basis | 29,521 | 39,817 |
Available-for-sale, Gains | 1 | |
Available-for-sale, Losses | (200) | (277) |
Available-for-sale, Fair Value | $ 29,321 | $ 39,541 |
Investments in Available-for-_4
Investments in Available-for-Sale Securities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investments in Available-for-Sale Securities | ||
Unrealized losses owned for less than 12 months | $ 40.5 | $ 45.3 |
Unrealized losses owed for over a year | $ 3 | $ 8.1 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) gal in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)gal | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | ||
Value of trading portfolio realized - gains (losses) | $ | $ (0.2) | |
Current asset representing cash collateral posted | $ | $ 2.6 | $ 1.4 |
Not Designated as Hedging Instrument | Diesel Purchases | Minimum | ||
Derivative [Line Items] | ||
Diesel fuel purchased annually (in gallons) | gal | 30 | |
Not Designated as Hedging Instrument | Diesel Purchases | Maximum | ||
Derivative [Line Items] | ||
Diesel fuel purchased annually (in gallons) | gal | 35 |
Derivatives (Schedule of Price
Derivatives (Schedule of Price Risk Derivatives) (Details) - 2021 T in Thousands | 3 Months Ended |
Mar. 31, 2021T | |
Coal sales | |
Derivative [Line Items] | |
Derivatives held (in tons) | 320 |
Coal purchases | |
Derivative [Line Items] | |
Derivatives held (in tons) | 62 |
Derivatives (Disclosure Of Fair
Derivatives (Disclosure Of Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative Assets | $ 2,890 | $ 3,245 |
Derivative Liabilities | (2,889) | (2,399) |
Effect of counterparty netting in derivative assets | (2,419) | (2,392) |
Effect of counterparty netting in derivative liabilities | 2,419 | 2,392 |
Derivative Asset | 471 | 853 |
Derivative Liability | (470) | (7) |
Net derivatives as classified in the balance sheets | 1 | 846 |
Accrued expenses and other current liabilities | ||
Derivative [Line Items] | ||
Net derivatives as classified in the balance sheets | (470) | (7) |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 2,890 | 3,245 |
Derivative Liabilities | (2,889) | (2,399) |
Not Designated as Hedging Instrument | Coal Contract | ||
Derivative [Line Items] | ||
Derivative Assets | 1,892 | 1,914 |
Derivative Liabilities | (1,653) | (1,595) |
Coal Contract | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liabilities | 0 | |
Coal Contract | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 998 | 1,094 |
Derivative Liabilities | $ (1,236) | (804) |
Heating oil - diesel purchases | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 237 | |
Derivative Liabilities | $ 0 |
Derivatives (Net Derivatives As
Derivatives (Net Derivatives As Reflected On The Balance Sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | $ 1 | $ 846 |
Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | (470) | (7) |
Heating oil and coal | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | $ 471 | $ 853 |
Derivatives (Effects Of Derivat
Derivatives (Effects Of Derivatives On Measures Of Financial Performance) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in fair value of coal derivatives and coal trading activities, net | $ (528) | $ (743) |
Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | 3 | |
Designated as Hedging Instrument | Coal sales | Coal Contract | Coal sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | 159 | |
Designated as Hedging Instrument | Coal purchases | Coal Contract | Coal purchases | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | 0 | (156) |
Gains (Losses) Reclassified from Other Comprehensive Income into Income | 0 | 0 |
Not Designated as Hedging Instrument | Coal Contract | Coal and natural gas realized and unrealized | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized and Unrealized Gain (Loss) on Derivatives | 221 | |
Unrealized Gain (Loss) on Derivatives | (528) | (1,040) |
Not Designated as Hedging Instrument | Coal Contract | Other operating (income) expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives | $ 138 | 1,601 |
Not Designated as Hedging Instrument | Natural gas | Coal and natural gas realized and unrealized | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized and Unrealized Gain (Loss) on Derivatives | 76 | |
Not Designated as Hedging Instrument | Heating oil - diesel purchases | Other operating (income) expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Heating oil realized and unrealized gains and losses | $ (1,033) |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses and Other Current Liabilities | ||
Payroll and employee benefits | $ 37,677 | $ 39,443 |
Taxes other than income taxes | 53,437 | 56,232 |
Interest | 4,148 | 2,795 |
Workers' compensation | 12,621 | 15,259 |
Asset retirement obligations | 27,032 | 27,032 |
Other | 15,252 | 14,495 |
Accrued expenses and other current liabilities | $ 150,167 | $ 155,256 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements (Long term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (11,498) | $ (10,873) |
Total | 543,954 | 508,312 |
Less: current maturities of debt | 24,597 | 31,097 |
Long-term debt | 519,357 | 477,215 |
Term loan due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 287,335 | 288,033 |
Debt instrument, face amount | 288,000 | |
Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Long-term debt | 98,075 | 53,090 |
Debt instrument, face amount | 98,100 | |
Convertible Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 116,860 | 115,367 |
Debt instrument, face amount | 155,300 | |
Other Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 53,182 | $ 62,695 |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements (Company Debt Narrative) (Details) $ / shares in Units, shares in Millions | Nov. 03, 2020USD ($)$ / shares | Oct. 29, 2020USD ($)$ / sharesshares | Jul. 02, 2020USD ($) | Mar. 04, 2020USD ($)installment | Mar. 07, 2017USD ($) | Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Mar. 04, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Restricted cash | $ 18,962,000 | $ 5,953,000 | |||||||||||||
Net proceeds of convertible debt | 155,300,000 | ||||||||||||||
Derivative liabilities | 2,889,000 | $ 2,399,000 | |||||||||||||
Debt financing costs | 1,194,000 | $ 422,000 | |||||||||||||
Equity components liability of the convertible notes | 114,500,000 | ||||||||||||||
Equity components of the convertible notes | $ 40,800,000 | ||||||||||||||
Hypothetical interest rate (as percent) | 12.43% | ||||||||||||||
Discount amortized | $ 40,800,000 | ||||||||||||||
Deferred Offering Costs | 5,900,000 | ||||||||||||||
Debt issuance costs | $ 4,400,000 | ||||||||||||||
Amortized as interest expense over the term | 5 years | ||||||||||||||
Transaction costs | $ 1,500,000 | ||||||||||||||
New Term Loan Debt Facility | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan, face value | $ 300,000,000 | ||||||||||||||
Percentage of face amount | 99.50 | ||||||||||||||
Quarterly principal amortization payments | $ 750,000 | ||||||||||||||
Amount of voting equity interests of domestic subsidiaries guaranteed (percent) | 100 | ||||||||||||||
Amount of voting equity interests of foreign owned subsidiaries guaranteed (percent) | 65 | ||||||||||||||
New Term Loan Debt Facility | Senior Notes | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Applicable margin on interest rate | 2.75% | ||||||||||||||
New Term Loan Debt Facility | Line of Credit | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Applicable margin on interest rate | 2.75% | ||||||||||||||
New Term Loan Debt Facility | Line of Credit | LIBOR | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Applicable margin on interest rate | 1.00% | ||||||||||||||
New Term Loan Debt Facility | Line of Credit | Base Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Applicable margin on interest rate | 1.75% | ||||||||||||||
Interest Rate Swap | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative liabilities | $ 3,200,000 | ||||||||||||||
Gain (loss) on interest rate swap | (600,000) | $ (200,000) | |||||||||||||
Accounts Receivable Securitization Facility | Line of Credit | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Letters of credit outstanding | 58,300,000 | ||||||||||||||
Cash collateral | 2,600,000 | ||||||||||||||
Accounts Receivable Securitization Facility | Regions Bank | Line of Credit | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Current borrowing capacity | $ 110,000,000 | $ 110,000,000 | $ 160,000,000 | ||||||||||||
Accounts Receivable Securitization Facility | Arch Receivable Company, LLC | Line of Credit | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Current borrowing capacity | 55,700,000 | ||||||||||||||
Inventory-Based Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Covenant amount | 12,100,000 | ||||||||||||||
Inventory-Based Revolving Credit Facility | Regions Bank | Line of Credit | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan, face value | $ 50,000,000 | ||||||||||||||
Letters of credit outstanding | 29,200,000 | ||||||||||||||
Borrowing base percentage, coal inventory | 85 | ||||||||||||||
Borrowing base percentage, parts and supplies inventory | 85 | ||||||||||||||
Borrowing base, percentage of clause | 35 | ||||||||||||||
Percent of eligible cash | 100.00% | ||||||||||||||
Covenant amount | $ 100,000,000 | $ 175,000,000 | $ 100,000,000 | ||||||||||||
Equipment financing arrangement | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan, face value | $ 53,600,000 | ||||||||||||||
Number of monthly payments | installment | 48 | ||||||||||||||
Interest rate | 6.34% | ||||||||||||||
Tax Exempt Bonds | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan, face value | 98,100,000 | ||||||||||||||
Proceeds from issuance of debt | 81,800,000 | ||||||||||||||
Restricted cash | 16,300,000 | ||||||||||||||
Tax Exempt Bonds | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Covenant for cross-events of default to indebtedness | $ 50,000,000 | ||||||||||||||
Series 2020 Tax Exempt Bonds | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan, face value | $ 53,100,000 | ||||||||||||||
Interest rate | 5.00% | ||||||||||||||
Mandatory tender percentage | 100.00% | ||||||||||||||
Series 2021 Tax Exempt Bonds | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan, face value | $ 45,000,000 | ||||||||||||||
Interest rate | 4.125% | ||||||||||||||
Convertible Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan, face value | $ 155,300,000 | ||||||||||||||
Interest rate | 5.25% | ||||||||||||||
Net proceeds of convertible debt | $ 132,700,000 | ||||||||||||||
Initial Conversion ratio | 0.267917 | ||||||||||||||
Initial Conversion price (in dollars per share) | $ / shares | $ 37.325 | ||||||||||||||
Stock price trigger (as a percent) | 130.00% | ||||||||||||||
Trading days, number | 20 | ||||||||||||||
Consecutive trading days, period | 30 | ||||||||||||||
Total interest expense | 3,700,000 | ||||||||||||||
Contractual interest coupon | 2,000,000 | ||||||||||||||
Amortization of debt discount | $ 1,700,000 | ||||||||||||||
Deferred Offering Costs | $ 5,100,000 | ||||||||||||||
Capped Call Transactions | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Initial strike price (in dollars per share) | $ / shares | $ 37.325 | ||||||||||||||
Number of underlying shares | shares | 4.2 | ||||||||||||||
Cap price | $ / shares | $ 52.2550 | ||||||||||||||
Premium percentage (as percent) | 75.00% | ||||||||||||||
Capped call, transaction cost | $ 17,500,000 | $ 17,500,000 |
Debt and Financing Arrangemen_5
Debt and Financing Arrangements (Interest rate derivatives) (Details) $ in Millions | Mar. 31, 2021USD ($) |
June 30, 2020 | |
Debt Instrument [Line Items] | |
Notional Amount | $ 200 |
Fixed Rate | 2.249% |
June 30, 2021 | |
Debt Instrument [Line Items] | |
Notional Amount | $ 100 |
Fixed Rate | 2.315% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes | ||
Income tax provision at statutory rate | $ (1,189) | $ (5,689) |
Percentage depletion allowance | 1,660 | 6,168 |
State taxes, net of effect of federal taxes | (292) | 82 |
Change in valuation allowance | 412 | 850 |
Current expense associated with uncertain tax positions | 361 | (2,031) |
AMT sequestration refund | (1,171) | |
Other, net | (574) | |
Provision for (benefit from) income taxes | $ 378 | $ (1,791) |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Investments in marketable securities | $ 67,483 | $ 96,765 |
Derivatives | 471 | |
Total assets | 67,954 | |
Liabilities: | ||
Derivatives | 3,673 | |
Level 1 | ||
Assets: | ||
Investments in marketable securities | 38,162 | |
Derivatives | 0 | |
Total assets | 38,162 | |
Liabilities: | ||
Derivatives | 470 | |
Level 2 | ||
Assets: | ||
Investments in marketable securities | 29,321 | |
Derivatives | 471 | |
Total assets | 29,792 | |
Liabilities: | ||
Derivatives | 3,203 | |
Level 3 | ||
Assets: | ||
Investments in marketable securities | 0 | |
Derivatives | 0 | |
Total assets | 0 | |
Liabilities: | ||
Derivatives | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures Measurements | ||
Fair value of debt, including amounts classified as current | $ 576.5 | $ 533.8 |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings (Loss) Per Common Share | ||
Antidilutive Securities excluded | 1,158,000 | 236,575 |
Weighted average shares outstanding: | ||
Basic weighted average shares outstanding (in shares) | 15,283,000 | 15,139,000 |
Diluted weighted average shares outstanding (in shares) | 15,283,000 | 15,139,000 |
Workers Compensation Expense (D
Workers Compensation Expense (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accrued Workers Compensation [Line Items] | |||
Additional collateral amount | $ 71,100 | ||
Number of days required to submit additional collateral to retain self-insurance status | 30 days | ||
Occupational disease | |||
Accrued Workers Compensation [Line Items] | |||
Service cost | $ 1,949 | $ 1,891 | |
Interest cost | 1,110 | 1,399 | |
Amortization of other actuarial losses (gains) | 591 | 297 | |
Net benefit cost (credit) | 3,650 | 3,587 | |
Traumatic injury claims and assessments | |||
Accrued Workers Compensation [Line Items] | |||
Traumatic injury claims and assessments | 1,805 | 2,182 | |
Total workers' compensation expense | |||
Accrued Workers Compensation [Line Items] | |||
Total workers' compensation expense | $ 5,455 | $ 5,769 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined benefit pension plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 1,068 | $ 1,604 |
Expected return on plan assets | (1,824) | (2,288) |
Pension settlement | 4 | |
Amortization of prior service costs (credits) | (28) | (28) |
Net benefit cost (credit) | (784) | (708) |
Other postretirement benefits plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 85 | 106 |
Interest cost | 528 | 653 |
Amortization of other actuarial losses (gains) | (530) | |
Net benefit cost (credit) | $ 613 | $ 229 |
Segment Information (Schedule O
Segment Information (Schedule Of Operating Segment Results) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)itemsegment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)segment | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | 3 | |
Number of remaining active thermal mines | item | 3 | ||
Number of distinct lines of business | $ 2 | ||
Revenues | 357,543,000 | $ 405,232,000 | |
Adjusted EBITDA | 30,897,000 | 12,915,000 | |
Depreciation, depletion and amortization | 25,797,000 | 31,308,000 | |
Accretion on asset retirement obligations | 5,437,000 | 5,006,000 | |
Total assets | 1,774,158,000 | 1,857,506,000 | $ 1,722,472,000 |
Capital expenditures | 76,758,000 | 87,690,000 | |
Operating Segments | PRB | |||
Segment Reporting Information [Line Items] | |||
Revenues | 178,781,000 | 182,654,000 | |
Adjusted EBITDA | 41,597,000 | 42,720,000 | |
Depreciation, depletion and amortization | 20,882,000 | 22,517,000 | |
Accretion on asset retirement obligations | 508,000 | 486,000 | |
Total assets | 886,840,000 | 693,227,000 | |
Capital expenditures | 76,021,000 | 78,648,000 | |
Operating Segments | MET | |||
Segment Reporting Information [Line Items] | |||
Revenues | 177,540,000 | 210,196,000 | |
Adjusted EBITDA | 13,081,000 | (1,902,000) | |
Depreciation, depletion and amortization | 4,688,000 | 7,545,000 | |
Accretion on asset retirement obligations | 4,419,000 | 3,842,000 | |
Total assets | 196,957,000 | 377,806,000 | |
Capital expenditures | 288,000 | 6,713,000 | |
Operating Segments | Other Thermal | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,222,000 | 12,382,000 | |
Adjusted EBITDA | (23,781,000) | (27,903,000) | |
Depreciation, depletion and amortization | 227,000 | 1,246,000 | |
Accretion on asset retirement obligations | 510,000 | 678,000 | |
Total assets | 690,361,000 | 786,473,000 | |
Capital expenditures | 449,000 | 2,329,000 | |
Corporate, Other and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,222,000 | $ 12,382,000 |
Segment Information (Reconcilia
Segment Information (Reconciliation Segment Income To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Information | ||
Net income (loss) | $ (6,042) | $ (25,299) |
Provision for (benefit from) income taxes | 378 | (1,791) |
Interest expense, net | 3,800 | 2,129 |
Depreciation, depletion and amortization | 25,797 | 31,308 |
Accretion on asset retirement obligations | 5,437 | 5,006 |
Costs related to proposed joint venture with Peabody Energy | 3,664 | |
Asset impairment and restructuring | 5,828 | |
Severance costs related to voluntary separation plan | 5,800 | |
Gain on property insurance recovery related to Mountain Laurel longwall | (9,000) | |
Preference Rights Lease Application settlement income | (9,000) | |
Non-service related pension and postretirement benefit costs | 1,527 | 1,096 |
Reorganization items, net | (26) | |
Adjusted EBITDA | 30,897 | 12,915 |
EBITDA from idled or otherwise disposed operations | 3,566 | 5,099 |
Selling, general and administrative expenses | 21,480 | 22,745 |
Other | (1,265) | 59 |
Segment Adjusted EBITDA from coal operations | $ 54,678 | $ 40,818 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 357,543 | $ 405,232 |
Corporate, Other and Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,222 | 12,382 |
North America revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 190,270 | 248,968 |
North America revenues | Corporate, Other and Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,222 | 12,382 |
Seaborne revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 167,273 | 156,264 |
Seaborne revenues | Corporate, Other and Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
PRB | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 178,781 | 182,654 |
PRB | North America revenues | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 24,835 | 29,723 |
PRB | Seaborne revenues | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 153,946 | 152,931 |
MET | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 177,540 | 210,196 |
MET | North America revenues | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 164,213 | 206,863 |
MET | Seaborne revenues | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,327 | 3,333 |
Other Thermal | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1,222 | $ 12,382 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) T in Millions | Mar. 31, 2021T |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations, fixed price contracts (in tons) | 36.4 |
Remaining performance obligations, variable price contracts (in tons) | 6.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations, fixed price contracts (in tons) | 40.4 |
Remaining performance obligations, variable price contracts (in tons) | 1.6 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Mar. 31, 2021 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 6 years |
Leases (Lease Assets and Liabil
Leases (Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease right-of-use assets | $ 16,465 | $ 17,069 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Financing lease right-of-use assets | $ 5,187 | $ 5,512 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total Lease Assets | $ 21,652 | $ 22,581 |
Liabilities | ||
Financing lease liabilities - current | $ 874 | $ 860 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Operating lease liabilities - current | $ 2,476 | $ 2,454 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Financing lease liabilities - long-term | $ 4,790 | $ 5,014 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Operating lease liabilities - long-term | $ 14,636 | $ 15,278 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total Lease Liabilities | $ 22,776 | $ 23,606 |
Leases (Information Related to
Leases (Information Related to Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease information: | ||
Operating lease cost | $ 846 | $ 1,023 |
Operating cash flows from operating leases | $ 860 | $ 1,042 |
Weighted average remaining lease term in years | 5 years 8 months 26 days | 5 years 7 months 20 days |
Weighted average discount rate | 5.50% | 5.50% |
Financing lease cost | $ 393 | |
Operating cash flows from financing leases | $ 303 | |
Weighted average remaining lease term in years | 4 years | 0 years |
Weighted average discount rate | 6.40% |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
2021 | $ 2,507 |
2022 | 3,317 |
2023 | 3,285 |
2024 | 3,200 |
2025 | 3,185 |
Thereafter | 4,613 |
Total minimum lease payments | 20,107 |
Less imputed interest | (2,995) |
Total operating lease liability | 17,112 |
Finance Leases | |
2021 | 908 |
2022 | 1,210 |
2023 | 1,210 |
2024 | 1,210 |
2025 | 2,111 |
Total minimum lease payments | 6,649 |
Less imputed interest | (985) |
Total finance lease liability | $ 5,664 |