Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 22, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-14901 | |
Entity Registrant Name | CONSOL Coal Resources LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-3445032 | |
Entity Address, Address Line One | 1000 CONSOL Energy Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Canonsburg | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15317-6506 | |
City Area Code | 724 | |
Local Phone Number | 416-8300 | |
Title of 12(b) Security | Common Units representing limited partner interests | |
Trading Symbol | CCR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,690,251 | |
Entity Central Index Key | 0001637558 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue from contracts with customers | $ 64,650 | $ 84,791 | |
Other Income | 2,718 | 1,316 | |
Total Revenue and Other Income | 67,368 | 86,107 | |
Costs and Expenses [Abstract] | |||
Operating and Other Costs | [1] | 48,288 | 52,094 |
Depreciation, Depletion and Amortization | 11,928 | 11,217 | |
Freight Expense | 787 | 1,665 | |
Selling, General and Administrative Expenses | [2] | 4,046 | 4,560 |
Interest Expense, Net | [3] | 2,155 | 1,351 |
Total Costs | 67,204 | 70,887 | |
Net Income | 164 | 15,220 | |
Less: General Partner Interest in Net Income | 3 | 257 | |
Limited Partner Interest in Net Income | $ 161 | $ 14,963 | |
Earnings Per Share [Abstract] | |||
Net Income per Limited Partner Unit - Basic (in dollars per share) | $ 0.01 | $ 0.54 | |
Net Income per Limited Partner Unit - Diluted (in dollars per share) | $ 0.01 | $ 0.54 | |
Limited Partner Units Outstanding - Basic (in shares) | 27,665,008 | 27,589,172 | |
Limited Partner Units Outstanding - Diluted (in shares) | 27,685,284 | 27,645,697 | |
Cash Distributions Declared per Unit (in dollars per share) | [4] | $ 0 | $ 0.5125 |
Coal Revenue | |||
Revenue from contracts with customers | $ 63,863 | $ 83,126 | |
Freight Revenue | |||
Revenue from contracts with customers | $ 787 | $ 1,665 | |
[1] | Related Party of $853 and $763 for the three months ended March 31, 2020 and March 31, 2019 , respectively. | ||
[2] | Related Party of $2,793 and $3,056 for the three months ended March 31, 2020 and March 31, 2019 , respectively. | ||
[3] | Related party of $1,996 and $1,351 three months ended March 31, 2020 and March 31, 2019 , respectively. | ||
[4] | Represents the cash distributions declared related to the period presented. See Note 15 - Subsequent Events. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - CONSOL Energy - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Expenses from transactions with related party | $ 3,646 | $ 3,819 |
Operating and Other Costs | ||
Expenses from transactions with related party | 853 | 763 |
Selling, General and Administrative Expenses | ||
Expenses from transactions with related party | 2,793 | 3,056 |
Interest Expense, Net | ||
Expenses from transactions with related party | $ 1,996 | $ 1,351 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 164 | $ 15,220 |
Other Comprehensive Income (Loss): | ||
Recognized Net Actuarial Loss (Gain) | 39 | (3) |
Other Comprehensive Income (Loss) | 39 | (3) |
Comprehensive Income | $ 203 | $ 15,217 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash | $ 223 | $ 543 |
Trade Receivables, net of allowance | 28,145 | 32,769 |
Other Receivables | 2,224 | 1,572 |
Inventories | 13,786 | 12,653 |
Prepaid Expenses | 4,371 | 5,746 |
Total Current Assets | 48,749 | 53,283 |
Property, Plant and Equipment: | ||
Property, Plant and Equipment | 993,820 | 984,898 |
Less—Accumulated Depreciation, Depletion and Amortization | 582,942 | 571,238 |
Total Property, Plant and Equipment—Net | 410,878 | 413,660 |
Other Assets: | ||
Right of Use Asset—Operating Leases | 14,519 | 15,695 |
Other Assets | 13,441 | 13,456 |
Total Other Assets | 27,960 | 29,151 |
TOTAL ASSETS | 487,587 | 496,094 |
Current Liabilities: | ||
Accounts Payable | 19,172 | 22,805 |
Accounts Payable—Related Party | 4,279 | 1,419 |
Current Portion of Long-Term Debt | 8,912 | 5,252 |
Other Accrued Liabilities | 39,584 | 39,455 |
Total Current Liabilities | 71,947 | 68,931 |
Long-Term Debt: | ||
Affiliated Company Credit Agreement—Related Party | 180,600 | 180,925 |
Finance Lease Obligations | 5,075 | 1,645 |
Total Long-Term Debt | 185,675 | 182,570 |
Other Liabilities: | ||
Pneumoconiosis Benefits | 6,269 | 6,028 |
Workers’ Compensation | 3,648 | 3,611 |
Asset Retirement Obligations | 10,968 | 10,801 |
Operating Lease Liability | 10,936 | 11,507 |
Other | 823 | 785 |
Total Other Liabilities | 32,644 | 32,732 |
TOTAL LIABILITIES | 290,266 | 284,233 |
Partners’ Capital: | ||
Limited Partners Interest | 175,032 | 189,367 |
General Partner Interest | 11,671 | 11,915 |
Accumulated Other Comprehensive Income | 10,618 | 10,579 |
Total Partners’ Capital | 197,321 | 211,861 |
TOTAL LIABILITIES AND PARTNERS’ CAPITAL | $ 487,587 | $ 496,094 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Limited Partners' Units Outstanding (in shares) | 27,690,251 | 27,632,824 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Thousands | Total | Common | Accumulated Other Comprehensive Income | Limited PartnersCommon | Limited PartnersSubordinated | General Partner | Adoption of ASU 2016-013 | Adoption of ASU 2016-013Limited PartnersCommon | Adoption of ASU 2016-013General Partner |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Adoption of ASU 2016-013 | $ 224,740 | $ 11,920 | $ 212,122 | $ (11,421) | $ 12,119 | ||||
Beginning Balance at Dec. 31, 2018 | 224,740 | 11,920 | 212,122 | (11,421) | 12,119 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net Income | 15,220 | $ 8,676 | 8,676 | 6,287 | 257 | ||||
Unitholder Distributions | (14,405) | (8,211) | (5,951) | (243) | |||||
Unit-Based Compensation | 397 | 397 | |||||||
Units Withheld for Taxes | (880) | (880) | |||||||
Adoption of ASU 2016-013 | 225,069 | 11,917 | 212,104 | (11,085) | 12,133 | ||||
Actuarially Determined Long-Term Liability Adjustments | (3) | (3) | |||||||
Ending Balance at Mar. 31, 2019 | 225,069 | 11,917 | 212,104 | (11,085) | 12,133 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Adoption of ASU 2016-013 | 225,069 | 11,917 | 212,104 | (11,085) | 12,133 | ||||
Adoption of ASU 2016-013 | 211,861 | 10,579 | 189,367 | 0 | 11,915 | $ (251) | $ (247) | $ (4) | |
Beginning Balance at Dec. 31, 2019 | 211,861 | 10,579 | 189,367 | 0 | 11,915 | (251) | (247) | (4) | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net Income | 164 | $ 161 | 161 | 3 | |||||
Unitholder Distributions | (14,434) | (14,191) | (243) | ||||||
Unit-Based Compensation | 159 | 159 | |||||||
Units Withheld for Taxes | (217) | (217) | |||||||
Adoption of ASU 2016-013 | 197,321 | 10,618 | 175,032 | 0 | 11,671 | $ (251) | $ (247) | $ (4) | |
Actuarially Determined Long-Term Liability Adjustments | 39 | 39 | |||||||
Ending Balance at Mar. 31, 2020 | 197,321 | 10,618 | 175,032 | 0 | 11,671 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Adoption of ASU 2016-013 | $ 197,321 | $ 10,618 | $ 175,032 | $ 0 | $ 11,671 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 164 | $ 15,220 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 11,928 | 11,217 |
Gain on Sale of Assets | 0 | (5) |
Unit-Based Compensation | 159 | 397 |
Changes in Operating Assets: | ||
Trade and Other Receivables | 3,721 | (6,588) |
Inventories | (1,133) | (1,579) |
Prepaid Expenses | 1,375 | 476 |
Changes in Other Assets | 15 | 718 |
Changes in Operating Liabilities: | ||
Accounts Payable | (3,343) | 185 |
Accounts Payable—Related Party | 2,860 | 2,171 |
Other Operating Liabilities | 1,876 | 2,811 |
Changes in Other Liabilities | (845) | 195 |
Net Cash Provided by Operating Activities | 16,777 | 25,218 |
Cash Flows from Investing Activities: | ||
Capital Expenditures | (5,173) | (8,093) |
Net Cash Used in Investing Activities | (5,173) | (8,093) |
Cash Flows from Financing Activities: | ||
Proceeds from Finance Lease Obligations | 4,073 | 0 |
Payments on Finance Lease Obligations | (1,021) | (938) |
Net Payments on Related Party Long-Term Notes | (325) | (1,500) |
Payments for Unitholder Distributions | (14,434) | (14,405) |
Units Withheld for Taxes | (217) | (880) |
Net Cash Used in Financing Activities | (11,924) | (17,723) |
Net Decrease in Cash | (320) | (598) |
Cash at Beginning of Period | 543 | 1,003 |
Cash at End of Period | 223 | 405 |
Non-Cash Investing and Financing Activities: | ||
Finance Lease | 1,756 | 0 |
Longwall Shield Rebuild | $ 2,282 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION: The accompanying unaudited Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. For the three months ended March 31, 2020 and 2019 , the unaudited Consolidated Financial Statements include the accounts of CONSOL Operating and CONSOL Thermal Holdings, wholly owned and controlled subsidiaries. The Partnership is a master limited partnership formed on March 16, 2015 to manage and further develop all of our sponsor's active coal operations in Pennsylvania. As of March 31, 2020 , the Partnership's assets are comprised of a 25% undivided interest in, and operational control over, the Pennsylvania Mining Complex. The Partnership's common units trade on the New York Stock Exchange under the ticker symbol “CCR.” Recent Accounting Pronouncements: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Update also provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. Management has elected to apply this Update subsequent to March 12, 2020. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in Update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This guidance was adopted during the three months ended March 31, 2020 and did not have a material impact on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements on fair value measurements, including the consideration of costs and benefits. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This guidance was adopted during the three months ended March 31, 2020 and did not have a material impact on the Partnership's financial statements. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE: The following table disaggregates our revenue from contracts with customers for the three months ended March 31, 2020 and March 31, 2019 : Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Coal Revenue $ 63,863 $ 83,126 Freight Revenue 787 1,665 Total Revenue from Contracts with Customers $ 64,650 $ 84,791 Our revenue is generally recognized when title passes to the customer and the price is fixed and determinable. We have determined that each ton of coal represents a separate and distinct performance obligation. Our coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of our contracts is based on the total amount of consideration to which we expect to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per-ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to our performance obligations based on relative standalone selling prices determined at contract inception. Coal Revenue Revenues are generally recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. Our coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments, which represent market-driven price adjustments, wherein there is no additional value exchanged, in addition to a fixed base price per ton. The Partnership's coal contracts generally do not allow for retroactive adjustments to pricing after title to the coal has passed. Some of our contracts span multiple years and have annual pricing modification provisions, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While we do, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are generally immaterial to our net income. As of and for the three months ended March 31, 2020 and March 31, 2019 , we do not have any capitalized costs to obtain customer contracts on our balance sheet nor have we recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Partnership has not recognized any revenue in the current period from performance obligations satisfied (or partially satisfied) in previous periods. Freight Revenue Some of our coal contracts require that we sell our coal at locations other than our central preparation plant. The cost to transport our coal to the ultimate sales point is passed through to our customers and we recognize the freight revenue equal to the transportation cost when title of the coal passes to the customer. Contract Balances Contract assets are recorded separately from trade receivables in the Partnership's unaudited Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Partnership's right to consideration becomes unconditional. Payments for coal shipments are typically due within two to four weeks of the invoice date. The Partnership typically does not have material contract assets that are stated separately from trade receivables as the Partnership's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Partnership an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Partnership's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the good or service passes to the customer. |
Net Income Per Limited Partner
Net Income Per Limited Partner and General Partner Interest | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Limited Partner and General Partner Interest | NET INCOME PER LIMITED PARTNER AND GENERAL PARTNER INTEREST: The Partnership allocates net income among our general partner and limited partners using the two-class method in accordance with applicable authoritative accounting guidance. Under the two-class method, we allocate our net income to our limited partners and our general partner in accordance with the terms of our Partnership Agreement. We also allocate any earnings in excess of distributions to our limited partners and our general partner in accordance with the terms of our Partnership Agreement. We allocate any distributions in excess of earnings for the period to our general partner and our limited partners based on their respective proportionate ownership interests in us, after taking into account distributions to be paid with respect to the incentive distribution rights, as set forth in the Partnership Agreement. Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the long-term incentive plan, were exercised, settled or converted into common units. When it is determined that potential common units resulting from an award subject to performance or market conditions should be included in the diluted net income per limited partner unit calculation, the impact is reflected by applying the treasury stock method. On August 16, 2019, all 11,611,067 subordinated units were converted into common units on a one -for-one basis. For purposes of calculating net income per common and subordinated unit, the conversion of the subordinated units is deemed to have occurred on July 1, 2019. The conversion did not impact the amount of the cash distribution paid or the total number of the Partnership’s outstanding units representing limited partner interests. Upon payment of the cash distribution for the second quarter of 2019, the financial requirements for the conversion of all subordinated units were satisfied. The following table illustrates the Partnership’s calculation of net income per unit for common and subordinated partner units: Three Months Ended March 31, 2020 2019 Net Income $ 164 $ 15,220 Less: General Partner Interest in Net Income 3 257 Net Income Allocable to Limited Partner Units $ 161 $ 14,963 Limited Partner Interest in Net Income - Common Units $ 161 $ 8,676 Limited Partner Interest in Net Income - Subordinated Units — 6,287 Limited Partner Interest in Net Income - Basic & Diluted $ 161 $ 14,963 Weighted Average Limited Partner Units Outstanding - Basic 27,665,008 27,589,172 Weighted Average Limited Partner Units Outstanding - Diluted 27,685,284 27,645,697 Net Income Per Limited Partner Unit - Basic Common Units $ 0.01 $ 0.54 Subordinated Units $ — $ 0.54 Net Income Per Limited Partner Unit - Basic $ 0.01 $ 0.54 Net Income Per Limited Partner Unit - Diluted Common Units $ 0.01 $ 0.54 Subordinated Units $ — $ 0.54 Net Income Per Limited Partner Unit - Diluted $ 0.01 $ 0.54 There were no phantom units excluded from the computation of the diluted earnings per unit, because their effect would be anti-dilutive for the three months ended March 31, 2020 and 2019 |
Credit Losses
Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Credit Losses | CREDIT LOSSES: Effective January 1, 2020, the Partnership adopted ASU 2016-013, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments using a modified retrospective approach. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade and other receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under previous accounting guidance. The Partnership recorded a cumulative-effect adjustment to decrease retained earnings in the amount of $251 for expected credit losses on financial assets at the adoption date. The following table illustrates the impact of ASC 326. January 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Trade Receivables $ 763 $ 525 $ 238 Other Receivables 32 19 13 Allowance for Credit Losses on Receivables $ 795 $ 544 $ 251 The Partnership is exposed to credit losses primarily through sales of products and services. The Partnership's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade and other accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Partnership's monitoring activities include timely account reconciliations, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Partnership considered the current and expected future economic and market conditions surrounding the novel coronavirus (“COVID-19”) pandemic and determined that the estimate of credit losses was not significantly impacted. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes to the assessment of anticipated payment, changes in economic conditions, current industry trends in the markets the Partnership serves, and changes in the financial health of the Partnership's counterparties. The following table provides a roll-forward of the allowance for credit losses by portfolio segment that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Trade Receivables Other Receivables Beginning Balance, January 1, 2020 $ 525 $ 19 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings 238 13 Provision for expected credit losses (161 ) 2 Ending Balance, March 31, 2020 $ 602 $ 34 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: March 31, December 31, Coal $ 1,155 $ 621 Supplies 12,631 12,032 Total Inventories $ 13,786 $ 12,653 Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion and amortization, and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in our coal operations. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: March 31, December 31, Coal and Other Plant and Equipment $ 673,652 $ 666,560 Coal Properties and Surface Lands 126,465 126,294 Airshafts 108,399 106,750 Mine Development 81,538 81,538 Advance Mining Royalties 3,766 3,756 Total Property, Plant and Equipment 993,820 984,898 Less: Accumulated Depreciation, Depletion and Amortization 582,942 571,238 Total Property, Plant and Equipment, Net $ 410,878 $ 413,660 Coal reserves are controlled either through fee ownership or by lease. The duration of the leases varies; however, the lease terms generally are extended automatically to the exhaustion of economically recoverable coal reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. As of March 31, 2020 and December 31, 2019 , property, plant and equipment includes gross assets under finance lease of $ 18,272 and $ 12,596 , respectively. Accumulated amortization for finance leases was $ 8,968 and $ 7,351 at March 31, 2020 and December 31, 2019 , respectively. Amortization expense for assets under finance leases approximated $1,230 and $967 for the three months ended March 31, 2020 and March 31, 2019 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying unaudited Consolidated Statements of Operations. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: March 31, December 31, 2019 Subsidence Liability $ 24,006 $ 22,661 Accrued Payroll and Benefits 3,242 4,460 Accrued Interest (Related Party) 2,674 2,541 Accrued Other Taxes 1,137 921 Other 1,337 1,383 Current Portion of Long-Term Liabilities: Operating Lease Liability 4,442 4,753 Workers’ Compensation 1,430 1,423 Asset Retirement Obligations 954 954 Pneumoconiosis Benefits 207 201 Long-Term Disability 155 158 Total Other Accrued Liabilities $ 39,584 $ 39,455 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT: March 31, December 31, Affiliated Company Credit Agreement (4.00% interest rate at March 31, 2020 and December 31, 2019) $ 180,600 $ 180,925 Other Asset-Backed Financing Maturing in December 2020, 5.83% and 5.96% Weighted Average Interest Rate at March 31, 2020 and December 31, 2019, respectively 3,725 1,443 184,325 182,368 Less: Amounts Due in One Year* 3,725 1,443 Long-Term Debt $ 180,600 $ 180,925 * Excludes current portion of Finance Lease Obligations of $5,187 and at $3,809 at March 31, 2020 and December 31, 2019 , respectively. Affiliated Company Credit Agreement On November 28, 2017, the Partnership and the other Credit Parties entered into the Affiliated Company Credit Agreement by and among the Credit Parties, CONSOL Energy, as lender and administrative agent, and PNC. On March 28, 2019, the Affiliated Company Credit Agreement was amended to extend the maturity date from February 27, 2023 to December 28, 2024. The Affiliated Company Credit Agreement provides for a revolving credit facility in an aggregate principal amount of up to $275,000 to be provided by CONSOL Energy, as lender. In connection with the Partnership’s entry into the Affiliated Company Credit Agreement, the Partnership made an initial draw of $200,583 , the net proceeds of which were used to repay the amounts outstanding under the Partnership's prior credit facility. Additional drawings under the Affiliated Company Credit Agreement are available for general partnership purposes. The obligations under the Affiliated Company Credit Agreement are guaranteed by the Partnership’s subsidiaries and secured by substantially all of the assets of the Partnership and its subsidiaries pursuant to the security agreement and various mortgages. Interest on outstanding obligations under our Affiliated Company Credit Agreement accrues at a fixed rate ranging from 3.75% to 4.75% , depending on the total net leverage ratio. The unused portion of our Affiliated Company Credit Agreement is subject to a commitment fee of 0.50% per annum. The Partnership had available capacity under the Affiliated Company Credit Agreement of $94,400 and $94,075 as of March 31, 2020 and December 31, 2019 , respectively. The Affiliated Company Credit Agreement contains certain covenants and conditions that, among other things, limit the Partnership’s ability to: (i) incur or guarantee additional debt; (ii) make cash distributions (subject to certain limited exceptions); provided that we will be able to make cash distributions of available cash to partners so long as no event of default is continuing or would result therefrom; (iii) incur certain liens or permit them to exist; (iv) make particular investments and loans; provided that we will be able to increase our ownership percentage of our undivided interest in the Pennsylvania Mining Complex and make investments in the Pennsylvania Mining Complex in accordance with our ratable ownership; (v) enter into certain types of transactions with affiliates; (vi) merge or consolidate with another company; and (vii) transfer, sell or otherwise dispose of assets. The Partnership is also subject to covenants that require the Partnership to maintain certain financial ratios. For example, the Partnership is obligated to maintain at the end of each fiscal quarter (a) maximum first lien gross leverage ratio of 2.75 to 1.00 and (b) a maximum total net leverage ratio of 3.25 to 1.00 , each of which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quart er. At March 31, 2020 , the Partnership was in compliance with its financial covenants with a first lien gross leverage ratio of 2.21 to 1.00 and a total net leverage ratio of 2.21 to 1.00 . Other Asset-Backed Financing As of March 31, 2020 and December 31, 2019 , the Partnership was a borrower under an asset-backed financing arrangement related to certain equipment. The equipment, which had an approximate value of $3,725 and $1,443 , respectively, fully collateralizes the loan. |
Components of Coal Workers' Pne
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs | COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS: The Partnership is obligated to CONSOL Energy for medical and disability benefits to certain CPCC employees and their dependents resulting from occurrences of coal workers’ pneumoconiosis disease and is also obligated to CONSOL Energy to compensate certain individuals who are entitled benefits under workers’ compensation laws. CWP Workers ’ Compensation Three Months Ended Three Months Ended 2020 2019 2020 2019 Service Cost $ 254 $ 200 $ 386 $ 349 Interest Cost 45 49 32 41 Amortization of Actuarial Loss (Gain) 41 6 (9 ) (12 ) State Administrative Fees and Insurance Bond Premiums — — 48 51 Net Periodic Benefit Cost $ 340 $ 255 $ 457 $ 429 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: The Partnership determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including LIBOR-based discount rates), while unobservable inputs reflect the Partnership’s own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. Level One - Quoted prices for identical instruments in active markets. Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including LIBOR-based discount rates. Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. The significant unobservable inputs used in the fair value measurement of the Partnership’s third party guarantees are the credit risk of the third party and the third party surety bond markets. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Affiliated Company Credit Agreement — Related Party $ 180,600 $ 180,600 $ 180,925 $ 180,925 The Partnership’s debt obligations are valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: The Partnership is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations (including environmental remediation), employment and contract disputes and other claims and actions arising out of the normal course of its business. We accrue the estimated loss for these lawsuits and claims when the loss is probable and can be estimated. Our current estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Partnership. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the financial position, results of operations or cash flows of the Partnership; however, such amounts cannot be reasonably estimated. At March 31, 2020 , the Partnership was contractually obligated to CONSOL Energy for financial guarantees and letters of credit to certain third parties which were issued by CONSOL Energy on behalf of the Partnership. The maximum potential total of future payments that we could be required to make under these instruments is $99,660 . The instruments are comprised of $1,951 of letters of credit expiring within the next three years , $89,037 of environmental surety bonds expiring within the next three years , and $8,672 of employee-related and other surety bonds expiring within the next three years . Employee-related financial guarantees have primarily been provided to support various state workers’ compensation and federal black lung self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other guarantees have been extended to support insurance policies, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these financial guarantees and letters of credit are recorded as liabilities on the financial statements. The Partnership’s management believes that these guarantees will expire without being funded, and therefore the commitments will not have a material adverse effect on the financial condition of the Partnership. |
Receivables Financing Agreement
Receivables Financing Agreement | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Receivables Financing Agreement | RECEIVABLES FINANCING AGREEMENT On November 30, 2017, (i) CONSOL Marine Terminals LLC, as an originator of receivables, (ii) CPCC, as an originator of receivables and as initial servicer of the receivables for itself and the other originators (collectively, the “Originators”), each a wholly owned subsidiary of CONSOL Energy, and (iii) CONSOL Funding LLC (the “SPV”), as buyer, entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”). Concurrently, (i) CONSOL Thermal Holdings, as sub-originator, and (ii) CPCC, as buyer and as initial servicer of the receivables for itself and CONSOL Thermal Holdings, entered into a Sub-Originator Agreement (the “Sub-Originator PSA”). In addition, on that date, the SPV entered into a Receivables Financing Agreement (the “Receivables Financing Agreement”) by and among (i) the SPV, as borrower, (ii) CPCC, as initial servicer, (iii) PNC, as administrative agent, LC Bank and lender, and (iv) the additional persons from time to time party thereto as lenders. Together, the Purchase and Sale Agreement, the Sub-Originator PSA and the Receivables Financing Agreement establish the primary terms and conditions of an accounts receivable securitization program (the “Securitization”). In March 2020, the Securitization was amended, among other things, to extend the scheduled termination date to March 27, 2023. Pursuant to the Securitization, (i) CONSOL Thermal Holdings will sell current and future trade receivables to CPCC and (ii) the Originators will sell and/or contribute current and future trade receivables (including receivables sold to CPCC by CONSOL Thermal Holdings) to the SPV and the SPV will, in turn, pledge its interests in the receivables to PNC, which will either make loans or issue letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the Securitization may not exceed $100,000 . Loans under the Securitization will accrue interest at a reserve-adjusted LIBOR market index rate equal to the one-month Eurodollar rate. Loans and letters of credit under the Securitization also will accrue a program fee and participation fee, respectively, ranging from 2.00% to 2.50% per annum , depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments. The SPV’s assets and credit are not available to satisfy the debts and obligations owed to the creditors of CONSOL Energy, CONSOL Thermal Holdings or any of the Originators. CONSOL Thermal Holdings, the Originators and CPCC as servicer are independently liable for their own customary representations, warranties, covenants and indemnities. In addition, CONSOL Energy has guaranteed the performance of the obligations of CONSOL Thermal Holdings, the Originators and CPCC as servicer, and will guarantee the obligations of any additional originators or successor servicer that may become party to the Securitization. However, neither CONSOL Energy nor its affiliates will guarantee collectability of receivables or the creditworthiness of obligors thereunder. The Securitization contains various customary representations and warranties, covenants and default provisions which provide for the termination and acceleration of the commitments and loans under the Securitization in circumstances including, but not limited to, failure to make payments when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. As of March 31, 2020 and December 31, 2019 , respectively, the Partnership, through CONSOL Thermal Holdings, had sold $28,747 and $33,294 of trade receivables to CPCC. The Partnership has not derecognized the receivables due to its continued involvement in the collections efforts. |
Related Party
Related Party | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party | RELATED PARTY: Omnibus Agreement The Partnership is a party to the Omnibus Agreement, dated September 30, 2016, as amended on November 28, 2017, with our sponsor and certain of its subsidiaries. Under the Omnibus Agreement, we are obligated to make certain payments to, and reimburse, CONSOL Energy for the provision of certain services in connection with our operations. Charges for services from CONSOL Energy under the Omnibus Agreement include the following: Three Months Ended 2020 2019 Operating and Other Costs $ 853 $ 763 Selling, General and Administrative Expenses 2,793 3,056 Total Services from CONSOL Energy $ 3,646 $ 3,819 At March 31, 2020 and December 31, 2019 , the Partnership had a net payable to CONSOL Energy in the amount of $4,279 and $1,419 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the Omnibus Agreement. Affiliated Company Credit Agreement As described in Note 8, the Partnership is also a party to the Affiliated Company Credit Agreement with CONSOL Energy. For the three months ended March 31, 2020 and 2019 , $2,114 and $1,796 of interest was incurred under the Affiliated Company Credit Agreement, respectively, of which $118 and $445 was capitalized and included in Property, Plant and Equipment in the unaudited Consolidated Balance Sheets, respectively. Interest is calculated based upon a fixed rate, determined quarterly, depending on the total net leverage ratio. For the three months ended March 31, 2020 and 2019 , the average interest rate was 4.00% and 3.75% , respectively. See Note 8 - Long-Term Debt for more information. Repurchase Program In May 2019, CONSOL Energy's Board of Directors approved an expansion of the stock, unit and debt repurchase program. The program previously allowed CONSOL Energy to use up to $25 million of the program to purchase the Partnership's outstanding common units in the open market. CONSOL Energy's Board of Directors approved changing the termination date of the program from June 30, 2019 to June 30, 2020. Also, in accordance with CONSOL Energy’s credit facility covenants, the total amount that can be used for repurchases of the Partnership's outstanding common units was raised to $50 million . No common units were purchased during the three months ended March 31, 2020 and 2019 . Conversion of Subordinated Units In August 2019, upon payment of the cash distribution with respect to the quarter ended June 30, 2019, the financial requirements for the conversion of all the Partnership's subordinated units were satisfied. As a result, all 11,611,067 subordinated units, owned entirely by CONSOL Energy Inc., were converted into common units on a one -for-one basis. The conversion did not impact the amount of the cash distribution paid or the total number of the Partnership’s outstanding units representing limited partner interests. |
Long-Term Incentive Plan
Long-Term Incentive Plan | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Long-Term Incentive Plan | LONG-TERM INCENTIVE PLAN: Under the CONSOL Coal Resources LP 2015 Long-Term Incentive Plan (the “LTIP”), our general partner may issue long-term equity-based awards to directors, officers and employees of our general partner or its affiliates, or to any consultants, affiliates of our general partner or other individuals who perform services for us. These awards are intended to compensate the recipients thereof based on the performance of our common units and their continued service during the vesting period, as well as to align their long-term interests with those of our unitholders. We are responsible for the cost of awards granted under the LTIP and all determinations with respect to awards to be made under the LTIP will be made by the board of directors of our general partner or any committee thereof that may be established for such purpose or by any delegate of the board of directors or such committee, subject to applicable law, which we refer to as the plan administrator. The LTIP limits the number of units that may be delivered pursuant to vested awards to 2,300,000 common units, subject to proportionate adjustment in the event of unit splits and similar events. Common units subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminated without delivery of the common units will be available for delivery pursuant to other awards. The Partnership recognizes forfeitures as they occur. The general partner has granted equity-based phantom units that vest over a period of a recipient’s continued service with the Partnership. The phantom units will be paid in common units or an amount of cash equal to the fair market value of a unit based on the vesting date. The awards may accelerate upon a change in control of the Partnership. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting term. The Partnership recognized compensation expense of $159 and $397 for the three months ended March 31, 2020 and March 31, 2019 , respectively, which is included in Selling, General and Administrative Expense in the unaudited Consolidated Statements of Operations. As of March 31, 2020 , there is $259 of unearned compensation that will vest over a weighted average period of 0.87 years. The total fair value of phantom units vested during the three months ended March 31, 2020 and March 31, 2019 was $820 and $2,905 , respectively. The following represents the nonvested phantom units and their corresponding weighted average grant date fair value: Number of Units Weighted Average Grant Date Fair Value per Unit Nonvested at December 31, 2019 78,345 $ 18.62 Granted 33,705 $ 8.90 Vested (78,173 ) $ 18.62 Forfeited (172 ) $ 18.95 Nonvested at March 31, 2020 33,705 $ 8.90 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS: On April 23, 2020, the Board of Directors of our general partner made the decision to temporarily suspend the quarterly distribution to all of the Partnership's unitholders due to the ongoing uncertainty in the commodity markets driven by the COVID-19 pandemic-related demand decline. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. For the three months ended March 31, 2020 and 2019 , the unaudited Consolidated Financial Statements include the accounts of CONSOL Operating and CONSOL Thermal Holdings, wholly owned and controlled subsidiaries. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Update also provides optional expedients and exceptions for applying generally accepted accounting principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. Management has elected to apply this Update subsequent to March 12, 2020. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in Update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This guidance was adopted during the three months ended March 31, 2020 and did not have a material impact on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management is currently evaluating the impact this guidance may have on the Partnership's financial statements. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements on fair value measurements, including the consideration of costs and benefits. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This guidance was adopted during the three months ended March 31, 2020 and did not have a material impact on the Partnership's financial statements. |
Revenue | Our revenue is generally recognized when title passes to the customer and the price is fixed and determinable. We have determined that each ton of coal represents a separate and distinct performance obligation. Our coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of our contracts is based on the total amount of consideration to which we expect to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per-ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to our performance obligations based on relative standalone selling prices determined at contract inception. Coal Revenue Revenues are generally recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. Our coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments, which represent market-driven price adjustments, wherein there is no additional value exchanged, in addition to a fixed base price per ton. The Partnership's coal contracts generally do not allow for retroactive adjustments to pricing after title to the coal has passed. Some of our contracts span multiple years and have annual pricing modification provisions, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While we do, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are generally immaterial to our net income. As of and for the three months ended March 31, 2020 and March 31, 2019 , we do not have any capitalized costs to obtain customer contracts on our balance sheet nor have we recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Partnership has not recognized any revenue in the current period from performance obligations satisfied (or partially satisfied) in previous periods. Freight Revenue Some of our coal contracts require that we sell our coal at locations other than our central preparation plant. The cost to transport our coal to the ultimate sales point is passed through to our customers and we recognize the freight revenue equal to the transportation cost when title of the coal passes to the customer. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Major Source | The following table disaggregates our revenue from contracts with customers for the three months ended March 31, 2020 and March 31, 2019 : Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Coal Revenue $ 63,863 $ 83,126 Freight Revenue 787 1,665 Total Revenue from Contracts with Customers $ 64,650 $ 84,791 |
Net Income Per Limited Partne_2
Net Income Per Limited Partner and General Partner Interest (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Partnership’s Calculation of Net Income Per Unit for Common Units and Subordinated Units | The following table illustrates the Partnership’s calculation of net income per unit for common and subordinated partner units: Three Months Ended March 31, 2020 2019 Net Income $ 164 $ 15,220 Less: General Partner Interest in Net Income 3 257 Net Income Allocable to Limited Partner Units $ 161 $ 14,963 Limited Partner Interest in Net Income - Common Units $ 161 $ 8,676 Limited Partner Interest in Net Income - Subordinated Units — 6,287 Limited Partner Interest in Net Income - Basic & Diluted $ 161 $ 14,963 Weighted Average Limited Partner Units Outstanding - Basic 27,665,008 27,589,172 Weighted Average Limited Partner Units Outstanding - Diluted 27,685,284 27,645,697 Net Income Per Limited Partner Unit - Basic Common Units $ 0.01 $ 0.54 Subordinated Units $ — $ 0.54 Net Income Per Limited Partner Unit - Basic $ 0.01 $ 0.54 Net Income Per Limited Partner Unit - Diluted Common Units $ 0.01 $ 0.54 Subordinated Units $ — $ 0.54 Net Income Per Limited Partner Unit - Diluted $ 0.01 $ 0.54 |
Credit Losses (Tables)
Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Schedule of Changes in Accounting Principles | The following table illustrates the impact of ASC 326. January 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Trade Receivables $ 763 $ 525 $ 238 Other Receivables 32 19 13 Allowance for Credit Losses on Receivables $ 795 $ 544 $ 251 |
Schedule of Allowance for Credit Losses | The following table provides a roll-forward of the allowance for credit losses by portfolio segment that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Trade Receivables Other Receivables Beginning Balance, January 1, 2020 $ 525 $ 19 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings 238 13 Provision for expected credit losses (161 ) 2 Ending Balance, March 31, 2020 $ 602 $ 34 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | March 31, December 31, Coal $ 1,155 $ 621 Supplies 12,631 12,032 Total Inventories $ 13,786 $ 12,653 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | March 31, December 31, Coal and Other Plant and Equipment $ 673,652 $ 666,560 Coal Properties and Surface Lands 126,465 126,294 Airshafts 108,399 106,750 Mine Development 81,538 81,538 Advance Mining Royalties 3,766 3,756 Total Property, Plant and Equipment 993,820 984,898 Less: Accumulated Depreciation, Depletion and Amortization 582,942 571,238 Total Property, Plant and Equipment, Net $ 410,878 $ 413,660 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | March 31, December 31, 2019 Subsidence Liability $ 24,006 $ 22,661 Accrued Payroll and Benefits 3,242 4,460 Accrued Interest (Related Party) 2,674 2,541 Accrued Other Taxes 1,137 921 Other 1,337 1,383 Current Portion of Long-Term Liabilities: Operating Lease Liability 4,442 4,753 Workers’ Compensation 1,430 1,423 Asset Retirement Obligations 954 954 Pneumoconiosis Benefits 207 201 Long-Term Disability 155 158 Total Other Accrued Liabilities $ 39,584 $ 39,455 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | March 31, December 31, Affiliated Company Credit Agreement (4.00% interest rate at March 31, 2020 and December 31, 2019) $ 180,600 $ 180,925 Other Asset-Backed Financing Maturing in December 2020, 5.83% and 5.96% Weighted Average Interest Rate at March 31, 2020 and December 31, 2019, respectively 3,725 1,443 184,325 182,368 Less: Amounts Due in One Year* 3,725 1,443 Long-Term Debt $ 180,600 $ 180,925 * Excludes current portion of Finance Lease Obligations of $5,187 and at $3,809 at March 31, 2020 and December 31, 2019 , respectively. |
Components of Coal Workers' P_2
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | CWP Workers ’ Compensation Three Months Ended Three Months Ended 2020 2019 2020 2019 Service Cost $ 254 $ 200 $ 386 $ 349 Interest Cost 45 49 32 41 Amortization of Actuarial Loss (Gain) 41 6 (9 ) (12 ) State Administrative Fees and Insurance Bond Premiums — — 48 51 Net Periodic Benefit Cost $ 340 $ 255 $ 457 $ 429 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Affiliated Company Credit Agreement — Related Party $ 180,600 $ 180,600 $ 180,925 $ 180,925 |
Related Party (Tables)
Related Party (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Charges for Services | Charges for services from CONSOL Energy under the Omnibus Agreement include the following: Three Months Ended 2020 2019 Operating and Other Costs $ 853 $ 763 Selling, General and Administrative Expenses 2,793 3,056 Total Services from CONSOL Energy $ 3,646 $ 3,819 |
Long-Term Incentive Plan (Table
Long-Term Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Phantom Units | The following represents the nonvested phantom units and their corresponding weighted average grant date fair value: Number of Units Weighted Average Grant Date Fair Value per Unit Nonvested at December 31, 2019 78,345 $ 18.62 Granted 33,705 $ 8.90 Vested (78,173 ) $ 18.62 Forfeited (172 ) $ 18.95 Nonvested at March 31, 2020 33,705 $ 8.90 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Pennsylvania Mining Complex | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 25.00% |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue from Contracts with Customers | $ 64,650 | $ 84,791 |
Coal Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue from Contracts with Customers | 63,863 | 83,126 |
Freight Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue from Contracts with Customers | $ 787 | $ 1,665 |
Net Income Per Limited Partne_3
Net Income Per Limited Partner and General Partner Interest (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 16, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Limited Partners' Capital Account [Line Items] | |||
Net Income | $ 164 | $ 15,220 | |
Less: General Partner Interest in Net Income | 3 | 257 | |
Net Income Allocable to Limited Partner Units / Limited Partner Interest in Net Income - Basic & Diluted | 161 | 14,963 | |
Limited Partner Interest in Net Income - Subordinated Units | $ 161 | $ 14,963 | |
Weighted Average Limited Partner Units Outstanding - Basic (in shares) | 27,665,008 | 27,589,172 | |
Weighted Average Limited Partner Units Outstanding - Diluted (in shares) | 27,685,284 | 27,645,697 | |
Net Income Per Limited Partner Unit - Basic (in dollars per share) | $ 0.01 | $ 0.54 | |
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.01 | $ 0.54 | |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | |
Common Unit | |||
Limited Partners' Capital Account [Line Items] | |||
Conversion basis (in shares) | 1 | ||
Net Income | $ 161 | $ 8,676 | |
Net Income Per Limited Partner Unit - Basic (in dollars per share) | $ 0.01 | $ 0.54 | |
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0.01 | $ 0.54 | |
Subordinated Units | |||
Limited Partners' Capital Account [Line Items] | |||
Number of units converted (in shares) | 11,611,067 | ||
Limited Partner Interest in Net Income - Subordinated Units | $ 0 | $ 6,287 | |
Net Income Per Limited Partner Unit - Basic (in dollars per share) | $ 0 | $ 0.54 | |
Net Income Per Limited Partner Unit - Diluted (in dollars per share) | $ 0 | $ 0.54 |
Credit Losses - Narrative (Deta
Credit Losses - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to partners' capital | $ (197,321) | $ (211,861) | $ (225,069) | $ (224,740) |
Impact of ASC 326 Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to partners' capital | $ 251 |
Credit Losses - Schedule of Cha
Credit Losses - Schedule of Changes in Accounting Principles (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | $ 544 | ||
Trade Receivables | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | $ 602 | 525 | $ 525 |
Other Receivables | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | $ 34 | 19 | 19 |
As Reported Under ASC 326 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | 795 | ||
As Reported Under ASC 326 | Trade Receivables | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | 763 | ||
As Reported Under ASC 326 | Other Receivables | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | 32 | ||
Impact of ASC 326 Adoption | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | 251 | ||
Impact of ASC 326 Adoption | Trade Receivables | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | 238 | 238 | |
Impact of ASC 326 Adoption | Other Receivables | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Credit Losses on Receivables | $ 13 | $ 13 |
Credit Losses - Schedule of All
Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Jan. 01, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | $ 544 | |
Trade Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance, January 1, 2020 | $ 525 | |
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | 602 | 525 |
Provision for expected credit losses | (161) | |
Ending Balance, March 31, 2020 | 602 | |
Other Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance, January 1, 2020 | 19 | |
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | 34 | 19 |
Provision for expected credit losses | 2 | |
Ending Balance, March 31, 2020 | 34 | |
Impact of ASC 326 Adoption | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | 251 | |
Impact of ASC 326 Adoption | Trade Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance, January 1, 2020 | 238 | |
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | 238 | 238 |
Impact of ASC 326 Adoption | Other Receivables | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning Balance, January 1, 2020 | 13 | |
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | $ 13 | $ 13 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Coal | $ 1,155 | $ 621 |
Supplies | 12,631 | 12,032 |
Total Inventories | $ 13,786 | $ 12,653 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 993,820 | $ 984,898 | |
Less: Accumulated Depreciation, Depletion and Amortization | 582,942 | 571,238 | |
Total Property, Plant and Equipment—Net | 410,878 | 413,660 | |
Gross assets under finance lease | 18,272 | 12,596 | |
Accumulated amortization for finance leases | 8,968 | 7,351 | |
Amortization expense for assets under finance lease | 1,230 | $ 967 | |
Coal and Other Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 673,652 | 666,560 | |
Coal Properties and Surface Lands | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 126,465 | 126,294 | |
Airshafts | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 108,399 | 106,750 | |
Mine Development | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 81,538 | 81,538 | |
Advance Mining Royalties | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 3,766 | $ 3,756 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Subsidence Liability | $ 24,006 | $ 22,661 |
Accrued Payroll and Benefits | 3,242 | 4,460 |
Accrued Interest (Related Party) | 2,674 | 2,541 |
Accrued Other Taxes | 1,137 | 921 |
Other | 1,337 | 1,383 |
Current Portion of Long-Term Liabilities: | ||
Operating Lease Liability | 4,442 | 4,753 |
Workers’ Compensation | 1,430 | 1,423 |
Asset Retirement Obligations | 954 | 954 |
Pneumoconiosis Benefits | 207 | 201 |
Long-Term Disability | 155 | 158 |
Total Other Accrued Liabilities | $ 39,584 | $ 39,455 |
Long-Term Debt - Schedule of Cr
Long-Term Debt - Schedule of Credit Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Long-Term Debt | $ 184,325 | $ 182,368 |
Less: Amounts Due in One Year | 3,725 | 1,443 |
Affiliated Company Credit Agreement—Related Party | 180,600 | 180,925 |
Finance Lease Obligations, current | $ 5,187 | $ 3,809 |
Other Asset-Backed Financing | Secured Debt | ||
Debt Instrument [Line Items] | ||
Accrual rate for period | 5.83% | 5.96% |
Long-Term Debt | $ 3,725 | $ 1,443 |
Revolving Credit Facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Accrual rate for period | 4.00% | 4.00% |
Long-Term Debt | $ 180,600 | $ 180,925 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 28, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Collateral amount | $ 3,725,000 | $ 1,443,000 | |
Affiliated Entity | Line of Credit | Affiliated Company Credit Agreement | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount (up to) | $ 275,000,000 | ||
Borrowings outstanding | $ 200,583,000 | ||
Commitment fee | 0.50% | ||
Unused capacity | $ 94,400,000 | $ 94,075,000 | |
Maximum first lien gross leverage ratio | 2.75 | ||
Maximum total leverage ratio | 3.25 | ||
First lien gross leverage ratio | 2.21 | ||
Total net leverage ratio | 2.21 | ||
Affiliated Entity | Line of Credit | Affiliated Company Credit Agreement | Minimum | |||
Debt Instrument [Line Items] | |||
Fixed rate | 3.75% | ||
Affiliated Entity | Line of Credit | Affiliated Company Credit Agreement | Maximum | |||
Debt Instrument [Line Items] | |||
Fixed rate | 4.75% |
Components of Coal Workers' P_3
Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CWP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $ 254 | $ 200 |
Interest Cost | 45 | 49 |
Amortization of Actuarial Loss (Gain) | 41 | 6 |
State Administrative Fees and Insurance Bond Premiums | 0 | 0 |
Net Periodic Benefit Cost | 340 | 255 |
Workers’ Compensation | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 386 | 349 |
Interest Cost | 32 | 41 |
Amortization of Actuarial Loss (Gain) | (9) | (12) |
State Administrative Fees and Insurance Bond Premiums | 48 | 51 |
Net Periodic Benefit Cost | $ 457 | $ 429 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Affiliated Company Credit Agreement—Related Party | $ 180,600 | $ 180,925 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Affiliated Company Credit Agreement—Related Party | $ 180,600 | $ 180,925 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 99,660,000 |
Financial Standby Letter of Credit | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 1,951,000 |
Instrument expiration period | 3 years |
Environment Related Contingency | Surety Bonds | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 89,037,000 |
Instrument expiration period | 3 years |
Employee Related Contingency | Surety Bonds | |
Guarantor Obligations [Line Items] | |
Maximum potential future payments | $ 8,672,000 |
Instrument expiration period | 3 years |
Receivables Financing Agreeme_2
Receivables Financing Agreement (Details) - Receivables Financing Agreement - USD ($) | Nov. 30, 2017 | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | |||
Maximum amount of advances | $ 100,000,000 | ||
Trade receivables sold | $ 28,747,000 | $ 33,294,000 | |
Minimum | |||
Line of Credit Facility [Line Items] | |||
Program and participation fee | 2.00% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Program and participation fee | 2.50% |
Related Party - Schedule of Ch
Related Party - Schedule of Charges for Services (Details) - CONSOL Energy - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Expenses from transactions with related party | $ 3,646 | $ 3,819 |
Operating and Other Costs | ||
Related Party Transaction [Line Items] | ||
Expenses from transactions with related party | 853 | 763 |
Selling, General and Administrative Expenses | ||
Related Party Transaction [Line Items] | ||
Expenses from transactions with related party | $ 2,793 | $ 3,056 |
Related Party - Narrative (Deta
Related Party - Narrative (Details) - USD ($) | Aug. 16, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | May 31, 2019 |
Related Party Transaction [Line Items] | |||||
Accounts payable to related party | $ 4,279,000 | $ 1,419,000 | |||
Additional authorized amount | $ 25,000,000 | ||||
Restricted authorized amount | $ 50,000,000 | ||||
Shares repurchased and retired | 0 | 0 | |||
CONSOL Energy | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related party | $ 4,279,000 | $ 1,419,000 | |||
Expenses from transactions with related party | 3,646,000 | $ 3,819,000 | |||
CONSOL Energy | Interest Expense, Including Capitalized Interest | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | 2,114,000 | 1,796,000 | |||
CONSOL Energy | Capitalized Interest | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | 445,000 | ||||
CONSOL Energy | Interest Expense, Net | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | $ 1,996,000 | $ 1,351,000 | |||
Accrual rate for period | 4.00% | 3.75% | |||
Subordinated Unit | |||||
Related Party Transaction [Line Items] | |||||
Number of units converted (in shares) | 11,611,067 | ||||
Common Unit | |||||
Related Party Transaction [Line Items] | |||||
Conversion basis (in shares) | 1 |
Long-Term Incentive Plan - Narr
Long-Term Incentive Plan - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Phantom Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of restricted stock units vested | $ 820 | $ 2,905 |
Common Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized under LTIP (in shares) | 2,300,000 | |
Common Unit | Phantom Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unearned compensation | $ 259 | |
Unearned compensation expense amortization period | 10 months 13 days | |
Common Unit | Selling, General and Administrative Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amortization expense due to vesting | $ 159 | $ 397 |
Long-Term Incentive Plan - Sch
Long-Term Incentive Plan - Schedule of Nonvested Phantom Units (Details) - Phantom Share Units (PSUs) - Long-Term Incentive Plan | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Units | |
Nonvested beginning of period (in shares) | shares | 78,345 |
Granted (in shares) | shares | 33,705 |
Vested (in shares) | shares | (78,173) |
Forfeited (in shares) | shares | (172) |
Nonvested end of the period (in shares) | shares | 33,705 |
Weighted Average Grant Date Fair Value per Unit | |
Nonvested beginning of period (in dollars per share) | $ / shares | $ 18.62 |
Granted (in dollars per share) | $ / shares | 8.90 |
Vested (in dollars per share) | $ / shares | 18.62 |
Forfeited (in dollars per share) | $ / shares | 18.95 |
Nonvested end of period (in dollars per share) | $ / shares | $ 8.90 |